State Bank of India (SBI) declared its results today and much to the relief it did not slip into red like most of its Public Sector peers. Net profit did fall by 66% for the quarter yet it was able to save a little for its shareholders and to be carried to the balance sheet.
Month: May 2016
L&T and Tata Steel both declared their results yesterday. While Tata Steel recorded improvement of 18% (excluding one-off) at EBITDA level it recorded loss of more than Rs 3,000 crore at net level for the quarter. For L&T, it was an impressive performance with 35% increase in EBITDA and 19% at net level.
Like everyone else, feel tempted to do an appraisal of the Modi led government on the eve of its completion of 2 years in office..! Here is my take..
Two news over last few days brings little more light to the sector.. One, surrender of excess power by state utilities from Central allocation and second, discovery of market price for short term power through e-bidding.
The news of agreement on Chabahar port seems to be receiving unprecedented coverage, like signing of a Nuclear treaty..! So much so that it doesn’t seem to leave room to talk about anything else..! So, my brief take on the same..
WPI based for the month of April was released last week with inflation showing an increase for the first time after 17 months. The reversal may cause anxiety if this turns out to be the beginning of another upward movement in the inflation cycle.
The week’s highlight was the news from banking sector. While SBI initiates process for merger of its associate banks, PNB shocks with more than Rs 5,000 crore loss in Q4’ 16.
State Bank of India (SBI) has set the ball rolling for consolidation in banking sector with stating its intentions to merge the associate banks with itself, a long awaited move. A brief look at the rationale and the challenges…
PNB results have come as a shocker with bank reporting loss of more than Rs 5,000 crore in March’16 quarter and about Rs 4,000 crore for the full year. Indeed, all public sector banks which have reported their results have reported losses/ large decline in profits during the quarter.
The proposal to set up the Monetary Policy Committee (MPC), being discussed for quite some time and put forward as part of finance bill got cleared by the Parliament last week.