Tag: Growth

  • Red Rock Resorts, Inc. Receives Moderate Buy Consensus Recommendation and Shows Potential for Growth Opportunities in the Market

    Red Rock Resorts, Inc. Receives Moderate Buy Consensus Recommendation and Shows Potential for Growth Opportunities in the Market

    Las Vegas, NV – August 25, 2023 – Red Stone Hotels, Inc. (NASDAQ: RRR), a main gambling club and diversion organization, is gathering consideration from monetary examiners and financial backers the same as it gets a moderate purchase agreement suggestion. The organization’s new exhibition and key drives have situated it as a possible competitor for learning experiences on the lookout.

    Red Stone Retreats, Inc. works a different arrangement of gaming, feasting, and diversion objections, including the famous Red Stone Club Resort and Spa and the Palms Club Resort in Las Vegas. These properties have for some time been inseparable from extravagance and amusement in the district.

    Monetary experts have been intently observing the organization’s presentation, and late assessments demonstrate a moderate purchase agreement proposal. This assignment mirrors the positive feeling encompassing Red Stone Hotels, Inc. what’s more, its true capacity for development sooner rather than later.

    Jason Thompson, a senior examiner at Money Road Exploration, expressed, “Red Stone Hotels has shown flexibility and versatility in a difficult market climate. Their capacity to turn and take special care of changing purchaser inclinations has been great. We accept that the organization is strategically situated for development in the approaching quarters.”

    Red Stone Retreats, Inc. has not just endured the difficulties presented by the Coronavirus pandemic yet has likewise found a way essential ways to improve its market presence. The organization’s new procurement of a half proprietorship interest in the Palms Club Resort embodies its obligation to growing its impression and broadening its income streams.

    In a new explanation, President Honest Fertitta III communicated good faith about the organization’s future. He said, “We are amped up for the potential open doors in front of us. Red Stone Retreats, Inc. has major areas of strength for a, a committed group, and a promise to conveying excellent visitor encounters. As the economy keeps on recuperating, we are strategically situated to catch new learning experiences.”

    Industry specialists have likewise noticed the organization’s endeavors to embrace innovation and improve its computerized presence, which have assisted it with interfacing with a more extensive crowd and adjust to developing shopper inclinations.

    In spite of the difficulties presented by the pandemic, Red Stone Retreats, Inc. detailed promising monetary outcomes for the second quarter of 2023, with net incomes of $451.7 million and changed EBITDA of $156.2 million. These figures highlight the organization’s capacity to produce income and explore through testing economic situations.

    Financial backers have been progressively attracted to Red Stone Hotels, Inc., with its stock cost mirroring the developing interest. The organization’s stock shut at $32.50 on August 24, 2023, and a few experts accept there is space for additional appreciation as the organization keeps on executing its development techniques.

    While what’s in store stays unsure because of progressing financial and general wellbeing challenges, Red Stone Hotels, Inc. has all the earmarks of being completely ready to exploit arising amazing open doors on the lookout. The moderate purchase agreement proposal recommends that numerous monetary specialists see the organization as a promising venture prospect in the gaming and diversion area.

    Financial backers and partners will probably keep a nearby watch on Red Stone Retreats, Inc. as it proceeds with its excursion toward development and market extension.

  • Share Price of Tech Mahindra: Growth and Prospects

    Share Price of Tech Mahindra: Growth and Prospects

    Unraveling the Journey of Tech Mahindra’s Stock

    The financial and investing world is continuously changing, with investors keeping a close eye on promising startups with exponential development potential. Tech Mahindra, a key participant in the technology and IT services sector, is one such institution that has received a lot of attention in recent years. This article examines Tech Mahindra’s share price in depth, diving into the variables that have influenced its trajectory and examining its future prospects.

    The Stellar Rise: Understanding Tech Mahindra’s Share Price Surge

    ech Mahindra’s share price has risen dramatically, substantially surpassing market estimates. The company has developed from humble beginnings to become a global powerhouse with a strong influence in the IT industry. This section investigates the primary drivers of Tech Mahindra’s remarkable stock performance, including new technology, strategic acquisitions, and the company’s ability to capitalize on emerging industry trends.

