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Bank of Baroda posts 72% decline in net profit for June Quarter of Financial Year 2027

New Delhi, July 25 (NVI) Government-owned Bank of Baroda (BoB) has reported a 72 per cent year-on-year fall in standalone net profit to Rs 1,278 crore for the June quarter of the current financial year.

The impact is mainly due to an exceptional charge of around Rs 5,680 crore following its $600 million out-of-court settlement of litigation involving the collapsed UAE-based healthcare group NMC Health.

Despite the hit, the lender reported healthy business growth during the quarter.

The bank’s net interest income (NII) rose 9.5 per cent year-on-year to Rs 12,525 crore, supported by robust credit expansion, while interest income increased 6.8 per cent to Rs 33,211 crore.

The bank’s loan book continued to expand, driven by strong momentum across retail and other key segments, underscoring the resilience of its core banking operations.

The bank maintained stable asset quality, with its gross non-performing asset (GNPA) ratio standing at 1.99 per cent at the end of June, compared with 1.89 per cent in the previous quarter, reflecting only a marginal increase.

The lender also reported lower provisions excluding the exceptional item.

Managing Director and Chief Executive Officer Debadatta Chand said the decision to settle the long-running NMC Health litigation was driven by commercial considerations and the advanced stage of the legal proceedings, rather than any change in the bank’s legal position.

He added that the settlement removes a prolonged legal overhang and allows the bank to focus on its growth strategy while maintaining its business guidance for FY27. (NVI)

SAIL posts decline of 10.4% in consolidated net profit in June Quarter of FY27

Steel Authority of India

New Delhi, July 25 (NVI) Government-owned Steel Authority of India (SAIL) has posted 10.4 per cent sequential fall in consolidated net profit to Rs 1,644 crore for the June quarter of the current financial year 2026-27.

The decline is due to lower sales volumes which weighed on revenue despite an improvement in operating margins.

The company reported other income of Rs 206 crore, which is down from Rs 352 crore in the preceding quarter.

Ebitda declined 5.8 per cent to Rs 4,153 crore, reflecting lower turnover during the period.

Revenue from operations fell 14.8 per cent quarter-on-quarter to Rs 26,246 crore, compared with Rs 30,813 crore in the March quarter.

Despite the decline in revenue and earnings, SAIL’s operating performance improved, with Ebitda margin expanding by 150 basis points to 15.8 per cent, up from 14.3 per cent in the previous quarter.

The margin expansion indicates better cost management and operational efficiency amid a challenging market environment.

SAIL said its June quarter results included a one-time cost of Rs 144 crore, which weighed on profitability during the period. Excluding this exceptional item, the company’s earnings would have been stronger.

During the quarter, crude steel production stood at 4.76 million tonnes, compared with 5.08 million tonnes in the previous quarter, while sales volume declined to 4.16 million tonnes from 5.32 million tonnes.

The moderation in production and dispatches contributed to the sequential decline in revenue.

However, on a year-on-year basis, SAIL’s performance remained significantly stronger, with the company reporting a 138 per cent increase in net profit compared with the corresponding quarter of FY26, reflecting improved steel realisations and operational performance over the past year.

SAIL shares closed 0.34 per cent higher at Rs 161.45 on the NSE on Friday, outperforming the benchmark Nifty 50, which ended 0.43 per cent lower.

The stock has gained nearly 10 per cent year-to-date and over 18 per cent during the past 12 months, reflecting investor confidence in the PSU steelmaker’s long-term prospects. (NVI)

Rain to Continue Across J&K; Heavy Showers Likely in Jammu Division Next Week: MeT

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Srinagar, Jul 25 (NVI): Rain is likely to continue across Jammu and Kashmir till late Saturday afternoon, with the weather expected to improve thereafter, while heavy showers are forecast in parts of the Jammu division during the coming week, the Meteorological Department said.

According to the MeT Department, intermittent rain is likely over most places in the Kashmir division and many areas of the Jammu division on Saturday before the current spell weakens later in the day.

