Indian Bank PAT down 42% to Rs 984 crore

Public sector lender Indian Bank on Wednesday reported a 42 per cent decline in its net profit to Rs 984 crore for the quarter ended March 2022, after changing the deferred tax asset calculation on an annualized to quarterly basis.

In the previous quarter, the bank had a net profit of Rs 1,709 crore, which included Rs 913 crore in deferred tax assets (DTA) for the entire FY21.

” Until the last financial year (FY21), we adjusted the DTA on an annual basis. Thus, the entire DTA adjustment was credited to 4 FY21 and the profit was Rs 1,709 crore (4 FY21). The bank changed its policy in June 2021 and we are now adjusting on a quarterly basis on a quarterly basis, “said SL Jain, Managing Director and CEO, Bank of India.

For the full financial year 2021-22, PAT FY21 rose 31 per cent to Rs 3,945 crore from Rs 3,005 crore.

Net interest income (NII) rose 28 per cent to Rs 4,255 crore from a year ago.

Its internal net interest margin (NIM) stood at 2.87 percent in Q4 FY22 compared to 2.34 percent in the same quarter last year.

The bank’s asset quality has improved, with Gross Non-Performing Assets (GNPA) falling 138 basis points (bps) a year to 8.47 percent from 9.85 percent. Net NPA decreased by 110 bps from 3.37 percent to 2.27 percent.

The provision coverage ratio stands at 87.38 percent.

Provisions and accessories increased to Rs 1,913.89 crore in Q4 FY22 as against Rs 1,589.71 crore.

The total recovery in the quarter was Rs 2,809 crore and for the full year it was Rs 7,115 crore.

The bank expects to recover about Rs 7,100 crore in FY23

Fresh slips stood at Rs 3,298 crore in Q4, including Rs 851 crore from Future Retail Limited loan accounts.

The capital adequacy ratio was 16.53 percent. The Common Equity Tier (CET) rose 126 bps a year to 12.53 percent. Tier I capital increased by 123 bps to 13.17 percent.

Jain said good capital is made to take care of lender growth. However, it has a board-approved arrangement to raise Rs 4,000 crore in equity.

Advance in FY22 increased by 6% to Rs 4,15,625 crore from Rs 3,90,317 crore in FY21. RAM (retail, agriculture and MSME) loans increased by 11 per cent to Rs 2,42,700 crore in March 2022 from Rs 2,18,942 crore in March 2021.

The bank is aiming for an 8-10 per cent credit growth in FY23, Jain added.

Deposits also increased by 10 per cent to Rs 5,93,618 crore in March 2022.

The bank’s scrip fell 3.20 per cent to close at Rs 143.80 on the BSE.

Google has launched the Pixel Buds Pro with active noise cancellation, the answer

Google today unveiled the budget Pixel 6a as well as the Pixel Buds Pro at its I / O 2022 developer Keynote event. These are the most high-end wireless earbuds that Google has created, coming almost three years after the original Pixel Bud. These are basically Google’s answers to Apple’s AirPods Pro for Android users, although they should work just fine with the iPhone and iPad. The Google Pixel Buds Pro is priced at $ 199.99 which translates to approximately Rs. The Pixel 6a is slated to arrive in India later this year, but there is no word on the Pixel Buds Pro at the time of writing.

Google says the Pixel Buds Pro has custom-designed hardware and smart sensors and algorithms that allow them to automatically fit and adjust both the sound output. These come with active noise cancellation and a clarity mode when you need to be aware of your surroundings. Smart seals help these earbuds “adapt to your ear, maximizing the amount of noise” when measuring “the pressure of your ear canal so that earbuds can actively relieve it and stay comfortable.” Fast pair and volume EQ, features we’ve already seen in the original pixel buds, are also available.

Like the AirPods Pro, the Pixel Buds Pro can intelligently switch between commonly used Android devices without having to enter your Bluetooth settings. Spatial audio head tracking will also be available, but later in the year. The package is hands-free Google Assistant and Bluetooth Multipoint support. The bud itself is IPX4 rated (charging case only IPX2).

