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SBI dethrones Reliance as India's most profitable company
Inshorts
·
1y ago
Medial
Mukesh Ambani's Reliance Industries has been dethroned not by a competitor but by a bank. The State Bank of India (SBI) has emerged as India's most profitable company, surpassing Reliance in net profit for the March quarter. SBI's remarkable performance has made it a market leader, with increased investor confidence and higher price targets from brokerage firms.
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How India’s 10 Most Profitable companies fared in FY25 in terms of earnings and returns - BusinessToday
Business Today
·
3m ago
Medial
India's top 10 profitable companies in FY25 had mixed results, with banks achieving robust profits and returns, while commodity-linked firms struggled. The State Bank of India (SBI) led with a consolidated profit after tax of Rs 77,561 crore, delivering a 15.6% increase from FY24 and the highest five-year stock return of 397%. HDFC Bank followed as second-most profitable, reporting a 10.5% rise in PAT, alongside a commendable five-year return of 103%.
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Paytm could be most profitable Indian internet firm: Goldman Sachs
Inshorts
·
1y ago
Medial
Goldman Sachs has raised the target price for Paytm's parent company, One 97 Communications Ltd, stating that the fintech company could be the most profitable among India's internet companies. The brokerage expects Paytm to turn net income positive in FY25, which could act as a catalyst for the stock. Paytm's strong traction, cross-selling efforts, and improved profitability have prompted Goldman Sachs to view the company as one of India's most compelling growth stories. The target price has been raised to Rs 1,250 a share, implying a 34% upside from the previous closing price.
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SBI classifies RCom, its promoter Anil Ambani as 'fraud'; to lodge complaint with CBI
Economic Times
·
1m ago
Medial
State Bank of India (SBI) has classified Reliance Communications and its promoter Anil D Ambani as 'fraud', according to information shared in the Indian Parliament. SBI plans to lodge a complaint with the Central Bureau of Investigation (CBI) regarding this matter. Initially classified as fraud in 2020, the account's classification was reversed following a Supreme Court ruling but has since been reinstated. The matter is part of broader insolvency proceedings involving Reliance Communications.
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Anil Ambani’s Reliance Communications loan fraud totals Rs 14,000 crore: Sources
Economic Times
·
1m ago
Medial
Anil Ambani's Reliance Communications Ltd is accused of committing a loan fraud exceeding Rs 14,000 crores, according to the Enforcement Directorate. The State Bank of India (SBI) classified Reliance Communications and Anil Ambani as "fraudulent" per RBI guidelines, reporting it to RBI and preparing a complaint for the Central Bureau of Investigation (CBI). Additionally, the company allegedly cheated Canara Bank out of more than Rs 1,050 crore, with investigations into foreign assets ongoing.
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SBI Labels Reliance Communications Loan as Fraud, Flags Anil Ambani to RBI
StartupTalky
·
2m ago
Medial
State Bank of India (SBI) has categorized Reliance Communications’ loan as fraudulent, referring the matter to the Reserve Bank of India concerning former director Anil Ambani. SBI's Fraud Identification Committee identified irregularities, including potential fund diversion and loan term breaches. Since 2019, Reliance Communications has been undergoing a corporate insolvency resolution process, and legal counsel is being sought following SBI's recent actions. The company is under protection from legal proceedings related to incidents before this process.
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Reliance sells 3.6% Asian Paints for $900 million to SBI MF
Economic Times
·
3m ago
Medial
SBI Mutual Fund purchased a 3.6% stake in Asian Paints from Reliance Industries Limited for $900 million, marking a significant block deal between a seller and a domestic asset manager. This transaction allows Reliance to monetize a large share of its 17-year-old investment in Asian Paints, yielding substantial returns. Despite selling, Reliance retains 87 lakh shares in the company. Asian Paints faces market challenges, including competition and declining market share, impacting its financial performance.
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Reliance dominates Wizikey media visibility rankings for 2024 among all listed cos
Livemint
·
9m ago
Medial
Reliance Industries, India's largest corporate, has been ranked as the most visible corporate in the Indian media, according to the Wizikey News Score ranking. The company's visibility in the media is higher than that of leading FMCG or banking and finance companies in the country. Reliance has consistently shown growth year after year and has secured the top position in the Wizikey News Score ranking for the past five years. The ranking is determined based on factors such as news volume, headline presence, publication reach, and readership. Reliance scored 97.43 out of 100 in the 2024 ranking.
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Former SBI Chief Rajnish Kumar appointed Chairman of Mastercard India
Livemint
·
1y ago
Medial
Former State Bank of India (SBI) chairman Rajnish Kumar has joined Mastercard as a senior advisor to its South Asia leadership team. Kumar, who led SBI for three years until October 2020, will provide guidance on navigating India's domestic payments landscape. He brings nearly four decades of experience in banking and played a pivotal role in spearheading the YONO platform during his time at SBI. Mastercard offers payment transaction processing and related services globally.
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Fintech startup Mintoak buys payments company Digiledge
Economic Times
·
6m ago
Medial
Mintoak, a Mumbai-based fintech startup backed by Pravega Ventures, HDFC Bank, and PayPal, has acquired Digiledge, a fintech company specializing in bill payments and Central Bank Digital Currency (CBDC) applications. The acquisition aims to enhance Mintoak’s services for small enterprises. Mintoak, which is profitable and supports banks like HDFC and SBI, is expanding into adjacent digital business areas. The company serves three million merchants, processing significant transaction volumes across multiple countries.
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NCLT replaces RP in Anil Ambani personal guarantee case
Economic Times
·
1m ago
Medial
The National Company Law Tribunal (NCLT) has replaced Jitender Kothari with Prashant Jain as the resolution professional (RP) in the insolvency case related to Anil Ambani’s personal guarantee for a ₹1,385-crore loan extended by SBI to Reliance Communications. Ambani’s previous requests for additional time due to Covid-related travel restrictions were highlighted, and legal challenges ensued. The NCLT emphasized fair collaboration between the debtor and RP during the insolvency resolution process.
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