Business News Highlights: Markets Keenly Watch Out For Q3 Results, RBI's Monetary Policy
Business News Highlights: Please follow this space for all the breaking news and latest updates from the Stock Market, economy and corporate world
LIVE
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.
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.
Economic Affairs Secretary Says Bill For NFIR Could Be Introduced In July Session
The draft Bill for establishing the National Financial Information Registry (NFIR) could possibly be introduced in the July session, Economic Affairs Secretary, Ajay Seth said. The official said that the aim is to build a public infrastructure for credit-related information and to ensure the correct information is available on the NFIR for the lending agencies. Seth added that the registry is almost ready and will help boost an efficient credit flow, financial inclusion, and develop financial stability, reported PTI.
CAIT Cautions Traders To Remove Paytm For Business Payments After RBI Restrictions
Traders’ body, the Confederation of All India Traders (CAIT) advised traders to change from Paytm to other payment options for their business-related transactions, in a cautionary advisory issued on Sunday. The notice comes after the Reserve Bank of India (RBI) imposed restrictions on Paytm wallet and bank operations.
“Large number of small traders, vendors, hawkers and women are making payments through Paytm and as such RBI restrictions on Paytm could lead financial disruption to these people,” the body said, reported PTI.
FMCG Firms See Volume Growth In Single-Digits With Better Margins In Q3
Fast-moving consumer goods (FMCG) firms logged single-digit volume growth with better margins during the October-December quarter in the current fiscal year. The growth was facilitated by improving commodity inflation, although the operating environment continued to pose challenges. Some firms also registered a drop in their financial results after they shared the benefits of improvement in commodity prices with the customers by reducing the goods’ prices, in turn, impacting their gross sale numbers, reported PTI.
Top Headlines
Trending News
