State Bank of India, the largest public sector lender in the country, has obtained approval from its competent authority to establish a new trustee company as a wholly owned subsidiary. This company will be responsible for managing the Corporate Debt Market Development Fund. SBI Funds Management has been identified as the investment manager cum sponsor for the fund.
IndusInd Bank, a private sector lender, has reported a 32.5 per cent year-on-year increase in standalone profit for the quarter ending June FY24, reaching Rs 2,123.6 crore. This growth can be attributed to a 20.7 per cent year-on-year decrease in provisions and contingencies, which amounted to Rs 991.6 crore. Net interest income for the quarter rose by 18 per cent YoY to Rs 4,867.1 crore, with a net interest margin expansion from 4.21 per cent to 4.29 per cent. The bank’s asset quality also showed improvement, with gross non-performing assets decreasing 4 basis points sequentially to 1.94 per cent, and net non-performing assets declining 1 basis point to 0.58 per cent for the quarter.
L&T Technology Services, an engineering services company, achieved a 13 per cent year-on-year growth in profit, reaching Rs 311 crore for the quarter ending June FY24. Revenue from operations also grew by 15 per cent YoY to Rs 2,301.4 crore for the quarter, although there was a sequential drop of 8.5 per cent and 2.9 per cent, respectively. In dollar terms, revenue for the quarter increased by 9.1 per cent YoY to $280 million but fell 2.9 per cent QoQ. However, in constant currency terms, revenue dropped 2.9 per cent QoQ but increased 10 per cent YoY. During the first quarter of FY24, the company secured a deal worth over $50 million, in addition to five additional deals valued at $10 million or more across various segments. The company has maintained its USD revenue growth guidance of over 20 per cent in constant currency for the full year.
Godrej Industries has announced that Atul Prakash, the Chief Operating Officer of GIL Chemicals (senior management personnel), has resigned due to unavoidable personal reasons. His resignation will be effective from October 17, 2023.
Himadri Speciality Chemical, a speciality chemical company, has witnessed a significant 123.2 per cent year-on-year growth in consolidated profit, amounting to Rs 86.15 crore for the quarter ending June FY24. This growth can be attributed to lower input costs and reduced expenses. However, the company experienced a 9.1 per cent decline in revenue, reaching Rs 950.91 crore compared to the same period last year. The company’s operating performance was strong, with EBITDA surging 87.2 per cent YoY to Rs 134 crore and a margin expansion of 730 basis points.
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