News Archives - Page 10 of 14 -

20 Jul

Annual average GDP grow estimated at 7% in FY25: FICCI survey

Priyanka Roy0 CommentsBusiness, News

The latest round of Economic Outlook Survey of the Federation of Indian Chambers of Commerce and Industry has estimated the annual average GDP growth for the year 2024-25 at 7.0 percent. The average growth forecast for agriculture and allied activities for 2024-25 is estimated at 3.7 percent, which shows an improvement over the growth of about 1.4 percent reported in 2023-24. The industry and service sectors are estimated to grow by 6.7 percent and 7.4 percent respectively in the current financial year.According to the survey results, the average forecast of CPI-based inflation for 2023-24 is kept at 4.5 percent, with…

19 Jul

HDFC Bank will upsurge advances slower than deposits: CEO

Priyanka Roy0 CommentsBusiness, News

HDFC Bank, the country's largest private lender, will grow its advances at a slower pace than deposits as it aims to achieve profitable growth without compromising asset quality. The lender will also work to reduce its credit-to-deposit ratio to pre-merger levels, its managing director and chief executive officer Shashidhar Jagadeesan said in a message to shareholders.It's been a little over a year since mortgage lender HDFC merged with HDFC Bank. After the merger, the bank received a larger pool of mortgage loans in its portfolio, but a much smaller amount of deposits, pushing its CD ratio above the 100% mark.…

18 Jul

Asian Paints shares fall 4.4% after Q1 net profit decrease

Priyanka Roy0 CommentsBusiness, News

Shares of Asian Paints were trading in negative territory on Thursday, July 18, after the company announced financial results for the April-June quarter of financial year 2024-25. The stock fell 4.4% to ₹2,842 per share on the National Stock Exchange (NSE). However, it recovered from the day's low and traded 2% lower at ₹2,913.9 at 9:42 am.On Wednesday, Asian Paints reported a 24.5% decline in its consolidated net profit to ₹1,186.7 crore in Q1FY25 due to demand slowdown due to Lok Sabha elections and extreme heat. The company had earned a net profit of Rs 1,550.3 crore in the same…

17 Jul

IMF increase India’s GDP forecast by 7% for 2024-25

Priyanka Roy0 CommentsBusiness, News

New Delhi: The International Monetary Fund (IMF) has revised its growth projection for India's economy in the 2024-25 financial year, raising it to 7 percent from 6.8 percent.The upward adjustment is attributed to an anticipated improvement in private consumption, especially in rural areas of the country. The IMF made this announcement in its latest World Economic Outlook report Issued on Tuesday.For the 2025-26 financial year, the IMF has retained its previous projection of 6.5 percent growth in India's gross domestic product (GDP). This estimate is unchanged from the earlier forecast.In April, the IMF had raised India's GDP growth forecast for…

16 Jul

SBI, BOB upgrade MCLR by 5-10 bps

Priyanka Roy0 CommentsBusiness, News

Public sector lenders including State Bank of India and Bank of Baroda have growth their marginal cost of funds based lending rates (MCLR). The move is likely to be followed by other lenders as well, resulting in an increase in the equated monthly installments (EMIs) of borrowers.The country's largest lender State Bank of India (SBI) has increased MCLR by between 5 to 10 basis points (bps) on various tenors, effective Monday (July 15). One basis point is 100th⁸ of one percentage point.The bank has revised its one month MCLR by 5 bps from 8.3 percent to 8.35 percent. According to…

15 Jul

Deepinder Goyal became a billionaire due to the rise of Zomato; The stock has rise 83% so far in 2024

Priyanka Roy0 CommentsBusiness, News

Zomato's share price rose more than 4% to its fresh 52-week high in Monday's session, a day after the food delivery aggregator said it is increasing its platform fee from ₹5 to ₹6. It is anticipated that the new platform fees, which will be implemented in certain areas like Bengaluru and Delhi, will have a somewhat beneficial impact on business profitability. On Monday, Zomato became a member of the elite group of companies with a market capitalization (m-cap) of ₹2 trillion. Zomato share price opened at an intraday low of ₹225 on BSE, the stock touched an intraday high of…

13 Jul

Industrial production upsurge to 7-month high of 5.9% in May: Government data

Priyanka Roy0 CommentsBusiness, News

India's industrial output rose to a seven-month high of 5.9 percent in May 2024, mainly due to good performance by the power and mining sectors, according to official data released on Friday. Factory output growth, measured in terms of the Index of Industrial Production (IIP), was 5 percent in April, 5.4 percent in March, 5.6 percent in February and 4.2 percent in January 2024.IIP was 4.4 percent in December and 2.5 percent in November 2023. The previous highest level of IIP was recorded at 11.9 percent in October 2023. During the April-May period this financial year, IIP growth was 5.4…

12 Jul

HCL Tech Q1 results: Net profit for FY2025 upsurge 20.45%, revenue from operations up 6.69%

Priyanka Roy0 CommentsBusiness, News

HCL Tech Q1 results: HCL Technologies Ltd (HCLTech) on Friday, July 12, announced its Q1 results for the financial year 2024-25 with a 20.45 per cent rise in net profit at ₹3,534 crore as compared to ₹ An increase of Rs 4,257 crore was recorded also same quarter of last year.The company's revenue from operations increased by 6.69 per cent to ₹28,057 crore in Q1FY2025, compared to ₹26,296 crore in Q1FY2024. The results were better than market expectations as the company's net profit and revenue increased in the April to June quarter.“HCLTech delivered INR revenue jump of 6.7% YoY, which…

11 Jul

BMW recalls more than 390,000 vehicles due to airbag inflator problem

Priyanka Roy0 CommentsBusiness, News

BMW of North America is recalls more than 390,000 vehicles in the US because they are equipped with airbag inflators that could detonate, potentially causing serious death or injury. The agency said the original steering wheel would have been replaced with a Sport or M-Sport steering wheel equipped with a Takata inflator. NHTSA said that if the inflator bursts, it could result in sharp metal fragments striking the driver or other occupants of the vehicle, resulting in serious injury or death.As per the latest report, BMW has not received any reports of any accidents or injuries in the US that…

10 Jul

Financial inclusion index upgrade to 64.2 in March 2024

Priyanka Roy0 CommentsBusiness, News

The Reserve Bank of India (RBI) on Wednesday said the Financial Inclusion Index (FI-Index), which reflects the extent of financial inclusion across the country, stood at 64.2 in March 2024, up from 60.1 in March 2023. The RBI said the improvement in the index was due to the growth seen in all sub-indices.The index aggregates information on different aspects of financial inclusion into a single value between 0 and 100, where 0 represents complete financial exclusion and 100 represents complete financial inclusion. The FI-Index comprises three broad parameters – access (35 per cent weighting in the index), utilization (45 per…