Business
After Axis Bank posted strong results, here’s what brokerages have to say
Shares in Axis Bank rose 2% in early trade, a day after the company announced its December quarter earnings.
The bank reported a 224% year-on-year rise in its net profit to Rs 3,614 crore.
The private sector lender also reported a 17% rise in net interest income to Rs 8,653 crore.
The bank performed strongly in terms of asset quality, with the total non-performing asset ratio falling by 36 basis points sequentially to 3.17%. Net NPA ratio fell 17 basis points sequentially to 0.91%.
Axis Bank said its net loan slippage fell 38 basis points month-on-month to 0.06%. Specific loan loss provisions fell to Rs 7.9 crore from Rs 9.27 crore in the previous quarter.
Fee income rose 15% year-on-year to Rs 3,344 crore, while trading profit and miscellaneous income were Rs 3,670 crore and Rs 1.3 crore, respectively.
Total deposits rose 20% year-on-year to Rs 770,000, with current account savings account deposits up 22%. The CASA ratio improved 189 basis points year over year to 44%.
The overall capital adequacy ratio (CAR), including profit for the first nine months of the fiscal year, was 18.72%, and the Common Equity Tier 1 ratio was 15.33%.
Complete News Source : Money Control
india
Oppn seeks probe into Adani charges in US: ‘Obvious protection of PM Modi’
Following US SEC charges of bribery against Gautam Adani, opposition parties criticise PM Narendra Modi and call for a JPC investigation.
As billionaire Gautam Adani faces charges in the US for alleged bribery and fraud, the Opposition on Thursday intensified its attack on the Centre over its alleged links with the Adani Group.
Gautam Adani has been charged in the US with allegedly paying $250 million in bribes to Indian officials between 2020 and 2024 to secure favourable terms for solar energy contracts. The scheme, prosecutors said, could have earned Adani’s group over $25 billion in profits.
Congress demands JPC probe
Reacting to the charges, the Congress called for a Joint Parliamentary Committee (JPC) probe into alleged scams involving Adani’s conglomerate. The party also demanded the appointment of a “new and credible” Sebi chief to investigate Adani’s financial dealings and compliance with securities laws.
ALSO READ- At 65.2%, Maharashtra records highest voter turnout since 1995 assembly election
Congress leader Jairam Ramesh said the US Securities and Exchange Commission’s (SEC) actions highlight the failure of Indian institutions to investigate the group. “The indictment vindicates Congress’s demand since January 2023 for a JPC into the Modani scams,” Ramesh wrote on X.
He accused Prime Minister Narendra Modi of shielding Adani and claimed Congress’s “Hum Adani Ke Hain Kaun” (HAHK) series had exposed the businessman’s alleged fraud and his ties with the PM.
The fact that it has taken a foreign jurisdiction to properly investigate Adani only shows how Indian institutions have been captured by the BJP, and how decades of institutional development have been undone by greedy and power hungry leaders, the Congress leader said in another post.
“All of this is consistent with a long record of fraud and criminality carried out with impunity with the obvious protection of the Prime Minister,” Ramesh charged.
Other Oppn leaders join attack
Other opposition leaders joined the attack. Trinamool Congress MP Saket Gokhale questioned the BJP’s involvement in Adani’s dealings and demanded an independent judicial probe.
Aam Aadmi Party leader Sanjay Singh accused PM Modi of allowing Adani to tarnish India’s global reputation.
ALSO READ- Adani Group shares plunge after US SEC charges, Adani Green down 16%
Adani stocks latest updates
The allegations rattled markets, with Adani Group stocks plunging. Adani Enterprises fell 20 per cent in pre-open trade, while shares of Adani Ports, Adani Green, Adani Power, and others dropped between 7 per cent and 18 per cent.
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