Good morning!
Here are the top stories to start your day.
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⭐ Axis Bank’s profit rises
Axis Bank reported 28% year-on-year rise in its core operating revenue to ₹14,387 during the September quarter. Meanwhile, its net profit saw a rise of 70% YoY to ₹5,330 crore. Its net interest income rose 31% to ₹10,360 crore, while gross NPA improved to 2.5% from 2.7%.
⭐ Coforge delivers stellar performance
Mid-tier tech firm Coforge delivered a strong quarterly performance. Its total revenue rose by 24.8% YoY to ₹1,959 crore, while net profit saw a jump of over 37% to ₹201 crore. The total order intake stood at $304 million, the third consecutive quarter of deal wins worth over $300 million. The company also announced an interim dividend of ₹13 per share.
⭐ Bank credit sees robust growth
According to data released by the Reserve Bank of India (RBI), bank credit grew by 17.9% YoY to ₹128.6 trillion as of 7 October. Meanwhile, deposits increased 9.6% YoY to ₹172.7 trillion. Credit demand from the retail segment rises during the festive season, while corporate borrowing picks up just before the end of the second quarter.
Global markets (at 7:30 AM today)
| Indices | Today's movement |
| SGX Nifty | ▲ 0.21% |
| Nikkei 225 (Japan) | ▼ 0.21% |
| Hang Seng (Hong Kong) | ▼ 0.05% |
| SSE Composite (China) | ▲ 0.48% |
| Dow Jones (US) (October 20) | ▼ 0.3% |
| NYSE (US) (October 20) | ▼ 0.78% |
| Nasdaq (US) (October 20) | ▼ 0.61% |
| S&P 500 (US) (October 20) | ▼ 0.8% |
Fact of the day
Luxury car maker Rolls-Royce unveiled its first electric car called Spectre, which offers a range of over 500 km.
Source: Business Today