Comments
Shares of three associate banks of SBI extended their rally for the second straight session, surging as much as 16 per cent, on the proposed merger of its five associate lenders with the parent firm.
The scrip of State Bank of Mysore zoomed 15.63 per cent to Rs 493.40 and that of State Bank of Travancore jumped 11.4 per cent to Rs 444.60.
Shares of State Bank of Bikaner and Jaipur rose 4.52 per cent to Rs 532 on the BSE.
These banks had gained up to 13 per cent in the previous session also.
Top state-run lender SBI had yesterday proposed the merger of its five associate banks and newly created Bharatiya Mahila Bank (BMB) with itself, a move that will create a Rs 37-lakh crore banking behemoth with over 50 crore customers.
After a hurriedly called board meetings of SBI as well as its associate banks, SBI said it has sought government approval for the merger.
The five associate banks that will be merged are State Bank of Bikaner & Jaipur, State Bank of Hyderabad, State Bank of Mysore, State Bank of Patiala, and State Bank of Travancore.
Among these, State Bank of Bikaner and Jaipur, State Bank of Mysore and State Bank of Travancore are listed.
Maruti, M&M fall
Shares of Maruti Suzuki and Mahindra & Mahindra fell as much as 4 per cent today after their popular passenger vehicle models in India —— Celerio, Eeco and Scorpio —— failed crash test by vehicle safety group Global NCAP with ‘zero star’ ratings.
Maruti scrip fell 3.57 per cent to Rs 3,808 on the BSE.
Shares of Mahindra & Mahindra (M&M) too went down 2.17 per cent to Rs 1,312.25.
Five popular passenger vehicle models in India —— Maruti’s Celerio and Eeco van , Renault Kwid, Mahindra Scorpio and Hyundai Eon —— have failed crash tests by Global NCAP with ’zero star’ ratings.
The companies, however, have contested the test results.
The UK-based group tested five models, which included Eeco, sold in India, and found that the vehicles “showed low levels of adult occupant protection“.
However, Maruti Suzuki insisted that all its products were safe and met “the safety standards of India and in most cases, exceed them''.
According to Global NCAP, Mahindra Scorpio scored zero star rating in the adult occupant protection and two stars in child occupant protection.
M&M on its part said its entire automotive products are developed and manufactured to meet or exceed the safety standards set in India
GSK Consumer Healthcare
Shares of GlaxoSmithKline (GSK) Consumer Healthcare fell over 5 per cent today after the company reported an 8.18 per cent decline in standalone net profit for the March quarter at Rs 180.68 crore.
Opening on a weak note, the stock further slumped 5 per cent to Rs 5,792. On the NSE, the shares fell 5.46 per cent to Rs 5,779.
The company had posted a net profit of Rs 196.78 crore in the corresponding period a year ago, GSK had said in a BSE filing yesterday.
Net sales during the period under review stood at Rs 1,052.83 crore, down 9.63 per cent, against Rs 1,165.06 crore in the corresponding period last fiscal.
For the full fiscal, GSK’s standalone net profit rose 17.70 per cent to Rs 686.91 crore from Rs 583.60 crore in 2014-15.
However, its net sales declined 0.72 per cent to Rs 4,106.61 crore in 2015-16 from Rs 4,136.44 crore a year ago.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.