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New Delhi, May 22 () <keyword id="6986952" type="UNKNOWN" weightage="20" keywordseo="IDFC-First-Bank">IDFC First Bank</keyword> on Friday reported a consolidated net profit of Rs 76.36 crore for January-March 2020. The private sector lender had posted a loss of Rs 212 crore during the corresponding January-March quarter a year ago. Sequentially, there was a net loss of Rs 1,631.59 crore in the third quarter ended December 2019. The bank said that in view of accounting for IDFC - CFL (Capital First Ltd) merger from appointed date of October 1, 2018, the figures of the year ended March 31, 2020, are not comparable. The figures for the previous quarter/year have been regrouped wherever necessary in order to make them comparable, IDFC First Bank said in a regulatory filing. Total income during the fourth quarter of FY20 rose to Rs 4,553 crore as against Rs 3,971 crore during the same period of FY19. For the full year 2019-20, the bank witnessed widening of net loss at Rs 2,843.39 crore as against Rs 1,907.88 crore in the previous fiscal. Income during the year rose to Rs 17,962.72 crore from Rs 13,056.17 crore. On the asset front, the gross non performing assets (NPAs) or bad loans as a percentage of gross loans as on March 31, 2020 increased to 2.60 per cent from 2.43 per cent by year ago same period. However, net NPAs improved to 0.94 per cent as against 1.27 per cent. IDFC First Bank said that the board at its meeting had an enabling resolution for borrowing of funds through issue of debt instruments, on private placement basis, up to an amount not exceeding Rs 5,000 crore. The board of directors has not proposed any dividend for FY 2019-20, the bank said. Citing an RBI circular on dividend, it said banks have been advised that in an environment of heightened uncertainty caused by COVID-19, it is important that banks conserve capital to retain their capacity to support the economy and absorb losses. This restriction shall be reassessed by the Reserve Bank based on the financial results of bank, it added. The extent to which the COVID-19 pandemic will impact the bank's results will depend on future developments, which are highly uncertain, including, among other things, any new information concerning the severity of the COVID-19 pandemic and any action to contain its spread or mitigate its impact whether government-mandated or elected by the bank. "The bank's capital and liquidity position is strong and would continue to be the focus area for the bank during this period," it said. The bank said as per RBI March guidelines on regulatory package, it has granted a moratorium of three months on the payment of all installments and / or interest, as applicable, falling due between March 1, 2020 and May 31, 2020 to all eligible borrowers. The bank has created additional provisions amounting to Rs 225 crore during Q4 FY2020 against the potential impact of COVID-19 on standard assets based on all the available information at this point in time. Provisions for bad loans and contingencies for the quarter under review were of Rs 412.38 crore, lower than Rs 655.31 crore parked aside a year ago. V Vaidyanathan, managing director and CEO, IDFC First Bank, said, "We are happy to inform that deposits for our Bank are coming thick and strong. In Q4 FY20, "we saw strong inflows into our bank as retail deposits increased by Rs 4,658 crore, despite the turmoil in the markets. Once the lockdown lifts, things will only get better for both lending as well as deposits as the economic activity will pick up. We are already seeing this that where locations are opening up from lockdown, demand is strong", he said. Further, by raising Rs 2,000 crore of fresh equity capital and reaching strong capital adequacy of 15.5 per cent, the bank is in a strong position to grow from here on, he said. Shares of IDFC First Bank closed 0.26 per cent down at Rs 18.85 apiece on the BSE. See Also - <a href="https://www.businessinsider.in/policy/economy/news/indias-economy-inflation-and-growth-to-take-a-hit-in-the-coming-year-says-rbi-governor/articleshow/75896010.cms">India's economy inflation and growth to take a hit in the coming year, says RBI governor</a> <a href="https://www.businessinsider.in/thelife/article/best-eid-ul-fitr-wishes-and-messages-for-facebook-and-whatsapp/articleshow/75887997.cms">Best Eid-ul-fitr wishes and messages to greet your dear ones</a>

