New Delhi: Japan’s Sumitomo Mitsui Banking Corporation (SMBC) has been granted in-principle approval to set up a wholly owned subsidiary (WOS) in India by the Reserve Bank of India(RBI). This approval will allow SMBC to convert its four local branches at New Delhi, Mumbai, Chennai and Bengaluru into a locally incorporated, full-fledged subsidiary. Besides this, SMBC has purchased a controlling stake in Mumbai-based Yes Bank, besides a majority stake in SMBC India Credit Company (Formerly Fullerton India) an NBFC. SMBC satisfied RBI’s guidelines, and is expected to function as a local subsidiary with its own legal entity, capital base and…
Author: Abizar Attari
Abizar Attari
Abizar has been writing before AI started to take over your lives! His expertise lies in analysing diverse perspectives and simplifying them for laymen. Beyond writing, storytelling and editing, he enjoys running, learning and enjoying the outdoors.
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Bengaluru: Infosys Ltd has reported a 2% decline in net profit for Q3 of FY26, despite the company’s revenues beating its own estimates of 2-3%. The decline in the net profit was due to the ₹1,289 crore the company had to pay for gratuity and leave liabilities as per India’s new labour laws. Revenues for the quarter were at ₹45,479 crore, a 3.2% increase from ₹41,764 crore from the same period last year. Financial Services contributed the lion’s share of revenues at 28.2%, with Manufacturing, Energy, Utilities and Retail coming at 16.7%, 13.2%, and 12.1% respectively. During the quarter, the…
Mumbai: Indo SMC’s IPO was oversubscribed 2.05 times on Day 2, as the ₹92 crore IPO continued to draw interest from investors. Backed by veteran investor Ashish Kacholia, the power equipment manufacturing company is aiming to raise funds to expand its manufacturing facilities and meet working capital requirements. Incorporated in 2021, the company primarily manufactures Sheet Mounding Compounds (SMC), which are glass fibre-infused polyester compounds that are designed to be fire-resistant, long-lasting and meet the technical requirements for power equipment infrastructure. Besides that, it also manufactures tarpaulin sheets, transformers and Fiberglass Reinforced Plastic (FRP) products The company operates four manufacturing…
New Delhi: India’s Consumer Price Index (CPI) for Q4 FY26 is expected at 2.6%, lower than the RBI’s projection of 2.9%, according to a report by the Union Bank of India. This has been attributed to lower inflation for the four consecutive months, mostly on the back of a stronger agricultural output and the pre-Diwali GST reforms. Despite the challenges to exports due to the US tariff regime, India has managed to grow at 7.3% this year, with the Asian Development Bank forecasting a growth rate of 7.2% for 2026. This lower-than-expected CPI inflation could open up space for the…
New Delhi: Public Sector Banks in India are expected to lead credit growth in the medium term, with a loan growth that could be higher than the industry, a report by HSBC Global Investment Research said. The trend is expected to grow from 2025, when state-owned banks recorded advances growth of 5-12 percent, as against the private sector bank’s advances of 3-11 percent, according to a Moneycontrol analysis. PSU banks were able to sustain growth despite challenging demand conditions and slower credit demand. This development comes on the backdrop of structural improvements in PSUs, which have cleaned up their books…
New Delhi: North India-focused real estate developer Omaxe Ltd has announced a ₹500 crore investment in Omaxe Chowk, a mixed-use development to come up at Ghumar Mandi in Ludhiana. The project, spanning across 5.25 acres, will feature high-end retail establishments along with residential units and related infrastructure, with an aim to make Omaxe Chowk one of the city’s biggest commercial hubs. Omaxe bought the land parcel through a competitive bidding process conducted by the Rail Land Development Authority (RLDA), and is developing it on a leasehold basis. It is being developed under an agreement between the RLDA and the Ludhiana…
Ahmedabad: Zydus Lifesciences US based subsidiary, Sentynl Therapeutics, has received US FDA’s approval for its ZYCUBO® drug aimed at treating the rare genetic Menkes disease that affects children. This is the first and only treatment in the US for this disease, which generally affects just 1 in about 8,664 live births, mostly male. Worldwide, it is estimated that just 1 in about 250,000 live births. Menkes disease is caused by mutations of the copper transporter ATP7A encoded in the ATP7A gene. Patients born with this disease are unable to absorb dietary copper and have impaired copper transport due ot it.…
New Delhi: Pathology laboratory chain Metropolis Healthcare Limited has announced the launch of its Centre of Genomics, as it looks to expand its reach to support precision diagnostics. With this, the company aims to offer genomics testing at scale, as it deploys American biotech major Illumina’s NovaSeq ™X Series to scale genomics testing, besides offering 500 additional tests to support oncology, neurology, transplant immunology and rare disease diagnoses. Though further details haven’t been revealed yet, Metropolis is aiming to first launch these labs in Mumbai and Delhi NCR, offering clinically actionable genomic insights. Given the increasing caseloads of cancer and…
Mumbai: India’s leading IT services firm, Tata Consultancy Services (TCS) became the first blue-chip company to report its Q3 results for the FY 2025-26. The company reported a 13.92% year-on-year decline in net profits to ₹10,657 crore this time from ₹13,024 crore in the same period last year. The company attributed this to a one-time cost of ₹1,135 crore as it laid off almost 12,000 employees or 1% of its total workforce. Despite this, the company’s revenues increased 4.9% to ₹67,087 crore, surpassing analysts’ expectations of ₹66,676 crore based on data compiled by LSEG. “The growth momentum we witnessed in…
Mumbai: The BSE Sensex has fallen more than 1,500 points in 5 trading sessions as investors turn cautious as Q3 earnings and clarity regarding the Indo-US trade deal are expected to be addressed in the coming days. Though markets correct all the time, the scale and speed of this decline have mattered as this is not about a single development but a multitude of uncertainties that have heightened worries of investors, including FIIs. Trump’s arbitrariness: The biggest threat Markets have been spooked by Donald Trump’s decision to approve the ‘Sanctions on Russia Act, 2025’, which will increase the tariffs on…
