Top headlines: Hindalco Q1 net jumps 48%; RBI's digital lending guidelines

RBI categorises digital lenders into three groups, releases guidelines

The Reserve Bank of India (RBI) on Wednesday released its guidelines for digital lending, listing companies allowed in the business, the rules for loans and data collection, and how fee is charged. Digital lenders are of three kinds: those regulated by the RBI; those authorised as per other statutory/regulatory provisions but not regulated by RBI; and entities lending outside the purview of any statutory/ regulatory provisions. Read more

Govt to remove fare caps imposed on airlines from August 31

Limits imposed on domestic airfares will be removed from August 31, after a span of approximately 27 months, the Union Aviation Ministry said on Wednesday. "The decision to remove air fare caps has been taken after careful analysis of daily demand and prices of air turbine fuel (ATF). Stabilisation has set in and we are certain that the sector is poised for growth in domestic traffic in the near future," Aviation Minister Jyotiraditya Scindia said on Twitter. Read more
 

Hindalco posts highest ever quarterly profit in Q1 at Rs 4,119 cr, up 48%

Hindalco Industries Ltd.’s quarterly profit jumped by almost half from a year earlier, underpinned by strong US sales and higher revenue that cushioned the impact of pricier raw materials. Hindalco on Wednesday reported a 47.7% rise in consolidated profit after tax (PAT) at Rs 4,119 crore for the quarter ended June 30, on the back of strong operational efficiencies. That beat analysts’ estimates for a profit of Rs 2,850 crore. Read more

Sworn in as CM for 8th time, Nitish tells BJP to 'worry' about 2024 polls

Bihar Chief Minister Nitish Kumar, who was on Wednesday sworn in for the eighth time, asserted that the NDA government at the Centre led by Prime Minister Narendra Modi needs to "worry" about its prospects in the 2024 Lok Sabha polls. Talking to reporters shortly after he was administered the oath of office by Governor Phagu Chauhan, Kumar also rubbished the BJP's claim that the new government will not last its full term, and said his former ally "will be back where they were after the 2015 assembly polls". Read more