IDFC First Bank posts Rs 76.36 cr net profit in March quarter

<ul><li><keyword id="6361420" type="General" weightage="100" keywordseo="idfc" source="Orion">IDFC</keyword> First Bank announced merger of its parent IDFC Ltd with itself in an all-stock transaction. </li><li>The boards of IDFC First Bank and IDFC have approved the reverse merger.</li><li>This is the second major deal in banking space days after the amalgamation of the HDFC twins.</li></ul>Mumbai, IDFC First Bank on Monday announced merger of its parent IDFC Ltd with itself in an all-stock transaction, marking another major deal in the Indian banking space days after the amalgamation of the HDFC twins. The boards of IDFC First Bank and IDFC have approved the reverse merger. While the bank did not provide the likely valuation of the merged entity, based on Monday's closing prices of the two companies on BSE, the valuation is Rs 71,767 crore. Under the proposed reverse merger scheme, an IDFC shareholder will get 155 shares for every 100 shares she/he holds in the bank. Both stocks have a face value of Rs 10 each, IDFC First Bank said in a statement. The share exchange ratio will result in a premium of about 20 per cent on the closing market price of the shares of IDFC vis-a-vis IDFC First Bank as of June 30, 2023. IDFC Chairman <keyword id="137177" type="General" weightage="20" keywordseo="anil-singhvi" source="Orion">Anil Singhvi</keyword> said the merger is the last phase of IDFC's corporate restructuring and will help create a financial services provider that offers seamless delivery of services to customers. It will augment operational efficiency for the merged entity and create synergies for our shareholders. Post the merger, the standalone book value per share of the bank will increase by 4.9 per cent, as calculated on the audited financials as of March 2023, it said, adding as of June 2023, IDFC through its non-financial holding company, owned 39.93 per cent in IDFC First Bank. IDFC First Bank's market capitalisation stood at Rs 54,311.48 crore at close today, after the stock rallied 3.2 per cent to Rs 81.94 on the BSE, while IDFC mcap stood at Rs 17,456 crore after its counter rallied 6.3 per cent to Rs 109.10, taking the combined value to Rs 71,767 crore. IDFC was an infra lender in the private sector space, and following its bigger peers like ICICI and IDBI, it also launched a banking subsidiary in 2015 -- IDFC Bank -- but could not make a mark as the other two could do. Effective July 1, India Inc's biggest merger came into effect when the mortgage major HDFC merged itself with its banking arm in an all-stock deal valued at USD 40 billion. Post-merger, announced on April 4, 2022, HDFC Bank is the world's fourth most valued bank with USD 200 billion in valuation after JP Morgan Chase, ICBC of China and Bank of America. The new giant, fully owned by public shareholders with no promoter entity, has a balance sheet of close to Rs 33 lakh crore, with the assets alone sniffing at Rs 23 lakh crore and also the largest mortgage book with close to Rs 7 lakh crore of loans. The merger will lead to simplification of the corporate structure of both entities by consolidating them and other subsidiaries into a single entity, helping streamline regulatory compliances, the companies said in separate but identical statements. Like HDFC Bank, the merged IDFC First Bank will also have no promoter entity, but fully owned by institutional and public shareholders. The merger scheme is subject to all requisite approvals from the Reserve Bank, Sebi, Competition Commission, National Company Law Tribunal and stock exchanges, and shareholders of both entities. IDFC began as an infra lender in 1997. It got in-principle approval from the RBI to set up a bank in April 2014, and in October 2015, it launched IDFC Bank when on-tap licensing began, following which loans and liabilities of IDFC were transferred to the bank. In December 2018, it took over Capital First, a consumer and MSME-focused non-bank since 2012, and was renamed as IDFC First Bank and became a full-service universal bank. Since the merger, the bank built a deposit franchise that has grown 36 per cent annually since then, and has reached Rs 1,36,812 crore as of March 2023. The bank has also increased its low-cost CASA ratio from 8.6 at the merger with Capital First to 49.77 per cent as of March 2023. The bank has 809 branches and runs 925 ATMs. Its loan book stood at Rs 1,60,599 crore with a balance sheet of Rs 2,39,942 crore as of March 2023. The bank closed FY23 with a net income of Rs 2,437 crore, and its capital adequacy ratio stood at 16.82 per cent. Its gross NPAs stood at 1.65 per cent and net NPA at 0.55 per cent. Overall gross NPAs, including legacy infrastructure financing book, is 2.51 per cent, and net NPA is 0.86 per cent. "We now embark on the next phase of our growth journey towards our long-term vision, and the merger will create sustainable shareholder value in the years to come," said Sanjeeb Chaudhuri, the chairman of IDFC First Bank. In a separate statement, IDFC also said its board approved the reverse merger with the bank, and said the composite scheme of amalgamation includes the merger of IDFC and IDFC Financial Holding Company with IDFC First Bank. IDFC First Bank MD V Vaidyanathan said: "We have built a strong deposit franchise, digital innovation, customer-friendly products, strong capital buffer, growing profitability and high corporate governance".

