Economy

10 May

Bank of Baroda’s Q4 profit growth marginally to Rs 4,886 Crore

Priyanka RoyBusiness, Economy

On Friday State-owned Bank of Baroda reported: a marginal 2.3% grow in net profit to Rs 4,886 Crore for the Q4 ending March 2024.A year before, the bank had earned a net profit of Rs 4,775 Crore in the January-March quarter. Total income during the quarter under review increased to Rs 33,775 Crore from Rs 29,323 Crore in the same period last year, BoB said in a regulatory filing.Interest income increase to Rs 29,583 Crore during the latest 3 month period from Rs 25,857 Crore in the same quarter a year ago.In terms of asset quality, the bank's gross non-performing…

09 May

Tata Power Q4 results: Net profit increase 11% to Rs 1,046 Crore due to higher profits

Priyanka RoyBusiness, Economy

New Delhi: Tata Power on Wednesday reported 11% rise in its consolidated net profit in the March quarter to Rs 1,046 Crore compared to last year mainly due to higher profits. BSE filings showed consolidated profit stood at Rs 939 Crore for the quarter ending March 31, 2023. The company's total income in the quarter increased to Rs 16.464 Crore from Rs 13,325 Crore in the year-ago period. Consolidated net profit in fiscal 2023-24 rose to record Rs 4,280 Crore from Rs 3,810 Crore in the year-ago period, the company said in a statement. Total income will increase from Rs…

08 May

Gold rate today: Price of 22 carat, 24 carat gold downfall

Priyanka RoyBusiness, Economy

Gold Price Today: Gold futures for June expiry on MCX closed 0.09 per cent or Rs 137 lower at Rs 71,083.00 per 10 gram on Wednesday (May 8), while silver futures for July expiry on MCX closed 0.11 per cent lower. Together it came to 82,783.00.According to PTI, analysts have attributed the fall in gold prices to weak global cues and profit-booking at higher levels.According to Good Returns, “gold prices declined by Rs 10 to Rs 6,625 per gram for 22 carat gold and Rs 7,227 per gram for 24-carat gold”.Check gold price in major cities:New Delhi: Today's gold price…

07 May

Dr Reddy’s profit after tax growth 36% to Rs 1,307 Crore, revenue Rs 7,083 Crore

Priyanka RoyBusiness, Economy

Dr Reddy's Laboratories on Tuesday reported a 36% rise in its consolidated profit after tax to Rs 1,307 Crore for the quarter ending March 2024 due to strong sales in the US market. The Hyderabad-based drug major had reported a profit after tax of Rs 959 Crore in the January-March quarter of financial year 2022-23. Revenue increased to Rs 7,083 Crore in the period under review from Rs 6,297 Crore in Q4FY13. For the full year ending March 31, 2024, the drug major said its PAT increased to Rs 5,568 Crore compared to Rs 4,507 Crore in financial year 2022-23.…

05 May

Air India has cut down the free cabin baggage allowance for the lowest economy fare segment from 20 kg to 15 kg

Priyanka RoyBusiness, Economy, latest

Loss-making Air India has reduced the free cabin baggage allowance for the lowest economy fare segment on domestic flights from 20 kg to 15 kg. The changes have been made to fare families, a menu-based pricing model introduced by Tata Group-owned Air India last August. The airline has said that a one-size-fits-all approach is no longer ideal. An airline spokesperson said on Saturday that there are three fare families – Comfort, Comfort Plus and Flex – which offer different levels of benefits and fare restrictions at different price points. From May 2, the free cabin luggage allowance for 'Comfort' and…

04 May

National Stock Exchange Q4 results: Profit grew up 20% to Rs 2,488 Crore

Priyanka RoyBusiness, Economy, India

The National Stock Exchange (NSE) on Friday reported : 20% year-on-year rise in consolidated net profit at Rs 2,488 Crore for the three months ending March 2024. NSE said in a statement that consolidated operating revenue in the January-March quarter of financial year 2023-24 stood at Rs 4,625 Crore, showing a growth of 34% year-on-year. Apart from trading, the exchange said the total profit was also supported by other revenue lines as well as listing, index services, data services and co-location facility. The NSE board has optional a dividend of Rs 90 per share (pre-bonus) for the financial year ending 2023-24, which…

03 May

Share of Russian crude in India’s imports increment to nearly 40% in April

Priyanka RoyBusiness, Economy, India

Russia increased its share of Indian crude imports from 30% in March to nearly 40% in April, closing at its all-time peak of 42% last July, as higher global oil prices forced Indian refiners to seek concessional Russian oil, inspired to increase barrel intake to reduce their average crude oil purchasing cost. Indian refiners imported 1.78 million barrels per day (mb/d) of crude oil from Russia in April, up 19% from March, according to energy cargo tracker Vortexa.

02 May

Adani Ports Q4 net profit upgrade 77% to Rs 2,014 crore

Priyanka RoyBUSINESS, Economy

Adani Ports and Special Economic Zone Ltd (APSEZ) on Thursday reported a 76.87% rise in consolidated net profit at Rs 2,014.77 crore for the fourth quarter ended March 2024. The country's largest integrated logistics company had posted a profit of Rs 1,139.07 crore in the corresponding period of the previous financial year, the company said in a BSE filing. Its consolidated total income rose to Rs 7,199.94 crore in Q4FY24 from Rs 6,178.35 crore in the year-ago period. Total expenses also increased to Rs 4,450.52 crore in the quarter under review from Rs 3,995 crore a year ago.

01 May

RBI promulgated updated guidance note for banks, NBFCs

Priyanka RoyBanking Finance, Business, Economy

The Reserve Bank of India (RBI) has updated its "Guidance Note" on operational risk management for the financial sector, and extended it to non-banking financial companies (NBFCs), including housing finance companies. Only commercial banks were included in the 2005 'Guidance Note on Operational Risk Management'.RBI said all regulated entities (REs) in India should implement robust information and communications technology (ICT) risk management program in line with their operational risk management framework."RES should manage their reliance on relationships for the delivery of critical functions, but not limited to, third parties (including intragroup entities)," the Reserve Bank said in its guidance note.…

30 Apr

UltraTech Cement Q4 net profit jump 35% to Rs 2,260 Crore

Priyanka RoyBUSINESS, Economy

UltraTech Cement Ltd on Monday reported 35.24% rise in consolidated net profit at Rs 2,258.58 Crore for the fourth quarter (Q 4) ended March 31, 2024. The foremost cement maker had posted a consolidated net profit of Rs 1,670.10 Crore in the January to March quarter. In the last financial year, according to a regulatory filing by UltraTech. Its revenue from operations increased by 9.41% to Rs 20,418.94 Crore during the period under review. It was Rs 18,662.38 Crore in the same period a year back. UltraTech's total expenses in the March quarter increased by 6.67% to Rs 17,381.09 Crore. The…