The bank has posted a net profit of Rs.229 crore for the quarter ended June 30, 2016 as compared to Rs.479 crore for the quarter ended June 30, 2015.
Canara Bank jumped 4.3% to Rs.264.50. The bank has posted a net profit of Rs.229 crore for the quarter ended June 30, 2016 as compared to Rs.479 crore for the quarter ended June 30, 2015.The scrip opened at Rs. 250 and has touched a high and low of Rs. 265.65 and Rs. 246.05 respectively. So far 2372622(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 13775.68 crore.The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 359.85 on 18-Aug-2015 and a 52 week low of Rs. 156.2 on 29-Feb-2016. Last one week high and low of the scrip stood at Rs. 264 and Rs. 237.75 respectively.The promoters holding in the company stood at 66.3 % while Institutions and Non-Institutions held 25.78 % and 7.92 % respectively.
Check out the latest corporate news of the day.
Glenmark Pharmaceuticals has received final approval from the US health regulator USFDA for triamcinolone acetonide ointment, used in treatment of various skin conditions.Government has kick started the process to sell 15% stake in NBCC and has invited merchant bankers to manage the share sale. Indian Oil Corporation (IOC) is in talks to buy debt-laden Gujarat State Petroleum Corp’s (GPSC) stake in the under-construction Rs45bn Mundra LNG import terminal in Gujarat. Coal India (CIL) will not revise its share buyback offer price of Rs335/share even if the stock crosses the offered price at the bourses. This would mean the government, its majority shareholder, will earn the entire Rs36.50bn earmarked for the offer.Hindustan Unilever (HUL) plans to launch a range of baby care products under its Dove brand in the next few months to challenge the dominance of Johnson & Johnson in the Rs40bn market. The Reserve Bank of India has imposed a penalty of Rs50mn on Bank of Baroda in the alleged Rs60bn forex related irregularities that came to light in October last year. Bank of Baroda (BoB) has cut an unusual property deal with Kohinoor Mills, which owns a prized property in Mumbai.Ahluwalia Contracts (India) has bagged orders worth Rs4.73bn for construction of institutional and residential buildings. GAIL India Ltd is in talks with Russia's Gazprom to delay and renegotiate a 20-year gas purchase deal undercut by low spot prices. Thomas Cook (India) has entered into a partnership with Matrimony Bazaar to tap the 'romantic leisure travel' segment which is seeing an "exponential" growth.SWIFT said ICICI Bank and Axis Bank have become the first domestic lenders to sign up for its global payments innovation initiative, which already has over 70 other leading banks globally. IL&FS Engineering and Construction Company Limited (IL&FS Engineering Services) has received a Letter of Acceptance (LoA) from Nagpur Metro Rail Corporation Limited for Rs5.33bn for Nagpur metro rail project
Vedanta Resources' ratings have been under pressure as weak commodity prices have affected group earnings. This led to Moody's downgrade of Vedanta Resources' CFR to B2 negative in March this year.
