PNB's Rs 9,000-cr bad loan sale stuck due to absence of full time CEO
PNBs plan to sell bad assets of Rs9,000 crore, is stuck as the government is yet to appoint a full-time CEO for it. The proposed asset sale was one of the highest in the history of the PNB, fighting a sharp rise in bad loans like other PSU Banks. PNB is already facing lot of stress on asset quality and lack of decision making on resolution could aggravate the stress in book. We continue to maintain hold rating on the stock.
Ministry approves transfer of technology from DRDO to L&T
L&T – Ministry of Defence approved for transfer of technology from DRDO to L&T for commercial production of Lakshya pilotless target aircraft – positive for L&T. In a path-breaking decision, the Ministry of Defence (MoD) has approved a proposal by the Defence Research and Development Organisation (DRDO) for transfer of technology (ToT) for commercial production of its Lakshya pilotless target aircraft (PTA) to Larsen and Toubro (L&T).
LIC Housing Finance posts strong Q1FY16 performance
LIC Housing Finance reported strong set of numbers for Q1FY16 as net profits grew by 18.6% YoY to Rs382.1 crore. This was driven by robust growth in the net interest income which increased by 30.2% YoY (partly due to low base of Q1FY15 as there were interest income reversal on NPAs). The non interest income showed a decline of 21% YoY while provisions normalized (reversal of teaser loans provisions in earlier quarters) in Q1FY16 which to an extent impacted earnings.
Bharti Airtel rallies on talks with Orange to sell African units
Shares of Bharti Airtel rallied 5% to Rs450, also their 52-week high on the NSE, after the company said it has entered into exclusive talks with France's Orange to sell its subsidiaries in Africa.
Orange and Bharti Airtel International (Netherlands), a subsidiary of Bharti Airtel, have entered into an exclusive agreement “to explore the possible acquisition by Orange of Airtel’s subsidiaries in Burkina Faso, Chad, Congo Brazzaville and Sierra Leone.
Tata Motors plans capex of upto Rs4,000 crore
Tata Motors will be making significant investments to develop new models both in the passenger vehicle and commercial vehicle segments. The company plans to invest between Rs3,000 to Rs4,000 crore in FY2016 in capital expenditure bulk of which will be into product development. The company also plans to raise Rs4,000 crore via NCDs during the year. Additionally the management has guided for a capital spend of GBP3.5bn in Jaguar Land Rover operations..
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