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Adani Ports, part of Gautam Adani’s conglomerate, reported a significant 48% year-on-year growth in cargo handling at seaports including Haifa Port in Israel. State Bank of India (SBI) saw an 8% YoY increase in Q2FY23 net profit to ₹ 14,330 crore ($1.93 billion), driven by a 12.3% rise in net interest income (NII) and other income sources which grew by 21.6%.
Bank of Baroda also posted strong results with its Q2FY24 net profit surging by 28.4% YoY due to robust loan growth. JSW Infra’s Q2FY24 profits rose by 85%, and revenue from operations grew by 25%.
On the other hand, IDFC First Bank (NASDAQ:FRBA) reported a decline in both net profit and revenue from operations by 51% and 43% respectively. Vedanta (NYSE:VEDL) Group is currently negotiating with lenders including Cerberus Capital Management LP and Ares SSG Capital Management Ltd., and is close to securing a $1.25 billion private loan at an interest rate of 18-20%.
In the aviation sector, IndiGo is grounding more aircraft due to engine issues in Q4 and taking mitigating measures like wet leasing planes and secondary market plane acquisitions. However, InterGlobe Aviation reported a profit for Q2 FY24, marking a turnaround from a loss in the previous year.
On the market front, last Friday marked a positive close for the Indian equity market with gains for Sensex and Nifty. Cello World is poised for a bourse debut with a predicted listing premium of 22-25%, exceeding the offer price of ₹648 and enjoying a 24% gray market premium.
In other news, L&T is divesting its stake in L&T Infrastructure Engineering Limited to STUP Consultants Private Limited, an independent nuclear engineering group and Assystem SA subsidiary, for core business focus. Zomato Ltd reported a second consecutive quarter of profit due to strong festive season spending and its food ordering and fast commerce businesses, with revenue reaching ₹ 2 crore for the first time in the June quarter.
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