Moody's Investors Service says that Vedanta Ltd.'s(unrated) revised merger terms with Cairn India Ltd.(unrated) have no immediate impact on Vedanta Resources plc's B2 corporate family rating (CFR), Caa1 senior unsecured notes rating and negative outlook.While the revised terms entail a rise in debt/cash out flow of an estimated $447 million compared to $120 million under the original terms they will give Vedanta Ltd. complete access to Cairn India's large cash holdings, as well as provide the flexibility to reduce debt, thereby lowering leverage and reducing subordination within the group.As such, the successful execution of the merger, to the extent that it leads to de-leveraging, will be credit positive. Positive rating implications could emerge if adjusted leverage improved to less than 4.5x on a sustained basis.Should the merger proceed as announced subject to approval, in a cashless all-stock transaction minority shareholders would receive one equity share and four 7.5% preference shares in Vedanta Ltd. for every share held in Cairn India. Shareholders will have the option of redeeming the preference shares within 30 days, or holding until maturity for 18 months.Following completion of the transaction, Vedanta Resources' shareholding in its subsidiary Vedanta Ltd. will fall to 50.1% from 62.9% . At end-June 2016, Cairn India had $3.5 billion in cash and no external debt outstanding."Although delayed from the initial announcement in June 2015, the revised terms are a step forward in the merger proceedings the merger will provide Vedanta Ltd. better access to Cairn India's large cash balances of $3.5 billion, as previous access was only possible through the up-streaming of dividends," says Kaustubh Chaubal a Moody's Vice President and Senior Analyst."We also view the proposed Cairn India merger as a major step in the simplification of Vedanta Resources' complex structure and, in particular, in addressing some of the risks associated with the group's thinly capitalized, but highly leveraged parent company," adds Chaubal who is also Moody's Lead Analyst on Vedanta.We expect capacity ramp-ups, continuing cost rationalization initiatives, reductions in absolute debt levels and increases in commodity prices from the troughs in January 2016 to drive the improvement in adjusted leverage of 4.3x - 4.8x by March 2017 from 5.5x at March 2016. Furthermore, while debt will potentially rise by ~$447 million, with preference shares issued as per the revised merger terms, access to Cairn India's $3.5 billion in cash and future cash flow will enable the group to repay part of its debt, further improving consolidated leverage.Moreover, the structural subordination of the senior unsecured debt at Vedanta Resources remains. Although the merger will remove one layer between Vedanta Resources' senior unsecured debt and Cairn India's cash, Vedanta Resources will remain without operating assets and dependent on the up-streaming of dividends from the operating and intermediate companies. In addition, with its shareholding in Vedanta Ltd. falling to 50.1% from 62.9%, cash leakage to minority shareholders will reduce Vedanta Resources' access to Vedanta Ltd.'s profits.To narrow the notching between the B2 CFR and the Caa1 senior unsecured debt rating, Moody's would look for total priority debt to fall below 35%-40% of total consolidated debt, and for total priority debt to fall to less than 15%-20% of total group assets. As of 31 March 2016, the ratios stood at 54.7% and 29.3%, respectively. These ratios apart, we will also look at holding company liquidity and coverage metrics to consider narrowing the notching.Debt reduction following the merger will reduce rating pressure, although the merger increases the risk that Vedanta Ltd. will ultimately be held accountable for Cairn India's $3.2 billion disputed tax liability.Vedanta Resources' ratings have been under pressure as weak commodity prices have affected group earnings. This led to Moody's downgrade of Vedanta Resources' CFR to B2 negative in March this year.
The Stable Outlooks on most rated UK banks reflect our view that they have built solid capital buffers and have strong liquidity and stable funding, which render them resilient to moderate shocks.
The outcome of the EU referendum will create a challenging macro-environment with negative implications for UK banks' domestic operations, says Fitch Ratings. The uncertainty following the referendum will result in an abrupt slowdown in near-term GDP growth, although we expect the impact to be manageable at the banks' rating levels. But ratings could be downgraded if the economic effect of Brexit is either protracted or particularly severe.The Stable Outlooks on most rated UK banks reflect our view that they have built solid capital buffers and have strong liquidity and stable funding, which render them resilient to moderate shocks. We expect pressure on bank profitability from "lower for longer" base rates that further squeeze margins, a slowdown in business volume growth, and higher loan impairment charges (LICs). Our ratings already factored in deteriorating asset quality caused by a cyclical slowdown, but this is likely to be exacerbated. Pressure on operating costs will continue to weigh on profitability, but we think conduct fines have peaked at most banks, providing some headroom to offset revenue weakness and higher LICs.UK banks have been operating in a supportive environment for at least three years. Falling unemployment and prolonged low base rates have resulted in low volumes of new impaired loans. Banks have also taken advantage of the benign economic conditions and rising investor appetite to dispose of legacy non-core assets, and boosted the reserve coverage of older impaired loans. These have gradually weighed less heavily on balance sheets, so tail risk has reduced ahead of the anticipated economic slowdown.UK banks are exposed to the residential and commercial property markets, which makes their performance vulnerable to falling asset values. Low base rates help affordability, but a material rise in unemployment, reduced investor appetite, and inflationary pressure on consumer prices would have a negative impact on banks' loan books and result in higher LICs.The UK banks' capitalisation should enable them to withstand moderate deterioration in the operating environment at their current rating level. More stringent regulatory requirements, partly based on a series of stress tests undertaken by the Bank of England, have been aimed at ensuring that UK banks are able to withstand severe shocks. Strong liquidity, including access to liquidity from the Bank of England, should enable banks to withstand periods of market dislocation where wholesale funding is not available or is expensive.