The Pixel Buds Pro is rated for up to seven hours of playback when the ANC launches, which could extend it by another four hours.

The company claims that they enable active noise cancellation and can reach up to seven hours of continuous listening when 11 is turned off. Wireless charging is available.

Check the expected price, specification and much more

Google Pixel 6a Price: The wait is over! Following the launch of the Google Pixel 6a during the Google I / O 2022 Annual Conference, Google India took to the micro-blogging site Twitter and announced that the Google Pixel 6a is coming to India later this year. The smartphone will be available in three phone colors: chalk, charcoal and sage.

According to the company, the Google Pixel 6a is packed with the same powerful brain, Google Tensor and many more features as the premium phones Pixel 6 and Pixel 6 Pro – at a low price of around $ 449 (34,735.70).

The smartphone is expected to come in the same price range in India. “The Pixel 6a borrows many elements of the same design from the Pixel 6 – including the iconic camera bar – a metallic frame that is durable by design. You’ll also find updated Material U Design UX that lets you personalize the look and feel. It’s up to you, “Google said in a blog post.

The Pixel 6a has the same exact speech recognition as the Pixel 6 Pro. It has features like recorder, live caption and live translate. You get the full hardware and software experience you would expect with Google Tensor without compromising battery life.

The Pixel 6a comes with an all-day battery that can last up to 72 hours while in extreme battery saver mode – the first of its kind for Pixel phones.1 With Google Tensor, the Pixel 6a shares the same security architecture as our dedicated Pixel 6 Pro. Security chip Titan M2 which gives you peace of mind that your sensitive data is secure.

With this common hardware platform across our recent phones, the Pixel 6a will receive five years of security updates from when the device, like the Pixel 6 and Pixel 6 Pro, first became available on GoogleStore.com in the United States. Also, the Pixel 6a comes with feature drop so you get the latest and greatest features and updates.

And like other Pixel devices, the Pixel 6a will be one of the first Android devices to receive the upcoming Android 13 update.

Ultratech Ambuja Cement has made an official bid for shares of Holcim in ACC

The Aditya Birla Group, which owns the country’s largest cement company Ultratech, has officially joined the race to buy a stake in Ambuja Cement and Swiss cement giant Holcim in ACC, said a person familiar with the development.

The JSW Group, which already has a presence in the sector, and the Adani Group, which does not have a presence, are also reported to be competing for valuable assets.

Top steel player ArcelorMittal has also shown interest and the two companies could join the acquisition race.

The Birlas have officially bid for Holsim’s assets. The acquisition will be done through Ultratech, a source close to the development told PTI.

The source stressed that this is not a mandatory bid.

The source added that his proposal includes a 10-15 metric tonne expansion of Holsim’s capacity so that the deal does not get stuck with the fair trade body CCI.

“We are quite confident of getting CCI approval because we are ready to dispose of some target company’s assets,” the source said.

When contacted, a spokesperson for Aditya Birla Group Firm declined to comment as they did not respond to market speculation.

There are a few examples of CCI clearing mergers and acquisitions when the acquisition partnership went beyond a limit, the source said, noting that when Vodafone and Idea merged, both operators had to come out of a few circles.

Holcim, the world’s largest cement maker, announced last month that it was leaving the country after a long struggle. The company has an annual capacity (MTPA) of 6 million tonnes through the two listed companies ACC and Ambuzar.

The group entered the market 17 years ago and the departure will result in the sale of its listed weapons, Ambuja and ACC. Holsim has 63.19 per cent stake in Ambuzar and 4.48 per cent in ACC and 50.05 per cent in Ambuzar ACC.

Holcim’s departure is part of the group’s ‘Strategy 2025’ aimed at sustainable solutions for the building materials sector. The importance of cement in the overall group is already declining compared to ready-mixed concrete, aggregate, roofing and green building solutions.

The sale of Ambuja’s shares will result in an open offer for both the ACC and Ambuja.

Since Holcim has a large stake in Ambuja and owns only a small fraction directly in ACC, the buyer can only buy 63% of Holcim’s shares in Ambuja and then launch an open offer for an additional 26% in Ambuja.

