BUSINESS
Government withdraws export duty on steel
Officials said that the current measures will provide a fillip to the domestic steel industry and boost exports. With effect from Saturday, exports of iron ore lumps and fines with less than 58 per cent Fe will attract nil export duty and with more than 58 per cent Fe will attract lower export duty of 30 per cent.
FTX CEO pocketed $300 mn after big funding raise: Report
According to The Wall Street Journal, the beleaguered crypto exchange secured $420 million in October 2021. "Nearly three-quarters of the money, $300 million, went instead to FTX founder Sam Bankman-Fried, who sold some of his personal stake in the company," the report mentioned, citing FTX financial records and sources.
India can't be just seen as a land for making and taking profits out of its geographic boundaries: Gautam Adani
Speaking at the 21st World Congress of Accountants in Mumbai, Adani said as both, domestic companies and multinationals take advantage of India's market size, we will need stronger mandates wherein corporates are compelled to rise to the challenge of enabling a social structure that recognizes the core of our culture and is aligned with our national needs.
Declaration, Bangkok Goals issued at APEC economic leaders' meet
The declaration, adopted after the two-day 29th APEC Economic Leaders' Meeting, affirmed the members' long-standing commitment to promoting strong, balanced, secure, sustainable and inclusive growth, as well as their commitment to realising the APEC Putrajaya Vision of an open, dynamic, resilient and peaceful Asia-Pacific community by 2040, reports Xinhua news agency.
Theranos founder Elizabeth Holmes sentenced to over 11 years in prison
She faced sentencing after being found guilty of defrauding investors and endangering patients. According to media reports, she will have to report to prison on April 27, 2023, and will have an additional three years of supervised release once she's out from the prison. Judge Edward Davila declared that the charges she had been found guilty of made her responsible for defrauding 10 victims out of $121 million, according to The New York Times.
Crunching Numbers: 12 PSBs end Sept quarter notching up Rs 25K+ cr net profit
The September quarter results of public sector banks (PSBs) seem to have brought cheer for the Indian banking sector with all the major 12 PSBs recording net profits worth Rs 25,685 crore during the period under review. On September 7, Finance Minister Nirmala Sitharaman had lauded all the 12 PSBs for their outstanding fiscal performance. In a series of tweets, she said that "the continuous efforts of our government for reducing the NPAs and further strengthening the health of PSBs are now showing tangible results. All 12 PSBs declared net profit of Rs 25,685 cr in Q2FY23".
Fund infusion, asset quality review measures helped script turnaround story
To recap, all the 12 PSBs combined, declared a net profit of Rs 25,685 crore in the quarter ended September 30 and the aggregate net profit for the first half of 2022-23 was Rs 40,991 crore. This was up by 50 per cent and 31.6 per cent, respectively, on a year-on-year basis. Let us now analyse some of the key reasons behind this financial turnaround achieved by PSBs after years of mounting non-performing assets (NPAs). Fund infusion in state-owned banks by the Government to the tune of Rs 3 lakh crore played a major role in improving their financials.
Happy days now, but challenging times ahead for public sector banks
The happy times for the government banks may not continue for much long as competition will soon emerge for deposits, and loans, which, in turn, would increase the cost of funds and reduce the margins, the experts added. Further maintaining good employee relations by the PSB management will also be a key factor. "The PSB's reported significant levels of profitability were aided by robust credit demand, arbitrage between rising lending rates and lagging deposit rates, lower credit costs due to reduced loan provisions, and reducing NPA (non-performing asset) levels," Saurabh Bhalerao, Associate Director - BFSI Research.
Gangbuster PSB profits not likely to set off divestment process: Experts
On November 7, Finance Minister Nirmala Sitharaman said 12 PSBs registered handsome net profits during Q2FY23 and also H1FY23. "The continuous efforts of our govt for reducing the NPAs & further strengthening the health of PSBs are now showing tangible results. All 12 PSBs declared net profit of Rs 25,685 cr in Q2FY23 & total Rs 40,991 cr in H1FY23, up by 50% & 31.6%, respectively (yoy)," Sitharaman said in a tweet.
Rising interest rates will help Indian banks post healthy profits in FY23: S&P
In a report on the Indian banking sector, S&P Global Market Intelligence said five of the six biggest banks by assets in India reported an increase in net income for the fiscal second quarter ended September 30, 2022. "Banks took advantage of the higher interest rate environment to bolster their net interest margins, while previous efforts to reduce their non-performing assets resulted in lesser loan loss provisions, their recently released earnings reports showed," the report notes.
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