FIVE Financial News

Indian commercial banks wrote off ₹12.3 lakh crore in loans between the 2014-15 and 2023-24 financial years, according to government data presented in Parliament. Public sector banks accounted for ₹6.5 lakh crore of these write-offs in the last five years (FY20-24), a ToI report said on December 16. Write-offs peaked at ₹2.4 lakh crore in FY19 following an asset quality review. They dropped to ₹1.7 lakh crore in FY24, representing 1% of the total outstanding bank credit. Public sector banks hold a 51% share of new loans, down from 54% in FY23. As of September 30, 2024, gross non-performing assets (NPAs) for public sector banks were ₹3,16,331 crore (3.01% of outstanding loans), and ₹1,34,339 crore (1.86% of outstanding loans) for private sector banks. State Bank of India wrote off ₹2 lakh crore during the ten-year period, while Punjab National Bank wrote off ₹94,702 crore. Public sector banks wrote off ₹42,000 crore in the first half of the current fiscal year.

Subscribe to enjoy similar stories. The fatal shooting of Brian Thompson, who was chief executive of UnitedHealth Group Inc.’s insurance arm, has turned the spotlight on insurance companies rejecting policyholders’ claims for various reasons. In India, insurance laws offer policyholders a powerful tool they can invoke if insurance companies reject their claims arbitrarily.

Subscribe to enjoy similar stories. Selecting an insurance plan can be a hassle. You need to choose the insurance company and then the insurance product.

«So, at some stage you come to a level where returns obviously get muted. So, you have to buy some of these stocks whoever wants to buy on bad news like for example Amber did not do well when the entire AC market was in doldrums,» says Sandip Sabharwal, asksandipsabharwal.com. I think you mentioned last week that these EMS stocks they look good, now the point is that I know anything above 50 PE Sandip Sabharwal will be the first one to come out and say mehnga hai, valuations are stretched. Why are you not bearish on these stocks because the PE multiples I think are 50 plus and the margins are 6-7%, that is not your style of investment. Sandip Sabharwal: I am not buying these stocks but the whole point is that when the question was asked whether these companies will do well over the long term the only thing I see is that they are getting so much traction of growth by so many tie-ups and benefiting because of PLI, etc, and the entire PLI business because a few companies get selected and then it is very tough for new companies to come in so these people are getting sort of a moat because of government policies not because of what they are actually doing.

Subscribe to enjoy similar stories. Think about it: The number of taxpayers filing returns of over ₹1 crore has increased fivefold in a decade, from 44,078 in 2012-13 to 230,000 in 2022-23. Also, according to Avendus, company promoters have sold a combined total of nearly ₹3 trillion since 2019-20.

India vs Australia 3rd Test Day 3 LIVE Score: India will look to get the final three Australian wickets early on the third day of the ongoing third Test at the Gabba in Brisbane and give the visiting batters much game time. After only 13.2 overs were bowled on the opening day due to rain, Day 2 saw no interruptions as Australia made merry of a pitch that offered no turn. While Travis Head (152) brought up his second consecutive hundred in the series, Steve Smith (101) returned to form with his 33rd Test ton.

With a late Thanksgiving, the holiday shopping season is five days shorter than last year, and owners of small retail shops say that people have been quick to snap up holiday décor early, along with gifts for others and themselves

A barrier to entry in some of Canada’s most expensive housing markets just got lower thanks to new changes impacting the country’s mortgage landscape.

Hinduja Group company IIHL is expecting to complete the acquisition of debt-ridden Reliance Capital (RCAP) by next month and aims to ramp up banking, financial services, and insurance (BFSI) business more than three-fold to USD 50 billion in the next five years. «Most of the approvals and procedures related to the resolution process of Reliance Capital are complete. Couple of the procedures at the end of the administrator and CoC are to be completed. We hope that all these will be over in the next 4-6 weeks and RCAP should come into the fold of Hinduja Group by the end of January,» IIHL Chairman Ashok P Hinduja said. With the acquisition of RCAP, he said IndusInd International Holdings Ltd (IIHL) is targeting a valuation of USD 50 billion by 2030 as against the current valuation of USD 15 billion (as on September 30, 2024).

Subscribe to enjoy similar stories. A growing number of India’s ultra-high-net-worth individuals (UHNIs) are looking to get a residency in a European nation for their children’s education, to retire, or to give their businesses unfettered access to Europe. However, the costs of these residencies have been increasing as European counties look to cash in on the high demand.

Subscribe to enjoy similar stories. Younger investors are taking a more active role in establishing family offices to professionalise wealth management, said Umang Papneja, CEO of Julius Baer India. “Additionally, there is a growing interest in alternative asset classes, including private equity and private credit, as younger investors prioritise diversification and seek higher returns." He said asset allocation preferences are evolving, with equity accounting for up to two-thirds of portfolios and a growing appetite for alternative investment funds (AIFs) and private equity.

orthopaedic surgeries at AIIMS, Delhi has increased significantly from six months to 12 months. This dire situation is attributed to the alarmingly low functionality of the operation theatres, leaving countless patients in a state of despair and uncertainty, reported TOI. Officials said that only four or five of the seven OTs are functional due anaesthesia department's inability to man all the OTs. The number of surgeries per day has gone down from 30 to 20, leading to a backlog and longer wait times. Urgent cases like tumour operations and cauda equina in the spine receive emergency classification. The substantial delays in scheduled procedures particularly affect disadvantaged patients who travel from distant areas. Accoring to surgeons, the situation is because of the inability to maintain routine surgical schedules.

