Deepinder Goyal adds Rs 2,000 crore as Eternal shares hit record high
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Time of India
15 minutes ago
- Time of India
Hexaware profit lags estimates, shares tank
Academy Empower your mind, elevate your skills Carlyle-backed Hexaware Technologies reported a 38% on-year rise in June quarter net profit in rupee terms at Rs 380 crore. Profit rose 16% trailed expectations, largely due to a more than 20% increase in other expenses such as acquisition-related cost, and impairment of customer contract associated with an earlier issued a muted revenue guidance for the year ahead. The company follows a January to December financial its mid-tier peers, Hexaware's Q2 revenue was relatively subdued at Rs 3,260 crore, rising 11.1% on-year and 1.6% sequentially in constant currency terms, lagging Street constant currency terms, revenue stood at $382.1 million, growing 1.3% sequentially and 7.5% from a year ago. During the quarter, revenue growth was impacted by decline in manufacturing and consumer segments, and flat growth in financial services."Our growth expectations for the year are a little bit lower now than it was in the beginning of Q2," R Srikrishna, CEO, Hexaware told ET. Shares of Hexaware fell sharply on the earnings announcement. They closed 10.7% lower at Rs 738.25 apiece, underperforming a 0.88% decline in the benchmark BSE Sensex.
Indian Express
an hour ago
- Indian Express
Delhi: Govt bodies owe Rs 63,019 crore in pending water bills. Here are the biggest defaulters
The Delhi Jal Board (DJB) has been incurring losses due to a huge backlog of unpaid dues. Government data reveals that the state and central government bodies owe more to the DJB than domestic consumers. Among these, the Municipal Corporation of Delhi (MCD) and the Railways top the list of government bodies with the highest pending water bills. Water Minister Parevsh Sahib Singh said that 'water is a shared responsibility, and ensuring its uninterrupted supply requires collective effort. Resolving these financial bottlenecks will significantly strengthen our capacity to maintain and improve the city's water infrastructure'. 'We are committed to working with all stakeholders to ensure timely solutions in the best interest of every Delhi resident,' the minister added. According to officials, the DJB will be writing to the state and central government departments, including hospitals, Delhi Police, and others, asking them to pay their pending bills or adjust them. Data shows that the government departments' unpaid bill stands at Rs 63,019.2 crore — Rs 33,295.79 crore is the state government's share, and Rs 29,723.37 crore is the central government's dues. Among the state government's dues, the MCD tops the list — its dues stand at Rs 26,147 crore, followed by the state health department at Rs 66,84.6 crore. In the Central government, as per data, the Railways has a huge pendency of unpaid water bills — Rs 21,530.5 crore. It is followed by the Delhi Police, whose pending dues are Rs 6,097 crore. Meanwhile, residents owe the DJB Rs 1.42 lakh crore in pending water bills, officials have said. Of this, domestic consumers only owe the board Rs 15,000 crore, or 10.5% of the total amount. Officials said that consumers in the commercial category owe the DJB Rs 66,000 crore, followed by government departments, whose unpaid bills stand at Rs 63,019 crore, while domestic consumers owe the board Rs 15,000 crore. The government is already working on a one-time scheme to waive the late payment surcharge (LPSC) of water bills of domestic consumers. Officials said the status of pending bills is up to July 14, and these bills have been adding up over the last 10 years.
Economic Times
an hour ago
- Economic Times
Banking licence for conglomerates not on cards, says RBI Guv Sanjay Malhotra
RBI Governor Sanjay Malhotra expressed concerns about granting banking licenses to conglomerates due to potential conflicts of interest involving depositors' funds. He emphasized that ensuring price stability remains the central bank's primary goal. Malhotra clarified that there are no current proposals to allow corporate entities to obtain banking licenses, whether through NBFCs or as individual companies. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads 'No proposal to review promoters' voting rights' Mumbai: The Reserve Bank of India (RBI) Governor, Sanjay Malhotra, Friday said giving banking licences to conglomerates came with palpable conflict-of-interest risks involving depositors' also said ensuring price stability remained the central bank's prime objective."We have our concerns. Some of these NBFCs will have deep pockets," Malhotra said at a media event in Mumbai."But if the same group, a large industrial house or a corporate group, is doing financial activities and real economy activities within the same group, there is an inherent conflict of interest with the group actually dealing with the money of the depositors. And, so, those concerns are valid, and they continue to remain."Malhotra clarified that the banking regulator does not have any proposal to allow a corporate entity, whether through an NBFC or as an individual company, to get a banking licence. Reliance Industries , India's biggest company by market value, and Bharti Airtel , which runs the country's second-largest telecom company, operate in the banking space with their respective payments banks. This category of lenders is not allowed to lend but can accept deposits of up to Rs 2 Hinduja Group, with interests in industries as diverse as the capital markets and commercial automobiles, is the promoter of IndusInd Bank Malhotra said that there is no proposal to review promoters' voting rights at private banks, currently capped at 26%. He said that such a requirement ensures that no individual person exercises undue control over the management of a bank, which is dealing with depositors' money.'It is the diversification of ownership so that there are checks and balances within the owners, which we feel is necessary. And so, there is no proposal to review this 26% cap,' Malhotra said.
