Several prominent Indian companies have recently announced their financial results for the first quarter of the current financial year (QIFY25). ICICI Bank reported a 14.6% year-on-year increase in its net profit, driven by higher treasury and other income. The bank’s net profit reached ₹ 11,059 crore, up from ₹ 9,648 crore in the same period last year. Meanwhile, Dr Reddy’s Laboratories experienced a slight decline in net profit, reporting ₹ 1.392 crore compared to ₹ 1,335 crore in the corresponding period of the previous year. Despite the dip in profit, the company witnessed a 14% rise in revenue from operations. IDFC First Bank also announced its Q1 results, with its net profit falling 11% year-on-year to ₹ 680.7 crore. However, the private lender reported a significant increase in its net interest income (NII) and pre-provisioning operating profit.
In a separate development, West Bengal Chief Minister Mamata Banerjee triggered a controversy by alleging that she was allowed to speak for only five minutes at a NITI Aayog meeting, while other chief ministers were given 15-20 minutes. Banerjee claimed her microphone was turned off and walked out of the meeting, citing this as an insult. The BJP termed her action as ‘drama,’ and a PIB fact check refuted her allegations, stating that her speaking time was simply over. The NITI Aayog CEO also issued a clarification on the matter.
Beyond the business and political news, the Paris Olympics 2024 saw India’s underwhelming performance on Day 1, with shooters failing to qualify in the 10m air rifle mixed team and 10m air pistol men’s events. However, Manu Bhaker made a strong showing in the 10m women’s air pistol final. Meanwhile, Chinese divers Chang Yani and Chen Yiwen secured the first Olympic gold medal of the Games.
