Latest News Today – Bandhan Bank Net Profit Falls 32% To Rs 373 Crore In

On Friday, shares of Bandhan Bank settled 0.43 per cent lower at Rs 291.30 apiece on the BSE.

Bandhan Bank announced its April-June quarter results for the financial year 2021-22, reporting a net profit of Rs 373 crore, down 32 per cent year-on-year, compared to Rs 549.80 crore in the corresponding quarter last year. The Kolkata-based bank’s net interest income or NII in the first quarter of the current fiscal grew by 16.7 per cent to Rs 2,114.1 crore, compared to Rs 1,811.5 crore in the corresponding eperiod of the previous financial year. 

The bank’s net non-performing assets (NPAs) by June 2021 stood at Rs 2,457.9 crore (at 3.3 per cent), compared to Rs 2,861.0 crore (at 3.5 per cent) in the preceding January-March quarter of fiscal 2020-21.

Bandhan bank’s non-interest income increased 37.7 per cent to Rs 533.4 crore in the June quarter, compared to Rs 386.8 crore in the same quarter last year. The operating profit for the quarter grew by 18.1 per cent to Rs 1,871.1 crore, compared to Rs 1,584.2 crore in the corresponding quarter last year.

The bank’s gross NPAs in the June quarter stood at Rs 6,440.4 crore (at 8.2 per cent), compared to Rs 5757.8 crore (at 6.8 per cent) in the March quarter.

“In spite of challenging environment due to covid second wave, we have delivered the best ever quarter in terms of operational performances. Collections continues to improve with covid restrictions getting relaxed.

Typically, second half of the financial year is always better for the bank in terms of growth and collections. With easing of covid second wave and upcoming festive season, we are confident of achieving better performance going forward,” said Mr. Chandra Shekhar Ghosh, Managing Director and CEO of Bandhan Bank.

On Friday, July 30, shares of Bandhan Bank settled 0.43 per cent lower at Rs 291.30 apiece on the BSE. Bandhan Bank opened on the BSE at Rs 293, touching an intra day high of Rs 295.50 and an intra day low of Rs 290.70, throughout the trading session today. 

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Latest News Today – Ben Stokes Takes Indefinite Break From Cricket “To

Ben Stokes will not be available for England’s Test series against India.© AFP

England’s Ben Stokes is to take an indefinite break from all forms of cricket to “prioritise his mental well-being”, the England and Wales Cricket Board announced Friday, with the all-rounder the latest high-profile sports star to step away from the pressures of competition. Stokes has withdrawn from England’s Test squad ahead of a five-match series against India starting at Trent Bridge next week, with his place taken by Craig Overton. “The England and Wales Cricket Board can confirm that Ben Stokes will take an indefinite break from all cricket with immediate effect,” said a statement from the governing body.

“Stokes has withdrawn from England’s Test squad ahead of the Test series against India starting next week to prioritise his mental wellbeing and to rest his left index finger, which has not fully healed since his return to competitive cricket earlier this month.”

The 30-year-old Stokes rushed back to lead England in a one-day international series at home to Pakistan after all those originally selected were ruled out by a coronavirus outbreak within the hosts’ camp.

The ECB said they fully supported Stokes’ decision and would continue to help him during his time away from the game, with their managing director of men’s cricket, Ashley Giles, saying: “Ben has shown tremendous courage to open up about his feelings and wellbeing.

“Our primary focus has always been and will continue to be the mental health and welfare of all of our people. The demands on our athletes to prepare and play elite sport are relentless in a typical environment, but the ongoing pandemic has acutely compounded this.”

Stokes’s decision comes just days after American superstar gymnast Simone Biles pulled out of two events at the Tokyo Olympics to protect her mental health.

The 24-year-old’s struggles followed those of Japanese tennis star Naomi Osaka, another face of the Games who lost in the third round on her return from a mental health break.


Osaka withdrew from the French Open after refusing to take part in press conferences, claiming they are akin to “kicking people when they are down”.

She also skipped Wimbledon before returning in Tokyo where she lit the Olympic cauldron at the opening ceremony.

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Should You Be Buying What Robinhood Is Selling? | Sidnaz Blog

In rare cases, such pitches have paid off big time. More often, you’d have done yourself a favor by taking roughly half your money and lighting it on fire instead.

Just as Robinhood isn’t the first brokerage to offer commission-free trading, it isn’t the first to seek to “democratize” investing or to sell a piece of itself to its own customers.

