IDFC Bank to replace Ricoh India on S&P BSE 500

IDFC Bank, the newest private sector lender would replace the printing and IT solutions company, Ricoh India on S&P BSE 500 index from March 28. Besides Ricoh would be dropped from S&P BSE AllCap, S&P BSE Industrial, S&P BSE LargeMidCap, S&P BSE Mid Cap and S&P BSE MidSmallCap.

According to a BSE note, the move follows Ricoh India placement in 'Z' group -- restricted trading category -- from March 28. The companies would be transferred to 'Z' group wherein their scrips would be settled on trade-for-trade basis.

On financial front IDFC’s revenue declined by 12.14 per cent quoting Rs 2161 crore in Q3FY16 as compared to the same period in previous financial year. Its total expenditure decreased by 15.61 per cent to Rs 289 crore in Q3FY16 on a yearly basis. EBITDA decreased by 11.58 per cent to Rs 1873 crore in Q3FY16 as compared to same period in previous fiscal year. The company’s interest expense reduced by 5.44 per cent to Rs 1403 crore in Q3FY16 on a yearly basis. Its net profit decreased by 58.21 per cent to Rs 176 crore in Q3FY16 on a yearly basis. On segmental revenue front, IDFC earned 93.77 per cent from financing segment and remaining 6.23 per cent from others segment during December 2015 quarter.

Ricoh India’s revenue increased by 95.51 per cent quoting Rs 443 crore in Q3FY16 as compared to the same period in previous financial year. EBITDA increased by 368 per cent to Rs 28 crore in Q3FY16 as compared to same period in previous fiscal year. The EBITDA margin stood at 6.42 per cent compared to 2.68 per cent year on year (YoY). Its net profit stood at 41 lakhs compared to a loss of Rs 15 crores in Q3FY15.

The stock of Ricoh India is trading at Rs 507, a fall of 4.47 per cent from the previous close. IDFC is trading at Rs 47.45, an increase of 1.61 per cent from the previous close.