IndusInd Bank Q4 net rises 25 per cent to Rs 620 crore

Private sector IndusInd Bank today posted a rise of 25.25 per cent in net profit at Rs 620.35 crore for the last quarter of 2015-16 fiscal.

Private sector IndusInd Bank today posted a rise of 25.25 per cent in net profit at Rs 620.35 crore for the last quarter of 2015-16 fiscal.

Bank’s net profit in the corresponding January-March quarter of the previous fiscal stood at Rs 495.27 crore.
Total income of the bank increased to Rs 4,044.49 crore in the concluding quarter of the last fiscal from Rs 3,278.06 crore in the same period a year ago, IndusInd Bank said in a regulatory filing.

For the entire 2015-16 fiscal, the bank’s net profit rose 27.5 per cent to Rs 2,286.45 crore as against Rs 1,793.72 crore a year ago.

Total income for the fiscal 2015-16 was at Rs 14,877.61 crore, up from Rs 12,239.97 crore in 2014-15.

On the asset quality front, the bank’s gross Non-Performing Assets (NPAs) were 0.87 per cent of gross advances as of March 31, 2016, a tad higher than 0.81 per cent in the same period a year ago.

Net NPAs or bad loans were 0.36 per cent of net advances as of March 31, slightly up from 0.31 per cent.

“For the year ended March 31, 2016, the Board of Directors has recommended a dividend of Rs 4.50 per share (45 per cent) (previous year Rs 4 per share or 40 per cent), subject to the approval of the members at the ensuing Annual General Meeting”, it said in the filing.

Shares of IndusInd Bank closed 1.26 per cent lower at Rs 972.50 apiece on BSE.

Imposition of Prez rule in U'Khand quashed by High Court

Nainital, April 21 (PTI) Dealing a major blow to Modi government, the Uttarakhand High Court today quashed the imposition of President' rule in the state and revived the Congress government headed by Harish Rawat, who has been asked to prove his majority on April 29.

Coming down heavily on the Centre for the March 27 proclamation under Art 356, a division bench of the high court headed by Chief Justice K M Joseph said the imposition of the President's rule was contrary to the law laid down by the Supreme Court.

Celebrations mark Queen's 90th birthday

Celebrations are taking place around the country on the day the Queen turns 90.


Crowds lined the streets in Windsor as the monarch took part in a walkabout, and royal gun salutes have been fired from each of the UK's capital cities.

The Prince of Wales recorded a special radio broadcast for the day, in which he read an edited passage from William Shakespeare's Henry VIII.

On Twitter, the Queen thanked senders of "#HappyBirthdayYourMajesty" tweets.

Follow the day's live events as Queen turns 90

In another tweet, the Queen said: "I send my best wishes to those who are celebrating their 90th birthday...on this shared occasion, I send my warm congratulations to you."

The Queen, who was accompanied by the Duke of Edinburgh during her walkabout in Windsor, was presented with a birthday cake at the Guildhall by the Great British Bake Off champion Nadiya Hussain, who had created an orange drizzle cake with a butter cream and marmalade filling.

The monarch unveiled a plaque marking The Queen's Walkway - a 6.3km trail that links 63 significant points in Windsor.

The trail was designed to recognise the moment the monarch broke the record on 9 September 2015 held by her great-great-grandmother Queen Victoria by being on the throne for 63 years and seven months.

The Queen will light symbolic beacons in Windsor later.

Most of the gun salutes were due to be 21 shots - the standard royal gun salute - at locations including Hillsborough Castle, Cardiff Castle, and Edinburgh Castle.

In London, the King's Troop Royal Horse Artillery staged a 41-gun salute at midday in Hyde Park. And the Honourable Artillery Company will fire a 62-gun salute across the Thames from the Tower of London at 13:00 BST.

The Queen had been "a rock of strength for our nation" and the Commonwealth, Prime Minister David Cameron said, as he and fellow politicians paid tribute in the House of Commons.

Mr Cameron said: "Her Majesty The Queen has lived through some extraordinary times in our world.

"From the Second World War... to the rations with which she bought the material for her wedding dress.

"From presenting the World Cup to England at Wembley in 1966 to man landing on the moon three years later.

"From the end of the Cold War to peace in Northern Ireland.

"Throughout it all, as the sands of culture shift and the tides of politics ebb and flow, Her Majesty has been steadfast - a rock of strength for our nation, for our Commonwealth and on many occasions for the whole world."

The reading by Prince Charles, which has been broadcast by the BBC, is an extract from a speech by Archbishop Thomas Cranmer to King Henry VIII after the birth of the future Queen Elizabeth I.