On June 23, 1971, Merrill Lynch, Pierce, Fenner & Smith Inc. became the first New York Stock Exchange firm catering to individual investors to offer its shares to the public.

Thirsty for fresh capital in a struggling stock market, Merrill flogged its shares to its own customers, tapping the firm’s “awesome recognition among that vast segment of the population,” reported The Wall Street Journal the next day. “Primarily small investors, the type long championed by Merrill Lynch, quickly purchased the entire amount.”

Nearly 400 insiders at the firm unloaded a total of 2 million shares in the offering. From its initial $28 per share, the stock shot to about $42—a 50% pop—then closed around $39. That valued Merrill at 30.5 times its prior-year earnings, much higher than the overall stock market’s price/earnings ratio of 18.7.

Less than three weeks later, Merrill announced that its net earnings had fallen nearly 50% from the prior quarter.

For the rest of 1971, Merrill’s stock lost 9.4%; the S&P 500 gained 4%, counting dividends.

In 1972, when the S&P 500 rose nearly 19%, Merrill sank 7.7%. And in 1973-74, when the S&P 500 lost 37%, Merrill’s stock slumped by 61%. In its first three full years, Merrill’s stock lost three-quarters of its value; the S&P 500 fell only 5%.

Here in 2021, Robinhood’s offering is one of several trading and investing IPOs:

Coinbase Global Inc.,

the cryptocurrency exchange, went public in April, and

Acorns Grow Inc.,

which helps users invest in tiny increments, said in May that it expects to go public later in the year. Since its Apr. 14 debut, Coinbase is down about 27%. Robinhood fell 8% on its first day of trading Thursday.

One of Wall Street’s oldest and frankest sayings is “When the ducks quack, feed ‘em”—meaning that whenever investors are eager to buy something, brokers will sell it like mad.

Back in 1971, that was the brokers’ own shares. Roughly half a dozen major firms sold stock to the public soon after Merrill, including Bache & Co. and Dean Witter & Co. By 1974, according to data from the Center for Research in Security Prices LLC, several of them had dealt losses at least as devastating as Merrill’s.

In 1987, Jane and Joe Investor got invited to join in on the fun of Charles Schwab Corp.’s IPO, when roughly three million of the offering’s eight million shares were reserved for employees and customers of the firm.

Unlike Merrill, which was rescued from the brink of failure in 2008 when

Bank of America Corp.

bought the firm, Schwab went on to generate spectacular long-term performance. Over the full sweep of time since its 1987 IPO, Schwab is up more than 26,500%, or 17.9% annualized. The S&P 500 gained less than 3,500%, or an average of 11.3% annually.

However, Schwab went public in late September 1987. Only 18 trading days later, on Oct. 19, the U.S. stock market took its biggest one-day fall in history, plunging more than 20%.

Schwab’s stock got brutalized. In their first year, Schwab’s shares fell 59.1%. After three years, the market as a whole had gained 0.6% annually; Schwab’s stock lost an annualized average of 6.9%, according to CRSP.

How many of the original buyers in 1987 stuck around long enough to reap the giant rewards that came much later? That’s impossible to know, but the likeliest answer has to be: very few.

Every once in a while, outside investors in a brokerage IPO do well.

Goldman Sachs Group Inc.

began trading on May 4, 1999. If you’d bought Goldman stock in the IPO and held it ever since, you’d have earned 9.1% a year, versus 7.6% in the S&P 500, according to FactSet.

Yet Goldman was a giant then, as it is now; it was late to the IPO party because it had held on to its partnership structure for so many years. Most brokerage IPOs, like Robinhood’s, occur when the firms are younger and smaller.

That makes them typical. Companies selling shares to the public for the first time tend to be small, with minimal profits; they also require additional invested capital to sustain their rapid growth.

That’s what Savina Rizova, global head of research at Dimensional Fund Advisors, an asset manager in Austin, Texas, calls “a toxic combination of characteristics that points to low expected returns.”

On average, IPOs have severely underperformed seasoned stocks in the long run. And, history suggests, brokerages doing IPOs are better at timing the market for themselves than for you.

Write to Jason Zweig at [email protected]

More from The Intelligent Investor

The brokerage app Robinhood has transformed retail trading. WSJ explains its rise amid a series of legal investigations and regulatory challenges. Photo illustration: Jacob Reynolds/WSJ

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Latest News Today – Is OnePlus Nord 2 the Best Affordable Flagship Right

OnePlus Nord 2 5G debuted last week as the successor to the original OnePlus Nord. The new smartphone has a number of upgrades: a bigger primary camera, larger battery, and faster charging over the last year model. It is also the first phone from OnePlus to have a MediaTek SoC over a Qualcomm one. In addition to those hardware specifications, the OnePlus Nord 2 5G also carries a new OxygenOS version. The smartphone overall has many features to attract people looking for a phone under Rs. 35,000.

