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…
RIL Q2 results: Revenue from operations saw a slight increase of 0.2% year-on-year (YoY), reaching Rs 2.35 lakh crore. RIL Q2 FY25 results: Reliance Industries Ltd (RIL), owned by Mukesh Ambani, announced on Monday a decrease of 5% in its consolidated net profit for the quarter that ended in September 2024, amounting to Rs 16,563…
NEW DELHI: Central Consumer Protection Authority (CCPA) has directed ride-hailing platform Ola to offer a choice to customers to either opt for a refund directly in their bank accounts or a coupon that can be redeemed against booking another ride. It observed that only giving a coupon is “unfair trade practice“.The authority also instructed the…
MUMBAI: The rupee breached the 84/dollar mark for the first time Friday, settling at 84.06, down 12 paise from Thursday’s close of 83.94. Opening at 83.98, the currency touched an intraday record low of 84.07.The breach of the 84 level is significant as RBI had defended this threshold for over two months. Friday’s intervention marked…
