Shares of Manappuram Finance plunged 12 per cent to hit two-year low of Rs 91.95 on the BSE in Thursday’s intra-day trade after the company reported 44 per cent year on year (YoY) decline in its consolidated net profit at Rs 261 crore for the March quarter (Q4FY22), due to higher operating expenses.
The non banking financial company (NBFC), engaged in gold loan business, had posted profit of Rs 468 crore in the year-ago quarter (Q4FY21). Its net interest income (NII), meanwhile, fell 10.2 per cent YoY to Rs 986 crore from Rs 1,098 crore and consolidated asset under management (AUM) declined sequentially to Rs 30,300 crore from Rs 30,400 crore in Q3FY22.
Shares of HDFC Bank hit a fresh 52-week low of Rs 1,282.35, down 2 per cent on the BSE in Thursday's intra-day trade. The stock has fallen 26 per cent since the announcement of its merger with housing finance company, HDFC Ltd. The stock had hit a high of Rs 1,721.85 on April 4, 2022 in the intra-day trade. Moreover, it had touched a 52-week high of Rs 1,724.30 on October 18, 2021.
On April 4, HDFC and HDFC Bank announced that their boards have approved an all-stock amalgamation of the former into the latter to create a banking behemoth, subject to regulatory approvals.
E-commerce firm Flipkart has witnessed a strong adoption of the 'Flipkart Pay Later' credit facility, which has doubled its user base to over 6 million in just seven months. 'Flipkart Pay Later' offers an affordability shopping experience to customers and is witnessing an upward trend in monthly sign-ups.
"According to research, the Buy Now Pay Later (BNPL) market will grow 10x over the next five years, surpassing $40 billion by 2026.
The Supreme Court on Thursday dismissed review petitions filed by Cyrus Investments and Sterling Investments against the apex court's final order and judgment of March last year which had allowed Tata Sons to remove Cyrus Mistry as group chairman.
The genesis of the dispute can be traced to the removal of Mistry as executive chairman of Tata Sons in 2016. Thereafter, the investment companies of Mistry, Cyrus Investments Pvt and Sterling Investments Pvt, which own 18.4 per cent stake in Tata Sons filed a petition before the National Company Law Tribunal (NCLT), Mumbai Bench, alleging oppression and mismanagement of Tata Sons by Tata Trusts and Ratan N Tata.
Shares of Lupin hit two-year low of Rs 622 after they fell 9 per cent on the BSE in Thursday's intra-day on the back of a disappointing set of numbers for March quarter (Q4FY22). The pharmaceutical company reported a consolidated loss of Rs 512 crore, on higher manufacturing cost as against a consolidated profit of Rs 464 crore in the year-ago quarter (Q4FY21) and Rs 549 crore in the previous quarter (Q3FY22).
In a move that will greatly boost Karnataka's Health and Medical Education sector, Union Minister for Health and Family Welfare Dr Mansukh Mandaviya gave a green signal for establishing an All India Institute Of Medical Science (AIIMS) in Karnataka.
The assurance was given during a meeting between Karnataka Health Minister Dr K Sudhakar and Union Minister Dr Mansukh Mandaviya in New Delhi on Wednesday.
The Pakistani rupee touched a critical threshold of 200 in the open market against the US dollar during intraday trading after shedding Rs 2 on Wednesday, Geo News reported.
Meanwhile, in the interbank market, the local currency continues to be on slippery ground, and with a fresh decline of Rs 2.1, it plunged to yet another historic low of Rs 199 against the greenback during intraday trading, despite suspected intervention by the Central bank.
Telecom gear makers, who are in talks with telcos, say that if all goes well, they are ready to roll out the first phase of 5G services from October this year and cover the country’s top 30-50 cities (in limited areas) by March 2023.
The gear makers expect the telecom companies to give them a heads-up about their plans as well as the equipment required by July, and have promised deployment in three to four months after that. India’s main telecom gear suppliers are Nokia, Ericsson and Samsung.
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