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SBI Reports Loss For Three Consecutive Quarters et al.

Professor of Financial Economics and Part-time Value Investor, Transfin.
Aug 10, 2018 1:53 PM 2 min read
Editorial

End of Day Wrap-up (Friday / Aug 10, 2018) #SBI #JetAirways #India #Modi #oil #SEBI #debt #Lira #Japan #US #dollar #inflation #Transfin

Editor's Comment: SBI reports loss for three consecutive quarters at INR4,876cr. The asset quality improved in this quarter, as gross NPAs were 10.69% from 10.9% in the previous quarter. The driving factors behind the loss were lower trading income and significant mark-to-market losses due to hardening of bond yields.

 

Jet Airways need $500mn in cash immediately to repay debt of $400mn. Company postpones Q1 earnings announcement resulting in a 8.5% drop in share price. The troubled airlines have been cornered financially off late, in terms of rising of fuel prices and depreciation of the rupee. It urgently needs atleast $500mn in cash to pay off its $400mn debt mainly.

 

India aims to cut down its oil imports by $1.78bn through increased use of biofuels and plans to invest INR10,000cr in 12 biofuel refineries, as per PM Modi.

 

High level committee pushes SEBI to seek authorisation to tap phone calls to aid fraud investigations. They have also recommended changes in rules of market frauds, insider trading, surveillance and also suggested immunity for whistle-blowers who help uncover frauds and other violations.

 

Turkish Lira falls 12% against the dollar, due to rampant inflation and the volatile economy. Donald Trump has also reportedly sanctioned additional tariffs on steel and aluminum with respect to Turkey, adding to its currency woes.

 

Japan’s economy expanded at an annualized pace of 1.9% in Q1, after slowing down in the previous quarter. The solid growth is set to continue as per economists on back of higher wages and consumer spending unless trade conflicts with US increase.