In today’s latest business news transcript at 10:00 AM on 3 May 2024, several key developments have been highlighted across various sectors.
Starting with telecom, Vodafone Idea may receive favorable consideration from the Centre for deferring or converting adjusted gross revenue and spectrum dues into equity post-September 2025. This comes after the successful Rs 18,000-crore follow-on public offer last month. Meanwhile, South Indian Bank expects its gross non-performing asset ratio to decrease to 4% by March 2025, down from the current 4.5%.
In the banking sector, the RBI has allowed Bajaj Finance to resume the sanction and disbursal of new loans under certain products after a temporary halt due to non-compliance with digital lending guidelines. Additionally, premium fashion and lifestyle companies like Shoppers Stop and Reliance Retail are witnessing a revival in demand, indicating a positive trend in the sector.
In a legal development, the Delhi High Court has stayed the order of the Institute of Chartered Accountants of India against EY affiliate firms, providing relief to the audit firms. Adani Enterprises, on the other hand, reported a decline in net profit attributed to one-time charges related to past airport dues and commercial mining losses.
Lastly, stocks in focus today include Bajaj Finance, Coal India, Coforge, Mazagon Dock, Indian Energy Exchange, Hindustan Unilever, Titan, and Britannia Industries, with notable announcements from each company. Coal India recorded a significant increase in consolidated net profit for the March quarter, while Coforge announced its intention to purchase a stake in Cigniti Technologies. Ajanta Pharma also plans to repurchase equity shares.