ITC Appoints Sanjiv Puri as New Chairman, Chanda Kochhar Appears Before ED in ICICI-Videocon Loan Case, Bitcoin rises as much as 6.9% to $7,445 and Other 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. 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.

 

 EARNINGS 
 

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.

 

Vodafone Idea Q4 Results Today: What can you expect

 

 FRAUD 


Chanda Kochhar appears before ED in ICICI-Videocon bank loan case. Paytm Mall partners with E&Y to investigate fraud cases. 
 
 
Walking on Thin Ice: ICICI Bank CEO Chanda Kochhar appeared before the ED today in connection with the ICICI-Videocon bank loan fraud and money laundering case. 
 
 
Previously…: The ED had carried out searches in at least five offices and residential premises of the Kochhars and Dhoot in connection with the case.
 
 
The ED has registered a criminal case under the PMLA early this year against Chanda Kochhar, Deepak Kochhar, Dhoot and others to probe alleged irregularities and corrupt practices in sanctioning of INR1,875cr loans by ICICI Bank to the corporate group.
 
 
Checks and Balances: Paytm’s ecommerce subsidiary, Paytm Mall has partnered with audit and consulting company E&Y, which will undertake frequent audits to identify, analyse and monitor any criminal activity.

 
The tie-up will enable Paytm Mall to build a more secure marketplace and maintain checks and balances in running seller and sourcing operations in India and abroad.
 
 
 
 COMPANIES 
 
India Inc stares at INR9,000cr hit on IL&FS debt in private PF, pension funds. With the Tata-Thyssenkrupp plan hitting a roadblock, Tata Steel may have to sell sizable assets.

 
Muddy Waters: As per this report, 2,000 companies, including the likes of Infosys, Tata Power, and Lupin, Food Corporation of India, State Bank of India, Bharat Petroleum Corporation, and Indian Oil Corporation whose private provident and pension funds have invested in non-convertible debentures of IL&FS group firms are staring at the prospect of booking losses to the tune of INR9,000cr or more if the interest income is added.  

 
After Effects: The collapse of Tata Steel Ltd.’s planned joint venture with Thyssenkrupp AG has brought the Indian group’s more than $13bn of debt in focus, with no immediate prospect of its European unit being hived off.

 
Tata’s European operations have debt of $2.5bn and the joint venture was an “important strategic initiative" to create a sustainable portfolio in Europe.

 
Analysts believe that with the Tata-Thyssenkrupp hitting a roadblock, Tata Steel may have to look at outright sales of its assets to de-consolidate debt.
 
 
 TECH 
 
Xiaomi introduces vending machines for smartphones in India. Bitcoin rises as much as 6.9% to $7,445.

 
Behind the Scenes: Chinese tech major, Xiaomi today unveiled Mi Express Kiosks - vending machines that will allow consumers to buy Xiaomi smartphones and accessories on their own. 

 
These kiosks will accept all forms of payments across credit cards, debit cards, cash and even UPI.
Devices available at a Mi Express Kiosk will be offered at the same price as on Mi.com and Mi Homes. The vending machines will be operational between 10 am to 8 pm on all working days.

 
By introducing these vending machine-inspired kiosks, Xiaomi aims to develop a new retail strategy in reaching out to its consumers directly. 

 
Bouncing Back: Bitcoin rose as much as 6.9% to $7,445 this weekend, to the highest level since August, as cryptocurrencies extended their rebound from a slump last month amid the New York attorney general’s investigation of a key part of the market.

 
The price of Bitcoin, the biggest cryptocurrency, has more than doubled since its fall in December.
 
 
 TRADEWARS 

The fallout of the US-China trade talk is likely to have an adverse impact on India. 

 
Impasse: The trade talks between US and China ended on Friday with a “No Deal”. 

 
The US and Chinese governments both sent signals ahead of their trade talks in Washington last week that a pact was so near they would discuss the logistics of a signing ceremony.

 
In a matter of days, the dynamic shifted so markedly that the Chinese deliberated whether to even show up after President Trump ordered a last-minute increase in tariffs on Chinese imports because the U.S. viewed China as reneging on previous commitments.

 
A deep dive into the US-China trade impasse here.

 
End Results: As predicted by IMF, the threat to the global economy seems real now. 

 
President Trump’s focus will also shift to target other countries for such tariff hikes and India will be no exception. President Trump has stated that “India is a high tariff nation” and that he would consider imposing a reciprocal tax.
 
 
 
(Don't want to miss out on these End Of Day Wrap Ups? Subscribe Now to our No Nonsense Email Digest and get theday's Top Business stories straight to your mailbox.)