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Top news in pics
Top news in pics
People walk in front of a signboard displayed at the head office of State Bank of India in Mumbai
State Bank of India, the country's biggest lender, beat forecasts with a 25 per cent rise in quarterly profit as net interest income improved, lifting its shares up as much as 6 per cent to a record high.
SBI and rivals such as ICICI, India's second-largest lender, are seeing an improvement in asset quality as consumer loan defaults slow in an economy forecast to grow about 8.5 per cent this fiscal year.
State-run SBI said on August 12 net profit rose to Rs 2,914 crore in April-June from Rs 2,330 crore a year earlier.
SBI's shares jumped 6.93 per cent to a record Rs 2,784 following the results, outperforming the broader market.
SBI's net interest income grew 45.4 per cent to Rs 7,304 crore in the June quarter, from a year earlier, above forecasts of Rs 6,595 crore for the period.
Net non-performing asse
A vendor arranges gold jewellery in a shop in Hefei, Anhui province
Gold prices rallied on August 12, paring some of the previous day's losses, as flagging confidence in the global economic outlook battered stock markets and prompted a flurry of investment in perceived safe-haven assets.
Global equities fell and the dollar index was roughly unchanged, having racked up its largest daily gain in two years on Wednesday after a raft of economic data suggested global growth was beginning to plateau.
Platinum and palladium fell by more than 2 per cent as concern deepened over waning industrial demand, particularly from the auto sector.
Gold was bid at $1,200.35 an ounce by 0905 GMT, against $1,197 late in New York on Wednesday, just above its 100-day moving average at $1,191.30, but still over 5 per cent below late June's lifetime high around $1,264.
Gold for December delivery on COMEX was up $3.0 at $1,202.20 an ounce. <
The logo of the AIA tower is seen at its entrance in Hong Kong
Insurer Prudential said it had reduced the cost of its failed bid for AIG's Asian unit and confirmed it has no further appetite for M&A as it reported forecast-beating half-year profit.
The botched takeover will cost 377 million pounds ($591.4 million), down from an initial estimate of 450 million pounds, thanks to reduced fee payments to its advisors and lower foreign exchange hedging costs, Prudential said on Thursday.
Presenting its first set of results since the collapse of the AIA deal in May, Prudential -- Britain's biggest insurer -- also ruled out reviving its bid for Hong Kong-based AIA, and said it had no plans for any other big takeovers.
Prudential was forced to pull its $35.5 billion bid for AIA, aimed at giving the British insurer a commanding presence in fast-growing Asia, after its shareholders balked at the price tag and AIG rejected a lower offer.
Pranab Mukherjee speaks at a business meeting in Kolkata
June industrial output growth fell below expectations, Finance Minister Pranab Mukherjee said on August 12.
"I expected it to be a little better," he said.
India's industrial output rose at its slowest pace in 13 months in June, but the central bank is still seen tightening monetary policy on inflationary pressures.
Industrial output rose 7.1 per cent in June from a year earlier, significantly lower than analysts' forecast of 8.4 per cent and compared with May's downwardly revised 11.3 per cent growth, data showed on Thursday.
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