This week, host Akhil Arora speaks with Reviewer Aditya Shenoy and Deputy Reviews Editor Roydon Cerejo on the Gadgets 360 podcast Orbital to talk about the OnePlus Nord 2 5G and pit it against the competition.

The OnePlus Nord 2 5G starts at Rs. 27,999 for the base 6GB RAM + 128GB storage variant. It also comes in 8GB + 128GB and 12GB + 256GB options that are priced at Rs. 29,999 and Rs. 34,999, respectively. The pricing is slightly higher when compared with that of the OnePlus Nord. However, it is aligning with the competition that includes the recently launched Poco F3 GT, which starts at Rs. 29,999 for the same 6GB + 128GB configuration.

OnePlus Nord 2 5G First Impressions: Still Finding North

The OnePlus Nord 2 has provided a 50-megapixel Sony IMX766 primary camera sensor, and a 4,500mAh battery along with Warp Charge 65 fast charging. These additions provide customers a decent upgrade over the original OnePlus Nord that came with a 48-megapixel Sony IMX586 primary camera and a 4,115mAh battery with Warp Charge 30T support.

It also comes with an octa-core MediaTek Dimensity 1200-AI SoC that makes it a different phone altogether in the OnePlus portfolio. The chipset is claimed to be designed in collaboration with MediaTek to deliver a list of artificial intelligence (AI) backed enhancements. These include quicker scene detection as well as the ability to increase the sharpness and boost the colours on certain apps, including YouTube and MX Player. The enhancements make user experience on the OnePlus Nord 2 different from the Poco F3 GT that has a vanilla variant of the aforementioned MediaTek Dimensity chipset.

OnePlus Nord 2 vs Poco F3 GT: Battle of the Affordable Flagships

Unlike the Poco F3 GT that runs on Xiaomi’s highly-customised MIUI skin, the OnePlus Nord 2 5G carries OxygenOS 11.3 that offers a stock Android-like experience. There are, however, some signs that make the custom skin closer to Oppo’s ColorOS.

We talk about those signs and how the recent OnePlus-Oppo merger is streamlining the differences between OxygenOS and ColorOS as a whole. We also discuss the Nord 2’s competition — chiefly the Poco F3 GT — and who should pick OnePlus’ new phone.

You can listen to all this and much more about the Nord 2 by hitting the play button on the Spotify player embedded above.

You can also follow the Gadgets 360 podcast on Amazon Music, Apple Podcasts, Google Podcasts, Spotify, and wherever you get your podcasts. Please rate us and leave a review.

New Orbital episodes release every Friday, so make sure to tune in regularly.

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Latest News Today – Government Introduces Deposit Insurance And Credit

The government on Friday introduced the Deposit Insurance and Credit Guarantee Corporation (Amendment) Bill in the Rajya Sabha, which aims to provide timely support to depositors of stressed banks. Minister of State for Finance Bhagwat Karad introduced the Bill, which seeks to provide immediate relief to thousands of depositors who have their money parked in stressed lenders.

The Bill has proposed that even if a bank is temporarily unable to fulfil its obligations due to restrictions such as moratorium, depositors can access their deposits to the extent of the deposit insurance cover through interim payments by the Deposit Insurance and Credit Guarantee Corporation (DICGC). For this, the Bill seeks to insert a new Section in the DICGC Act, 1961.

It also seeks to amend Section 15 of the DICGC Act to enable the Corporation to increase the ceiling on the amount of premium, with the prior approval of the Reserve Bank of India (RBI). Besides, it will also provide that the DICGC may defer or vary the receipt of repayments due to it from the insured bank and to empower the Corporation to charge penal interest in case of delay in repayment by the banks to the Corporation.

Though the RBI and the central government keep monitoring the health of all banks, there have been numerous recent cases of banks, especially cooperative banks, being unable to fulfil their obligations towards depositors due to the imposition of moratorium by the RBI. Earlier this week, the Union Cabinet cleared amendments to the DICGC Act. Last year, the government had increased insurance cover on deposits by five times to Rs 5 lakh. 

