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 – Bajaj Finance Net Profit Falls 3% To Rs 843 Crore In


Shares of Bajaj Finance settled 1.24 per cent lower at Rs 5,937.90 apiece on the BSE.

Financial services company Bajaj Finance announced its April-June quarter results for the financial year 2021-22, reporting a net profit of Rs 842.9 crore on a standalone basis, compared to Rs 869.50 in the corresponding quarter of the previous fiscal, marking a decline of three per cent year-on-year. The company’s total revenue from operations in the first quarter of the current fiscal stood at Rs 5,915.90 crore, compared to Rs 5,900.63 crore in the year-ago period.

Bajaj Finance reported a six per cent rise to Rs 4,153 crore in net interest income – the difference between interest earned and interest expended, in the June quarter, despite its operations being affected due to the second wave of the COVID-19 pandemic. The non-bank lender reported a net interest income of Rs 3,917 crore in the same quarter last year.

The assets under management (AUM) grew by 12 per cent to Rs 1,19,567 crore in the April-June quarter in the current fiscal, compared to Rs 1,06,584 crore in the year-ago period.

The company’s loan losses and provisions for the June quarter stood at Rs 1,724 crore, compared to Rs 1,641 crore in the year-ago period. Bajaj Finance holds a management overlay and macro provision of Rs 351 crore as of June 30,  2021, according to a regulatory filing by the company to the stock exchanges.

On Tuesday, July 20, shares of Bajaj Finance settled 1.24 per cent lower at Rs 5,937.90 apiece on the BSE. Bajaj Finance opened don the BSE at Rs 6,013, inching to an intra day high of Rs 6,028.80 and an intra day low of Rs 5868.45, throughout the trading session today. 



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Latest News Today – HDFC Bank Falls After Profit Mises Estimates On Higher


HDFC Bank’s net profit in April-June period rose 16 per cent to Rs 7,730 crore.

Shares of the country’s largest private sector lender – HDFC Bank – fell as much as 3.65 per cent to hit an intraday low of Rs 1,466 on the BSE after its net profit missed analysts’ estimates on the first quarter of current financial year on higher provisions for bad loans due to the second wave of Covid-19. HDFC Bank’s net profit in April-June period rose 16 per cent to Rs 7,730 crore versus Rs 6,659 crore during the same period last year. The profit came in lower than what analysts were expecting as they had estimated profit of Rs 8,072 crore, according to Refinitiv data.

Its provisions for bad loans surged 24 per cent to Rs 4,830.84 crore versus Rs 3,891.52 crore during the same quarter last year.

“The disruptions following the outbreak, have led to a decrease in loan originations, the sale of third party products, the use of credit and debit cards by customers and the efficiency in collection efforts. This may lead to a continued rise in the number of customer defaults and consequently an increase in provisions there against. The extent to which the COVID-19 pandemic will continue to impact the Bank’s results will depend on ongoing as well as future developments, which are highly uncertain, including, among other things, any new information concerning the severity of the COVID-19 pandemic, and any action to contain its spread or mitigate its impact whether government-mandated or elected by us,” HDFC Bank said in an exchange filing.

HDFC Bank’s net interest income or the difference between interest earned and interest expended rose 8.57 per cent to Rs 17,008.96 crore versus Rs 15,665.42 crore in the same month last year.

The trend of elevated slippages, or the fresh addition of bad loans, due to COVID-19 will be seen in other banks too, ICICI Securities said in a note, adding that the lenders would follow suit in creating disruption buffers.

As of 2:17 pm, HDFC Bank was top Nifty loser, with its shares trading 3.41 per cent lower at Rs 1,470, underperforming the Sensex which was down 1.16 per cent.



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Latest News Today – Yellow Metal Falls, Silver Too Slides


Gold Price Today: Yellow metal and silver rates fell on the MCX

Gold prices in India fell on Monday as yellow metal futures on MCX stood at Rs 47,719 per 10 grams. Silver futures also slid and stood at Rs 69,196 per kg.

Meanwhile the gold spot price today was at Rs 47,810 with no change over yesterday. 

In the international markets, yellow metal prices were stable and stood at $1802.8 per Troy ounce. Silver prices fell to $26.0 per Troy ounce.

Commenting on the gold price trends, Ravindra Rao, Head of Commodity Research at Kotak Securities said, “COMEX gold trades marginally lower near $1805 per ounce after a 0.6 per cent gain on Friday. Gold eased as US bond yields came off the lows amid stability in equity markets. Also weighing on price is weaker investor interest and Fed’s monetary tightening expectations. However, supporting price is rising virus concerns, US-China tensions and inflationary concerns. Gold may remain choppy amid lack of fresh cues however increasing challenges may improve safe haven appeal.”



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Latest News Today – Ex-MP’s Building Razed In UP, Rubble Falls On Driver,


The building project in Lucknow’s River Bank area reportedly promoted with an investment of Rs 100 crore.

Lucknow:

An under-construction building promoted by former BSP MP Dawood Ahmed in Lucknow was razed to the ground today. The action was taken after the Archaeological Survey of India (ASI) raised a red flag, citing its proximity to the protected site of the Residency in Lucknow.

The Residency is a group of buildings that served as home for the British Resident General who was a representative in the court of the Nawab. Built in the 18th century, the Residency was at the centre of the Siege of Lucknow during the First War Of Independence.

Visuals of the razing show the multi-storied building collapse to the ground amid a cloud of smoke after several bulldozers were pressed into work to bring it down.

Meanwhile, a driver operating an excavator was injured after a part of the building crashed on the vehicle. While the vehicle was badly damaged, the operator escaped with minor injuries.

