The markets are also worried over the falling e-auction premium in January and February. The production target of 780 million tonnes (mt) may fall short by 10mt
Kotak Mahindra Bank reported 8% YoY growth in net profit to Rs 3,005 crore for Q3 2023, due to provisioning towards alternative investment funds and loss in the fixed income book. Net interest income rose nearly 16% YoY to Rs 6,553 crore. The gross non-performing assets ratio was 1.73%, and slippages increased to Rs 1,177 crore. The net non-performing assets ratio was 0.34%. Total advances were at Rs 3.72 lakh crore, driven by growth in retail micro finance and credit cards. The bank plans to raise funds and re-appoint Uday Shankar as independent director. For the nine months ended December, net profit rose 30% to Rs 9,648 crore.
Shares of low-cost carrier SpiceJet spiked up on October 13 when ET Now aired that IndiGo’s co-founder Rakesh Gangwal was at considering to buy a sizeable stake in the company.Gangwal, who along with his wife Shobha Gangwal has a share of 16.22 per cent in IndiGo-operator InterGlobe Aviation, didn’t respond to any request for the comment. The Chinkerpoo Family Trust of Gangwal also captures a 13.5 per cent share in Indigo, as per the exchange data. The news of his decision sent shares of SpiceJet up as much as 20 per cent.