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Time of India
7 hours ago
- Business
- Time of India
AU Small Finance Bank Q1 results: Net profit rises 16% to Rs 581 crore; gross NPAs increase to 2.47%
AU Small Finance Bank on Saturday reported a 16% year-on-year increase in its net profit to Rs 581 crore for the first quarter of FY26, up from Rs 503 crore in the same period last year. The Jaipur-headquartered lender posted growth in both income and profitability, though asset quality weakened during the quarter. Total income for Q1FY26 rose to Rs 5,189 crore from Rs 4,278 crore a year earlier. Interest earned increased to Rs 4,378 crore from Rs 3,769 crore, while net interest income climbed to Rs 2,045 crore from Rs 1,921 crore, PTI reported. Operating profit for the quarter stood at Rs 1,312 crore, up from Rs 952 crore in the corresponding quarter of the previous year. Gross non-performing assets (NPAs) increased to 2.47% of gross advances as of June 30, 2025, compared to 1.78% a year earlier. Net NPAs also rose to 0.88% from 0.63%. As a result, provisions and contingencies surged to Rs 533 crore, nearly double the Rs 283 crore reported in the year-ago period. The bank's Provision Coverage Ratio (PCR) stood at 83% at the end of the June quarter. AU Small Finance Bank's gross loan portfolio rose 18% year-on-year to Rs 1,17,624 crore, compared to Rs 99,792 crore in Q1FY25. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Villas For Sale in Dubai Might Surprise You Dubai villas | search ads Get Deals Undo However, the capital adequacy ratio dipped to 19.42% from 20.11% a year ago. Commenting on the results, MD and CEO Sanjay Agarwal said, 'We have reported another set of consistent performance in a seasonally soft quarter, showing sustainable growth in deposits, assets, and profitability.' He added that as the economic cycle strengthens, the bank remains well-positioned to navigate near-term uncertainties while pursuing its long-term vision of building a scalable and sustainable institution. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
News18
a day ago
- Business
- News18
ITC Hotels plans to expand portfolio to over 220 units by 2030
Agency: PTI Kolkata, Jul 18 (PTI) ITC Hotels Ltd is aiming at expanding its portfolio to over 220 operating units with more than 20,000 keys by 2030, its latest annual report said. According to the annual report for 2024-25, the company plans to accelerate its growth through management contracts and franchise arrangements. Approximately, 70 per cent of the keys are being operated under management contracts, including franchising, it said. Spun into a separate entity after the demerger from ITC Limited, the company owns brands like ITC Hotels, Mementos, WelcomHotel, Storii, Fortune and WelcomHeritage. 'Having achieved considerable scale and market standing, the business pivoted into an asset right strategy to drive growth and reduce the capital intensity of operations," the company said. The focus was also on strong partnerships with asset owners, leveraging brand credentials and providing operational expertise, ITC Hotels said in the report. In the last two years, 30 hotels have been launched under the ITC Hotels brand portfolio, out of which 29 are managed and franchised properties in India and Nepal. The company has a robust pipeline of hotels with a high prominence of brownfield assets, which are likely to open in the next four years. Presently, the company is amongst the 'fastest growing" hospitality chains in the country with more than 140 properties and over 13,300 rooms under its six brands, the report said. In 2024-25, the Indian hospitality industry sustained its strong growth momentum, which was driven by economic stability and robust domestic demand outpacing supply, aided by the government's thrust on improving infrastructure and connectivity in the country. With over two lakh keys across the country covering various segments, India still remains significantly underpenetrated in comparison to the global hospitality industry, the report said. PTI dc BDC view comments First Published: July 18, 2025, 16:00 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Yahoo
a day ago
- Business
- Yahoo
Cardano, Dogecoin, XRP Lead Market Rebound as Crypto Bets Surge Post-GENIUS Act Clearing
Crypto markets rallied sharply in the past 24 hours with ether (ETH) and major tokens surging on renewed risk appetite, growing ETH treasury demand, and macro tailwinds following the passage of the GENIUS Act. ETH climbed 8.1% in the last 24 hours to $3,601, extending its 7-day gain to 21.3%, as traders priced in expectations of deeper institutional allocation. The move was driven in part by news that SharpLink Gaming, now the largest corporate holder of ETH, expanded its stock sale to $6 billion to fund additional ETH accumulation, mirroring early bitcoin (BTC) strategies from firms like MicroStrategy. 'The crypto market's resilience reflects deepening institutional conviction,' said Eugene Cheung, chief commercial officer at OSL. 'Companies are rapidly accumulating ETH as part of reserve strategies while BTC maintains steady dominance.' Projects like SharpLink's ETH bet underscore a structural shift toward crypto as a macro asset class.' The risk-on mood follows the GENIUS Act's passage, which is widely seen as a pro-crypto legislative catalyst. Bitcoin briefly touched new all-time highs and remains stable at $120,286, while ETH's momentum helped pull broader altcoins higher. Cardano's ADA (ADA) surged 14.6%, XRP (XRP) gained 17.2%, and Dogecoin (DOGE) added 12.5%, all within the past 24 hours. While buying pressure remained concentrated on ETH, traders rotated into large-cap altcoins viewed as laggards relative to ether's breakout. These assets tend to rally in tandem with ETH during periods of rising market confidence, especially when capital flows into Ethereum Layer 1s and older majors in search of beta. With ETH pulling ahead, short-term positioning favored high-liquidity tokens that typically benefit from a 'catch-up' trade as altseason expectations build. 