Reliance Industries Ltd on Friday reported a 27 per cent jump in its September quarter net profit as earnings from the oil and gas business rebounded, and a pick-up in fashion and grocery helped boost retail revenues. The oil-to-retail-to-telecom conglomerate's consolidated net profit of Rs 17,394 crore, or Rs 25.71 per share, in July-September - the second quarter of the current 2023-24 fiscal - was 27.3 per cent higher than Rs 13,656 crore, or Rs 19.92 a share, earning a year back, the company said in a statement. The net profit was also higher quarter-on-quarter compared to Rs 16,011 crore earnings in the preceding three months ended June 30.
'This is not just the IREDA's IPO. It is the success of the ministry of new and renewable energy and of the renewable energy industry.'
The governor made it clear that the RBI is aware of what's happening and acts accordingly, but doesn't make a noise about that, points out Tamal Bandyopadhyay.
It is 10 years since Bandhan Financial Services became the first microfinance institution (MFI) to receive the universal bank licence. A year later, in 2015, it started operations. Bandhan's entry into banking was seen as a vote of confidence by the Reserve Bank of India (RBI) for the country's microfinance sector. Subsequently, the RBI awarded small finance bank licences to nine MFIs.
A good business card should feel like a good handshake -- flexible but firm.
Mahindra & Mahindra Ltd, India's largest sports utility vehicle and tractor maker, is bullish on its latest acquisition of REVA Electric Car Company.
The company on Wednesday said P V Ramprasad Reddy would resign as executive chairman, while Nithyananda would also step down from his post.
While the collapse of a large financial intermediary can wreak havoc on the system because of the interconnectivity, a large business conglomerate too can play spoilsport if the banks have too much exposure to the entity, explains Tamal Bandyopadhyay.
Fitch Ratings on Wednesday said the recent search by the enforcement directorate at gold-backed lender Manappuram Finance highlights corporate governance challenges that can arise in emerging markets like India. "Such searches need not lead to further regulatory action, but investigations raise reputational risk that could tarnish a lender's business prospects and constrict funding access due to reduced market confidence - potentially affecting an issuer's credit profile - even if no wrongdoing is identified," Fitch added. The rating agency said Manappuram Finance Ltd has disclosed that the Enforcement Directorate's search at its premises pertained to legacy non-compliant activities at its branches up until 2012.
Banks do extensive investigation before declaring an account fraud; they owe it to us as they deal with our money. Why would they try to fix an innocent borrower? asks Tamal Bandyopadhyay.
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The Chinese government has accused e-commerce titan Alibaba Group Holding Ltd of not paying enough attention to illegal business conducted on its platforms and failing to take effective steps to snuff it out.
India's biotechnology major Biocon Ltd, is all set to make its way to Pakistan's pharmaceutical market by 2008 with its oncology drug BIOMAb EGFR.
Independent directors of Raymond Ltd on Friday said they are monitoring the situation arising out of the matrimonial dispute of company's Chairman and Managing Director Gautam Singhania to ensure it does not affect his capacity to manage the affairs and business of the firm. In a joint communication shared on BSE by the company, the independent directors also said they have decided to retain Berjis Desai, a senior independent legal counsel, who has no links with promoters or the company, for advising them.
Shareholders of the six listed Future Group companies voted on Wednesday. Bankers said all the large lenders had rejected the proposal.
A merger between state-run telecom firms Bharat Sanchar Nigam Ltd and Mahanagar Telephone Nigam Ltd is the best option because it would create the country's largest telecom company, said Kuldeep Goyal, chairman and managing director of BSNL.
GVK group Vice-Chairman Sanjay Reddy said the launch of a new integrated terminal would not make flying out of Mumbai expensive.
RGPPL has signed a power purchase agreement with the government of Daman and Diu for selling about 98 Mw of power from July.
The Tiruchi unit of Bharat Heavy Electricals Ltd (BHEL) is considering four-five companies as candidates for acquisitions, its executive director, A V Krishnan, told Business Standard.
INS Sindhukirti's refit took so long that many defence experts believed the vessel would never return to operational service.
RBI Governor Shaktikanta Das kept the red flag on cryptocurrencies flying, warning that the next financial crisis can be triggered by private cryptocurrencies if such speculative instruments are allowed to grow.
In an interview with Business Standard, CIL Chairman Singayapally Narsing Rao attributes the performance to volume growth but adds a decision on price hike will be taken at an appropriate time.
The project, with total generation capacity of 1,967 Mw, has been shut since Thursday, owing to shortage of gas.
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With projects ranging from affordable to premium, Tata Housing Development Co Ltd says it expects to be among the top three real estate entities in the next five years.
Between March 2022 and September 2023, HDFC Bank added 56,310 employees.
The move comes at a time when consumers are shunning high-quality coal, which has become costlier than prevailing market rates globally.
Tamil Nadu, claiming to be the Detroit of India, has labour unrest in the automobile industry, among others.
From what the crisis is all about to who all are affected, here are 10 FAQs.
The company, which has liquid detergent brands like Ezee and liquid cleaning agent brands like Godrej Dish Wash Liquid and Kiwi Kleen, is looking at companies that have good brands and distribution networks, largely in household care (detergents, cleaning agents segment) and haircare, with focus on colours and hair dyes. "Given the right opportunity, the company will spend around $100 million (Rs 5 billion)," said a source close to the development.
The difference between what the banks play in the US and India is not that of soccer and football but rugby and football. SVB also has a unique character. But when risks are mispriced, the fallout could be very similar, points out Tamal Bandyopadhyay.
Burdened with loans of over Rs 12,000 crore, GSPC has made an investment of Rs 7,000 cr in E&P at the block in the KG basin.
According to an internal communication signed by KSL's company secretary, a copy of which is available with Business Standard, the changes will come into effect from June 1.
In all, Reliance has a stake in 34 exploration blocks in the country.
The cumulative rise this financial year will be 6-6.5 per cent.
Former India cricket captain, Kapil Dev Nikanj,on Monday entered into a marketing agreement with South Africa-based Enviro-Light Technologies, promoted by former South African captain Clive Rice to launch eco-friendly street lights in India.
The drop in net interest margin will separate the men from the boys, explains Tamal Bandyopadhyay.
The intrigue surrounding how the Vijay Mallya-led UB Group will address the spiralling debt problem of its companies took a fresh turn on Tuesday, with one senior official saying there was a possibility of group firm United Spirits Ltd totally selling out its flagship subsidiary Whyte and Mackay (W&M), the scotch major based in Scotland.
