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SBI Reports First Quarterly Losses et al.

Professor of Financial Economics and Part-time Value Investor, Transfin.
Feb 10, 2018 7:00 AM 1 min read
Editorial

End of Day Wrap-up (Saturday / February 10, 2018) #SBI #BSE #NSE #TataSteel #US #Budget #Transfin

Editor's comment: SBI posts first quarterly loss in 19years at INR2,400cr post reclassification of corporate loans as NPAs leading to higher provision charges. Trading income also down due to mark-to-market losses of INR3,400cr driven by spike in bond yields.

 

BSE and NSE terminate tie-ups with Singapore and Dubai bourses to reverse the export of India’s financial market flows to overseas trading platforms. Notice period for termination is 6m. Meanwhile NSE also launched 72 indices to track all segments of the fixed income markets incl. government securities, treasury-bills, corporate bonds, and commercial paper.

 

Tata Steel posts Q3 profit of INR1,135cr, 5x Q3 in PY on the back of improved domestic revenues and improvement in commodity prices.

 

Amazon to launch delivery service for businesses, to compete with UPS and FedEx. Service open in Los Angeles for third party vendors which sells its goods via Amazon.

 

White House Budget proposal to be released on Monday, assumes US economy to grow by 3% over the next decade, controlled inflation and low government borrowing costs (all assumptions better than independent forecasters).