IDFC to merge with its banking arm in all-stock deal

New Delhi, Jan 29 () IDFC First Bank on Wednesday reported a net loss of Rs 1,639 crore for the third quarter ended December 31.
 The bank, which came into existence recently after the merger of IDFC Bank and Capital First, had reported a net loss of Rs 2,504 crore for October-December period of 2018-19.
 "The bank has provided 50 per cent for the legacy stressed telecom account, and it is now time to look ahead for growth," IDFC First Bank Managing Director and CEO V Vaidyanathan said in a statement.
 Total income for the quarter was up 50 per cent to Rs 2,113 crore as compared with same period of previous fiscal, the bank said.
 Shares of IDFC First Bank on Wednesday ended 1.62 per cent higher at Rs 44 on the BSE. MSS
RVK

IDFC First Bank reports Q3 net loss of Rs 1,639 cr

<ul><li>At 7:45 am, the SGX Nifty was up 1.04% at 8.72 points pointing towards a higher start for the Nifty50.</li><li>Here’s a list of stocks to watch for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Amid positive cues from the global peers, Indian stock-market indices are likely to open in green on Friday. At 7:45 am, the SGX Nifty was trading 1.04% higher at 8.72 points, pointing towards a higher start for the Nifty50. The Dow Jones Industrial Average rose 0.57% to close at 28,492.27 points, as investors parsed through the US Federal Reserve’s new policy strategy on inflation and a slew of key economic data. These are the stocks to watch out for during the trading session on Friday: Sun Pharma Sun Pharmaceutical Chairman Israel Makov said the company is conducting clinical trials to test the effectiveness of many existing medicines in treating symptoms of COVID-19. The shares of Sun Pharma ended over 2% higher on Thursday. HDFC Bank, IndusInd Bank and Kotak Mahindra Bank Global index provider FTSE Russell removed three lenders from its indices— HDFC Bank, IndusInd Bank and Kotak Mahindra Bank. The firm said the banks failed to meet minimum foreign headroom requirements. The shares of HDFC Bank and Kotak Mahindra Bank ended nearly a percent lower on Thursday, whereas IndusInd Bank was up 7%. HCL Technologies HCL Technologies has set up its first European Cybersecurity Fusion Center in Sweden. HCL Technologies’ Cybersecurity Fusion Center (CSFC) is a state-of-the-art security operation and response facility, integrating multi-domain security teams, processes and cutting-edge analytics - enabling organisations to detect threats faster and resolve incidents efficiently, the company said in a statement. The shares of HCL Tech ended nearly 0.13% lower on Thursday. NMDC The state-owned NMDC reported over 54% fall in its net profit to ₹531.35 crore in the first quarter ended June 30, mainly on account of lower income due to COVID-19. The shares of NMDC ended nearly 1% higher on Thursday. Hindustan Aeronautics Limited (HAL) The offer for sale (OFS) of Hindustan Aeronautics Ltd (HAL) was oversubscribed 1.6 times by non-retail investors. The government has decided to exercise the “green shoe” option. The “green shoe” refers to the option of over-allotment of shares. The shares of HAL ended nearly 14% lower on Thursday. Defence stocks in focus Other defence stocks like Bharat Forge, BHEL and Bharat Electronics will also be in focus today. Prime Minister Narendra Modi stressed on the need for Atma Nirbhar Bharat in the defence sector. Some of the highlights from commentary include - opening up the foreign direct investment till 74% through automatic route, and expanding the list for defence imports. IDFC Bank IDFC Bank reported a consolidated net loss of ₹26.46 crore for the quarter ended June 30. The consolidated total income fell to ₹103.99 crore during the period, as against ₹133.04 crore in the same quarter last year. The shares of IDFC ended nearly 2% lower on Thursday. Allcargo Logistics The board of directors of Allcargo Logistics considered voluntary delisting of shares proposal in a meeting yesterday. The company has appointed Inga Ventures as a merchant banker. The company in a stock-exchange filing said the board would meet again to discuss the delisting proposal in detail, after receipt of the due diligence report from the Merchant Banker. The shares of Allcargo Logistics ended nearly 4% lower on Thursday. GMR Infra GMR Infrastructure has decided to restructure its business. In a 'scheme of arrangement' involving vertical split demerger of the non-airport business — these include energy, urban infrastructure and EPC services - will be split into GPUIL. The airport business will be listed separately. The shares of GMR Infra ended 0.19% higher on Thursday.

