L&T was top gainer among Sensex stocks, up 2.2 percent followed by Lupin, ICICI Bank, Vedanta, Kotak Mahindra Bank with moderate gains. HDFC rebounded after initial fall.
2:02 pm Interview: Sixty percent of the non-microfinance institution (MFI) book grew by 36 percent in Q1, PN Vasudevan, MD & CEO, Equitas Small Finance Bank said.
He further said that gross non-performing asset (NPA) of the non-MFI book has remained steady at 4.5-4.6 percent.
On farm loan front, he said MFI loans don’t form part of the farm loan waiver announced in Maharashtra.
He further said that gross non-performing asset (NPA) of the non-MFI book has remained steady at 4.5-4.6 percent.
On farm loan front, he said MFI loans don’t form part of the farm loan waiver announced in Maharashtra.
Speaking about expansion, he said branch expansion has led to increase in operational expense. However, do not expect significant branch expansion over next 12-18 months, he added.
He said that lending rates in new products are lower.
He expects improvement in return on assets (ROA) due to healthy profile of new products. Equitas have made extra provisions in Q1 of worth Rs 23 crore.
1:42 pm Buzzing: Shriram Transport Finance's Q1 profit grew by 20 percent year-on-year to Rs 448.7 crore from Rs 374.1 crore.
Total income increased 7.9 percent to Rs 2,898.4 crore from Rs 2,686.7 crore YoY.
At 13:42 hours IST, the stock price was quoting at Rs 999.55, up Rs 29.85, or 3.08 percent on the BSE.
1:22 pm Earnings: Shree Cement's first quarter profit fell 13.3 percent to Rs 440.1 crore compared with Rs 507.7 crore in year-ago quarter despite lower tax rate. Weak operational performance hit profitability but revenue aided bottomline.
Revenue during the quarter surged 16.1 percent year-on-year to Rs 2,864.5 crore, with cement business registering a 22.4 percent growth but power segment degrew by 11.3 percent.
Operating profit fell 7 percent to Rs 680 crore compared with Rs 730.9 crore in same quarter last year due to increase in depreciation (up 50 percent YoY), power & fuel (up 39.5 percent) and freight & forwarding expenses (up 42.8 percent).
1:05 pm Market Check: Equity benchmarks extended gains in afternoon trade, with the Sensex up 157.01 points at 32,466.89 and the Nifty up 40.50 points at 10,055.
The rally was driven by banks, infra, technology and auto stocks but selling continued in healthcare, FMCG and HDFC group stocks.
The market breadth remained positive as about 1,330 shares advanced against 1,179 declining shares on the BSE.
He said that lending rates in new products are lower.
He expects improvement in return on assets (ROA) due to healthy profile of new products. Equitas have made extra provisions in Q1 of worth Rs 23 crore.
1:42 pm Buzzing: Shriram Transport Finance's Q1 profit grew by 20 percent year-on-year to Rs 448.7 crore from Rs 374.1 crore.
Total income increased 7.9 percent to Rs 2,898.4 crore from Rs 2,686.7 crore YoY.
At 13:42 hours IST, the stock price was quoting at Rs 999.55, up Rs 29.85, or 3.08 percent on the BSE.
1:22 pm Earnings: Shree Cement's first quarter profit fell 13.3 percent to Rs 440.1 crore compared with Rs 507.7 crore in year-ago quarter despite lower tax rate. Weak operational performance hit profitability but revenue aided bottomline.
Revenue during the quarter surged 16.1 percent year-on-year to Rs 2,864.5 crore, with cement business registering a 22.4 percent growth but power segment degrew by 11.3 percent.
Operating profit fell 7 percent to Rs 680 crore compared with Rs 730.9 crore in same quarter last year due to increase in depreciation (up 50 percent YoY), power & fuel (up 39.5 percent) and freight & forwarding expenses (up 42.8 percent).
1:05 pm Market Check: Equity benchmarks extended gains in afternoon trade, with the Sensex up 157.01 points at 32,466.89 and the Nifty up 40.50 points at 10,055.
The rally was driven by banks, infra, technology and auto stocks but selling continued in healthcare, FMCG and HDFC group stocks.
The market breadth remained positive as about 1,330 shares advanced against 1,179 declining shares on the BSE.
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