Adani Group's Mundra Port Handled 5,300 TEUs In July

Adani Group-owned Mundra port in Gujarat handled over 5,300 twenty-foot equivalent units (TEUs) in July 2023.

With this the handling has crossed the pre-Cyclone Biparjoy levels of around 4,900 TEUs, Adani Group said in a statement on Thursday.

Group company Adani Ports and Special Economic Zone Ltd (APSEZ) operates the Mundra Port which is the largest integrated transport utility in India.

"The average number of TEUs handled by rail at the Mundra port has crossed 5,300 in July, surpassing the pre-Cyclone Biparjoy levels of around 4,900," it said.

The cyclone disrupted operations and caused unavoidable operational downtime for around six days.

Mundra is the largest container handling port in India, having handled more than 6.6 million TEUs in FY23, making it an integral gateway to the north and central parts of the country.

Despite the disruption due to the cyclone, the port posted a commendable growth of 4.4 per cent year-on-year in Q1 FY24 in container handling.

A new berth, "T3", with a capacity of 0.8 million TEUs, is set to be commissioned in Q3 of FY23.
 

(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)

(Disclaimer: New Delhi Television is a subsidiary of AMG Media Networks Limited, an Adani Group Company.)

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Adani Group's Mundra Port Handled 5,300 TEUs In July

Adani Group-owned Mundra port in Gujarat handled over 5,300 twenty-foot equivalent units (TEUs) in July 2023.

With this the handling has crossed the pre-Cyclone Biparjoy levels of around 4,900 TEUs, Adani Group said in a statement on Thursday.

Group company Adani Ports and Special Economic Zone Ltd (APSEZ) operates the Mundra Port which is the largest integrated transport utility in India.

"The average number of TEUs handled by rail at the Mundra port has crossed 5,300 in July, surpassing the pre-Cyclone Biparjoy levels of around 4,900," it said.

The cyclone disrupted operations and caused unavoidable operational downtime for around six days.

Mundra is the largest container handling port in India, having handled more than 6.6 million TEUs in FY23, making it an integral gateway to the north and central parts of the country.

Despite the disruption due to the cyclone, the port posted a commendable growth of 4.4 per cent year-on-year in Q1 FY24 in container handling.

A new berth, "T3", with a capacity of 0.8 million TEUs, is set to be commissioned in Q3 of FY23.
 

(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)

(Disclaimer: New Delhi Television is a subsidiary of AMG Media Networks Limited, an Adani Group Company.)

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Punjab National Bank Q1 Profit Surges 4-Fold To Rs 1,255 Crore

State-owned Punjab National Bank (PNB) on Wednesday posted a four-fold surge in standalone net profit at Rs 1,255 crore in the April-June quarter, mainly due to decline in bad loans and improvement in interest income.

The country's second largest lender had posted a net profit of Rs 308 crore in the year-ago period.

Total income in the first quarter of the current fiscal rose to Rs 28,579 crore as against Rs 21,294 crore, PNB said in a regulatory filing.

The lender's interest income also increased to Rs 25,145 crore from Rs 18,757 crore in the same quarter a year ago.

PNB managing director Atul Kumar Goel said the bank has earned highest ever quarterly profit in the last 12 quarters.

PNB recorded a 26 per cent growth in net interest income at Rs 9,504 crore, the highest ever for the bank.

The bank's asset quality showed improvement with gross Non Performing Assets (NPAs) easing to 7.73 per cent of the gross advances by June 2023 from 11.2 per cent a year ago.

The net NPA too declined to 1.98 per cent as against 4.26 per cent in the same period of the previous year.

Banking on recovery, Goel said, the bank expects gross NPA would come down to 6.5 per cent while net NPA to stay less than 1 per cent by the end of current financial year.

As a result, provisions for bad loans came down to Rs 4,374 crore in April-June FY24 as against Rs 4,814 crore in the year-ago period.

At the same time, the Provisioning Coverage Ratio increased to 89.83 per cent as against 83.04 per cent at the end of June 30, 2022.

As far as recovery is concerned, he said, the bank aims recovery of about Rs 22,000 crore during this financial year.