Construction in the building project in Lucknow’s River Bank area started in 2017 across a 3,600 square feet area. It was reportedly promoted with an investment of Rs 100 crore.

Lucknow District Magistrate Abhishek Prakash told NDTV that as per ASI guidelines, no construction is permitted within 300 m of protected monuments. This building was about 123 m from the Residency.

After the ASI issued the demolition notice in 2018, the former MP had moved the high court, but his petition was dismissed.

Also, the Lucknow Development Authority had rejected the building plan. Mr Ahmed went to court against this order too, but found no relief.

The ASI had given time to the former MP to bring the building down, but when that did not happen, the Lucknow Development Authority razed it.





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Latest News Today – India’s June Jobless Rate Falls To 9.17%, Says Private


India’s June unemployment rate fell to 9.17 per cent from the May figure of 11.90 per cent, data from the Centre for Monitoring Indian Economy (CMIE) showed on Thursday.

Most economic activities have resumed in the country after state governments eased pandemic curbs following a fall in coronavirus infections, which peaked in May.



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Latest News Today – Yellow Metal Falls, Silver Also Down


Gold, Silver Price Today: Yellow metal and silver rates fell on Thursday

Yellow metal prices fell on Thursday as on Multi Commodity Exchange (MCX), gold August futures were trading at Rs 46,910 per gram, falling below the Rs 47,000 levels. Even in the previous session, gold futures had finished on a sluggish note at Rs 47,072 per 10 gram.

Gold prices fell on Thursday as a stronger US dollar impacted the yellow metal’s valuation in the international market.

Even silver prices were down as silver July futures traded at Rs 67,560 per kg, down from the previous close of Rs 67,932 on the MCX.

Globally, spot gold was down 0.1 per cent to $1,777.26 per ounce, and US gold futures eased 0.2 per cent to $1,779.50 per ounce.



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Latest News Today – Rupee Falls 24 Paise To Close At 74.10 Against Dollar


The rupee has fallen against the dollar

The Indian rupee slumped 24 paise to breach the 74 per dollar level on Monday as participants turned risk-averse.

At the interbank forex market, the domestic unit opened weak at 74.20 against the American currency, pared some initial losses and finally closed at 74.10, showing a fall of 24 paise over its previous close.

On Friday, the rupee had settled at 73.86 against the American currency.

The local unit witnessed an intra-day high of 74.08 and a low of 74.28 against the greenback.

“The rupee started the week on negative note following risk averse sentiment and stronger dollar but in second half recovers from lower level as global equities started strengthening. For the short-term movement focus will remain on price action of dollar index, crude oil and capital flows,” said Dilip Parmar, Research Analyst, HDFC Securities.

Further, spot dollar-rupee could see long unwinding in the range of 74.30 to 74.50 following IPO-related and FDI-related inflows and risk-on sentiments, Mr Parmar said adding that “the pair is having resistance at 74.30 and support at 73.67, the 50 days simple moving average.”

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.19 per cent to 92.04.

On the domestic equity market front, the BSE Sensex ended 230.01 points or 0.44 per cent higher at 52,574.46, while the broader NSE Nifty advanced 63.15 points or 0.4 per cent to 15,746.50.

Brent crude futures, the global oil benchmark, rose 0.16 per cent to $73.63 per barrel.

Foreign institutional investors were net buyers in the capital market on Friday as they purchased shares worth Rs 2,680.57 crore, as per exchange data. 



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Latest News Today – Yellow Metal Slides To One-Month Low, Silver Too Falls


Gold price today: Yellow metal fell to a one-month low, silver too slid steeply

Gold prices on Thursday fell to a month-long low and stood at Rs 47,799 per 10 grams at the MCX, much below the Rs 48,000-mark.

Silver also witnessed a significant fall as the July silver futures traded at Rs 70,332 a kilogram.

In the international market, gold prices slipped by more than one per cent on Wednesday after US Federal Reserve officials had indicated that interest rate hikes could take place in 2023, which is sooner than expected.

After a fall in the previous session to its lowest since May 6 at $1,803.79 per ounce, spot gold was slightly up 0.2 per cent. US gold futures were down at $1,816.90 per ounce. 



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Latest News Today – Rupee Falls 16 Paise To 73.07 Against US Dollar In Early


Global oil benchmark Brent crude futures fell 0.15 per cent to $ 71.20 per barrel.

The Indian rupee slumped 16 paise to 73.07 against the US dollar in opening trade on Friday after the Reserve Bank kept policy rates unchanged for the sixth time in a row. Reserve Bank of India (RBI) on Friday decided to leave benchmark interest rate unchanged at 4 per cent but maintained an accommodative stance amid the second COVID wave. At the interbank foreign exchange, the rupee opened lower at 73.00 against the dollar and lost further ground to touch 73.07, registering a fall of 16 paise over its previous close. On Thursday, the rupee had settled at 72.91 against the US dollar.

RBI Governor Shaktikanta Das said the Monetary Policy Committee (MPC) voted unanimously for keeping interest rate unchanged and decided to continue with its accommodative stance as long as necessary to support growth and keep inflation within the target. Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.05 per cent to 90.56.

Global oil benchmark Brent crude futures fell 0.15 per cent to $ 71.20 per barrel. On the domestic equity market front, BSE Sensex was trading 99.32 points or 0.19 per cent higher at 52,331.75 while the broader NSE Nifty advanced 26.65 points or 0.17 per cent to 15,717.00. Foreign institutional investors were net buyers in the capital market on Thursday as they purchased shares worth Rs 1,079.20 crore, as per exchange data. 



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