KARNATAKA BANK PROFIT FALLS
If Kamal Haasan wishes, ready to meet and discuss why we want apology: KFCC
Karnataka Film Chamber of Commerce wants Kamal Haasan to apologize. This is regarding his comment about Kannada language. KFCC is ready to meet Haasan to discuss the issue. Haasan's production company sought court protection for his film. They said they won't release the film in Karnataka for now. The court has scheduled another hearing for June 10.
Gold price prediction: Why did gold fall after hitting a 4-week high and could it rebound soon amid U.S. dollar strength, trade tensions, and key economic data?
Gold prices retreat after briefly hitting a four-week high on June 3, as a stronger U.S. dollar and profit-taking pressure the market. Spot gold dropped 0.7% to $3,356.75 an ounce, while U.S. futures slipped 0.5%. Investors are closely watching trade tensions between President Trump and China’s Xi Jinping, along with upcoming U.S. non-farm payrolls data and Federal Reserve speeches. Global economic slowdown warnings from the OECD also add to uncertainty. With ongoing tariff talks and dollar movement, the gold market remains volatile. Here's a full breakdown of what’s moving the gold market this week.
Kamal Haasan's ‘Thug Life’ to not release in Karnataka as actor refuses to apologise. Controversy explained
Kamal Haasan has refused to apologise for his remark that the Kannada language originated from Tamil, leading to the decision not to release his upcoming film Thug Life in Karnataka. The Karnataka High Court criticised Haasan for hurting public sentiments and urged him to apologise, but the actor’s team insisted there was no need. The Karnataka Film Chamber of Commerce has banned the film’s screening in the state until an apology is made.
Stock market update: Nifty Bank index falls 0.54%
The Nifty Bank index closed 0.54 per cent down at 55599.95.
“Are you a historian?”: Karnataka HC slams Kamal Haasan over Kannada-Tamil remark; says Jala, Nela, Bashe are sacred to people
The Karnataka High Court has strongly criticised Kamal Haasan for his remark suggesting Kannada originated from Tamil, stating it hurt the sentiments of many in Karnataka. The court questioned Haasan's expertise to make such a claim and suggested a simple apology could resolve the issue.
Private lenders disappoint in Q4FY25, but small and PSU banks impress. HDFC Bank, SBI among 16 stocks to buy
India’s banking sector saw a mixed Q4FY25, with private banks lagging and small/mid-sized banks outperforming. ICICI and HDFC Bank posted healthy profits, while SBI and Kotak disappointed. Public sector banks reported strong PAT growth. Analysts expect double-digit earnings growth in FY26, with multiple brokerage buy calls on leading banks like HDFC Bank, ICICI Bank and SBI.
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Bank Nifty crosses 56,000 to hit record high as RBI rate decision looms
The Nifty Bank index crossed the 56,000 mark for the first time on Tuesday, driven by gains in select lenders ahead of an anticipated RBI rate cut. However, the index gave up early gains amid profit-booking and weakness in heavyweight banks. While smaller lenders saw buying interest, ICICI Bank, Axis Bank, and Kotak Mahindra Bank dragged the index lower.
Other income boosts performance of banks in Q4 amid weak credit demand
While a majority of the banks reported double-digit net profit growth for the March 2025 quarter, it was largely driven by a robust increase in the other income as most of them were unable to post strong growth in net interest income (NII).
Signs of revival: Five listed NBFC-MFIs take Rs 2,440 cr bad loans off balance sheets in Jan-March
Microfinance lenders in India aggressively cleared bad loans in Q4 FY25, significantly impacting profitability. This strategic move aims to prepare for an expected turnaround, with listed NBFC-MFIs writing off Rs 2,440 cr. The sector faces challenges like over-indebtedness and disruptions, prompting introspection and operational adjustments for a more sustainable future.
Karnataka reports 87 new COVID-19 cases, active cases rise to 311
Karnataka reported 87 new COVID-19 cases, increasing the active count to 311 with a 17.2% positivity rate. Health Minister Dinesh Gundu Rao reassured the public of the state's preparedness and mild infections. Nationally, India has 3,961 active cases, a significant rise from May 22, with Kerala, Maharashtra, and Delhi being the most affected.
Nifty's PAT grew 3% in Q4FY25, beat Motilal Oswal's estimates; Bharti Airtel, HDFC Bank among top 5 contributors
Nifty posted 3% net profit growth in Q4FY25, marking its fourth straight single-digit gain. Bharti Airtel, ICICI Bank, and others drove 137% of incremental earnings, while MOFSL stays bullish on large-caps and domestic sectors.
Most listed new-age startups improve Q4 profitability; Swiggy, Ola lag behind
Out of 17 publicly listed new-age firms in India, 11 reported better profitability in the March quarter, either by narrowing losses or posting stronger profits. Top performers included Nykaa, Policybazaar, Delhivery, Ather Energy and Ixigo. This points to stronger operational discipline across India’s digital-first companies.
PM E-Drive halfway down the road for 2 & 3-wheelers: HD Kumaraswamy
The PM E-Drive scheme, initiated in September 2024 to boost electric vehicle adoption, has achieved significant progress, particularly in large electric three-wheeler sales, exceeding 75% of its target. While electric two-wheeler sales have reached 48% of the goal, e-rickshaws lag behind. Efforts are underway to deploy e-buses across major cities, with a payment security mechanism ensuring timely payments to suppliers.
