State set to get second Sainik school: Chief secy
High-tech buses on roads in Ranchi soon
Ranchi is set to become the second city in india after nagpur to operate advanced flash-charging electric double-decker buses. Costing over Rs 1.25 crore each, these state-of-the-art buses will run at a speed of 120 kmph and get charged within 15 seconds. Once charged, they can cover a distance of up to 40 km. the initiative was confirmed following a meeting between Union Minister for Road transport and Highways nitin Gadkari and Ranchi Mp and Minister of state for Defence sanjay seth in new Delhi. Gadkari also sanctioned Rs 6,500 crore for the Ranchi outer ring road project and approved the DpR for the new bus service.
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Indian Express
a few seconds ago
- Indian Express
SBI Q1 profit jumps 12.48% to Rs 19,160 crore
The country's largest lender, State Bank of India (SBI), on Friday reported a 12.48 per cent growth in its net profit at Rs 19,160 crore during the quarter ended June 2025, compared to Rs 17.035 crore in the year-ago period. 'There has been a good containment of operating expenses. Besides, on a year-on-year basis, our treasury gains have also added to profit,' Setty said. While the bank was able to maintain its core net interest income, it did not see a major fall in its net interest income (NII), despite almost 30 per cent of the book being repriced immediately on the external benchmark linked lending rate (EBLR) front, he said. Following a 100 basis points (bps) cut in the repo rate between February and June 2025, all loans linked to the repo rate have been reduced by a similar margin. The bank's non-interest income jumped 55 per cent, on back of a 352 per cent growth in forex income. The lender's net interest income fell marginally by 0.13 per cent to Rs 41,072 crore. Net interest margin (NIM) of the lender dropped by 33 basis points (bps) to 3.02 per cent in Q1FY26, compared to 3.35 per cent in the year-ago period. Setty said the growth in NIM is likely to be U-shaped, with moderation in Q1 and Q2, and pick up in the fourth quarter of the current fiscal. Gross non-performing loans (NPAs) improved to 1.83 per cent from 2.21 per cent, and net NPA stood at 0.47 per cent, as against 0.57 per cent. The bank's gross advances increased by 11.61 per cent to Rs 42,54,516 crore and domestic advances registered a growth of 11.06 per cent. Loans to small and medium enterprises (SME) grew by 19.1 per cent, followed by agri advances which rose 12.67 per cent. Retail personal advances grew by 12.56 per cent. The bank's corporate advances recorded a slower growth of 5.7 per cent on y-o-y basis and a quarter-on-quarter decline of 3 per cent. Setty attributed the muted growth in corporate loans to delay in investment decisions due to tariff related uncertainties, shift by companies from banks to market instruments for funding and on account of pre-payments. 'We have seen that the utilisation of working capital which was 62 per cent in Q1 of FY25 has come down to 58 per cent now. Also, we have seen that some of the large corporates are accessing the commercial paper (CP) market basically to replace the working capital limits,' the SBI chairman said. He expects the corporate loan book to grow at 10 per cent in the third quarter of FY26. The bank has a total corporate loan book pipeline of Rs 7 lakh crore. Commenting on the impact of the higher tariffs on the banking system, Setty said banks have limited exposure to sectors likely to be affected. These include leather, chemicals, footwear, gems and jewellery, textiles and shrimp. The bank's share price closed at Rs 804.55 apiece, down 0.09 per cent on Friday after the quarterly results were declared.
India.com
a few seconds ago
- India.com
Bad news for Noel Tata, this company profit fell by 62% to Rs…, hit by lower…
Tata Motors on Friday reported a 62.2% year-on-year drop in consolidated net profit to Rs 4,003 crore for the June quarter, hit by lower volumes across segments, reduced profits at Jaguar Land Rover due to US tariffs, and a high base from gains on the sale of discontinued operations last year. In the April–June quarter of the previous fiscal, the auto major had posted a net profit of Rs 10,587 crore, the company said in a regulatory filing. Revenue from operations came in at Rs 1,04,407 crore, compared to Rs 1,07,102 crore in the same period last year. Tata Motors Q1 Results TML's performance in the quarter was impacted by volume decline in all businesses and a drop in profitability primarily at JLR, the company said. Following the amalgamation of Tata Motors Finance Ltd (TMFL) – a wholly-owned step down subsidiary of the company – into Tata Capital Ltd, the company had received equity shares of TCL amounting to Rs 8,016 crore over the book value of net assets transferred as at appointed date of April 1, 2024, amounting to Rs 4,975 crore as gain on sale of discontinued operation in consolidated results, the filing said. 'Despite stiff macro headwinds, the business delivered a profitable quarter, supported by strong fundamentals. As tariff clarity emerges and festive demand picks up, we are aiming to accelerate performance and rebuild momentum across the portfolio. Against the backdrop of the upcoming demerger in October 2025, our focus remains firmly on delivering a strong second-half performance,' Tata Motors Group CFO PB Balaji said. How JLR Was Hit By US Tariffs? Addressing an earnings call, he said, 'In the current quarter, we (JLR) have got hit by almost 250 million pounds on (US) tariff charges because even though the deal (UK-US trade deal) was announced on May 8, it got ratified only on June 30, and it is not with retrospective effect.' Going forward, he said the correction for the reduction in tariffs from 27.5 per cent to 10 per cent under the US-UK trade deal and 27.5 per cent to 15 per cent, under the US-EU deal, along with the removal of the penalty for emission in the US will play through. 'Net impact is what we want to figure out a way to manage through the rest of the year,' he said, adding that while the US demand is holding up, China has introduced luxury tax on all imported vehicles and 'we have to figure out a way to manage that'. JLR revenues were down by 9.2 per cent to 6.6 billion pounds, impacted by significant new US trade tariffs on the UK and EU-produced cars exported to the US, and the planned legacy Jaguar wind-down. (With Inputs From PTI)
Time of India
14 minutes ago
- Time of India
Rs 24cr OK'd for Vishwamitra park in Buxar
Patna: The state govt will develop Maharshi Vishwamitra Park in Buxar with at a cost Rs 24.42 crore, said deputy CM Samrat Choudhary on Friday. He said the govt has approved the construction of a grand and culturally rich park in Buxar in the name of the great saint. An amount of Rs 8.11 crore will be spent in the first phase, he said. Choudhary said the purpose of the park construction is to promote eco-tourism, ensure environmental protection and provide employment opportunities to people at the local level. The deputy CM said Maharshi Vishwamitra Park will be developed on the concept (theme) of Gayatri mantra. "Meditation centres, Vedic style paths, green structures symbolising peace and natural places decorated with religious verses will be built there. This will enable people visiting the park to connect with nature and have a spiritual experience," he said. Arrangements will be made for sapling plantation, nursery of medicinal plants and protected areas for local and migratory birds, he said. Choudhary said Buxar is considered to be the 'tapobhoomi' of Maharshi Vishwamitra. According to religious beliefs, this is the place where he established his ashram and taught weapons and scriptures to Lord Ram and Lakshman. He said the park will also be constructed with the aim of preserving this heritage. Stay updated with the latest local news from your city on Times of India (TOI). Check upcoming bank holidays , public holidays , and current gold rates and silver prices in your area. Get the latest lifestyle updates on Times of India, along with Raksha Bandhan wishes , messages and quotes !
