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By EquityPandit

BUSINESS

IndusInd Bank Slumps 10% Despite Clarification on Loan Evergreening Issue

Shares of IndusInd Bank slumped 10 per cent to Rs 1,069.90 on the BSE in Monday’s opening trade despite the bank management strongly refuting allegations around the evergreening of loans.  With today’s decline, the stock has slipped nearly 14 per cent from its 52-week high of Rs 1,242 on October 28, 2021. In comparison, the S&P BSE Sensex was down 0.22 per cent at 59,935 points.

According to media report, whistleblowers, several people, including a group of senior employees of the IndusInd Bank arm, Bharat Financial Inclusion (BFIL), have alerted the Reserve Bank of India (RBI) and the board of the private sector lender about lapses in governance and accounting norms to allegedly ‘evergreen’ loans running into thousands of crore since the outbreak of Covid-19.

For clarification purpose, IndusInd Bank, in a press release, said that the allegations made by certain anonymous individuals purportedly acting as whistleblowers, as published in the Mumbai edition of The Economic Times on November 5, 2021 titled as “Whistleblowers Raise Loan Evergreening Issue at IndusInd Arm” are grossly inaccurate and baseless.

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BUSINESS

SpiceJet Announced its Q3 Earnings 

Ali Waghbakriwala

SpiceJet Ltd announced its financial results for the September and December quarters on Wednesday, 26 February.

The airline posted a net profit of Rs 24.9 crore for the third quarter, a significant drop from Rs 301 crore in the same period last year. However, Chairman and Managing Director Ajay Singh highlighted that the company has turned net worth positive for the first time in a decade. “The past is behind us, and we are now firmly focused on building a stronger, more resilient future for SpiceJet,” he stated.

Total income for the quarter stood at Rs 1,650 crore, down from Rs 2,148 crore in the corresponding quarter of the previous fiscal. Meanwhile, aviation turbine fuel (ATF) expenses for the December quarter were recorded at Rs 167 crore, compared to Rs 234 crore in the prior year.

The company’s auditors noted that SpiceJet’s accumulated losses have reached Rs 8,170 crore. Additionally, the airline and some of its subsidiaries are reportedly non-compliant with various laws and regulations, though the exact impact on consolidated financial results remains uncertain.

The auditor further pointed out that SpiceJet’s current liabilities exceed its current assets by Rs 3,925 crore, raising concerns about the company’s ability to continue as a going concern due to material uncertainties.

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BUSINESS

Indian Clearing Corporation Gets Rs 5 Crore Fine from SEBI

Ali Waghbakriwala

The Securities and Exchange Board of India (Sebi) fined Indian Clearing Corporation (ICCL), a fully owned subsidiary of the BSE, with a Rs 5.05 crore fine on Tuesday for allegedly violating regulations relating to cyber security and system audits. 

Following an inspection between December 2022 and July 2023, the market regulator issued the show-cause notice in October 2024.

Sebi concluded that ICCL forwarded the network auditor report to the regulator without seeking input from management or the board.  

The guidelines stipulate that the governing board of the market infrastructure institutions must be presented with the audit report and management’s comments. Within a month of the audit’s completion, Sebi must receive the board’s comments and the same document.

Additionally, it was discovered that ICCL had an outdated inventory that did not fit the requirements. The verdict pointed out that the findings of the report were not immediately addressed, despite the fact that ICCL conducted yearly cyber audits.  

The market regulator claims that the clearing company failed to meet regulatory standards by having a one-to-one connection between the Primary Data Center (PDC) and the disaster recovery site (DRS) or near site (NS).

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BUSINESS

Tata Steel Invests Rs 10,727 Crore T Steel Holdings Pte Ltd

Ali Waghbakriwala

Tata Steel Ltd, a leading steel manufacturer, announced on Tuesday, 25 February, that it had acquired 78.85 million ordinary equity shares from its wholly owned subsidiary, T Steel Holdings Pte Ltd (TSHP), for $1.24 billion (approximately Rs 10,727 crore).

