COST Financial News

(Reuters) -General Dynamics beat Wall Street expectations for fourth-quarter revenue on Wednesday, as a tense global political climate sustained demand for its military equipment even as supply-chain pressures drove up costs.

New Delhi: Apparel exporters body AEPC on Wednesday sought tax incentives such as uniformity in GST and enhanced interest subsidies to boost domestic manufacturing and India's outbound shipments. The Apparel Export Promotion Council (AEPC) asked to provide tax concessions to apparel manufacturers adopting Environmental, Social, and Corporate Governance (ESG) and other international quality standards and compliances. The council also sought budgetary support for the branding and marketing of made-in-India products.

₹607 crore in Q3. Despite decent growth, investors are concerned due to the bank’s apprehensions about credit and deposit growth. Anticipating a tight liquidity environment to continue until inflation cools to 4%, Axis Bank foresees a slowdown in credit growth and limitations on deposit expansion.

₹607 crore. NIM was in line with expectations, supported by improved yields resulting from a favourable product mix and a reduced share of low-yielding Rural Infrastructure Development Fund bonds. Looking ahead, as the deposit repricing continues and the loan-to-deposit ratio contracts, there might be some near-term pressure on NIM, but it does not appear alarming yet.

Securities and Exchange Board of India (Sebi) has released a circular encapsulating the framework for offer for sale (OFS) of shares to employees through stock exchanges such as BSE and NSE. The promoters of eligible companies will be permitted to sell shares within two weeks from the offer for sale (OFS) transaction to the employees of such companies. The circular also stipulates that the promoters are meant to make necessary disclosures in the OFS notice to the stock exchange including number of shares offered to employees and discount offered.

Delhi Metro is set to kick off its services at 4 am across all lines on January 26, allowing the public easy access to Kartavya Path for the 75th Republic Day ceremony in the national capital, Delhi Metro Rail Corporation (DMRC) said in a statement. Train services will be available every 30 minutes from 4 am to 6 am and thereafter, the regular timetable will be followed for the rest of the day. "People who will be in possession of bona fide e-invitation cards or e-tickets for attending the Republic Day ceremony will be issued coupons on production of government-issued identity cards at stations, which will be valid for exits from Central Secretariat and Udyog Bhawan stations only to reach Kartavya Path," the DMRC statement read.

The phrase ‘money can’t buy happiness’ dates back to the eighteenth century, but it seems it’s still true in modern day America – at least when it comes to employment.

Canara Bank's net profit rose 27% to Rs 3656 crore in the quarter ended December 2023 due to fall in provisions and higher other income even as operating expenses increased.

Bank on Wednesday reported a mere 2.4% year-on-year rise in net profit at Rs 300 crore for the quarter to December 30, 2023 on account of higher provisions while the bank's operating profit rose 17.5% at Rs 457 crore supported by a steady expansion of core income.

By Promit Mukherjee

Banks should be setting aside recent bumper profits to provision for clients defaulting on loans as the impact of higher interest rates feeds into the economy, according to the president of the country's regulator.

Exide Industries Ltd on Wednesday reported 2.3 per cent increase in consolidated profit after tax at Rs 202.69 crore for the third quarter ended December 31, 2023. The company had posted a consolidated profit after tax (PAT) of Rs 198.14 crore in the same quarter last fiscal, Exide Industries said in a regulatory filing.

State-backed Russian hackers breach Microsoft's email system, says tech giant According to a report by The Information, Microsoft has formed a new team to develop conversational AI that requires lower processing power compared to OpenAI's technology. The report also notes that Microsoft has moved several top developers from its research group to the new-Gen AI team.

Also Read: Pvt banks see muted Q3, challenges ahead The deposit growth has been lagging behind the credit growth which has increased the cost of funds for banks. Thus, Nair believes the earnings growth of banks will come down due to rising costs. A sharp sell-off was triggered in bank stocks with the Bank Nifty index falling more than 2% one week and over 5% in one month.

Mahanagar Gas share price saw gains of more than 2% in morning trades on Monday after the Q3 performance reported by the company on Tuesday. The results came better than expectations led by beat on the margins front. Total sales volumes reported by Mahanagar Gas in the December Quarter at 3.671 mmscmd (million standard cubic meter per day) improved 2.69% sequentially.

AEPC on Wednesday sought tax incentives such as uniformity in GST and enhanced interest subsidies to boost domestic manufacturing and India's outbound shipments. The Apparel Export Promotion Council (AEPC) asked to provide tax concessions to apparel manufacturers adopting Environmental, Social, and Corporate Governance (ESG) and other international quality standards and compliances. The council also sought budgetary support for the branding and marketing of made-in-India products.

Also Read- Karnataka Bank shares plunge 12.6% after Q3 earnings, hit 2-week low Analysts at Elara Securities India Pvt Ltd in their Q3 result preview said that they expect a uptick in steel prices to provide relief to steel firms in their steel coverage universe. However, this benefit might be partly offset by higher coking coal prices and softer volume.

MANILA (Reuters) -Philippine Finance Secretary Ralph Recto said on Wednesday inflation remains a «most urgent concern» and must be kept under control.

By Hyunjoo Jin and Joseph White

OpenAI's ChatGPT and Google's Bard, which can perform a variety of tasks with a single text prompt, these fears have become even more profound. What's more worrying is that even the creators of these technologies, such as OpenAI's Sam Altman, have previously suggested that the job market is unlikely to stay the same as generative AI technology improves.

BEIJING — Hot competition in China's electric car market is pushing local automakers to sell vehicles with fancy tech that Tesla doesn't yet offer in the country — and sometimes at lower prices.