(Except for the headline, this story has not been edited by NDTV staff and is published from a press release)

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Telangana: Rakhi through e-Shop launched in Hyderabad | | Live Newspaper Hyderabad

HYDERABAD: Now, customer can choose a Rakhi through e-Shop from the available varieties, specially designed envelope along with preprinted/personalized message to their beloved ones in the website.
India Post will deliver the Rakhis to all destinations across India through Speed Post.
On Friday, S Rajendra Kumar, chief postmaster general, Telangana Circle has launched sale of Rakhi through e-Shop in Telangana Postal website at Dak Sadan, in Hyderabad.
Speaking on the occasion, chief PMG Rajendra Kumar said, “Raksha Bandhan is a festival that invites all the hassles that promise to protect their sisters to get an imprint of love which is decorated in a variety of ways to make the festival even more special.”
Telangana Postal Circle has launched a facility and convenience to brother and sisters who are residing far away by facilitating Rakhi through e-Shop in across the country, he said.
For this, customer has to pay Rs 100 through online with one click one entry in e-Shop portal of Telangana Circle ( and utilise the facility, said Rajendra Kumar.

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Latest News Today – Rakesh Jhunjhunwala’s New Airline May Help Revive Boeing

Billionaire Rakesh Jhunjhunwala’s plan to launch an ultra-low-cost airline could give planemaker Boeing a chance to regain lost ground in India after the fall of one of its biggest customers, Jet Airways, two years ago, industry executives say.

Mr Jhunjhunwala, known as India’s Warren Buffett for his successful stock investments, plans to team up with former CEOs of IndiGo, the country’s biggest carrier, and Jet Airways to tap into demand for domestic air travel.

While plans to launch Akasa Air come at a time when India’s aviation industry is reeling from the impact of the pandemic, with airlines losing billions of dollars, the sector’s long-term prospect makes it a hot market for planemakers Boeing and Airbus.

“There will be a big fight between Airbus and Boeing,” said Nitin Sarin, managing partner at law firm Sarin & Co, which advises lessors and airlines.

“For Boeing this is a great opportunity to step in and up their game, considering they don’t have any other major operator for their 737 aircraft in India apart from SpiceJet,” Sarin said, referring to Boeing’s narrowbody aircraft.

Boeing did not comment on Akasa’s plans, but in a statement to Reuters said it always sought opportunities and talks with current and potential customers about how it can best support their fleet and operational needs.

Details of the venture, including any decision on plane orders, have not been formally disclosed, but Mr Jhunjhunwala told Bloomberg he plans to have a 40 per cent stake in Akasa, which will have 70 aircraft of up to 180 seats within four years.

Mr Jhunjhunwala, valued at $4.6 billion by Forbes, did not respond to an interview request.

Indian skies are dominated by low-cost carriers (LCCs) including IndiGo, SpiceJet, GoFirst and AirAsia India, with the majority of them operating a fleet of Airbus’ narrowbody planes.

Boeing dominates India’s widebody market of 51 planes but fare wars and high costs have led to casualties among full-service carriers, including Kingfisher Airlines in 2012 and Jet in 2019, making LCCs and Airbus even more dominant.

Boeing’s share of India’s 570 narrowbody planes fell to 18 per cent after Jet’s demise from 35 per cent in 2018, data from consultancy CAPA India shows. Jet was recently rescued from bankruptcy and is expected to fly again.

Indian carriers have over 900 planes on order of which 185 are Boeing 737 aircraft and 710 are Airbus, which counts IndiGo as one of its biggest customers globally.

“If you have to lease an aircraft there is an abundance and lessors would be happy to provide competitive rates, even better than pre-COVID times,” Sarin said.

He, however, warned that India is still a difficult place to do business, with regulatory hurdles and expensive and under-developed airports making LCCs less efficient than in overseas markets.

Even as Akasa faces tough competition in a battered, post-COVID market which has pushed airlines to renegotiate terms with lessors and vendors, raise fresh funds and trim costs, starting with a clean slate and good capital will give it an advantage.

Akasa’s other co-founders are Aditya Ghosh, who spent a decade with IndiGo and was credited with its early success, and Vinay Dube, former CEO of Jet who has also worked with Delta.

“It will be a long haul and the new airline will be very severely tested but the capitalisation and the start team gives confidence that it is possible for them to be successful,” CAPA India head Kapil Kaul said.

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Latest News Today – Binance Ordered by Malaysia Regulator to Completely

Malaysia has taken enforcement action against cryptocurrency platform Binance to stop it operating in the country, the Securities Commission said on Friday.

