Moneycontrol Selects: Top stories this evening

A round-up of the big stories

ICICI Bank Q4 Results: Net profit jumps 30% to Rs 9,122 crore, beats estimates

ICICI bank, the second largest private bank in India, clocked nearly 30 percent year-on-year (YoY) jump in net profit to Rs 9,121.9 crore in the quarter ended March 2023, beating Street estimates.  The bank’s net interest income (NII) rose 40.2 percent to Rs 17,667 crore from Rs 12,605 crore in the corresponding quarter last year. More here

Yes Bank's net profit drops 45% YoY in January-March on higher provisions

Yes Bank reported a near 45 percent drop in net profit year-on-year for the January-March quarter as provisions for bad loans increased. Net profit fell to Rs 202 crore for the reporting quarter from Rs 367 crore in the same period a year earlier. "Increased provisions on standard assets merely as a prudent measure; do not see any specific rise in stress," said Prashant Kumar, managing director and chief executive officer of Yes Bank. More here

MC Selects

Sovereign gold bonds – should you buy them this Akshaya Tritiya 2023?

Fuelled by fears of global recession and the banking crisis in the US in recent months, gold has gained 23 percent (in US dollar terms) since November 2022, shows data from the World Gold Council. People tend to turn to gold in times of uncertainty. Given that gold fares well in periods when equity does not, it works well as a portfolio diversifier. More here

Uday Kotak to transition to non-executive role after CEO tenure at Kotak Mahindra Bank

Uday Kotak, the current Chief Executive Officer and Managing Director (CEO and MD) of Kotak Mahindra Bank, is set to assume a non-executive role in the bank after his tenure as CEO ends this year According to a regulatory filing on April 21, Kotak will be appointed as a non-executive, non-independent Director of the bank upon the conclusion of his term as MD and CEO. Kotak's tenure as the CEO and MD of the bank will come to a close on December 31, 2023. More here

Reliance Industries monitoring OPEC+ supply cut impact on price, demand: CFO

The recent oil production cut announced by the Organisation of Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, might impact demand if prices remain high, V Srikanth, Chief Financial Officer, Reliance Industries Ltd said on April 21 after the conglomerate announced its financial results. “The challenges that we have to look out for is that if there are oil production cuts and prices go up whether it has an impact on demand. One would also look out for any increase in product exports from China,” Srikanth said. More here

Rahul Gandhi vacates official bungalow, says paying the price for speaking truth

Congress leader Rahul Gandhi said he was paying the price for speaking the truth and vowed to continue to raise people's issues as he vacated his official bungalow in Lutyens' Delhi and shifted to his mother Sonia Gandhi's residence on Saturday. Gandhi, who was disqualified from Lok Sabha last month following his conviction in a defamation case, was asked to vacate the 12, Tughlaq Lane bungalow by April 22. More here

Bournvita controversy: How to avoid the sugars hidden in your child’s food and medicines

A recent controversy over Mondelez’s Cadbury Bournvita, after social media influencer Revant Himatsingka (Foodpharmer) claimed that some of its ingredients could lead to diseases such as diabetes and cancer, has clouded the claims of vita-kick in milk additives. White sugar is a silent killer and as adults we know it. But how well do the young tolerate it? More here