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Here are the top stories to start your day.
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⭐ SBI’s profit dips
India’s largest public sector lender SBI Bank reported a 6.7% year-on-year (YoY) fall in its net profit at ₹6,068 crore. Meanwhile, the bank’s net interest income rose 13% YoY to ₹31,196 crore, on the back of improved credit offtake in all segments. However, non-interest income fell 80% YoY, as high bond yields led to huge treasury losses for the bank. The bank’s asset quality saw an improvement with gross non-performing assets (NPAs) at 3.91%, down by 141 bps YoY. Similarly, net NPAs were down 77 bps YoY to 1.00%.
⭐ Marico’s profit rises
FMCG major Marico posted a 3% YoY rise in its consolidated net profit at ₹377 crore. Similarly, the company’s revenue from operations grew 1.3% to ₹2,558 crore. Further, its total expenses fell marginally to ₹2,076 crore as compared to ₹2,085 crore in the year ago period. Meanwhile, the company’s revenue from the domestic market fell by 3.5% to ₹1,921 crore, while revenues from international sales rose by 19.5% to ₹637 crore.
⭐ Paytm’s loss widens
Digital payments solutions provider Paytm saw its Q1 net loss widening to ₹644 crore as compared to ₹380 crore a year ago. However, revenue rose 88.5% YoY to ₹1,679 crore. The rise in revenue was due to strong monetisation in payments, device subscriptions and accelerated adoption of high-margin businesses such as lending. The company is confident of achieving operating profitability by September 2023. Loan disbursals through Paytm saw a whopping 779% YoY growth to ₹5,554 crore. Meanwhile, the average monthly transacting users stood at 74.8 million, up 49% YoY.
Global markets (at 7:30 AM today)
| Indices | Today's movement |
| SGX Nifty | ▼ 0.23% |
| Nikkei 225 (Japan) | ▲ 0.23% |
| Hang Seng (Hong Kong) | ▼ 0.63% |
| SSE Composite (China) | ▲ 0.04% |
| Dow Jones (US) (August 05) | ▼ 0.06% |
| NYSE (US) (August 05) | ▲ 0.34% |
| Nasdaq (US) (August 05) | ▼ 0.50% |
| S&P 500 (US) (August 05) | ▼ 0.16% |
Fact of the day
Eight of India’s 10 most valued firms collectively added ₹98,234 crore in market valuation last week. IT majors Infosys and TCS emerged as the biggest gainers amid a positive momentum.
Source: Business Standard