Wipro Q4 net profit up 0.04% qoq at Rs 2,235 cr, buyback approved at Rs 625 per equity share

Wipro board has also approved a proposal to buyback up to 4 crore equity shares of the company for an aggregate amount not exceeding Rs 2,500 crore at Rs 625 per equity share.

Wipro board also approved a proposal to buyback up to 4 crore equity shares of the company for an aggregate amount not exceeding Rs 2,500 crore at Rs 625 per equity share. (Photo: Reuters)

Wipro reported 0.04 per cent quarter-on-quarter rise in its consolidated net profit figures at Rs 2235 crore for the quarter ended March 2016.

The company reported net profit of Rs 2,234.10 crore in the sequential quarter ended December 2015. Consolidated net profit of the IT major fell 1.63 per cent on year-on-year basis.

Net sales of Wipro jumped 6.1 per cent yoy to Rs 13741.70 crore.

The Wipro board also approved a proposal to buyback up to 4 crore equity shares of the company for an aggregate amount not exceeding Rs 2,500 crore at Rs 625 per equity share.

The board has determined that the record date for the proposed buyback is May 6, 2016.

Wipro also declared final dividend of Rs 1 ($0.02) per equity share and ADR (50 per cent on an equity share of par value of Rs 2).

For the financial year ended March 2016, Wipro reported a consolidated net profit of Rs 8,892.20 crore, up 2.76 per cent, against Rs 8,652.80 crore a year ago.

Jatin Dalal, chief financial officer, Wipro, in a release said, “We have maintained our margins in the quarter, with benefits from utilisation and operational efficiencies largely off-setting the margin impact from our inorganic investments. We continue to generate robust cash flows during the year. The move to buyback equity shares is part of the company’s policy to provide regular, stable and consistent return to investors while striving to enhance long-term value for all stakeholders.”

The company expects revenues from its IT Services business to be in the range of $1,901 million to $1,939 million in the first quarter of 2016-17.

The IT Services segment had a headcount of 1,72,912 as of March 31, 2016. It added 119 new customers during the quarter under review including the customers of cellent and HealthPlan Services.

The share price of Wipro closed 2.07 per cent up at Rs 601.35 on Wednesday.

Expansion of India - Chile Preferential Trade Agreement

The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has given its approval for expansion of India - Chile Preferential Trade Agreement (PTA) between India and Chile. 

India's export basket with Chile is diversified and keeping in view the wide variety of tariff lines offered by Chile, the expanded PTA would immensely benefit India. Under the expanded PTA, Chile has offered concessions to India on 1798 tariff lines with Margin of Preference (MoP) ranging from 30%-100% and India has offered concessions to Chile on 1031 tariff lines at 8-digit level with MoP ranging from 10%-100%. Under the proposed expanded PTA, 86% of India's exports to Chile will get covered with concessions, which is likely to result in doubling of our exports in the near future. 

A Preferential Trade Agreement (PTA) between India and Chile was signed in March, 2006. The said PTA came into force with effect from August, 2007. During 2006-07, Chile was ranked 51st export destination for India. Bilateral Trade during the year 2006-07 was US$ 2.3 billion. Trade dynamics changed after the PTA came into force from September 2007. Bilateral trade registered a growth of 58.49% from 2006-07 to 2014-15. Bilateral trade during 2014-15 stood at US $ 3.65 billion with exports at US $ 0.57 billion and imports at US$ 3.08 billion respectively. 

India has friendly relations with Chile. Chile has been cooperating with India at the International fora and expansion of India Chile PTA will enhance the trade and economic relations between the two countries. The expansion would be an important landmark in India-Chile relations and consolidate the traditional fraternal relations that have existed between India and LAC countries. 

India approving Paris Agreement

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi today gave its approval for signing the Paris Agreement adopted at the 21st Conference of Parties held in Paris in December 2015. 

Minister of State (Independent Charge) of Environment, Forest and Climate Change, Shri Prakash Javadekar, will sign the agreement on behalf of India on 22 April 2016 at the high level signature ceremony convened by the Secretary-General of the United Nations, Mr. Ban Ki-moon. 

The Paris Agreement on climate change is a milestone in global climate cooperation. It is meant to enhance the implementation of the Convention and recognizes the principles of equity and common but differentiated responsibilities and respective capabilities in the light of different national circumstances. 

