Top headlines: Axis Bank profit doubles, wind energy looks for second wind

Total income of the bank rose to Rs 21,727.61 crore during April-June quarter of the current fiscal, compared to Rs 19,361.92 crore in the year-ago period, Axis Bank said in a regulatory filing

Axis Bank on Monday said its net profit nearly doubled to Rs 4,125 crore in the April-June quarter of FY23, helped by decline in bad loans. India’s central bank may be pivoting to the spot market from forwards in its attempts to shield the rupee from fresh record lows -- in order to minimize the knock-on effects of its intervention strategy. Reserve Bank of India’s foreign-exchange reserves have fallen by about $30 billion since the end of May to $573 billion, according to its data

Axis Bank profit nearly doubles to Rs 4,125 crore in April-June quarter

Axis Bank on Monday said its net profit nearly doubled to Rs 4,125 crore in the April-June quarter of FY23, helped by decline in bad loans. The private sector bank had registered a net profit of Rs 2,160 crore in the corresponding quarter of the previous fiscal. Read more

As rupee continues to slide, RBI may be back to spot intervention

India’s central bank may be pivoting to the spot market from forwards in its attempts to shield the rupee from fresh record lows -- in order to minimize the knock-on effects of its intervention strategy. Reserve Bank of India’s foreign-exchange reserves have fallen by about $30 billion since the end of May to $573 billion, according to its data. While part of the drop is likely down to revaluation due to a stronger greenback, economists say the RBI has also been selling more spot US currency after previous interventions via forwards caused dislocations in that market. Read more

Tech Mahindra net profit falls 16.4% to Rs 1,132 crore in April-June

Tech Mahindra on Monday reported a 16.4 per cent slide in its consolidated net profit at Rs 1,132 crore for the June 2022 quarter. The Mahindra group company, which is the fifth biggest IT exporter in the country, had posted a net profit of Rs 1,353 crore in the year-ago period. For the reporting quarter, its revenue grew 24.6 per cent to Rs 12,708 crore as against Rs 10,198 crore in the year-ago period. Read more

Wind energy charts new course with policy clarity, new bidding model

The crises that buffeted the wind energy sector for the past 10 years have becalmed the industry today. Sudden policy changes and the unexpected abolition of tax benefits have not only impacted capacity addition but also led to a churn in the market with smaller players selling out and foreign wind turbine makers shutting shop. Now, in an effort to put the wind back in the sails of the industry, the government has come up with another bidding model, which has raised some faint hopes. Read more

My election proves poor can dream and achieve too: President Murmu

President Droupadi Murmu addressing the nation after being sworn in as the 15 th President of India stated that she was the first President to be born in independant India and was honoured to take charge at a time when the country is completing 75 years if Independence. In her first address to the country as President, Murmu, the first tribal and second woman to hold the country's highest constitutional office said her elevation to the post is not only her own achievement but that of every poor of the country and is a reflection of the confidence of crores of Indians. Read more