    Navigating Challenges: How Tech Mahindra Overcame Adversity

    Tech Mahindra, an Indian multinational technology firm, has grown from humble beginnings to become a major participant in the global IT sector. This section covers the company’s history, highlighting its growth trajectory over time and the significant occasions that impacted its current market position. Understanding its historical background provides useful insights into the elements influencing Tech Mahindra’s share price.

    Driving Growth through Technological Innovation

    Market volatility is an inherent aspect in the ever-changing world of finance. This section looks at how Tech Mahindra has survived the storms of economic volatility, geopolitical uncertainty, and technological change. The company has emerged stronger as a result of a combination of strategic decision-making and adaptability, influencing investor confidence and the success of its share price.

    Expanding Horizons: International Acquisitions and Market Penetration

    The success of Tech Mahindra can be traced in part to its concentration on innovation and cutting-edge technologies. This section digs into the company’s research and development projects, collaborations, and investments in new technology trends including as artificial intelligence, cloud computing, and the Internet of Things (IoT). Tech Mahindra has solidified its place as a significant participant in the digital transformation era by remaining at the forefront of innovation, which has positively impacted its share price.

  • Godfather of artificial intelligence warns against future growth of AI

    Godfather of artificial intelligence warns against future growth of AI

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    Science fiction writers have been portraying for a long the doomsday scenario of machines ruling the world and taking over from humans.

    However, when a person like Geoffrey Hinton who has given more than a decade to Artificial Intelligence research and is known as “The Godfather of AI”, resigns from Google purportedly to warn people against the danger of the growth of AI, it is time to sit back and take notice.

    Geoffrey Hinton who was all for the AI technology which has resulted in ChatGPT suddenly seems to have got cold feet and is fearful of the repercussions of  Artificial Intelligence, once machines actually became “intelligent”.

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    He clearly does not see the big multinational companies like Microsoft and Google of the world competing with each other in the field of AI pouring billions of dollars, resulting in something beneficial for human beings. Rather he felt that AI if not checked now could lead to serious harm to humanity.

    For more than ten years, Hinton had been involved in the creation of the technology which gave rise to the high quality Artificial Intelligence systems of today.

    The bone of contention is the “generative artificial intelligence” the technology behind the creation of ChatGPT, which has left even the creators of this technology scared.

    Dr. Hinton has left his job to spread the message about the risks of A.I. which would definitely have a great impact coming from his mouth.

    Generative AI  is a quantum jump from usual artificial intelligence because it can produce high-quality text, imagery, and audio which is so authentic that one can be completely convinced that it is created by real people.

    With the coming of generative adversarial networks – a type of machine learning algorithm – Generative AI got a tremendous boost around 2014.

    Even at that time, critics raised the question of digitally forged images or videos copying real people could be used to indulge in criminal activities.

    With generative AI, the machine can generate content including creative literary products, accurate photos, paintings, and videos almost like that being done by humans.

    It could automatically create images if given a text description or generate text captions from looking at images, which one felt was a uniquely human task.

    The similarity between what a human can do and what a machine can do (particularly in the so-called higher thinking faculties) is slowly getting blurred.

    What is being feared is that Generative A.I. can be used as a tool for misinformation.

    Obviously, like nuclear energy which can be used both for good and evil, one cannot blame the technology.  But in view of the potential harm of AI, one must build sufficient safeguards and not let machines overtake humans.

    Dr Hinton knows that the AI technology they built may be neutral but had the potential to be used for committing crime or creating fake data which looks real.

    He says that while nuclear energy cannot be made secretly, one cannot know what a country, or what company is secretly developing AI.

    Dr Hinton primarily worked on building neural networks actually taking inspiration from how a brain’s neural networks function. The AI would be taught to learn skills on its own by analyzing data somewhat like the human brain does.

    In 2012, Hinton along with two students built a neural network that could analyze thousands of photos and teach itself to identify common objects, such as flowers, dogs, and cars.

    Google spent $44 million to acquire the company started by Dr. Hinton and his two students.

