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Here are the top stories to start your day.
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⭐ Mahindra gets record bookings for new Scorpio
Mahindra & Mahindra recorded 1 lakh bookings for the all-new Scorpio-N within 30 minutes of commencing bookings on Saturday. The ex-showroom value of the bookings is₹18,000 crore. The deliveries of the SUV will start from 26 September onwards. Over 20,000 units are planned for delivery by the end of this year.
⭐ BoB’s profit surges
State-owned lender Bank of Baroda saw its standalone net profit surge to ₹2,168 crore, a jump of 79% year-on-year (YoY) in Q1. Its bad loan provisioning declined by 39% YoY to ₹1,560 crore, while its net interest income grew by 12% YoY to ₹8,838 crore. Meanwhile, gross non-performing assets improved to 6.26% from 8.86% in Q1FY22.
⭐ IDFC First Bank reports highest-ever profit
Private sector lender IDFC First Bank returned to the black after posting its highest-ever net profit at ₹474 crore as compared to a net loss of ₹630 crore in Q1FY22. The profit was supported by high income and low provisioning. Net interest income grew by 26% YoY to ₹2,751 crore. Meanwhile, its gross non-performing assets fell to 3.36% as compared to 4.61% a year ago.
Global markets (at 7:30 AM today)
| Indices | Today's movement |
| SGX Nifty | ▲ 0.10% |
| Nikkei 225 (Japan) | ▲ 0.47% |
| Hang Seng (Hong Kong) | ▼ 1.18% |
| SSE Composite (China) | ▼ 0.57% |
| Dow Jones (US) (July 29) | ▲ 0.97% |
| NYSE (US) (July 29) | ▲ 0.85% |
| Nasdaq (US) (July 29) | ▲ 1.88% |
| S&P 500 (US) (July 29) | ▲ 1.42% |
Fact of the day
Global shipments of smartphones fell 9% to 287 million units in the June quarter due to supply-chain disruptions.
Source: Business Standard