On July 26 and 27, many places in the Union Territory are expected to witness one or two spells of rain and thundershowers. Brief intense showers are also likely at a few places in the Jammu division, particularly during the afternoon, evening and early morning hours, it said.

The department has forecast light to moderate rain and thundershowers at most places across Jammu and Kashmir between July 28 and 31.

It said a few districts of the Jammu division could experience heavy rain and brief intense showers during late night, early morning and afternoon-evening hours during the period.

The MeT Department also warned of the possibility of flash floods, landslides and mudslides at vulnerable locations over the next five days.

People, including tourists, travellers and transporters, have been advised to follow weather advisories issued by the administration and avoid travel to landslide-prone areas during inclement weather, the department said.(NVI)

Rajnath Singh Arrives in Srinagar Ahead of Kargil Vijay Diwas Commemorations

Srinagar, Jul 25 (NVI): Defence Minister Rajnath Singh arrived in Srinagar on Saturday and later proceeded to Drass by road after inclement weather prevented his scheduled helicopter flight to the Kargil War Memorial, where he is set to participate in the Kargil Vijay Diwas commemorations.

Official sources said Singh was received at the Srinagar airport by Jammu and Kashmir Lieutenant Governor Manoj Sinha and senior civil, military and police officials.

The Defence Minister was initially scheduled to travel to Drass by helicopter, but the flight could not operate due to adverse weather conditions. He subsequently left for Drass by road, the sources said.

Singh is on a two-day visit to attend the Kargil Vijay Diwas commemorations at the Kargil War Memorial in Drass.

The commemorative events mark India’s victory in the 1999 Kargil conflict and pay tribute to the soldiers who laid down their lives in the line of duty. Senior military officers, veterans, families of martyrs and civil dignitaries are expected to attend the programme.(NVI)

Search operations launched in J&K’s Samba, Kathua over suspected drone sightings

Drone
Representational image

Shivam Bakshi

Jammu, July 25 (NVI): Security forces on Saturday launched extensive search operations in Jammu and Kashmir’s Samba and Kathua districts after suspected cross-border drones were spotted near the International Border (IB), officials said.

Officials sources that an aerial object, suspected to be a Pakistani drone, was detected by Army troops over the forward village of Tarore in the Vijaypur sector of Samba district late Friday night, following which counter-drone measures were immediately activated.

They said the suspected drone is believed to have retreated across the International Border into Pakistan.

In a separate incident, another suspected drone was briefly seen hovering over Chak Nalua village in the Hiranagar sector of Kathua district on Friday evening, officials said.

Following the sightings, security forces launched intensive search operations in both areas to trace any possible payload or other evidence linked to the suspected drone activity.

The searches were underway when the last reports came in, officials said, adding that surveillance along the International Border has been further intensified in view of repeated drone sightings. (NVI)

Kashmir Crime Branch files chargesheet in Cambodia job fraud case

Srinagar, July 25 (NVI): The Economic Offences Wing (EOW) of the Crime Branch, Jammu and Kashmir, has filed a chargesheet against a man from Pattan in Baramulla district for allegedly cheating a person on the pretext of providing a high-paying job in Cambodia, officials said on Saturday.

The chargesheet has been filed in connection with FIR No. 19/2026 under Section 318(4) of the Bharatiya Nyaya Sanhita (BNS) before the Court of Judicial Magistrate First Class against Mohammad Yaseen Rather, a resident of Kripalpora Payeen, Pattan, the officials said.

According to the Crime Branch, the accused allegedly lured the complainant with a promise of employment as a computer operator in Cambodia on a monthly salary of ₹90,000.

Believing the offer to be genuine, the complainant transferred lakhs of rupees to the accused’s bank account and also spent a substantial amount on visa processing, travel and other related expenses, they said.

However, after reaching Cambodia, the victim was allegedly forced to participate in online scamming activities instead of being provided the promised job.

The Crime Branch said its investigation found the allegations to be substantiated, following which the chargesheet was filed before the competent court.

