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Canara Bank Q1 results: Net profit upgrade 10.5% to ₹3,905 crore; NII increased by 6%
25 Jul

Canara Bank Q1 results: Net profit upgrade 10.5% to ₹3,905 crore; NII increased by 6%

Priyanka RoyBusiness, News
Canara Bank Q1 results: The lender's standalone net profit rose 10.5 percent year-on-year (YoY) to ₹3,905 crore in the quarter ended June 2024 (Q1FY25), in line with analysts' expectations. This compares with a net profit of ₹3,535 crore in the same period last year. Additionally, net interest income (NII) grew 6 percent year-on-year to ₹9,166 crore in the quarter under review from ₹8,666 crore in the previous year.However, the bank saw a decline in its net interest margin, falling to 2.9 percent in the June 2024 quarter from 3.05 percent in both the same period last year and the previous…
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Union Budget 2024: A game-changer for job creation and entrepreneurship, says NSE Chief
24 Jul

Union Budget 2024: A game-changer for job creation and entrepreneurship, says NSE Chief

Business BureauBusiness
In a move aimed at transforming India’s economic landscape, Finance Minister Smt. Nirmala Sitharaman’s Union Budget 2024 has received high praise from Shri Ashishkumar Chauhan, MD and CEO of the National Stock Exchange (NSE). Chauhan's enthusiastic response highlights the budget’s innovative approach to job creation and support for entrepreneurs. Chauhan applauded the budget for its strategic focus on amplifying job creation by engaging both private and public sectors. He underscored the significance of the budget’s provisions, including substantial relief on angel tax and a notable increase in the Mudra loan scheme limit from Rs 10 lakhs to Rs 20 lakhs…
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Gold prices descent by 5 percent after duty cut
24 Jul

Gold prices descent by 5 percent after duty cut

Priyanka RoyBusiness, News
Gold prices fell by more than five percent after Finance Minister Nirmala Sitharaman announced a steep cut in import duty on gold and silver.At 5 pm, gold prices on the MCX platform were down 5.03 percent or Rs 3,657 at Rs 69,061 per 10 grams amid speculations of increase in gold imports following the duty revision. After the duty cut, silver prices fell by 4.38 percent to Rs 85,299 per kg.The FM announced reduction in customs duty on gold and silver to 6 percent from the existing 15 percent and on platinum to 6.4 percent from 15.4 percent. There is…
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Economy survey shows bank credit flourish to agriculture, industries, housing to bounce back in FY2024
23 Jul

Economy survey shows bank credit flourish to agriculture, industries, housing to bounce back in FY2024

Priyanka RoyBusiness, News
The economy survey on July 22 showed that bank credit to sectors like industry agriculture, and housing saw a increase in fiscal year 2024.Agricultural credit improveed almost 1.5 times to Rs 20.7 lakh crore in FY2014 from Rs 13.3 lakh crore in FY2011. “The Kisan Credit Card scheme has played a considerable role in providing timely and hassle-free credit to farmers with over 7.4 crore active KCC (Kisan Credit Card) accounts at the end of 2023,” the survey revealed.Credit to industries flourish by 8.5 percent in March 2024 compared to 5.2 percent a year ago, driven by an extend in…
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The Economic Survey estimates real GDP growth of 6.5-7% for FY2023-24
22 Jul

The Economic Survey estimates real GDP growth of 6.5-7% for FY2023-24

Priyanka RoyBusiness, News
The Economic Survey 2023-24, presented in Parliament by Union Finance Minister Nirmala Sitharaman on Monday, said the Indian economy is in a strong and stable position, demonstrating resilience in the face of geopolitical challenges."The higher economic increment in FY20 follows profit rates of 9.7% and 7% in the previous 2 fiscal years."The survey said that the core inflation rate is largely under control, although the inflation rate of some specific food items has increased. The trade deficit was lower in FY24 compared to FY23, and the current account deficit for the year is about 0.7% of GDP.However, it said the…
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Annual average GDP growth estimated at 7% in FY25: FICCI survey
20 Jul

Annual average GDP growth estimated at 7% in FY25: FICCI survey

Priyanka RoyBusiness, News
The latest round of Economic Outlook Survey of the Federation of Indian Chambers of Commerce and Industry has estimated the annual average GDP growth for the year 2024-25 at 7.0 percent. The average growth forecast for agriculture and allied activities for 2024-25 is estimated at 3.7 percent, which shows an improvement over the growth of about 1.4 percent reported in 2023-24. The industry and service sectors are estimated to grow by 6.7 percent and 7.4 percent respectively in the current financial year.According to the survey results, the average forecast of CPI-based inflation for 2023-24 is kept at 4.5 percent, with…
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HDFC Bank will grow advances slower than deposits: CEO
19 Jul

HDFC Bank will grow advances slower than deposits: CEO

Priyanka RoyBusiness, News
HDFC Bank, the country's largest private lender, will grow its advances at a slower pace than deposits as it aims to achieve profitable growth without compromising asset quality. The lender will also work to reduce its credit-to-deposit ratio to pre-merger levels, its managing director and chief executive officer Shashidhar Jagadeesan said in a message to shareholders.It's been a little over a year since mortgage lender HDFC merged with HDFC Bank. After the merger, the bank received a larger pool of mortgage loans in its portfolio, but a much smaller amount of deposits, pushing its CD ratio above the 100% mark.…
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Asian Paints shares fall 4.4% after Q1 net profit decline
18 Jul

Asian Paints shares fall 4.4% after Q1 net profit decline

Priyanka RoyBusiness, News
Shares of Asian Paints were trading in negative territory on Thursday, July 18, after the company announced financial results for the April-June quarter of financial year 2024-25. The stock fell 4.4% to ₹2,842 per share on the National Stock Exchange (NSE). However, it recovered from the day's low and traded 2% lower at ₹2,913.9 at 9:42 am.On Wednesday, Asian Paints reported a 24.5% decline in its consolidated net profit to ₹1,186.7 crore in Q1FY25 due to demand slowdown due to Lok Sabha elections and extreme heat. The company had earned a net profit of Rs 1,550.3 crore in the same…
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Bandhan Bank introduces Bharat QR Code to revolutionize payments
18 Jul

Bandhan Bank introduces Bharat QR Code to revolutionize payments

Business BureauBusiness
Bandhan Bank has unveiled its latest digital payment solution, the Bharat QR Code, designed for Current and Savings account customers. This innovation allows seamless payments at merchant outlets via banking or UPI apps, eliminating the need for debit or credit cards. Customers will receive instant notifications through a small speaker for every transaction. Rajinder Babbar, Executive Director & Chief Business Officer of Bandhan Bank, highlighted the bank's commitment to cutting-edge technology and customer convenience. "With the launch of BQR, we aim to provide a robust payment solution that empowers merchants to offer an easy mode of payment to their customers.…
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IMF raises India’s GDP forecast by 7% for 2024-25
17 Jul

IMF raises India’s GDP forecast by 7% for 2024-25

Priyanka RoyBusiness, News
New Delhi: The International Monetary Fund (IMF) has revised its growth projection for India's economy in the 2024-25 financial year, raising it to 7 percent from 6.8 percent.The upward adjustment is attributed to an anticipated improvement in private consumption, especially in rural areas of the country. The IMF made this announcement in its latest World Economic Outlook report Issued on Tuesday.For the 2025-26 financial year, the IMF has retained its previous projection of 6.5 percent growth in India's gross domestic product (GDP). This estimate is unchanged from the earlier forecast.In April, the IMF had raised India's GDP growth forecast for…
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