During the quarter, he said, the bank has made a recovery of Rs 5,417 crore from NPAs as against Rs 7,057 crore in the first quarter of the last year.

Asked about recovery from attached properties of Nirav Modi, he said, the bank expects Rs 50-100 crore from sale of properties during the ongoing quarter.

With regard to fresh addition to NPA, he said, slippages were Rs 2,258 crore during the quarter as compared to Rs 5,890 crore in the same period a year ago.

On a consolidated basis, the bank reported a net profit of Rs 1,342 crore in the quarter ended in June as against Rs 282 crore a year ago.

The consolidated financial result of the bank comprises five subsidiaries and 15 associates.

The capital adequacy ratio of the bank improved to 15.54 per cent at the end of June compared to 14.62 per cent in the year-ago period.

About capital, he said, the board has given the approval for Rs 12,000 crore fund raising during the current financial year. Of this Rs 7,000 crore would be raised from Tier I and remaining Rs 5,000 crore from Tier II bonds.

During the quarter ended on June 30, the bank has raised Basel III compliant Tier II bonds of Rs 3,090 crore. Further, during the same period, the bank has redeemed Basel III compliant Tier II bonds of Rs 500 crore on maturity.

He said further fund raising would be done as per the requirement.

Asked about business growth, Goel said, advances would expand by 12-13 per cent while deposit mobilisation would see a growth of 10-11 per cent during FY24.

Pending settlement of the bipartite agreement on wage revision (due from November 1, 2022), an adhoc amount of Rs 283.84 crore has been provided during the quarter ended June 30, 2023 towards wage revision. The aggregate provision held by the bank in this regard is Rs 743.35 crore as on June 30, 2023.
 

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Axis Bank Q1 Net Profit Rises 40% To Rs 5,797 Crore

Private sector lender Axis Bank on Wednesday posted a 40.5 per cent increase in standalone net profit at Rs 5,797 crore in the April-June quarter, mainly due to decline in bad loans and improvement in interest income.

The bank had posted a net profit of Rs 4,125 crore in the year-ago period.

Total income in the first quarter of the current fiscal rose to Rs 30,644 crore as against Rs 21,657 crore, Axis Bank said in a regulatory filing.

The lender's interest income also increased to Rs 25,557 crore from Rs 18,729 crore in the same quarter a year ago.

The bank's Net Interest Income (NII) grew 27 per cent to Rs 11,959 crore while Net interest margin (NIM) for Q1FY24 improved to 4.10 per cent, up from 3.6 per cent in the same period a year ago.

On a consolidated basis, the bank reported a net profit of Rs 6,099 crore in the quarter ended in June as against Rs 4,389 crore a year ago.

On the asset quality side, the bank witnessed improvement with the gross Non Performing Assets (NPAs) easing to 1.96 per cent of the gross advances by June 2023 from 2.76 per cent a year ago.

The net NPA too declined to 0.41 per cent as against 0.64 per cent in the same period of the previous year.

However, the capital adequacy ratio of the bank declined to 17.08 per cent at the end of June compared to 17.28 per cent in the year-ago period.
 

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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Axis Bank Q1 Net Profit Rises 40% To Rs 5,797 Crore

Private sector lender Axis Bank on Wednesday posted a 40.5 per cent increase in standalone net profit at Rs 5,797 crore in the April-June quarter, mainly due to decline in bad loans and improvement in interest income.

The bank had posted a net profit of Rs 4,125 crore in the year-ago period.

Total income in the first quarter of the current fiscal rose to Rs 30,644 crore as against Rs 21,657 crore, Axis Bank said in a regulatory filing.

The lender's interest income also increased to Rs 25,557 crore from Rs 18,729 crore in the same quarter a year ago.

The bank's Net Interest Income (NII) grew 27 per cent to Rs 11,959 crore while Net interest margin (NIM) for Q1FY24 improved to 4.10 per cent, up from 3.6 per cent in the same period a year ago.

On a consolidated basis, the bank reported a net profit of Rs 6,099 crore in the quarter ended in June as against Rs 4,389 crore a year ago.