    It is their neural network systems which helped building powerful technologies of ChatGPT and Google Bard, AI chatbots that if asked a question or given a prompt will give you an answer.

    Dr Hinton got the Turing Award in 2018 for neural networks.

    Dr. Hinton initially liked neural networks machines being able to “understand” and “learn” bits of language and come out with correct answers but when he saw machines imbibe huge amounts of data leaving even humans far behind, he understood that it had the potential to be very dangerous.

    The fact that machines could far outstrip the amount of “knowledge” a human brain can contain and the machine  may not be under the control of humans is a chilling concept.

    It is almost like creating a Frankenstein.

    It is scary to think that humans with biologically evolved brains can become inferior to a machine.

    According to Hinton, these sophisticated AI would seriously affect the job market. Who would need a human brain if one had a more advanced “intelligent” machine?

    Hinton is not in favour of further scaling up of AI and wants sufficient control and regulation of AI.

    A large number of internationally renowned scientists have already in an open letter given a call for caution. They want regulation as far as the growth of AI is concerned.

    Prof Stephen Hawking, theoretical physicist and cosmologist has said “efforts to create thinking machines pose a threat to our very existence.”

    He feared the consequences of creating something that can match or surpass humans. He said that humans being limited by slow biological evolution could not compete machines and would be superseded.

    Elon Musk CEO of SpaceX, Tesla & Twitter has warned that AI is “our biggest existential threat”.

    Some more renowned CEOs and professors giving warning of AI growth include Steve Wozniak, Co-founder, Apple, Max Tegmark, MIT Center for Artificial Intelligence & Fundamental Interactions, Professor of Physics, president of Future of Life Institute Christof Koch.

    The open letter says that AI systems with human-competitive intelligence can pose “profound risks to society and humanity”.

    Advanced AI could represent a profound change in the history of life on Earth, and should be planned for and managed with commensurate care and resources. Unfortunately, this level of planning and management is not happening, even though recent months have seen AI labs locked in an out-of-control race to develop and deploy ever more powerful digital minds that no one – not even their creators – can understand, predict, or reliably control.

    Contemporary AI systems are now becoming human-competitive at general tasks,and we must ask ourselves: Should we let machines flood our information channels with propaganda and untruth? Should we automate away all the jobs, including the fulfilling ones? Should we develop nonhuman minds that might eventually outnumber, outsmart, obsolete and replace us? Should we risk loss of control of our civilization?

    Powerful AI systems should be developed only once we are confident that their effects will be positive and their risks will be manageable, it said.

    The United Nations Educational, Scientific and Cultural Organization (UNESCO) has called for countries to implement UNESCO’s global ethical framework for dealing with AI, immediately following pleas by more than a thousand tech workers for a pause in the training of the most powerful artificial intelligence (AI) systems.

    “The world needs stronger ethical rules for artificial intelligence: this is the challenge of our time. UNESCO’s Recommendation on the ethics of A.I. sets the appropriate normative framework.”

    UNESCO has urged for the strategies and regulations to be implemented at the national level. UNESCO said it guides countries both on how to maximize the benefits of the tool and reduce its risks, providing policy recommendations alongside values and principles.

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    ( With inputs from www.siasat.com )

  • JK Records Highest SGST Growth Rate In The Country At 44.5%: Govt

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    SRINAGAR: On Monday, an official press release stated that the Union Territory of Jammu and Kashmir experienced an exceptional surge in GST collections during April 2023. The total collections for the month reached Rs 917.85 crores, which is a remarkable increase of Rs 215.77 crores from the April collections of the previous year. This represents a growth rate of 30.73 percent.

    As per Ministry of Finance data released today, the SGST growth rate in the aforementioned region has been among the highest in the country, showing a significant increase of 44.51 percent compared to the same period last year. Additionally, there has been a growth of 22 percent in IGST settlement in comparison to the previous financial year.

    Moreover, the State Taxes Department reported that the GST collections for April 2023 are the highest-ever recorded since the implementation of GST. This is noteworthy because the previous best-ever collections for a month in terms of SGST cash and IGST monthly average in the last financial year were over Rs 600 crores, according to the release.

