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Reuters
5 hours ago
- Reuters
Indian firm says it shipped non-military explosives to Russia
NEW DELHI, July 26 (Reuters) - An Indian firm that shipped $1.4 million worth of an explosive compound with military uses to Russia in December said on Saturday it complies with Indian rules and the substance it had shipped was for civilian industrial purposes. Reuters reported on July 24 that Ideal Detonators Private Limited shipped the compound, known as HMX or octogen, to two Russian explosives manufacturers despite U.S. threats to impose sanctions on any entity supporting Russia's Ukraine war effort. One of the Russian companies listed in Indian customs data as receiving the compound is the explosives manufacturer Promsintez. An official at Ukraine's SBU security service has said the Russian company has ties to the military and that Ukraine launched a drone attack in April against a Promsintez-owned factory. Promsintez did not respond to a request for comment. Ideal Detonators said in an emailed response to Reuters that the material it shipped was not military grade. "The shipment ... is for industrial activity and it's a civil explosive," the company said. The U.S. government has identified HMX as "critical for Russia's war effort" and has warned financial institutions against facilitating any sales of the substance to Moscow. The U.S. Treasury Department has the authority to sanction those who sell HMX and similar substances to Russia, sanctions lawyers have said. HMX is widely used in missile and torpedo warheads, rocket motors, exploding projectiles and plastic-bonded explosives for advanced military systems, according to the Pentagon's Defense Technical Information Center and related defense research programs. The compound also has some limited civilian applications in mining and other industrial activities.
Reuters
9 hours ago
- Reuters
Kotak Mahindra Bank's Q1 profits drop more than expected on higher provisions
MUMBAI, July 26 (Reuters) - Kotak Mahindra Bank ( opens new tab, India's third-largest private lender by market capitalisation, reported a drop in first-quarter profit on Saturday, as it set aside more funds for potential bad loans and saw a contraction in lending margins. The bank's standalone net profit fell 47.5% to 32.81 billion indian rupees ($379.42 million) for the quarter ended June 30, down from year-earlier 62.5 billion rupees ($722.75 million), which included a 27.3 billion rupee gain on a stake sale of its insurance subsidiary to Zurich Insurance (ZURN.S), opens new tab last year. On average, analysts had expected a profit of 35.82 billion rupees, according to data compiled by LSEG. The lender's net interest margin, a key gauge of profitability, fell to 4.65%, from 5.02% a year earlier, reflecting the impact of the Reserve Bank of India's recent interest rate cuts. When rates are lowered, banks typically pass on the benefits to borrowers first and only later reduce deposit rates, which can temporarily squeeze margins. Meanwhile, Kotak Mahindra Bank's asset quality deteriorated, with the gross non-performing assets ratio at 1.48% at the end of June, versus 1.39% a year earlier. Indian lenders have kept a tight lid on unsecured lending after grappling with higher bad loans in that segment, a move that has helped support asset quality. The bank's provisions for bad loans more than doubled year-on-year to 12.08 billion rupees. Net interest income grew 6% to 72.59 billion rupees in the first quarter. While credit growth has slowed across the industry, Kotak Mahindra Bank's loan book expanded 13%, driven mainly by a 16% rise in loans to retail consumers. ($1 = 86.4750 Indian rupees)
The Herald Scotland
15 hours ago
- The Herald Scotland
Scottish billionaire whisky family posts plunge in profits
William Grant & Sons posted profit before tax of £388 million, down 30 per cent, and turnover of £1.834 billion for the year ending December 31, 2024. The company said: 'In a year marked by industry-wide challenges, the decline in revenue compared to 2023 is in line with market trends, including the continuation of significant destocking. 'The reduction in profit reflects both these market conditions but also continued investment in the Company's brands and infrastructure, demonstrating confidence in the future of the spirits industry.' READ MORE: The company also said: 'Despite these significant headwinds, William Grant & Sons maintained its commitment to quality and innovation. 'This was demonstrated by the announcement of Glenfiddich's multi-year partnership with the Aston Martin Formula One team in November 2024, bringing together two brands renowned for their heritage, innovation, and pursuit of excellence. In addition, the Company reached an agreement to purchase The Famous Grouse and Naked Malt brands, the completion of which was finalised this month. Søren Hagh, chief executive of William Grant & Sons, said that "2024 was a challenging year for the spirits industry, with both global economic conditions and continued destocking weighing heavily on performance in comparison to 2023", adding: "That being said, profits were broadly in line with 2022 and our confidence in the future of spirits means we have continued to invest in both our brands and distilleries for the long-term." William Grant & Sons is a sixth-generation independent family-owned distiller headquartered in North Lanarkshire and founded by William Grant in 1887. The company distils, bottles, and distributes some of the world's leading brands of Scotch whisky and other spirits, including the world's 'most-awarded single malt Scotch whisky' Glenfiddich, The Balvenie range of handcrafted single malts, Monkey Shoulder blended malt Scotch and super-premium Hendrick's Gin. Other spirits in the portfolio include Grant's and The Famous Grouse blended Scotch whiskies, Tullamore D.E.W. Irish whiskey, Sailor Jerry spiced rum, Drambuie whisky liqueur, Milagro tequila, Reyka vodka, Discarded Spirits Co. and ultra-premium Silent Pool Gin. Last September, William Grant & Sons reported a turnover of £1,962m, with a profit of £444m after tax for the year ending December 31, 2023.