If it is fully subscribed, a new owner can own 89 percent of the company. At current market prices this could be a USD 8.7 billion transaction.

Ultratech is by far the largest cement manufacturer in the country with an installed capacity of 117 metric tons, which accounts for about 25 percent of the 500 metric tons of domestic cement market, and if the deal goes through, it will have to invest 10-15 metric tons. Holcim’s ability to meet CII rules.

Ultratech is rich in cash and can easily raise debt for buying. As of the December quarter, its debt per equity stood at a low of 0.32x.

Ultratech is the world’s third-largest cement producer outside of China, and the deal with Holcim will make it more cementable, but it is unlikely to be the world’s second-largest, the source said.

In the past, it has acquired assets from competitors such as JP Group’s cement assets, Binani Cement and Century Textile’s cement business.

Sources said that Holcim Steel-to-Energy Group is in talks with JSW Group and on Tuesday the Financial Times quoted its chairman Sajjan Jindal as saying that it would bid USD 7 billion for Holcim’s Indian affiliates.

JSW will offer USD 4.5 billion in its own equity and USD 2.5 billion from undisclosed private equity partners for Holcim’s Indian assets Ambuja Cement and ACC, the report said.

According to industry insiders, the Adani Group, which is entering the cement segment, has also entered the field to acquire Holcim’s wealth in India.

The team, led by the richest Indian Gautam Adani, is planning to enter the cement business. It is already setting up two cement units at Dahej in Gujarat and Raigad in Maharashtra and wants to be a leader in the segment, sources said.

Holcim is looking to sell India’s assets fast. The control of the two companies will give a successful bidder a huge leg-up, and Holcim’s move has sparked a huge interest from potential suitors.

Birla Group will get a huge control of the industry if its bid is exceeded. Therefore, it seems to have chosen the pitch for a deal in the hope that it would cut with the Competition Commission.

As seen by the presence of names like Heidelberg Cement (formed through the acquisition of Italcementi in 2015), but with a capacity of 12.6 metric tons, India is one of the most attractive cement markets in the world.

In 2014, French Holcim and Swiss Lafarge consolidated their operations worldwide to form Lafarge Holcim and as a result Lafarge India placed in its 11 metric ton block (it entered India in the late 1990s) was selected by the Nirma Group. Lafarge grew through acquisitions in India and also bought DLF’s cement business in 1999 and then took over Ambuja.

WhatsApp is working on the message timer feature for existing chats, redesigned

WhatsApp is working to provide a message timer feature with existing chats, not just new chats, and is redesigning the security page with the latest build of the WhatsApp desktop beater. WhatsApp is already working on a redesigned security page for the Android version.

Currently users can create new individual chats by turning on the message timer feature by default, but work is currently underway. For Android Beta, users will be able to send their old reserves to a timer. WhatsApp feature tracker WABetainfo reports that WhatsApp is working on a new beta build for its Android app with version number 2.22.11.11. Those who have registered for the beta program will receive updates soon.

The new option will allow users to select and activate the message timer in multiple existing chats at the same time, and put new individual chats in disappearing message mode. WhatsApp users will have the option to choose from a period of 24 hours, 7 days or 90 days. Once activated, selected chats will start receiving missing messages. Within 24 hours to 90 days depending on the option chosen.

This feature is currently only available in beta build, WhatsApp has not announced when it will see a wider release. Stable versions of both Android and iOS.

WhatsApp is testing beta builds or new designs for WhatsApp desktop clients. It is reportedly redesigning the desktop app’s security page, which will inform users about various aspects of the app that are covered by secure end-to-end encryption. This will include text / voice messages, location sharing, audio / video calls, shared photos, videos, documents and status updates. New designs may be available in future updates.

BECIL Recruitment 2022: Graduates can apply for 86 positions at becil.com, check

BECIL Recruitment 2022: Broadcast Engineering Consultants India Limited invites online application for the post of Data Entry Operator. The total number of vacancies is 6.

