Sachin Bansal's Navi Finserv, which has been barred from giving fresh loans, on Tuesday said the Reserve Bank has allowed it to make scheduled home loan disbursals sanctioned before October 20.Earlier this month, the RBI had ordered Navi Finserv to cease and desist from sanctioning and disbursing loans effective from the close of business of October 21 on material supervisory concerns.
Open FlipCognizant and Amazon Web Services (AWS) have partnered to provide Generative AI-powered technology solutions and cloud computing services for manufacturing operations in industries such as industrial, automotive, life sciences, and consumer goods. This collaboration aims to capitalize on the growing market demand for IoT, data, AI, and cloud adoption in Industry 4.0 applications.
Open FlipEngineering services company Honeywell Automation India reported its second quarter results on Tuesday, October 29, 2024. The company's net profit declined 5.7% year-on-year during the three months ended September 2024, largely hurt by softer demand. The profit reached ₹115 crore during the quarter, down from ₹122 crore a year earlier.
Open FlipGold prices neared all-time highs due to US election uncertainty and hopes of a November interest rate cut, with spot gold up 0.3% to $2,750.87/oz and US gold futures up 0.3% to $2,763.40. Meanwhile, crude oil prices rose over 1% on US plans to buy oil for the Strategic Petroleum Reserve, with Brent crude up 1.32% to $72.36/barrel.
Open FlipElectrical goods manufacturer V-Guard Industries Ltd on Tuesday reported a 17.7% rise in consolidated net profit to ₹69.39 crore in the September quarter. It posted a net profit of ₹58.95 crore in the July-September period last fiscal, according to a regulatory filing. The company's revenue from operations rose 14.13% to ₹1,293.99 crore during the period under review.
Open FlipBharti Airtel, India’s second largest telco, did not see much of a negative impact from the tariff hike it took in July in terms of users downgrading to lower plans or in SIM consolidation, managing director Gopal Vittal said in an earnings call Tuesday. Vittal, also the chief executive, expects the full impact of the tariff hike to flow through in the ongoing quarter.
Open FlipMuhurat Trading is a unique and symbolic trading event that takes place during Diwali, signifying the beginning of the Hindu New Year. Rupak De from LKP Securities expects a range-bound Muhurat Trading session without major directional shifts, advising investors to focus on large-cap stocks with robust earnings and technical chart performance, and prioritize risk management.
Open FlipAs India enters the festive season, the stock markets are getting ready for the annual Muhurat Trading session, a special one-hour event held on Diwali. The Indian stock markets will hold the annual Muhurat Trading session on November 1 from 6:00 to 7:10 pm, a one-hour event marking the beginning of the financial year.
Open FlipHitachi Energy India on Tuesday posted over 111% jump in net profit to ₹52.3 crore in the September quarter, mainly due to higher revenues. The company had reported a net profit of ₹24.7 crore in the quarter ended on September 30, 2023, according to a company statement. According to the statement, the revenue for the July-September 2024 quarter was ₹1,553.8 crore.
Open FlipNorthern Arc Capital, which listed on the bourses last month, reported a 24% increase in consolidated net profit to ₹96 crore for the second quarter ended September 2024. The lender had earned a net profit of ₹79 crore in the same quarter in the previous financial year. The total income increased to ₹585 crore during the quarter under review against ₹437 crore in the same quarter, a year ago.
Open FlipDomestic Institutional Investors (DII) net bought shares worth Rs 730 crore, while Foreign Institutional Investors (FIIs) net sold shares worth Rs 549 crore on October 29, according to NSE data. In the year to date, FIIs have net sold shares worth Rs 2.42 lakh crore, while DIIs have bought shares worth Rs 5.17 lakh crore.
Open FlipSunCar Technology Group, a leading digital platform for B2B auto services and eInsurance in China, reported robust financial growth with a 28% revenue increase in the last twelve months ending June 2024. With strong ties to major corporations like Tesla and Bank of China, SunCar leverages cutting-edge technology to streamline automotive services, engaging over 1,400 enterprise clients.
Open FlipBank of Korea Governor Rhee Chang-yong said economic growth may be closer to 2.2% this year in a downgrade from a previous projection, as policymakers keep a watchful eye on the current health of the economy. The result was well below a 0.4% expansion expected in a Bloomberg survey and prompted BOK officials to flag the potential for revising down their annual growth projection of 2.4%.
Open FlipBP on Tuesday reported higher-than-expected third quarter profits of $2.3 billion, their lowest in almost four years, weighed down by a drop in refining profits and weaker oil trading. BP shares, which were trading 2.6% lower by 1238 GMT, have underperformed those of its rivals so far this year, falling 15% compared with a 2% decline for Shell and a 19% gain for Exxon Mobil.
Open FlipOneview Healthcare has announced the extension and expansion of its Value-Added Reseller Agreement with Baxter International. The agreement, which now includes Canada, builds on the existing partnership that has been in place since June 2023 for the US market. The collaboration focuses on enabling Baxter to sell and deliver Oneview's patient experience solutions effectively.
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