The EOW also advised the public to remain cautious of fraudulent overseas job offers and urged victims of economic fraud to report such cases to the Economic Offences Wing or lodge complaints through its official channels.(NVI)

Supreme Court to hear petitions related to police action on Jantar Mantar protesters

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Supreme Court of India

New Delhi, July 24 (NVI) The Supreme Court today agreed to hear on Monday two petitions alleging excessive use of police force against students participating in protests across the country over repeated examination paper leaks and alleged irregularities in competitive examinations, including NEET-UG.

The matter was mentioned today before the three-judge Bench, headed by Chief Justice Surya Kant and including Justice Joymalya Bagchi and Justice V Mohana, by Senior Advocate Gopal Sankaranarayanan.

He informed the top Court that both writ petitions had been duly instituted, assigned diary numbers by the Registry and that all concerned States had been impleaded as parties.

Seeking urgent intervention, Sankaranarayanan submitted that incidents of alleged police excesses against student protesters were continuing across the country and warranted immediate judicial scrutiny.

Taking note of the submissions, the Bench directed that the petitions be listed for hearing on Monday.

The listing assumes significance as earlier in the day the CJI had clarified in open court that no writ petition concerning the July 20 police action had been filed before the Supreme Court until that stage.

Referring to media reports suggesting that the Court had refused to entertain such a plea, the CJI said the Registry had verified its records and found that no petition had been instituted.

He clarified that what had earlier been placed before the Court was only a representation and not a properly filed writ petition under Article 32 of the Constitution.

One of the petitions, filed through Advocate-on-Record Chand Qureshi by advocate Shailendra Mani Tripathi, seeks enforcement of the fundamental rights guaranteed under Articles 14, 19(1)(a), 19(1)(b), 19(1)(d), 16 and 21 of the Constitution.

The respondents include the Union of India, the Government of NCT of Delhi, the Commissioner of Delhi Police and all States and Union Territories.

The petition challenged the police action during the July 20 “Chalo Sansad” march organised as part of the nationwide agitation over examination paper leaks.

It alleged that students and other demonstrators attempting to march towards Parliament were met with excessive police force, including barricading, lathi-charge, use of tear gas, arbitrary detention and physical assault.

It further alleged gender-based misconduct against female protesters and claims that unidentified or plainclothes personnel participated in crowd-control operations.

According to the petition, at least 60 protesters sustained injuries during the police action, necessitating an independent investigation.

The plea sought the constitution of an independent Judicial Commission or a Special Investigation Team headed by a retired Supreme Court judge to inquire into the alleged police excesses, arbitrary detentions and allegations of gender-based violence during the July 20 protests.

It further sought directions for registration of FIRs against police personnel allegedly involved in assaults and misconduct, along with their identification, suspension and prosecution in accordance with law.

The petition further seeks comprehensive guidelines regulating police action during peaceful public demonstrations.

It prays for a prohibition on deploying plainclothes or unidentified personnel for crowd-control duties or arrests, relying on the Supreme Court’s decisions in D.K. Basu v. State of West Bengal and Somnath v. State of Maharashtra, which mandate that police officers carrying out arrests must display clear identification.

It also sought the formulation of a Standard Operating Procedure governing the exercise of powers under Section 163 of the Bharatiya Nagarik Suraksha Sanhita, 2023, which replaced Section 144 of the Code of Criminal Procedure.

The petitioner contended that repeated and prolonged invocation of prohibitory orders has effectively converted the constitutional right to peaceful assembly into a permission-based regime and that blanket or recurring restrictions imposed without any proximate threat to public order fail the constitutional tests of legality, necessity and proportionality.

The petition additionally raised a constitutional challenge to the application of Section 152 of the Bharatiya Nyaya Sanhita, 2023, which criminalises acts endangering the sovereignty, unity and integrity of India.

It argued that the provision was vague, overbroad and capable of being invoked against peaceful political dissent and academic criticism, thereby producing a chilling effect on the exercise of free speech and peaceful protest.

The petition also alleged that restrictions imposed during the protests, including closure of Metro stations and suspension of mobile internet services, disrupted access to banking, telemedicine, remote work, education, emergency services and daily commuting, thereby affecting the rights of a much wider section of the public.

