Adani Ports Q2 net profit at Rs 614 cr falls 38% | WeForNews | Latest News, Blogs Adani Ports Q2 net profit at Rs 614 cr falls 38% – WeForNews | Latest News, Blogs
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Adani Ports Q2 net profit at Rs 614 cr falls 38%

Total revenue for the quarter in consideration, slipped by Rs 39.8 crore to Rs 2,922.32 from Rs 2,962.12 in the same period last year.

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File Pic : Gautam Adani

Mumbai, Oct 23 : Adani Ports on Tuesday reported a 38.36 per cent decline in its net profit for the second quarter ending September.

The company said in a stock exchange filing that its profit after tax (PAT) for the second quarter declined to Rs 614.23 crore, from Rs 997.04 crore in the same period last year.

In addition, it reported a sequential decline of 11.92 per cent in PAT from Rs 697.40 crore earned in the previous quarter.

Total revenue for the quarter in consideration, slipped by Rs 39.8 crore to Rs 2,922.32 from Rs 2,962.12 in the same period last year.

“Indian rupee depreciated by 5 per cent in Q1FY19 and by 6 per cent in Q2FY19. Thus, we have provided mark to market loss of Rs 953 cr in H1FY19 compared to a mark to market loss of Rs 47 cr in H1FY18 on our foreign currency loans. This has resulted in reporting lower PBT (profit before tax) and PAT,” a company statement said.

Adani Ports stocks closed on Tuesday Rs 318.25 a share, up by Rs 3.55, or 1.33 per cent, from its previous close on BSE.

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LIC listing may get delayed due to procedural glitches: Fitch

“We think the insurer’s investment allocation decisions will be rationalised too, as major investment decisions could be subjected to additional scrutiny and approvals,” Fitch said.

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Life Insurance of India LIC

New Delhi, Feb 26 : The Indian government’s proposed IPO of state-owned Life Insurance Corporation of India (LIC) will improve the accountability and transparency of the country’s largest insurer but is unlikely to happen during the next fiscal, Fitch Ratings said on Wednesday.

“The procedural and legal bottlenecks in terms of amending certain sections of the LIC Act, conducting independent valuations as well as obtaining regulatory approvals may delay the execution beyond the government’s target deadline of end-March 2021, ” Fitch said.

Similarly in 2018, the government announced its decision to merge three state sector non-life insurance companies – National Insurance Company, United India Insurance Company and Oriental Insurance Company – and subsequently list them in the stock market. The merger is likely to conclude in 2020 after being delayed almost by a year due to several factors including the insurers’ weak capital strength.

The government in 2017 had already listed New India Assurance Company and General Insurance Corporation of India – two of the largest insurance companies in the country – through an IPO route.

Fitch believes that the benefits may trickle down to the entire domestic insurance industry in terms of attracting more foreign interest, which could result in an increase in foreign capital inflows into the industry.

The agency expects the IPO, once executed, may also encourage some of the other private sector insurance companies to list some of their shares in the stock market over the medium term, although the current insurance regulation does not require all insurers to be listed publicly.

A publicly-listed LIC will be subject to stringent disclosure requirements stipulated by the Securities and Exchange Board of India. This will create a strong culture of compliance and accountability within the insurer.

“We think the insurer’s investment allocation decisions will be rationalised too, as major investment decisions could be subjected to additional scrutiny and approvals,” Fitch said.

LIC is one of the prominent institutional investors in several public sector assets, and in multiple instances has obtained exceptions from the insurance regulator to increase its stake in investee companies above the regulatory ownership cap of 15 per cent.

The proposed IPO, once executed, could broaden the insurer’s capital base and improve its regulatory capital position, which was 160 per cent at end-March 2019, slightly above the regulatory minimum of 150 per cent, it said.

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CRISIL completes Greenwich acquisition

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New Delhi, Feb 26 Rating agency CRISIL on Wednesday said it has completed the acquisition of 100 per cent stake in Greenwich Associates LLC (Greenwich).

The transaction was announced on December 19, 2019.

Greenwich is a well-established and leading provider of proprietary benchmarking data, analytics, and qualitative, insights to financial services firms worldwide.

Based in Stamford, Connecticut, it serves over 300 clients across top investment banks, corporate banks, commercial banks, asset managers and key players in the market infrastructure space globally.

Ashu Suyash, Managing Director & CEO, CRISIL, said, “Greenwich will accelerate CRISIL’s strategy to be the leading player in the growing market of global benchmarking analytics across financial services. Greenwich’s deep expertise in Voice of Customers’ surveys, proprietary data assets, and capabilities to source and aggregate high value performance data will complement CRISIL’s exiting offerings. We are very excited to be able to bring new, powerful and unique analytics to our clients through this acquisition.”

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Markets open in red on Wednesday

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Sensex down

Mumbai, Feb 26 The 30-scrip Sensitive Index (Sensex) on Wednesday opened on a negative note during the morning session of the trade.

The Sensex of the BSE opened at 40,194.89 points which was also the high point. The Sensex touched a low of 39,888.17 points.

On Tuesday the Sensex closed at 40,281.20 points.

The Sensex is trading at 40,044.11 down by 214.35 points or 0.53 per cent.

On the other hand, the broader 50-scrip Nifty at National Stock Exchange (NSE) opened at 11,738.55 points after closing at 11,797.90 points.

The Nifty is trading at 11,711.30 points in the morning.

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