Biz Updates: IndusInd Bank fears loss of Rs 1960 crore in FY 2025
New Delhi| IndusInd Bank expects a loss of Rs 1960 crore in FY 2025. In a statement released on Sunday, the bank said the bank will lose Rs 1,960 crore in FY2025 due to accounting lapses in the derivatives portfolio. In regulatory filings the bank has stated that the external auditor assessed the cumulative adverse accounting effect on profit-and-loss as at 31 March. According to this, the bank is expected to suffer a loss of Rs 1,959.98 crore. Referring to accounting lapses in the derivatives portfolio, the bank said that it has stopped internal derivatives trading only since April 1, 2024. The auditor’s report has identified miscounting of internal derivatives trades, the bank said. Notional profit being recorded is the main reason for accounting discrepancy.
Sales of rapidly growing owned properties
The secondary real estate market in India has grown rapidly. According to a report by real estate consultancy firm Square Yards, its stake has increased from 38 per cent in the pre-pandemic period to 43 per cent in the last fiscal year 2024-25. At the same time, the share of the primary market has increased to 57 per cent. Secondary real estate market refers to the purchase and sale of properties that are already owned or occupied.
The number of secondary assets increased from 1.22 in 2018-19 to 2.33 lakh units in 2024-25.
This report is based on the data of buying and selling of houses in seven major cities of the country, Bangalore, Hyderabad, Mumbai, Navi Mumbai, Noida, Greater Noida, Pune and Thane.
Ather Energy’s IPO price fell in the gray market
Ather Energy, which is launching the first IPO of the current financial year, is not getting very good prices. The company’s share price has fallen to Rs 3 in the gray market, which was previously trading at Rs 17.
US Vice President JD Vance visits Central Cottage Industry Emporium
US Vice President JD Vance visited the Central Cottage Industries Emporium at Janpath. Vice President JD Vance visited The Cottage with his wife Usha Vance on April 21 last with family. The delegates were warmly welcomed by Commodore Rajeev Ashok (Retd), Managing Director, Central Cottage Industries Corporation of India Limited, GM (HR/Admin) Meera Somani, GM (ISD/IT) Naveen Kumar Yadav and other senior officials. J. D. Vance was impressed by the decoration and delightful range of artisan crafts created on behalf of Indian master craftsmen and appreciated the efforts of the cottages to showcase the diverse range of arts and crafts of India under one roof. He took a keen interest in wooden goods, brassware, paper matches, herbal products, tea and handlooms, and purchased from special collections.
BHEL achieved strong revenue growth and record order flow
Bharat Heavy Electricals Limited (BHEL), India’s leading engineering and manufacturing enterprise in the energy and infrastructure sector, has reported revenue of Rs 27,350 crore for FY 2024-25. This represents a strong increase of about 19 per cent over the previous year. The company also achieved its highest ever order flow during the year. Which is equal to 92,534 crore. With this, BHEL’s total order book at the end of FY 2024-25 has reached 1,95,922 crore. Highlights of this year In the power sector BHEL maintained its leadership by winning orders worth Rs 81,349 crore. Also the industrial sector recorded new orders worth Rs 11,185 crore. This reflects the company’s diverse presence in sectors such as transportation, defence, process industry and industrial equipment.