Top stocks to watch in trade— HDFC Bank, Sun Pharma, HCL Tech, HAL, Bharat Forge, BHEL, Kotak Mahindra, IndusInd Bank, GMR Infra and more

(Eds: Adding details) New Delhi, May 1 () IDFC First Bank on Friday said it will raise a fresh equity capital of Rs 2,000 crore from investors, including its promoter and a Warburg Pincus firm. The decision was taken on Friday at the meeting of its board, which approved to issue 86.24 crore shares on a preferential basis to ICICI Prudential Life Insurance Company, HDFC Life Insurance Company, Bajaj Allianz Life Insurance, Dayside Investment (Warburg Pincus group entity), and to its promoter IDFC Financial Holding Company Ltd, the bank said in a regulatory filing. Under the fundraising, the equity shares will be issued at Rs 23.19 apiece to the existing and new investors, subject to shareholders' nod and other approvals. "The bank will use this capital to power growth, to continue to invest in liabilities and asset franchise, technology and infrastructure platforms to expand reach, product suite and to improve customer experience," it said in a release. Under this fresh fundraising, qualifying for common equity tier 1 or CET1, the bank will get Rs 800 crore from its promoter IDFC Financial Holding Company Ltd, while Rs 600 crore will be infused by ICICI Prudential Life Insurance Company. HDFC Life Insurance Company, Bajaj Allianz Life Insurance Ltd and the US-based private equity fund Warburg Pincus group-affiliate Dayside Investment Ltd will pump in Rs 200 crore each into the bank. The promoter will acquire 34,49,76,282 shares and ICICI Prudential Life 25,87,32,212 units, while the rest of the three investors will buy 8,62,44,070 shares each. The private sector lender said the new capital infusion will strengthen its capital adequacy to 15.5 per cent with CET 1 ratio at 15.3 per cent (calculated on December 31, 2019, base of 13.28 per cent, substantially higher than the regulatory requirements). This will enable the bank to accelerate growth of its deposit and asset franchise, it added. V Vaidyanathan, managing director and chief executive officer, IDFC First Bank, said, "Within one year after merger (of Capital First), the bank has made strong progress across all strategic priorities and set a strong foundation for growth. The new fund with strong capital adequacy will enable us to continue to power up growth in the chosen areas. It also empowers us to navigate current market uncertainties from a position of strength." He said that in one year of merging Capital First with itself, the bank's retail lending grew 32 per cent year-on-year and retail deposits were up 157 per cent year-on-year. The merger took place in December 2018. The bank's net interest margin (NIM) increased sharply to 3.86 per cent in the third quarter of 2019-20 ended December 2019 and is expected to continue rising. The bank has built strong intellectual property in its business in a focussed manner and the opportunities for growth for the lender are unlimited, Vaidyanathan said. Having recently been rated 'FAAA' by rating agency Crisil for its fixed deposit programme of Rs 50,000 crore -- the highest safety rating by Crisil in this category, he said that with the new equity capital raise, the position is further strengthened and will help the bank raise more retail current account-saving account (CASA) and retail deposits and thereby reduce the overall cost of funds for the bank. During the fourth quarter ended March 2020, retail assets increased 32.4 per cent year-on-year to Rs 54,027 crore, it said. The lender's retail loan book as a proportion of total loans grew from 10 per cent as of March 2018 (pre-merger) to 60 per cent as on March 31, 2020, (including retail priority sector lending) and is running ahead of the 5-year guidance of 70 per cent given at the time of merger. The bank has reported strong retail asset quality with gross non-performing assets (NPA) at 2.26 per cent of the gross advances and net NPAs at 1.06 per cent at the end of the December 2019 quarter. IDFC First Bank said Dayside Investments Ltd along with Cloverdell Investment Ltd --both Warburg Pincus LLC Group entities -- together holds 47,72,64,867 equity shares, constituting 9.92 per cent of the pre-issue shareholding and 56,35,08,937 equity shares constituting 9.93 per cent of the post-issue shareholding of the bank. The total number of the bank's paid-up equity shares will be 567,23,43,720 after the issue, it said. "The net worth of the bank post the issue and as added to the net worth as of December 31, 2019, will be Rs 17,240 crore," IDFC First Bank said. The lender said the said preferential allotment shall be subject to approval of the members of the bank proposed to be sought through postal ballot by way of 'Remote E-Voting' in terms of the applicable circulars recently issued by MCA (April 2020) in view of the current extraordinary circumstances due to the COVID-19 pandemic requiring social distancing and also in accordance with relevant Sebi norms. KPM HRS

