BUSINESS
SBI Q3FY22 YoY net profit up 62% at over Rs 8k cr
Accordingly, the net profit represents an increase of 62.27 per cent rise on YoY basis. The bank had reported a net profit of Rs 5,196 crore during the corresponding period of the previous fiscal. Besides, the lending major's net interest income grew by 6.48 per cent to Rs 30,687 crore during the quarter ended December 31, 2021, compared to Rs 28,820 crore in the corresponding period of the previous fiscal.
Union Budget FY23's Capex push to boost cement demand
India's Budget 2022-23 has earmarked a massive budgetary outlay of Rs 7.50 lakh crore for Capex. In her Budget speech to Parliament on Tuesday, Finance Minister Nirmala Sitharaman proposed to increase the capital budget outlay by over 35 per cent. Besides, the cascading impact it has on the employment generation will aid in demand creation.
US House passes competitiveness bill
The "America COMPETES Act of 2022", passed by 222-210, was voted almost entirely along the party line, with only one Republican joining Democrats in voting for the measure and one Democrat voting no, reports xinhua news agency. House Republicans had complained that Democrats had excluded them in drafting the bill.
Controversy around BharatPe Founder Ashneer Grover, wife gets thicker
Through its legal firm, Shardul Amarchand Mangaldas, BharatPe had appointed Alvarez and Marsal, a leading management consultant and risk advisory firm, to look into financial irregularities at the firm and submit the report to the Board. Ashneer's wife Madhuri Grover served as head of control at BharatPe since incorporation and headed procurement and admin departments.
Frontloading infra spend could bring faster growth: Crisil
The majority of Budget 2022-23 massive Capex outlay -- Rs 7.50 lakh crore -- will be spent on infrastructure development. Besides, the budget steered clear from a definitive consumption push to support economic recovery. Instead, it batted for investment spend, with an eye on the medium term. "On the one hand, the lift in the consumption cycle is now tied to a broad-based pick-up in economic activity, which the government is trying to engineer through a focus on investments," it said.
IndusInd Bank moves NCLT against Zee Entertainment
"An application has been filed against the Company, under Section 7 of the Insolvency and Bankruptcy Code, 2016 read with Rule 4 of the Insolvency and Bankruptcy Rules 2016, by IndusInd Bank Limited, claiming to be a 'Financial Creditor', before the Hon'ble National Company Law Tribunal, Mumbai Bench for initiation of Corporate Insolvency Resolution Process against the Company, claiming a default of Rs.83,08,00,000," the filing said.
Paytm Q3 results: Revenue up by 89% to Rs 1,456cr, losses reducing while financial services ramps up rapidly
During the October-December quarter, the company saw its revenues jump by 89 per cent y-o-y to Rs 1,456 crore, EBITDA losses (before ESOP expense) came down to Rs 393 crore from Rs 488 crore during the same quarter in the previous year. This revenue increase was led by high monetization and growth in merchant payments through MDR-bearing instruments, new device subscriptions, and loan disbursements.
New IndiGo MD Rahul Bhatia to focus on expanding airline's presence
The appointment comes at a time when the Tata Group has taken over Air India and a new budget carrier, Akasa Air, is slated to commence operations. Besides, the development assumes more significance since lesser Covid restrictions are expected to trigger massive demand, not just in the domestic but even in the international market segment.
Up to six months' imprisonment for publishing certain kinds of export/import info
Insertion of new Section 135AA has been prescribed by the Finance Bill after Section 135A of the Customs Act. Nothing contained in this section shall apply to any publication made by or on behalf of the Central government.
Diversifying: Hamdard looks to enter new segments; plans to launch beauty products
In a conversation with IANS, Hamdard Laboratories' Chairman Abdul Majeed confirmed the company's plans to bring out new offerings in the form of face washes, shampoos and oral hygiene products. Besides, the company is working on products based on medicinal oils which are even safe to consume.
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