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New Development Plan For Mumbai, Yes Bank Q4 Profits Up et al.

Professor of Financial Economics and Part-time Value Investor, Transfin.
Apr 26, 2018 12:17 PM 2 min read

End of Day Wrap-up (Thursday / April 26, 2018) #Mumbai #Essar #ICICI #DeepakKochhar #IT #YesBank #NCLT #Facebook #Ford #Transfin

Editor's comment: New development plan for Mumbai releases 3,355 hectares of land for constructing houses and commercial complexes. c.2,100 hectares of land and 300 hectares of salt-pan land to be earmarked for affordable housing. Floor Space Index (FSI) for the city increased from 1.33 to 3 and 5 for residential and commercial developments respectively. 


Essar promoter Ravi Ruia's son-in-law invested in company helmed by ICICI Bank CEO's husband Deepak Kochhar's while ICICI Bank was a lender to Essar. Investment amounted to INR325r while loan from ICICI to Essar amounted to INR3,000cr+. 


Income Tax Appellate rejects government's argument to reclassify discounts as partially-deductible capital expenses instead of fully-deductible revenue expenses for tax calculation purposes, saves INR110cr for Flipkart.  


YES Bank Q4 profits up 29% yoy surpassing analyst estimates by pushing its loan book resulting in higher net interest income. Non-performing assets go down with GNPA ratio at 1.28%vs. 1.72% Q-o-Q.


Facebook posts strong Q1 results with advertising revenues at $12bn, up 50% vs. last year. Q2 expected to be mellow on the back recent Cambridge Analytica backlash which has led to user reduction and expected high spend for data privacy upgrades and audit of 3rd party applications.    


Ford announces $11.5bn of spending cuts, aiming for 8% profit margins by 2020, 2 years ahead of schedule.