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Bank of Baroda’s Q4 profit up marginally to Rs 4,886 Crore

Priyanka Roy — Fri, 10 May 2024 15:15:16 +0000

On Friday State-owned Bank of Baroda reported: a marginal 2.3% grow in net profit to Rs 4,886 Crore for the Q4 ending March 2024.
A year before, the bank had earned a net profit of Rs 4,775 Crore in the January-March quarter. Total income during the quarter under review increased to Rs 33,775 Crore from Rs 29,323 Crore in the same period last year, BoB said in a regulatory filing.
Interest income increase to Rs 29,583 Crore during the latest 3 month period from Rs 25,857 Crore in the same quarter a year ago.
In terms of asset quality, the bank’s gross non-performing assets (NPAs) declined from 3.79% at the end of March 2023 to 2.92% of gross advances as of March 31, 2024.
Net NPAs also declined to 0.68% of advances from 0.89% at the end of 2023.
As a result, the provision for bad loans and contingencies downfall to Rs 1,302 Crore, compared to Rs 1,421 Crore during the same quarter a year before.
The bank’s provision coverage ratio at the end of March 2024 stood at 93.30%.
For the financial year ending March 2024, the bank’s net profit increased by 26% to Rs 17,789 Crore, compared to Rs 14,110 Crore in the previous financial year.
The total income of the bank increased to Rs 1,27,101 Crore in FY 2024, from Rs 99,614 Crore in the previous financial year.
The board has recommended a dividend of Rs 7.60 on each fully paid equity share of face value Rs 2 for 2023-24, subject to approval at the upcoming 28th Annual General Meeting.
Capital Adequacy Ratio (CRAR) increased from 16.24% to 16.31% as on March 31, 2023.
The bank’s net interest margin (NIM) at the end of March 2024 was 3.18%.

Tata Power Q4 report: Net profit gain 11% to Rs 1,046 Crore due to higher profits

Priyanka Roy — Thu, 09 May 2024 04:58:59 +0000

New Delhi: Tata Power on Wednesday reported 11% rise in its consolidated net profit in the March quarter to Rs 1,046 Crore compared to last year mainly due to higher profits.

BSE filings showed consolidated profit stood at Rs 939 Crore for the quarter ending March 31, 2023. The company’s total income in the quarter increased to Rs 16.464 Crore from Rs 13,325 Crore in the year-ago period. Consolidated net profit in fiscal 2023-24 rose to record Rs 4,280 Crore from Rs 3,810 Crore in the year-ago period, the company said in a statement.

Total income will increase from Rs 56,547 Crore in FY 2024 to Rs 63,272 Crore in 2022-23.According to the statement, the market cap of the company has exceeded Rs 1.4 lakh Crore. The company achieved its highest ever revenue and EBITDA of Rs 61,542 Crore and Rs 12,701 Crore respectively in FY 2023-24.

NSE Q4 results: Profit upsurge 20% to Rs 2,488 Crore

Priyanka Roy — Sat, 04 May 2024 07:12:01 +0000

The National Stock Exchange (NSE) on Friday reported a 20% year-on-year rise in consolidated net profit at Rs 2,488 Crore for the three months ending March 2024.

NSE said in a statement that consolidated operating revenue in the January-March quarter of financial year 2023-24 stood at Rs 4,625 Crore, showing a growth of 34% year-on-year.

Apart from trading, the exchange said the total profit was also supported by other revenue lines as well as listing, index services, data services and co-location facility. The NSE board has optional a dividend of Rs 90 per share (pre-bonus) for the financial year ending 2023-24, which equates to a payout of Rs 4,455 Crore.
Also, the board has recommended issuing 4 bonus shares for every existing 1 share. This increase in the authorized share capital is subject to necessary approvals from shareholders and regulators.

On the trading volume front, average daily traded volume (ADTV) in cash markets was recorded at Rs 1,11,687 Crore (up 127% year-on-year), equity futures at Rs 1,79,840 Crore (up 60% year-on-year). More) reached ADTV. Option (premium value) ADTV for the quarter ending March 2024 stood at Rs 75,572 Crore (up 27% YoY).

On a standalone basis, NSE reported a standalone net profit of Rs 1,856 Crore for the fourth quarter ended March 31, 2024, compared to Rs 1,810 Crore in the year-ago period.
Its total operating income grew 25% to Rs 4,123 Crore in Q4FY24 from Rs 3,295 Crore in the same quarter last year.

OECD revises India’s FY2015 progress forecast to 6.6%

Priyanka Roy — Fri, 03 May 2024 05:05:10 +0000

The Organization for Economic Co-operation and Development on Thursday raised India’s FY2025 growth forecast to 6.6% from an earlier estimate of 6.2%.

“Despite relatively sluggish private consumption growth, strong investment and improving business confidence in India are projected to propel real GDP growth to more than six and a half per cent in both FYs 2025 and 26,” the OECD (Organization for Economic Co-operation and Development) said.

Indian Oil’s quarterly profit Downfall 52% due to inventory losses, low fuel prices

Priyanka Roy — Wed, 01 May 2024 07:35:09 +0000

Indian Oil Corporation (IOC) on Tuesday reported a 52 percent decline in fourth quarter profit as the company sold fuel below market prices due to inventory losses. While India is the world’s third-largest oil importer and consumer, Indian Oil controls about a third of India’s five million barrel-per-day refining capacity with its unit Chennai Petroleum.

However, India has been buying increasingly cheaper Russian oil as discounts have fallen from $30 a barrel in 2022 to less than $10 this year, while refiners also cut fuel prices at the pumps ahead of this year’s general elections.

IOC reported a 52% decline in profit to 48.38 billion rupees ($579.77 million) in the quarter ended March 31.

