Business

Yes Bank Ltd for the first quarter ended June 30, 2025 reported 59% growth in net profit at ₹ 801 crore over the year ago period. 

Net Interest Income (NII) for the quarter at ₹2,371 crore grew 5.7% YoY aided by reduction in cost of funds. 

Net Interest Margin (NIM) for Q1FY26 at 2.5% trended upward YoY.

Provision costs (Non-Tax) at ₹284 crore for Q1FY26 grew 34% Y-o-Y.

Net advances at ₹ 2,41,024 crore for the quarter grew 5% YoY.

Total deposits at ₹ 275,843 crore grew 4.1% YoY.

GNPA Ratio at 1.6% in Q1FY26 was down 10 bps YoY, the bank said.

NNPA Ratio at 0.3% in Q1FY26 was down 20 bps YoY

Gross slippages for Q1FY26 was at ₹ 1,458 crore (2.4% of Advances) as compared wity ₹ 1,223 crore (2.0% of Advances) in Q4FY25.

“Resolution momentum continues to be strong with Total Recoveries & Upgrades for Q1FY26 at ₹1,170 crore,” the bank said.

Prashant Kumar, Managing Director & CEO, Yes Bank said, “The bank entered the new financial year on a strong footing and delivered a robust performance.”

“Asset quality remained stable,” he added. 

Pakistan recorded a current account surplus of $2.1 billion during the current fiscal year ending June 30, 2025, according to official data. Prime Minister Shehbaz Sharif hailed the development as a sign of an improving economy.

The country faced a perennial issue of balance of payment and periodically rushed to the International Monetary Fund (IMF) and other financial institutions to get monetary support.

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The latest data of the State Bank of Pakistan (SBP) on Friday (July 18, 2025) showed the current account surplus was recorded at $2.1 billion, compared to a deficit of $2.1 billion during the previous fiscal year.

It was apparently achieved following a strict policy to discourage unnecessary imports of luxury items, which were a drain on the current account. Other factors included encouraging remittances by expats and promoting exports of traditional and IT-related items.

Advisor to the Finance Minister Khurram Schehzad took to X to announce that the surplus was the highest in 22 years. “[The] country’s current account for June 2025 closes in a $328m surplus, taking the full-year surplus to more than 2.1bn,” he wrote. Mr. Schehzad added that remittances surged by 27% year-over-year to reach a “historic” $38 billion.

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He said that in the current fiscal year, textile exports increased by 7.4% year-over-year to $17.9 billion, while IT (information technology) and IT-enabled services exports climbed to $4.6 billion — a year-over-year increase of 44%.

“Last, but not the least, Pakistan Equities Market (KSE-100) crossed 1,40,000 points, making a historic mark in its history, with market value crossing ₹16.8 trillion (close to $60bn),” he wrote. Prime Minister Sharif expressed gratitude for the current account surplus, calling it “very welcome.”

Foreign exchange reserves have exceeded $19 billion due to government measures,” he was quoted as saying in a statement from his office. “The main reason for the stability in current account surplus is a significant increase in remittances and exports,” he added.

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“Improving financial and economic indicators show that the country’s economy is on the path of stability.” Mr. Sharif said the government is taking priority steps to provide a business and investment-friendly environment in the country.

Despite the positive development, Pakistan still needs to do a lot, as it is in the middle of an IMF programme of $7 billion. The 39-month Extended Fund Facility binds it to carry out several reforms, including ending subsidies and privatising several loss-making entities.

India’s electronics exports have soared past $40 billion, marking an eight-fold growth over the last 11 years, Union Minister Ashwini Vaishnaw said on Saturday (July 19, 2025).

He also highlighted that the domestic electronics production has gone up by six times.

Also read | Services exports cut India’s trade deficit by 9.4% in Q1

Addressing the 14th Convocation of IIT Hyderabad, Mr. Vaishnaw also emphasised the rapid progress of India’s first bullet train project, which is expected to become operational by August or September 2027.

Looking ahead, Mr. Vaishnaw said the first Made in India semiconductor chip, on a commercial scale, will be manufactured this year. He expressed confidence that India is on track to becoming one of the top five semiconductor nations in the world in the coming years, citing its increasing focus on capital equipment and the materials required for semiconductors.

