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Sensex, Nifty hit new highs again; PNB posts profit of Rs 262 cr, NPA eases to 12.53%

Punjab National Bank posted their Q4 earnings with a Net Profit of Rs 261.9 crore with a strong loan book growth and asset quality improvement.

BT Online | May 16, 2017 | Updated 14:56 IST
Sensex, Nifty hit new highs again; PNB posts profit of Rs 262 cr

The Indian benchmark indices continued its rally into midday trade, recording further highs on the bourses.

The BSE 30 hit a new high of 30,518, logging 196 points while the Nifty index rallied 47 points to its lifetime high of 9,492.

At 1.06 pm, the Sensex was trading at 30,464.73, surging 142.61 points (0.47%). The Nifty was trading at 9,481.95, 36.55 points higher (0.39%).

The markets were off their day's high on the account of profit booking, however the the uptrend sentiment still prevailed, boosted by Asian stocks that hit fresh two-year highs in trade today.

Banks and metal stocks were trading under pressure while technology and FMCG stocks gained.

Telecom stocks led sectoral gains with BSE Telecom index up 2 per cent.

Bharti Airtel was the best performing stock on the BSE and NSE index.

GTPL Hathway, which offers cable TV and broadband services, has received Sebi's approval to float an initial public offering.

The company had filed its draft papers with Sebi in December and received 'observations' from the regulator on May 12, which is necessary for any firm to launch a public offer.

Quarterly earning results

PNB

Punjab National Bank posted their Q4 earnings with a Net Profit of Rs 261.9 crore with a strong loan book growth and asset quality improvement.

Gross NPA stood at 12.53 per cent while Net NPA stood at 7.81 percent.

The scrip of PNB was trading 5.73 per cent higher on the BSE.

Vodafone

Country's second largest telco Vodafone India today reported a 10.2 per cent dip in its FY17 operating profit at Rs 11,784 crore, hurt by aggressive competition.

The company, which is set to be merged with Idea Cellular to create the country's largest telecom player, had reported an EBITDA profit of Rs 13,115 crore on a standalone basis in the year ago period.

The British telecom major's overall revenue on a standalone basis slipped 0.6 per cent to Rs 43,095 crore, while the margin contracted by nearly three percentage points to 27.2 per cent.

(with PTI inputs)

 

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