Discussion in 'Wall St. News' started by Stockolio, Apr 11, 2019.
But India stock market at all time high?
Dewan Housing Finance Corporation (DHFL) was unable to meet its debt-related obligations on Tuesday as it missed interest payments worth Rs 960 crore.
Company sources said: “According to the trust deed, if interest payment on the non-convertible debentures is not met on the due date, there is a cure period of seven working days to meet the obligation. In case the non-payment continues post that cure period¸ only then the same shall constitute an event of default.”
“The company is taking all steps necessary to ensure that the interest payment is made within the cure period,” they added.
Mumbai: Yes Bank Ltd on Wednesday reported a 91% drop in fiscal-first quarter profit on account of higher provisioning and lower other income. The management said the bank is looking to raise capital in the ongoing quarter.
The private sector lender posted a net profit of ₹113.76 crore for the quarter ended 30 June from ₹1,260.36 crore a year ago. Profit was lower than the ₹148 crore estimated by a Bloomberg survey of 13 analysts. The bank reported a loss of ₹1,507 crore in the preceding March quarter.
Asset quality deteriorated, with gross non-performing assets (NPAs) as a percentage of total loans rising to 5% as against 3.22% in the previous quarter. The bank saw an addition of fresh bad loans worth ₹6,230 crore in the quarter, even as it upgraded or recovered ₹1,680 crore and wrote off bad loans worth ₹340 crore. Of the net slippage of ₹4,500 crore, around ₹2,500 crore is from the book identified earlier.
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