    The monthly GST collections in the financial year 2021-2022 were Rs 496.95 crores. Recently, the SGST cash collections have been steadily increasing and have gained national attention due to the record growth in Jammu and Kashmir in April 2023, which has surpassed all previous records since the inception of GST.

    The State Taxes Department has successfully expanded the tax base from 1.17 Lakh in 2021-22 to 1.34 Lakh in the financial year 2022-23. Additionally, the department granted around 25982 new registrations during the same period.

    This increase in revenue collections can be attributed to the department’s efforts in improving compliance behaviour by taxpayers and providing proactive support for GST compliance. The department has also used various IT tools like BIFA, GST Prime, and GST BO portal, along with human intelligence to identify and take action against defaulters. As a result, 8800 cancellations were made in the financial year 2022-23.

    Furthermore, honest taxpayers have been recognized and rewarded through the department’s tax awareness program “KARTAVYA,” which was recently launched by the Lieutenant Governor of UT of Jammu and Kashmir, according to the press release.

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    #Records #Highest #SGST #Growth #Rate #Country #Govt

    ( With inputs from : kashmirlife.net )

  • Dairy has immense possibilities for growth: President Droupadi Murmu

    Dairy has immense possibilities for growth: President Droupadi Murmu

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    Karnal: Dairy has immense possibilities for growth, President Droupadi Murmu said on Monday.

    Chairing the 19th convocation ceremony at the National Dairy Research Institute (NDRI) here, she conferred degrees on 544 students, including gold medals.

    While congratulating the students, Murmu said with these degrees, a new chapter has been started in their life and each one of them should continue the streak of learning new things along with making significant contributions to the welfare of the people.

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    The President urged the students to contribute significantly to the progress of the nation and become entrepreneurs along with getting employment in the dairy industry. There are immense possibilities for growth in this field and they should take advantage of these possibilities.

    She said India is the largest producer of milk in the world. India accounts for about 22 percent of the world’s milk production. The dairy sector contributes about 5 percent to the country’s GDP and provides livelihood to 8 crore families directly and indirectly from the dairy industry.

    With the participation of more than 70 percent, women are playing a significant role in the dairy sector.

    “Women empowerment is playing a significant role in the management of the dairy industry. More than 70 percent of participants in the dairy sector are women. It is a matter of happiness that today more than one-third of the degree awardees are girls and 50 percent of the gold medalists are also girls. The dairy sector holds special importance in making women self-reliant and in bringing changes in their social and economic status,” she said.

    Haryana Governor Bandaru Dattatraya said the National Dairy Research Institute has a rich history of excellence in research and education in dairy science, animal husbandry and allied areas.

    He said it is a matter of great pride that Haryana rakned second in terms of milk production in the country. “NDRI Scientists had achieved a new milestone by producing the country’s first Indigenous cow clone calf.”

    He said the Indian dairy industry has immense potential to contribute to the economic development of the country and improve the lives of millions. With the right policies, investment and innovation, India can become a global leader in the dairy industry, and the time is right for a second white revolution, said Dattatraya.

    Chief Minister Manohar Lal Khattar said the government would provide loans to unemployed youth who are interested in running a dairy industry. This step will certainly prove to be resourceful in ensuring their contribution in milk supply to the country apart from giving them self-employment opportunities, he added.

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    #Dairy #immense #possibilities #growth #President #Droupadi #Murmu

    ( With inputs from www.siasat.com )

  • JK’s Industrial Development To Fuel India’s Future Growth: LG Sinha

    JK’s Industrial Development To Fuel India’s Future Growth: LG Sinha

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    SRINAGAR: Lieutenant Governor Manoj Sinha addressed ‘North Zone MSME Conclave & Investors Meet’ organised by Laghu Udyog Bharati, on Sunday.

    The Lt Governor shared the key initiatives of JK administration to facilitate the MSMEs in the UT and to harness its unlimited potential.

    “Under the guidance of Prime Minister Narendra Modi, Government has taken a number of steps to promote growth and development of MSMEs in the country. Today, MSMEs account for more than 30% of India’s GDP and 49.5% of exports, thus contributing significantly to economic growth,” said the Lt Governor.

