India Financial News

NIIT on Friday reported a three-fold rise in its consolidated net profits at Rs 7.75 crore in the June 2024 quarter. It had reported a net profit of Rs 2.18 crore in the year-ago period. Revenue from operations for the quarter under review came in at Rs 82.47 crore, up 31.86 per cent from Rs 62.54 crore in the corresponding quarter of the previous fiscal.

agent for mutual funds CAMS on Friday reported 42 per cent jump in profit after tax (PAT) at Rs 108.21 crore for the three months ended June 2024. The company had logged a PAT of Rs 76.34 crore in the year-ago period, Computer Age Management Services Ltd (CAMS) said in a statement. Revenue surged 27 per cent to Rs 331.40 crore in April-June FY25 from Rs 261.3 crore in the year-ago period.

4G and 5G networks which will the prevalent technologies going forward, while relaxing those around legacy but dying 2G and 3G networks. Further, to achieve time bound action on quality of service (QoS) related isissues the Telecom Regulatory Authority of India (Trai) Friday introduced provisions for financial penalties for all services. For the first time, the Trai notified QoS benchmarks for 5G services as the technology was launched in October 2022 in India. The new parameters released by Trai will be used to measure quality of fixed, wireless and broadband services, with an aim to reduce instances of call drops and improve quality of telecommunication services for consumers. The new regulations come into effect from October 1.

Eris Lifesciences on Friday said its consolidated profit after tax declined by 4.5 per cent year on year to Rs 89 crore for the quarter ended on June 30, 2024. The drug maker had reported a profit after tax of Rs 94 crore in the April-June quarter of the last fiscal. Revenue rose to Rs 720 crore for the first quarter of 2024-25 from Rs 467 crore in the year-ago period, Eris Lifesciences said in a statement.

Tamilnad Mercantile Bank reported a 10% rise in net profit for the June quarter at Rs 287 crore against Rs 261 crore in the year ago period even as it has increased provisions and contingencies. The operating profit stood 23.4% higher at Rs 469 crore against 380 crore, supported by a 40% rise in non-interest income while net interest income was lower for the quarter at Rs 466 crore against Rs 514 crore in the year ago period. The bank's net interest income for the quarter was however higher at 4.12% against 4% earlier. Provisions and contingencies stood higher at Rs 85 crore against Rs 39 crore even as gross non-performing assets fell to 1.44% at the end of June against 1.56% a year back.

Shares of Granules India Ltd.(up 2.32 per cent), Divi's Laboratories Ltd.(up 1.5 per cent), Dr. Reddy's Laboratories Ltd.(up 1.11 per cent), Sun Pharmaceutical Industries Ltd.(up 0.96 per cent) and J B Chemicals & Pharmaceuticals Ltd.(up 0.78 per cent) ended the day as top gainers in the pack.

Pixel 9 Pro Fold, showcasing its new design and advanced features. The foldable device, available in two color options, black and off-white (likely named obsidian and porcelain), is presented with an expanded folding screen. Unlike its predecessor, the Pixel Fold, this model unfolds completely flat, thanks to a redesigned hinge mechanism.

JSW MD and Chairman Sajjan Jindal has declared that his company will gift an MG Windsor car to every Olympic medallist. The industrialist took to social media platform X to make the announcement. «Delighted to announce that every Olympic medalist from Team India will be gifted an MG Windsor, a remarkable car from JSW MG India! Because our best deserve the best, for their dedication and success!» Jindal wrote on X. This announcement comes a day after Morris Garages India launched their new electric car- the MG Windsor CUV.

₹5,922 crore (about $707 million) through a 57.56% promoter stake acquisition, one of the largest cross-border deals in the communications platform space. That was Gupta’s claim to fame: Having bootstrapped a billion-dollar company and selling it to a global peer. Gupta is also a keen investor.

The Indian Directorate of Enforcement (ED), on Friday, raided at least six premises, probing a money laundering case linked to a crypto fraud ring – Emollient Coin.

20 Microns Ltd.(up 8.57%), Pokarna Ltd.(up 7.88%) and Ashapura Minechem Ltd.(up 1.02%) stood among the top gainers.

train services, including 100 Vande Bharat services, have been introduced in the Indian Railways network from 2019-2020 to 2023-2024, Union Minister Ashwini Vaishnaw informed the Rajya Sabha on Friday. The railway minister's written response came after BJP MP Neeraj Shekhar sought to know the number of new trains proposed to be run during 2024-25 and new trains like Vande Bharat, Rajdhani and other trains started in the last five years with year-wise and zone-wise details.

forex reserves dipped by $3.47 billion to $667.39 billion for the week ending on July 26, data shared by the Reserve Bank of India (RBI) showed on Friday. Previously, country's forex reserves jumped by $4.00 billion to hit an all-time high of $670.86 billion as of July 19. According to the Weekly Statistical Supplement released by the RBI, Foreign currency assets (FCAs) fell by $1. 1 billion to $586.88 billion. Expressed in dollar terms, the FCAs include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.

The NSE Nifty index closed 293.21 points down at 24717.7, while BSE Sensex ended down 885.6 points at 80981.95.

KCP Sugar & Industries Corporation Ltd.(up 1.91%), Kothari Sugars & Chemicals Ltd.(up 0.31%), Rajshree Sugars & Chemicals Ltd.(up 0.25%), Rana Sugars Ltd.(up 0.17%) and Simbhaoli Sugars Ltd.(up 0.04%) stood among the top gainers.

While evaluating Dixon Technologies recently, I realised that even the slightest slowdown in growth could deliver a huge blow to the stock’s valuation. A price-to-earnings ratio of 200 means that if you were to buy 100% of the company's shares, it would take 200 years for you to earn back your initial investment through its profits. Dixon is not the only Indian stock that’s soaked in excess liquidity in recent months.

₹89,999 for the 12GB RAM/512GB storage model. It will go on sale from Amazon.in, offline stores and Honor's own website from August 15. Honor Magic 6 Pro features a 6.8-inch FHD+ LTPO Quad-Curved OLED Floating Screen with a resolution of 1280x2800 pixels and 120Hz refresh rate.

₹27.5 lakh annually) by 2030. This has meant a growing emphasis on growth driven by premiumization. However, there is also significant potential to enhance market penetration overall by prioritizing product affordability to expand both the scale and quality of consumption.

Independence Day Airdrop Campaign. As part of this initiative, Mudrex will airdrop up to Rs 10 crore worth of Bitcoin (BTC) to its users and participants, marking the largest Bitcoin airdrop campaign ever conducted in India. The campaign will run from August 1 to August 13. As a leader in the crypto investment space, Mudrex aims to promote financial awareness through this airdrop. The campaign is designed to reward existing users and attract new participants, encouraging them to explore the benefits of investing in digital assets.

MUMBAI : In Currency and Finance report for 2023-24, the Reserve Bank of India (RBI) points out that digitalization is disrupting the jobs landscape in the financial sector and driving out middle-level banking staff. This comes even as digitalization is expected to constitute a fifth of India's gross domestic product (GDP) by 2026, doubling from 10% at present. The central bank also flagged potential challenges related to digital upskilling and the required employee adaptability.

₹10 for 200 ml packs. This led to two big players dropping prices, significantly widening the gap between nectar and cola prices, Punmiya said. Cola is a ₹50,000 crore market and nectar is about ₹1,250 crore, he said.