“In just 11 years, we have increased our electronics production six times. That’s a CAGR double digit which any corporate would be envious of. We have increased our exports eight times, crossed $40 billion exports in electronics manufacturing, which is a phenomenal pace of growth, something which very few countries of our size have ever seen,” the Union Minister for Railways, Information & Broadcasting, Electronics & Information Technology said.

He attributed this growth to the vision of Prime Minister Narendra Modi and noted that in just about three and a half years, India could design a complete 4G telecom stack. Today, it is installed on almost 90,000 telecom towers, which is more than the network of many countries in the world.

DEET Telangana, the digital employment exchange of the State government, is keen on engaging with more job seekers, particularly from rural areas, companies across industries and skill training institutions.

A key component of the government’s broader effort to make youth industry-ready and facilitate jobs, DEET Telangana this year had more than 76,000 jobseekers enrolling on it. The initiative is significant in the context of rising aspirations of thousands of youth, with different qualifications, to secure a job in private sector amid the limitation on the number of opportunities available in the public sector and the time involved due to the process before getting employment.

In contrast, the selection process in private sector is faster, especially amid firms setting up or expanding operations.

Nearly 10,000 vacancies

 “In the last few months, DEET attracted 76,425 new enrolments from across Telangana, with 9,952 active vacancies. A total of 6,657 jobseekers have been shortlisted for various job postings. 62 candidates have already been hired by companies”, DEET said. It serves as a one-stop solution for thousands of jobseekers and private companies across IT, manufacturing, services and finance sectors. 

After enrolling on  deet.telangana.gov.in, students, graduates and the unemployed can explore job opportunities from 1,007 companies, the digital employment exchange said.

On one hand, DEET is actively engaging with all colleges across the State to achieve 100% student enrolment and clock 3 Lakh registrations by December and on the other engage with institutes imparting job oriented skills.

DEET will soon sign MoUs with atleast 10 premium skilling institutions for strategic cooperation towards large-scale job offers in rural Telangana. Also, DEET plans to engage with 10,000 rural locations for a wider reach out, it said.

Apart from forging collaborations with government led skilling and training institutions such as the Young India Skills University and Telangana Academy for Skill and Knowledge (TASK), DEET is also partnering with non-governmental skilling institutes to reach out to a wider range of jobseekers, the employment exchange said.

India and the U.S. teams have concluded the fifth round of talks for the proposed bilateral trade agreement (BTA) in Washington on July 17, an official said.

The negotiations were held for four days (July 14-17) in Washington. “The Indian team is coming back,” the official said.

India’s chief negotiator and special secretary in the department of commerce Rajesh Agrawal leads the team for negotiations.

These deliberations are important as both sides are looking at finalising an interim trade deal before August 1, which marks the end of the suspension period of the U.S. President Donald Trump tariffs imposed on dozens of countries including India (26%).

On April 2 this year, Mr. Trump announced these high reciprocal tariffs. The implementation of high tariff was immediately suspended for 90 days till July 9 and later till August 1 as America is negotiating trade deals with a number of countries.

Issues related to agriculture and automobiles are learnt to have figured during the fifth round of negotiations. Matters related to ways to deal with non-market economies, and SCOMET (Special Chemicals, Organisms, Materials, Equipment, and Technologies) also came up for discussions.

India has hardened its position on the U.S. demand for duty concessions on Agri and dairy products. New Delhi has, so far, not given any duty concessions to any of its trading partners in a free trade agreement in the dairy sector. Certain farmers’ associations have urged the government not to include any issues related to agriculture in the trade pact.

India is seeking the removal of this additional tariff (26%). It is also seeking the easing of tariffs on steel and aluminium (50%) and the auto (25%) sectors. Against these, India has reserved its right under the WTO (World Trade Organization) norms to impose retaliatory duties.

The country is also seeking duty concessions for labour-intensive sectors, such as textiles, gems and jewellery, leather goods, garments, plastics, chemicals, shrimp, oil seeds, grapes, and bananas in the proposed trade pact.

