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.
Finance
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.
Mankind Pharma acquires Bharat Serums and Vaccines from Advent International for Rs 13,630 crore
Mumbai/IBNS: Mankind Pharma Ltd, India’s fourth largest pharmaceutical company by market share, on Thursday (July 25) said it has entered into a definitive agreement to acquire a 100 percent stake in Bharat Serums and Vaccines (BSV) from Advent International for an enterprise value of Rs 13,630 crore, according to reports.
Foxconn eyes expansion in India, plans Apple iPad assembly in Tamil Nadu plant 'soon': Report
New Delhi/IBNS: Foxconn has been eyeing major expansion in India as the Taiwanese tech major is planning to assemble Apple's flagship tablet iPad at its Sriperumbudur facility in Tamil Nadu, according to a report by the Economic Times.
Foreign investors pull out $1.27 billion from Indian stock market after Union Budget
Mumbai/IBNS: Foreign portfolio investors (FPIs) have taken out almost Rs 10,710 crore ($1.27 billion) from the Indian stock market in the last three days after the government, in the Union Budget, raised taxes on derivatives trades and on capital gains from equity investments, reports said.
Canara Bank Q1FY25: Profit grows 11% YoY to Rs 3,905 cr; NII grows 6%
Bengaluru: State-run lender Canara Bank Thursday reported a 10.5 percent YoY growth in net profit at Rs 3,905.28 crore in the Q1FY25, compared to Rs 3,535 crore in the same period last year.
Taj Hotels to make debut in Bihar’s capital Patna
Mumbai: Indian Hotels Company (IHCL) on Friday announced the opening of Taj City Centre in Bihar’s capital Patna marking the iconic brand's debut in Bihar's vibrant capital city.
Tata Motors’ market capitalization surpasses Rs 4 trillion
Mumbai: Tata Motors’ market capitalization crossed Rs 4 trillion for the first time on Thursday.
IPO-bound Ola Electric suspends electric car project: Report
Bengaluru: India's IPO-bound Ola Electric has paused its plans to launch electric cars, choosing instead to concentrate on its e-scooter business, according to a Reuters report.
Govt to cover MTNL's bond payments amid liquidity crisis: Report
New Delhi: The government will handle all future bond payments for Mahanagar Telephone Nigam Ltd. (MTNL) as the state-owned company deals with a liquidity crisis, according to a Bloomberg report.
Ashok Leyland Q1FY25 profit slumps 9% Rs 526 cr; revenue rises 5%
Chennai: Hinduja Group company Ashok Leyland reported an 8.7 percent decline in standalone net profit at Rs 525.58 crore in the first quarter of FY25, compared to Rs 576.42 crore in the corresponding period of previous financial year.
A Boost for Angel Investors, Start-ups, and Real Estate says Laxman Jaiswal on the Union Budget 2024
Eastern India’s leading Infra and e-commerce start up founder, Laxman Jaiswal said in a statement that the Union Budget of India for the fiscal year 2024 has been widely anticipated for its potential impact on various sectors, including angel investors, start-ups, and real estate.
Global credit rating agencies laud India's FY25 Budget for continued focus on cutting fiscal deficit, infra boost
New Delhi: Global credit rating agencies have praised the FY25 Budget for maintaining a strong commitment to reducing fiscal deficit. Moody's Ratings highlighted that the Budget is viewed as a positive development for the country's credit outlook, media reported.
RBI changes regulatory framework for domestic money transfer services
Mumbai: The Reserve Bank of India (RBI) has updated the regulatory framework for domestic money transfer services, tightening Know Your Customer (KYC) requirements for regulated entities.
Federal Bank Q1FY25 net profits grows 18% YoY to Rs 1009 cr
Mumbai: Federal Bank registered net profit of Rs 1009.53 crore for the quarter ended 30th June 2024, up 18.25 % YoY.
L&T Q1 FY25 net profit rises 12% to Rs 2,786 cr
Mumbai: L&T reported a 12% increase in profit after tax (PAT) to Rs 2,786 crore for the June quarter, up from Rs 2,493 crore in the same period last year.
SBI Life Insurance Q1FY25: Net profit grows 36% YoY to Rs 519 cr; Value of New Business up by 12%
Mumbai: SBI Life Insurance reported a net profit of Rs 519 crore for the June quarter, up 36% YoY compared to the same period last year.
Axis Bank Q1FY25 net profits grows 4% YoY to Rs 6,035 cr; NII grows 12%
Mumbai: Axis Bank reported a net profit of Rs 6,035 crore for the first quarter of FY25, an increase from Rs 3,452 crore in the same quarter of the previous year, surpassing market expectations.
Tata, Airbus sign contract to establish H125 Final Assembly Line in India
Tata Advanced Systems Limited (TASL), a private sector player for aerospace and defence solutions, and Airbus Helicopters have formalised the contract to establish the H125 Final Assembly Line (FAL) in India.
Ola Electric IPO likely in August; company aims to raise $740 million
Bengaluru: Ola Electric, led by Bhavish Aggarwal and backed by Japanese investment giant Softbank, is preparing to launch its highly anticipated initial public offering (IPO) as early as the first half of August, according to multiple industry sources cited by Moneycontrol.
Budget 2024-25: Indian Railways capex increased marginally to record Rs 2.652 trillion; focus on critical safety works
New Delhi: The Indian Railways received a 2 percent increase in its capital expenditure (capex) allocation in the Union Budget of 2024-25, reaching a record Rs 2.652 trillion, up from Rs 2.6 trillion in the Revised Estimate (RE) for 2023-24.
Gold, silver prices plummet by Rs 4,000 after budget slashes custom duty
New Delhi: Finance Minister Nirmala Sitharaman announced a significant reduction in customs duties on gold and silver during her Budget presentation on Tuesday.
Budgets 2024-25: Key benefits Finance Minister Nirmala Sitharaman announced
New Delhi: Union Finance Minister Nirmala Sitharaman on Tuesday announced some key benefits in Budget 2024-25, in her seventh consecutive budget, and the first budget of Modi 3.0
Real estate stocks fall after Budget removes indexation benefit on LTCG
Mumbai: Real estate stocks dropped following Finance Minister Nirmala Sitharaman's proposal to remove the indexation benefit for calculating long-term capital gains tax (LTCG) on real estate.