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☕ 01.06.2020: Today's Banking / Financial News at a Glance
🍒 BBB recommends Ashwini Bhatia for post of SBI MD : The Banks Board Bureau (BBB) on Saturday recommended names of Ashwini Bhatia, M V Rao and P P Sengupta for the post of managing director of three state-owned lenders -- State Bank of India, Central Bank of India and Indian Overseas Bank, respectively. Bhatia is currently serving as deputy managing director (DMD) at SBI, while Rao is executive director with Canara Bank. The bureau members interfaced with 20 candidates from nationalised banks on May 30 for the position of managing director in State Bank of India and the position of MD and CEO of Indian Overseas Bank and Central Bank of India, an official statement said. Bhatia will be appointed in place of P K Gupta who superannuated on March 31, while Rao will replace Central Bank of India MD Pallav Mohapatra who will retire in February next year. Sengupta, currently DMD SBI, will replace Indian Overseas Bank MD and CEO Karnam Sekar, who retires on June 30. With this exercise, the government has completed the process of appointment of head of PSU banks for the current fiscal. The decision on the appointment will be taken by the Appointments Committee of the Cabinet headed by Prime Minister Narendra Modi. - economic times
🍒 UCO Bank reduces repo-based lending rate by 40 bps : State-run UCO Bank on Friday said it has reduced its lending rate linked to the Reserve Bank of India's (RBI) repo rate by 40 basis points. "We have slashed the repo based lending rate - UCO Float by 0.40 percent to 6.90 percent from 7.30 percent, effective from May 27," the bank said in a late night statement.This reduction will make loans cheaper for the bank's retail and MSME borrowers, it said. The cut in repo rate linked lending rates comes after RBI, last week, had reduced repo rate by 40 basis points to 4 percent from 4.40 percent. Earlier in the day, another public sector bank, Bank of India (BOI), announced a 40 basis points cut in its external benchmark lending rate (EBLR) which is linked to RBI's repo rate from June 1. The bank's new EBLR has been revised to 6.85 percent per annum. BOI also said it has cut its marginal cost of fund based lending (MCLR) rate by 25 basis points across all tenor. - Moneycontrol.com
🍒 Yes Bank to reclassify Madhu Kapur Group as public shareholders : Private sector lender Yes Bank has said that its promoters and the family of its co-founder Ashok Kapur have agreed to have their shareholding reclassified as non-promoters or public shareholders. “This is to inform that the Bank has received a letter dated May 28, 2020 (received on May 29, 2020) from Madhu Ashok Kapur, Shagun Kapur Gogia, Gaurav Ashok Kapur and Mags Finvest Private Limited [collectively referred to as “Madhu Kapur Group”] consenting to reclassify their shareholding in the Bank as ‘non-promoter shareholders’ (that is public shareholders),” it said in a regulatory filing. The move comes after the reconstitution scheme of Yes Bank was implemented with the State Bank of India picking up majority stake in Yes Bank. As on March 31, 2020, Madhu Kapur Group held 1.42 per cent stake in the private sector lender with Madhu Kapur holding 1.12 per cent equity and Mags Finvest holding 0.3 per cent stake.The bank’s other co-founder and former Managing Director and CEO Rana Kapoor and his family’s stake amounted to just 900 shares held through Yes Capital. Both Kapoor and Kapur are still classified as promoter shareholders. - Business Line
🍒 Yes Bank restructures salary of senior leadership team : Private sector lender YES Bank on Sunday said the salary of the senior leadership team had been restructured, wherein nearly a third of their yearly compensation would be moved to the “variable pay” category. The move to allocate 30 per cent of the total cost to company as variable pay is applicable to the “leadership team” for FY21, an official statement from the bank said, without detailing who are part of the team. Generally, variable pay is linked to the commercial success of an entity or other specified milestones. The move comes at a time when there are widespread concerns on employment, with a lot of firms even retrenching workers. Within the banking industry, its larger rival, Kotak Mahindra Bank, announced pay cuts for all employees earning above Rs 25 lakh per annum. “COVID-19 situation has exacerbated the gradually slowing growth momentum in the global economy and the revival of the economy will, to a great extent, depend on the robustness of the financial services sector,” the YES Bank statement said. - Business Line
