Latest news with #BoM
Engadget
a day ago
- Automotive
- Engadget
This is the daftest e-scooter in the world
The minds behind Bo's sublime e-scooter met each other while working for the advanced engineering arm at (F1 team) Williams. Their mission was to take their knowledge of designing and building some of the world's fastest cars to build a better e-scooter. But while they no longer work for a Formula One team, they can't quite shake that desire to build vehicles that travel at preposterously daft speed. Which is why the company has today unveiled The Turbo, a souped-up version of the standard Bo e-scooter with a potential top speed of more than 100 miles per hour and a range of up to 150 miles. The Turbo (surely, the Tur…Bo, non? ) is equipped with a 24,000W dual-motor engine, and a 1,800Wh battery. Naturally, given Bo's focus on safety and balance, the scooter has F1-style air intakes to keep both the electronics and brakes nicely cool. Given the scooter's light weight, Bo claims it has a higher power to weight ratio than a hypercar like the Bugatti Veyron. It's already been tested by former professional BMX rider Tre Whyte. Although he hasn't quite yet been able to breach the 100mph barrier the company thinks that isn't far off. Of course, the Turbo is one way to pull the world's eyeballs to a product, especially as it's announcing the US availability of its scooters. Customers in the US can now order a Bo M, with vehicles available at some point in August 2025. If you want the standard Bo M, with a range of 25 miles, will set you back $1,990 while the M2, with a range pushing 40 miles, will cost $2,490. And, if you're the sort of person who thinks that owning a scooter that can go at road car speeds is a good idea, you'll actually be able to buy a Turbo: It'll cost you at least $29,500, with the first delivery going to a collector in Madrid next year ahead of that city's inaugural grand prix.
New Indian Express
2 days ago
- Business
- New Indian Express
Madras HC directs Gandhigram Rural Institute in Dindigul to follow new UGC norms
MADURAI: The Madurai Bench of the Madras High Court has directed the Gandhigram Rural Institute (GRI) in Dindigul to implement new University Grants Commission (UGC) regulations 2023 within two months. Till then, regular administrative activities can be carried out, the court said. Justice C Saravanan passed the order recently while hearing a petition filed by M Gurunathan of Dindigul, a retired section assistant of the deemed to be university. Gurunathan alleged that the institution is following the defunct old regulations and is planning to conduct a board of management (BoM) meeting on July 18, even though the constitutional structure changed after the UGC announced new regulations. The UGC issued new regulations on June 2, 2023, declaring institutions of academic excellence as institutions deemed to be universities. As per the new regulations, deemed-to-be-universities should amend the Memorandum of Association (MoA) or Rules of the Institution to comply with it within one year from the date of commencement of the regulations and a report should be submitted to the commission, he added. Though the university passed a resolution to expedite the process during a BoM meeting in 2023, the varsity failed to register or implement them, Gurunathan said. Justice Saravanan directed the vice chancellor and registrar-in-charge of GRI to register the by-laws within a month. Also, he directed them to implement the new regulations within two months, and disposed of the petition.
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Business Standard
4 days ago
- Business
- Business Standard
Bank of Maharashtra Q1 profit up 23.2% at ₹1,593 cr on healthy NII growth
Public sector lender Bank of Maharashtra reported a 23.2 per cent year-on-year rise in net profit to ₹1,593 crore for the April–June quarter, mainly aided by healthy growth in net interest income (NII). NII expanded 17.6 per cent to ₹3,292 crore in Q1FY26 compared to ₹2,799 crore in the same quarter a year ago (Q1FY25). Net interest margin (NIM) moderated to 3.95 per cent in Q1FY26 from 3.97 per cent in Q1FY25. Nidhu Saxena, Managing Director and Chief Executive Officer of BoM, said the bank expects NIM to be around 3.75 per cent for FY26. The NIM for Q1FY26 is above the bank's guidance for FY26. Separately, the bank, in its analyst presentation, flagged risks, stating that falling interest rates could impact net interest margins. The bank's non-interest income declined by 8 per cent YoY to ₹825 crore in Q1FY26. Provisions for non-performing assets (NPAs) rose marginally to ₹719 crore in Q1FY26 from ₹586 crore in Q1FY25. There was an increase in slippages from the agricultural loan portfolio in the June quarter. The bank has been able to upgrade agri NPAs worth ₹270 crore as of July, Saxena said in a post-result virtual press meet. Provisions for agri NPAs pushed up the credit cost to 1.19 per