IDFC First Bank to raise Rs 2,000 cr capital from promoter, Warburg Pincus, 3 others

The Reserve Bank of India (<keyword id="30067" type="General" weightage="20" keywordseo="RBI" source="Orion">RBI</keyword>) will today launch the nation's first <keyword id="15195039" type="General" weightage="20" keywordseo="digital-rupee-pilot-project" source="Orion">digital rupee pilot project</keyword> for the <keyword id="3047329" type="General" weightage="20" keywordseo="wholesale-segment" source="Orion">wholesale segment</keyword>. In a statement, the central bank said that it will "soon commence pilot launches of <keyword id="10678165" type="General" weightage="20" keywordseo="digital-rupee" source="Orion">Digital Rupee</keyword> (ea,) for specific use cases. Accordingly, the first pilot in the Digital Rupee - Wholesale segment (ea,-W) shall commence on November 1, 2022". The central bank further informed that "the first pilot in Digital Rupee - Retail segment (ea,-R) is planned for launch within a month in select locations in closed user groups comprising customers and merchants. The details regarding operationalisation of ea,-R pilot shall be communicated in due course". RBI has selected nine banks for participation in the digital rupee's wholesale <keyword id="6644808" type="General" weightage="20" keywordseo="pilot-project" source="Orion">pilot project</keyword>. These are State Bank of India, Bank of Baroda, Union Bank of India, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Yes Bank, IDFC First Bank and HSBC. Finance Minister Nirmala Sitharaman in her budget speech on February 1 had announced that RBI will launch a Central Bank Digital Currency (CBDC) in this fiscal. CBDC is a digital form of currency notes issued by a central bank. Digital currency or rupee is an electronic form of money, that can be used in contactless transactions. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/rupee-gains-8-paise-to-82-73-against-us-dollar/articleshow/95221397.cms" style="">Rupee gains 8 paise to 82.73 against US dollar</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/lts-q2-net-profit-grows-23-to-2229-cr-margins-soften-on-input-cost-pressures/articleshow/95209063.cms" style="">L&amp;T’s Q2 net profit grows 23% to ₹2,229 cr, margins soften on input cost pressures</a>

RBI to launch the nation's first digital rupee pilot project for the wholesale segment today

After Cholamandalam and <keyword id="3377501" type="UNKNOWN" weightage="100" keywordseo="Dilip-Shanghvi-IDFC-Bank-Telenor">Dilip Shanghvi-IDFC Bank-Telenor</keyword> combine, <keyword id="43217" type="CITY" weightage="100" keywordseo="Tech-Mahindra">Tech Mahindra</keyword> has become the third entity to have dropped out of the payments bank race. 
 
The firm has cited that the business would take a lot of time to turn profitable because of "aggressive posturing" by deep-pocketed global competitors. 
 
