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25 Jul

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

Priyanka RoyBusiness, latest

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…

24 Jul

Another plane crash in Nepal, all passengers died

Banasree Sarkarlatestnepal

Another plane crash in Nepal. A Surya Airlines flight met with an accident shortly after take-off from Tribhuvan International Airport in Kathmandu, Nepal, on Wednesday. The plane, which had taken off with a total of 19 people, including crew and passengers, caught fire. The plane was covered in black smoke. Airport staff and security guards rushed in. Rescue work started immediately. Airport services have been suspended for the time being. The weather was bad when the flight took off on Wednesday morning. The passenger plane caught fire shortly after takeoff. TIA spokesperson Premnath Tagore said that the accident took place…

24 Jul

Gold prices descent by 5 percent after duty cut

Priyanka RoyBusiness, latest

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…

23 Jul

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

Priyanka RoyBusiness, latest

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…

22 Jul

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

Priyanka RoyBusiness, latest

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…

20 Jul

The robbery happened in the state capital Guwahati

Banasree Sarkarlatestrobbery

The robbery took place in the state capital, Guwahati. The robbers beat up the mother and son and looted Rs 60,000 in cash and gold jewelry worth Rs 4 lakh. The incident took place at Anand Nagar 1 under Nunmati police station in Guwahati city. A widow, a resident of Anand Nagar 1 in Nunmati, went to bed with her 15-year-old son after eating rice and water on Friday night. The robbers entered the house around 2:30 p.m. after breaking the rods on the kitchen windows. The robbers entered the bedroom and tied the woman's and her son's hands and…

20 Jul

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

Priyanka RoyBusiness, latest

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…

20 Jul

Bangladesh is on fire in the movement, more than 300 students have returned to India

Banasree Sarkarlatestbangladesh

Riots in Bangladesh are due to student protests. The death toll has increased to 105. Meanwhile, students studying in Bangladesh are coming back to India in groups across the border. They enter India through Tripura, Meghalaya, and West Bengal. The Sheikh Hasina government has issued a curfew across Bangladesh starting Friday night. The army has also been deployed to deal with the protest situation. More than 300 students have crossed the border from Bangladesh through Tripura and Meghalaya and returned to India on Friday alone. They were doing some courses at different universities in Bangladesh. In recent times, educational institutions…

19 Jul

HDFC Bank will grow advances slower than deposits: CEO

Priyanka RoyBusiness, latest

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.…

19 Jul

Tripura police recover 27 damaged bomb shells in Bamutia

Sonakshi Sarkarlatest

Tripura Police unearthed 27 damaged bomb shells on Thursday following their discovery by a local resident in Bamutia, under the Mohanpur sub-division of Tripura's West District. The shells were found while excavating a pond. The discovery was made by Dulal Nama, who was digging the land for a new pond when his family stumbled upon the bomb shells. The area was immediately thrown into panic as the local community became aware of the potential danger. Upon receiving the report, a team of Tripura Police and Tripura State Rifles from the Bamutia outpost responded promptly. They conducted further excavation at the…