COST Financial News

₹10,747 crore from ₹10,202.8 crore in the corresponding quarter of last fiscal.Bajaj Auto’s net profit in Q2FY24 is expected to rise 13.6% to ₹1,738 crore from ₹1,530 crore in the same quarter last year, as per average estimates of analysts.The overall automobile sector witnessed flattish volume growth in Q2FY24 on back of decline in two-wheeler and tractor segments. Commodity costs continued to remain benign during the quarter, which should continue to aid margins of the auto companies.Auto major Bajaj Auto is set to release its financial results for the second quarter of FY24 today, 18 October 2023.

₹2,123.6 crore, registering a growth of 32.5 per cent from ₹1,603.29 crore in the same quarter last year. Net interest income (NII), which is the difference between interest earned and interest expended, during Q1FY24 increased 18 per cent to ₹5,862.5 crore from ₹4,125.3 crore, YoY. Let's take a look at what experts and top brokerage firms expect from IndusInd Bank's Q2FY24 scorecard.

The summer travel season was very good for U.S. airlines, but rising fuel prices and the Israel-Hamas war are setting up a turbulent fourth quarter

Finance Minister Chrystia Freeland says she is directing the Financial Consumer Agency of Canada (FCAC) to work on making no- and low-cost bank accounts more readily available for Canadians.

Origin Energy chairman Scott Perkins has told shareholders that the board took into account the improved outlook for the business when agreeing to an $18.7 billion takeover offer from two North American suitors.

(Reuters) -Activist-investor Carl Icahn sued the board of directors at genetic testing company Illumina (NASDAQ:ILMN) and accused them of breaching their fiduciary duties, according to a sealed copy of the complaint on Tuesday.

(Reuters) -Citadel Securities and the American Securities Association, a trade group, announced on Tuesday that they are suing Wall Street's top regulator over new rules on the funding of a comprehensive market data surveillance system.

CK Birla has approached Gautam Adani to sell his promoter stake in listed Orient Cement after rejecting initial offers from other domestic players for failing to meet his valuation demand, people aware of the talks told ET. Senior management executives on both sides have also met to discuss a potential deal for the Adanis, who already own India's second largest cement capacity. Earlier this summer, JP Morgan was roped in by Birla to find a buyer for his business. The promoter stake in Orient Cement — held by the Birla family and private investment vehicles — is 37.9%, with a current market value of ₹3,878 crore.

Woodside Energy has called for “urgent” reforms to Australia’s offshore approvals process, citing the threat of delay and increased cost at its $16.5 billion Scarborough LNG project in Western Australia.

Investing.com — United Airlines reported Tuesday third-quarter results that topped estimates, but Q4 guidance fell short of estimates as higher fuel costs and the suspension of Tel Aviv flights are expected to weigh. 

By Saeed Azhar and Niket Nishant

By David Shepardson

Jet engine maker Rolls-Royce says it’s cutting up to 2,500 jobs globally as part of a corporate overhaul that its new CEO is carrying out

Bank of America posted a 10% rise in third quarter profits, helped by higher interest rates that allowed the bank to charge more for loans while keeping the bank’s expenses under control

Americans showed their steadfast resilience and kept spending in September even as they grappled with higher prices, interest rates and a host of other headwinds piling up

The IRS plans to invite a select group of taxpayers across 13 states to try out the agency’s pilot electronic free file tax return system, beginning this January

Stellantis has said it will be canceling its participation in next year’s CES technology show in Las Vegas due to the “mounting” costs of the ongoing auto workers strike in North America

savings scheme for senior citizens have surged after the government doubled the limit in the budget, crossing Rs 1 lakh crore in the first half of the fiscal year. The Senior Citizen Savings Scheme mopup until September 23 this fiscal was two-and-a-half times higher than the Rs 40,000 crore collection during the same period in FY23, a senior finance ministry official said. A new small savings scheme for women introduced in the budget is also off to a good start, having garnered Rs 13,500 crore until September 23, the official told ET. The deposits are expected to keep rising in the coming months. The Centre has budgeted Rs 4.71 lakh crore from the National Small Savings Fund (NSSF) in FY24, against FY23 revised estimate of Rs 4.39 lakh crore, to finance its fiscal deficit, which is pegged at Rs 17.87 lakh crore. The FY24 budget raised the deposit limit under the Senior Citizen Savings Scheme to Rs 30 lakh from Rs 15 lakh. The scheme has been fetching an attractive interest of 8.2 per cent since the June quarter, against 8% in the March quarter of FY23. The interests are payable every quarter. The scheme has a tenure of five years, with a facility for a three-year extension upon maturity. Premature closure is allowed, subject to a penalty. The Mahila Samman Savings Certificate, however, is a one-time small savings scheme that will be made available up to March 2025. The scheme has a maximum deposit limit of Rs 2 lakh at a fixed interest rate of 7.5 per cent, with a partial withdrawal option.

Reserve Bank of India (RBI) could consider rolling over a $5-billion foreign exchange swap set to mature next week as the central bank, which has repeatedly flagged inflationary risks stemming from excess funds with banks, prioritises liquidity management over bolstering forex reserves. Some investors believe that a current deficit in headline liquidity prints and expected currency leakage during the festive season make a case for the RBI to let the swap mature on October 23, potentially leading to an inflow of around ₹40,000 crore in the banking system. However, others pointed out that with core liquidity remaining at a large surplus, the RBI is likely to accord more importance to the battle against inflation, given the central bank's worries about excess cash with banks fuelling consumer price pressures. «After the phasing out of the residual Incremental Cash Reserve Ratio, the core systemic liquidity surplus is currently close to ₹3 trillion, despite headline liquidity oscillating between positive and negative values,» Vivek Kumar, economist, Quanteco Research said. Core liquidity accounts for the government's cash balances, which cyclically flow in and out of the banking system. «With the government running down its surplus cash position in the coming months, headline liquidity would get a boost.

(Reuters) -Fitch on Tuesday placed Israel's sovereign debt rating of «A+» on rating watch negative and warned a major escalation of the ongoing conflict with the Palestinian Islamist group Hamas could result in a negative rating action.

₹456 crore. In comparison, revenue growth was muted at 5.5% to ₹3,053 crore. Q2 volume growth of 7% was aided by strong demand from original equipment manufacturers for festive inventory.