🍒 Banks, NBFCs gear up to tackle biggest loan collection exercise post lockdown : Banks and non-banking financing companies (NBFCs) are looking at strategies to tackle the biggest loan collection challenge they will face in the coming months following the exit from the lockdown. Financial institutions are drawing up plans to trace down low-ticket borrowers and other consumer loan borrowers once the lockdown and the accompanying loan moratorium is completely lifted, with many repurposing existing staff, a large portion of has been idle given sluggish business environment.State Bank of India, the country's largest lender, for instance is exploring a tie-up with the Department of Post to reach out to the bank’s customers spread across the country. The bank is also looking to divert its business correspondents for collection purposes for agriculture loans.SBI has nearly 60,000 business correspondents which are used for account opening, remittances and other basic banking operations. The bank has already done a pilot in Maharashtra and is looking to extend this across the country. “There is a need to have a mechanism in place to improve collection efficiency and also sensitise borrowers to repay on time. As of now collections are done through branches. It’s time that we engage with more business correspondents in this way so that there is a regular cash flow coming and accounts don’t go into stress," said a senior SBI official. - Live Mint
🍒 MSMEs seek quick action from banks on availing of credit facility : As they get into restart mode, MSMEs (micro, small and medium enterprises) seek banks and financial institutions’ swift action in releasing emergency credit facilities as part of Centre’s stimulus measures. While some banks like the State Bank of India, Canara Bank, Union Bank of India and Indian Bank have issued guidelines, MSME associations indicate that majority of lending institutions are yet to release any guidelines for credit facilities. “As of Friday evening (May 29), no MSME or business enterprise availed loan under the Emergency Credit Line Guarantee Scheme (ECLGS). Many banks, financial institutions and NBFCs are yet to issue guidelines. It is heard that at branch level, the banks will reach out to the beneficiaries who are eligible and therefore enterprises need not disturb them with requests,” according to KE Raghunathan, Past President, All India Manufacturers Organisation. - Business Line
🍒 MFIN expects huge credit demand in next six months as India opens up, says Chairman Nambiar : As India goes for a calibrated opening after 66 days of lockdown and livelihood concerns gains primacy, Micro-finance Institutions Network (MFIN), an RBI-approved self-regulatory Organisation (SRO) for the NBFC- MFI industry, sees huge demand for credit in the economy in the next six months, a top official said. “Everybody who has come out of a lockdown has essentially used a big portion of their family savings. Obviously when you restart you will need money and every customer would need emergency credit to kick-start their livelihood activity. So we see ourselves playing a role there. “As of today when you see scenario of moratorium getting over in August, I see some amount of growth happening for the MFI industry, especially in the second half this fiscal,” Manoj Kumar Nambiar, Chairman, MFIN told BusinessLine. - Business Line
🍒 National Insurance Co receives 500 claims amounting to Rs 160 cr post cyclone 'Amphan': The National Insurance Company NIC) has so far has received around 500 claims amounting to Rs 160 crore following the devastation caused by cyclone 'Amphan' in West Bengal and Odisha, a top official said. The majority of the claims are from severely-affected West Bengal and nominal from Odisha, she said, adding, a bulk of those have been received from business enterprises, shops and factories. "As per initial assessment that is still going on, we have received around 500 claims amounting to Rs 160 crore from the insured," CMD of National Insurance, Tajinder Mukherjee, said. - Economic times
🍒 Financial stress in industry would be blessing for alternative capital, asset investors : With nearly ₹4-lakh crore of new slippages into non-performing assets (NPAs) of banks expected this fiscal, it would be a never-before opportunity for alternative capital and asset investors to make hay. Impacted by the Covid-19 pandemic and the stress in the industry, this financial year would see a steep rise in the volume of assets being put on the block by lenders. “The current stress in the industry is an opportunity to make a contra-cyclical investment rather than staying away from it. It’s a great time for discerning capital to make an entry into the stressed sector at great valuation as when the stress is acute, valuations would be cheap,” Mukund Kannappan, Chief Investment Officer at JM Financial Credit AIF, told BusinessLine. - Business Line
