Top headlines: SBI Q3 profit slips 7%, US comments on farm laws, protests

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SBI Q3 result: Net profit slips 7% YoY to Rs 5,169 cr on higher provisions

India’s biggest public sector bank (PSB) State Bank of India (SBI) on Thursday reported a 6.9 per cent year-on-year (YoY) drop in standalone net profit at Rs 5,196.22 crore for quarter ending December, 2020 (Q3FY21). The fall was largely driven by marginal increase in provisions against bad loans. In the year-ago period, the lender had clocked a net profit of Rs 5,583.4 crore. On a quarterly basis, the PAT grew 13.6 per cent from Rs 4,574.2 crore reported in the September quarter of FY21 (Q2FY21). Read more

Option to remain a large NBFC 'very much on the table': HDFC group CEO

India’s largest mortgage financier may remain a shadow lender, despite a central bank proposal for large non-banking finance firms to become full-fledged banks. “In terms of remaining a large non-banking finance company, that option is very very much on the table,” Housing Development Finance Corp. Vice Chairman and Chief Executive Officer Keki Mistry, said in an interview with Bloomberg TV on Thursday. “We will obviously have to look at the regulations and then take a call. We are very comfortable, we stand the way we are and we believe we would.” Read more

Mahindra recalls 1,577 units of diesel Thar to replace faulty engine part

Utility vehicles major Mahindra & Mahindra (M&M) on Thursday said it is recalling 1,577 units of its SUV Thar with diesel powertrain to replace faulty camshaft, an engine part. The Mumbai-based auto major said it would undertake proactive inspection and replacement of camshaft on a batch of 1,577 units of Thar diesel variants, manufactured between September 7 and December 25, 2020. Read more

Sebi ban on Biyani, others won't impact deal with Reliance: Future Retail

Future Retail Ltd has said that SEBI's one-year ban on its Chairperson Kishore Biyani and some other promoters from the securities market will have "no impact" on the Rs 24,713 crore-deal with Reliance. Further, Kishore Biyani, some other promoters and Future Corporate Resources Pvt Ltd (FCRPL) plan to appeal against the order passed by Securities and Exchange Board of India (SEBI) on Wednesday. Read more

US statement on India's farm laws balances 'market efficiency', protests

Recognising that peaceful protests are a hallmark of a thriving democracy, the US on Wednesday said it welcomes steps that would improve the efficiency of India's markets and attract greater private sector investment. "In general, the United States welcomes steps that would improve the efficiency of India's markets and attract greater private sector investment," a State Department spokesperson said, indicating that the new Biden Administration is supportive of the Indian government's move to reform the agricultural sector that attracts private investment and greater market access to farmers. Read more