Cholamandalam had quit the race in April, while Dilip Shanghvi-IDFC Bank-Telenor combine announced their decision last Friday. 
 "Over a period of time, we have realised that the amount of aggression that has come into the marketplace only erodes the margins," said Tech Mahindra MD and CEO <keyword id="45959" type="ORGANIZATION" weightage="100" keywordseo="CP-Gurnani">CP Gurnani</keyword>. 
 
The Reserve Bank of India had given in-principle approval for payments banks to TechM and 10 others in August 2015. 
 
Gurnani further added that payments bank business always carried the risk of profit margins being "razor thin," but the competition they would face includes the who's who of the telecom world, including the Ambanis, the Birlas, Airtel and Vodafone, among others, thus delaying profitability for a long time. 
 The announcement has come just a day after RBI deputy governor <keyword id="1531843" type="COMPANY" weightage="100" keywordseo="S-S-Mundra">S S Mundra</keyword> had said that it was not fair of licencees to abandon their plans to set up payments banks. "We would certainly feel little aggrieved because lot of efforts from the part of RBI go in processing these applications," Mundra has said. 
 
<a href="https://i.ytimg.com/vi/_7G6qYLELes/maxresdefault.jpg">Image source</a>

Tech Mahindra chickens out of payments bank race, cites delayed profitability and tough competition

Reserve Bank of India has given its nod for the reverse <keyword id="42411" type="General" weightage="20" keywordseo="merger" source="Orion">merger</keyword> of <keyword id="6361420" type="General" weightage="20" keywordseo="idfc" source="Orion">IDFC</keyword> Ltd with its banking subsidiary <keyword id="7145428" type="General" weightage="20" keywordseo="idfc-first" source="Orion">IDFC First</keyword> Bank. The boards of IDFC First Bank and IDFC have approved the reverse merger in July. "....IDFC Limited and IDFC Financial Holding Company (IDFC FHCL) have received letters dated December 26, 2023 from <keyword id="30067" type="General" weightage="20" keywordseo="rbi" source="Orion">RBI</keyword> whereby RBI has conveyed its 'No Objection' to the composite scheme of amalgamation, subject to compliance with the terms specified therein," IDFC Ltd said in a regulatory filing. As part of the composite scheme of amalgamation, IDFC FHCL would first merge with IDFC and then IDFC into IDFC First Bank Ltd. The scheme remains subject to other statutory and regulatory approvals, including from the National Company Law Tribunal and the respective shareholders and creditors of the companies involved under the applicable laws, it said. Under the proposed reverse merger scheme, an IDFC <keyword id="6388677" type="General" weightage="20" keywordseo="shareholder" source="Orion">shareholder</keyword> will get 155 shares for every 100 shares she/he holds in the bank. Both stocks have a face value of Rs 10 each. Post the merger, the standalone book value per share of the bank will increase by 4.9 per cent, as calculated on the audited financials as of March 2023, it said, adding that as of June 2023, IDFC through its non-financial holding company, owned 39.93 per cent in IDFC First Bank. IDFC was an infra lender in the private sector space, and following its bigger peers like ICICI and IDBI, it also launched a banking subsidiary in 2015 -- IDFC Bank -- but could not make a mark as the other two could do. Like HDFC Bank, the merged IDFC First Bank will also have no promoter entity, but fully owned by institutional and public shareholders. IDFC began as an infra lender in 1997. It got in-principle approval from the RBI to set up a bank in April 2014, and in October 2015, it launched IDFC Bank when on-tap licensing began, following which loans and liabilities of IDFC were transferred to the bank. In December 2018, it took over Capital First, a consumer and MSME-focused non-bank since 2012, and was renamed as IDFC First Bank and became a full-service universal bank.