Check out the companies which will be in focus during trade today based on recent and latest news developments.
Dr Reddy’s: The pharma company will announce its Q1 numbers today.HDFC Bank: RBI has imposed a penalty of Rs.2 crore on the Bank on account of pendency in receipt of bills of entry relating to advance import remittances made and lapses in adhering to KYC/AML guidelines in this respect.Maruti Suzuki: The auto company will announce its Q1 numbers today.Canara Bank: The bank has posted a net profit of Rs.229 crore for the quarter ended June 30, 2016 as compared to Rs.479 crore for the quarter ended June 30, 2015.Tata Motors: The company is desirous of offering the fourth series of its Rated, Listed, Unsecured, Redeemable, NCDs aggregating to Rs. 400 crores and in this regard is holding a meeting of its duly constituted Committee of the Board on July 28.Bajaj Corp: Bajaj Corp recorded a rise of 10.1% in its net profit at Rs.52.2 crore for the quarter ended June 30, 2016 as compared to Rs.47.4 crore for the quarter ended June 30, 2015.PNB: Reserve Bank of India imposed an aggregate penalty of Rs.3 crore on the Bank in exercise of powers conferred under Section 47 (A) (1) (c) read with Section 46 (4) (i) of Banking Regulation Act, 1949.PNC Infratech: The company has bagged a project worth Rs.232.91 crore for four-laning of a road in Uttar Pradesh.Eveready Industries: Eveready Industries India Ltd reported a rise of 10.3% in its net profit at Rs.22.4 crore for the quarter ended June 30, 2016 as compared to Rs.20.3 crore for the quarter ended June 30, 2015.Indiabulls Housing Finance: The company has posted a net profit after taxes, minority interest and share of profit of associates of Rs.630 crore for the quarter ended June 30, 2016 as compared to Rs.511.3 crore for the quarter ended June 30, 2015.Eicher Motors: The company has made a proposal to the Central Government for seeking its approval towards re-appointment of Siddhartha Vikram Lal (Non-Resident) as Managing Director of the Company for the period of five years starting from May 1, 2016 to April 30, 2021, as per media report.ZEE Ent: The company will announce its Q1 results today.Greenply Industries: The company recorded a rise of 26% in its net profit at Rs.34.1 crore for the quarter ended June 30, 2016 as compared to Rs.27 crore for the quarter ended June 30, 2015.Suven Life Sciences: Suven is exhibiting and presenting several exciting new results and data presentations from Suven’s portfolio of investigational neuroscience New Chemical Entities (NCEs) are being presented at Alzheimer's Association International Conference (AAIC) being held in Toronto, Canada during July 24th to 28th, 2016.Indian Oil: The oil major is in talks to buy debt-laden Gujarat State Petroleum Corp's stake in the under-construction Rs. 4,500 crore Mundra LNG import terminal in Gujarat.UltraTech Cement: The company is proposing to issue 7.57%, 3,000 Secured Redeemable Non-Convertible Debentures on private placement basis.Kalyani Steels: The company recorded a rise of 62% in its net profit at Rs.47 crore for the quarter ended June 30, 2016 as compared to Rs.29 crore for the quarter ended June 30, 2015.GHCL: The company's total income has increased by 17.3% at Rs.730.8 crore for the quarter against Rs.622.8 crore in the corresponding quarter of the previous year.K.P.R. Mill: K.P.R. Mill Ltd recorded a rise of 10.7% in its net profit at Rs.9.1 crore for the quarter ended June 30, 2016 as compared to Rs.5.7 crore for the quarter ended June 30, 2015.Pincon Spirit: Pincon Spirit Ltd recorded a rise of 59.6% in its net profit at Rs.9.1 crore for the quarter ended June 30, 2016 as compared to Rs.5.7 crore for the quarter ended June 30, 2015.ITC: The Board of Directors at the meeting held on July 22, 2016, redesignated Sanjiv Puri, Wholetime Director, also as Chief Operating Officer of the Company with immediate effect.
