IDBI Bank reported a 31% year-on-year increase in net profit to ₹1,908 crore for Q3 FY25 due to reduced provisioning and higher interest income. The gross NPA ratio improved to 3.57%, and net NPA ratio fell to 0.18%. Total income rose to ₹8,565 crore.
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Six leading firms among the top-10 most valued companies collectively gained Rs 86,847.88 crore in market value last week, with HDFC Bank and Reliance Industries leading the gains. The BSE and Nifty both saw modest increases. Meanwhile, four companies, including TCS and Infosys, faced declines in their market valuations.
India is on track to meet the WHO recommendation of one doctor per 1,000 people by 2030, currently having a ratio of 1:1,263. This target can be achieved with a steady licensing of 50,000 doctors annually. Growth in medical colleges has facilitated this, although there are concerns about their unequal distribution and lack of rural specialists.
Commerce and Industry Minister Piyush Goyal shared that a German chemical firm plans to invest USD 1.5 billion in India. A state has already identified land for the investment, aimed at boosting FDI. The government’s efforts to improve business conditions and resolve legal issues were highlighted as attracting global investments.
Zomato has laid off around 500-600 customer support employees due to non-performance and is leaning on AI to automate job functions. Impacted employees claimed they were terminated without notice. The layoffs come as Zomato reports a significant drop in profits and continues its expansion into quick commerce. The company recently approved new stock options for eligible employees.
IndusInd Bank shares plunged 25%, marking a 52-week low after the bank revealed accounting discrepancies in its derivatives portfolio. This triggered investor panic, leading to a severe drop in stock value. The bank faces potential financial repercussions of up to ₹2,000 crore, raising concerns over weak governance and internal controls, affecting overall banking sector confidence.
Union finance minister Nirmala Sitharaman proposed the establishment of a Makhana Board in Bihar to enhance foxnut production and processing. She also announced plans for a new urea plant in Assam. The budget aims to accelerate growth and enhance the spending power of the middle class.
The Reserve Bank of India has lifted the restrictions on Asirvad Micro Finance and DMI Finance, effective immediately, following their corrective measures and compliance with regulatory guidelines. The restrictions had been placed on 21 October last year, preventing them from sanctioning and disbursing loans.
HSBC has downgraded India's outlook to 'Neutral' from 'overweight', setting a target of Rs 85,990 for 2025 for BSE Sensex. The firm cites lower corporate profits and high valuations as key concerns.
Four Kirloskar companies plan to legally challenge Sebi's directive to disclose a family settlement deed from 2009. They assert the deed does not impact them, while a legal dispute among Kirloskar siblings over the deed continues. Sebi deems disclosure necessary under listing regulations.
Groww, the Bengaluru-based discount stock brokerage, is planning an IPO within the next 12 months, seeking a valuation of $6-8 billion. The company aims to raise $600-800 million through the offering. This move comes as regulatory changes affect the derivatives trading space, impacting revenues of brokers like Groww and its competitor, Zerodha.