Real-Time MoneyWire is available only to registered users. This is best for professional traders and people who track markets actively.Real-Time MoneyWire is available only to registered users. This is best for professional traders and people who track markets actively.
By Sourabh KumarA sharp rise in other income led to an over 70% year-on-year jump in Indian Overseas Bank's net profit for the June quarter. A fall in the state-owned bank's provisions and contingencies also lifted the bottom line. Sequentially, the Chennai-based bank's provisions fell much more, aiding its quarter-on-quarter net profit growth. Read more
Prime Minister Narendra Modi is likely to visit the UK next week to sign the recently concluded free trade agreement, a commerce ministry official said Friday. Modi had announced the conclusion of the trade deal in May. Read more
By Sourabh Kumar ICICI Bank is expected to see steady year-on-year growth in net profit in the June quarter, driven by robust rise in its net interest income, according to brokerages tracking the private sector lender. However, the bank's performance is likely to be worse than the previous quarter due to compression in the net interest margin and a sharp rise in provisions, brokerages said. Read more
Under the trade deal with the US, which is currently under negotiation, India may get a preferential tariff treatment, compared with other trading partners, a commerce ministry official said. "The US deal is all about preferential treatment." Read more
By Siddhi Chauhan HDFC Asset Management Co. Ltd. reported a jump of nearly 24% in net profit for the June quarter to INR 7.48 billion, beating analysts' estimates. Analysts tracking the fund house had expected it to report a net profit of INR 7.01 billion. The rise in net profit was led by a sharp increase in the fund house's other income and net revenue from operations. Read more
By Sourabh Kumar Axis Bank's net profit fell in the June quarter due to a sharp increase in its provisions, which nearly doubled from last year. The bottom line of the private sector bank declined significantly sequentially, also dragged down by provisions, which almost tripled from the previous quarter. However, a robust year-on-year rise in the lender's other income helped limit the fall in its net profit. Read more
With Axis Bank's net profit for the quarter ended June being marred by huge provisions, its senior management said agriculture loan and unsecured loan segment added to the lender's fresh slippages. Fresh slippages of the bank in the reporting quarter surged to INR 82 billion from INR 48.05 billion in the previous quarter. Read more
By Kabir Sharma A sharp rise in interest income and a fall in impairment on financial instruments helped Jio Financial Services Ltd. to reported a rise in net profit for the June quarter. The company's bottom line could have risen more if not for the sharp jump in its finance costs. Read more
The Supreme Court Thursday dismissed a petition filed by the Airports Authority of India against a 2015 order by an additional district court directing enhanced compensation to landowners for selling their land for the expansion of Guwahati airport in Assam. In the 2015 order, the landowners' compensation was enhanced to INR 60,000 per katha from INR 20,000 per katha. Read more
