Bank of Baroda Q1 profit plunges 60 pct as bad loans rise

Bank of Baroda, India's second-biggest state-run lender by assets, said its first-quarter profit fell about 60 percent with a rise in bad loans.
Its shares fell more than 5 percent after the results.
Net profit fell to 4.24 billion rupees ($63.4 million) for the three months to June 30, from 10.52 billion rupees a year earlier, the Mumbai-based bank said in a statement on Thursday.
Analysts on average had expected a net profit of 4.92 billion rupees, according to data compiled by Thomson Reuters.
Gross bad loans as a percentage of total loans rose to 11.15 percent as of end-June from 9.99 percent three months earlier.
Bank of Baroda shares were down 5.5 percent at 151.60 rupees by 0353 GMT in a Mumbai market that fell 0.3 pe

Tata Chemicals sells urea business to Yara for Rs 2670 cr

Tata Chemicals said it will sell its urea business to Yara Fertiliser for Rs 2670 crore  as part of value unlocking by the company.

In a statement to the stock exchanges today, Tata Chemicals said it would continue to own the brands – Paras, TKS and Daksha and the deal does not include specialty products and complex fertilisers.

The company’s shares were trading 6 per cent up  at Rs 492 a share. 

Founded in 1905 in Europe, Yara has worldwide presence with 13,000 employees and in 150 countries.

Tata Chemicals said the divestment is in line with the strategic direction of the company to continue to strengthen the fertiliser businesses by partnerships and transfer of ownership to world class companies. The urea business will now have the benefit of international network of Yara and its global expertise.

R. Mukundan MD, Tata Chemicals said the sale marks a decisive move on the part of the company to move forward on its strategy to build consumer business while maintaining leadership in Inorganic chemicals Business and focusing the farm business through its subsidiary Rallis and Metahelix. The company is pleased to have found a strong partner to parent its Urea business.

Sensex jumps over 100 points, Nifty hits fresh 52-week high on strong global cues

The S&P BSE Sensex on Monday jumped over 100 points, while the broader Nifty50 topped its key resistance level of 8,700 to hit its fresh 52-week high.
The headline indices rallied tracking positive trend seen in Asian markets after a stronger-than-expected July jobs report lifted confidence in the strength of the US economy, heightening expectations that the US Federal Reserve could hike interest rates this year.
At 09:25 am, the 30-share index was trading at 28,207, up 129.38 points, while broad-based 50-share index quoted 8,716, up 33.35 points

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Stocks in news: HDFC Bank, Cairn India and more

Ahead of the US Fed meeting slated for Tuesday and Wednesday and on the doorstep of a futures and options (F&O) expiry, here are the five stocks that were in news today..

HDFC Bank reported 20.1 per cent growth in net profit to Rs 3,356.8 crore for the third quarter of the current fiscal on higher interest income. Its total income rose to Rs 18,282 crore during the December quarter, from Rs 14,931 crore in the year-ago period. Its shares closed 0.94 per cent up at Rs 1039.95 apiece on Monday.                    Cairn India on Friday reported a steep 99 per cent drop in its third quarter net profit as it suffered double blow of falling oil prices and high taxes. Cairn got $34.5 per barrel price for the oil it produced from its flagship Rajasthan fields as compared to about $68 per barrel in the third quarter of previous fiscal. Its shares closed 5.31 per cent up at Rs 118.90 apiece on Monday.                                                                                                                                              Budget airline SpiceJet on Friday reported a net profit of Rs 238.40 crore for the three-month period ended December 2015, staying profitable for the fourth straight quarter mainly aided by lower fuel costs. This is also the highest ever profit recorded by the carrier, which was facing turbulent times a year ago. Its shares closed 11.22 per cent up at Rs 78.80 apiece on Monday.