On the other hand, the U.S. seeks duty concessions on certain industrial goods, automobiles, especially electric vehicles, wines, petrochemical products, agricultural goods, dairy items, apples, tree nuts, and genetically modified crops.

The two countries are looking to conclude talks for the first tranche of the proposed bilateral trade agreement (BTA) by fall (September-October) this year. Before that, they are looking for an interim trade pact.

India’s merchandise exports to the U.S. rose 22.8% to $25.51 billion in the April-June quarter this fiscal year, while imports rose 11.68% to $12.86 billion.

Private equity giant Blackstone has withdrawn from a consortium seeking to invest in TikTok’s U.S. operations, a source familiar with the matter told Reuters on Friday.

The latest change came as uncertainty has mounted and there have been several delays in the TikTok deal now at the centre of U.S.-China trade talks.

Blackstone had planned to take a minority stake in the TikTok U.S. business in a deal orchestrated by U.S. President Donald Trump. The consortium is led by Susquehanna International Group and General Atlantic, current investors in TikTok’s Chinese owner ByteDance. The group had emerged as the front-runner to secure TikTok’s U.S. business in a deal under which U.S. investors would own 80% of TikTok, while ByteDance would retain a minority stake.

Blackstone declined to comment. TikTok did not immediately respond to a request for comment.

The deadline for ByteDance to divest the popular social media app in the U.S. has been repeatedly postponed, creating uncertainty for investors.

Last month, Mr. Trump signed a third executive order extending the deadline for ByteDance to sell TikTok or face a ban, moving the cutoff to September 17. In April 2024, Congress passed a law mandating a sale or shutdown of TikTok by January 19, 2025.

Extensions to the deadline have drawn criticism from some lawmakers, who argue the Trump administration is “flouting the law” and ignoring national security concerns related to Chinese control over TikTok.

ByteDance is exploring various options to address these concerns, including selling or restructuring its U.S. operations. The Chinese social media giant, which raked in $43 billion in the first three months of this year, recently surpassed Meta in quarterly revenue, sources told Reuters.

The U.S. consortium, favored by the administration in any TikTok deal, also includes KKR, as well as new investors such as Andreessen Horowitz, Reuters previously reported. Oracle is also likely to take a stake. It is unclear whether other bidders in the consortium are still involved.

A deal had been in the works this spring to spin off TikTok’s U.S. operations into a new U.S.-based firm. Talks were put on hold after China indicated it would not approve the transaction, following Trump’s announcement of steep tariffs on Chinese goods.

If a sale is finalised, the new U.S. app is expected to be owned by a joint venture formed by an American investor consortium and ByteDance, which would maintain a minority stake. TikTok is already working on a U.S.-specific app, sources told Reuters.

Blackstone’s exit highlights the complexities and uncertainties involved in the deal, as the ongoing talks over TikTok’s fate have now become part of Trump’s broader trade negotiations with China, and Trump said he would speak to President Xi Jinping about it.

ChatGPT maker OpenAI is launching a $50 million fund to support nonprofit and community organisations, the artificial intelligence company said on Friday. The fund is the first action following a recommendations report from the San Francisco-based company’s nonprofit commission, which was formed in April to guide OpenAI’s philanthropic efforts.

OpenAI has been working to revamp its corporate structure, which it says is necessary in order to continue raising the massive amounts of capital needed to stay competitive in the AI arms race, a move it is trying to balance with its founding mission, as a nonprofit, to develop AI for the public good.

Currently, its nonprofit arm owns and controls its for-profit arm, and OpenAI plans to convert the for-profit entity into a public benefit corporation, of which the nonprofit parent would become a shareholder.

The nonprofit commission was established as part of OpenAI’s efforts to show that it can remain true to its founding mission despite the corporate revamp. OpenAI said the fund will facilitate partnerships to implement AI in sectors such as education, economic opportunity, community organising and healthcare. It will also back community-led research and innovation focused on using AI for public good.

The nonprofit commission submitted its recommendations report Thursday, following interviews with over 500 nonprofits and community experts.

Jio Financial Services Limited (JFSL) and Allianz Group (Allianz), through its wholly-owned subsidiary Allianz Europe B.V., have entered into a binding agreement to form a 50:50 domestic reinsurance joint venture to serve the insurance market in India.