RBI approves IDFC-IDFC First Bank merger

New Delhi, Feb 12 () National Commodity and Derivatives Exchange Limited (NCDEX) has filed its offer document with markets regulator Sebi for an initial public offering. The IPO comprises a fresh issue aggregating up to Rs 100 crore and an offer for sale of up to 1,44,53,774 equities by shareholders, according to the draft red herring prospectus (DRHP). The issue is expected to raise Rs 500 crore, including fresh offering, merchant banking sources said. The selling shareholders include Build India Capital Advisors LLP, Canara Bank, Indian Farmers Fertiliser Cooperative Limited, Investcorp Private Equity Fund I (formerly known as IDFC Private Equity Fund III), Jaypee Capital Services Limited, National Bank for Agriculture and Rural Development, Oman India Joint Investment Fund and Punjab National Bank, it said. The exchange proposes to utilise the net proceeds towards contribution to the core settlement guarantee fund (Core SGF) and towards net worth requirements of National Commodity Clearing Limited (NCCL) and general corporate purposes, as per the document. The book running lead managers to the offer are ICICI Securities and SBI Capital Markets. National Commodity and Derivatives Exchange is a leading agricultural commodity exchange in India. The exchange offers services across the entire post-harvest agricultural commodities value chain by utilising a varied presence, which has enabled it to create a wide network of stakeholders and market participants. It also engages in research, training and building awareness in agricultural commodities market through NCDEX Institute of Commodity Markets and Research. Some of the key investors include National Stock Exchange of India, Life Insurance Corporation of India, National Bank for Agriculture and Rural Development, Indian Farmers Fertiliser Co-operative, Oman India Joint Investment Fund, Punjab National Bank, Canara Bank, Build India Capital Advisors LLP, and Investcorp Private Equity Fund I (formerly known as IDFC Private Equity Fund III). The shares are proposed to be listed on the BSE and NSE. SUM ANSANS

NCDEX files offer document for IPO

Mumbai, May 6 () Yes Bank on Wednesday reported a net profit of Rs 2,629 crore for the March quarter, helped by a massive gain of over Rs 6,200-crore arising out of a controversial write-off of bond investors' investment. If the one-off gain is excluded, then the bank, which was bailed out by a consortium-led by SBI in March, has a loss of Rs 3,668 crore in the latest quarter under review. The private sector lender had a loss of Rs 18,560 crore loss in the December quarter while the loss was at Rs 1,506 crore in the March 2019 quarter. The one-time gain is from the write off of Additional Tier-I bondholders' Rs 8,419 crore investment, according to a release. For the fiscal year 2019-20, Yes Bank reported a loss of Rs 16,481 crore, It had a profit of Rs 1,720 crore in the year-ago period. As part of the the bailout process, the AT-1 bond holders' investment was written-off citing existing rules which gave the new management of the bank a huge breather to get the operations out of the restrictions imposed by RBI and the government on March 5, and start functioning normally. The bank, which is now headed by SBI's former CFO Prshant Kumar, showed a marginal improvement in the gross non-performing assets ratio at 16.80 per cent in the March quarter as against 18.87 per cent in the three months ended December 2019. Its overall provisions came at Rs 4,832 crore and the money set aside for NPAs came down to Rs 1,100 crore in the latest March quarter. In the three months ended December 2019, the lender had NPA provisioning of Rs 22,328 crore. Net advances declined 29 per cent to Rs 1.71 lakh crore in the latest quarter under review compared to March 2019 quarter and nearly 8 per cent as against December 2019 quarter. Deposits at Yes Bank more than halved in the three months ended March compared to the year-ago period. The core net interest income rose 19.6 per cent sequentially to Rs 1,274 crore in the March quarter. Non-interest income grew 12.3 per cent to Rs 597 crore in the three months ended March compared to the same period a year ago, the release said. The bank said its strategic focus area of retail has shown resilience despite the lockdown and was one of the key contributors to the business performance during the March quarter. The overall capital adequacy of the bank stood at 8.5 per cent as of March 31 with the core Tier-I at 6.3 per cent. To avoid a possible collapse of Yes Bank, RBI had sacked its management and placed the lender under an administrator on March 5 with a 30-day moratorium, which was later on curtailed to nearly two weeks. The moratorium on the bank which restricted cash withdrawals limits to only Rs 50,000 was lifted after banking hours on March 18. On March 13, the government notified the rescue plan drafted by the RBI. As part of the 'Yes Bank Limited Reconstruction Scheme 2020', SBI and other investors made equity capital infusion to the tune of Rs 10,000 crore. Private lenders ICICI Bank, Axis Bank, Kotak Mahindra Bank, IDFC First Bank, Bandhan Bank, Federal Bank and mortgage lender HDFC Ltd have also infused capital of over Rs 3,000 crore in cash-starved Yes Bank to keep it afloat. AA DP RAM

