Highest ever net profit for SBI: Q3 net jumps 68% to Rs 14,205 cr, beats street amid Adani-Hindeburg overhang
India’s largest public lender State Bank of India (SBI) beat estimates as it reported a 68 per cent year-on-year jump in fiscal third quarter net?profit?to a highest ever of Rs 14,205 crore; whereas Net Interest Income (NII) jumped 24 per cent on year to Rs 38,068.8 crore. Earlier, Bloomberg had pegged NII for Oct-Dec quarter at Rs 46,946 crore, and net profit at Rs 13,196 crore. Brokerages had maintained that SBI may report loan growth of 17-19 per cent year-on-year, in line with industry growth, while deposit growth was expected to be around 10 per cent on year which would support NII improvement and margin expansion.
Who will get money if Small Savings Scheme accountholder dies without nomination? Modi Govt’s clarifies
New Rule for Payment of Small Savings Account Balance 2023:?The Finance Bill 2023 has proposed an amendment to the Government Savings Promotion Act. The proposed amendment clarifies who will get money if the Small Savings Scheme account holder dies and there is no nomination in place at the time of his/her death.
In this article, we take a look at what the new proposal says and what experts think about the implications of the new rule.
Sitharaman’s vision of building ‘Sustainable Cities of Tomorrow’ – What will they look like?
Sustainable Cities of Tomorrow:?India showcasing itself as a contributor to dealing with climate change is visible in the Union Budget 2023-24. When Finance Minister Nirmala Sitharaman was presenting the budget on February 1st, she highlighted the Centre’s focus on transforming our cities into the ‘sustainable cities of tomorrow’. The government is serious about implementing urban planning reforms and actions to revive India’s cities by using adequate resources.
Sitharaman said that this revival would need efficient use of land resources, adequate resources for urban infrastructure, transit-oriented development, enhanced availability and affordability of urban land, and opportunities for all.
ITC stock value moving to FMCG from cigarettes; proof, sharp rise after Budget 2023
ITC share price saw a volatile day of trade on Wednesday as a result of the tax hike in cigarettes, announced in Budget 2023. The ITC scrip saw a 6.6% fall intraday before soaring to touch a fresh 52-week high at Rs 365.65 on the BSE, up 3.7%. The tobacco giant continued to extend its gains on Thursday, gaining 7.4% over the course of two sessions. The share price traded at a discount of 0.5% at Rs 376.65 on Friday, ahead of its Q3FY23 earnings.
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Banking on the middle class: How Modi cracked the 2024 code in 2023
Eighty-seven minutes is all it took for the Narendra Modi government to negate the gains, if any, made by Congress through Rahul Gandhi’s Bharat Jodo Yatra over the past four months or so. Exactly 80 minutes into her Budget speech in the Lok Sabha on Wednesday, Finance Minister Nirmala Sitharaman dashed all hopes of the Opposition of putting up a potent challenge to Prime Minister Narendra Modi in 2024.
Presenting the Union Budget 2023-24, the FM announced that people earning up to Rs 7 lakh annually will be exempt from paying any income tax under the new tax regime, besides introducing a standard deduction of Rs 50,000 and raising the basic income tax exemption limit to Rs 3 lakh — all under the new tax regime.
NSE puts 7 Adani stocks under ASM; what this means for investors, should you buy, sell or hold?
As the Adani rout continues to affect the market, eroding billions of dollars in wealth, the NSE (National Stock Exchange) put seven Adani Group stocks under the Additional Surveillance Mechanism. Adani Enterprises, Adani Green Energy, Adani Ports and SEZ, Adani Transmission, Adani Total Gas and Ambuja Cements are placed under the short-term ASM framework, while Adani Power is placed under the long-term ASM framework.
An underwriter for Adani Enterprises’ Rs 20,000 crore FPO, Monarch Networth Capital was placed under the short-term ASM framework as well. Monarch Networth Capital was also implicated in Hindenburg Research’s report which accused the Adani Group of fraud. ACC and Adani Wilmar are two Adani Group shares that have not been placed under increased surveillance.
Kolkata Metro: Rs 2,550 crore budgetary boost for Dum Dum airport to New Garia & Joka to BBD Bagh Metro project
Kolkata Metro, the country’s first metro network, has received the highest budgetary allocation for the FY 2023-24. It has received an outlay of Rs 2,550 crore for two of its projects – Dum Dum airport to New Garia and Joka to Binoy Badal Dinesh (BBD) Bagh. Both projects are being executed by Rail Vikas Nigam Limited (RVNL). Kolkata Metro is the only metro in the country to be completely owned and controlled by?Indian Railways.
2023 Maruti Suzuki Fronx vs Brezza: Price, specs and features
Maruti Suzuki, India’s largest carmaker, is all set for a product onslaught this year. The company showcased the all-new Fronx and the Jimny 5-door at the recently held Auto Expo 2023. Upon launch, the Fronx will sit below the Brezza in the company’s line-up. Here’s how the upcoming Maruti Suzuki Fronx will fare against the Brezza in a specification-based comparison.?