Bajaj Auto shares decline over 4% on disappointing results
Shares of Bajaj Auto ltd on Thursday fell by over 4 per cent after the company reported disappointing results for the fourth quarter ended March 31.Bajaj Auto's stock ended at Rs 1,953.20, down 4.28 per cent on the BSE. During the day, the stock lost 4.57 per cent to Rs 1,947.20. The blue-chip scrip was the worst performer among the 30-Sensex companies.
At the NSE, the auto major's stock declined by 4.30 per cent to settle at Rs 1,954."For Q4 FY14 Bajaj Auto reported net profit at Rs 764 crore that was sharply lower than our expectation largely due to operating margin pressure and lower-than-expected other income," said Yaresh Kothari, Research Analyst – Automobile, Angel Broking.Bajaj Auto ltd today reported a marginal decline of 0.2 per cent in its standalone net profit for the fourth quarter ended March 31 at Rs 763.93 crore, amid a decline in sales volumes.
PNB Metlife FY'14 Net up 78% at Rs 192 crore
Private sector player PNB Metlife India (PNB Metlife) on Thursday reported 78 per cent growth in net profit at Rs 192 crore for 2013-14 on the back of operational efficiencies and higher sales from long-term regular premium products.PNB Metlife's net profit stood at Rs 108 crore in 2012-13, the company said in a release.This is the fourth consecutive year of the company, which is ranked amongst top 10 private players, declaring profits.
The adjusted new business premium (ANBP) of the company stood at Rs 587 crore in 2013-14 compared to Rs 572 crore in 2012-13.PNB Metlife's market share also increased to 3.2 per cent in FY'13 from 3 per cent last year.The Claims Settlement Ratio of the company also improved to 90 per cent from 84 per cent in the previous year."The profitability has been as a result of operational efficiencies and higher sales from long-term regular premium products (close to 90 per cent of our portfolio).
BoI net dips 26% to Rs 558 cr on asset quality troubles
State-run Bank of India on Thursday reported 26 per cent drop in net profit at Rs 558 crore in the January-March quarter driven down by asset quality woes."lower profit is due to increased provisioning on the slippages which were higher in the quarter," bank's chairperson and MD V R Iyer told reporters here.Total provisioning in the quarter stood at Rs 1,439 crore, up 9.18 per cent as against Rs 1,318 crore in the year ago period.Fresh slippages in the quarter stood at Rs 3,500 crore, she said,exuding confidence that Rs 1,500 crore of those assets will turn