In this column, we will daily present before you the top stories in the country related to science, technology, economy, and finance.
Samsung Electronics Co. Ltd has announced to invest $500 million in India for setting up a display factory here. With this humongous investment, the South Korean flat-screen maker seeks to expand its smartphone production.
The investment will also be a boon to the government’s “Make In India” initiative. Samsung Electronics is going to provide a loan of ₹3,500 crores ($492.31 million) along with the transfer of land in Noida for ₹92 crores to its display unit.
Federal Bank has reported a 32% hike in its net profit.
The Kerala-based private lender has earned a net profit of Rs. 440.6 crores in the October – December quarter in 2019. The net profit earned in the December quarter in 2019 is an increase of 32% from the previous year’s same quarter. The bank’s deposits rose by 17.12% to Rs. 1,44,591.93 crores on an annual basis. The CASA (current account savings account) deposits of the bank also increased by 10.47% to Rs. 45,484.23 crores in the December quarter from the previous year. The CAR (capital adequacy ratio) of the bank, as per Basel III norms, also rose by 13.64% at the end of the quarter. The gross NPAs of the bank fell to 2.99%, while the net NPAs declined to 1.63%.
The Swedish house furnishing company has opened another brand-new online store in Pune, after Mumbai. The online stores are opened without actually having any physical store or presence of the company. The online stores are meant to reach more Indian customers and provide them affordable home furnishing solutions.
Kotak Mahindra Bank’s net profit grew by 24%.
The Mumbai-based private bank has reported an increase of 24% in its net profit earned to Rs. 1,596 crores in the third quarter of the current financial year. The Net interest income (NII) also rose by 17% to Rs. 3,430 crores.
The overall income of the bank grew to Rs. 1,341 crores as compared to Rs. 976.70 crores last year. Deposits and loans increased to 53.7% and 10% respectively. Whereas the asset quality of the lender has deteriorated with gross NPAs rising to 2.46% from 2.07% a year ago, and net NPAs to 0.89% from 0.71%. The bank’s stock price also fell by 4.7% to Rs. 1,6128.05 on the BSE.
IRFC has filed draft papers for public offering.
The Indian Railway Finance Corporation (IRFC) has filed the draft papers with the Securities and Exchange Board of India (SEBI) for its initial public offering (IPO). There are 140,70,69,000 total equity shares mentioned in the draft, out of which 93,80,46,000 equity shares will be freshly issued and the rest 46,90,23,000 equity shares will be on offer for sale. The net proceeds will be used in expanding the IRFC’s capital base so that it can meet any future capital requirements.
NCLT has admitted Reliance Naval for insolvency.
IDBI Bank Ltd. had submitted an application before the National Company Law Tribunal (NCLT) Ahmedabad bench, claiming ₹1,159.43 crores from R-Naval. The Ahmedabad bench of the NCLT has now admitted the application against Reliance Naval and Engineering Limited for insolvency.
Shoemaker Clarks now focuses on the Indian market.
Clarks Future Footwear Private Limited is now going to focus more aggressively on the Indian market. The firm is looking forward to earning ₹600 crores from retail sales. The executive director and CEO of Clarks India, Mr. N. Mohan has asserted that the company has gained a 7.6% CAGR (compounded annual growth rate), which is far more than in China (3%) and in the US (2.2%).
Here is a statement from the CEO: “During 2019, we sold 9 lakh pairs against 5.5 lakh pairs in the previous comparable period. We had posted a 45% growth even when the economy was facing a slowdown. In retail value, it was ₹350 crore.”
The Swedish gear maker has announced it is going to set up a new Research & Development site in France by early 2020 and is hiring 300 employees to push the 5G progress across Europe. The initial unit of the telecom equipment maker will be opened at its offices in Massy, France. The company officially stated that the site would focus mainly on 5G software development and security. As a result, it would benefit the global 5G ecosystem and also leverage the collaboration with the French customers.
Tata Sons Chairman N. Chandrasekaran has joined LinkedIn as an influencer.
The professional networking platform has announced that Tata Sons Chairman Mr. N. Chandrasekaran has joined LinkedIn as an influencer. Mr. Chandrasekaran is now included in the list of international leaders and personalities such as Narendra Modi, Bill Gates, Oprah Winfrey, Richard Branson, Sachin Tendulkar, and Priyanka Chopra as influencers.
RBI has put out minutes of its October meeting.
The Reserve Bank of India, for the first time, has made its October central board meeting minutes out. This move was towards enhancing transparency, and the central bank shall now continue putting out minutes in the public domain in the spirit of the Right to Information (RTI) Act.
The minutes, after being signed by the Chairman, will be available on the RBI official website within two weeks from the date of its confirmation in the next board meeting of the central bank.
Google Chrome users will soon get an interesting feature to use.
The tech giant has some good news for you if you are a Google Chrome user. The company has claimed it would be a useful feature for Chrome Browser users. The users who open a lot of tabs and forget to close them, this new feature will remind them of closing and clearing the unused tabs. As of now, the feature is in the testing phase but once it comes out publicly it shall work on both desktop and smartphones.