TCS falls 2% on Q1 results miss. Should you buy as IT stocks struggle?
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Indian Express
8 minutes ago
- Indian Express
ICICI Bank Q1 net profit up 15.5% to Rs 12,768 cr
Private sector lender ICICI Bank on Saturday reported a 15.5 per cent growth in its profit after tax (PAT) at Rs 12,768 crore in the April-June quarter of the current fiscal, compared to Rs 11,059 crore in the same period of the previous fiscal. Its net interest income (NII) grew by 10.6 per cent year-on-year to Rs 21,635 crore from Rs 19,553 crore in the first quarter of the previous fiscal. Net interest margin (NIM) stood at 4.34 per cent compared to 4.36 per cent in the year ago period. The lender's fee income grew by 7.5 per cent year-on-year to Rs 5,900 crore from Rs 5,490 crore in the same quarter of the previous fiscal. Treasury gains were Rs 1,241 crore as compared to Rs 613 crore, primarily reflecting realised and mark-to-market gains in fixed income securities and equities. The gross NPA (non-performing assets) ratio stood at 1.67 per cent compared to 2.15 per cent. The net NPA ratio was at 0.41 per cent compared to 0.43 per cent. Recoveries and upgrades of NPAs, excluding write-offs and sale, were Rs 3,211 crore as against Rs 3,292 crore in the year-ago period. The bank wrote off gross NPAs amounting to Rs 2,359 crore in the reporting quarter. The provisioning coverage ratio on non-performing loans was 75.3 per cent at June 30, 2025. Its total advances increased by 11.5 per cent year-on-year to Rs 13.64 lakh crore at June 30, 2025. The net domestic advances grew by 12 per cent year-on-year. The retail loan portfolio grew by 6.9 per cent year-on-year, and comprised 52.2 per cent of the total loan portfolio at June 30, 2025. The bank's total period-end deposits increased by 12.8 per cent year-on-year to Rs 16.08 lakh crore. Its total capital adequacy ratio at June 30, 2025 was 16.97 per cent and common equity tier 1 (CET-1) ratio was 16.31 per cent.
The Hindu
8 minutes ago
- The Hindu
Textile industry seeks uniform GST rate
The textile industry is pitching for a fibre-neutral GST at 5% for the entire textile and apparel value chain. Currently, cotton-based textile sector has 5% GST, except for garments priced above ₹1,000. These garments attract 12% duty. However, in the Man Made Fibre (MMF) sector, the GST on PTA (Purified Terephthalic Acid) and MEG (Monoethylene Glycol) that are critical raw materials for polyester production is 18%, MMF filament and spun yarn attract 12% duty, fabric and garments are at5 %, and garments and fabric priced above Rs. 1,000 a piece are at 12%. There should be no inverted duty structure and there should be a fibre-neutral rate which is the lowest in the GST slabs, said RK Vij, secretary general of Polyester Textiles Apparel Industry Association. If the industry should achieve the target of $100 billion annual exports and $250 billion domestic sales by 2030, all sectors of the textile industry should grow. For now, there is no major expansion in the pipeline for three years in the viscose sector and the cotton sector is not growing. The growth of the MMF sector is crucial and hence, the government should rationalise the GST rates for this sector, right from the raw material stage, he said. According to K. Selvaraju, secretary general of the Southern India Mills Association, garments and fabric priced above ₹2,000 should be levied 12% duty and for the other products across the textile value chain, be it cotton, viscose, or polyester, the rate should be 5%. The micro, small and medium-scale enterprises are struggling when funds are blocked in tax paid for inputs. MMF-based fabric and garment are the most affordable for the common man. And, hence, MMF sector should also be brought under uniform 5% duty. Further, textile and apparel sector is the highest job-generating industry and it should attract investments to create more jobs. Rationalisation of the GST rates will help make investments viable, he said.
Economic Times
23 minutes ago
- Economic Times
India-EFTA trade pact to be implemented from Oct 1: Goyal
TIL Creatives AI generated image used for representation The free trade agreement between India and the four-nation European bloc EFTA will be implemented from October 1, Commerce and Industry Minister Piyush Goyal said on two sides signed the Trade and Economic Partnership Agreement (TEPA) on March 10, 2024. Under the pact, India has received an investment commitment of USD 100 billion in 15 years from the grouping while allowing several products, such as Swiss watches, chocolates, and cut and polished diamonds, at lower or zero duties."India-EFTA TEPA to come into effect from 1st October," Goyal said in a post on X. The European Free Trade Association (EFTA) members are Iceland, Liechtenstein, Norway, and Switzerland. The bloc has committed an investment of USD 100 billion -- USD 50 billion within 10 years after the implementation of the agreement and another USD 50 billion in the next five years -- which would facilitate the creation of 1 million direct jobs in is a first-of-its-kind pledge agreed upon in any of the trade deals signed by India so commitment is the key substance of the agreement, which took almost 16 years to conclude, for India in return for opening its markets for several products coming from the EFTA biggest trading partner of India in the bloc is has low trade volumes with the remaining three countries. In the pact, India is offering 82.7 per cent of its tariff lines or product categories, which cover 95.3 per cent of EFTA exports, of which more than 80 per cent of imports are gold. Domestic customers will get access to high-quality Swiss products, such as watches, chocolates, biscuits, and clocks, at lower prices as India will phase out customs duties under the trade pact on these goods over 10 the services sector, the commerce ministry has earlier stated that India has offered 105 sub-sectors to the EFTA, like accounting, business services, computer services, distribution and the other hand, the country has secured commitments in 128 sub-sectors from Switzerland, 114 from Norway, 107 from Liechtenstein, and 110 from where Indian services will get a boost, include legal, audio-visual, R&D, computer, accounting, and the pact would provide an opportunity for domestic exporters to integrate into the EU (European Union) markets. Over 40 per cent of Switzerland's global services exports are to the EU. Indian companies can look to Switzerland as a base for extending their market reach to the EU. India-EFTA two-way trade was USD 24.4 billion in 2024-25.
