COST Financial News

Multicoin Capital, a leading crypto venture capital firm, recently outlined its excitement and predictions for 2024, providing a glimpse into the future of the crypto landscape. 

banks reported higher quarterly net profit Saturday, as growth in retail loans, increased non-interest income and a fall in provisions more than offset the impact of increasing cost of funds that weighed on their net interest margins (NIMs). ICICI Bank, the largest of the six lenders, reported a 24% rise in net profit to ₹10,272 crore for the quarter ended December 31, compared with ₹8,312 crore a year earlier. A key driver of its profit growth was other — or non-interest — income which, excluding treasury, rose 20% to ₹5,975 crore, led by 19% growth in fee income. Net interest income (NII) — or the difference between interest income earned on loans and that paid for deposits — rose at a slower 13% to ₹18,678 crore, largely reflecting the weaker NIM which eased to 4.43% from 4.65% a year earlier. HDFC Bank, the nation's largest lender by market value, also on Tuesday reported a smaller net interest margin, even as its net profit rose 34% year-on-year. ICICI Bank executive director Sandeep Batra shrugged off the reduction in margin as an industry phenomenon due to rising deposit rates.

India's Kotak Mahindra Bank reported lower-than-expected third-quarter net profit on Saturday, weighed down by higher bad loan provisions and shrinking lending margins. The private bank reported standalone net profit of 30.05 billion rupees ($361.7 million) in the quarter ended Dec.

Niraj Shah said Wayfair's aim is to maximize the company's free cash flow and potentially reduce its total share count. "We went overboard in hiring during a strong economic period and veered away from our core principles," Shah said in a note to employees. Boston-based Wayfair announced rounds of layoffs in 2022 and 2023.

₹10,000 crore every 15 years to procure new Electronic Voting Machines (EVMs) if simultaneous polls are held for Lok Sabha and assemblies. The Commission, in a communication sent to the government, noted that the shelf life of EVMs was 15 years and one set of machines could be used to conduct three cycles of elections in their life span if simultaneous polls were held. According to estimates, a total of 11.80 lakh polling stations would be required to be set up across India for Lok Sabha polls this year.

₹3,005 crore, below Bloomberg analysts' expectations of ₹3,163 crore. The bank's net interest income, the difference between interest earned and interest expended, rose nearly 16% year-on-year to ₹6,553 crore. Provisions and contingencies increased to ₹579 crore at the end of December quarter from ₹149 crore a year ago.

Canadian companies have lost a step when it comes to innovation, experts say, pointing toward Ottawa having work to do to turn around stagnating business investment and an over-reliance on temporary workers.

MUMBAI — ICICI Bank, one of India's leading private sector banks, has revealed its third-quarter earnings today. The bank reported a significant year-on-year rise in net profit, reaching ₹8,312 crore, exceeding market expectations that were already anticipating a robust increase. This figure is a correction from an earlier report which suggested a higher profit.

The New Tax Regime under Section 115BAC of the Income Tax Act 1961 was introduced with the objective of enhancing the number of electronic tax filings and bringing transparency in the Income Tax Returns. The statistics shared by the department recently show a huge growth in e-filings, but the irony is that a limited number of individuals have opted for the New Tax Regime. A total of 7.33 crore personal tax ITRs have been reported by the Department for the Assessment Year 2023-24 as against 6.86 crore in A.Y. 2022-23, marking a growth of 6.79%.

Question: I am a taxpayer regularly investing in cryptocurrencies and Non-Fungible Tokens (NFTs). Please guide me on the tax implications applicable on sale of such investments made in cryptocurrencies.

₹78 apiece following the release of the bank's Q3FY24 numbers. The bank reported a robust performance in all key parameters. It reported a 57% YoY jump in its standalone net profit to ₹1,458 crore.

₹15,188 crore was flattish year-on-year. Pricing growth turned negative in Q3 and can remain under pressure in the foreseeable future. Not surprising then that HUL’s shares fell by over 3% on Saturday.