The salient features of the Paris Agreement are as follows: 

a) The Paris Agreement acknowledges the development imperatives of developing countries. The Agreement recognizes the developing countries' right to development and their efforts to harmonize development with environment, while protecting the interests of the most vulnerable. 

b) The Paris Agreement recognizes the importance of sustainable lifestyles and sustainable patterns of consumption with developed countries taking the lead, and notes the importance of 'climate justice’ in its preamble. 

c) The Agreement seeks to enhance the 'implementation of the Convention' whilst reflecting the principles of equity and common but differentiated responsibilities and respective capabilities, in the light of different national circumstances. 

d) The objective of the Agreement further ensures that it is not mitigation-centric and includes other important elements such as adaptation, loss and damage, finance, technology, capacity building and transparency of action and support. 

e) Pre-2020 actions are also part of the decisions. The developed country parties are urged to scale up their level of financial support with a complete road map to achieve the goal of jointly providing US $ 100 billion by 2020 for mitigation and adaptation by significantly increasing adaptation finance from current levels and to further provide appropriate technology and capacity building support. 

India had advocated a strong and durable climate agreement based on the principles and provisions of the Convention. The Paris Agreement addresses all the important concerns and expectations of India. 

Modi lauds Dipa's feat, salutes her determination

The Prime Minister, Shri Narendra Modi inaugurating Shri Mata Vaishno Devi Shrine Board Sports Complex, at Katra, in Jammu and Kashmir on April 19, 2016. The Governor of Jammu and Kashmir, Shri N.N. Vohra, the Chief Minister of Jammu and Kashmir, Ms. Mehbooba Mufti, the Minister of State for Development of North Eastern Region (I/C), Prime Minister’s Office, Personnel, Public Grievances & Pensions, Department of Atomic Energy, Department of Space, Dr. Jitendra Singh and the Deputy Chief Minister of Jammu and Kashmir, Dr. Nirmal Kumar Singh are also seen.

Katra (Jammu), Apr 19 (PTI) Prime Minister Narendra Modi today hailed Dipa Karmakar, who became the first Indian woman gymnast to qualify for Olympics Games, saying she brought laurels for the country by her sheer determination.

"Dipa has made India proud and brought glory to its name.

First time, a daughter from the country has been selected in gymnastics stream for the Rio Olympics. She has achieved the feat through her determination. Lack of resources never came in her way," he said, addressing the convocation of Shri Mata Vaishno Devi University here.

He said it is essential to have firm determination to excel in life and the amount of facilities available should not become an obstacle in this pursuit.

Dipa had yesterday created history by becoming the first Indian woman gymnast to qualify for the Olympics with a strong performance at the final qualifying and test event in Rio.

The 22-year-old Tripura girl garnered 52.698 points in the Olympics qualifying event to book a berth for artistic gymnastics in the Rio Games.

Besides being the first Indian woman, she will also be an Indian gymnast qualifying for the Olympics after 52 years.

The Prime Minister also recalled the feat and effort made by 'Mountain Man' Dashrath Manjhi who had carved a road through a hill at Gehlour in Bihar, working day and night for 22 years from 1960 to 1982.

"Manjhi not only made the road but also created history with it," he said.

Congratulating girl students of the university, Modi quipped he desires that they should participate in every field in huge numbers so that there comes a time when a "movement" has to be launched for "men's reservation".

India will rule 21st century, the era of knowledge: PM

The Prime Minister, Shri Narendra Modi addressing the public meeting, at Katra, in Jammu and Kashmir on April 19, 2016. The Governor of Jammu and Kashmir, Shri N.N. Vohra, the Chief Minister of Jammu and Kashmir, Ms. Mehbooba Mufti, the Minister of State for Development of North Eastern Region (I/C), Prime Minister’s Office, Personnel, Public Grievances & Pensions, Department of Atomic Energy, Department of Space, Dr. Jitendra Singh, the Deputy Chief Minister of Jammu and Kashmir, Dr. Nirmal Kumar Singh and other dignitaries are also seen.

Katra (J-K), Apr 19 (PTI) India will rule the 21st century which is the era of knowledge and with 800 million youths below the age of 35 years, the dream of every young person can become a progress story of this country, Prime Minister Narendra Modi today said.

Addressing the fifth convocation of Shri Mata Vaishno Devi University here, he said this is a century of knowledge and whenever there has been an era of knowledge, India has shown the way.

"India will lead the 21st century because the energy required for the 21st century, which is knowledge and that is with India. India has 800 million youth power which is below 35 years. Dream of every youth can become a progress story for the country," Modi said.

The Prime Minister told the students that the question of "what next" will play on their minds but the person who knows what lies ahead won't need to depend on others.

"Recall what your parents did for you. They sacrificed their own happiness for yours. You may have thought of so much in your childhood but it may not have worked out. Forget that and instead, think of what you have achieved," he said.

