Punjab & Sind Bank Q1FY25 profit grows 19% to Rs 182 cr
New Delhi: Punjab & Sind Bank reported net profit of Rs 182 crore, up 18.95% YoY.
Finance
GAIL Q1FY25: Net profit rises 78% to Rs 3,183 cr
Mumbai: State-run GAIL reported a consolidated net profit of Rs 3,183 crore for the quarter ending June 2024, up 78% from the Rs 1,793 crore recorded in the same quarter the previous year, media reports said.
BCCI in settlement talks with Byju Raveendran over outstanding payments
Bengaluru: The Board of Control for Cricket in India (BCCI) informed the National Company Law Appellate Tribunal (NCLAT) on Tuesday that it is engaged in preliminary settlement discussions with Byju Raveendran to resolve a dispute with Think and Learn Private Limited, a Moneycontrol report said.
30% of GenAI projects will be abandoned after proof of concept by end of 2025, predicts Gartner
Sydney/IBNS: At least 30 percent of generative AI (GenAI) projects will be abandoned after proof of concept by the end of 2025, due to poor data quality, inadequate risk controls, escalating costs or unclear business value, according to American technological research and consulting firm Gartner.
Indian Oil Corp Q1FY25 profit declines 81% YoY to Rs 2,643 cr
Mumbai: Indian Oil Corp reported an 81% decline in its standalone net profit for the first quarter, amounting to Rs 2,643 crore, compared to Rs 13,750 crore in the same quarter last year.
Apple to make iPhone 'Pro' models in India for the first time
New Delhi/IBNS: American tech giant Apple is all set to expand its manufacturing footprint in India by making high-end iPhone "Pro" models in the country for the first time, reports MoneyControl.
Piyush Goyal rules out change in govt's stance on Chinese FDI
New Delhi: Commerce Minister Piyush Goyal stated Tuesday that the Indian government is not reconsidering its position on foreign direct investment (FDI) from China, indicating that the country may continue to impose stricter scrutiny on investments from Beijing, media reports said.
Poll on recovery options was 'not legally binding': WazirX clarifies in fresh statement after $230M hack
New Delhi/IBNS: Indian crypto exchange platform WazirX has been facing heat from the industry as well as customers for its "Withdrawal Management Programme: Opinion Poll" in the aftermath of the $230 million hack, 45 percent of its user funds, it suffered earlier in July, reports CoinDesk.
McDonald’s sales drop globally for first time in over three years
Chicago/IBNS: American multinational fast food chain McDonald’s has reported its first fall in global sales in over three years as inflation-weary consumers seek out cheaper options and cut back on eating out, reports said.
Survey reveals 51% Indian EV car owners want to switch back to ICE vehicles as dissatisfaction grows
New Delhi/IBNS: A recent survey by Park+, a leading app for car owners, has revealed that 51 percent of electric vehicle (EV) owners in India expressed a preference to switch back to conventional internal combustion engine (ICE) vehicles due to everyday hassles associated with EV ownership.
Takeover by UltraTech Cement won't hit jobs, Srinivasan assures India Cements' staff
Chennai/IBNS: N. Srinivasan, the vice chairman and managing director of India Cements, has assured his employees that the company's takeover by UltraTech Cement will not impact their career.
Key indicators show Indian economy remaining on course, says NCAER Monthly Review
Amid signs of receding global shocks, the latest high-frequency indicators like PMI expansion for manufacturing and services and bank credit growth besides the forecast of above-normal monsoon rains in July hold out the projected growth promise for the Indian economy, according to the Monthly Economic Review for July released by National Council of Applied Economic Research (NCAER).
FPIs invest Rs 33,600 cr in equities in July
Mumbai/IBNS: Foreign portfolio investors (FPIs) injected over Rs 33,600 crore into Indian equities so far in July on the expectation of continued policy reforms, sustained economic growth and a better-than-expected earnings season, reports said.
Ambanis, Tatas to face tough competition as Aditya Birla Group forays into Indian jewellery retail market
Mumbai/IBNS: The Indian jewellery retail market, which is largely dominated by the Ambanis and the Tatas, is set to witness intense competition with the Aditya Birla Group entering the Rs 6.7 trillion market with its in-house jewellery brand "Indriya".
Ola Electric's IPO opens on August 2; price band announced: Check out details and insights
Bengaluru: The initial public offering (IPO) of Ola Electric Mobility will open for subscription on August 2, with a price band set at Rs 72-76 per share. Investors are required to apply in lots of 195 equity shares or multiples thereof. The IPO, which will close on August 6, is expected to list the company's shares on both BSE and NSE on August 9. Here are the essential details:
SEBI study finds married traders outperform single traders in profit-making
Mumbai/IBNS: An extensive analysis of intraday trading patterns conducted by the Securities and Exchange Board of India (SEBI) has revealed a surprising correlation between trading performance and relationship status.