🍒 Muthoot Capital Services Q4 net down : The net profit of Muthoot Capital Services Ltd (MCSL) was down at ₹13.6 crore in Q4 of the last fiscal against ₹22.7 crore in the corresponding period of the previous fiscal. Thomas George Muthoot, Managing Director, said, “It has been a challenging year for all businesses, and especially two-wheeler business. The escalation in price was one of the key deterrents to growth with the introduction of ABS standards and subsequent preparation of OEMs and dealers for BS-VI transition in 2020, besides mandatory five-year insurance. This was followed by a disruption in the form of Covid-19.” The total income for the quarter touched ₹146.8 crore. The company disbursed two-wheeler loans amounting to ₹329.9 crore and had a total disbursement of ₹347.5 crore during the quarter. The total AUM (assets under management) reached ₹2,650 crore at the end of the quarter, including the assigned portfolio of ₹52.3 crore. - Business Line
🍒 Companies revisit loan contracts to seek concessions as covid-19 hits earnings : Indian corporates are revisiting their loan contracts and seeking concessions on repayment timelines and financial covenants from lenders as covid-19 outbreak and the ensuing suspension of production due to the lockdown have led to sharp erosion in consumer demand and ravaged earnings. The financial hit is being felt across sectors, as evident in a survey of 300 firms conducted in May by the Confederation of Indian Industry, which said 65% expected a nearly 40% drop in revenue in the April-June quarter. Such a steep fall in topline will constrain the ability of companies to maintain financial parameters promised to their lenders. Given these challenges, many companies are in parleys with their lenders to re-negotiate loan agreements as they fear violation of financial covenants due to disruptions caused by covid-19. Financial covenants in loan contracts are based on achievement of certain prearranged financial projections, which are tested on a particular date, usually on an annual basis. These loan terms commonly include hitting financial ratios such as the ratio between net debt to earnings before interest, tax, depreciation and amortization (Ebitda), debt-to-equity ratio, interest cover ratio, debt service coverage ratio, fixed asset coverage ratio, among others. - Live Mint
🍒 COVID-19 impact: LIC listing, IDBI Bank stake sale may be postponed : Listing of Life Insurance Corporation (LIC) and sale of government's stake in IDBI Bank may be delayed beyond March 2021, due to depressed valuation amid COVID-19 pandemic. The government aims to garner Rs 90,000 crore from the listing of LIC and stake dilution in IDBI Bank out of total the disinvestment target of Rs 2.10 lakh crore during the current fiscal. Finance Minister Nirmala Sitharaman while presenting the Budget 2020-21 had announced stake sale in LIC through an initial public offer in the current financial year. Given the prevailing market situation, it seems to be difficult to do the LIC stake sale in the current fiscal as the situation is not conducive, sources said. Besides, they said, there will not be a matching appetite for the mega issue of LIC in the present market condition. Due to COVID situation, the government recently for the second time extended the deadline for bidding for privatisation of India's second-biggest oil marketing company Bharat Petroleum Corp Ltd (BPCL) by over a month to July 31. The government currently owns 100 per cent in LIC, while it holds around a 46.5 per cent stake in IDBI Bank. - Moneycontrol.com
🍒 Seven of top-10 companies add Rs 1.76 lakh crore in m-cap; HDFC Bank shines : Seven of the 10 most valued Indian companies added a whopping Rs 1,76,014.51 crore to their market capitalisation last week, with HDFC Bank emerging as the biggest gainer. RIL, HUL, HDFC, ITC, Kotak Mahindra Bank and ICICI Bank were the other winners in the top-10 list, while TCS, Bharti Airtel and Infosys finished with losses for the week ended Friday. HDFC Bank's valuation zoomed Rs 61,612.11 crore to reach Rs 5,21,660.14 crore. The market capitalisation of ICICI Bank jumped Rs 26,487.04 crore to Rs 2,15,029.01 crore and that of HDFC rallied Rs 24,733.64 crore to Rs 2,87,407.32 crore.Reliance Industries Limited added Rs 21,300.4 crore to its market valuation to stand at Rs 9,28,849.39 crore. The valuation of Hindustan Unilever Ltd (HUL) climbed Rs 16,093.85 crore to Rs 4,83,262.07 crore and that of ITC rose by Rs 13,644.38 crore to Rs 2,42,710.11 crore. Kotak Mahindra Bank added Rs 12,143.09 crore to its valuation to reach Rs 2,34,192.24 crore. In contrast, Bharti Airtel's valuation tanked Rs 22,149.56 crore to Rs 3,01,364.99 crore and that of TCS fell Rs 17,786.3 crore to Rs 7,39,801.41 crore. Infosys' market cap dipped by Rs 375.34 crore to Rs 2,94,453.42 crore.In the ranking of top-10 firms, RIL was at the number one spot, followed by TCS, HDFC Bank, HUL, Bharti Airtel, Infosys, HDFC, ITC, Kotak Mahindra Bank and ICICI Bank. During the last week, the Sensex rallied 1,751.51 points or 5.71 per cent- Moneycontrol.com.