Meanwhile, a litigation is also being heard by the Delhi High Court, where petitions challenging the alleged police crackdown and the suspension of mobile internet services around Jantar Mantar are already pending.

The High Court has directed the authorities to preserve CCTV footage, videography and other records relating to the police action and has sought responses from the Union Government and the Delhi Police. (NVI)

Amarnath Yatra likely to resume Tomorrow after six-day suspension

File Photo

Srinagar, Jul 24 (NVI): The annual Amarnath Yatra is likely to resume from tomorrow after remaining suspended for six days due to adverse weather conditions, officials said on Friday.

The pilgrimage was halted after continuous rainfall made the twin routes to the holy cave shrine unsafe for pilgrims.

Officials said weather conditions have improved and restoration work on the affected tracks has largely been completed, paving the way for the resumption of the yatra.

A final decision is expected after authorities conduct a fresh assessment of the weather and track conditions, they said.

Pilgrims have been advised to follow instructions issued by the administration and security agencies and undertake the pilgrimage only as per the scheduled arrangements.(NVI)

Indonesia plans to extend digital payment system to India

New Delhi, July 24 (NVI) The central bank of Indonesia plans to extend its digital payment system to India, Hong Kong and Saudi Arabia as part of its endeavour to further promote it after covering 10 countries of the region, including China, Singapore, Japan and South Korea.

Indonesia has been leading the Southeast Asian countries in the adoption of payments using QR (Quick-Response) code.

“We are continuing discussions with India for cross-border (QRIS payment). We have also started in-depth discussions with Saudi Arabia and Hong Kong,” Bank Indonesia deputy governor Filianingsih Hendarta said at a press briefing.

“Hopefully this can be implemented soon because for its implementation we have to pay attention to the readiness of each country, considering their regulations, (payment) infrastructure, industry (participation) and also coordination with authorities,” Hendarta said.

Such connected payment ecosystems aim to ease transactions for international travelers, who only have to use their local payment apps to make purchases abroad.

Since 2019, Bank Indonesia has required digital payment services to use standardized QR codes known as QRIS — pronounced as Kris — to ensure all banks and electronic wallets are interoperable, giving way to a seamless payment system that is now almost ubiquitous in most major cities in the country, boasting nearly 62 million users.

Under its arrangement with China, for example, Indonesian travelers can use QRIS-enabled e-wallets and banking apps to make payments by scanning QR codes registered under Alipay and Union Pay across China, which number more than 80 million.

Meanwhile, Chinese visitors using the Alipay or UnionPay apps can make payments at more than 44 million QRIS merchants across Indonesia, most of which are micro, small-and-medium enterprises (MSMEs) that make up about 99 percent of businesses nationwide.

“This cross-border QRIS simplifies payment transactions between countries, and is also used by residents of other countries who are visiting Indonesia,” Hendarta said, adding “(It) also boosts real economic growth through tourism and small and medium business sectors.” (NVI)

J&K CM Omar Interacts with Public Representatives

Srinagar, Jul 24 (NVI): Jammu and Kashmir Chief Minister Omar Abdullah on Friday met public representatives and various delegations at the public outreach programme ‘Raabita’ here and heard issues related to development, public welfare and governance, officials said.

MLA Budgam Aga Syed Muntazir Mehdi met the chief minister and raised issues concerning his constituency.

MLAs Vijay Kumar (Hiranagar) and Rajeev Kumar (Bishnah) also called on Abdullah and discussed developmental works and public welfare matters in their respective constituencies.

Former Inderwal MLA Qazi Jalal-u-Din met the chief minister and highlighted issues of public importance concerning the area.

Vice Chancellor of Cluster University Srinagar, Prof Mohammad Mobin, also met Abdullah and discussed matters related to the university.

Senior journalist Abdul Mehjoor, along with several other individuals, also called on the chief minister during the public interaction programme.

Officials said Abdullah gave a patient hearing to the delegations and individuals and assured them that their genuine grievances and demands would be examined and addressed in a time-bound manner.(NVI)

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