Business

[ad_1] BENGALURU: Food and grocery delivery platform Swiggy's revenue from operations rose 35% year-on-year to Rs 15,227 crore, driven by double-digit growth in food delivery and a doubling of Instamart's order value.Its net loss widened to Rs 3,117 crore for FY25, from Rs 2,350 crore in the corresponding period last year, as the company sharply ramped up investments in its quick-commerce vertical, Instamart. Total expenses climbed to Rs 18,725 crore from Rs 13,947 crore a year earlier, with advertising, delivery charges, and employee costs accounting for a major share.Swiggy attributed the larger loss primarily to its quick-commerce business, which saw adjusted EBITDA loss widen to Rs 840 crore in the March quarter, up from the previous quarter, as the company added 316 dark stores and entered 124 cities. The contribution margin from this segment dropped further to -5.6%.In contrast, the […]

[ad_1] Representative AI image (Credit: Bing image creator) MUMBAI: Amid escalating tensions between India and Pakistan, companies are putting precautionary measures in place to ensure safety of employees and minimise impact on operations.Dabur is operating its factory in Jammu only during the daytime for now and will reassess the situation on Monday before deciding on a further course of action."We suspended operations at our Jammu factory last night to ensure the safety of our employees and avoid any untoward incidents. While normal daytime operations resumed today, we decided not to run operations after sunset," a company spokesperson told TOI. The company has also allowed its outstation employees to leave for their hometowns.Several FMCG companies have factories in the north-western parts of the country, but so far there have been no widespread disruptions on the ground. Nestle's factory in Punjab's Moga, […]

[ad_1] Image used for representative purposes MUMBAI: Five years after a group of Indian lenders led by SBI stepped in to rescue Yes Bank, Japan's Sumitomo Mitsui Banking Corporation (SMBC) will acquire a 20% stake in the private lender for Rs 13,483 crore, making it the largest shareholder. The deal, India's biggest cross-border banking investment, marks a shift in ownership of the bank once run by veteran banker Rana Kapoor. Kapoor lost control in 2020 after the bank nearly collapsed due to bad loans, which wiped out its net worth. RBI then mandated a reconstruction scheme under which eight Indian banks took equity stakes.SBI will now sell a 13.2% stake, cutting its holding to just over 10%. ICICI Bank, HDFC Bank, Kotak Mahindra Bank, Axis Bank, IDFC First Bank, Federal Bank, and Bandhan Bank will offload a combined 6.8%. The […]

[ad_1] The International Monetary Fund (IMF) on Friday approved the immediate disbursement of $1 billion to Pakistan under the ongoing Extended Fund Facility (EFF), drawing sharp opposition from India, which warned the funds could be misused to support state-sponsored cross-border terrorism.The approval came during a board meeting in Washington, where the IMF also reviewed a proposed $1.3 billion loan to Pakistan under its Resilience and Sustainability Facility (RSF). India registered a formal protest, citing Pakistan’s poor track record with IMF reforms and expressing fears of fund diversion. New Delhi abstained from the vote.“Rewarding continued sponsorship of cross-border terrorism sends a dangerous message,” the finance ministry said in a statement. “It exposes funding agencies and donors to reputational risks and undermines global values.”Pakistan’s Prime Minister Shehbaz Sharif welcomed the development, describing it as a “defeat of India’s high-handed tactics” and a […]

[ad_1] Bank of India reported a robust 82% year-on-year increase in its net profit for the January-March 2025 quarter, reaching Rs 2,626 crore. This surge was primarily driven by significant treasury gains and a substantial rise in recoveries from written-off accounts.The bank's core net interest income (NII) grew by 2% to Rs 6,063 crore, while other income nearly doubled, up 96% to Rs 3,428 crore.The bank's managing director and CEO, Rajneesh Karnatak, announced a target of 12-13% loan growth and 11-12% deposit growth for the fiscal year 2025-26. Despite the narrowing of the net interest margin (NIM) to 2.61% from 2.92% in the previous year, the bank remains optimistic about sustaining high growth rates. The overall capital adequacy ratio stood at 17.77%, with a core buffer of 14.84% as of March 31, 2025.Recoveries from written-off accounts jumped 195% to Rs […]

