Indian Bank Posts 55% Jump In Q4 Net Profit, Declares Dividend Of Rs 12 Per Share

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Indian Bank Posts 55% Jump In Q4 Net Profit, Declares Dividend Of Rs 12 Per S...

by Pabitra Mohan Senapaty

NEWS HIGHLIGHTS

The Indian Bank on Monday reported a 55 per cent rise in net profit to Rs 2,247 crore for the January-March quarter of 2023-24, compared to the corresponding figures of Rs 1,447 crore reported in the same period of the previous year.

Mumbai, May 7: The Indian Bank on Monday reported a 55 per cent rise in net profit to Rs 2,247 crore for the January-March quarter of 2023-24, compared to the corresponding figures of Rs 1,447 crore reported in the same period of the previous year.

The public sector bank's board of directors has recommended a dividend of Rs 12 per share for 2023-24.

The total income of the bank increased by 19 per cent to Rs 16,887 crore in the March quarter of FY24, from Rs 14,238 crore in the same period in FY23.

The bank’s net interest income (NII) increased by 9 per cent year-on-year to Rs 6,015 crore in the March quarter of FY24, from Rs 5,508 crore in the same quarter of FY23.

Indian Bank’s asset quality also improved during the quarter under review, with its gross non-performing assets (NPA) declining to 3.95 per cent of total advances from 5.95 per cent during the same period of the previous year.

Similarly, net NPA was seen at 0.43 per cent of total advances as of March 31, 2024, compared to 0.90 per cent during the same period in 2022-23.

(IANS Inputs)

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IPL 2024: PBKS Opt To Bat First Against SRH In Hyderabad

by Hemanta Pande

Hyderabad, May 19: Punjab Kings (PBKS) stand-in skipper Jitesh Sharma won the toss and opted to bat first against Sunrisers Hyderabad (SRH) in match 69 of the Indian Premier League (IPL) at Rajiv Gandhi International Stadium, here on Sunday.

In the absence of Sam Curran, Jitesh is leading the team. Punjab will be missing a bunch of their overseas players in the match as most of them have returned home to prepare for the T20 World Cup with only Rilee Rossouw featuring in the playing XI.

"We would like to bat. I think wicket is looking good, we want to score big and put SRH under pressure. Proud and grateful to captain my side today. We have few options because all the overseas have gone. Only Rilee Rossouw is gonna play. We have exciting talent waiting for their opportunity and they are gonna give their best today. Nothing to lose today, we are here to play some good cricket," Jitesh said at at the toss.

On the other hand, Hyderabad captain Pat Cummins made only one change as Rahul Tripathi has returned to the team. "The fans have been awesome this season here. We are pretty well set-up for both (bat first or ball first. I'm a terrible reader of wickets, looks like a nice wicket. Looks dry and firm. Only one change for us. Rahul Tripathi comes in for a bowler," he said.

The home side is coming after a washout against Gujarat Titans while Punjab Kings defeated Rajasthan Royals by five wickets in their last game.

A win for Hyderabad will bolster their hopes of finishing in top two places as table toppers Kolkata Knight Riders and Rajasthan Royals will lock horns in the final league stage encounter in the evening.

Currently, KKR lead the list with 19 points followed by Rajasthan (16 points), Hyderabad (15 points) and Royal Challengers Bengaluru (14 points), respectively.

Teams:

Sunrisers Hyderabad (Playing XI): Abhishek Sharma, Nitish Reddy, Rahul Tripathi, Heinrich Klaasen(w), Abdul Samad, Shahbaz Ahmed, Sanvir Singh, Pat Cummins(c), Bhuvneshwar Kumar, Vijayakanth Viyaskanth, T Natarajan.

Sunrisers Hyderabad Impact Subs: Travis Head, Umran Malik, Glenn Phillips, Washington Sundar, Jaydev Unadkat

Punjab Kings (Playing XI): Prabhsimran Singh, Atharva Taide, Rilee Rossouw, Shashank Singh, Jitesh Sharma(w/c), Ashutosh Sharma, Shivam Singh, Harpreet Brar, Rishi Dhawan, Harshal Patel, Rahul Chahar.

Punjab Kings Impact Subs: Arshdeep Singh, Tanay Thyagarajan, Prince Choudhary, Vidhwath Kaverappa, Harpreet Singh Bhatia(IANS)

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Over $239 Mn Raised By 26 Indian Startups In Funding Last Week

by Pabitra Mohan Senapaty

New Delhi, May 19: More than $239 million was raised by 26 Indian startups in funding last week, which includes nine growth-stage deals and 15 early-stage deals.

Two early-stage startups did not disclose the amount raised, reports Entrackr.

In the week of May 6-11, around 24 early and growth-stage startups collectively raised nearly $320 million in funding.

Among the growth-stage deals, seven startups secured around $207.2 million in funding last week. Microfinance firm Annapurna Finance secured the highest funding of $72 million.

This was followed by battery tech startup Battery Smart, Propelld, which provides education loans to borrowers via online channels, and ambulance service provider Red.

Health and manufactures drones for applications in agriculture, defence, and enterprise sectors Dhaksha, which raised $45 million, $25 million, $20 million, and $18 million, respectively.

Moreover, 15 early-stage startups secured funding worth $32.5 million last week.

Domestic aggregator providing end-to-end cold-chain solutions Celcius Logistics topped the list, followed by mobility and energy solutions startup Matel, authentication and access management platform OTPless, marketing SaaS (software-as-a-service) platform Highperformr.ai, and sports tech company Stupa Sports.