cent in Q1FY26 from 1.12 per cent in the March quarter of FY24. Agricultural NPAs rose to 9.65 per cent in June 2025 from 7.88 per cent in June 2024. Advances grew 15.34 per cent YoY to ₹2.41 trillion in Q1FY26. Retail advances grew by 35.37 per cent YoY to ₹71,966 crore in the June quarter of FY26. Through its GIFT City branch, the bank expects to build a book of $1 billion. Total deposits increased 14.08 per cent YoY to ₹3.05 trillion. The share of low-cost deposits—current account and savings account (CASA)—improved to 50.07 per cent at the end of June 2025 from 49.86 per cent a year ago. The bank has board approval to raise up to ₹10,000 crore through infrastructure bonds, which are exempt from meeting Cash Reserve Ratio and Statutory Ratios. The credit-deposit ratio (C/D ratio) stood at 79.04 per cent in the June quarter of 2025, up from 78.17 per cent a year ago. The bank's asset quality improved, with gross NPAs declining to 1.74 per cent in June 2025 from 1.85 per cent in June 2024. Net NPAs also declined from 0.18 per cent in June 2024 to 0.20 per cent in June 2025. The provision coverage ratio (PCR), including written-off accounts, stood at 98.36 per cent in June 2025, the same level as in June 2024. The bank's capital adequacy stood at 20.06 per cent, with Tier-1 capital at 16.63 per cent at the end of June 2025. Although the bank has board approval for an equity offering of ₹5,000 crore, there are no firm plans for capital raising at present. The Pune-based lender's shares ended 2 per cent higher, closing at ₹57.20.
Time of India
4 days ago
- Business
- Time of India
Bank of Maharashtra Q1 profit rises 23% YoY to Rs 1,593 crore
Bank of Maharashtra on Tuesday reported a 23% year-on-year rise in net profit at Rs 1,593 crore for the first quarter of the fiscal, helped by lower provisions and steady business expansion. Its asset quality remained stable. Its net profit was Rs 1,293 crore in the year ago period. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Buy Lifetime Office 365 Download Undo The bank's net interest margin (NIM) for the quarter stood at 3.95% as compared with 4.01% in the preceding quarter and 3.97% in the year ago period. "The NIM contracted due to the reduction in lending rates. We are trying to protect the NIM by managing the liability side of our business," managing director Nidhu Saxena said after announcing the quarterly numbers. The Pune-headquartered lender's operating profit rose 12% year-on-year at Rs 2,570 crore. Total income in the quarter under review stood at Rs 7,879 crore against Rs 6,769 crore in the year-ago period. Net interest income rose 17.6% at Rs 3,292 crore. Live Events It has made lower provisions and contingencies at Rs 86742 crore during the quarter as compared with Rs 95047 crore. Provisions to cover bad loans however stood higher at Rs 71903 crore against Rs 58639 crore. The bank's gross non-performing assets ratio remained steady at 1.74% at the end of June, little changed from three months ago. The ratio however improved from 1.85% a year-ago, despite the bank recording higher slippages of Rs 727 crore against Rs 592 crore over the same period, largely due to stress in agricultural loan. "Recovery and upgradation helped to reduce the NPA ratio," Saxena said. BoM's advances grew 15.34% year-on-year to Rs 2.41 lakh crore, even as the banking sector's average credit growth remained in single digit in the first three months of the fiscal. The bank is projecting a 17% expansion in advances for FY26. The bank is planning to raise Rs 10,000 crore in infrastructure bonds this fiscal. The state-owned lender also has board approval to raise Rs 5000 crore in equity and Rs 2,500 crore in debt. "We are engaging foreign and local investors. But the capital raising plan has not been firmed up yet," Saxena said.
Business Standard
5 days ago
- Business
- Business Standard
Bank of Maharashtra Q1 FY26 results: Profit rises 23% to ₹1,593 crore
State-owned Bank of Maharashtra (BoM) on Tuesday reported 23 per cent increase in net profit to ₹1,593 crore during the first quarter, helped by decline in bad loans and improvement in interest income. The Pune-based lender had posted a net profit of ₹1,293 crore in the April-June period of the previous year. Total income in the quarter under review rose to ₹7,879 crore from ₹6,769 crore in the same period a year ago, BoM said in a regulatory filing. Interest earned by the bank grew to ₹7,054 crore as compared to ₹5,875 crore in June quarter FY25. The bank's asset quality showed improvement as gross non-performing assets (NPAs) declined to 1.74 per cent of gross advances at the end of June quarter FY26 from 1.85 per cent a year ago. Similarly, net NPAs or bad loans declined to 0.18 per cent as against 0.20 per cent in the year-ago period. Capital adequacy ratio of the bank rose to 20.06 per cent from 17.04 per cent in the same quarter of FY25. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