The last date to submit the application is May 22, 2022 Interested candidates can apply through the official website – www.becil.com

BECIL Recruitment 2022: Description of vacancies
Data Entry Operator: 86

BECIL Recruitment 2022: Election Criteria
Candidate must have graduated in any subject from a recognized university. Must have knowledge of his typing. The minimum speed should be 35 wpm in English or 30 wpm in Hindi. Candidates should also have knowledge of MS-Word, PowerPoint and Excel (desired).

BECIL Recruitment 2022: Application Fee
Interested candidates in GEN / OBC / Women / Ex-serviceman category will have to pay an application fee of Rs. 750. An additional Rs.500 will be charged for each additional post applied. Where SC / ST / EWS / PH has to pay an application fee of Rs. An additional Rs 300 will be charged for each additional post applied.

BECIL Recruitment 2022: How to apply
To register, candidates need to go to the official website of BECIL i.e. www.becil.com or https: //becilregistration.com and click on the “Career” link.
Then, candidates must follow these steps:
Step 1: Select the ad number
Step 2: Write basic details
Step 3: Write education / work experience
Step 4: Upload scanned photo, signature, birth certificate / tenth certificate, birth certificate
Step 5: Preview or change the application
Step 6: Payment online mode (via credit card, debit card, net banking, UPI etc.)
Step 7: Email your scanned documents to the email id mentioned on the last page
Application form.

American Express hires Manoj Adlakha as SVP; Sanjay Khanna as the interim CEO

The American Express on Wednesday announced the appointment of Manoj Adlakha as Senior Vice-President and International Head of Customer Marketing, adding that Sanjay Khanna, who is currently the Chief Operating Officer, will take over as interim CEO. These changes will take effect on May 14, 2022, the company said in a statement.

According to the statement, Adlakha will be responsible for advancing customer engagement strategies and contributing to revenue growth by driving customer wallet shares across its core international markets. He will continue to work from India.

During his three-decade career at American Express in two phases, Adlakha has held strategic positions in the company across risk operations, strategic planning, finance, commercial and consumer cards.

Sanjay Khanna, on the other hand, will take on the enhanced role of CEO as head of India’s consumer business, the statement said.

He will also lead the India Country Executive Team (CET) that develops the growth strategy for American Express’s India business. Sanjay has held various important positions in American Express for over 26 years. He has also served as chairman of the board of legal entities of American Express India Private Limited (AEIPL), the company added.

Currently, an internal and external search is underway for the role of permanent CEO of American Express Banking Corporation India (AEBC India), it added.

Read also: SEBI is considering ‘pre-filed’ documents for IPO-bound entities to maintain confidentiality

Read more: The goal of this start-up is to create an empowerment of ‘momprenuars’ through product reviews

IPO: SEBI considers pre-filing options for offer documents

SEBI on Wednesday proposed an alternative mechanism for regulatory review, allowing “pre-filing” of offer documents for companies considering initial public offers.

Under the proposal, an issuer should “pre-file” the offer document with SEBI and the stock exchange, not only making it available to the public for a preliminary scrutiny period, according to a consultation.

The document should contain all disclosures required under the ICDR (Issue of Capital and Disclosure Requirement) regulation.

Typically, the current process of an initial public offering (IPO) is at least 30 to 70 days after the issuing company files a draft red herring prospectus (DRHP) before it can enter the capital market. In addition, the issuing company may choose not to bring its IPO through the process.

SEBI noted that one of the concerns of issuing companies was the disclosure of sensitive information to DRHP, which could be beneficial to its competitors, without the assurance that the IPO would be effective.

ÔÇťAnother concern is the timing of public issues with market conditions. Any such delay due to such factors raises concerns about the ‘resilience’ of feedback received from potential institutional investors during the road show, thus affecting pricing as well as issue size estimates, “Sebi noted.

To allay concerns, the Primary Market Advisory Committee (PMAC) has discussed the matter and favored Sebi to allow “pre-filed” documents.

The Securities and Exchange Board of India (SEBI) has asked the public to comment on the proposal by June 6.

Globally, many jurisdictions, such as the UK, Canada and the US, allow pre-filing of offer documents for review by regulatory authorities.

In the consultation paper, SEBI suggested that an issuer should make a public declaration that it has pre-filed the offer document with SEBI and the Exchange. The issuing company should note that the pre-filing of the offer document does not mean that the issuer will accept the IPO.

