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Punjab National Bank (PNB) reported its business update for Q3 FY25. The bank's domestic business grew to ₹25.37 lakh crore, registering a growth of 4.5% quarter-on-quarter (QoQ) and 14.3% year-on-year (YoY). Domestic deposits grew to ₹14.75 lakh crore, registering a growth of 4.2% quarter-on-quarter and 14.4% year-on-year. Global deposits stood at ₹15.30 lakh crore, registering a growth of 4.9% quarter-on-quarter and 15.6 percent year-on-year. Global business reached ₹26.42 lakh crore, witnessing a growth of 4.8% quarter-on-quarter and 15.3% year-on-year. The bank's global advances reached ₹11.11 lakh crore, witnessing a growth of 4.7% quarter-on-quarter and 15.0% year-on-year, while domestic advances grew to ₹10.61 lakh crore. This shows a growth of 5% quarter-on-quarter ...

India's leading carmaker Maruti Suzuki India Ltd reported a 30% rise in sales in December 2024, sending its shares surging on January 1, 2025. The company sold 1.78 lakh vehicles in December, a growth of 29.6% compared to 1.37 lakh units in the same month last year, beating market expectations of 1.63 lakh units. Domestic sales volume grew 27.3% to 1.41 lakh units from 1.10 lakh units last year, reflecting strong demand in the local market. Passenger vehicle (PV) sales in India also rose 24.2% to 1.30 lakh units from 1.05 lakh units in December 2023. Exports were an exception for Maruti, with exports growing 39.2% to 37,419 units as against 26,884 units last year, reflecting increased global reach.  The company will increase car prices by up to 4% from January 2025 due to in...

Shares of Rail Vikas Nigam Limited rallied nearly eight per cent in the morning session on the last trading day of 2024. The railway firm was declared the lowest bidder for the two projects. As a result, RVNL shares snapped a nine-session losing streak.  At 11.50 am, the stock was at Rs 427.4 on the NSE, up 4.7 percent from its previous session closing price. First, RVNL won a Rs 137-crore project from the Central Railway. RVNL has 24 months to complete the project.  The railway firm will undertake design, supply, construction, testing and commissioning of 132/55 kV traction substations, sectioning posts and sub-sectioning posts in the Bhusaval-Khandwa section. 2 x 25 kV Traction System (Scotch Connected Transformer) of Bhusaval-Khandwa section of Central Railway will be u...

Shares of Jyoti CNC Automation Ltd, which has already surged over 300% from its IPO price of ₹331, still have room for further upside, brokerage firm Equirus said after initiating coverage on the stock on Monday, December 30. Equirus has now assigned an 'add' rating to the CNC (computer numerical control) machine maker with a price target of ₹1,450. The brokerage's price target implies a potential upside of 5% from Friday's closing levels. The brokerage wrote in its note that the company is well positioned to benefit from several regional tailwinds domestically and globally. Going forward, Jyoti CNC Automation is actively developing and expanding its capabilities to capitalise on significant opportunities. The brokerage also pointed to a significant capex plan including backwa...

According to data from real estate consultant Anarock, average home prices in Noida Expressway rose from Rs 5,075 per sq ft in 2019 to Rs 8,400 per sq ft in the September 2024 quarter. Real estate trends: Over the past five years, the real estate market in major Indian cities, Delhi-NCR and Bengaluru, has seen a significant increase in home prices in peripheral areas. This trend is attributed to better connectivity, infrastructure development and the strategic location of these suburbs. Development in these areas has outpaced traditional urban centres in terms of price growth. As infrastructure projects continue to improve connectivity, more and more home buyers are looking at suburban areas as a viable option for investment and living. Experts believe that the ongoing expansion ...

Frauds reported jump eight-fold to Rs 21,367 crore; private sector records highest number of cases. The number of bank frauds witnessed a significant rise in the first half of the current fiscal year to 18,461 cases and the amount involved more than eight-fold to Rs 21,367 crore, according to RBI data released on Thursday. The Reserve Bank of India has released the Report on Trend and Progress of Banking in India 2023-24, which presents the performance of the banking sector, including commercial banks, co-operative banks and non-banking financial institutions, during 2023-24 and 2024-25 till date. The report said the number of frauds during April-September, based on the date of reporting of frauds, was 18,461, involving Rs 21,367 crore, as against 14,480 cases involving Rs 2,623 ...

India's smartphone exports are set to cross Rs 1.70 lakh crore in the current fiscal - up 31% from Rs 1.29 lakh crore in FY24. Nearly 70% of shipments are of iPhones. Products from Samsung and domestic contract manufacturer Padget Electronics (Dixon) and a small amount of merchandise exports make up the remaining 30%. According to industry sources, smartphone exports reached Rs 1.10 lakh crore in the April-November period, up 45% from the export figure of Rs 76,221 crore in the same period in FY24. In November, monthly exports were Rs 20,000 crore, the highest ever. Apple's iPhone vendor Foxconn, based in Tamil Nadu, made the biggest contribution to smartphone exports. The less than four-year-old iPhone factory is also India's largest in terms of employees across all sectors, with a...

NAVI MUMBAI: Onion prices, which have become a burden on consumers' pockets, have fallen sharply by about 50% in the last week. This is due to the arrival of new crop and the imposition of duty on export. Vegetable traders said that as more fresh stock reaches the market, prices will fall further. Wholesale prices at the Vashi APMC (Agricultural Produce Market Committee) market, which supplies the Mumbai Metropolitan Region, have come down from ₹45-50 per kg last week to ₹20-25 per kg on Friday. Traders said that prices in the retail market have come down from ₹80-90 per kg to ₹60-70 per kg. Ashok Karpe, a wholesale onion trader at the APMC market, said, "The new crop this winter is very good. It is reaching the market in large quantities mainly from Ahmednagar, Nashik, Sangamner an...

BASF India shares rose over 5% in early trade on December 20 after the board approved splitting its agriculture solutions business into a separate listed entity. The move is in line with German parent BASF SE's decision to separate the agriculture solutions business by 2027. The Indian entity said BASF SE is also preparing for a potential initial public offering (IPO) of its global agriculture solutions business, and is also evaluating the option of listing a 'minority share' in the mid-term. BASF India said it will assess the implications of the new strategy for its India business. The BASF India statement said it has "given its in-principle approval for the splitting of the company's agriculture solutions business into a separate listed legal entity. This will help provide operati...

Consulting major Accenture's higher guidance for the full year as well as the second quarter has led to a more than 7% rise in its share price in the US market in early trade, which also impacted ADRs of Indian IT majors Wipro and Infosys, which rose 2.3% and 3%, respectively, in early trade on the New York Stock Exchange on December 19. Currency market-related headwinds and concerns over government spending had dampened market expectations on revenue growth. However, the global IT major beat Wall Street estimates on the back of customer demand for AI-powered tools, as CEO Julie Sweet pointed to a 'strong start to FY25'. Accenture's GenAI business recorded new bookings of $1.2 billion during Q1FY25. According to LSEG data cited by Reuters, first quarter revenues came in at $17.7 bil...