BUSINESS
IDBI Bank logs Rs 3,645 cr PAT, dividend Re 1 per share
In a regulatory filing, the IDBI Bank also said its Board has granted approval for divestment of an additional stake of 0.01 per cent of the paid up share capital of National Securities Depository Ltd. (NSDL). With this the total divestment of Bank's stake up to 11.11 per cent of NSDL's paid-up share capital. Last fiscal IDBI Bank had earned a total income of about Rs 24,941.76 crore (FY22 Rs 22,981.80 crore) and a net profit of about Rs 3,645 crore (Rs 2,439.27 crore).
FPIs bought equity worth Rs 9,752 crore in April
V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services said FPIs appear to have changed their investment strategy in India in recent days. While they were sellers in the initial three months of this year, they have turned buyers in April and aggressive buyers in the last few days of April. FPIs have bought equity worth Rs 9,752 crore till April 29.
ED raids: BYJU's yet to submit financial results since FY21
Think & Learn Pvt Ltd, BYJU's parent company, is yet to disclose the audited financial accounts for the last two fiscal years. BYJU's was also not able to meet its March 2023 deadline to achieve group-level profitability, as it envisioned in its earnings in October last year, amid delayed results.
ED raids BYJU's; claims it remitted Rs 9754 cr to foreign jurisdictions
The company runs a popular online education portal by the name of BYJU's. During the searches, various incriminating documents and digital data were seized. "FEMA searches also revealed that the company has received foreign direct investment to the tune of Rs 28,000 crore between 2011 and 2023. Further, the company has also remitted Rs 9754 crore to various foreign jurisdictions during the same period in the name of overseas direct investment," said the official.
India's foreign exchange reserves fall to $584.24 billion
In the previous reporting week, the overall kitty had risen by $1.657 billion to $586.412 billion. Incidentally in October 2021, the country's forex reserves had reached an all-time high of $645 billion. In the period under review, the reserves fell mainly due to foreign currency assets (FCAs) shrinking by $2.146 billion to $514.489 billion.
British-Indian businessman jailed for Covid loan fraud
Rajesh Dhirajlal Vaghela was caught through new powers granted to the Insolvency Service in December 2021, which allow it to investigate directors of dissolved companies who are suspected of closing their business to avoid repaying Covid-19 support loans.
Swiggy begins charging Rs 2 'platform fee' per food order from users
The company told IANS that the additional charges are being levied only on food orders on the main platform and does not apply on Instamart users. "The platform fee is a nominal flat fee charged on food orders. This fee helps us operate and improve our platform and enhance app features to deliver a seamless app experience," a Swiggy spokesperson said in a statement.
Zuckerberg's net worth surges over $10 bn after strong results, 2 layoff rounds
Zuckerberg now has a net worth of $87.3 billion and is the 12th richest person in the world, according to the Bloomberg Billionaires Index. Meta (formerly Facebook) posted revenue of $28.65 billion, an increase of 3 per cent year-over-year and beating Wall Street expectations in its March quarter.
Core industries index rises 3.6% in March
However at the same time output of cement, electricity, and crude oil declined during the period under review. ICI measures combined and individual performance of production of eight core industries namely coal, crude oil, natural gas, refinery products, fertilisers, steel, cement, and electricity.
We'll continue to evaluate what we're seeing in our business: Amazon CEO on layoffs
Addressing the analysts after declaring a robust March quarter result, Jassy said while the company has taken several actions to streamline costs, "we've been able to do so while still pursuing the key strategic long-term investments". This past year has seen us do a fair bit of cost streamlining. In some cases, it led.
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