WazirX unveils fund recovery plan after $230 mn cyberattack
Mumbai/IBNS: Days after losing $230 million to a cyberattack, Indian crypto exchange platform WazirX is launching a fund recovery plan based on a user poll the cryptocurrency platform will conduct by August 3.
Jammu and Kashmir administration approves Rs 400 crore rooftop solar project for govt buildings
Srinagar/IBNS: The Jammu and Kashmir administration on Sunday (July 28) approved a Rs 400 crore project to install grid-tied rooftop solar power systems on all government buildings in the union territory, reports said.
UltraTech Cement shares gain after its board approves additional 32.72% acquisition of India Cements
Mumbai/IBNS: The share price of UltraTech Cement gained over a percent in early trade on Monday (July 29), a day after the company announced the acquisition of another 32.72 percent stake in India Cements.
Aditya Birla Group forays into Rs 6.7 trn Indian jewellery retail market with 'Indriya'
Mumbai/IBNS: The Aditya Birla Group on Friday (July 26) ventured into the rapidly expanding Rs 6.7 trillion Indian jewellery retail market with the launch of its in-house jewellery brand 'Indriya'.
Govt extends EV subsidy scheme EMPS by two months
New Delhi/IBNS: In a significant move to accelerate India's transition to electric vehicles, the Centre on Friday (July 26) announced a two-month extension of the Electric Mobility Promotion Scheme (EMPS) 2024.
iPhones get cheaper by up to Rs 6,000 after customs duty relief in Budget
New Delhi: Apple has reduced the prices of its iPhones by 3-4% across its entire range, allowing customers to save between Rs 5,100 and Rs 6,000 on Pro or Pro Max models.
Power Grid Corporation of India Q1FY25 net profit rises 3.52% to Rs 3,724 cr
Mumbai: Power Grid Corporation of India (PowerGrid) reported a 3.52 percent increase in its consolidated net profit, reaching Rs 3,723.92 crore for the June quarter.
SEBI bars fugitive businessman Vijay Mallya from trading in securities market
Mumbai: The Securities and Exchange Board of India (SEBI) has banned fugitive businessman Vijay Mallya from accessing the securities market for three years, media resports said.
India to push forward majority stake sale in IDBI following key RBI approval
New Delhi: India will press ahead with the delayed sale of a majority stake in IDBI Bank after central bank clearance, opening bids for the lender before the end of the financial year, Reuters reported, citing a top finance ministry official said on Friday.
IndiGo Q1fFY25: Net profit drops 11.7% to Rs 27,288 million on increased expenses
Gurugram: IndiGo operator Interglobe Aviation reported an 11.7% drop in net profit in the first-quarter of FY25 to Rs 27,288 million against Rs 30,906 million with increased expenses overshadowing strong air travel demand.
Indian auto component industry clocks Rs. 6.14 lakh crore turnover in FY 2023-24
Automotive Component Manufacturers Association of India (ACMA), the apex body representing India’s Auto Component manufacturing industry on Thursday announced the findings of its Industry Performance Review for the fiscal year 2023-24 which showed the turnover of the automotive component industry stood at Rs. 6.14 lakh crore (USD 74.1 billion) for the period, registering a growth of 9.8% over the previous year.
'Confidence in the India story': ITC to invest Rs 20,000 cr in medium term, says CMD Snjiv Puri
Kolkata: ITC plans to invest Rs 20,000 crore in the medium term, reflecting its strong belief in India's economic potential, according to Sanjiv Puri, the chairman and managing director of the consumer goods company, media reports said.
LIC-backed SJVN's stock skyrockets after PSU bags Rs 14,000 crore pumped storage project in Mizoram
Mumbai/IBNS: Shares of Life Insurance Corporation (LIC)-backed Satluj Jal Vidyut Nigam Ltd (SJVN) rose 13 percent in early trades on Friday (July 26) after SJVN said it has secured a Letter of Intent from the Government of Mizoram to develop the 2,400 MW Darzo Lui Pumped Storage Project worth Rs 13,947 crore, marking the firm's entry to the North-Eastern state.
RBI proposes stricter LCR norms for banks, releases draft guidelines
New Delhi/IBNS: The Reserve Bank of India (RBI), in view of the rising number of mobile and internet banking users, has proposed to tighten norms related to the liquidity coverage ratio (LCR) by increasing the run-off factor for retail deposits, reports said.