Indian corporate are increasingly shifting away from bank funding towards alternative sources, such as equity and bond markets, as their deleveraged balance sheets have improved their ability to raise equity at better valuations. Moreover, the 100 basis points (bps) rate cut by the Reserve Bank of India (RBI) has enabled them to access long-term funds from the debt capital market at cheaper rates.
Argentine football legend Lionel Messi will return to India in October to play an exhibition match in Kerala.
The Indian market remains an attractive place to do business for the nation's entrepreneurs, with 75 per cent of them operating domestically.
Treasury gains helped ICICI Bank post a nearly 10 per cent increase in the consolidated net profit for the April-June quarter at Rs 11,696 crore on Saturday. Growth in the core income slowed for the country's second largest private sector lender, but the treasury operations helped it report a 14.62 per cent rise in its post-tax profit at Rs 11,059 crore on a standalone basis. The core net interest income (NII) growth came at a multi quarter low of 7.3 per cent to Rs 19,553 crore for the reporting quarter.
For Indian parents, sending a child abroad for a three-year degree could deplete 48% of their retirement savings, while a four-year degree may consume up to 64%.
ICICI Bank on Saturday said its March quarter consolidated net profit grew 18.5 per cent to Rs 11,672 crore, helped by lower provisions. On a standalone basis, the second largest private sector lender showed a 17.4 per cent growth in its profit after tax at Rs 10,708 crore for the reporting quarter against Rs 9,122 crore in the year-ago period. For fiscal 2023-24, its standalone net profit grew to Rs 40,888 crore from Rs 31,896 crore a year ago.
The bank, which has suffered reverses following a massive spike in dud assets and also the dismissal of its chief executive Chanda Kochhar over governance issues, however, hinted that the worse is behind.
With at least three IPOs in the offing this year, stock market investors have a lot to look forward to.
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