HDFC reports 27% growth in net profit in Q4. ITC Q4 net profit up 19% YoY; appoints Sanjiv Puri as new Chairman. Chanda Kochhar appears before ED in ICICI-Videocon bank loan case. Xiaomi introduces vending machines in India for smartphones. Bitcoin rises as much as 6.9% to $7,445.
Moving on to the top Business news of the day.
HDFC reports 27% growth in net profit in Q4. ITC Q4 net profit up 19% YoY; appoints Sanjiv Puri as new Chairman.
Up and Going: HDFC reported 27% growth in net profit in Q4, beating estimates at INR2,862cr vs INR2,257cr last year.
HDFC's total income rose to INR11,587cr in Q4 vs INR9,322cr previous year.
Share the Joy!: The Board has proposed a final dividend of INR17.50 per share.
Gross non-performing loans as of March 31, 2019, stood at INR4,777cr, equivalent to 1.18% of the loan portfolio.
Joining the Ranks: ITC reported an 18.7% jump in its Q4 net profit to INR3,482cr vs INR2,932.7cr last year, on the back of strong sales from the FMCG and cigarette units.
Revenue was up 13% at INR11,992cr against INR10,587cr.
The Board also recommended a dividend of INR5.75 per ordinary share.
The Board of ITC has appointed Managing Director Sanjiv Puri as the Chairman and Managing Director of the company with effect from May 13, 2019 following the demise of YC Deveshwar, the longest-serving chairman of ITC.
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