Business News Live: Hello and welcome to ABP Live’s Business LIVE blog. Please follow this space for all the breaking news and latest updates from the Stock Market, economy, and the corporate world.
On Saturday, several firms announced their result for the third quarter of the financial year 2023-24, including Quess Corp, Reliance Power and State Bank of India. Quess Corp reported a 27.23 per cent decline in consolidated net profit at Rs 63.88, on a year-on-year(YoY) basis. SBI logged a 35 per cent fall in standalone net profit of Rs 9,164 crore for the December quarter of FY24, again on a YoY basis.
The plunge in SBI’s profit was in line with analysts’ predictions. Kotak Institutional Equities earlier anticipated a significant year-on-year decline in operating profit growth, projecting it to slip by 18.3 per cent to Rs 20,613 crore from the Rs 25,219.3 crore recorded in Q3FY23.
“We are building net interest margin (NIM) to decline around seven basis points Q-o-Q/19 bps Y-o-Y, but do see a possibility of stable performance given the structure of loan book and neglibile need for deposits to fund this growth. Operating expenses would be higher due to wage revision related costs (final settlement impact),” said Kotak Institutional Equities in its results preview report.
Paytm is likely to face more heat from the Reserve Bank of India (RBI) in the coming days. According to an agency report, the regulatory authority may consider revoking the bank’s license after the February 29 deadline, while the banking arm of the fintech company is obligated to prevent customers from adding funds to their savings accounts through the widely used digital payment wallet.
Nonetheless, a conclusive decision has yet to be made, and the RBI’s stance may be subject to change depending on Paytm’s representation, as per the report.
Among the major earnings lined up for the week ahead include Bharti Airtel, TVS Supply Chain Solutions, Birla Corporation, FSN E-Commerce Ventures Nykaa, JK Tyre and Industries, Fortis Healthcare, and PowerGrid, among others.