Asian markets are trading mixed. Hong Kong's Hang Seng and Shanghai Composite are trading higher. US stocks closed lower on Monday.
The indices are set to open on a flat note. Asian markets are trading mixed. Hong Kong's Hang Seng and Shanghai Composite are trading higher. Japanese stocks led early losses in Asia markets.The benchmark Nikkei 225 was down 1.57%.US stocks closed lower on Monday. The Dow Jones Industrial Average closed down 0.42% at 18,493.06 points. The S&P 500 index finished down 0.3% at 2,168.48 points, while the Nasdaq Composite ended 0.05%, lower at 5,097.63 points. Federal Reserve Open Committee is set to begin its two-day monetary policy meeting on Tuesday.Telecom Commission recommended a 3% annual usage charge for the spectrum to be sold in upcoming auction while fixing the same as the minimum rate even for existing airwaves with all operators.Arun Jaitley will meet state ministers to put pressure on the opposition Congress party to back a long-delayed sales tax reform whose chances have again been thrown into doubt by a parliamentary standoff.The meeting is aimed at discussing proposed amendments to the GST Bill that has been passed by the Lok Sabha but is stuck in the Rajya Sabha.Among other stocks in focus:
Dr.Reddy’s: The pharma company will announce its Q1 numbers today.HDFC Bank: RBI has imposed a penalty of Rs.2 crore on the Bank on account of pendency in receipt of bills of entry relating to advance import remittances made and lapses in adhering to KYC/AML guidelines in this respect.Maruti Suzuki: The auto company will announce its Q1 numbers today. The company is planning to transport vehicles through inland waterways and has inked a pact with the government for this, a move that will help the country's' largest carmaker reduce its logistic costs, as per media reports.Canara Bank: The bank has posted a net profit of Rs.229 crore for the quarter ended June 30, 2016 as compared to Rs.479 crore for the quarter ended June 30, 2015.Tata Motors: The company is desirous of offering the fourth series of its Rated, Listed, Unsecured, Redeemable, NCDs aggregating to Rs. 400 crores and in this regard is holding a meeting of its duly constituted Committee of the Board on July 28.Bajaj Corp: Bajaj Corp recorded a rise of 10.1% in its net profit at Rs.52.2 crore for the quarter ended June 30, 2016 as compared to Rs.47.4 crore for the quarter ended June 30, 2015.PNB: Reserve Bank of India imposed an aggregate penalty of Rs.3 crore on the Bank in exercise of powers conferred under Section 47 (A) (1) (c) read with Section 46 (4) (i) of Banking Regulation Act, 1949.PNC Infratech: The company has bagged a project worth Rs.232.91 crore for four-laning of a road in Uttar Pradesh.Eveready Industries: Eveready Industries India Ltd reported a rise of 10.3% in its net profit at Rs.22.4 crore for the quarter ended June 30, 2016 as compared to Rs.20.3 crore for the quarter ended June 30, 2015.Indiabulls Housing Finance: The company has posted a net profit after taxes, minority interest and share of profit of associates of Rs.630 crore for the quarter ended June 30, 2016 as compared to Rs.511.3 crore for the quarter ended June 30, 2015.Eicher Motors: The company has made a proposal to the Central Government for seeking its approval towards re-appointment of Siddhartha Vikram Lal (Non-Resident) as Managing Director of the Company for the period of five years starting from May 1, 2016 to April 30, 2021, as per media report.Zee Ent: The company will announce its Q1 results today.Greenply