India Financial News

South Indian Bank reported a net profit of Rs 294 crore during the quarter ended June 2024, up 45% compared to a net profit of Rs 202 crore in the June 2023 quarter. «The bank recorded a strong growth in net interest income, treasury income besides other income on account of recoveries» said P R Seshadri, MD & CEO of the Bank in a telephonic interaction with ET.

Earlier today, WazirX, a prominent Indian cryptocurrency exchange, suffered a severe security breach resulting in the loss of approximately $235 million in crypto assets, with suspicions pointing towards North Korean hackers.

BSNL even as its asset monetisation efforts to pay off liabilities are underway. The Government of India stands behind the sovereign Guarantee bonds, Telecom Minister Jyotiraditya Scindia asserted. Mahanagar Telephone Nigam Ltd (MTNL's) operations will be transferred to BSNL, and monetisation of assets will take place to pay off liabilities, he said. «In the interim of monetisation of assets and some bonds coming due, the Sovereign Guarantee Bonds will stand good. Government of India stands behind those bonds and there will be no default and that is what you have seen,» Scindia said.

The Shiba Inu price has dived by 11% in the past 24 hours, dropping to $0.00001707 after criminals stole 5.4 trillion SHIB as part of a $234 million hack of Indian exchange WazirX.

Logistics industry is expecting steps that will further improve ease of doing business in the country, incentives and benefits for green initiatives in the sector, among others, in the Union Budget for 2024-25, which is set to be presented by the Finance Minister Nirmala Sitharaman in the Parliament next week. «There is significant scope to improve the ease of doing business by streamlining regulations and adopting digital processes. Simplifying and ensuring consistency in GST administration, greater clarity and standardisation in interpretation of customs procedures, and TDS regulations are crucial steps in this direction,» said R S Subramanian, Senior Vice President & Managing Director, DHL Express India. «I am optimistic that the Budget will prioritise infrastructure and logistics as critical levers of growth, consistent with the interim Budget,» said Rizwan Soomar, Chief Executive Officer and Managing Director, DP World North Africa and India Subcontinent.

rupee weakened against the dollar on Thursday, coming very close to its record low levels due to dollar outflows from corporates and volatility in oil prices, dealers said. The rupee closed at 83.650 against the US dollar on Thursday, versus the previous close of 83.582, LSEG data showed. The all time low of 83.6650 was on June 20

Vi) has approved the first tranche of allotment of equity shares via a preferential issue — aggregating Rs 615 crore — to its two European network gear vendors Nokia and Ericsson to clear a portion of their pending dues. “…the Capital Raising Committee of the board has, at its meeting held today (July 18) approved the first tranche of allotment of 41,52,02,701 equity shares of face value of Rs 10/- each at an issue price of Rs 14.80 per share (including a premium of Rs. 4.80 per equity share), to Nokia Solutions and Networks India Pvt Ltd (25,67,56,756 Equity Shares) and Ericsson India Pvt Ltd (15,84,45,945 Equity Shares), vendors (non-promoters) of the company, aggregating Rs 615 crore,on a preferential basis,” ),” Vi said in an exchange filing Thursday.

JSW Infrastructure on Wednesday posted a net profit of Rs 295 crore for the fiscal's first quarter, down by 8.5%, dragged by higher expenses. Its revenue from operations for the April-June quarter rose to Rs 1,009.77 crore from Rs 878.10 crore in the year-ago period, it said in a BSE filing.

Shimla: The Himachal Pradesh Police has arrested one of the masterminds of a Rs 2,500-crore cryptocurrency scam, which was unearthed in the state in 2022, from Kolkata, officials said on Thursday. Accused Milan Garg (35), a resident of Meerut in Uttar Pradesh, was apprehended on Wednesday night from the Netaji Subhash Chandra Bose International Airport, Kolkata while he was trying to flee to Bangkok in Thailand, they said. Garg, who was allegedly involved in designing and marketing of a fake cryptocurrency, was later brought to Shimla, Deputy Inspector General of Police (DIG), Northern Range, Abhishek Dhullar told. Garg, who earlier fled to Dubai after the scam came to light, had returned to India in June and was again leaving the country when he was detained at Kolkata airport. The accused has been arrested and brought to Shimla, said Dhullar, who is heading an SIT probing the case.

road construction projects and subdued demand due to general elections. While industry body Indian Construction Equipment Manufacturers’ Association (ICEMA) has yet to release sales data for the quarter ended June 30, the industry estimates about 24,000 units have been sold during the three-month period, similar to the volume reported in the same period last fiscal year. Senior industry executives estimate sales of construction equipment, widely regarded as a barometer of economic activity, to remain sluggish this year.

