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Weakness persists
The markets continue to trade weak. The Sensex is quoting at 16,435, weaker by 345 points, and the Nifty is at 4,893, down 114 points. Realty, metal, auto and banking sectors are weak; the FMCG space is the only silver lining.

Sensex gains most in 11 weeks, up 4.27%
Stock markets were propelled by robust industrial growth data, the government’s reform initiatives and strong global markets. The Sensex ended the week higher by 690.55 points, or 4.27 per cent, at 16,848.83, while the Nifty closed at 4,998.95, up 202.80 points, or 4.23 per cent.

News of the day

New Year gifts set to get chic, again
Indian corporate gifting companies are set to laugh all the way to the bank this New Year. For, after a temperamental period in 2008 and 2009 on account of the recession, corporate biggies have finally started loosening their purse strings and placing orders for high-end gadgets like iPods, digital photoframes and dual-SIM handsets to dole out to their employees as well as clients.
Corporate

Bank of Baroda profit jumps 60% to Rs 634 cr

Public sector lender Bank of Baroda (BoB) today reported a jump of 60 per cent in net profit to Rs 634.18 crore for the second quarter ended September over the corresponding period a year earlier. - Andhra Bank profit jumps 70% to Rs 274 cr - FII-TO-FII TRADES: PNB traded at 8% premium - Hike in SLR not to have significant impact, say top bankers - Govt appoints K R Kamath as CMD of PNB - Kotak Mahindra net surges 86% to Rs 299 cr - McCann as CEO of UBS Wealth Management Americas The bank had a net profit of Rs 395.29 crore during the September quarter last financial year. Total income of the bank rose to Rs 4,730.75 crore in the latest quarter of the current fiscal from Rs 4,026.90 crore of the corresponding period a year ago, Bank of Baroda said in a filing to the Bombay Stock Exchange (BSE). For the half-year ended September 30, 2009, Bank of Baroda registered a net profit of Rs 1,319.56 crore, up 72 per cent compared to Rs 766.14 crore of the same period last fiscal. Shares of Bank of Baroda were trading at Rs 506.70, up 4.10 per cent in afternoon trade on the BSE. Net interest margin (NIM), the spread between interest earned and interest expended, stood at 2.89 per cent in Q2 FY10. The bank expects to maintain NIM at same level during the fiscal, Mallya said. The bank"s gross and net NPAs, during the quarter, declined to 1.30 per cent and 0.27 per cent from 1.62 per cent and 0.43 per cent in the corresponding period in last year. The lender has targeted to contain the delinquencies below 1.25 per cent for the full fiscal, Mallya said, adding the bank"s loan loss coverage ratio is at 79.29 per cent, much above the RBI stiuplation of 70 per cent. The bank is adequately capitalised with a capital adequacy ratio of 14.67 per cent. Its branch netwrok, currently 3,029, is expected to go up and the bank has 74 applications pending with the RBI in the current fiscal, Mallya said. Total income during the period under review rose to Rs 4,730.75 crore from Rs 4,026.90 crore of the corresponding period a year ago. For the half-year ended September 30, 2009, Bank of Baroda registered a net profit of Rs 1,319.56 crore, up 72 per cent from Rs 766.14 crore of the same period last fiscal.


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