"Don't make excuses like shortage of teachers...": Karnataka CM directs officials to expedite work in education sector
Karnataka Chief Minister Siddaramaiah has issued stern directives to education officials, Deputy Commissioners, and CEOs, emphasizing the need to improve SSLC results and address declining enrollment in government schools. He warned against delays in infrastructure projects and demanded strict action against child marriage and teenage pregnancy cases.
Eternal block deal: BNP Paribas buys shares worth Rs 1,484 crore in Zomato parent
Eternal shares rose 5% on Friday, following a substantial acquisition by BNP Paribas Financial Markets, which invested Rs 1,484 crore in the food delivery firm. The Zomato operator a saw a couple of block deals by the French multinational bank's investment arm. Its shares were purchased at a premium of 4.3% over the Thursday closing price of Rs 228.37 on the NSE.
For first time in 125 years, Karnataka has recorded highest rainfall in May: Siddaramaiah
Karnataka Chief Minister Siddaramaiah announced record rainfall in May. Twenty-eight districts received above-average rainfall. He directed officials to assess damage and provide compensation. Over Rs 1,000 crore is available under SDRF. Guidelines are issued for house damage compensation. Precautionary measures are ordered in landslide-prone areas. Task forces are formed at Gram Panchayat levels.
Sandip Sabharwal advises staggered buying for late entrants to avoid chasing peaks
Market expert Sandip Sabharwal suggests investors who missed the April rally shouldn't regret it. Despite initial negative forecasts, March quarter earnings grew by 12.7%, exceeding expectations. Sabharwal advises caution regarding a potential India-China issue involving rare earth magnets, which could disrupt EV and traditional industries. He is positive on Bajaj Auto, recommending gradual accumulation if the stock dips.
HP cuts annual profit forecast as tariffs weigh on demand, shares fall
HP now expects fiscal 2025 adjusted profit between $3.00 and $3.30 per share, down from its prior forecast of $3.45 to $3.75 per share. Analysts had expected a full-year profit of $3.49 per share, according to data compiled by LSEG. The company's second quarter was "impacted by higher-than-expected tariffs that we were not able to fully mitigate," HP CEO Enrique Lores said.
Banking and IT show muted growth, pharma thrives in March quarter results
March quarter results reveal mixed performance across sectors. Banking and IT experienced muted profit growth, while pharma demonstrated strong revenue and profit increases. Automobiles saw sales volume gains but margin pressures. Cement benefited from rural demand, but overall margins slightly decreased. Consumer sector showed growth, but short-term profitability is expected to remain subdued.
Public sector banks drive record profits in India for FY25 amidst asset quality improvements
Indian banking profits soared to a record high in FY25, driven by public sector lenders' strong performance. PSBs witnessed a 26% profit surge, narrowing the gap with private banks' 7% growth. Improved asset quality, aided by regulatory measures and bankruptcy code, contributed to the sector's impressive earnings, despite concerns about unsecured loans and microfinance stress.
Axis Securities maintains Buy on Karnataka Bank, target price Rs 270
Axis Securities maintains a Buy call on Karnataka Bank, projecting a target price of Rs 270. The bank's Q4FY25 consolidated total income rose to Rs 2680.10 crore, with a net profit of Rs 252.62 crore. Expected growth from FY26E, driven by retail deposits and improved margins, supports the positive outlook, valuing the stock at 0.75x FY27E ABV.
India’s soybean acreage to decline as farmers shift to corn, sugarcane
Indian farmers are expected to decrease soybean cultivation this year, potentially shifting to corn and sugarcane due to better profitability. This shift could lead to reduced domestic soybean output, compelling India to increase its imports of edible oils like palm oil, soyoil, and sunflower oil from countries like Indonesia, Malaysia, Argentina, and Brazil.
'Trump Hotel Rental scheme': How an advocate lost Rs 6 lakh after being lured by a daily 3% return promise
A lawyer in Haveri fell victim to cyber fraud. He invested in a fake Trump Hotel rental scheme. The scheme used an AI-generated video. It promised high returns. The advocate lost over Rs 5.9 lakh. Police froze Rs 1.5 lakh from the fraudster's account. An investigation is underway. Police warn the public about such scams.
IndusInd Bank shares in focus amid NFRA complaint over audit discrepancies
NFRA has received a complaint highlighting audit lapses tied to the bank’s forex derivatives. The irregularities, flagged internally, may have a financial impact of Rs 2,100 crore pre-tax. Regulatory bodies, including the RBI, SEBI, and ICAI, are scrutinising the matter. Meanwhile, key resignations have followed amid accounting gaps in the microlending business.
AI-generated video of Donald Trump becomes new tool for cyber-fraud
US President Donald Trump is a well-known face across the world, scamsters are now using the AI-generated video.
Rise in long term delinquencies show persistent repayment challenges in microfinance
A recent CRIF High Mark report reveals a mixed bag for India's microfinance sector. While early-stage delinquencies have slightly improved, longer-term repayment challenges persist, particularly for banks and small finance banks. Karnataka's tightened regulations led to a surge in non-performing assets, and Tamil Nadu anticipates a similar trend as it moves towards regulation.
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