'We had an incredible rally this past week,' said Jeff Mei, COO at BTSE. 'ETH jumped by a whopping 20% to reach $3,600. We think it could revisit all-time highs as more companies adopt ETH treasury strategies. 'Altcoin summer looks likely, especially if the Fed cuts rates,' Mei added. ETH dominance — long overshadowed by BTC's macro narrative — is beginning to reassert itself as the ETH/BTC ratio rebounds. With $64 billion in 24-hour ETH trading volume and inflows into ETH-linked ETFs on the rise, traders are likely positioning for Ethereum-led upside into in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
a day ago
- Business
- Yahoo
What Is Big Money Betting on? Bitcoin $140K, Ether $4K Calls Lead Open Interest
Prices for bitcoin (BTC) and ether (ETH) have risen 29% and 9% this year, and traders are positioning for further upside in the major cryptocurrencies. Data from leading crypto options exchange Deribit showed that traders have placed $2.36 billion in notional open interest in the $140,000 strike call option, making it the most popular bet on the platform. This robust positioning extends to the $120,000 and $130,000 call strikes. In stark contrast, the most popular put option at the $100,000 strike holds only half the open interest of the top call, underscoring the strong bullish sentiment in the market. The ether options paint a similar bullish picture. As of the time of writing, the $4,000 call was the heaviest, with a notional open interest of $650.8 million, according to data source Amberdata. Meanwhile, nearly $280 million was locked in the call option at the $6,000 strike. A call option gives the holder the right but not the obligation to purchase the underlying asset at a predetermined price on or before a specific date. A call buyer is implicitly bullish on the market, while a put buyer is bearish. Market flows over decentralized platforms also paint a bullish picture for ether. On Derive, 25% of ETH's trading volume of the past 24 hours has been concentrated in calls between $3,000 and $4,000 for the July 25 expiry, the exchange told CoinDesk. Additionally, 8% of the July 25 expiry open interest is locked in the $4,000 call. "[Its] a strong signal that traders are aligned on a fast, continued breakout and reflects a growing appetite for leveraged long exposure as bullish conviction builds," Dr. Sean Dawson, head of research at Derive, told CoinDesk. The bullish bias for ETH is likely catalyzed by positive regulatory developments in the U.S, particularly the passage of the GENIUS Act stablecoin regulation. The bill is said to come down heavy on yield-bearing stablecoins, marking a positive pivot for the Ethereum-dominated decentralized finance. "We anticipate two major shifts in a post-GENIUS landscape. First, treasurers seeking crypto-denominated yield will increasingly turn to native ETH staking and transparent restaking vaults. Second, yield-bearing tokens will evolve into clearly defined, auditable assets—distinct from stablecoins and unburdened by legacy regulatory assumptions," Daniel Liu, CEO of Republic Technologies, said in an email. "Both trends are likely to increase transaction activity and fee generation on Ethereum, reinforcing the long-term value of ETH and strengthening the case for institutional treasuries holding it," Liu added.
News18
2 days ago
- Politics
- News18
Trespassing Tradition: How ISKCON's Parallel Jagannath Yatra Risks Diluting India's Sacred Heritage
Last Updated: At stake is not simply a question of which date a ritual is performed, but who gets to define and control cultural and liturgical grammar of one of India's oldest living traditions Gajapati Maharaja Dibyasingha Deb, the hereditary head and ceremonial servitor of Hindu deity Jagannath in Odisha's Puri, issued a formally worded letter expressing deep concern to ISKCON's global leadership on June 15. The message was unequivocal: temples affiliated with the organisation are increasingly conducting Snana-yatra and Ratha-yatra festivals of Jagannath on dates directly contravening those laid down in sacred scripture, and have been traditionally honoured in Puri for centuries. This was not a minor calendrical disagreement, but a misappropriation and breach of the cultural and heritage integrity of Jagannath. The closest analogy of this would be that a Chinese company tomorrow decides to celebrate Christmas in summer because it is convenient. This cultural and religious misappropriation will continue if we don't grant protection — the legal kind — to assets such as Jagannath yatra. This requires a policy shift to recognise it and give it GI (geographical identification) protection as a cultural asset. The letter may appear to be an internal dispute between two branches of Vaishnavism. But read more closely, it reveals a deeper anxiety – one that touches the heart of India's spiritual and cultural sovereignty. At stake is not simply the question of which date a ritual is performed, but who gets to define and control the cultural and liturgical grammar of one of India's oldest living traditions. When a global institution like ISKCON, with temples in over 150 countries, celebrates these key festivals independently of the Puri calendar – sometimes weeks earlier or in different months – it doesn't just introduce confusion. It subtly creates a parallel universe