Have a good day
☕ 01.06.2020: Today's Banking / Financial News at a Glance
🍒 BBB recommends Ashwini Bhatia for post of SBI MD : The Banks Board Bureau (BBB) on Saturday recommended names of Ashwini Bhatia, M V Rao and P P Sengupta for the post of managing director of three state-owned lenders -- State Bank of India, Central Bank of India and Indian Overseas Bank, respectively. Bhatia is currently serving as deputy managing director (DMD) at SBI, while Rao is executive director with Canara Bank. The bureau members interfaced with 20 candidates from nationalised banks on May 30 for the position of managing director in State Bank of India and the position of MD and CEO of Indian Overseas Bank and Central Bank of India, an official statement said. Bhatia will be appointed in place of P K Gupta who superannuated on March 31, while Rao will replace Central Bank of India MD Pallav Mohapatra who will retire in February next year. Sengupta, currently DMD SBI, will replace Indian Overseas Bank MD and CEO Karnam Sekar, who retires on June 30. With this exercise, the government has completed the process of appointment of head of PSU banks for the current fiscal. The decision on the appointment will be taken by the Appointments Committee of the Cabinet headed by Prime Minister Narendra Modi. - economic times
🍒 UCO Bank reduces repo-based lending rate by 40 bps : State-run UCO Bank on Friday said it has reduced its lending rate linked to the Reserve Bank of India's (RBI) repo rate by 40 basis points. "We have slashed the repo based lending rate - UCO Float by 0.40 percent to 6.90 percent from 7.30 percent, effective from May 27," the bank said in a late night statement.This reduction will make loans cheaper for the bank's retail and MSME borrowers, it said. The cut in repo rate linked lending rates comes after RBI, last week, had reduced repo rate by 40 basis points to 4 percent from 4.40 percent. Earlier in the day, another public sector bank, Bank of India (BOI), announced a 40 basis points cut in its external benchmark lending rate (EBLR) which is linked to RBI's repo rate from June 1. The bank's new EBLR has been revised to 6.85 percent per annum. BOI also said it has cut its marginal cost of fund based lending (MCLR) rate by 25 basis points across all tenor. - Moneycontrol.com
🍒 Yes Bank to reclassify Madhu Kapur Group as public shareholders : Private sector lender Yes Bank has said that its promoters and the family of its co-founder Ashok Kapur have agreed to have their shareholding reclassified as non-promoters or public shareholders. “This is to inform that the Bank has received a letter dated May 28, 2020 (received on May 29, 2020) from Madhu Ashok Kapur, Shagun Kapur Gogia, Gaurav Ashok Kapur and Mags Finvest Private Limited [collectively referred to as “Madhu Kapur Group”] consenting to reclassify their shareholding in the Bank as ‘non-promoter shareholders’ (that is public shareholders),” it said in a regulatory filing. The move comes after the reconstitution scheme of Yes Bank was implemented with the State Bank of India picking up majority stake in Yes Bank. As on March 31, 2020, Madhu Kapur Group held 1.42 per cent stake in the private sector lender with Madhu Kapur holding 1.12 per cent equity and Mags Finvest holding 0.3 per cent stake.The bank’s other co-founder and former Managing Director and CEO Rana Kapoor and his family’s stake amounted to just 900 shares held through Yes Capital. Both Kapoor and Kapur are still classified as promoter shareholders. - Business Line
🍒 Yes Bank restructures salary of senior leadership team : Private sector lender YES Bank on Sunday said the salary of the senior leadership team had been restructured, wherein nearly a third of their yearly compensation would be moved to the “variable pay” category. The move to allocate 30 per cent of the total cost to company as variable pay is applicable to the “leadership team” for FY21, an official statement from the bank said, without detailing who are part of the team. Generally, variable pay is linked to the commercial success of an entity or other specified milestones. The move comes at a time when there are widespread concerns on employment, with a lot of firms even retrenching workers. Within the banking industry, its larger rival, Kotak Mahindra Bank, announced pay cuts for all employees earning above Rs 25 lakh per annum. “COVID-19 situation has exacerbated the gradually slowing growth momentum in the global economy and the revival of the economy will, to a great extent, depend on the robustness of the financial services sector,” the YES Bank statement said. - Business Line
