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Time of India
2 hours ago
- Business
- Time of India
Bajaj Housing Finance Q1 profit rises 21% to Rs 583 crore, AUM up 24%
Bajaj Housing Finance reported a 21% rise in net profit for the first quarter of the fiscal at Rs 583 crore as compared with Rs 483 crore in the year-ago period. Pre-provisioning operating profit stood 25% higher at Rs 798 crore against Rs 640 crore. Net total income also grew 25% at Rs 1012 crore. Explore courses from Top Institutes in Please select course: Select a Course Category healthcare Product Management Data Science others Operations Management CXO PGDM Data Science Cybersecurity Project Management Degree Design Thinking Data Analytics Healthcare Technology MCA Leadership Management MBA Artificial Intelligence Others Public Policy Digital Marketing Finance Skills you'll gain: Duration: 11 Months IIM Lucknow CERT-IIML Healthcare Management India Starts on undefined Get Details by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Outdoor Clothing | Designed to Perform. Built to Endure. Trek Kit India Shop Now Undo Its net interest margin remained steady at 4% for the last three quarters. It is expecting a moderation in the ratio as its operating expenses are likely to rise on account of its investment in SBU and non-metro markets. The non-deposit taking mortgage lender is targeting a 21-23% growth in assets under management amid a "heightened competitive pricing on acquisition of new loans, increased portfolio attrition coupled with moderation in real estate demand," it said. The lender's AUM grew 24% year-on-year to Rs 1.20 lakh crore. Asset quality remained healthy with gross non-performing assets ratio being at 0.30%.
Time of India
2 days ago
- Business
- Time of India
Govt taking multi-pronged approach to sustain economic growth amid uncertainties: MoS Finance
The government has been taking a multi-pronged approach to sustain economic growth amid global uncertainties, Minister of State for Finance Pankaj Chaudhary said on Monday. "The estimate of fiscal deficit for the year 2025-26, as presented in the Union Budget 2025-26 , is at 4.4 per cent. There is no requirement felt for revision of fiscal deficit target at this stage, and neither is it considered appropriate," he said in a written reply in the Lok Sabha. The government has been taking various measures to boost economic growth in light of global challenges and uncertainties, he said. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Trekking pants for mountain sports and adventure travel Trek Kit India Shop Now Undo India's economic resilience is underpinned by strong macroeconomic fundamentals such as steady growth, price stability, credible fiscal consolidation, resilient external sector performance, robust foreign exchange reserves, a strong and well-capitalised banking sector, and robust physical and digital infrastructure, he said. Additionally, he said, India's well-regulated financial system, credible inflation-targeting regime, and flexible exchange rate contribute to the economy's resilience to shocks. Live Events In response to recent global challenges such as trade tensions, uncertain capital flows, and geopolitical risks, the government has been taking a multi-pronged approach to sustain economic growth, he said. Spelling out some of the steps taken to propel growth, he said liberalisation of FDI, bilateral engagement with countries for the finalisation of various trade agreements, credit guarantee schemes, and increased public expenditures, particularly capex. In the Union Budget 2025-26, an outlay of Rs 1.5 lakh crore has been proposed in this regard. To strengthen power sector resilience, he said the Budget also proposed incentives for electricity distribution reforms and augmentation of intra-state transmission capacity, with an additional borrowing of 0.5 per cent of gross state domestic product (GSDP) allowed for states, contingent on undertaking these reforms. Moreover, the Budget also proposed to launch a comprehensive multi-sectoral 'Rural Prosperity and Resilience' programme in partnership with states, which aims to address under-employment in agriculture, he said. Replying to another question, he said, the per capita net national income (NNI) at constant prices for 2024-25 stands at Rs 1,14,710 as per the provisional estimates of GDP released by National Statistical Office, Ministry of Statistics and Programme Implementation (MoSPI). The per capita NNI at constant prices for 10 years ago -- 2014-15 -- was Rs 72,805, he said. The differences in the increase in per capita income across states may be attributed to a range of factors such as varying levels of economic development, sectoral composition, structural disparities, and differences in governance mechanisms, among others, he said. The government has been committed to the objective of inclusive growth, as reflected in its commitment to Sabka Saath, Sabka Vikas, and has initiated several targeted schemes aimed at reducing poverty and inequality, ensuring social security, promoting income generation and livelihood opportunities, and improving the quality of life of vulnerable sections across the country, he said.