Yes Bank posts Rs 2,629 cr quarterly profit on bonds write-off

<ul><li><keyword id="46717" type="CITY" weightage="20" keywordseo="IndusInd-Bank">IndusInd Bank</keyword>, <keyword id="6986952" type="UNKNOWN" weightage="20" keywordseo="IDFC-First-Bank">IDFC First Bank</keyword>, and <keyword id="97186" type="CITY" weightage="20" keywordseo="JK-Bank">J&amp;K Bank</keyword> stocks are soaring in trade today, led by the <keyword id="6354335" type="ORGANIZATION" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> (RBI) committee’s recommendation to increase the cap on promoters’ stake from 15% to 26%.</li><li>The proposed change comes at a time when banks need the infusion of funds to deal with the outcome of the COVID-19 pandemic on borrowers.</li><li>Billionaire Uday Kotak, promoter of <keyword id="46013" type="CITY" weightage="20" keywordseo="Kotak-Mahindra-Bank">Kotak Mahindra Bank</keyword>, may now also be able to cement his position in courts where he was arguing to retain 26% of his shareholding.</li></ul>IndusInd Bank’s shares are up over 4% after the Reserve Bank of India’s (RBI) Internal Working Group (IWG) recommended that the cap on promoters’ stake, in the long run, should be raised from the current level of 15% to 26%. <div type="image" title="indusind bank share price" msid="79363913" hostid="261" caption="&amp;lt;p&amp;gt;IndusInd Bank share price over the last one month&amp;lt;/p&amp;gt;"></div> This brings grand tidings for the bank as its promoter, the Hinduja Group, has indicated its interest to increase shareholding. “We further estimate that, at the current market price, promoters could infuse up to ₹10,000 crore to increase their stake to 26% at the bank versus 14.85% currently,” said Motilal Oswal Financial Services in its report. Other banks are also gaining ground, with Jammu &amp; Kashmir Bank leading the pack, up by 13.3%, and IDFC First Bank also soaring by 6.4%. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">% change in share price </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Jammu &amp; Kashmir Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">13.30 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IDFC First Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6.4% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IndusInd Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4.15% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">RBL Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.77% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kotak Mahindra Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.14% </td></tr></tbody></table>Source: Nifty/BSE, share prices as of 11:20am Kotak Mahindra Bank’s share price continues to trade flat While Kotak Mahindra Bank’s shares continue to trade flat, the increase in the cap on promoter stake is favourable for its promoter Uday Kotak as well. If accepted, this recommendation may cement the case he’s making to be allowed to retain a 26% stake in Kotak Mahindra Bank. <div type="image" title="kotak mahindra bank share price" msid="79363928" hostid="261" caption="&amp;lt;p&amp;gt;Kotak Mahindra Bank share price over the past one month&amp;lt;/p&amp;gt;"></div> “We view this as a positive development across the banking sector, especially for the promoter-driven banks. This would help promoters have more ‘skin in the game’,” noted Nirmal Bang Securities. According to analysts, increasing the cap on promoters’ sharing holding in banks also levels the playing field for other stakeholders that may have already reduced their shareholder as per RBI’s existing guidelines. The recommendation is also coming at a crucial time when banks need more capital to deal with the outcome of the COVID-19 pandemic after the stay on moratorium is lifted by the Supreme Court. SEE ALSO: <a href="https://www.businessinsider.in/tech/apps/news/how-to-earn-money-at-home-from-googles-task-mate/articleshow/79362215.cms">Google is testing ‘Task Mate’ in India, which lets users earn money for doing tasks on their smartphones</a> <a href="https://www.businessinsider.in/tech/apps/news/hdfc-banks-net-banking-upi-services-and-atms-down-due-to-data-centre-outage/articleshow/79344484.cms">HDFC Bank’s net banking, UPI service and ATMs were down due to a 'data centre outage' but RBI demands more detailed information</a> <a href="https://www.businessinsider.in/science/environment/news/mount-everest-home-to-microplastics-and-melting-glaciers/articleshow/79324609.cms">Microplastics found at the highest point on Earth as the glaciers around Mount Everest’s death zone melt</a>

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