Canada largest airline has been ordered to pay a family of five who were separated on what’s being described as a “traumatizing” flight last year.

On Thursday, the exchange confirmed on X that one of its multisig wallets has suffered a security breach and that it was pausing withdrawals "to ensure the safety of your assets".

Indian Prime Minister Narendra Modi’s high-profile visit to Moscow last week set off a firestorm of criticism in the West. But if you look beyond the hyperbole used to describe India-Russia relations, it becomes obvious that there’s less to the connection than meets the eye. As a weakened Russia grows more dependent on China, India has no choice but to draw closer to the U.S.

private companies has not yet been discussed in detail in the Cabinet as he came under pressure from the Opposition BJP to present the draft law in the ongoing legislature session itself. “There was some confusion (over the bill). We will clear the confusion in the coming days,” the CM posted on microblogging site X, while adding that it would be placed again before the Cabinet for detailed discussions. In a last-minute decision, Siddaramaiah Wednesday night announced putting the jobs bill on hold after it triggered widespread backlash from captains of the tech industry and the industry body NASSCOM.

tyre makers such as Bridgestone, Michelin and Goodyear have committed investments worth over Rs 1,100 crore in India after the DPIIT temporarily allowed them to import certain tyres to the country, an official said. The official said that the import restrictions on 'New Pneumatic Tyres' were relaxed for certain global players that were interested in importing specific tyres from their factories abroad into India. The imports were temporarily permitted by the department for promotion of industry and internal trade (DPIIT) subject to the concerned company's commitment to invest and set up or expand its manufacturing facilities in the country for the concerned products, in a time-bound manner. «This initiative has witnessed investment commitments worth more than Rs 1,100 crore from leading global players like Bridgestone, Michelin and Goodyear for the development/expansion of their tyre manufacturing capacity in India,» the official said.

Canalys' latest research shows that the Indian smartphone market grew by just 1% in Q2 2024, reaching a total of 36.4 million units shipped. Inventory levels remained high, with some vendors launching new devices in higher price segments, while others focused on reducing existing stocks ahead of the festival season.

The lending institution earlier used to provide a Personal Loan of a maximum of Rs. 3 lakh. Now, they are increasing their limit to Rs. 5 lakh. Now have bigger financial support from Hero FinCorp with a 500000 Personal Loan.

HDFC Bank on Thursday said that going forward its advances will grow slower than its deposits, as it adjusts to its merger with parent HDFC limited. In his annual address to shareholders, managing director Sashidhar Jagdishan said that the bank will work towards bringing down its credit to deposit ratio, look at prepaying HDFCs borrowings and explore profitable lending sources. “During this time of adjustment, the bank would grow its advances a little slower than the deposit growth,” Sashidhar Jagdishan, MD, HDFC Bank said in his annual address. His speech was published as part of the annual report. “We will avoid pursuing growth which does not meet our risk adjusted profitability thresholds.” Jagdishan also said that the bank is working towards bringing down its CD ratio. The credit to deposit ratio of the lender had touched 110%. Prior to the merger the private lender has maintained CD ratio in the range of 85-87%.

Reserve Bank of India economist wrote, providing long-awaited commentary on a key gauge that is used to predict the future course of borrowing costs. “The natural rate of interest estimated earlier for Q3:2021-22 is revised upward from 0.8 -1.0 per cent to 1.1-1.3 per cent, reflecting revision in GDP data. The current estimates suggest a wide range between 1.4-1.9 per cent for Q4:2023-24,” wrote Harendra Kumar Behera from the RBI’s Department of Economic and Policy Research in the central bank’s July Bulletin. The views are personal and do not reflect those of the central bank. RBI Deputy Governor Michael Patra provided guidance for the article.

₹2.5 lakhs for grievous injury and Rs. 50,000 for those who suffered minor injuries.The Railway Ministry said that a high-level enquiry has been ordered alongside the CRS enquiry.According to an NDTV update, the driver of the derailed passenger train claims to have heard a loud noise before the accident.“Failure of automatic signal, lapses at multiple levels in managing operations and non-availability of critical safety equipment such as walkie-talkie with the loco pilot and train manager are some of the reasons cited for collision in the probe report.

₹190 crore, two company executives told Mint. The company has committed ₹100 crore to Chennai-based Radiance Realty Developers India Ltd, and another ₹90 crore to Pune-based Mantra Properties and Developers Pvt. Ltd, for their respective residential projects.