Here is a collection of the most important stories this evening:
State Bank of India records 74% surge in Q2 profit, asset quality improves
State Bank of India on November 5 reported a 74 percent rise in second quarter net profit year-on-year on the back of strong loan growth and improved asset quality. An average of the estimates of eight brokerages polled by Moneycontrol pegged SBI’s net profit for Q2FY23 at Rs 10,616. SBI’s gross non-performing assets were 3.52 percent of the total loan book, down from 4.90 percent a year ago.
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SBI targeting loan growth of 14%-16% in FY23, says Chairman Dinesh Khara
State Bank of India, the country’s largest lender, is targeting double-digit loan growth between 14-16 percent in the current financial year, Chairman Dinesh Khara said on November 5. He elaborated that within corporate loans, SBI is seeing capex-related demand while capacity utilisation is showing signs of improvement. The country's largest lender is seeing demand from infrastructure, renewable power, oil and marketing companies and services sectors, he added.
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Bank of Baroda Q2 profit rises 59% YoY to Rs 3,313 crore
Bank of Baroda reported a net profit of Rs 3,313.42 crore for the quarter ended September, an increase of 58.7 percent from a year earlier on the back of stable asset quality and healthy core income growth. The public sector lender's net interest income rose 34.5 percent to Rs 10,714 crore for the reported quarter. Gross non-performing assets were at 5.31 percent of the total loan book, down from 8.11 percent from a year ago. On a net basis, bad loans were 1.16 percent of the loan book, compared with 2.83 percent a year go.
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Cyrus Mistry accident: case of rash driving filed against Dr Anahita Pandole
Two months after former Tata Sons chairman Cyrus Mistry died in a car accident, police in Maharashtra's Palghar district on Saturday registered a case against Dr Anahita Pandole for alleged rash driving.
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Tata Motors to hike prices of passenger vehicles, starting Monday
Home grown automaker Tata Motors on November 5 announced a marginal price hike across its passenger vehicles (PVs). "Effective November 7, 2022, the weighted average increase will be 0.9%, depending on the variant and model," the company said in a statement.
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'No choice', says Elon Musk as he justifies massive layoffs at Twitter
Amid massive layoffs at Twitter across the world, including in India, and the subsequent backlash, the microblogging site's new owner Elon Musk on Saturday justified the move, saying there was "no choice" when the company was losing millions of dollars daily.
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Four IPOs open next week to raise Rs 5,020 crore as market stays buoyant
After the launch of four initial public offerings (IPOs) this week, the primary market is set for more action with a slew of issues lined up this month. Four more initial public offerings (IPOs)—Archean Chemicals Industries Ltd, Five Star Business Finance Ltd, Kaynes Technology India and Inox Green Energy Services Ltd—will hit the markets next week to cumulatively raise around Rs 5,020 crore.
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