The Times of India

ICICI Bank reported a 15% rise in standalone net profit to Rs 11,792 crore for Q3 of FY2024, compared to Rs 10,272 crore in the same period last year. Total income rose to Rs 48,368 crore, with improved asset quality as gross NPAs dropped to 1.96%.

SBI raised concerns over the financial stability of women-centric Direct Benefit Transfer schemes in various states, highlighting a significant strain on state budgets. These schemes, costing over Rs 1.5 lakh crore across eight states, could pose fiscal risks, especially schemes like Karnataka's Gruha Lakshmi and West Bengal’s Lakshmir Bhandar. The report calls for a holistic evaluation of welfar…

The finance ministry is preparing for Union budget 2025 with potential reforms in healthcare, insurance, and taxation. A State Bank of India report recommends increasing healthcare spending to 5% of GDP, exempting GST and taxes on insurance premiums, and rationalizing GST on medical devices.

Adani Group has debunked rumors about the cancellation of their 484 MW wind power projects in Sri Lanka, asserting the deal is still on. The Sri Lankan government is reviewing the project tariffs as part of routine procedure under the new administration, while the Adani Group remains committed to investing $1 billion in the local green energy sector.

Odisha, Chhattisgarh, Goa, Jharkhand, and Gujarat top Niti Aayog's fiscal health index due to effective revenue mobilization and low interest payments. Conversely, Punjab, Andhra Pradesh, West Bengal, Kerala, and Haryana lag behind, struggling with deficits and debt. Fiscal performance is crucial for economic stability, given states' significant public spending and revenue contributions.

Godrej Enterprises Group is investing in digital and AI to enhance their consumer-facing businesses, which contribute 60% to their revenues. The group is undergoing a digital transformation, aiming to gain customer insights and combat market competition, with a digital transformation budget of Rs 1,200 crore spread across three years.

Low-alcohol and no-alcohol beers are gaining popularity among Gen Z and millennials in India, driven by health consciousness and the desire for moderation. Despite currently small numbers, this trend is expected to grow, with major brands like Budweiser 0.0, Heineken 0.0, and Coolberg leading the way. The market is evolving with technological innovations to maintain the traditional beer taste.

IndiGo has reported an 18% decrease in Q3 profit to Rs 2,449 crore despite a 14.6% rise in total income, impacted by the weaker rupee. Benign fuel prices were insufficient to offset dollar-denominated costs. Meanwhile, the airline plans to introduce long-haul flights by wet-leasing six Boeing 787s, targeting routes like London and Paris.

Patanjali has recalled four tonnes of 200-gram red chilli powder after the Food Safety and Standards Authority of India found the product non-conforming to pesticide residue limits. The company will refund consumers who purchased the affected packs and has taken steps to inform its distribution partners and consumers, urging them to claim a refund.

Union minister Ashwini Vaishnaw says the world views India as a global production hub and technology co-creation destination, with substantial investor interest across various sectors. He highlights strong US-India ties and the unified investment-friendly stance of NDA and Opposition ruled states presented at Davos.

Tata Sons has approached the fair trade regulator CCI for permission to acquire an additional 10% stake in Tata Play from Singapore's sovereign wealth fund Temasek. Currently, Tata Sons holds a 60% stake in the DTH operator.

Venugopal (Venu) Lambu has been appointed as the new CEO of LTIMindtree for a five-year term. Lambu, a three-decade IT veteran, takes over from Debashis Chatterjee, who led the company to a $4.3-billion IT enterprise. Lambu previously served as the CEO of Randstad Digital.

Tata Electronics has acquired a 60% stake in Pegatron's India unit, which operates an iPhone plant in Tamil Nadu. This acquisition positions Tata Electronics as a significant Apple supplier in India. The company plans to collaborate with Pegatron Technology India and diversify its production to include components for Xiaomi and Oppo.

Mobile phone purchases on EMI are helping individuals in the informal sector create a formal credit history, enhancing access to other loans. Digital lending and no-cost EMIs from lenders like Bajaj Finance are boosting mobile sales on credit. Obtaining these loans helps in generating a credit score, which is beneficial for future borrowings.

BENGALURU: LTIMindtree has named its former president, Venugopal (Venu) Lambu, as CEO designate and director effective Friday, with a five-year tenure.