Mumbai: IDFC First Bank‘s second quarter net profit plunged over 73% to Rs 201 crore from over Rs 751 crore in the corresponding quarter of the previous year, dragged down by a Rs 253-crore provision arising from Maharashtra govt’s recent decision to waive tolls for some vehicles in Mumbai.The bank had provided finance against the…
NEW DELHI: Automobile exports from India in the first six months of the current fiscal year rose 14 per cent year-on-year, led by gains in shipments of passenger vehicles and two-wheelers. According to Siam data, the overall exports in the April-September period stood at 25,28,248 units, up 14 per cent as compared with 22,11,457 units…
Post-pandemic, remote work has become widespread, bringing significant security risks in accessing corporate resources from home. Attackers are exploiting employee devices and networks, which are now outside the organisational perimeter, to launch sophisticated cyberattacks, leading to data breaches and massive losses.Traditional solutions like Virtual Private Networks (VPNs) fall short, paving the way for the era…
NEW DELHI: A group of state finance ministers is veering towards GST exemption on term insurance plans, while also considering removal of the levy for senior citizens purchasing health insurance and for those who buy medical coverage of up to Rs 5 lakh.A second group of ministers (GoM) is looking at ways to minimise revenue…
MUMBAI: Kotak Mahindra Bank reported a 4.8% year-on-year (YoY) increase in net profit for Q2FY25, reaching Rs 3,344 crore. However, on quarter-on-quarter basis, the bank’s profit was down by 5%, because of a 1-time gain of Rs 2,730 crore from sale of its stake in Kotak General Insurance in the preceding quarter. Gross deposits stood…
MUMBAI: HDFC Bank reported a 5% rise in standalone net profit to Rs 16,821 crore for Q2FY25, up from Rs 15,976 crore in the corresponding quarter last year. The bank’s total deposits increased by 15.06% year-on-year (YoY) to Rs 25,00,100 crore, with savings account deposits at Rs 6,08,100 crore, current account deposits at Rs. 2,75,400…
MUMBAI: In a move set to benefit passengers boarding international flights, including those to and from India, the International Civil Aviation Organization (ICAO) has announced significant increases in compensation limits payable by airlines in cases of death, injury, flight delay, and baggage and cargo issues.The revised upper limit for compensation payable under the Montreal Convention…
NEW DELHI: Afcons Infrastructure Ltd is set to launch its initial public offering (IPO) on October 25, aiming to raise up to Rs 5,430 crore, according to the red herring prospectus (RHP) submitted to Sebi.The IPO of the Shapoorji Pallonji group company will include both fresh shares, worth up to Rs 1,250 crore and an…
NEW DELHI: State-owned UCO Bank on Saturday posted a 50 per cent jump in net profit to Rs 603 crore in the September quarter, helped by improvement in interest income. The lender had recorded a net profit of Rs 402 crore in the same quarter a year ago. Total income increased to Rs 7,071 crore…
NEW DELHI: In a major setback for government’s flagship reform initiative on insolvency, almost a third of the posts of members in the National Company Law Tribunal (NCLT) – which means 19 out of the 63 sanctioned strength, including the president – are lying vacant. While there were eight vacancies, 11 members retired at the…
