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OrbiMed-backed Suraksha Diagnostic has filed the draft red herring prospectus (DRHP) with capital markets regulator SEBI to float an initial public offering (IPO).

Private sector lender Federal Bank on Wednesday reported a 18.3% year-on-year jump in net profit for the first quarter at Rs 1010 crore, buoyed by steady business expansion and core income growth.

Operating profit for the quarter was lower at Rs 559 crore against Rs 601 crore, mainly due to 19% higher expenses against 12% rise in total income. Net interest income was 11% higher at Rs 903 crore.

The rupee closed at record low levels against the US dollar on Wednesday due to strengthening in the dollar index globally driving down Emerging market currency and likely equity outflows.

The Indian space sector has immense economic potential, likely to be worth Rs 35,200 crore, about 8% of the global share by 2033. On 23 July, the Finance Minister announced the creation of a dedicated “space fund” worth Rs 1,000 crore, aiming to boost India’s space economy, attract investment and in the global space industry.

L&T Q1 Results: Revenue from operations grew 15% YoY to Rs 55,120 crore, driven by strong performance in the projects and manufacturing (P&M) portfolio, supported by a substantial order book. In the first quarter, the company secured orders worth Rs 70,936 crore at the group level, showing an 8% year-on-year increase, thanks to robust ordering activity in the Middle East.

The Nifty Bank index closed 0.89 per cent down at 51317.0.

IIFL Securities is the sole book runner for the deal. According to the term sheet issued by IIFL, Maple II BV, an entity of BPEA, is offering to sell 4.78 crore shares of the bank at a floor price of Rs 226 per share — a 5% discount to Wednesday’s closing price of Rs 237.95.

Axis Bank Q1 Results: The lender reported Rs 5,797 crore profit in the year-ago period. Its interest expense for the quarter rose significantly to Rs 16,613 crore, marking a 22% increase compared to the Rs 13,598 crore spent in the same period the previous year. Its net interest income grew 12% YoY and 3% QoQ to Rs 13,448 crore while the net interest margin (NIM) for the quarter stood at 4.05%.