The Commission said it had issued a public reprimand against Binance Holdings Limited, its CEO Zhao Changpeng and three other entities registered in the United Kingdom, Lithuania, and Singapore, for continuing to operate in Malaysia despite being added to the regulator’s investor alert list a year ago.

The regulator ordered Binance to disable its website and mobile applications, cease media and marketing activities, as well as restrict Malaysian investors from accessing its Telegram group.

“Those who currently have accounts with Binance are strongly urged to immediately cease trading through its platforms and to withdraw all their investments immediately,” it said.

Binance said on Friday it would wind down its futures and derivatives products offerings across Europe as the platform faces growing pressure from regulators across the world.

Governments and financial watchdogs are paying closer attention to the cryptocurrency industry, often putting in place rules that pose a challenge for exchanges like Binance that have thrived in a mostly unregulated environment.

Financial authorities in Britain, Germany, Hong Kong, Italy, Japan, Lithuania, and Thailand have all recently raised concerns about Binance.

© Thomson Reuters 2021

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Latest News Today – Sun Pharma Returns To Profit In Q1, Stock Climbs 10% To

Sun Pharma shares ended 10 per cent higher at Rs 774.

Shares of the country’s leading drug maker – Sun Pharma – surged as much as 11 per cent to hit fresh 52-week high of Rs 780.10 on the BSE after the company returned to profit in quarter ended June 2021. The Mumbai-based company reported net profit of Rs 1,444.1 crore compared with a loss of Rs 1,655.6 crore in the corresponding period a year ago. Its revenue from operations advanced 28 per cent to Rs 9,718.74 crore versus Rs 7,585.25 crore in the same period last year.

Sun Pharma’s earnings before interest, tax, depreciation and amortisation (EBITDA) or operating profit advanced 59 per cent annually to Rs 2,771.8 crore resulting in operating profit margin of 28.7 per cent.

During the quarter, Sun Pharma repaid debt of about $185 million and over the last five quarters, the company has repaid debt of about $765 million, Sun Pharma said in a press release.

“We witnessed a strong Q1, driven by a combination of robust core business growth, low base and some sale of Covid products. We are enthused by the all-round growth across all our businesses compared to Q4 last year. Our India business continues to do well while our global specialty revenues have grown over Q4. We are happy with Ilumya’s performance which has grown both YoY and sequentially. We continue to focus on growing our overall business and simultaneously strengthening our global specialty portfolio. The recent in-licensing of Winlevi for US and Canada is a step forward in this direction,” Dilip Shanghvi, Managing Director of the company said in a statement.

Sun Pharma’s sales in US rose 35 per cent annually to $380 million, accounting for 29 per cent of total consolidated sales and its sales in India rose 39 per cent to Rs 3,308 crore, accounting for 34 per cent of total sales, , Sun Pharma said.

Its consolidated research and development (R&D) investment in first quarter of current financial year was Rs 592.6 crore as against Rs 420.6 crore in the June quarter last year.

Sun Pharma shares ended 10 per cent higher at Rs 774, outperforming the Sensex which ended on a flat note.

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Latest News Today – Tokyo Olympics: PV Sindhu Blows Away Akane Yamaguchi To

PV Sindhu defeated Akane Yamaguchi in straight games to enter semis at Tokyo Olympics.© AFP

Reigning world Champion P V Sindhu kept India’s hopes of winning a first-ever Olympic gold in badminton alive as she reached the semifinals of women’s singles with a fighting straight-game win over world no 5 Japanese Akane Yamaguchi here on Friday. The 26-year-old Indian, who won a silver in the 2016 Rio Olympics, defended brilliantly and rode on her attack to outclass the fourth seeded Yamaguchi 21-13 22-20 in a 56-minute quarterfinal clash at the Musashino Forest Plaza here.

She will next face the winner of the other quarterfinal between Thailand’s Ratchanok Inthanon and Chinese Taipei’s Tai Tzu Ying. The sixth seeded Indian came into the match with a 11-7 head-to-head count against the Japanese, whom she had last beaten at the All England Championship in March this year.

On Thursday, Sindhu had notched up a straight-game triumph over Denmark’s Mia Blichfeldt, 13th seed, in the pre-quarterfinals. She was the lone Indian in fray in badminton after men’s singles player B Sai Praneeth and men’s doubles pair of Chirag Shetty and Satwiksairaj Rankireddy failed to qualify for the knockout stage.

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