Industry News

HDFC Bank Ltd, Kotak Mahindra Bank Ltd and Axis Bank Ltd due on Thursday and Friday are expected to indicate asset quality conditions in the banking sector and throw light on the impact of a new interest rate regime. Private sector banks are expected to outperform their state-owned peers this quarter as well, analysts said. According to a 11 July report from Motilal Oswal Securities Ltd, HDFC Bank is expected to report its usual 20?"/>
Private sector bank results likely to show impact of asset quality issues [Mint, New Delhi]
HDFC Bank Ltd on Thursday said its fiscal first-quarter net profit rose 20.15% from a year ago on higher net interest income and other income. Net profit for the quarter stood at Rs.3, 238.91 crore in the three months ended 30 June from Rs.2, 695.72 crore a year ago. According to a poll of 23 Bloomberg analysts, the bank was expected to post net profit of Rs.3, 275.40 crore."/>
HDFC Bank Q1 net profit rises 20.15%, bad loans up [Mint, New Delhi]
SABMiller after agreeing to give up ownership of the Miller brands in the U.S. and open the door to greater competition from craft brewers. With the green light from the Justice Department, Belgium-based A-B InBev said it was on track to complete the transaction-- the biggest-ever combination in the beer industry-- in the second half of 2016.. The world's largest brewer, which has..."/>
U.S. approves A-B InBev acquisition of SABMiller [St. Louis Post-Dispatch]
Publicis Groupe : First Half 2016 Results
IIFL Holdings Ltd on Wednesday said CDC Group Plc, the development finance institution owned by the UK government, will invest about Rs.1, 000 crore in its unit India Infoline Finance Ltd. CDC's investment will help the IIFL Group expand its financing business and address the capital needs of under-served segments, it said in a release. "CDC was the first private equity investor in IIFL during our start-up phase in 1999."/>
IIFL Finance raises Rs1,000 crore from CDC Group [Mint, New Delhi]
State Bank of India and Brookfield Asset Management Inc. have signed a memorandum of understanding to launch a distressed asset management fund, the bank said in a statement on Wednesday. As part of the agreement, the two have proposed to launch a joint venture where Brookfield will commit approximately Rs.7, 000 crore and SBI will put in up to 5% of the total investments into stressed assets. The fund will independently evaluate and invest in various stressed..."/>
SBI, Brookfield to launch stressed asset management fund [Mint, New Delhi]
Mizrahi Tefahot Bank is likely to sell them at double the price it paid. The bank, managed by CEO Eldad Fresher, recently published a tender for the sale of offices in the Moshe Aviv Tower in Ramat Gan. The bank, which bought the eight floors for NIS 152 million, and is expected to ask NIS 300 million for their sale, has already received an offer on this scale."/>
Mizrahi Tefahot to sell 8 floors in Aviv Tower [Globes, Tel Aviv, Israel]
Crisil Ltd's ratings business continues to be a laggard, with revenue rising a mere 1.38% in the June quarter. Ebit margin of this division too declined 875 basis points to 24.4% on a year-on-year basis. Weak credit offtake and slowdown in the investment cycle continue to mar the performance of the ratings business."/>
Crisil: too expensive for comfort [Mint, New Delhi]
Edelweiss Financial Services Ltd plans to launch a distressed asset fund with a corpus ranging between $750 million and $1 billion, joining a raft of potential investors in troubled corporate assets that are up for sale. It will be one of the largest fund-raises attempted by an Indian financial services firm to invest in distressed assets. "We are looking at launching a distressed asset fund; this is our second international fund and it is expected to be of nearly $750..."/>
Edelweiss plans to set up stressed asset fund [Mint, New Delhi]
DLF Ltd and global investor Blackstone Group LP have arrived at a mutual decision to divide the shareholding agreement for the seven properties the two partners own across Chennai, Bengaluru, Kochi and Indore, after more than a year of negotiations. Blackstone gets to keep two land assets in Bengaluru and one in Chennai, and the other four--two in Chennai and one each in Kochi and Indore--remain with DLF, said two people familiar with the deal."/>
DLF, Blackstone realign shareholding deal [Mint, New Delhi]
State Bank of India and Brookfield Asset Management Inc. propose to launch a joint venture fund to which the Canadian partner has agreed to commit Rs.7, 000 crore to purchase distressed assets. SBI, India's largest lender, will contribute up to 5% of the total investments made by the fund under an in-principle agreement with Brookfield announced on Wednesday. The fund will independently evaluate and invest in various stressed assets and will rely on the Canadian asset..."/>
SBI, Brookfield to launch stressed asset management fund [Mint, New Delhi]
IIFL Holdings Ltd on Wednesday said CDC Group Plc, the development finance institution owned by the UK government, will invest about Rs.1, 000 crore in its unit India Infoline Finance Ltd. CDC's investment will help the IIFL Group expand its financing business and address the capital needs of under-served segments, it said in a release. "CDC was the first private equity investor in IIFL during our start-up phase in 1999."/>
UK govt fund CDC Group to invest Rs1,000 crore in India Infoline Finance [Mint, New Delhi]
GEO Group soar? There's a growing consensus that the Boca Raton-based company, which runs detention centers for U.S. Immigration and Customs Enforcement, would house more inmates in a Trump administration."/>
Best of Our Blogs: Trump and GEO Global; Robocall fraud refund [The Palm Beach Post, Fla.]
Moody's Investors Service's outlook for Qatar's banking system remains stable, unchanged since 2010.. The outlook reflects the rating agency's expectation that operating conditions will remain favorable for Qatari banks as a result of high government spending amid low oil prices. The outlook expresses Moody's expectation of how bank creditworthiness will evolve in Qatar over the next 12-18 months."/>
Moody's maintains stable outlook on Qatar's banking system [Arab News, Jeddah, Saudi Arabia]
Abbott Laboratories in Illinois. "I think both Boston Scientific and Medtronic are licking their lips in terms of potential market share that could come up for grabs," Piper Jaffray analyst Brooks West said after separate earnings calls..."/>
With acquisition pending, St. Jude Medical's rivals 'licking their lips,' analyst says [Star Tribune (Minneapolis)]
SABMiller after agreeing to give up ownership of the Miller brands in the U.S. and open the door to greater competition from craft brewers. With the green light from the Justice Department, Belgium-based A-B InBev said it was on track to complete the transaction-- the biggest-ever combination in the beer industry-- in the second half of 2016.. The world's largest brewer, which has..."/>
U.S. approves A-B InBev acquisition of SABMiller [St. Louis Post-Dispatch]
United Bank posted lower profits in the second quarter, as expenses rose and fee income fell. United Financial Bancorp Inc. said net income was $9.1 million, or 18 cents per diluted share, for the quarter ended June 30, compared with $13.3 million, or 27 cents per share, a year earlier. The bank announced its earnings after market close Tuesday."/>
BRIEF: United Bank Parent Posts Lower Quarterly Profits [The Hartford Courant]
First Connecticut Bancorp Inc. said net income was $3.6 million, or 24 cents a diluted share, compared with $3.5 million, or 23 cents a diluted share, a year earlier, in an announcement after market close. Without one-time gains and losses, operating earnings in the most recent quarter were $3.4 million, or..."/>
BRIEF: Farmington Bank Parent Posts Higher Profits [The Hartford Courant]

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