Thu, Mar 23, 2017 | updated 03:52 PM IST

Deutsche Bank downgrades Axis Bank, indicates high stress

Updated: Aug 25, 2016 13:36 IST

New Delhi, Aug 25 (ANI): Deutsche Bank has downgraded Axis Bank to hold but not changed the target to Rs. 590 per share. The firm has warned the stock to lack near-term triggers as it remains one of the structurally strong banks considering a weak transitionary phase.

The stock witnessed an uptick of 51 percent in the last six months outperforming Sensex (up 22 percent) and Bankex (up 42 percent).

Deutsche Bank is cautious that its stress is likely to remain elevated resulting in higher credit costs and expects recovery only in FY19.

It expects slippages to rise to three percent in FY17 and will remain elevated in FY18 as well.

There are non-fund limits (one percent), restructured loans (two percent), SDRs (one percent) and the SME exposures, which will continue to impact asset quality. Deutsche Bank believes that 60 to 70 percent of this should turn into non-performing loans (NPLs) and will require elevated credit costs.

Axis Bank Q1 was disappointing with profit falling 21.4 percent to Rs. 1,555.5 crore on yearly basis, impacted by sharp surge in provisions. Its net interest income, the difference between interest earned and interest expended, grew by 11.4 percent to Rs. 4,516.92 crore in the quarter ended June 2016 compared with Rs. 4,056.23 crore in the same period last fiscal.

During the quarter, the bank added Rs. 3,638 crore to gross NPAs; recoveries and upgrades were Rs. 140 crore and write-offs during the quarter were Rs. 32 crore. (ANI)

Curofy launches Curofy for web

Updated: Mar 23, 2017 15:21 IST

New Delhi [India], Mar 23 (ANI): Curofy, a networking platform that allows case discussions between doctors and provides them with latest medical news, with continuous feedback from the community and gauging the need for their audience, has launched it's web platform to give their users a complete and richer experience.

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Qbera launches operations in Bengaluru

Updated: Mar 23, 2017 15:21 IST

New Delhi [India], Mar 23 (ANI): Fintech start-up offering quick and hassle-free personal loans Qbera has launched its operations in Bengaluru.

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New Delhi [India], Mar 23 (ANI): Maneeza Ahuja has been appointed Branch Head for the Delhi branch of Percept/H with the additional responsibility of leading the North India portfolio of Percept One.

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New Delhi [India], Mar 23 (ANI): Keeping pace with the recent rise in crime rates inside Apartment Complexes, ADDA GateKeeper announces the launch of its "Panic Alert' feature. ADDA GateKeeper a security management software for Apartment Complexes.

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New Delhi [India], Mar 23 (ANI): ExportersIndia on Thursday announced 56 percent boost in its business exclusively via its mobile app.

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New Delhi [India], Mar 23 (ANI): Real estate startup Square Yards on Thursday announced the launch of an International property portal (global.squareyards.com) for enabling global cross border real estate investments.

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New Delhi [India], Mar 23 (ANI-BusinessWireIndia): "The transformation in technology that we have seen in 20 years is more than what world saw in preceding 200 years."

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New Delhi [India], Mar 23 (ANI): In a feat of sorts, Droom, India's pioneering online automobile transactional marketplace today became India's largest hyper local marketplace by bringing a whopping number of 500 cities, under its aegis. The watershed moment came soon after the company announced that it has achieved 1 lakh auto dealers on its online platform.

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New Delhi [India], Mar 23 (ANI-BusinessWireIndia): After the roaring success of DPT Feb edition that drew over 1200 entries, Adda52.com- India's largest poker site and Deltin Royale- India's largest and most luxurious casino have announced yet another exciting edition of the Detlin Poker Tournament (DPT). This time around, the tournament has upped the prize pool to a whopping Rs. 2.25 Crore and will be six days long starting from 19th April 2017.

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New Delhi [India], Mar 23 (ANI-BusinessWireIndia): L&T Technology Services Limited, a leading global pure play engineering services company inaugurated its new center of excellence dedicated for a leading German Original Equipment Manufacturer (OEM) in Munich Germany, its fourth delivery center for the customer following R&D hubs in Mumbai, Bangalore and Mysore in India.

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New Delhi [India], Mar 23 (ANI-BusinessWireIndia): Volano Entertainment Pvt. Ltd., India's leading participative sports firm hosted an adrenaline-pumping event, the 'Swift Devils Circuit' in Delhi NCR which saw participation from over 8000 individuals. The event took place on Sunday - 19th March 2017 at Sector 98, Noida.

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New Delhi [India], Mar 23 (ANI-BusinessWireIndia): Indian's are big dreamers, but when it comes to financial planning they lag behind by a distance reveals Aviva Plan India Plan survey 2017, a one of its kind survey conducted by Aviva Life insurance. However, millennial are better financial planners, while women are catching up fast with men on financial awareness and planning.

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New Delhi [India], Mar 23 (ANI-NewsVoir): Chennais Amirta International Institute of Hotel Management, a globally reputed name in imparting hospitality education, has broke its last year record with its 2,587 students getting job offers in one go. The students were selected for different positions in hospitality sector during the grand job fair `Talent Track 2017' conducted recently (from 15th to 17th March) at its college premises at OMR. Around 180 star hotels and leading restaurants from various parts of the country partook in the fair.

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New Delhi [India], Mar 23 (ANI-NewsVoir): Today, Preethi Kitchen Appliances, an inseparable brand of any kitchen of the Indian women, walks the talk by launching the '500 kg Grinding Marathon'. Preethi is known for industry leading innovation, incomparable quality and life-long free service.

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New Delhi [India], Mar 22 (ANI): EdgeMakers, the San Francisco headquartered company that has developed the world's first comprehensive learning system for Innovation and the related discipline of Entrepreneurship that is implemented at leading schools across the world, today announced that it plans to work with 10,000 students across 200 schools in Delhi, Mumbai, Hyderabad and Bangalore.

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Lok Sabha passes Finance Bill

Updated: Mar 22, 2017 18:20 IST

New Delhi [India], Mar 22 (ANI): The Lok Sabha on Wednesday passed the Finance Bill after various amendments presented by Union Finance Minister Arun Jaitley.

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New Delhi [India], Mar 22 (ANI): Samsung on Wednesday announced the launch of its flagship mobile payments service, Samsung Pay in India for simple and secure purchases almost everywhere with a swipe or tap using a debit or credit card.

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New Delhi [India], Mar 22 (ANI-BusinessWireIndia): Nourish You made a foray into the health food market with quinoa and chia seeds two years ago, becoming the first suppliers of these "superfoods" in the country. The company aims to further expand its product portfolio by introducing healthy snack options like health bars, cookies and quinoa pastas in the near future.

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New Delhi [India], Mar 22 (ANI): Union Finance Minister Arun Jaitley on Wednesday proposed to make Aadhaar mandatory for filing of the Income-Tax returns as well as for obtaining the Permanent Account Number (PAN), thereby allowing only cheque contributions to electoral trusts.

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New Delhi [India], Mar 22 (ANI-BusinessWireIndia): The Grand Challenges India (GCI) meeting was inaugurated at Ashok Hotel, New Delhi. The meeting is being hosted by Program Management Unit at BIRAC (PMU-BIRAC), jointly supported by Department of Biotechnology (DBT), Government of India; Bill & Melinda Gates Foundation and Wellcome. The meeting was inaugurated by the Union Minister for Science and Technology and Earth Sciences, Dr. Harsh Vardhan, and was attended by a large number of senior national and international dignitaries from various fields.

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