The investment, completed on 25 February 2025, will be utilized to repay external debt in Tata Steel’s offshore subsidiaries and aid the restructuring of Tata Steel UK Ltd. TSHP, established in Singapore in 2006, functions as Tata Steel’s holding entity for its international businesses.

Although TSHP was already a wholly owned subsidiary, Tata Steel secured approval from the Reserve Bank of India (RBI) for the investment, as it exceeded the $1 billion annual limit under the automatic route for overseas investments.

Last week, Tata Steel announced the acquisition of over 191 crore equity shares of TSHP for $300 million (Rs 2,603.16 crore).

The company reported a net profit of Rs 295.5 crore, outperforming CNBC-TV18’s estimated loss of Rs 550 crore. However, net profit declined 43.4% from Rs 522 crore in the same quarter last year.

Tata Steel recorded an exceptional loss of Rs 126.2 crore, significantly lower than the Rs 334.13 crore loss reported in the previous year. Meanwhile, revenue from operations stood at Rs 53,648.3 crore, surpassing the expected Rs 52,550 crore but reflecting a 3% year-on-year (YoY) decline from Rs 55,312 crore.

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BUSINESS

Prestige Estates Offices Get Searched by the Income Tax Department 

Ali Waghbakriwala

Prestige Estates Projects Ltd, a leading real estate firm, announced on Tuesday, 25 February, that the Income Tax Department has initiated a search operation at its registered and branch offices beginning 25 February 2025.

In a regulatory filing, the company stated, “The Income Tax Department is conducting a search at the Registered Office and other branch offices of the Company from 25 February, 2025. We are fully cooperating with the authorities, providing all necessary information and support.”

At this stage, the details of the investigation and its potential financial or operational impact remain unclear.

Prestige Estates Projects Limited is a key player in the real estate sector, specializing in residential, commercial, retail, and hospitality developments.

The company reported an 84.8% decline in consolidated net profit for Q3 FY25, with earnings dropping to Rs 17.70 crore from Rs 116.30 crore in the same period last year. Revenue also fell 7.9% year-on-year (YoY) to Rs 1,654.50 crore from Rs 1,795.80 crore.

Despite the revenue decline, EBITDA increased by 7% to Rs 590.10 crore, while margins improved to 35.7% from 30.7%, reflecting operational efficiency gains.

Wondering About Prestige Estates Projects Ltd? The Analyst Has Answers.

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BUSINESS

RailTel Secures Signaling and Telecom Contract Worth Rs 111 Crore 

Ali Waghbakriwala

Telecom infrastructure provider RailTel Corporation of India Ltd, along with its consortium, announced on Tuesday, 25 February, that it has received a Rs 111.43 crore (inclusive of taxes) work order from South Central Railway for comprehensive signalling and telecommunication upgrades.

In its regulatory filing, the company said, “this is to inform that RailTel Corporation of India Ltd along with its consortium has received the work order from South Central Railway for an Order amounting to Rs 1,11,42,51,936 (Including Tax).”

The contract entails implementing an automatic block signalling system in the Nandalur-Renigunta Junction section of the Guntakal division, with project completion targeted for 16 August 2026.

RailTel reported a 4.7% year-on-year (YoY) increase in net profit, reaching Rs 65 crore compared to Rs 62.1 crore in the corresponding period last year. Revenue from operations saw a 14.8% YoY rise, climbing to Rs 767.6 crore from Rs 668.4 crore in Q3 FY24.

However, the company’s EBITDA declined by 6.6% YoY to Rs 121 crore, down from Rs 129.7 crore in the same quarter last year. As a result, the EBITDA margin narrowed to 15.8% from 19.4% in Q3 FY24.

Curious About RailTel Corporation of India Ltd? Ask the Analyst.

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