[ad_1] NEW DELHI: Domestic medical device firms are bullish about expanding business under the India-UK Free Trade Agreement (FTA), with some aiming to double their export quantities from single-digit levels. Significantly, the FTA has lowered tariffs on key devices, which could reduce prices on imported devices and savings for Indian patients on medical bills. However, experts warn that mandatory disclosure of manufacturing sites for all imports is essential to prevent dumping and transshipment from undisclosed locations, ensuring transparency and fair trade practices."This is a positive development as it opens doors to the UK, one of the top five markets globally. Indian companies can look forward to more sourcing from UK companies, as well as public procurement under the NHS (National Health Service). As a company, we are bullish and look to export more medical devices to the UK, and increase […]

[ad_1] India has sufficient supplies of petrol, diesel, and LPG, and there is no need for panic buying, top oil companies said on Friday, following rising tensions with Pakistan.State-run firms — Indian Oil Corporation (IOC), Bharat Petroleum (BPCL), and Hindustan Petroleum (HPCL) — issued separate statements assuring the public of adequate fuel stocks and normal operations. The statements came as social media was flooded with videos and posts of people lining up at fuel stations, amid rising tensions between the two neighbouring nations."Indian Oil has ample fuel stocks across the country and our supply lines are operating smoothly. There is no need for panic buying, fuel and LPG are readily available at all our outlets," IOC stated on X."Help us serve you better by staying calm and avoiding unnecessary rush. This will keep our supply lines running seamlessly and ensure […]

[ad_1] State Bank of India (SBI) and seven other lenders announced on Friday the sale of 20 percent of their combined stakes in Yes Bank to Japan's Sumitomo Mitsui Banking Corporation (SMBC) for Rs 13,483 crore, marking the largest cross-border investment in the Indian banking sector. Upon completion of this transaction, SMBC will become the single largest shareholder of Mumbai-based Yes Bank.According to news agency PTI, SBI will offload 13.19 percent of its stake in Yes Bank, amounting to Rs 8,889 crore, while the remaining 6.81 percent will be sold by Axis Bank, Bandhan Bank, Federal Bank, HDFC Bank, ICICI Bank, IDFC First Bank, and Kotak Mahindra Bank, generating Rs 4,594 crore. The share sale will be conducted at Rs 21.50 per equity share.This sale follows the Yes Bank Reconstruction Scheme initiated in March 2020, when SBI and other lenders […]

[ad_1] India Pakistan tensions, Operation Sindoor impact:Investor wealth took a hit, plunging by Rs 7 lakh crore over the past two sessions, as escalating conflict between India and Pakistan made markets jittery and triggered a selloff. The NSE Nifty dropped 265.80 points, or 1.10 per cent, to settle at 24,008. The BSE Sensex fell for the second consecutive day on Friday, mirroring investor anxiety over rising geopolitical risks. The benchmark Sensex sank 880.34 points, or 1.10 per cent, to close at 79,454.47.In two sessions, the Sensex has lost 1,292.31 points or 1.60 per cent.The market capitalisation of BSE-listed companies eroded by Rs 7,09,783.32 crore, falling to Rs 4,16,40,850.46 crore (USD 4.86 trillion), as investors rushed to reduce exposure amid growing uncertainty.The selloff followed India’s swift response late Thursday to Pakistan’s renewed attempts to target military sites using drones and missiles […]

[ad_1] Union Bank of India reported a robust 50 per cent year-on-year jump in its March quarter net profit to Rs 4,985 crore, driven by improved non-interest income and lower provisions.However, the state-run lender flagged concerns over pressure on net interest margins (NIMs) going forward due to expected rate cuts by the Reserve Bank of India.The bank had posted a net profit of Rs 3,311 crore in the same quarter last fiscal. Total income rose to Rs 33,254 crore from Rs 31,058 crore a year ago.Union Bank’s Managing Director and CEO A Manimekhalai, addressing reporters on Friday, said that with over 29 per cent of its loan book linked to the repo rate, the bank’s margins are likely to face strain as interest rates decline. While the bank achieved a NIM of 2.91 per cent in the March quarter—within its […]