Market Today

1. IndusInd Bank Q4: Profit falls 77% to Rs 302 cr QoQ as provisions spike 134%

Provisions and contingencies shot up 133.9 percent quarter-on-quarter to Rs 2,440.32 crore on account of COVID-19-led uncertainty but provision coverage ratio improved to 63.34 percent from 52.53 percent QoQ, IndusInd Bank said in its BSE filing.

2. HDFC Life Insurance Q4 results: Net profit declines 14.4% to Rs 312 crore, new business margins grow 25%

In a conference call , Vibha Padalkar, managing director and CEO said the company took a hit of around Rs 1,100 crore in terms of renewal and new business premium put together due to the Covid-19 outbreak and subsequent nationwide lockdown.
The company has set up a Covid Reserve Fund with reserves to the tune of Rs 41 crore, covering around 4,500 lives.

3. Ambuja Cements Q1 profit rises 6.8% to Rs 742.6 crore

The growth in bottomline was driven by strong operating numbers, but sales volumes dropped 11.9 percent YoY to 12.19 million tonne partly due to lockdown announced towards March-end.

4. Mindtree will get back to growth path faster than others, says Chatterjee

As Mindtree announced its first annual earnings under L&T’s ownership, the mid-tier IT firm has taken a strategic call to bag more multi-year annuity deals. However, as the Covid-19 crisis hits the global economy, the IT firm is staring at a dip in revenue in some of its key verticals like travel and hospitality, and retail.

5. LIC group business sees 39% growth in premium collection in FY20

In a statement, LIC said individual new business premium stood at Rs 51,227 crore where the insurer sold 21.9 million policies. Comparative figures for the previous year were not available.
Its market share in the group business rose to 80.54 percent as against 77.94 percent in the year-ago period.