The JV will leverage Allianz’s existing Allianz Re and Allianz Commercial portfolios and activities in India. It will also benefit from Allianz’s global setup, including its pricing, risk selection and portfolio management expertise.

Allianz Re has been reinsuring risk in India for over 25 years.

“The reinsurance JV between JFSL and Allianz will help insurers manage risks more effectively by providing access to strong underwriting capabilities and competitive capacity – ultimately strengthening the resilience of the entire insurance ecosystem, JFSL said in a statement.

The JV will launch operations post receipt of statutory and regulatory approvals.

The two companies have also entered into a non-binding agreement for setting up equally owned joint ventures for both general and life insurance businesses in India. 

Allianz recently ended it’s 24-year alliance with Bajaj Finserv.

Isha M. Ambani, Non-executive Director , Jio Financial Services Ltd said, “India is witnessing a transformative surge in insurance demand, driven by rising prosperity, growing financial awareness, and rapid digital adoption.”

“This partnership, combining Allianz’s global reinsurance expertise with JFSL’s deep understanding of the Indian market and strong digital infrastructure, aims to deliver innovative and customized reinsurance solutions to insurers,” she said.

Oliver Bäte, Chief Executive Officer , Allianz SE, said, “Allianz and Jio Financial Services are two trusted brands distinguished for customer excellence, and we are very much looking forward to actively contributing to
and participating in this exciting journey of change.”

The All-India Agarbathi Manufacturing Association (AIAMA) on Friday said it would adopt the Bureau of Indian Standards (BIS) certification to maintain a quality benchmark for the ₹8,000-crore agarbathi industry in India.

Ambica Ramanjaneyulu, president of the AIAMA, told The Hindu that the apex body was focusing on value addition, premiumisation, innovation, and quality. “Through this initiative, we aim to instil pride and deepen the sense of belonging among all stakeholders in the agarbathi ecosystem,” said Mr. Ramanjaneyulu, who is also the director of Ambica Agarbathies Aroma & Industries based in Hyderabad.

Addressing the media, Arjun Ranga, immediate past president of AIAMA and MD of Cycle Pure Agarbatti, said, “Over the years, the global demand for agarbathis has witnessed a significant rise. Our vision is to bring the entire agarbathi fraternity up to speed with the evolving business landscape and more exciting opportunities.”

According to him, India currently produces between 16,000 tonnes and 20,000 tonnes of incense sticks a month, and over two lakh women are employed in the industry. The country exports ₹1,000 crore worth of agarbathis to 120 countries, while 80% of the production is sold in domestic markets. The AIAMA directly and indirectly represents over 800 and 3,000 agarbathi manufacturers, respectively, across the country. Cumulatively, the industry has over 5,000 different agarbathi products.

As a step towards building a holistic ecosystem, the AIAMA will organise a three-day expo and conference scheduled from November 6 to 8 in Bengaluru, which will feature discussions on various issues including policies, employment opportunities, sourcing raw materials, trends around consumer behavior, and new products, packaging innovations and technology upgradation.

“The showcase will feature rare agarbathi samples, iconic photographs, prestigious awards, and other significant memorabilia. It is designed not only to honour the journey of the industry but also to inspire future generations of agarbathi entrepreneurs,” said Mr. Ranga, who is also the chairperson, AIAMA EXPO.

To be spread across 1,20,000 sq. ft, the expo will feature curated seminars that would cover various aspects of the agarbathi industry, including job creation, sourcing of raw materials, research on new fragrances, packaging developments, women empowerment, export opportunities and new-age marketing. The expo would be held in support of the Fragrance and Flavours Association of India (FAFAI), Mumbai; the Fragrance and Flavour Development Centre (FFDC), Kannauj; and the Essential Oils Association of India (EOAI). Over 5,000 delegates and exhibitors from India, Vietnam, Indonesia, and a few European countries are expected to participate.

Commenting on growth, Mr. Ramanjaneyulu said the industry was witnessing an emergence of newer products like yoga, meditation, and non-prayer niches. The demand for prayer products, especially agarbathis, has seen a sharp increase in the last five years in India and across the globe, found a study done by the AIAMA.