Bandhan Bank Q3: Profit plummets 64% to Rs 291 crore
Private sector Bandhan Bank on Friday reported a 64 per cent fall in its December quarter net profit at Rs 290.56 crore owing to decline in net interest income and rise in provisions for bad loans. The Kolkata-based new generation bank had posted a net profit of Rs 858.97 crore in the year-ago period. However, [...]
Reliance Jio Q3: Net profit rise 28.3% to Rs 4,638 crore
Reliance Jio, the nation's largest telecom firm, on Friday reported a 28.3 per cent rise in its third-quarter net profit to Rs 4,638 crore. The firm had a net profit of Rs 3,615 crore in October-December 2021, according to a company's stock exchange filing. Revenue rose to Rs 22,993 crore in October-December 2022 from Rs [...]
Midcap IT stock gets a BUY call with a target price of ₹ 8,300; Check the details
Persistent Systems ltd has recently reported its October to December results and has also approved the issue of an interim dividend. The is a mid-cap company is engaged in the business of software products, services, and technology innovation. This week, the share has given a return of 7.51% to its investors. On Friday, the stock [...]
Finmin ask banks to increase credit penetration in 112 aspirational districts
The Finance Ministry on Friday asked banks to further increase credit penetration in aspirational districts and ensure availability of at least one banking outlet within 5 km of all inhabited villages. Progress of 112 Aspirational Districts under Targeted Financial Inclusion Intervention Programme (TFIIP) was discussed in detail during a review meeting of Lead District Managers [...]
Google axes 12,000 jobs; CEO Pichai says ‘sorry’
Google will lay off 12,000 jobs across the globe, its CEO Sundar Pichai announced on Friday, becoming the latest tech giant to retrench staff en mass amid the global economic downturn. In an email to employees, the Indian-origin CEO said:"I have some difficult news to share. We’ve decided to reduce our workforce by approximately 12,000 [...]
Forex reserves zoom by USD 10.417 bn to USD 572 bn
India's forex reserves zoomed by USD 10.417 billion to USD 572 billion as on January 13, making it one of the biggest weekly jumps in the kitty in recent times. In the previous reporting week, the overall reserves had dropped by USD 1.268 billion to USD 561.583 billion. In October 2021, the country's forex kitty [...]
HDFC Life Q3: Profit rises by 15% to Rs 315 crore
HDFC Life on Friday reported a 15 per cent increase in net profit to Rs 315 crore for the third quarter ended December. The private sector insurer's profit stood at Rs 274 crore in the year-ago period, it said in a regulatory filing. Total income increased to Rs 19,693 crore in the latest December quarter [...]
Shakti Pumps (India) Q3: Net profit falls 23% to Rs 11.25 crore
Shakti Pumps (India) Ltd on Friday said its December quarter net profit fell by 23 per cent to Rs 11.25 crore on account of increased expenses. The firm had clocked a net profit of Rs 14.78 crore in the year-ago period, it said in a regulatory filing. However, the company's total revenue from operations rose [...]
Product promotions: Govt makes it mandatory for social media influencers to disclose material interest
The government on Friday made it mandatory for social media influencers to disclose their "material" interest in endorsing products and services and violations can attract strict legal action, including ban on endorsements. The regulations are part of continuing efforts to curb misleading advertisements as well protect the interests of consumers amid the expanding social influencer [...]
Fragmentation can cost 7% of global GDP; be pragmatic and collaborate: IMF chief
Asking the world to be pragmatic and collaborate, IMF chief Kristalina Georgieva on Friday said fragmentation can cost up to 7 per cent of the global GDP. "If we don't unite now, we'll face significant risk to the economy and people's wellbeing," she said during a session on global economy on the last day of [...]
Govt to introduce incentive scheme to boost R&D by pharma industry: DCGI Somani
The Centre is all set to introduce a research linked incentive programme shaped on the lines of the production linked incentive (PLI) scheme to boost research and development of biotech products in the country, said Drugs Controller General of India Dr V G Somani on Friday. PLI scheme aims to give companies incentives on incremental [...]
JSW Steel Q3: Net profit falls over 85% to Rs 474 crore
JSW Steel on Friday posted a sharp 85.50 per cent fall in its December quarter consolidated net profit to Rs 474 crore mainly on account of higher expenses. The firm had clocked a net profit of Rs 4,516 crore in the year-ago period, it said in a regulatory filing. Total income during the October-December quarter [...]
Swiggy lays off 380 employees; CEO Majety says overhiring ‘poor judgement’
Online food delivery platform Swiggy on Friday laid off 380 employees as part of a "restructuring exercise" citing challenging macroeconomic conditions, with its CEO Sriharsha Majety saying that overhiring was a case of "poor judgement" where he should have done better. In an internal email, Majety, Co-Founder and CEO, also apologised to the affected employees [...]
ICICI Lombard and ICICI Prudential post good Q3 results; Check their latest targets
The shares of ICICI Lombard General Insurance and ICICI Prudential Life Insurance shares faced selling pressure after they reported their financial results for the December quarter. ICICI Lombard’s shares closed at ₹ 1151.95 apiece on Friday, while ICICI Prudential’s shares closed at ₹ 471.90 apiece. ICICI Lombard General Insurance The general insurer reported a net [...]
Pak govt ready to meet all IMF demands to revive bailout programme: Report
The Pakistan government has requested the IMF to send its mission to the country at the earliest, preferably next week, to conclude a long-awaited agreement to revive the bailout programme, as it conveyed its willingness to accept all the four major conditions set by the global lender, according to a media report. Cash-strapped Pakistan revived [...]
Metal Stock falls more than 9% after it plans to buy Vedanta’s Zinc Assets; Check the details
Vedanta Group company, Hindustan Zinc’s shares opened 8.62% lower on Friday and fell as much as 9.89% to reach an intraday low of ₹ 340.20 apiece. This happened after the company announced the acquisition of Vedanta's Zinc International (ZI) assets for a cash consideration of $ 2,981 million. Hindustan Zinc is a subsidiary of Vedanta, [...]
Defence Ministry eases rules for telecom infra roll out in its area
The Defence Ministry has eased rules for rolling out mobile towers, optical fibre and other telecom infrastructure gears in its area in line with the "Right of Way (RoW)" Rules notified by the Telecom Ministry in 2016. A copy of the new rules uploaded on Gati Shakti Portal on Thursday replaces "shared communication tower and [...]
Irdai says Insurance sector needs Rs 50k cr capital per year, appeals conglomerates to pump money
The insurance industry will need a capital infusion of Rs 50,000 crore per year to double its penetration in the next five years, sector watchdog Irdai's chief Debasish Panda said on Friday. Panda appealed to business conglomerates to channelise funds into the sector, saying the return on equity is at a healthy 14 per cent [...]