of legitimacy that dilutes the sanctity and singularity of the original tradition rooted in Odisha. To understand why this is so significant, one must revisit the origins and structure of these festivals. The Snana-yatra (ceremonial bathing festival) and Ratha-yatra (chariot procession) of Jagannath are not just festivals – they are deeply codified rituals mentioned in several ancient texts, including the Skanda Purana, Padma Purana, and Brahma Purana. According to these scriptures, Snana-yatra is to be performed on Jyeshtha Purnima, which was on June 11. The Ratha-yatra begins on the Asadha Shukla Dwitiya – June 27 this year – and culminates on Dashami Tithi or July 5, after the Bahuda-yatra (return journey). They have been practiced as such on these dates for years. These dates are not arbitrary, but based on the lunar calendar and cosmological alignments scrupulously maintained in Puri for centuries. More than a million followers gather each year to witness the deities of Jagannath, Balabhadra, and Subhadra ride three massive chariots from the Jagannath temple to Gundicha temple in a grand and spiritually charged procession. This is not merely symbolic; it is one of the most ancient and vibrant public rituals in India's religious life, forming a key part of the country's intangible cultural heritage, as recognised by the culture ministry and international organisations like UNESCO. Yet, ISKCON, possibly to make the festival globally accessible, has chosen to perform Ratha-yatra on other dates. While inclusivity and global devotion are laudable goals, they do not grant licence to sever sacred tradition from its roots. In doing so, it may be unwittingly engaging in a form of spiritual franchising – taking the symbols, names, and outer rituals of Jagannath worship while ignoring the particular, scripturally sanctioned contexts in which these festivals are meant to be celebrated. The Gajapati Maharaja's intervention is, therefore, more than a defence of temple authority; it reveals an enormous gap in our cultural policy structure, which allows appropriation and control to be taken away by any organisation anywhere in the world. It's not just important to preserve the ritual coherence and historical ownership of this sacred tradition but also identify and recognise other such misappropriations. The chariot festivals of Jagannath have been stewarded for centuries by a complex ecosystem: the temple priests (daitapatis), the king as adya sevaka, the calendar scholars (panchangis), and a social consensus that ensures the tradition survives unbroken from generation to generation. Performing these festivals on unauthorised dates, without alignment with the anasara period (when the deities rest after the snana-yatra) or the auspicious lunar tithis, is not merely a deviation – it constitutes a disruption itself. This misalignment cannot be dismissed as mere administrative flexibility. It echoes a pattern seen in colonial interventions where indigenous rituals were reinterpreted or reorganised for the benefit of external audiences, often leading to cultural misappropriation. When ISKCON holds a ratha-yatra weeks ahead of the Puri yatra, it not only fractures devotional attention but also risks establishing a separate, unsanctioned lineage of Jagannath worship. Over time, this could dilute the spiritual primacy of the Puri tradition and confuse the global understanding of what the ratha-yatra represents. This is not a mere question of orthodoxy versus reform. It is about the difference between rootedness and reproduction. Just as celebrating Diwali in April or performing Holi during the monsoon would ring hollow, conducting Jagannath's snana-yatra or ratha-yatra out of sequence, and disconnected from the mother tradition in Puri, renders the ritual a simulacrum – a surface spectacle lacking its spiritual depth. The warning issued by Gajapati Maharaja Dibyasingha Deb, and echoed by scholars at the March 2025 conference in Bhubaneswar, must be taken seriously. As reported by the Times of India, they concluded that the performance of these sacred yatras outside the nine-day window between June 27 and July 5 – and without observing the necessary antecedents such as the anasara period – is a violation of 'ancient, well-established tradition". The risk here is not that ISKCON will 'take over" Jagannath worship. The danger is subtler: that by operating without deference to the Puri canon, it unintentionally creates a global version of Jagannath worship, which is slowly decoupled from the very soil, time, and ritual infrastructure that makes it sacred. Devotion does not require distortion. If ISKCON's aim is to honour Jagannath, it must also honour the tradition that made the deity known to the world. The sacred is not scalable in the way software is. It demands fidelity to time, to tradition, and to the keepers of memory who have sustained it for over a thousand years. top videos View all In an age where cultural icons can be copied, rebranded, and globalised with ease, the call from Puri is not for exclusivity but for integrity. Jagannath, the Lord of the Universe, deserves nothing less than the truth of the time and place. Anything else is not homage, it is erasure. (K Yatish Rajawat is a public policy researcher and works at the Gurgaon-based think tank Centre for Innovation in Public Policy (CIPP). Views expressed in the above piece are personal and solely those of the author. They do not necessarily reflect News18's views) First Published: June 16, 2025, 21:06 IST News opinion Opinion | Trespassing Tradition: How ISKCON's Parallel Jagannath Yatra Risks Diluting India's Sacred Heritage Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
