ICICI Bank's profit after tax increased by 14.8% year-on-year to Rs 11,792 crore for Q3-2024, driven by higher net interest income, fee earnings and a 15.1% loan growth. On a consolidated basis, profit rose by 16.6% to Rs 12,883 crore, with strong performance from subsidiaries.
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SoftBank is negotiating a potential $25 billion investment in OpenAI, the creator of ChatGPT, according to insiders. This investment would significantly bolster SoftBank's involvement in the AI sector and support the OpenAI-Stargate initiative aimed at maintaining the US's lead in global AI advancements.
The Centre has named 20 priority countries and 6 focus sectors to enhance exports, with a strategy meeting held with Indian Mission officials to boost trade. Additionally, over 5,000 startups have closed, but the overall startup ecosystem continues to grow with the recognition of over 1,57,000 startups.
The sensex closed 499 points higher at 78,540 on Monday with gains in financials and IT stocks, influenced by softer US inflation data. Domestic funds recorded a net inflow of Rs 2,228 crore. HDFC Bank, Reliance Industries, ITC, and ICICI Bank were major contributors to the rally.
JPMorgan's net income rose 50% to over $14 billion in Q4, with EPS at $4.81, surpassing Wall Street's forecasts. Revenue increased to $43.7 billion. Wells Fargo also reported strong earnings, with net income nearly doubling to $5.1 billion. Both banks exceeded profit expectations despite challenges.
India's foreign exchange reserves surged by USD 15.267 billion to USD 653.966 billion by March 7, 2024, following a USD 10 billion forex swap by the RBI. Foreign currency assets and gold reserves saw significant increases, while the reserve position with the IMF decreased slightly. This marks the largest weekly rise in over two years.
Senior officials from India's commerce ministry are meeting with commercial representatives from 20 countries to discuss strategies for boosting exports. The focus is on six key goods and services sectors, addressing non-tariff barriers, logistics, and WTO matters. Commerce Minister Piyush Goyal will also participate. India's export-import data reflects a significant trade deficit due to rising imports in November.
India's IT sector has shifted towards automation, leading to a collective net headcount reduction of 2,587 in the December quarter. Major firms like TCS, Wipro, and Tech Mahindra saw workforce declines. Experts believe this trend will continue, with the IT sector adding fewer employees compared to the previous year. Increasing revenue productivity has decreased the need for headcount growth.
The Commerce and Industry Minister, Piyush Goyal, emphasized the government's efforts to develop an export strategy to boost shipments of goods and services, aiming for USD 2 trillion by 2030. Strategies include addressing exporters' concerns, optimizing SEZs, and addressing trade issues, particularly concerning China's dumping practices.
The Indian rupee closed at 85.43 against the dollar, gaining seven paise. Initially weaker, the rupee strengthened due to the weakening US dollar amid recession concerns and inflation. Despite higher US tariffs on Indian imports, they are lower compared to other countries. Asian currencies recovered, and Indian equities outperformed, while US stocks opened negatively.
Bank depositors are covered by the DICGC's insurance scheme up to Rs 5 lakh per account. Strategically distributing deposits across various banks can enhance coverage, as personal accounts, business accounts, and different joint arrangements are treated separately.