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13 Aug

Revenue of domestic API companies will inflation by 7-8% by 2029: ICRA

Priyanka RoyBusiness, latest

New Delhi, August 13 (Language) Rating agency Icra said on Monday that domestic active pharmaceutical ingredient producing companies are expected to see a growth of 7-8 percent in revenue by 2029.The rating agency expects revenues of its sample companies to grow at a CAGR of 7-8 percent between 2023 and 2029, from an estimated size of US$13-14 billion in 2023.It also estimates that there will be a marginal improvement in the operating profit margin (OPM) of its sample set of companies in FY2025. Domestic API industry players faced considerable volatility in earnings during FY 2021-2023 due to multiple constraints such…

12 Aug

Bank loan write-offs to decrease by 18% in FY2024, RBI data shows

Priyanka RoyBusiness, latest

Banks in India have slowed down the pace of loan waivers, with the amount written off during the financial year ending March 2024 falling, according to Reserve Bank of India (RBI) data, The Indian Express reports. There has been a decline of 18.15%. After waiving off loans worth over Rs 9.90 lakh crore in the last five years, banks waived off Rs 1,70,270 crore in FY24, down from Rs 2,08,037 crore last year.Large-scale write-offs have helped banks reduce their non-performing assets (NPAs) by Rs 9,90,224 crore ($117.88 billion) in the last five years. However, recovery from these written off loans…

10 Aug

Equity fund inflows drop 9% to ₹37,113 crore in July, AMFI data shows

Priyanka RoyBusiness, latest

The Association of Mutual Funds in India released its data for the month of July on Friday.What happened: Open-ended equity mutual fund inflows lapse 8.6% month-on-month to ₹37,113.39 crore in July, according to the latest data. Net equity fund inflows had reached a new high of ₹40,608 crore in June.Inflows into large-cap funds stood at ₹670.12 crore, showing a decline of 31%, mid-cap funds saw inflows of ₹1,644.22 crore, while inflows into small-cap funds stood at ₹2,109.20 crore. Sectoral/thematic funds saw the highest investment of Rs 18,386.35 crore. With this, open-ended equity funds remained in positive territory for the 41st…

09 Aug

LIC Q1 results: Net profit upsurge 9% to ₹10,544 crore, VNB margin up 20 bps to 13.9%

Priyanka RoyBusiness, latest

LIC Q1 results: Life Insurance Corporation of India (LIC) on Thursday, August 8 announced its April-June quarter results for the financial year 2024-25 (Q1FY25) with a nine percent rise in consolidated net profit to ₹ An increase of Rs 10,544 crore was recorded. Total income of India's largest insurer rose to ₹2,10,910 crore during the latest June quarter, compared to ₹1,88,749 crore in the year-ago period.The life insurance giant's first-year premium rose to ₹7,470 crore in the June quarter, compared to ₹6,811 crore in the year-ago period. LIC earned ₹56,429 crore from renewal premium, compared to ₹53,638 crore a year…

08 Aug

Year after year Apollo Tires Q1 results: Net profit falls 24% to ₹302 crore, revenue up 1.5% YoY

Priyanka RoyBusiness, latest

Apollo Tires Q1 results: Apollo Tires on Wednesday, August 7 announced its April-June quarter results for the financial year 2024-25 (Q1FY25), reporting a 24 percent decline in net profit at ₹302 crore. While it was ₹397 crore last year. Same period last year. The Chennai-based tire maker's revenue from operations rose 1.4 percent to ₹6,335 crore in the first quarter of the current financial year, compared to ₹6,244 crore in the year-ago period.The company's net profit has declined due to lower sales and increased raw material costs. Apollo Tires' operating performance or EBITDA (earnings before interest, taxes, depreciation and amortization)…

08 Aug

Buddhadev Bhattacharya, the second and last Chief Minister of the Left Front regime, passed away

Banasree SarkarlatestBuddhadev Bhattacharya

Buddhadev Bhattacharya, the last chief minister of the Left Front government, passed away. He was 80 years old at the time of his death. Buddhadev Bhattacharya was the Chief Minister of the state for 11 consecutive years, from 2000 to 2011. Today, Thursday morning, Buddhadev's death was reported by his son Suchetan Bhattacharya. In the morning Buddhadev Bhattacharya had breakfast. Soon after that, he fell ill. He breathed his last at his home on Palm Avenue. After receiving this news, political leaders have started to rush to go there. As soon as this news came to light, the activity at…

07 Aug

Veg thali prices inflation 11% in July: Crisil

Priyanka RoyBusiness, latest

This was mainly due to the impact of high temperatures on the summer crop in major states like Karnataka and Andhra Pradesh.Chris MI&A Research said prices of representative home-cooked vegetarian and non-vegetarian thalis increased by 11 per cent and 6 per cent, respectively, on a month-on-month basis in July 2024.Crisil said 7 per cent of the 11 per cent increase in the price of vegetarian thali could be attributed only to tomato prices, which have increased by 55 per cent from Rs 42 per kg in June to Rs 66 per kg in July. , this was mainly due to…

06 Aug

Guwahati city hit by rain, educational institutions have been ordered to remain closed today

Banasree SarkarlatestEducational institutions

The city administration has announced the closure of all public and private educational institutions in the city. In view of the artificial flood and adverse weather in the city, the Deputy Commissioner of the city has issued an order to close the educational institutions. Guwahati Municipal Corporation City Council has issued directives to close all private and government educational institutions in the area today. The city was hit by continuous rain on Tuesday. There were many people on the streets of Guwahati who were held hostage for hours. Students were stranded on the streets till night. There was an unprecedented…

06 Aug

Bharti Airtel Q1 results: Cons PAT upsurge 158% YoY to Rs 4,160 crore, ARPU at Rs 211

Priyanka RoyBusiness, latest

Leading telecom company Bharti Airtel on Monday reported a 158% year-on-year rise in its consolidated net profit at Rs 4,160 crore for the first quarter ending June 30, 2024. Profit beat Street calculation by a wide margin.In an ET Now poll, it was estimated that the profit would be around Rs 3,661 crore. Revenue from operations grew 3% year-on-year to Rs 38,506 crore in the period under review, slightly below the poll estimate of Rs 38,523 crore.The company had reported a profit of Rs 1,612 crore and revenue of Rs 37,440 crore in the first quarter of the last financial…

03 Aug

SBI Q1 results: PAT upgrade marginally YoY to Rs 17,035 crore, better than estimates

Priyanka RoyBusiness, latest

Public sector lender State Bank of India (SBI) on Saturday reported a net profit of Rs 17,035 crore for the quarter ended June 30, 2024, up 0.9% from Rs 16,884.29 crore reported by the company in the year-ago period. is more. was excessive.This was higher than the Street's estimate of Rs 16,786 crore.Interest earned during the reported quarter was Rs 1,11,526 crore, which was 16% higher than Rs 95,975 crore reported by the lender in the corresponding quarter of the previous financial year.Interest spent by the bank in the April-June quarter stood at Rs 70,401 crore as against Rs 57,041…