Business
Mukesh Ambani’s Reliance Industries Toppled By SBI To Become India’s Most Profitable Firm
It is not often that another Indian company gets to pip Reliance in the profitability sweepstakes. But, in the June 2023 quarter i.e., Q1FY24, the State Bank of India (SBI) has reported higher profits than Reliance Industries, claimed media reports.
For the quarter, Q1FY24, Reliance had reported net profits of Rs 16,011 crore while SBI had reported net profits of Rs 18,537 crore, a full 15.8 per cent higher than the profits reported by Reliance Industries. It is not just the latest quarter. Even if you look at the four rolling quarters from September 2022 to June 2023, then Reliance Industries has reported net profits of Rs 64,758 crore while the 4 quarter rolling net profits of SBI is 3.25 per cent higher at Rs 66,860 crore, the report said.
Incidentally, this is the first time in more than a decade that SBI has reported higher profits than Reliance Industries in 4 rolling quarters combined, the report said. The last time it happened was way back in the fiscal year 2011-12 when SBI reported a trailing 12-month net profit of Rs 18,810 crore against Reliance’s consolidated net profit of Rs 18,588 crore.
Historically, reliance has competed with other firms like Oil and Natural Gas Corporation (ONGC) and Indian Oil Corporation from the public sector oil and gas majors to rank the country’s most profitable firm.
In April-June of 2012-13 Indian Oil had outperformed reliance to get to the top of the profit league table. Prior to this ONGC was on the top until October-December quarter of FY12.
Just about 3-4 years back, PSU banks were struggling with tepid growth in top line, high levels of NPAs and low capital adequacy. Things have changed drastically in the last few years.
Multiple rounds of capital infusion by the government have helped to better capitalize the public sector banks. A focus on retail has helped the public sector banks to improve their financial performance. What has been the outcome, SBI has been consistently showing growth in net interest income (NII), one of the most important measures in the banking industry, the report said.
Secondly, the net interest margins (NIM) have expanded sharply for most of the PSBs in the last few years. Above all, consistent provisions and a focus on recoveries has reduced the gross NPAs of PSBs, cut the net NPA levels to below the 1% mark on an average and also sharply reduced the quarterly provisions. That has sharply improved the provisions coverage ratio, the report said.
Business
Mumbai: Social Activist Demands Action Against Police Officers For Negligence In Torres Multi-Crore Scam Investigation
Mumbai: In a serious development concerning Torres massive financial fraud case, a Social Activist Shashikant Kawale has called for action against police officers who allegedly neglected their duty despite receiving prior warnings about fraudulent activities.
Social Activist Shashikant Kawale wrote a letter addressed to senior law enforcement authorities, including the Commissioners of Mumbai and Navi Mumbai Police, the Maharashtra Cyber Crime Department, the Economic Offences Wing, and the Enforcement Directorate, has raised serious questions about the delay in action against fraudulent companies operating in Mumbai and surrounding areas. The letter highlights gross negligence by responsible officers despite early warnings regarding Torres Scam.
Whistle Blower Flags Concerns
The Whistle blower Shashikant Kawale had previously flagged concerns, urging the authorities to investigate the legality of these companies’ operations, government-issued licenses, mandates, board of directors, and operational documents. Specifically, the letter called for a detailed probe into the working methods and financial inflows/outflows of the company, Records of investors and agents involved and The suspiciously high monthly returns promised by the Torres Company.
About The Allegations
The letter alleges that had an inquiry been launched promptly, it would have prevented many investors from falling prey to false promises, sparing them from financial devastation. Despite explicit warnings that the companies were preparing to flee after defrauding investors, no significant action was taken.
The Social Activist Kawale has demanded an inquiry into officers who failed to act on the provided information, urging that those found guilty be held accountable under applicable regulations. The letter further appeals for systemic reforms to prevent the recurrence of such incidents.A social activist from Dharavi, Shashikant Kavale, first raised red flags in November last year and approached the Shivaji Park police and EOW, highlighting Torres’ dubious practices.
Business
JSW MG Motor India Unveils Cyberster Roadster & M9 Limousine At Bharat Mobility Expo 2025
New Delhi: MG Motor India has made a bold statement at the Bharat Mobility Global Expo 2025 with the launch of two groundbreaking electric vehicles—the MG Cyberster, India’s first all-electric roadster, and the MG M9, India’s first electric three-row presidential limousine.
