Top 10 things 17 10-19

1. TOP 10
THINGS
17 October 2019

2. 1
17 October 2019
TOP 10 THINGS TO KNOW
Union Bank of India sanctions loans of Rs 3,000-4,000 crore
since “loan mela” kick off
State-run lender, Union Bank of India has sanctioned loans worth Rs 3,000-4,000
crore in the first phase of government’s credit outreach programme, Managing
Director Rajkiran Rai G said, adding that the numbers are expected to go up going
forward. “We are expecting the numbers to pick up as we are getting into the
busy season. October onwards our credit pick up is always better,” Rai said.
Indiabulls Housing Finance files criminal complaint against alleged
miscreants spreading fake news
Indiabulls Housing Finance has filed a criminal complaint with the Mumbai police
against certain people who have allegedly been spreading false news to harm the
company. According to a release filed with the exchanges, the accused persons,
“have hatched a pre-planned criminal conspiracy with intent to cause wrongful
loss to Indiabulls Housing Finance Limited, its shareholders and investors.”
Coal shortage has impacted aluminium production: Nalco
State-run Nalco on Wednesday said coal shortages have severely impacted its
aluminium production. "Short supply of coal has severely impacted Aluminium
production of NALCO and also the cost of power, as the power purchased from
the grid is costly as compared to the power produced by NALCO at its CPP," the
PSU said in a statement. Presently, three units of Nalco's Captive Power Plant
(CPP), each of 120 MW capacity, are under shutdown and further one more unit
will be shut due to coal shortage, it said.
Growth in Mindtree healthy, but digital revenues need to pick up:
Analyst
Mindtree is growing at a healthy pace but it needs to step up its digital growth,
which grew close to 19 percent in the quarter ended September 2019. Digital
offerings has been growing at a much faster pace, between 25-40 percent, for IT
firms. For a company where digital accounts for about 50 percent of the overall
revenue, the growth of 18.8 percent is worrying, said experts.

3. 2
Hong Kong nerves keep Wall Street on edge
Wall Street inched lower on October 16 as a congressional bill related to the
Hong Kong protests stoked fears of more friction with China, even as another
batch of positive earnings reports underscored a solid start to third quarter
results. Bank of America, the second-largest U.S. bank by assets, rose 2.3% in
premarket trading after beating Wall Street estimates for third-quarter profit
as it earned more in advisory fees and grew its loan book.
Reliance Industries can become 1st Indian firm to hit $200 bn m-
cap in 24 months
Reliance Industries in 24 months can become the first Indian company to
reach $200 billion market cap on the back of its new commerce venture and
fixed broadband business, Bank of America Merrill Lynch said on October 16.
In a report, the brokerage said the key drivers necessary for Reliance to
breach $200 billion market cap in 24 months from current $122 billion
market cap are new commerce initiative of empowering Kiranas in
unorganised retail market by offering MPoS (mobile point-of-sale), entry into
SME enterprise space with Microsoft, Jio's fiber broadband business and
digital initiatives like advertising.
DB Corp Q2 net profit up 63.6% at Rs 75 cr
Media group DB Corp on Wednesday reported a 63.6 per cent increase in
consolidated net profit at Rs 75.57 crore in the second quarter ended on
September 30, 2019. The company had reported a net profit of Rs 46.19 crore
in the July-September quarter a year ago. However, revenue from operations
during the quarter under review was down 8.70 per cent at Rs 531.39 crore as
against Rs 582.09 crore in second quarter of 2018-19.
17 October 2019
Mindtree Q2 net profit up 46% QoQ on better operating income
Mindtree's Q2 FY20 consolidated net profit rose 45.6 percent quarter-on-quarter
to Rs 135 crore on the back better operating income. Revenue increased 4.4
percent to Rs 1,914.3 crore, while dollar revenue rose 2.6 percent to $271
million. EBIT for the quarter stood at Rs 177.5 crore, up 51.5 percent, while EBIT
margin saw a 290 bps increase to 9.3 percent..

4. 3
Hathway Cable Q2 net loss at Rs 2.42 cr
Hathway Cable and Datacom October 16 reported narrowing down of
its consolidated net loss to Rs 2.42 crore for the second quarter ended
September 30. The company had reported a consolidated net loss of
Rs 84.70 crore in the July-September quarter a year ago, Hathway
Cable and Datacom said in a regulatory filing. Its total income was up
28.87 per cent to Rs 510.77 crore during the period under review as
against Rs 396.33 crore in the same quarter previous fiscal.
RBI board questions Governor Shaktikanta Das on financial scams
since 2018: Report
Two external directors on the board of Reserve Bank of India (RBI)
questioned Governor Shaktikanta Das about scams that have been
unearthed in the banking sector since 2018, according to an Economic
Times report. The directors questioned Das over the Punjab National
Bank (PNB) scam involving fugitive economic offender Nirav Modi and
his uncle Mehul Chowksi, irregularities detected following the
IL&FS scam that surfaced in September 2018, and the recent Punjab
and Maharashtra Co-operative Bank (PMC) Bank scam. A few
members of the board voiced their concerns over the the supervision
performed by RBI officials.
17 October 2019

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