The benefits do not in any manner reduce the fulfilment and adherence to compliances, which if taken lightly, could also result in imprisonment of key personnel. Compliance is always viewed as a cost to an organisation hence the consistent approach to simplify fulfilment at the lowest cost possible making this a sweet spot for innovative technology solutions, and even more important from an SME perspective since this sector works on tight operating costs. “Reg Tech” is a common jargon in recent times which refers to regulatory compliance technology which could vary from simple tools which list the various compliances that an organization must adhere to in a checklist pattern to complex integrated platforms which use a combination of source systems and manual intervention to complete the end-to-end cycle of compliance fulfilment process.

Also Read- ICICI Bank share price in focus ahead of Q3 results today. Do you own? BNP Paribas continues to prefer financial services, information technology and telecom, while they have added logistics in their outperformance space. They expect consumer staples, pharma and autos, to underperform given their rich valuations.

Stellantis NV boss Carlos Tavares has warned carmakers cutting electric vehicle prices too fast risked a “bloodbath” in the industry, hours after Ford said it was reducing production of its battery-powered F-150 Lightning pick-up truck because of weaker sales.

logistics industry has experienced a significant transformation as consumer demand for sustainability has grown stronger. The era of single-use plastics and excessive packaging waste gradually led to a new paradigm: sustainable packaging. Today, eco-conscious consumers increasingly seek brands that prioritise environmentally friendly practices, making sustainable packaging a crucial factor for business success. Eco-friendly is a catch-all term for all kinds of packaging that is – for one reason or another – considered better for the environment.

ICICI Bank will announce its December quarter earnings, later today where it is expected to report a 20% year-on-year (YoY) growth in net profit at Rs 9,984 crore, and net interest income (NII) of Rs 18,474.30 crore which is sa 12% uptick as per the average of estimates given by 12 brokerages. ICICI Bank’s October-December quarter earnings is likely to be aided by a higher than industry growth in the loan book, lower credit costs, and steady asset quality. India’s second largest private sector lender is expected to report a 20% year-on-year (YoY) growth in net profit for the December quarter to Rs 9,984 crore, and net interest income (NII) is seen growing by 12% to Rs 18,474.30 crore, the average of estimates given by 12 brokerage firms showed.

Wayfair is set to cut 1,650 jobs, representing 13 per cent of its workforce, following a recent memo from CEO Niraj Shah that stirred controversy. The memo, leaked to the media, urged employees to work longer hours and drew criticism from both workers and the public. Wayfair, known for its home goods and furniture offerings, has faced several rounds of layoffs in recent years as the furniture market cooled off post-pandemic. The Boston-based company, which had approximately 14,000 employees as of early 2023, cited the need to align with its core principles and address past overhiring as reasons for the latest job cuts. In the leaked memo, Shah acknowledged the company's recent successes, including a 3.7 per cent increase in sales to $2.9 billion for the quarter ending Sept. 30, 2023. However, he emphasized the need for employees to be «more aggressive, pragmatic, frugal, agile, customer-oriented, and smart» to maintain and further the company's success.

bitcoin began trading last week, making it easier for anyone with a basic brokerage account to buy a slice of the digital currency. Several established financial institutions, including Fidelity and BlackRock, have coalesced around bitcoin because it is the world's first and largest cryptocurrency.

bitcoin began trading last week, making it easier for anyone with a basic brokerage account to buy a slice of the digital currency. Several established financial institutions, including Fidelity and BlackRock, have coalesced around bitcoin because it is the world’s first and largest cryptocurrency. But bitcoin remains an enigma to most everyday investors, and it’s hard to separate the buzz from any true potential. It’s also wildly volatile. In other words, it’s a bet. And institutions are wagering that plenty of investors want in.

Arun Misra, CEO, Hindustan Zinc, says “if the market cap goes up, only the government starts to gain during the disinvestment process. We also believe that divestment of shares of silver company and zinc company separately will be easier than divestment of Hindustan Zinc shares as two different sets of buyers or investors will be attracted to buying these two different kinds of company shares. So I expect a positive nod from Government of India nominee directors by the next board meeting. And then we will take some time to implement.” It has been a pretty strong set of earnings, revenue growth of 8%. Margins as well have expanded nearly 200 basis points. Let us talk about the demand scenario. On ground, both domestically as well as international, are we seeing this gradual recovery play out? Arun Misra: Demand in India has been good and there is no dearth of demand.