Ksolves India consolidated net profit declines 28.16% in the June 2025 quarter
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
21 minutes ago
- Time of India
UCO Bank net rises 10% in first quarter
1 2 3 Kolkata: UCO Bank registered a 10.1% jump in net profit to Rs 607 crore in the first quarter of this fiscal compared to Rs 551 crore during the same period last year. This was driven by higher interest income and a sharp increase in other income, even as expenses and provisions rose during the period. Ashwani Kumar, MD and CEO of the bank, said gross NPA went down to 2.6% during the quarter from 3.3% in the year-ago period. There was a 23.4% growth in the RAM (retail, agri and MSME) book to Rs 1,25,927 crore. However, fresh slippages during Q1 went up to Rs 631 crore from Rs 462 crore in the year-ago period. Kumar said the fresh slippages were on account of retail, MSME and agriculture. This was Rs 368 crore for MSME, followed by Rs 150 crore for retail and Rs 91 crore for agriculture. Overall, NPA in retail was Rs 369 crore out of a total loan book of Rs 56,000 crore. In Q1 last fiscal, retail NPA was Rs 122 crore. "The retail slippages are well within our limit," he added. You Can Also Check: Kolkata AQI | Weather in Kolkata | Bank Holidays in Kolkata | Public Holidays in Kolkata Speaking on the capital raising programme, Kumar said that during the last AGM, approval was taken from shareholders to sell 270 crore shares to raise over Rs 2,700 crore at face value, which would be at a premium at current prices. "This quarter we have no plans, but in the next quarter, we may go for that," he said.
Indian Express
36 minutes ago
- Indian Express
SBI mobilises Rs 25,000 cr via QIP
State Bank of India (SBI) on Monday successfully raised Rs 25,000 crore through a qualified institutional placement (QIP) of its equity shares, marking the largest QIP ever in the Indian capital markets. The shares were issued at a price above the floor price of Rs 811.05 per share. 'The book received robust demand and was oversubscribed 4.5 times, reflecting strong investor confidence in SBI's strategy and the outlook for India's banking sector,' SBI said. The offering received an overwhelming response, with total subscriptions amounting to Rs 1.12 lakh crore. Foreign investors accounted for 64.3 per cent of total demand, underscoring the attractiveness of India's growth story. Marquee long term investors received 88 per cent of the final allocation, including 24 per cent of the issue size placed with foreign long-term investors, it said. SBI shares closed 0.11 per cent higher at Rs 824.20 on the BSE on Monday. SBI Chairman CS Setty said: 'This landmark equity raise is a vote of confidence in SBI's solid fundamentals, prudent risk management and digital-first growth agenda. We are grateful to both domestic and international investors for their overwhelming support, which also speaks volumes about the current strength and future potential of the Indian economy.' The capital infusion will strengthen SBI's Common Equity Tier-1 (CET-1) buffer, which is set to rise from 10.81 per cent as of March 31, 2025, to 11.50 per cent. This will enable the bank to support measured credit growth across the retail, MSME, and corporate segments.
Indian Express
37 minutes ago
- Indian Express
Govt collected Rs 437 crore as income tax from crypto in FY24, up 63% from FY23
The government collected Rs 437.43 crore as income tax on gains from cryptocurrencies – or Virtual Digital Assets (VDA), as they are called legally – in 2023-24, up 63 per cent from the previous year, the Finance Ministry said on Monday. In a written response to a question in the Lok Sabha on the first day of the Monsoon Session of Parliament, Minister of State for Finance Pankaj Chaudhary said that the tax collected on income from VDAs in 2022-23 was Rs 269.09 crore. This rose to 437.43 crore in 2023-24. Data for 2024-25 is not available yet as the due date for filing income tax returns for the year has not passed, Chaudhary said. While India at present does not have any law regulating crypto, the government introduced a flat 30 per cent tax on profit generated through the sale of VDAs starting April 2022, with losses made on the sale of these assets not permitted to be set-off against any other income or be carried forward. Later, starting July 2022, a 1 per cent tax deducted at source (TDS) on cryptocurrency transactions came into effect. 'The Government is utilising data analytics tools to trace and detect tax evasion from VDA related transactions. The analysis includes the use of Non-Filer Monitoring System (NMS), Project Insight and internal databases of the Income Tax Department, to correlate available information on VDA transactions with the transactions disclosed in the return of income by the taxpayer,' Chaudhary further said. He added that while VDA transactions filed in income tax returns were not being matched in real-time with information filed by Virtual Asset Service Providers (VASPs), the TDS returns of these service providers and income tax returns filed by taxpayers were being analysed to identify any discrepancies in reporting of crypto transactions. 'Central Board of Direct Taxes has initiated NUDGE (Non-Intrusive use of Data to Guide and Enable) campaign to identify such discrepancies for further action. Under NUDGE campaign suitable communications, to review and update their income tax returns, were issued to all taxpayers who did not report VDA related transactions in their income tax returns, despite tax being deducted at source for such transactions by VASPs, where the quantum of such discrepancy was more than Rs 1 lakh,' Chaudhary said. The Indian Express had reported last month, quoting sources, that the income tax department is investigating tax evasion and laundering of unaccounted income by high-risk persons through investments in VDAs, with analysis of crypto transaction data showing 'significant violations' of income tax rules. In his response in the Lok Sabha on Monday, the Minister of State for Finance said the government had not made any estimate regarding the projected revenue loss due to under-reporting or misreporting of income from VDA or crypto transactions. The information from the finance ministry on the income tax collected from crypto comes a day after CoinDCX, one of India's leading cryptocurrency exchanges, disclosed that it had suffered a loss of around $44 million, roughly Rs 379 crore, due to a security breach. Meanwhile, another leading Indian crypto firm WazirX was hit by a cyberattack last year which saw hackers allegedly steal more than $230 million of users' holdings. According to a December 2024 paper by New Delhi-based tech policy think-tank Esya Centre, analysis of relevant transaction data from December 2023 to October 2024 showed that Indians traded more than Rs 2.63 lakh crore on offshore crypto platforms, which corresponds to Rs 2,634 crore in TDS owed by offshore platforms. According to the think-tank, the total TDS that has not been collected from offshore exchanges since July 2022 possibly exceeds Rs 6,000 crore. Over the next five years, the think-tank projected, total crypto trading by Indians on offshore platforms could lead to more than Rs 17,000 crore of uncollected TDS. Siddharth Upasani is a Deputy Associate Editor with The Indian Express. He reports primarily on data and the economy, looking for trends and changes in the former which paint a picture of the latter. Before The Indian Express, he worked at Moneycontrol and financial newswire Informist (previously called Cogencis). Outside of work, sports, fantasy football, and graphic novels keep him busy. ... Read More
