TCS: Tata Consultancy Services (TCS) has announced a change in senior management positions (SMP). TCS executive vice-president K Ananth Krishnan will no
more remain in SMP due to his upcoming retirement. As per the exchange filing, TCS informed that Ananth Krishnan will be no longer in SMP from 31st of July 2023
due to his retirement falling in October 2023.
The Tata Group company went on to add that chief services innovation officer Dr Harrick Vin will take over as an SMP from August 1, 2023
NTPC: NTPC announced its April-June quarter results for fiscal 2023-23 reporting a rise of 23% in consolidated net profit at ₹4,907 crore,
compared to ₹3,977.7 crore in the corresponding period last year. The state-owned power generator’s revenue from operations in the first quarter of
the current fiscal stood at ₹43,075.09 crore, marginally lower compared to ₹43,177.14 crore in the year-ago period.
The total income of the company during the June quarter stood at ₹43,390 crore compared to ₹43,561 crore in the year-ago period.
Bank of India: State-owned Bank of India reported its Q1FY23 results today. The net profit doubled for the June quarter. In Q1FY23, the company reported
significant growth in various key financial metrics. Net Profit surged by an impressive 176% year-on-year (YoY) to reach Rs. 1,551 Crores. Operating Profit also
displayed substantial growth, increasing by 72% YoY to Rs. 3,752 Crores. The Net Interest Income saw a substantial rise of 45% YoY,
amounting to Rs. 5,915 Crores. Moreover, the Net Interest Margin (NIM) on a global scale showed improvement, increasing by 49 basis points (bps) YoY.
Vedanta: Billionaire Anil Agarwal said his Vedanta group will invest $5 billion in the first phase of setting up a semiconductor fab, a packaging and testing
unit, and a display unit. The capital allocation for the project will involve a combination of debt and equity, Agarwal said in an interview. “We will be
structuring it, because it will now be with the main company Vedanta Ltd, and Vedanta has a good cash flow. We will make a capital allocation in Vedanta.
There is a queue of people to give us equity and debt," Agarwal said.
IDFC First: IDFC First Bank reported a net consolidated profit of ₹765 crore, 61% up from ₹474 crore during the corresponding quarter in the previous fiscal.
The net interest income of the bank grew 36% from Rs. 2,751 crore in Q1FY23 to Rs. 3,745 crore in Q1FY24. During the April-June quarter, the core operating profit
of IDFC First Bank was up by 45% to ₹1427 crore from ₹987 crore during Q1FY23.
The net interest margin grew year on year from 5.77% in Q1FY23 to 6.3% in Q1FY24 but declined marginally from 6.4% recorded during the previous quarter.
Power Grid Corporation: The board of directors of Power Grid Corporation of India Ltd approved fundraising up to ₹5,700 crore through the issuance of bonds
on a private placement basis to part finance its capex requirement. The Indian central public sector undertaking informed stock exchanges and went on to add
that the fund would be raised in various tranches during the financial year 2023-24 and the net proceeds will be used for providing inter-corporate loans to
fully owned four subsidiaries.
UCO Bank: State-owned UCO Bank on Friday posted an 80 per cent jump in net profit to ₹223 crore in the April-June quarter, mainly due to a decline in bad loans.
The Kolkata-based lender had posted a net profit of ₹124 crore in the year-ago period. The total income in the first quarter of the current fiscal rose to ₹5,857
crore against ₹3,797 crore, UCO Bank said in a regulatory filing.
Marico: FMCG major Marico reported a 15% increase in its consolidated net profit to ₹436 crore for the first quarter ended June 30, 2024. The company had posted a
net profit of ₹377 crore in the April-June quarter a year ago, Marico said in a regulatory filing. However, its revenue from operations slipped 3.16 percent to
₹2,477 crore during the quarter under review from ₹2,558 crore a year ago. The FMCG major said that gross margin expanded ahead of internal expectations,
by 494 bps YoY and 257 bps sequentially, owing to incrementally softer input costs.