Time of India
3 days ago
- Climate
- Time of India
Iranians told to use less water as heatwave worsens shortages
Iranian authorities have urged residents to limit water consumption as the country grapples with severe shortages amid an ongoing heatwave, local media said Sunday. Water scarcity is a major issue in Iran, particularly in arid provinces in the country's south, with shortages blamed on mismanagement and overexploitation of underground resources, as well as the growing impact of climate change. Explore courses from Top Institutes in Select a Course Category Data Analytics Design Thinking Project Management PGDM Management Public Policy Data Science MBA Technology Product Management Operations Management Digital Marketing healthcare Leadership Others others Artificial Intelligence Data Science Healthcare CXO Finance Cybersecurity MCA Degree Skills you'll gain: Data Analysis & Visualization Predictive Analytics & Machine Learning Business Intelligence & Data-Driven Decision Making Analytics Strategy & Implementation Duration: 12 Weeks Indian School of Business Applied Business Analytics Starts on Jun 13, 2024 Get Details On Saturday, the national meteorological service said Iran was experiencing its hottest week of the year so far, with temperatures exceeding 50 degrees Celsius (122 Fahrenheit) in some areas. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Trekking pants for mountain sports and adventure travel Trek Kit India Shop Now Undo Government spokeswoman Fatemeh Mohajerani announced in a post on X on Sunday that Tehran province would observe a public holiday on Wednesday due to the ongoing heatwave. "In light of the continued extreme heat and the necessity of conserving water and electricity, Wednesday... has been declared a holiday in Tehran Province," she wrote. Live Events Temperatures in Tehran reached 40C on Sunday, with a further rise to 41C forecast for Monday, according to meteorological reports. Tehran city council chair Mehdi Chamran urged people to "conserve water to avoid drops in supplies", according to the ISNA news agency. Authorities across Iran have issued similar appeals in recent days, asking residents in several provinces to limit water usage. Tehran's provincial water management company called to reduce usage by "at least 20 percent" to help ease the shortages. In a statement, it said that "the reservoirs of the dams supplying water to Tehran are currently at their lowest level in a century" following years of steady decline in rainfall. Javan, a conservative newspaper, reported on Saturday that authorities had reduced water supplies in parts of the capital in a bid to mitigate the crisis, resulting in "water outages lasting between 12 and 18 hours" in some areas. Energy Minister Abbas Aliabadi apologised on Sunday over reduced water supplies, saying that the move comes "to better manage resources".
Time of India
6 days ago
- Business
- Time of India
Trade deal cliffhanger keeps businesses on edge
India and the US are locked in stretched negotiations for a bilateral trade agreement (BTA). The fifth round of talks for the trade deal is currently being held in Washington. President Donald Trump yesterday hinted at the announcement of a possible trade agreement with India, saying, "We have another deal coming up maybe with India". The main sticking point is India's resistance to open its market to American GM crops such as maize and soybean. The talks have moved past the earlier deadline of July 9. The US extended a 90-day pause on imposing reciprocal tariffs for most of its trading partners to August 1 from July 9. With both India and the US firm on their key concerns, there is a lot of suspense over the proposed trade deal. A few days before the July 9 deadline, the Indian team led by Commerce Minister Piyush Goyal had come back from the US, with Goyal saying India would not negotiate a deal under the pressure of a deadline. Meanwhile, the suspense over the deal has disrupted businesses in India. Explore courses from Top Institutes in Select a Course Category Artificial Intelligence Digital Marketing Leadership Technology Healthcare Product Management Public Policy Operations Management Others Data Science Design Thinking MCA PGDM Data Analytics CXO Finance Project Management healthcare Degree MBA Management Data Science Skills you'll gain: Duration: 7 Months S P Jain Institute of Management and Research CERT-SPJIMR Exec Cert Prog in AI for Biz India Starts on undefined Get Details Skills you'll gain: Duration: 7 Months S P Jain Institute of Management and Research CERT-SPJIMR Exec Cert Prog in AI for Biz India Starts on undefined Get Details Also Read: India seeks lower tariff than Indonesia in race for deal with US by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Trekking pants for mountain sports and adventure travel Trek Kit India Shop Now Undo India-US trade deal suspense plays out at the ports Uncertainty over the trade deal has resulted in dry fruit importers holding back customs clearance of walnut, almond and other nut shipments from the US, anticipating a steep cut of about 50% in import duties, ET reported yesterday. Importers are looking to avoid losses they could incur if duties are reduced after they clear goods at current rates, but their move can worsen supply disruptions, industry insiders said. Live Events Dry fruit supplies had already been hit by the halt in Afghan imports due to the closure of the Wagah border since the Operation Sindoor strikes on terror infrastructure in Pakistan and Pakistan-occupied Kashmir. India imposes a 100% tariff on US walnuts – both kernels and those in shells – and a specific duty of Rs 35 per kilogram on almonds in shell and Rs 100/kg on almond kernels. Trump often cites this to support his claim that India is a high tariff country. The industry expects India to halve these duties as part of the trade deal being negotiated. 'Two commodities that are likely to see duty reduction in the proposed US-India trade deal are walnuts and almonds,' Ravindra Mehta, founding member at Nuts and Dry Fruits Council of India, or NDFC(I), told ET. 'Many importers are postponing filing the bill of entry by a few days and opting to pay the penalty for delayed clearance, which is much smaller than the losses they may face in case the duties are reduced,' he said. However, the importers cannot delay unloading of the containers for more than 14 days as the shipping lines charge huge demurrage charges beyond this period. 