Connect with us
Sunday,07-March-2021

Business

Kotak Mahindra Bank logs 11% growth in Q3 net profit

Published

on

Kotak-Mahindra-Bank

Kotak Mahindra Bank on Monday reported a 10.76 per cent increase in its consolidated net profit for the October-December quarter at Rs 2,601.67 crore.

During the same quarter last fiscal, the bank had reported a net profit of Rs 2,348.72 crore.

In a regulatory filing, the Kotak Mahindra Bank said that for Q3FY21, the bank’s contribution to the consolidated profit after tax was Rs 1,854 crore. The net contribution of subsidiaries and associates was 29 per cent of the consolidated PAT.

The consolidated net worth as at December 31, 2020 was Rs 81,616 crore.

The bank’s net interest income (NII) for Q3FY21 increased to Rs 4,007 crore, from Rs 3,430 crore in Q3FY20, up 17 per cent. Net Interest Margin (NIM) for Q3FY21 was at 4.51 per cent.

COVID related provisions as at December 31, 2020 stood at Rs 1,279 crore. In accordance with the Resolution Framework for COVID-19 announced by RBI on August 6, 2020, as at December 31, 2020, the Bank has approved, for certain eligible borrowers, one-time restructuring of 0.28 per cent of net advances.

Business

Tesla, Ford only carmakers not gone bankrupt: Elon Musk

Published

on

Elon Musk. (Photo: Twitter/@elonmusk)

As several carmakers bleed in the US and beyond, Tesla is profitable and according to Elon Musk, his electric car company and Ford are the only two carmakers in the US which have not gone bankrupt.

Tesla reported another profitable quarter as revenue hit $10.74 billion in the fourth quarter of 2020. In last year, Tesla achieved free cash flow of nearly $2.8 billion after spending more than $3 billion on building new factories and other expenditures.

US automaker Ford last month announced to more than double its investment in electric and autonomous vehicles to $29 billion. The automaker had previously committed to spend $11.5 billion on electrifying its vehicle lineup through 2022.

“Tesla & Ford are the only American carmakers not to have gone bankrupt out of 1000’s of car startups. Prototypes are easy, production is hard & being cash flow positive is excruciating,” Musk said in a tweet on Friday.

Ford CEO Jim Farley responded to his tweet, saying: “Respect”.

In 2020, Tesla produced and delivered half a million vehicles. In addition, Model Y production in Shanghai has begun.

Tesla this year also registered its Indian subsidiary with the Registrar of Companies (RoC) in Bengaluru, on January 8.

“2020 was a defining year for us on many levels. Despite a challenging environment, we’ve reached an important milestone of producing and delivering 0.5 million cars,” Musk had said.

On the other hand, Ford’s increased investment is aimed at catching up with the EV market leader Tesla and keep pace with other automakers like GM and Volkswagen.

“We are accelerating our plans right now, breaking constraints, increasing battery capacity, improving our costs and getting more battery electrics into our cycle plan,” Ford CEO Farley said last month.

Continue Reading

Business

Adidas provides 100% support through its Formotion collection for all women making moves

Published

on

ADIDAS

In its commitment to creating an inclusive space in society for women, global sportswear giant — adidas, has launched Watch Us Move — a campaign to celebrate womanhood and their freedom of movement.

Through this campaign, adidas reaffirms its belief that just like in sport where body types don’t matter, our society is rising above caring for beauty standards.

As per adidas, what is important is that we unbiasedly care about our ambitions, hard work, stamina, willpower, and everything that comes from within. Sport is beyond caste, socio-economic status, physical and psychological barriers. Through ‘Watch Us Move’, the brand celebrates the positive movement of women who are spreading an infectious aura of rebellious optimism.

The launch of the campaign saw Manushi Chhillar, Dipika Pallikal & Nikhat Zareen coming together to narrate how they have broken unrealistic stereotypes of perfection through their incredible journey and positioned themselves as role models for young girls across the country.

Present at the launch, Sunil Gupta, Senior Director, brand adidas, India said: “Watch Us Move” is all about encouraging women to express themselves through movement. Every woman has her own definition of movement, of what progress looks like. They’re already taking action, creating in their own way. Yet many tell her what to do, how to look and who to be. With the launch of “Watch Us Move”, adidas aims to unshackle these expectations and provide 100% support for all women making moves as they move the world.

