Business News Highlights: Markets Keenly Watch Out For Q3 Results, RBI's Monetary Policy
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On Saturday, several firms announced their result for the third quarter of the financial year 2023-24, including Quess Corp, Reliance Power and State Bank of India. Quess Corp reported a 27.23 per cent decline in consolidated net profit at Rs 63.88, on a year-on-year(YoY) basis. SBI logged a 35 per cent fall in standalone net profit of Rs 9,164 crore for the December quarter of FY24, again on a YoY basis.
The plunge in SBI’s profit was in line with analysts' predictions. Kotak Institutional Equities earlier anticipated a significant year-on-year decline in operating profit growth, projecting it to slip by 18.3 per cent to Rs 20,613 crore from the Rs 25,219.3 crore recorded in Q3FY23.
"We are building net interest margin (NIM) to decline around seven basis points Q-o-Q/19 bps Y-o-Y, but do see a possibility of stable performance given the structure of loan book and neglibile need for deposits to fund this growth. Operating expenses would be higher due to wage revision related costs (final settlement impact)," said Kotak Institutional Equities in its results preview report.
Paytm is likely to face more heat from the Reserve Bank of India (RBI) in the coming days. According to an agency report, the regulatory authority may consider revoking the bank's license after the February 29 deadline, while the banking arm of the fintech company is obligated to prevent customers from adding funds to their savings accounts through the widely used digital payment wallet.
Nonetheless, a conclusive decision has yet to be made, and the RBI's stance may be subject to change depending on Paytm's representation, as per the report.
Among the major earnings lined up for the week ahead include Bharti Airtel, TVS Supply Chain Solutions, Birla Corporation, FSN E-Commerce Ventures Nykaa, JK Tyre and Industries, Fortis Healthcare, and PowerGrid, among others.
Karnataka Transport Department Sets Uniform Cab Fares For Ola, Uber, City Taxis, Effective Immediately
Taxis along with those operating via app-based aggregators like Uber and Ola will now have to adhere to the new fare structure released by the Karnataka Transport Department, the authorities said via an order on Saturday. As such, the order will make fares across the city taxis and app based cab aggregators uniform and the revised fares are to be applicable across the state, effective immediately, reported PTI.
RBI Could Potentially Maintain Status-Quo On Interest Rates, Say Experts
The Reserve Bank of India (RBI) is going to potentially continue the pause on interest rate hike in its upcoming monetary policy meeting in the week, as retail inflation remains near the higher end of the comfort zone, experts said. The banking regulator has maintained the status quo on the policy front stable at 6.5 per cent for a year now. Last in February 2023, the regulator hike the benchmark interest rate to 6.5 per cent to keep a tab on inflation. The meeting, chaired by RBI Governor, is scheduled to begin on February 6, 2024.
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