PNB Q1 profit tanks 57%; NPA nearly 14%, slippages at Rs 7533 cr. For more information visit www.marketmagnify.com/freetrial.php & give a missed call @ 78-79-88-11-22.Public sector lender Punjab National Bank 's (PNB) first quarter profit plunged by 57.5 percent to Rs 306.4 crore on yearly basis but the fall was much less compared to analysts' expectations. Higher other income and lower tax cost supported profits Provisions for bad loans jumped 51.2 percent to Rs 2,738.4 crore in the quarter ended June 2016 compared with year-ago period but declined sharply 74 percent from Rs 10,485.2 crore in preceding period.
- The 50-share NSE Nifty started off August series on a flat note. The Sensex was down 10.22 points at 28198.40 and the Nifty declined 2.75 points at 8663.55.
- Axis Bank, L&T, Tata Steel, Adani Ports, Coal India, Eicher Motors, Bosch, Tata Power and Tata Steel were early gainers while BHEL, ICICI Bank, Bharti Airtel, NTPC, SBI, Bharti Infratel and ACC were losers.
- The Indian rupee opened flat at 67.04 per dollar against previous close 67.04
- E-commerce can create 12 mn jobs in a decade: HSBC
- In the coming decade the country needs to create 80 million jobs and as per a report by HSBC it might fall short by 24 million if business and economic growth is as usual.