🍒 Banks, NBFCs gear up to tackle biggest loan collection exercise post lockdown : Banks and non-banking financing companies (NBFCs) are looking at strategies to tackle the biggest loan collection challenge they will face in the coming months following the exit from the lockdown. Financial institutions are drawing up plans to trace down low-ticket borrowers and other consumer loan borrowers once the lockdown and the accompanying loan moratorium is completely lifted, with many repurposing existing staff, a large portion of has been idle given sluggish business environment.State Bank of India, the country's largest lender, for instance is exploring a tie-up with the Department of Post to reach out to the bank’s customers spread across the country. The bank is also looking to divert its business correspondents for collection purposes for agriculture loans.SBI has nearly 60,000 business correspondents which are used for account opening, remittances and other basic banking operations. The bank has already done a pilot in Maharashtra and is looking to extend this across the country. “There is a need to have a mechanism in place to improve collection efficiency and also sensitise borrowers to repay on time. As of now collections are done through branches. It’s time that we engage with more business correspondents in this way so that there is a regular cash flow coming and accounts don’t go into stress," said a senior SBI official. - Live Mint
🍒 MSMEs seek quick action from banks on availing of credit facility : As they get into restart mode, MSMEs (micro, small and medium enterprises) seek banks and financial institutions’ swift action in releasing emergency credit facilities as part of Centre’s stimulus measures. While some banks like the State Bank of India, Canara Bank, Union Bank of India and Indian Bank have issued guidelines, MSME associations indicate that majority of lending institutions are yet to release any guidelines for credit facilities. “As of Friday evening (May 29), no MSME or business enterprise availed loan under the Emergency Credit Line Guarantee Scheme (ECLGS). Many banks, financial institutions and NBFCs are yet to issue guidelines. It is heard that at branch level, the banks will reach out to the beneficiaries who are eligible and therefore enterprises need not disturb them with requests,” according to KE Raghunathan, Past President, All India Manufacturers Organisation. - Business Line
🍒 MFIN expects huge credit demand in next six months as India opens up, says Chairman Nambiar : As India goes for a calibrated opening after 66 days of lockdown and livelihood concerns gains primacy, Micro-finance Institutions Network (MFIN), an RBI-approved self-regulatory Organisation (SRO) for the NBFC- MFI industry, sees huge demand for credit in the economy in the next six months, a top official said. “Everybody who has come out of a lockdown has essentially used a big portion of their family savings. Obviously when you restart you will need money and every customer would need emergency credit to kick-start their livelihood activity. So we see ourselves playing a role there. “As of today when you see scenario of moratorium getting over in August, I see some amount of growth happening for the MFI industry, especially in the second half this fiscal,” Manoj Kumar Nambiar, Chairman, MFIN told BusinessLine. - Business Line
🍒 National Insurance Co receives 500 claims amounting to Rs 160 cr post cyclone 'Amphan': The National Insurance Company NIC) has so far has received around 500 claims amounting to Rs 160 crore following the devastation caused by cyclone 'Amphan' in West Bengal and Odisha, a top official said. The majority of the claims are from severely-affected West Bengal and nominal from Odisha, she said, adding, a bulk of those have been received from business enterprises, shops and factories. "As per initial assessment that is still going on, we have received around 500 claims amounting to Rs 160 crore from the insured," CMD of National Insurance, Tajinder Mukherjee, said. - Economic times
🍒 Financial stress in industry would be blessing for alternative capital, asset investors : With nearly ₹4-lakh crore of new slippages into non-performing assets (NPAs) of banks expected this fiscal, it would be a never-before opportunity for alternative capital and asset investors to make hay. Impacted by the Covid-19 pandemic and the stress in the industry, this financial year would see a steep rise in the volume of assets being put on the block by lenders. “The current stress in the industry is an opportunity to make a contra-cyclical investment rather than staying away from it. It’s a great time for discerning capital to make an entry into the stressed sector at great valuation as when the stress is acute, valuations would be cheap,” Mukund Kannappan, Chief Investment Officer at JM Financial Credit AIF, told BusinessLine. - Business Line