Speaking at the launch, Manushi Chhillar, Miss World 2017, said, “I am delighted to be a part of adidas’ powerful roster of women athletes who are super inspirational. ‘Watch Us Move’ celebrates women, their achievements and inspires us to keep a positive approach to life. It celebrates the fact that being feminine is powerful in every way, shape and form. Through this platform, I’d like to say we are ready to MOVE and now, more so than ever, it’s time for the world to ‘WATCH US MOVE’.”

Adding to this, Deepika Pallikal, Indian Squash Player, said, “Watch Us Move is a rallying call for all women to be the drivers of change for one another with their inspiring rebellious optimism. Through this campaign, I urge women to express themselves more freely and also to move & enjoy and see how this movement can do wonders to their bodies and minds for overall wellbeing.”

As part of the campaign, adidas is pushing boundaries to release product innovations that reflect women’s needs to access possibilities in sport and herself throughout the year. The campaign is timed with the arrival of adidas’ most supportive activewear range — Formotion — a collection that has been developed by an all-female design team to deliver maximum support, whilst offering a comfortable fit that works seamlessly with the body in motion. Formotion is a celebration of freedom and expression through movement and inclusivity for all women.

Continue Reading

Business

IndiGrid inks largest transmission deal with Sterlite Power

Published

on

Power-demand

India Grid Trust, India’s first power infrastructure investment trust (InvIT), on Saturday signed a share purchase agreement to acquire NER-II Transmission Limited from Sterlite Power as part of the Framework Agreement.

The indicative value of the acquisition is Rs 4,625 crore and would boost IndiGrid’s AUM (asset under management) by 34 per cent to over Rs 20,000 crore ($2.8 billion).

Post completion, the platform’s asset portfolio would consist of 13 power transmission projects, with a total network of 38 power transmission lines and 11 substations extending over 7,570 circuit kilometers and 13,350 MVA in 17 Indian states and 1 Union Territory.

NER-II is part of Inter State Transmission Scheme (ISTS) network, and was awarded on a Build, Own, Operate, Maintain (“BOOM”) basis with a contractual period of 35 years. The project has 11 elements including two substations of 1,260 MVA capacity and four transmission lines extending over 830 circuit kilometres. The asset spans across Assam, Arunachal Pradesh and Tripura and is of strategic importance for the delivery of power in one of the toughest regions in the country. This project will strengthen the power transmission network in the North Eastern States and address the of transmission, sub-transmission, and distribution system needs of the region.

IndiGrid had signed a framework agreement in April 2019 with Sterlite Power for acquisition of NER-II upon commissioning. This transaction is expected to be consummated during Q4 FY21, subject to unitholders’ approval, regulatory approvals, and other customary closing adjustments. The acquisition will be funded through a combination of internal accruals, debt, equity proceeds from the preference issue done in May 2019 and forthcoming rights issue. Post this acquisition, the net debt/AUM would stand at 64 per cent.

Commenting on the acquisition, Harsh Shah, Chief Executive Officer of IndiGrid, said: “We are excited with acquisition of NER-II which is one of the largest acquisitions in Indian power transmission sector in India. NER-II fits well with our strategy of focusing on operating assets with long term cash flows and minimal counter party risk. This acquisition would be DPU accretive and augment our recent increase of DPU to Rs 12.40 per annum for a considerable period.”

Commenting on the transaction, Pratik Agarwal, Managing Director, Sterlite Power said, “This mega transmission project will help deliver reliable power for 5.3 crore people in India’s north eastern region.”

IndiGrid has acquired Rs 8,300 crore assets since the last capital raise including Rs 7,100 crore of Framework/ROFO projects from Sterlite Power and first cost-plus transmission asset from Reliance Ifrastructure. It has also announced its foray into the renewables sector with the planned acquisition of 138 MW solar asset. Separately, in FY21, KKR was inducted as a sponsor following the Rs 2,510 crore preferential issue in 2019 which was subscribed by KKR and GIC amongst other marquee investors. KKR has also acquired majority interest in the Investment Manager

Continue Reading
Advertisement
Advertisement

Trending