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Indigo co-founder refutes reports of truce with Rahul Bhatia
Interglobe Aviation is trading flat after falling sharply in opening trade after co-founder Rakesh Gangwal said that reports regarding truce within the company were untrue.In a letter dated August 5 filed by the co. on the exchanges, Gangwal told the board of IndiGo's parent InterGlobe Aviation that issues between him and Bhatia are yet to be resolved.Gangwal said he did not back a proposal by the airline to expand its board of directors to 10.Last month, Rakesh Gangwal accused Rahul Bhatia of violating corporate governance rules at InterGlobe, calling for Sebi to intervene.InterGlobe has lost nearly $1bn in market value on July 10 after the rout broke out, however, shares have recovered most of those losses since then with Indigo posting stellar results for the quarter ended June 2019.
RBI Monetary Policy Preview: Expecting a 25bps rate cut
Since the last policy, data and trends emerging indicate that inflation continues to be stable and is trending on the lower side. Further, growth has been muted on account of visible consumption slowdown as well as subdued investment outlook. Despite a late start, we have seen that the monsoon has reasonably caught up, which should give a boost to agriculture and lead to the revival to some extent of consumption in rural India. Globally, we have seen negative yields in certain countries and overall interest rates are stable or dropping and growth has slowed.Against this backdrop, the central bank is likely to cut the repo rate by 25 bps. It will be important to study the policy narrative to get a direction of likely future action by the RBI, liquidity measures, any other structural changes etc. Suffice it to say that inflation will be the central theme balanced with the need to boost growth.
Pidilite Industries' net profit rises 22.5% yoy to Rs294cr in Q1FY20
Shares of Pidilite Industries are trading higher by ~3% after the co. released its Q1FY20 results
The co.'s consolidated net profit rose 22.5% yoy to Rs294cr in the quarter vs, Rs240cr in Q1FY19.
Revenue rose 10% yoy to Rs2, 056cr in Q1FY20, mainly driven by Consumer and Bazaar Products (+9% yoy rise).
Torrent Power rises 4% on reporting 22% yoy jump in PAT for Q1FY20
Torrent Power is trading up over 4% after posting its Q1 results yesterday.The company reported a 22% rise in consolidated net profit at Rs276.59cr for June quarter compared with year-ago period, mainly on the back of higher revenues.The company's consolidated net profit for June quarter last year was at Rs227.32cr.The company's total income in the quarter rose to Rs3, 790.61cr from Rs3, 580.42cr a year ago.The shareholders also approved a proposal to raise up to Rs1, 500cr through issuance of non-convertible debentures on private placement basis.
DHFL jumps 10% after announcing draft resolution plan
Shares of DHFL surged 10% on the BSE in the noon trade.The company said in a press note that the Special Committee has a draft proposal on resolution plan formulated by the company in consultation with the committee and its financial advisors viz., Ernst &Young; and also approved the submission of the said resolution plan to the lenders of the company.
PNB Housing Finance raises fresh USD75mn ECB from SMBC Singapore
PNB Housing Finance Limited, one of the leading housing finance companies, has raised fresh USD75mn ECB from Sumitomo Mitsui Banking Corporation (SMBC) Singapore.The ECB (External Commercial Borrowing) is under the Reserve Bank automatic route of approval and the proceeds will be used by the Company as per the applicable RBI guidelines.Sanjaya Gupta, Managing Director, PNB Housing Financial Ltd said, As we have mentioned a few days back, this is the second ECB borrowing of the Company for the FY2019-20.
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