Business News Highlights: Investors Keen On Macroeconomic Announcements, Q3 Results
Business News Highlights: Please follow this space for all the breaking news and latest updates from the Stock Market, economy and corporate world
Indian Overseas Bank plans to expand and open 88 new branches during the year to mark the 88th Foundation Day celebrations, the lender's MD, Ajay Kumar Srivastava, said on Saturday, reported PTI.
GroMo informed on Saturday that it disbursed Rs 100 crore in payouts to partner agents to commemorate the completion of its five-year milestone. The fintech platform issued a statement and said that the firm plans to achieve Rs 1,000 crore in earnings for the GroMo partner agents in the next five years, reported PTI.
One97 Communications Ltd (OCL) informed on Friday that the fintech is looking into setting up a three-member group advisory committee to help work on the corporate governance issues in the firm, headed by former SEBI chairman, M Damodaran.
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Matrimony.com reported a flat consolidated net profit at Rs 11.10 crore for the third quarter financial results in the 2023-24 fiscal year, against a profit of Rs 11.10 crore in the same quarter a year earlier. The matrimony services provider's total consolidated income for Q3FY24 stood at Rs 37.80 crore, as compared to Rs 35.26 crore logged in the October-December quarter in the preceding fiscal year.
Divi's Laboratories reported a 17 per cent jump in consolidated net profit to Rs 358 crore in the third quarter results for the current fiscal year, against the profit of Rs 306 crore logged in the corresponding quarter in the preceding fiscal year. The revenue for the pharma company stood at Rs 1,855 crore, up by 8.6 per cent against Rs 1,708 crore in the October-December quarter a year earlier.
Samsung announced that it got the nod from the US Food and Drug Administration (FDA) to use its Galaxy Watch to detect sleep apnea in customers. The firm informed that its sleep apnea function in the Samsung Health Monitor app received De Novo authorisation from the US authorities.
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The Karnataka State-Level Single Window Clearance Committee (SLSWCC) authorised 128 projects with a combined worth of Rs 6,407.82 crore, which will potentially generate job opportunities for 33,771 people across the state. The committee was headed by M B Patil, Large and Medium Industries and Infrastructure Development Minister, reported PTI.
The Employees’ Provident Fund Organisation (EPFO) set the interest rate of 8.25 per cent on employees’ provident fund (EPF) deposits for the 2023-24 period. Earlier in March 2023, the retirement fund body hiked the interest rate on EPF to 8.15 per cent for 2022-23, while the rate in 2021-22 stood at 8.10 per cent.
The banking sector should be more flexible towards adapting technological changes, the Reserve Bank of India (RBI) Deputy Governor, T Rabi Sankar, said on Friday. “A standard response to new technology may be not the right thing to do, because the nature of artificial intelligence and quantum computing is very, very different. There is no reason for us to be complacent about technology adoption in banking, and that there was a need to be nimble to adapt to technological changes. Whether the technology will remain with the same set of skills that were there in the past or not is not known, so a lot of focus needs to be given to technology,” the official said, reported PTI.
Background
Business News Highlights: Hello and welcome to ABP Live's Business LIVE blog. Please follow this space for all the breaking news and latest updates from the Stock Market, economy, and the corporate world.
In the last trading session on Friday, the two key equity benchmarks, Sensex and Nifty, closed in the green after lacklustre trade amid volatility. The S&P BSE Sensex advanced 167 points to end at 71,595. On the other hand, the NSE Nifty50 settled at 21,783, up 65 points.
The Reserve Bank of India (RBI) concluded its Monetary Policy Committee (MPC) meeting this week, chaired by Governor Shaktikanta Das. The Governor announced on Thursday that the banking regulator has opted to maintain the status duo on policy rates. The decision remianed in line with market experts’ anticipations.
As such, the repo rate remained unchanged at 6.5 per cent for the sixth consecutive time. Das revealed that the standing deposit facility (SDF) stood at 6.25 per cent. The regulator estimated the GDP for the upcoming 2024-25 fiscal year at 7 per cent, marginally lower than the 7.3 per cent growth seen in the current fiscal year. The estimate for average retail inflation stood at 5.4 per cent for FY24, while the projection for the FY25 was at 4.5 per cent. The next meeting of the MPC is set from April 3-5, 2024.
On Friday, Airtel Payments Bank announced that the bank registered a massive rise in new customer volume, availing bank account opening services and opting for facilities like FASTag recently. It didn’t clearly specify if the increase in customer base could be attributed to the latest ban imposed on the Paytm Payments Bank by the RBI.
Among the major earnings for the third quarter expected today include Reliance Communications, TVS Electronics, Updater Services, and Yatharth Hospital and Trauma Care Services Ltd, among others.
Further, in the coming week, Coal India, GE Power India, NHPC, Steel Authority of India, Zee Media Corporation, Bosch, Coffee Day Enterprises, Hindalco Industries, and Senco Gold are scheduled to release their earnings in the week.
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