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Net profit increased 83% to ₹16,695 crore in the quarter ended March 2023 from ₹9,114 crore a year ago. It crossed the ₹50,000-crore mark for FY23, the first time annual profit for any bank in India crossed that level.

The promoters of Vedant Fashions, owner of ethnic wear brand Manyavar, are selling up to 9.88% stake or 2.40 crore company shares through an OFS. Retail investors can bid for the OFS on Friday, May 19, above the indicative price of ₹1,206.35. Shares of Vedant Fashions ended flat at ₹1,248.85.

The slowdown in sales growth for large quick-service restaurants, lifestyle, apparel, and discretionary products in India has been observed in the March quarter and in April. This slowdown is attributed to higher inflation, moderation in pent-up demand, and tighter financial conditions. While retail sales grew in strong double digits consistently over the past year, it slowed to 6% in both March and April - the slowest sales expansion in over 14 months, according to Retailers Association of India (RAI).

While the RBI had conducted a five-day variable rate repo auction on March 24, the last time it had carried out a 14-day variable rate repo auction was on March 10. In a variable rate repo auction, banks borrow funds from the RBI.

As per the terms of the offer, six lenders have jointly agreed to sell their outstanding debt of ₹873 crore for ₹160 crore, equating to a 18% recovery for the lenders. Rare ARC will have the first right to match the counteroffer, if any.

The Federal Reserve is divided on how aggressively to target inflation, with some officials believing that more rate hikes are needed to reduce the high levels of inflation, while others are suggesting that a wait-and-see approach is more appropriate. Dallas Fed president Lorie Logan indicated her support for an additional rate hike next month, underscoring the divisions at the Fed. Other officials, including Chicago Fed president Austan Goolsbee and Fed governor Philip Jefferson, have also suggested adopting a wait-and-see

The Morningstar report on offshore funds and ETFs in India shows that inflows into these funds slowed down in the first quarter of this year, as investors were cautious about the global economy. However, this was the third consecutive quarter of net inflows, indicating that long-term investments in these funds are still being made

Ten entities have been fined by the Indian capital markets regulator, Sebi, for engaging in non-genuine trades in the illiquid stock options segment on the BSE. These trades were observed to have led to artificial volumes on the exchange, which in turn violated regulatory norms. The ten entities penalized are among those who indulged in the reversal trades. Allied Financial Services Pvt Ltd, a registered member of the NSE and a depository participant of NSDL, has been cancelled

In simple terms, the US government could start to run out of money within weeks unless it allows itself to borrow more

The Federal Reserve is widely expected to hold rates steady at its next meeting, but this could be a mirage as inflation is cooling and other concerns abound. The stock market has held steady in recent weeks despite other concerns, but history suggests that a rate cut is more likely in the near future.