Industries: The company recorded a rise of 26% in its net profit at Rs.34.1 crore for the quarter ended June 30, 2016 as compared to Rs.27 crore for the quarter ended June 30, 2015.Suven Life Sciences: Suven is exhibiting and presenting several exciting new results and data presentations from Suven’s portfolio of investigational neuroscience New Chemical Entities (NCEs) are being presented at Alzheimer's Association International Conference (AAIC) being held in Toronto, Canada during July 24th to 28th, 2016.Indian Oil: The oil major is in talks to buy debt-laden Gujarat State Petroleum Corp's stake in the under-construction Rs. 4,500 crore Mundra LNG import terminal in Gujarat.UltraTech Cement: The company is proposing to issue 7.57%, 3,000 Secured Redeemable Non-Convertible Debentures on private placement basis.Kalyani Steels: The company recorded a rise of 62% in its net profit at Rs.47 crore for the quarter ended June 30, 2016 as compared to Rs.29 crore for the quarter ended June 30, 2015.GHCL: The company's total income has increased by 17.3% at Rs.730.8 crore for the quarter against Rs.622.8 crore in the corresponding quarter of the previous year.K.P.R. Mill: K.P.R. Mill Ltd recorded a rise of 10.7% in its net profit at Rs.9.1 crore for the quarter ended June 30, 2016 as compared to Rs.5.7 crore for the quarter ended June 30, 2015.Pincon Spirit: Pincon Spirit Ltd recorded a rise of 59.6% in its net profit at Rs.9.1 crore for the quarter ended June 30, 2016 as compared to Rs.5.7 crore for the quarter ended June 30, 2015.ITC: The Board of Directors at the meeting held on July 22, 2016, redesignated Sanjiv Puri, Wholetime Director, also as Chief Operating Officer of the Company with immediate effect.Results: Dr.Reddy's Laboratories, Ambuja Cements,Maruti Suzuki India, ACC, Ajanta Pharma, Idfc Bank, Bharti Infratel, TVS Motor Company, United Spirits, V-Guard Industries, NIIT, Excel Industries,Karur Vysya Bank, Firstsource Solutions, Futuristic Solutions, Zee Entertainment Enterprises, Goa Carbon, Tata Elxsi, IDFC, Aunde India,Austin Engineering, Available Finance,Bajaj Finserv, Bajaj Finance, Asit C.Mehta Financial Services, Banco Products, Bijlee Textiles, Capri Global Capital,Charms Industries, Coromandel International,Welspun India, State Bank Of Travancore, Cosmo Films, Deltron, Elantas Beck India, Elecon Engineering, Indian Metals & Ferro Alloys, Ingersoll-Rand (INDIA), L.G.Balakrishnan & Bros, Mahindra Cie Automotive, Manvijay Development Company, Mcs Ltd, Pi Industries, Ponni Sugars, Prime Securities, Pulsar International, Rajratan Global Wire, Shaba Chemicals, Shakti Pumps, Swaraj Engines, Symphony, Triveni Glass, Vinyl Chemicals, WendtGlobal Data: GBP BBA Mortgage Approvals (Jun),USD Redbook index (YoY) (Jul 22),USD Redbook index (MoM) (Jul 22), USD S&P/Case-Shiller Home Price Indices (YoY) (May),USD Markit Services PMI (Jul)PRELIMINAR, USD Markit PMI Composite (Jul)PRELIMINAR, USD Consumer Confidence (Jul),USD New Home Sales Change (MoM) (Jun), USD New Home Sales (MoM) (Jun), USD Richmond Fed Manufacturing Index (Jul), USD 4-Week Bill Auction,USD 5-Year Note AuctionTrends in FII flows: The domestic institutional investors (DIIs) were net sellers of Rs.678.9 mn in the cash segment on Monday, while FIIs were net buyers of Rs.8.91 bn, as per the provisional figures released by the NSE.
Canara Bank jumped 4.3% to Rs.264.50. The bank has posted a net profit of Rs.229 crore for the quarter ended June 30, 2016 as compared to Rs.479 crore for the quarter ended June 30, 2015.