Steve Smith registered his 33rd Test century in the third Test against India at GABBA, Brisbane on Sunday. It was his 10th Test ton against India in just 41 innings, the joint most with Joe Root. This was the 35-year-old's first three figure score since June 2023, between which he had played 23 innings, the most number of innings he had gone without a hundred.

Jasprit Bumrah was at his best with the second new ball in the third Test against Australia at GABBA, Brisbane on Sunday. The pacer got his 12th five-wicket haul as he dismissed the Australian top order. At the start of the day, Bumrah got rid of opener Usman Khawaja and Nathan McSweeney in quick time to reduce Australia to 38/2. However, a partnership of 241 between Travis Head and Steve Smith meant that India were staring at a massive total. Bumrah, on the other hand, had other plans and picked up three wickets in four overs with the second new ball to reduce Australia for 327/6.

Isak Andic, who built the fashion brand Mango from a Spanish storefront into a global giant with more than 2,000 stores on five continents, died in a fall while hiking near Barcelona, Spain, on Saturday. He was 71. The death was announced by Mango CEO Toni Ruiz. The cause was confirmed by Glòria Torrent Caldas, a spokesperson for the company. Andic, bespectacled and seen as relatively reclusive, started Mango in the mid-1980s by selling T-shirts in Barcelona. Over four decades, Mango grew into one of Spain's leading international retailers, known for its creative, eclectic and ever-changing selection of affordable womenswear.

To hold meetings in party HQ, as advised by astrologer Assam Congress chief BK Borah stated all alliance talks will take place at party HQ in Guwahati. Borah resigned as opposition alliance president before previous elections when Congress nominated candidates in all five seats. ASOM left Congress. As part of the alliance, Congress held negotiations in hotels. An astrologer recently suggested modifying Congress headquarters and predicted a 2026 Assam victory. Assam Congress chief BK Borah stated all alliance talks will take place at party HQ in Guwahati. Borah resigned as opposition alliance president before previous elections when Congress nominated candidates in all five seats. ASOM left Congress. As part of the alliance, Congress held negotiations in hotels. An astrologer recently suggested modifying Congress headquarters and predicted a 2026 Assam victory. In search of a hint, even in a coat and every little thing

Bentley Systems, the Nasdaq-listed infrastructure engineering software company, does not see any slowdown in India's infrastructure spending which will help its India business grow faster than the average of the company, said a senior company official. Bentley Systems develops, sells, and supports software for the design, construction, and operation of infrastructure. Their software is used in the building, plant, civil, and geospatial markets. «Even though a lot of infrastructure work is done by engineering firms and private companies, it is tied to public funding, and there's no slowdown in public funding for infrastructure. Infrastructure investments are going to be needed, to stimulate the economy,» Nicholas Cumins, CEO, of Bentley Systems, told ET.

The suspect in the killing of UnitedHealthcare’s CEO has added a prominent defense lawyer to his legal team as Manhattan prosecutors work to return him from Pennsylvania to face a murder charge

WPL) 2025 will see a mini auction take place in Bengaluru on December 15. The five teams have a chance to polish their squads as they aim to win the silverware next year. Mumbai Indians were the inaugural champions in 2023 while Royal Challengers Bengaluru lifted the trophy earlier this year’s with Delhi Capitals finishing as the runners-up on both occasions. Gujarat Giants enter the auction with the biggest purse of Rs 4.4 crore while Delhi Capitals have the smallest budget at Rs 2.5 crore.

Pakistan pacer Mohammad Amir announced his retirement from international cricket on Saturday. This comes only months after coming out of retirement to play the T20 World Cup. The left-arm bowler had retired from all forms of international cricket in 2020. «After careful consideration, I have taken the difficult decision to retire from international cricket. These decisions are never easy but are inevitable. I feel this is the right time for the next generation to take the baton and elevate Pakistan Cricket to new heights!» he wrote on his social media handles. «Representing my country has been and always will be the greatest honour of my life. I would sincerely like to thank the PCB, my family and friends and, above all, my fans for their continuous love & support,» he added.

This is the third attempt by the farmers to march towards the national capital. They had earlier made two similar attempts — December 6 and December 8 — but were not allowed to proceed by security personnel in Haryana. The farmers under the banner of Samyukta Kisan Morcha (Non-Political) and Kisan Mazdoor Morcha (KMM) have been pressing for various demands, including a legal guarantee for MSP. They have also been pressing the Centre to initiate talks with them to address their issues.