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Indian engineering firm BTL EPC Ltd has experienced a doubling of revenues and expanded profit margins, attributed to a central bank-backed electronic platform that facilitates quicker and cheaper access to working capital for small businesses. The Trade Receivables Discounting System (TReDS), introduced by the Reserve Bank of India, has reduced the company's cost of funds by 2.5 percentage points, with revenues rising to 6.5 billion rupees ($77.3 million) for the year ending March 2024, and projections to exceed nine billion rupees this year.
HDFC Bank reported a Q2FY25 net interest income of INR 301,139 million, reflecting a 10% year-on-year growth. The net profit reached INR 168,210 million, up 5.3% YoY, driven by strong operating performance. KR Choksey has set a target price of INR 1,934 per share, maintaining an "ACCUMULATE" rating.
SBI Life Insurance is set to report its Q2FY25 results on October 23, with analysts predicting a 6% year-on-year increase in Annualised Premium Equivalent (APE) to Rs 5,553 crore, driven by strong new policy premiums. This growth is expected to enhance the Value of New Business (VNB) by 2% YoY, reaching Rs 1,524 crore.
Sonam Kapoor and her husband Anand Ahuja are acquiring Mumbai's iconic Rhythm House music store for $5.7 million (478.4 million rupees). The 3,600-square-foot store, which closed in 2018 following financial troubles of its previous owner, was sold under the oversight of a bankruptcy court resolution professional. The deal's value was confirmed in a telephone interview with Bloomberg News.
India's data centre capacity is projected to exceed 2,100 MW by FY2027, driven by a digital boom and data localization efforts, with investments estimated at Rs 50,000-55,000 crore. Currently at 950 MW, major players dominate 85% of the market, fueled by rising data generation and user engagement across various digital platforms.
Gold Exchange Traded Funds (ETFs) have surged in popularity among individual investors, with year-to-date trading volumes on the National Stock Exchange reaching Rs 17,795 crore, nearly double the Rs 9,002 crore recorded in 2023. These passively managed mutual fund schemes invest in gold bullion with 99.5% purity and closely track domestic gold prices. Available exclusively on stock exchanges, a demat account is required for transactions.
MCX's share price reached a record high after UBS raised its target price to Rs 8,000, projecting a 20% upside following strong earnings, with a 38.5% profit increase in Q2. The brokerage anticipates further growth driven by new product launches and increased trading volume, maintaining a 'buy' rating.
U.S. markets showed mixed results as the Nasdaq Composite rose while the S&P 500 and Dow Jones fell, with the latter ending a three-day winning streak. The 10-year Treasury yield surged nearly 12 basis points, reflecting concerns over sustained high interest rates. Meanwhile, gold prices reached a record high of $2,700 per ounce, signaling a new bullish phase, and Hyundai Motor India's shares dropped over 5% on their trading debut.
Paytm achieved its first net income of 9.3 billion rupees ($111 million) in the quarter ending September, driven by a 13.5 billion rupee gain from selling its events business. This marks a significant turnaround for the fintech company, which had been expected to report a loss of 6.3 billion rupees, despite a 34% decline in sales to 16.6 billion rupees.
Ambuja Cements Ltd., part of the Adani Group, has acquired Orient Cement Ltd. for 81 billion rupees ($963 million). The deal involves Ambuja purchasing 46.8% of Orient Cement shares from its founders and certain public shareholders, as Gautam Adani continues to strengthen his foothold in the cement industry to support India's infrastructure development.
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
Indian central bank platform boosts small firm growth and access to capital
11:51 22.10.2024
HDFC Bank targets growth with strong Q2 results and revised price estimate
11:35 22.10.2024
SBI Life expected to report strong Q2 growth in premiums and profits
11:30 22.10.2024
sonam kapoor acquires iconic rhythm house music store in mumbai for 5.7 million
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11:29 22.10.2024
India's data centre capacity to exceed 2000 MW by 2027
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11:26 22.10.2024
record trading volume in gold etfs nearly doubles in 2023
11:25 22.10.2024
mcx share price reaches all-time high following bullish target price revision
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10:38 22.10.2024
mixed markets face pressure from rising yields and high interest rates
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08:54 22.10.2024
paytm achieves first net income after asset sale to zomato
07:30 22.10.2024
Adani Group acquires Orient Cement for 963 million dollars
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Gautam Adani
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05:55 22.10.2024
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