logo
India's Manappuram Finance posts drop in first-quarter profit on higher provisions

India's Manappuram Finance posts drop in first-quarter profit on higher provisions

Reutersa day ago
Aug 8 (Reuters) - Indian gold-loan financier Manappuram Finance (MNFL.NS), opens new tab reported a drop in first-quarter profit on Friday, hurt by a jump in bad loan provisions.
The company's consolidated net profit fell 75% year-on-year to 1.38 billion rupees for the quarter ended June 30.
Manappuram approved the appointment of V. P. Nandakumar as the chairman of the company.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Modi vows to deepen India-Russia ties despite Trump tariffs
Modi vows to deepen India-Russia ties despite Trump tariffs

Telegraph

time4 hours ago

  • Telegraph

Modi vows to deepen India-Russia ties despite Trump tariffs

Narendra Modi has vowed to deepen India's ties with Russia, despite Donald Trump's tariff threats over buying Russian oil. India's prime minister described Vladimir Putin as a friend following a 'good and detailed' phone call that came days after the US president doubled tariffs on Indian goods to 50 per cent because of the Russian oil trade. 'Had a very good and detailed conversation with my friend President Putin. I thanked him for sharing the latest developments on Ukraine,' Modi said in a post on X on Friday. 'We also reviewed the progress in our bilateral agenda, and reaffirmed our commitment to further deepen the India-Russia Special and Privileged Strategic Partnership.' Peace talks in Alaska Referring to India and Russia's annual bilateral summit, he added: 'I look forward to hosting President Putin in India later this year.' In a joint statement issued later, the two leaders reaffirmed the commitment to their countries' partnership. Putin is scheduled to meet Mr Trump in Alaska on August 15 for talks over the war in Ukraine. The tariffs placed on India by the US are aimed at pressuring India over its imports of Russian oil, the money from which is helping Putin fund his war. Bur Mr Modi's comments suggest that despite the pressure from Mr Trump, India has no plans to pull away from Russia. 'The only big power that India is comfortable with is Russia,' Praveen Donthi, a senior analyst for India at International Crisis Group, told The Telegraph. ' Russia has been an all-weather ally of India. It's been a long and reliable friend. It is like a legacy relationship that goes back six decades and India cannot suddenly go out of that and cannot jump into the US and the West bandwagon. 'Trump is using that to put pressure on India by citing India's stance on the Russia -Ukraine war.' Last week, Mr Trump described India and Russia's economies as 'dead', and accused India of not caring about those killed in the conflict in Ukraine. And he has indicated that he may even pause trade talks with India until the oil issue is 'resolved'. Rejecting the idea of speeding up negotiations for a bilateral trade agreement, he said: 'No, not until we get it resolved,' apparently referring to his demand that India cease importing Russian oil until the war in Ukraine is over. Russia has expressed solidarity with India amid pressure from Mr Trump, who has imposed 50 per cent tariffs that are set to come into force on Aug 27. 'Sovereign countries have the right to choose their own trading partners,' Dmitry Peskov, a Kremlin spokesman, said, criticising calls to 'force countries to sever trading relations' with Russia as 'illegitimate'. India has defended its Russian oil purchases, calling it a move necessitated by 'global market conditions'. Rajnath Singh, the Indian defence minister, has deferred an upcoming US visit for several months as the tariff dispute casts a shadow. It was originally scheduled for the last week of August. On July 1, Pete Hegseth , the US Defence Secretary, had a phone call with Mr. Singh – their third this year – during which he invited him to the US for an in-person meeting to advance bilateral defence cooperation.

