Banking

State-owned Bank of Baroda (BoB) reported a sharp 72% year-on-year decline in net profit for the first quarter of FY2026-27, with earnings falling to ₹1,278 crore. The steep drop was primarily due to a one-time provision of $600 million (around ₹5,700 crore) made to settle a long-running legal dispute related to the collapse of UAE-based NMC Health. The bank said the settlement fully resolves all litigation with the joint administrators of NMC Health, NMC Healthcare Ltd, and NMC Holding Ltd. Excluding the one-time settlement cost, Bank of Baroda’s net profit for the quarter would have stood at ₹5,528 crore, reflecting the strength of its underlying business. The bank had posted a net profit of ₹5,616 crore in the previous quarter and ₹4,541 crore in the corresponding quarter last year....

NLC India Renewables Limited (NIRL), a subsidiary of state-owned NLC India Limited, has appointed four leading investment banks as Book Running Lead Managers (BRLMs) for its proposed Initial Public Offering (IPO). The selected institutions are SBI Capital Markets, HDFC Bank, IIFL Capital Services and IDBI Capital Markets & Securities. According to the company, the appointments were made through a structured and competitive selection process approved by the board. The proposed IPO is aimed at strengthening NIRL's capital base, supporting its long-term growth strategy and accelerating investments in renewable energy projects. The company said the public offering will also facilitate the listing of its equity shares on recognised stock exchanges in India, subject to regulatory appr...