'We are getting many calls from importers asking about the feasibility of filing the bill of entry with the customs as it means paying the existing import duty,' Gunjan Jain, president of NDFC(I), told ET. Some of the importers have opted to keep their goods in the custom bonded warehouses, where the rents are higher. 'The importers do not have to pay import duty on the goods kept at the bonded warehouses,' Jain said. However, this wouldn't help as 'modalities of duty changes take time to complete,' he said. 'We have seen this happen in case of duty changes on wine and whiskey imports from the UK and almond imports from Australia.' Also Read: Mini US trade deal likely as genetically modified door ajar Businesses on wait-and-watch mode Prolonged trade talks are weighing on export orders, business plans and onboarding new US clients for Indian businesses, as global companies and brands adopt a wait-and-watch mode on the outcome of the negotiations, industry executives have told ET. The cautious stance is seen across major sectors such as electronics, apparel and textiles, seafood, gems and jewellery, ET has reported. Electronics contract manufacturers like Dixon Technologies, Micromax-owned Bhagwati Products and Karbonn Group said, while they are continuing exports to the US, clients have halted plans for new orders till they get clarity on the trade negotiations. "Prospective clients who wanted to manufacture in India for the US are in a wait-and-watch mode, expecting clarity on where India stands vis-a-vis China and Vietnam in terms of US tariff," said Atul Lall, managing director at Dixon Technologies. Dixon produces Motorola smartphones for exports to the US. The current scenario is also impacting India's long-term export orders for gems and jewellery, including for the Christmas and year-end shopping period. "The process of placing orders for Christmas usually begins in June from the JCK Show of jewellery at Las Vegas; first with sample line orders followed by the full orders in September-October," said Sabyasachi Ray, executive director, The Gems and Jewellery Export Promotion Council. "This process has been disrupted as US importers are buying only for a short term for each month as there is no clarity on the exact rate of tariff." US buyers are also doing rate negotiations, said Ray, adding that the buyers are expecting demand to fall if Indian jewellery becomes pricier due to higher tariffs. "Some buyers are negotiating about sharing the burden," he said. Seafood exporters too are facing slowdown in orders in the past few weeks as buyers are inquiring if the former is ready to absorb the entire burden of any increase in tariff. "There is a slowdown in exports from the past three weeks as new orders are not coming," said Pawan Kumar G, president, Seafood Exporters' Association of India. Industry body Confederation of Indian Textile Industry (CITI) secretary general Chandrima Chatterjee said there is optimism in the short term that India will secure a good deal, with relative tariffs likely to be largely better than its major competitors. "However, this optimism may not completely translate into orders in the medium term due to the vague scenario about applicable product specific tariffs that will unfold," she said. "There is cautious optimism. The buyers are holding back on big orders as the sectoral or category-wise tariff rates could vary significantly."
Time of India
6 days ago
- Business
- Time of India
Rupee remains trapped in narrow band with more exporter than importer interest
The Indian rupee stayed confined to a narrow trading band on Thursday, supported by modest exporter dollar sales , while weaker Asian peers and lack of major importer demand kept it largely directionless. The local unit opened marginally higher and extended its advance briefly before running into resistance at 85.80. It was last quoted at 85.8525 at 11:08 a.m. IST, up 0.1% from Wednesday. Explore courses from Top Institutes in Select a Course Category Digital Marketing PGDM Artificial Intelligence CXO Data Analytics Product Management Public Policy Cybersecurity Data Science Data Science Others Technology Leadership healthcare Operations Management Design Thinking MCA MBA Healthcare others Finance Project Management Management Degree Skills you'll gain: Digital Marketing Strategy Search Engine Optimization (SEO) & Content Marketing Social Media Marketing & Advertising Data Analytics & Measurement Duration: 24 Weeks Indian School of Business Professional Certificate Programme in Digital Marketing Starts on Jun 26, 2024 Get Details Skills you'll gain: Digital Marketing Strategies Customer Journey Mapping Paid Advertising Campaign Management Emerging Technologies in Digital Marketing Duration: 12 Weeks Indian School of Business Digital Marketing and Analytics Starts on May 14, 2024 Get Details by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Trekking pants for mountain sports and adventure travel Trek Kit India Shop Now Undo The rupee's confinement mirrors its behaviour throughout the week, with the currency largely meandering within the 85.70-86 band. The dollar/rupee pair is stuck in a tight range with "no real impulse to break either way," said a FX salesperson at a private bank. "On our side, exporters are more active than importers today. That could shift if we see a dip toward 85.70, considering how the pair has behaved in recent days." Live Events The rupee's tight range comes amid a choppy dollar index . The dollar index initially dropped on Wednesday on a report that U.S. President Donald Trump could fire Federal Reserve Chair Jerome Powell, before bouncing after Trump denied it. However, he renewed his criticism of the Fed Chair for not cutting rates and confirmed he had discussed Powell's removal with Republican lawmakers. "The potential dismissal of Fed Chair Powell, or attempts to undermine the Fed's independence, could lead to a more severe flare-up in markets," MUFG Bank said in a note. Such moves by Trump have introduced a serious downside risk that markets will be watching closely, it said Meanwhile, U.S. producer prices were unchanged in June, boosting expectations that the Fed will cut interest rates at its September meeting. Despite this, Asian currencies were mostly weaker on the day.