Refiners purchase crude oil and practice it after a gap of 45 to 60 days. Inventory gains are booked when oil prices rise by the time the company refines the crude and sells the fuel.

So far this year, crude oil prices have increased by about 15 percent.

Indian fuel prices remained stable during fiscal year 2023-2024, even as the market price of refined products in Asia increased, leading to losses for local refiners.

IOC’s revenue from operations fell 2.7% to Rs 2.2 trillion.

UltraTech Cement Q4 net profit gain 35% to Rs 2,260 Crore

Priyanka Roy — Tue, 30 Apr 2024 09:28:11 +0000

UltraTech Cement Ltd on Monday reported 35.24% rise in consolidated net profit at Rs 2,258.58 Crore for the fourth quarter (Q 4) ended March 31, 2024. The foremost cement maker had posted a consolidated net profit of Rs 1,670.10 Crore in the January to March quarter. In the last financial year, according to a regulatory filing by UltraTech.

Its revenue from operations increased by 9.41% to Rs 20,418.94 Crore during the period under review. It was Rs 18,662.38 Crore in the same period a year back. UltraTech’s total expenses in the March quarter increased by 6.67% to Rs 17,381.09 Crore. The Aditya Birla Group company’s total income, which includes other income, was up 9.42% at Rs 20,554.55 Crore in the March quarter. UltraTech’s consolidated sales volumes were up 11% at 35.08 million metric tonnes (MT). The gray cement in this was 33.22 metric tons.

According to the company’s earnings presentation, its domestic sales in the January-March period grew 11% year-on-year with capacity utilization at 98%.

For the financial year ending March 31, 2024, UltraTech Cement’s net profit rose 38.05% to Rs 7,003.96 Crore. A year back it was at Rs 5,073.40 Crore. Its total income in FY24 was up 12.21 per cent at Rs 71,525.09 Crore. Shares of UltraTech Cement Ltd closed at Rs 9,984 on the BSE on Monday, up 2.93 per cent from its previous close.

Disturbed areas of Nagaland issued AFSPA

Banashree — Thu, 28 Mar 2024 09:36:15 +0000

The Armed Forces (Special Powers) Act, 1958 (AFSPA) has been extended in eight districts and five Police stations as disturbed areas of Nagaland.

According to the sources, the Ministry of Home Affairs has announced through a notification that the force will be continued for six months or more.

Details about the extended AFSPA districts are Dimapur, Niuland, Chumoukedima, Mon, Kiphire, Noklak, Phek, and Peren in Nagaland.

Police stations included as disturbed areas are Khuzama, Kohima North, Kohima South, Zubza, and Kezocha in Kohima district; Mangkolemba, Mokokchung-I, Longtho, Tuli, Longchem, and Anaki ‘C’ in Mokokchung district; Yanglok in Longleng district; Bhandari, Champang, and Ralan in Wokha district; and Ghatashi, Pughoboto, Satakha, Suruhuto, Zunheboto, and Aghunato in Zunheboto district.

Further, the act will come into force by April 1, 2024, according to the issued order.

Concerns about Russian crude oil

editor — Thu, 29 Feb 2024 08:20:13 +0000

India is shocked by America’s new sanctions on Russia. According to sources, as a result, oil import from Moscow to this country may suffer. Because there is doubt about getting a ship to carry it. This may increase the cost of transportation. Russian companies can also reduce the price discount. All in all, the advantage that India was getting to buy oil at a low price, there is a fear of disappearing. On top of that, crude oil prices are rising again in the world market. A barrel crossed 82 dollars.

In February 2022, the month following the start of the Russia-Ukraine war, crude oil rose to around $140. In opposition to the aggression, the Western world imposed sanctions on Moscow. After that, Russia started selling oil at a low price mainly to finance the war. India took that opportunity. Some became Moscow’s largest importer of oil. Previously Russia nominal oil came to India In 2022, the average daily arrivals were 6.52 lakh. 16.6 lakh last year.

Indian Oil, Bharat Petroleum and Hindustan Petroleum are talking to Russian state-owned Rosneft to buy up to 4 lakh barrels of oil per day from April 1. But Rosneft’s offer of $3-3.5 per barrel discount is lower than Indian Oil’s current deal ($8-9). According to sources, it is less discounted. On top of that, there is a problem in meeting the price. As a result domestic companies have canceled the purchase of special quality crude oil. All in all, the situation is spinning.

PM Modi distributes 71,000 appointment letters to new recruits

anshu ray — Tue, 16 May 2023 17:08:43 +0000

Prime Minister Narendra Modi directed Rozgar Mela conference which was conducted at 45 locations in India today With the help of video conferencing Modi distributed 71,000 appointment letters to newly inducted recruits in various govt. departments through video conferencing.

The prime minister said that the Rozgar Mela will boost the employment level in a country and further it will create opportunities for youth to achieve something greater in their life.

“Earlier it was difficult to apply for a government job, one had to stand in line for hours to get the form. Today the whole process from applying to results is online. Now no interview is required for Group C&D posts. This has ended the possibilities of corruption & nepotism,” PM Modi said.

Smriti Irani launches “Poshan Bhi Padhai Bhi” campaign

anshu ray — Thu, 11 May 2023 17:43:15 +0000

Smriti Irani (Minister of Women and Child Development) has launched a new scheme ‘Poshan Bhi, Padhai Bhi’ to lay focus on the development of Child and to strengthen Early Childhood Care and Education (ECCE).

According to a statement from the Ministry, “The main objective of the event is to highlight the criticality of focusing on early childhood care and education. The Ministry of Women and Child Development is launching “Poshan Bhi Padhai Bhi, a pathbreaking ECCE program to ensure that India has the world’s largest, universal, high-quality preschool network, as suggested by the National Education Policy.”