These models, introduced under the new luxury brand channel, MG Select, highlight the company’s vision of bringing intelligent, sustainable, and customer-focused mobility solutions to India.
MG Cyberster: The All-Electric Roadster of the Future
The MG Cyberster takes luxury and performance to new heights as India’s first electric roadster. It features India’s first-ever electric scissor doors, opening and closing in just five seconds via a single-touch button. The built-in Dual Radar sensors ensure safety while opening the doors, while an anti-pinch feature prevents harm when closing.
Under the hood, the Cyberster delivers blistering acceleration, going from 0 to 100 kmph in just 3.2 seconds. The sleek, aerodynamic design is complemented by the industry’s slimmest 77 kWh battery pack, ensuring the vehicle remains both powerful and efficient, setting a new standard for modern roadsters.
MG M9: The Ultimate Electric Limousine
The MG M9 takes luxury to the next level with India’s first electric three-row presidential limousine. Designed for ultimate comfort, it features a touchscreen armrest for controlling reclining ottoman seats with 8 massage modes and 3-zone climate control.
The spacious cabin can accommodate seven passengers and offers features like a panoramic sunroof, front-opening skylight, and advanced audio systems for a theatre-like experience. With an electric-powered design, the MG M9 redefines the concept of luxury on wheels, offering unparalleled comfort and performance for discerning customers.
Business
Internet users to surpass 900 million in India this year, AI a game changer
New Delhi, Jan 16: Driven by the growing use of Indic languages for digital content, the internet user base in India is set to surpass 900 million by 2025, driven by the growing use of Indic languages for digital content, a report showed on Thursday.
The number of active internet users in India reached 886 million in 2024, marking a robust 8 per cent year-on-year growth. Rural India, with 488 million users, leads this growth and now accounts for 55 per cent of the total internet population, according to the report by the Internet and Mobile Association of India (IAMAI) and Kantar.
Nearly all internet users (98 per cent) accessed content in Indic languages, with Tamil, Telugu, and Malayalam emerging as the most popular due to their extensive availability.
Over half (57 per cent) of urban internet users prefer consuming content in regional languages, underscoring the growing demand for local language content across platforms, according to the report.
AI has emerged as a significant game changer over the past year. Nine out of 10 internet users have interacted with apps featuring embedded AI capabilities.
“The widespread acceptance and enthusiasm surrounding AI should encourage digital companies to introduce more next-generation AI features in India,” Biswapriya Bhattacharya, Director, B2B and Technology, Kantar Insights–South Asia, said.
The digital gender gap in India is steadily narrowing, with 47 per cent of all internet users in the country being women — so far the highest.
Female internet users now form a significant portion of shared device users in rural India at 58 per cent. This marks substantial progress in making digital access more inclusive and equitable over the years, the report noted.
Rural India dominates online engagement for top activities, including OTT video and music streaming, online communication, and social media usage, outpacing urban users in these categories.
Urban India leads in the adoption of non-traditional devices such as smart TVs and smart speakers, which have grown by 54 per cent between 2023 and 2024.
Concurrently, mobile devices remain the primary means of accessing the internet across both urban and rural demographics, said the report.
-
Crime2 years ago
Class 10 student jumps to death in Jaipur
-
Maharashtra3 months ago
Mumbai Local Train Update: Central Railway’s New Timetable Comes Into Effect; Check Full List Of Revised Timings & Stations
-
Maharashtra4 months ago
False photo of Imtiaz Jaleel’s rally, exposing the fooling conspiracy
-
National News3 months ago
Ministry of Railways rolls out Special Drive 4.0 with focus on digitisation, cleanliness, inclusiveness and grievance redressal
-
Maharashtra3 months ago
Mumbai To Go Toll-Free Tonight! Maharashtra Govt Announces Complete Toll Waiver For Light Motor Vehicles At All 5 Entry Points Of City
-
Crime3 months ago
Baba Siddique Murder: Mumbai Police Unable To Get Lawrence Bishnoi Custody Due To Home Ministry Order, Says Report
-
Maharashtra2 months ago
Maharashtra Elections 2024: Mumbai Metro & BEST Services Extended Till Midnight On Voting Day
-
National News4 months ago
J&K: 4 Jawans Killed, 28 Injured After Bus Carrying BSF Personnel For Poll Duty Falls Into Gorge In Budgam; Terrifying Visuals Surface