In recent financial news, HDFC Bank's net profit for the September quarter has exceeded expectations. The bank's strong performance was driven by a surge in treasury gains and retail loans, despite inheriting a higher cost base from its merger with its mortgage-lending parent.
Earlier this week, the Ratan Tata Endowment Foundation made its inaugural investments, purchasing minor stakes in Tata Digital and Tata Technologies. This move marks the foundation's first foray into direct equity investments.
On the other hand, the telecom sector is bracing for a significant financial hit. A Supreme Court ruling has been issued that will add $1 billion in tax liabilities to the sector this fiscal year. This decision is expected to have far-reaching implications for telecom companies across the country.
In stock market news, several stocks experienced notable fluctuations. Gensol Engg and Winsome Yarns hit 52-week lows, while KIOCL and Keynote Financial reached 52-week highs. Both NSE Nifty and BSE Sensex closed higher, with BPCL, Power Grid, and SBI Life leading the gainers. However, Tata Motors (NYSE:TTM) and L&T were among the top losers.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.