Issuers and lead managers must also submit a commitment that it will not promote any marketing or advertising that points to its intended IPO or displays any key performance indicators to the public through any medium, including social media.

In addition, stock exchanges must provide policy approvals in pre-filed documents and SEBI must submit its observations in pre-filed documents within 30 days after receiving a reply from the Lead Merchant Banker or within 30 days of receiving policy approval from the stock. Exchange

According to Sebi’s observations, an issuer may decide to accept an IPO if it wants to, based on market conditions and its own financial needs.

In this regard, the issuer is advised to file an updated DRHP, a public document, which includes all observations provided by SEBI. The updated DRHP must be available for at least 21 days for public comment on the issuing companies, lead merchant bankers, stock exchanges and SEBI websites.

Issuers and lead merchant bankers can only market the issue after an updated DRHP filing.

Further, merchant bankers should file the details of the comments received by the issuer from them or from the public after the expiry of 21 days. The draft offer needs to be documented, if any, then the resulting changes must also be submitted.

The regulator should note the changes to the updated DRHP, and subsequently, the issuing company may file a public document with the Registrar of Companies, the stock exchange (s) and RHP to SEBI.

The next procedure for opening a price band ad / issue will be the same.

IPO Watch: SEBI offers confidential “pre-filing” of documents to protect

IPO Watch: The Securities and Exchange Board of India (SEBI) has offered to allow companies to submit a confidential “pre-filing” document to protect their sensitive business information, subject to the stock market initial public offering (IPO).

The initial offer document only needs to be filed with the market regulator and the stock exchange and the regulator can decide whether the company will go public after issuing its observations, a PTI report quoted SEBI’s proposal as saying.

Currently, companies in India first file a draft prospectus (draft red herring prospectus) with SEBI containing regulatory releases, which are made public for comment for at least 21 days. Subsequently, after incorporating any moderator and other opinions, a final prospectus is again submitted for approval.

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SEBI said one of the concerns for companies was the disclosure of such sensitive information in their draft offer documents, “which could be beneficial to its competitors, without assuring that the initial public issue will be implemented.”

Globally, countries including the United States and Canada allow confidential “pre-filing” with regulators before a company decides to go ahead with an IPO, Sebi said.

SEBI is seeking comments from the public on its new proposal by June 6 Such proposals are usually raised by the market regulator and there is no guarantee that it will be implemented as a policy.

With input from PTI

Air India has responded to a video of a woman panicking at a Delhi airport

An elderly woman panicked inside the Delhi airport after Air India refused to allow her to board her flight, her nephew complained in a video that went viral on Instagram today.

Further, his nephew further complained that the staff called for safety and kicked the heart and diabetes patient out of the airport instead of calling for medical help. Business Today could not independently verify the date or accuracy of the viral video.

In response to the incident, Air India released an official statement saying the video “reveals a misleading image of Air India being indifferent to a passenger who was seen lying at the gate.”

The video, shot on a mobile phone, was followed by an Air India comment that showed a middle-aged woman lying on the floor near the boarding gate of Delhi Airport. The woman’s relatives, who were traveling with her, complained that she was not given any immediate medical attention.

According to the Instagram post, when the woman and her family cleared the security, they told Air India staff that they would reach the boarding gate in five minutes because they had heart and diabetes patients with them. Yet, by their reckoning, the gates were closed to them.

On the same day, the woman’s son had a final examination and he fainted. According to his nephew’s account, he was told to leave the airport without offering medical help.

However, denying the reports, Air India said, “We would like to inform that for the comfort of Air India, the safety of every passenger and timely travel is of utmost importance,” adding that ” A doctor and a CISF staff member were called immediately, but the passenger began to feel better when the doctor arrived at the scene and refused any medical or wheelchair assistance. “

“Air India has always given top priority to the safety and comfort of its passengers. However, as a responsible airline, we have to adhere to the strictures laid down by our regulatory authorities and in any case, we cannot delay the flight especially when all passengers boarded. This will clear the air on the above issue, “the statement added.