US retailer Best Buy weighs boosting India headcount, Subramanian says (Aug 8)
US retailer Best Buy weighs boosting India headcount, Subramanian says (Aug 8)

Reuters

time7 hours ago

  • Reuters

US retailer Best Buy weighs boosting India headcount, Subramanian says (Aug 8)

CHENNAI, Aug 8 (Reuters) - U.S. retailer Best Buy (BBY.N), opens new tab is weighing the expansion of its India headcount to primarily add more digital and technology roles, Nithya Subramanian, senior director, data & AI COE, told Reuters. Best Buy employs around 350 people at its global capability centre in Bengaluru, better known as "India's Silicon Valley". That headcount could grow to approximately 500 over the next few months, Subramanian said on the sidelines of an event in Chennai. Many global companies have been setting up offices or boosting their presence in India to tap its growing talent pool. GCCs have been evolving into high-value innovation hubs from low-cost back offices in recent years. They now support their parent firms in vital functions including operations, finance, and research and development. "We will be hiring across the functions," Subramanian said. Best Buy, known for selling electronic items such as laptops, kitchen appliances and cameras, is looking to hire AI engineers, software engineers and product managers in India, according to its LinkedIn page. "Even if you look at the global strength, I think we are growing leaps and bounds in India," Subramanian said, noting that the Bengaluru office is Best Buy's largest tech hub. Best Buy operates more than 1,000 stores in the United States and Canada, where it employs over 85,000 people. It does not have retail operations in India. Another U.S. retailer, Costco Wholesale (COST.O), opens new tab, is gearing up to open its first India GCC, sources told Reuters last month. India's GCC market is expected to reach between $99 billion and $105 billion by 2030, from $64.6 billion in fiscal 2024, a report by industry body Nasscom and consulting firm Zinnov said.

China's July factory-gate prices miss forecast, deflation concerns persist
China's July factory-gate prices miss forecast, deflation concerns persist

Reuters

time13 hours ago

  • Reuters

China's July factory-gate prices miss forecast, deflation concerns persist

BEIJING, Aug 9 (Reuters) - China's producer prices fell more than expected in July, while consumer prices were unchanged, underscoring the impact of sluggish domestic demand and persistent trade uncertainty on consumer and business sentiment. Factory-gate prices have been declining for more than two years, and Saturday's data suggest early-stage efforts to tackle price competition have yet to yield significant results. Deflationary pressures have prompted Chinese authorities to address overcapacity in key industries. However, the latest round of industrial restructuring appears to be a pared-down version of the sweeping supply-side reforms launched a decade ago that were pivotal in ending a deflationary spiral. The producer price index (PPI) fell 3.6% year on year in July, National Bureau of Statistics (NBS) data showed on Saturday, missing economists' forecast of a 3.3% slide and matching the near 2-year low recorded in June. Extreme weather and global trade uncertainties contributed to price declines in some industries, Dong Lijuan, NBS chief statistician, said in a statement. However, on a month-on-month basis, PPI shrank 0.2%, improving from June's 0.4% drop. Despite the headline figures, some analysts see signs of easing deflationary pressure. Xing Zhaopeng, senior China strategist at ANZ, pointed to improvements in month-on-month PPI and year-on-year core CPI. He expects the current "anti-involution" policy measures - aimed at curbing disorderly competition in sectors like autos -to begin lifting year-on-year PPI from August. Still, other analysts remain cautious, noting that without demand-side stimulus or reforms to improve people's welfare, the measures may have limited impact on final demand. A prolonged housing downturn and fragile trade relations with the U.S. also continue to weigh on consumer spending and factory activity. China's consumer price index (CPI) was flat year-on-year in July, compared with a 0.1% rise in June, NBS data showed, beating a Reuters poll forecast of a 0.1% slide. Core inflation, which excludes volatile food and fuel prices, was 0.8% in July from a year earlier, the highest in 17 months. Food prices fell 1.6%, following a 0.3% decline in June. Extreme weather added to the economic strain, with sweltering heat gripping much of China's eastern seaboard last month and heavier-than-usual downpours lashing the country with the East Asian monsoon stalling over its north and south. On a monthly basis, the CPI edged up 0.4%, against a 0.1% drop in June and exceeding forecasts for a 0.3% rise. "Nonetheless it is still unclear if this is the end of deflation in China," said Zhiwei Zhang, chief economist at Pinpoint Asset Management. "The property sector has not stabilized. The economy is still supported more by external demand than domestic consumption. The labour market remains weak," he said.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store