Q4 operating profit (Rs 169.3 bn; up 7% y-o-y) was higher than expected, but PAT (Rs 8.3 bn vs. estimate of `39.1 bn) was significantly below expectations, primarily on higher provisions.

Positives in Q4: (a) Loan growth picked up at 13% y-o-y; (b) NIM improved 2 bps q-o-q 2.78%; (c) GNPA ratio down 118 bps q-o-q at 7.5% and (d) PCR increased ~500 bps q-o-q to 61.9%. Slippages were lower than expectations at `79.6 bn (1.6% of loans vs. 1.4% in Q3FY19).

Decelerating income growth is the most important among the factors responsible for the slowdown in deposit mobilisation of the banking system, the Reserve Bank of India (RBI), in its recent study, said.

The co-movement of deposit growth with the growth of nominal GDP is stronger than with the deposit interest rate, as per the study.

Former ICICI Bank CEO Chanda Kochhar and her husband Deepak Kochhar were grilled for the second consecutive day by Enforcement Directorate sleuths in connection with the Videocon Group bank loan case. The couple was grilled for eight hours on Monday as well. On Tuesday morning, they appeared again at the agency headquarters.

Air India has set up an enquiry against one of its senior captains on sexual harassment allegations after receiving a complaint from a woman pilot.

Air India spokesperson said that the woman pilot in her complaint to the airline's management stated that the accused asked her several inappropriate questions.

Paytm Mall has unearthed a fraud of up to Rs 10 crore following a probe into a large percentage of cashbacks earned by small merchants and de-listed hundreds of sellers from its platform apart from sacking many employees.

Regarding the feasibility of businesses providing freebies, Paytm's chairman and chief executive Vijay Shekhar Sharma said the cashback model is sustainable.

Fortis Healthcare Ltd (FHL) informed the Delhi High Court that Sebi has asked it to to recover Rs 403 crore from former Ranbaxy Laboratories Ltd promoters Malvinder and Shivinder Singh, who allegedly diverted funds of FHL and its subsidiary Fortis Hospital Ltd.

FHL made the submission in a recent affidavit filed in an ongoing case by Japanese drugmaker Daiichi Sankyo against the Singh brothers and their firms.

The Enforcement Directorate (ED) on Monday attached movable and immovable properties worth Rs 2.95 crore of Puneet Jain, Hemraj Singh, Vinod Deshmukh, Rajeev Singh Kushwaha, Mehfooz Khan, Pravesh Kumar Gandhi and others in a money laundering case relating to Axis Bank demonetised currency conversion case.

San Francisco: Amazon.com Inc is rolling out machines to automate a job held by thousands of its workers: boxing up customer orders.

The company started adding technology to a handful of warehouses in recent years, which scans goods coming down a conveyor belt and envelopes them seconds later in boxes custom-built for each item, two people who worked on the project told Reuters.

BHUBANESHWAR: India on Monday successfully conducted the flight test of ABHYAS - High-speed Expendable Aerial Target (HEAT) from a test range in Odisha, Defence sources said.

The trial, carried out by the Defence Research and Development Organisation (DRDO) from the Integrated Test Range (ITR) at Chandipur in Balasore, was tracked by various radars and electro-optic systems.

BERLIN: German giant Mercedes-Benz said on Monday it wants to stop selling traditional combustion engine cars by 2039 and plans for its new vehicles sold worldwide by that time to be carbon-neutral.

"We aim to have a carbon-neutral new passenger car fleet in 20 years," said Ola Kallenius, current head of Mercedes research, who is to succeed Dieter Zetsche as chairman of the Daimler group next week.

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