🍒 Muthoot Capital Services Q4 net down : The net profit of Muthoot Capital Services Ltd (MCSL) was down at ₹13.6 crore in Q4 of the last fiscal against ₹22.7 crore in the corresponding period of the previous fiscal. Thomas George Muthoot, Managing Director, said, “It has been a challenging year for all businesses, and especially two-wheeler business. The escalation in price was one of the key deterrents to growth with the introduction of ABS standards and subsequent preparation of OEMs and dealers for BS-VI transition in 2020, besides mandatory five-year insurance. This was followed by a disruption in the form of Covid-19.” The total income for the quarter touched ₹146.8 crore. The company disbursed two-wheeler loans amounting to ₹329.9 crore and had a total disbursement of ₹347.5 crore during the quarter. The total AUM (assets under management) reached ₹2,650 crore at the end of the quarter, including the assigned portfolio of ₹52.3 crore. - Business Line
🍒 Companies revisit loan contracts to seek concessions as covid-19 hits earnings : Indian corporates are revisiting their loan contracts and seeking concessions on repayment timelines and financial covenants from lenders as covid-19 outbreak and the ensuing suspension of production due to the lockdown have led to sharp erosion in consumer demand and ravaged earnings. The financial hit is being felt across sectors, as evident in a survey of 300 firms conducted in May by the Confederation of Indian Industry, which said 65% expected a nearly 40% drop in revenue in the April-June quarter. Such a steep fall in topline will constrain the ability of companies to maintain financial parameters promised to their lenders. Given these challenges, many companies are in parleys with their lenders to re-negotiate loan agreements as they fear violation of financial covenants due to disruptions caused by covid-19. Financial covenants in loan contracts are based on achievement of certain prearranged financial projections, which are tested on a particular date, usually on an annual basis. These loan terms commonly include hitting financial ratios such as the ratio between net debt to earnings before interest, tax, depreciation and amortization (Ebitda), debt-to-equity ratio, interest cover ratio, debt service coverage ratio, fixed asset coverage ratio, among others. - Live Mint
🍒 COVID-19 impact: LIC listing, IDBI Bank stake sale may be postponed : Listing of Life Insurance Corporation (LIC) and sale of government's stake in IDBI Bank may be delayed beyond March 2021, due to depressed valuation amid COVID-19 pandemic. The government aims to garner Rs 90,000 crore from the listing of LIC and stake dilution in IDBI Bank out of total the disinvestment target of Rs 2.10 lakh crore during the current fiscal. Finance Minister Nirmala Sitharaman while presenting the Budget 2020-21 had announced stake sale in LIC through an initial public offer in the current financial year. Given the prevailing market situation, it seems to be difficult to do the LIC stake sale in the current fiscal as the situation is not conducive, sources said. Besides, they said, there will not be a matching appetite for the mega issue of LIC in the present market condition. Due to COVID situation, the government recently for the second time extended the deadline for bidding for privatisation of India's second-biggest oil marketing company Bharat Petroleum Corp Ltd (BPCL) by over a month to July 31. The government currently owns 100 per cent in LIC, while it holds around a 46.5 per cent stake in IDBI Bank. - Moneycontrol.com
🍒 Seven of top-10 companies add Rs 1.76 lakh crore in m-cap; HDFC Bank shines : Seven of the 10 most valued Indian companies added a whopping Rs 1,76,014.51 crore to their market capitalisation last week, with HDFC Bank emerging as the biggest gainer. RIL, HUL, HDFC, ITC, Kotak Mahindra Bank and ICICI Bank were the other winners in the top-10 list, while TCS, Bharti Airtel and Infosys finished with losses for the week ended Friday. HDFC Bank's valuation zoomed Rs 61,612.11 crore to reach Rs 5,21,660.14 crore. The market capitalisation of ICICI Bank jumped Rs 26,487.04 crore to Rs 2,15,029.01 crore and that of HDFC rallied Rs 24,733.64 crore to Rs 2,87,407.32 crore.Reliance Industries Limited added Rs 21,300.4 crore to its market valuation to stand at Rs 9,28,849.39 crore. The valuation of Hindustan Unilever Ltd (HUL) climbed Rs 16,093.85 crore to Rs 4,83,262.07 crore and that of ITC rose by Rs 13,644.38 crore to Rs 2,42,710.11 crore. Kotak Mahindra Bank added Rs 12,143.09 crore to its valuation to reach Rs 2,34,192.24 crore. In contrast, Bharti Airtel's valuation tanked Rs 22,149.56 crore to Rs 3,01,364.99 crore and that of TCS fell Rs 17,786.3 crore to Rs 7,39,801.41 crore. Infosys' market cap dipped by Rs 375.34 crore to Rs 2,94,453.42 crore.In the ranking of top-10 firms, RIL was at the number one spot, followed by TCS, HDFC Bank, HUL, Bharti Airtel, Infosys, HDFC, ITC, Kotak Mahindra Bank and ICICI Bank. During the last week, the Sensex rallied 1,751.51 points or 5.71 per cent- Moneycontrol.com.
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