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Punjab National Bank posts profit at Rs1,018.6cr in Q1 vs. net loss yoy
Punjab National Bank (PNB) has reported a net profit of Rs1,018.6cr against loss of Rs940cr in a year-ago period.Its net NPA was at 7.17% against 6.56%, while gross NPA came in at 16.49% against 15.50% on a qoq basis, the bank said in the filing.Provisions and contingencies stood at Rs2,023.3cr, down 64.8% against Rs5,758.16cr on yoy basis.It's filing on the NSE stated, "In a meeting of the Board of Directors of the Bank held on 25.07.2019 granted approval for raising Equity Capital amounting up to Rs5,000cr in one or more tranches through Qualified Institutional Placements (QIP)/Follow-on Public Offer (FPO)/Rights Issue."
USFDA clears lndoco Remedies' Goa Plant II and Ill;
lndoco Remedies announced that it has received the Establishment Inspection Report (EIR) from the US Food and Drug Administration (USFDA) for their sterile facility (Plant II) and solid dosages facility (Plant Ill) at Verna, Goa. The inspection was held from May 27, 2019 to June 04, 2019, where the Company had received 4 observations (483s).Commenting on this positive development, Aditi Kare Panandikar, Managing Director - lndoco Remedies Ltd. said, "We are happy to receive the EIR in less than two months from the date of inspection. This is encouraging, as the site has been endorsed with the VAi status twice this year, by the US Regulators. The recent inspection was a Pre-Approval Inspection for 3 ANDAs of injectable products filed through our partners."
Yes Bank surges 9% after invoking pledge on shares of Cox & Kings, Ezeego One
Shares of Yes Bank jumped over 9% as the bank said in a filing on the NSE that it has invoked pledge on shares of Cox & Kings and Ezeego One Travel & Tours Ltd.The details are as under:32,750,139 shares of nominal value Rs5 each of Cox & Kings comprising 18.55% of the post-issue fully paid-up share capital.34,080 shares of nominal value Rs10 each of Ezeego One Travel & Tours Ltd. comprising 30% of post-issue fully paid-up share capital.
PVR Q1 PAT drops 69% yoy
PVR reported a decline of net profit by 69% yoy at Rs16.18cr for the first quarter ended June 30, 2019, due to sharp rise in financial cost. The company consolidated net profit of Rs46.70cr in March quarter 2019.The company consolidated total income rose by 27% to Rs887.16cr as compared to Rs700.53cr in the year-ago period.Adjusted EBITDA zoomed 102% to Rs285.35cr vs. Rs141.47cr in the same quarter last fiscal. The adjusted EBITDA margin increased by 1200bps yoy to 32.2%.
M&M up 2% as MASL acquires associate company MKPL
M&M has received an intimation today from Mahindra Agri Solutions Limited ("MASL") that Merakisan Private Limited ("MKPL"), which was an associate company of MASL has become a subsidiary of MASL, and in tum, has become a subsidiary of the Company pursuant to MASL getting voting rights on the Optionally Convertible Preference Shares held by MASL in MKPL.Merakisan Private Limited ("MKPL") was incorporated on 13th July, 2016.It is in the business of procuring agricultural produce, including fruits & vegetables from the farmers and selling directly to the customers, facilitated by a digital technology platform.MKPL had total revenue of Rs. 6,53,66,281 during the financial year 2018-19.
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