Top News: Mamata Banerjee-Niti Aayog row, India at Paris Olympic 2024, ICICI Bank Q1 Results, more

In today's top news, the ICICI Bank, Dr Reddy's Laboratories and the IDFC bank announce their  net profit for the first quarter of the current financial year (QIFY25); West Bengal Chief Minister Mamata Banerjee triggers row by alleging that she was allowed to speak  for just 5 five minutes while other chief ministers spoke for 15-20 minutes.

1. ICICI Bank Q1 Results

Private sector lender ICICI Bank on Saturday reported a 14.6% year-on-year increase in its net profit for the first quarter of the current financial year (QIFY25), bolstered by higher treasury and other income. For the three months through June, the bank's net profit was at ₹11,059 crore, up from ₹9,648 crore in the same period last year. India's second largest lender by market cap reported a rise of 7.3% in NII to ₹19,553 crore in the April-June quarter.

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2. Dr Reddy's Laboratories Q1 Results

Dr Reddy's Laboratories announced its April-June quarter results for fiscal 2024-25 (Q1FY25) on Saturday, July 27. It reported a drop of 0.8 percent in net profit at ₹1.392 crore, compared to ₹1,335 crore in the corresponding period last year. The pharma major's revenue from operations in the first quarter of current fiscal rose 14 per cent to ₹7,672.7 crore, compared to ₹6,738.4 crore in the year-ago period.

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3. Mamata Banerjee Niti Aayog row

West Bengal Chief Minister Mamata Banerjee said she walkout from the NITI Aayog meeting, alleging that her mic was put off and she was allowed peak for only 5 minutes when other chief ministers shared their views for 20 minutes. The NITI Aayog meeting was chaired by Prime Minister Narendra Modi.

"I was allowed to speak only for five minutes. People before me spoke for 10-20 minutes," Banerjee told reporters after she stormed out of the NITI Aayog meeting. "I was the only one from the opposition who was participating but still, I was not allowed to speak. This is insulting...," Banerjee said as she walked out mid way from the meeting.

The BJP calling it "drama". A PIB fact check today debunked Banerjee's allegations stating that "only the clock showed that her speaking time was over." The NITI Aayog CEO also issued a clarification following the row.

4. Paris Olympic 2024

After India's underwhelming start on Day 1 in Paris Olympics 2024 as shooters were eliminated in the 10m air rifle mixed team qualification stage as well as 10m air pistol men's qualification, Manu Bhaker was at the top of her game as she entered the 10m women's air pistol final.

In Rowing, India's lone rower Balraj Panwar moved to the repechages after finishing fourth. Meanwhile, Chinese divers Chang Yani and Chen Yiwen bagged the first Olympic gold.

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5. IDFC First Bank Q1 Results

IDFC First Bank said its June quarter standalone net profit fell 11 percent year-on-year (YoY) to ₹680.7 crore. The private lender said in a stock exchange filing that its net interest income (NII) during the June quarter rose 25.4 percent to ₹4,695 crore, while interest income jumped 28% to ₹8,789 crore.

During the quarter, Gross Non-Performing Assets (GNPA) recorded a drop of 1.9%, while, the net NPA rose by 1 bps to 0.59% YOY. The company reported a 25.5% increase in pre-provisioning operating profit to ₹1,882 crore as against ₹1,500 crore in the year-ago period.

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6. Multibagger IPO

The SME IPO was launched at a fixed price of ₹90 apiece and one lot comprised 1600 shares. The minimum amount required for a bidder to apply for the SME IPO was ₹1,44,000 ( ₹ ₹90 x 1600). If an allottee had remained invested in this SME stock till date, its shareholding in the stock would have surged to 16,000 after 1:10 stock split in 2022.

Shanti Educational share price ended on Friday at ₹90.17 apiece on BSE. Hence, the absolute value of an allottee's ₹1.44 lakh would have turned to ₹14,42,720 ( ₹90.17 x 16,000) or ₹14.42 lakh. This wealth creation journey from ₹1.44 lakh to ₹14.42 lakh is a testament to long-term stock holding and splits' potential benefits.

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