Modi said this university has been built with the contribution of millions of pilgrims, many of whom came from far away places.

"Let's pledge that we will do something for the poor, because it was the poor pilgrim who contributed to build this university," he said.

"Our nation is scaling new heights of progress and with such a youthful population we can achieve so much. Dream to do something and not to become someone," he said.

Modi said a unique feature of this university is that while other varsities in the country are run by tax payers' money given by parents, this one is being funded by millions of poor people who come to pay obeisance to Vaishno Devi shrine.

India and Mauritius sign MoU to promote cooperation in the field of Traditional Medicine and Homoeopathy

India has signed an MoU with Mauritius on cooperation in the field of traditional system of medicine and Homoeopathy. The MoU was signed during the recent visit of Minster of State for AYUSH(Independent Charge) and Health & Family Welfare, Shri Shripad Yesso Naik to Mauritius. 

This MoU will promote cooperation in the field of traditional system of health and medicine between the two countries which already share these traditions due to our unique historical and cultural ties. It envisages exchange of experts, supply of traditional medicinal substances, joint research and development and recognition of the traditional systems of health and medicine in both countries. It also aims at promotion and popularization of the various Indian traditional systems which fall under AYUSH. 

The agreement will be of immense importance to both countries, considering their shared cultural heritage. The Ministry of Ayurveda, Yoga & Naturopathy, Unani, Siddha, Sowa Rigpa & Homoeopathy (AYUSH) as a part of its mandate to propagate Indian systems of medicine globally has entered into MoUs with China, Malaysia, Trinidad and Tobago, Hungary, Bangladesh and Nepal. 

The financial resources necessary to conduct research, training courses, meetings and deputations of experts will be met from the existing allocated budget and existing plan schemes of AYUSH. 

Both India and Mauritius share several cultural, historical, linguistic and literary similarities, traditional medicine including medicinal plants are promising areas which need to be further explored and can prove to be mutually beneficial to the people of the two countries. 

The government of Mauritius also has a long history of traditional medicine in common with India and both countries share a common culture with respect to the ayurvedic system of medicine. 

Moreover, there are a large number of medicinal plants, particularly those found in the tropical region and are common to the two countries given similar geo-climatic factors. 

TCS beats street with 73% jump in net,sounds upbeat about FY17

Mumbai, Apr 18 (PTI) The nation's largest IT exporter TCS today reported a higher-than-expected 72.7 per cent growth in the March quarter net profit at Rs 6,413 crore and guided towards a stronger 2016-17 fiscal, saying a majority of its worries are behind now.

The biggest Tata Group company had posted a post-tax profit of Rs 3,713 crore in the year-ago period, pulled down by a Rs 2,628-crore employee bonus during the period.

"We believe that all these (difficult) markets are better than the curve we had in the earlier quarter. I think FY 2016-17 should be a good year...we can tell you that it would be a strong year," Managing Director and Chief Executive N Chandrasekaran told reporters here.

Industry body Nasscom expects software exports to grow at a slower clip of 10-12 per cent in FY 2016-17.

For FY 2015-16, its bottomline grew 22.4 per cent to 24,292 crore, while the topline jumped 14.8 per cent to Rs 1.08 trillion, crossing the trillion-rupee mark for the first time.

During the reporting quarter, TCS posted a 17.5 per cent rise in revenue to Rs 28,449 crore under the I-Gaap accounting, while on a sequential basis, it was up at a milder 4 per cent.

Chandrasekaran said all the regions where the company was facing headwinds such as Japan, Britain (because of its acquisition of Diligenta), and Latin America, and verticals like insurance, energy, utilities and telecom are either doing well or have hit the trough.

Even though its rivals have been flagging banking and finance sector as the potential areas to face headwinds, TCS' revenues from the segment grew 3.2 per cent sequentially and Chandrasekaran is confident it will continue to do well.

The TCS numbers come days after its rival Infosys reported better-than-expected 16 per cent jump in the March quarter net and gave a very strong revenue growth guidance for the current fiscal on new client additions.

In the run-up to the good set of numbers that beat market view, the TCS counter closed with a negative bias at Rs 2,522.40 on the BSE, as against a 0.74 per cent surge in the benchmark.

Sarabjit Kour Nangra of Angel Broking termed the numbers as better than expected but attributed the same to other income, which she did not elaborate on. "The better-than- expected net is on back of higher than expected other income," she said in a note.

With an 'Accumulate' call, it sees an over 13 per cent upside to the TCS counter in the mid to long term, she cited the company overcoming key headwinds from industries like energy and BFSIs have bottomed out and company given its client additions expects a strong FY 2016-17. .