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three bankers leave bank of america amid stock offerings investigation

Three senior bankers from Bank of America in India have departed amid an internal investigation into allegations of misconduct related to stock offerings. The individuals include Debasish Purohit, Subhrajit Roy, and Vikram Khaitan, with the bank currently seeking potential replacements. The investigation focuses on transactions involving Aditya Birla Capital and Sun Life India AMC Investments' recent share sale.

Grasim Industries reports 66 percent drop in Q2 net profit

Grasim Industries reported a 66% decline in consolidated net profit to Rs 390 crore for Q2, down from Rs 1,164 crore a year ago, due to lower cement sales and investments in the paints sector. Revenue rose 11.1% year-on-year to Rs 33,562.85 crore, driven by strong performance in financial services and specialty chemicals. Standalone net profit fell 9% to Rs 720.86 crore, while revenue from operations increased 18% to Rs 7,623.33 crore.

Aditya Birla Capital reports 42 percent profit growth in Q2 FY25

Aditya Birla Capital reported a 42% year-on-year increase in Q2 FY25 net profit, reaching Rs 1,001 crore, driven by a 36% rise in revenue to Rs 12,007 crore. The consolidated lending portfolio grew 27% to Rs 1.38 lakh crore, while insurance segments also saw significant gains, with life insurance premiums up 33% and health insurance premiums up 39%. Following the strong earnings, the company's stock surged 5%, reflecting a 25% increase over the past year.
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