IndiGo Q1 Results: IndiGo reported a 12% decline in consolidated net profit to Rs 2,729 crore for the first quarter ended June 2024, down from Rs 3,091 crore in the same quarter last year. However, revenue from operations rose 17% year-on-year to Rs 19,571 crore. Both profit and revenue exceeded expectations.
India’s Union Budget 2024 introduced simplified capital gains tax rates, increasing short-term capital gains on equity to 20% and long-term capital gains to 12.5%. These changes aim to rationalize the tax structure. In contrast, China, Australia, France, Germany, Japan, Singapore, Sweden, and the US showcase diverse approaches, reflecting their unique economic policies.
Apple reduced iPhone prices by 3-4%, benefiting customers due to a cut in customs duty from 20% to 15%. This is the first time Apple has decreased prices for its Pro models, passing the advantages of duty cuts directly to consumers. India-made iPhones 13, 14, and 15 also saw reductions.
The country is set to have 12 new industrial cities to enhance domestic manufacturing, announced a top government official. The new cities will be located in various states, mirroring developments seen in Greater Noida, Uttar Pradesh, and Dholera, Gujarat. Two of these cities will be established in Andhra Pradesh and one in Bihar.
Ten banks, led by Bank of India, have received Rs 334 crore from accumulated toll collections of Pune Sholapur Road Development Co Ltd, previously owned by IL&FS. They are set to receive an additional Rs 87 crore as part of a restructuring deal with new owners, Roadstar Infra Investment Trust. The deal includes elongating the loan tenure to 2032 and issuing non-convertible debentures payable over 20 years. Banks are expected to book gains in the next quarter.
India's post-election budget confirmed a commitment to reducing the fiscal deficit for FY25 and FY26. The FY25 target has been lowered to 4.9% of GDP, aiming below 4.5% by FY26. This move, along with various economic growth measures, highlights the government's focus on fiscal consolidation despite coalition pressures.
Among the new additions were Emkay Global Financial Services (1.63%), Super Sales India (1.06%), Nile (1.10%), Tinna Rubber and Infrastructure (1.03%) and Ujjivan Small Finance Bank (1.07%). In these Emkay Global, Nile and Tina Rubber have been multibaggers, delivering returns of 120%, 177% and 349% over the last one year. Super Sales, on the other hand, has given returns of 58% in this period.
Cipla's North American business achieved a record $250 million revenue in Q1 FY25, a 13% year-on-year growth. The company's branded prescription business in India grew 10%, while overall India growth was offset by trade generics softness. Cipla's South Africa revenue grew 19% YoY in local currency terms. Net profit rose 17.4% to Rs 1,178 crore.
ICICI Bank's net profit for the June 2024 quarter was anticipated to be between Rs 10,441 crore and Rs 10,876 crore, reflecting a YoY growth of 8.1%-12.7%. The net interest income (NII) was estimated between Rs 19,253 crore and Rs 19,700 crore, with YoY growth of 5.2%-8%. The earnings announcement was scheduled for July 27, 2024.
President Joe Biden's administration said at the time that it had secured commitments from the companies "to help move toward safe, secure, and transparent development of AI technology." The safeguards include tech companies simulating attacks on AI models in a testing technique referred to as "red teaming" to expose flaws or vulnerabilities.
Cipla Q1 Results: The profit beat the ET Now Poll estimates of Rs 1,071 crore. Revenue from operations in the reporting period increased 6% year-on-year to Rs 6,694 crore. EBITDA saw a 14% year-on-year increase, reaching Rs 1,716 crore. This growth was primarily driven by the One India business' branded prescription division, which experienced a 10% growth. This growth was particularly strong in focused chronic therapies like respiratory, cardiac, and urology, outpacing the market. The overall chronic... Читать дальше...
On Friday, Congress criticized Prime Minister Narendra Modi for allegedly politicizing Kargil Vijay Diwas and lying about the Army's endorsement of the Agnipath scheme. Modi, in his address, defended the scheme, emphasizing its necessity for military reform and youth recruitment. Congress president Mallikarjun Kharge and general secretary Jairam Ramesh accused Modi of disrespecting martyrs and misleading the public. They highlighted that former Army chief General MM Naravane had expressed surprise at the scheme... Читать дальше...
Investor optimism fueled a 1,150-point surge in the Sensex on Friday, driven by strong buying in IT and metal stocks, despite concerns over the Budget's capital gains tax hike.
On Friday, Vedanta's board of directors authorized a second interim dividend of Rs 4 per share for the fiscal year 2024-25. The total payout is set to be Rs 1,564 crore.
IDBI Bank sale: The divestment of IDBI Bank progressed, with private data to be available in August. Secretary Tuhin Kanta Pandey stated that the process aims to identify appropriate buyers and finalize the strategic sale within this fiscal year. The government plans a calibrated strategy to ensure value creation for state-run firms.
Fukunaga, a Japanese-American engineer, sold Funimation to Sony, which merged it with Crunchyroll, expected to contribute 36% of Sony Pictures' profit by 2028. Fukunaga joins India's top comic app Toonsutra, founded by Sharad Devarajan and Vishal Anand, backed by leading investors. Toonsutra aims to revolutionize India's digital storytelling market.
Hyderabad-based Standard Glass Lining Technology Limited filed a Draft Red Herring Prospectus with SEBI to raise Rs 600 crore via IPO. The offering includes a fresh issue of Rs 250 crore and an offer for sale of Rs 350 crore, intending to fund capital expenditure, repay loans, and support corporate purposes. Shares will be listed on BSE and NSE.
Digital loans have become increasingly popular in India, with a 49% surge in disbursements in the financial year 2023-24. However, this growth comes with the rise of unauthorised lending apps, which have been shut down by the government between October 2023 and March 2024. These apps lure gullible borrowers with attractive offers and later harass them.
The diary entry, unveiled by Modi Archive, a platform that tracks Prime Minister Narendra Modi's life, his early days and his journey, shared several photos and clippings describing his experience visiting the battlefield and the lessons he learned talking to the war heroes in Kargil 25 years ago. A clip, shared by Modi Archive, highlighted the Prime Minister's support for the soldiers during that time.
Mutual funds are always keen on completing their bouquet of offerings and for this purpose they offer new products, according to data from ACE MF.
On being quizzed on if Vietnam is benefitting more from China Plus One strategy, Sitharaman told The Economic Times that Vietnam has had certain advantages such as border sharing with China. “I don’t think we can conclude that it has not worked for us. There are advantages that Vietnam has had since some time and being contiguous to Chinese territory can also be one advantage that they had over us,” Sitharaman said.
Paytm FDI Proposal Approved: Shares of fintech major Paytm surged up to 10% intraday on Friday following government approval of its foreign direct investment (FDI) proposal for the payment aggregator business. The financial services secretary announced that Paytm can now approach the Reserve Bank to seek the payment aggregator license, which will undergo further evaluation.
In the unlisted market, VL Infraprojects shares are trading with a GMP of Rs 62, translating to a premium of 147% over the issue price. If the trends are sustained, the company's shares are expected to list with a maximum of 90% gains on July 30
The central government has greenlit Paytm's foreign direct investment (FDI) proposal for its payment aggregator business. Paytm Payment Services is one of the biggest remaining parts of the fintech firm's business, accounting for a quarter of consolidated revenue in the financial year ended March 2023.