On the asset quality side, the bank witnessed improvement with the gross Non Performing Assets (NPAs) easing to 1.96 per cent of the gross advances by June 2023 from 2.76 per cent a year ago.

The net NPA too declined to 0.41 per cent as against 0.64 per cent in the same period of the previous year.

However, the capital adequacy ratio of the bank declined to 17.08 per cent at the end of June compared to 17.28 per cent in the year-ago period.
 

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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SEBI Orders Jailed Yes Bank Ex-CEO Rana Kapoor to Pay Rs 2.2 Crore

Sebi on Tuesday sent a notice to Yes Bank's former MD and CEO Rana Kapoor, asking him to pay Rs 2.22 crore in a case of mis-selling the private sector lender's AT1 bonds and warned of arrest and attachment of assets as well as bank accounts if he fails to make the payment within 15 days.

Kapoor has been in jail since March 2020 in connection with the DHFL money laundering case.

The demand notice came after Kapoor failed to pay the fine imposed on him by the Securities and Exchange Board of India (Sebi) in September 2022. In a notice, Sebi directed Kapoor to pay Rs 2.22 crore, which includes interest and recovery costs, within 15 days. In the event of non-payment of dues, the market regulator will recover the amount by attaching and selling his moveable and immovable property. Besides, Kapoor faces attachment of his bank accounts and arrest.

In September 2022, the regulator imposed a penalty of Rs 2 crore on Kapoor in the matter.

The case relates to mis-selling of the bank's AT1 (Additional Tier-1) bonds to retail investors by the bank's officials. It was alleged that the bank and certain officials did not inform investors of the risk involved while selling the AT-1 bonds in the secondary market. The sale of AT1 bonds started in 2016 and continued till 2019.

In its order, Sebi stated that Kapoor was overseeing the entire operation relating to the secondary sale of AT-1 bonds, taking regular updates from the team and giving them further instructions to increase the sales, thus creating pressure on the officials to ramp up the sales.

Further, the regulator stated that Kapoor was responsible for acts of misrepresentation or suppression of material facts, manipulation and mis-spelling of AT-1 bonds of Yes Bank to individual investors. Also, Kapoor pressured officials of the private wealth management team to devise a devious scheme to dump the AT-1 bonds on hapless customers of Yes Bank.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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SEBI Orders Jailed Yes Bank Ex-CEO Rana Kapoor to Pay Rs 2.2 Crore

Sebi on Tuesday sent a notice to Yes Bank's former MD and CEO Rana Kapoor, asking him to pay Rs 2.22 crore in a case of mis-selling the private sector lender's AT1 bonds and warned of arrest and attachment of assets as well as bank accounts if he fails to make the payment within 15 days.

Kapoor has been in jail since March 2020 in connection with the DHFL money laundering case.

The demand notice came after Kapoor failed to pay the fine imposed on him by the Securities and Exchange Board of India (Sebi) in September 2022. In a notice, Sebi directed Kapoor to pay Rs 2.22 crore, which includes interest and recovery costs, within 15 days. In the event of non-payment of dues, the market regulator will recover the amount by attaching and selling his moveable and immovable property. Besides, Kapoor faces attachment of his bank accounts and arrest.

In September 2022, the regulator imposed a penalty of Rs 2 crore on Kapoor in the matter.

The case relates to mis-selling of the bank's AT1 (Additional Tier-1) bonds to retail investors by the bank's officials. It was alleged that the bank and certain officials did not inform investors of the risk involved while selling the AT-1 bonds in the secondary market. The sale of AT1 bonds started in 2016 and continued till 2019.

In its order, Sebi stated that Kapoor was overseeing the entire operation relating to the secondary sale of AT-1 bonds, taking regular updates from the team and giving them further instructions to increase the sales, thus creating pressure on the officials to ramp up the sales.

Further, the regulator stated that Kapoor was responsible for acts of misrepresentation or suppression of material facts, manipulation and mis-spelling of AT-1 bonds of Yes Bank to individual investors. Also, Kapoor pressured officials of the private wealth management team to devise a devious scheme to dump the AT-1 bonds on hapless customers of Yes Bank.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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