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    “The future economic growth will be driven by the MSMEs. We have taken several steps in the UT such as investment in innovation skills, MSME-centric industrial estates, access to financing, incentives and adequate infrastructure to boost the growth of MSMEs,” the Lt Governor added.

    Underscoring the important role of private sector in the UT’s growth, the Lt Governor asked the potential investors to take advantage of the business-friendly environment developed for the industries.

    “J&K is emerging as a vibrant, fastest growing and most attractive investment destination. Today, the world is recognizing the all round transformation taking place in Jammu Kashmir. Renowned companies from across the country and abroad are looking forward to invest here. I welcome Industry leaders to be part of this journey”, said the Lt Governor.

    Industrial development in J&K aims to create more inclusive, creative and sustainable society. The UT will play an important role as new engine of India’s growth in the future. New Industrial Scheme focuses on enabling environment to create jobs and increase productivity, he added.

    Speaking on the effective measures taken in order to promote MSMEs, the Lt Governor said, 25% procurements from MSMEs have been made mandatory for Government departments & Public sector undertakings and local filter has also been made operational on GeM platform.

    Since the launch of Udyam Registration portal in 2020, two lakh MSME units have been registered in J&K. As many as 38,000 micro and small enterprises are run by women. In the last financial year, 18,000 women-owned enterprises were provided assistance of more than Rs 500 Crore under credit guarantee scheme, said the Lt Governor.

    On the progress registered to boost the MSME sector, the Lt Governor said, under PMEGP, an unprecedented 21,640 manufacturing and service units were established in 2021-22. As many as 42 industrial estates will be set up in Jammu Kashmir in the next few years and out of these 34 industrial estates will be focused on MSMEs, noted the Lt Governor.

    All 20 districts are being developed as export hubs and emphasis has been laid on the promotion of products which will boost MSMEs’ growth, he added.

    There is immense potential for MSMEs in the field of Integrated Processing Facility, Mega Food Park and Cold Chain Logistics. The Holistic Agriculture & Allied Sector Development Plan worth Rs 5013 crores will boost the growth of MSMEs in J&K UT, observed the Lt Governor.

    The Lt Governor highlighted the efforts for reforms and strengthening of industrial ecosystem.

    Massive reforms in terms of basic amenities, infrastructure and banking facilities have ensured stability and made the UT’s growth more inclusive, said the Lt Governor.

    The work done for industrial development of J&K is clearly visible. In the last two years, Jammu Kashmir has received 5,372 investment proposals worth Rs 70,000 crore. Proposals worth Rs 24,000 crore from more than 1,800 companies have been approved, he added.

    The Lt Governor said the UT Government is making dedicated efforts for GI tagging of niche & premium local products while the export in carpet and pashmina is witnessing an upward trend. We are promoting village industrial units and self-help groups and also developing human resources for Industries 4.0, he added.

    The Lt Governor also spoke on the ongoing road infrastructural and other projects to strengthen the connectivity. He further highlighted the land reforms introduced in the last three years and the measures taken to ensure land availability for industries.

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    #JKs #Industrial #Development #Fuel #Indias #Future #Growth #Sinha

    ( With inputs from : kashmirlife.net )

  • ‘Big news’ is India’s population growth is below replacement level: UN expert

    ‘Big news’ is India’s population growth is below replacement level: UN expert

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    United Nations: While India’s population at 1.4 billion has surpassed that of China’s, the “latest big news” is that the population growth is below the replacement fertility rate in India and it has a “window of opportunity”, according to Rachel Snow, the lead demographer of the UN Population Fund (UNFPA).

    The continued trajectory for India is that while the young population entering the reproductive phase will boost overall fertility, “given the fertility pattern already evident, we can start to anticipate the decline, the plateauing and decline”, she said on Wednesday.

    The replacement fertility rate is the average number of children a woman must have to keep the population steady and it is considered to be 2.1 children per woman.

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    The replacement fertility rate for India is 2, with wide variations within the country — between 1.6 for Punjab and West Bengal, and 3 for Bihar among the large states, according to Indian government data.

    “You’ve got this big bulge of young people entering both reproductive years which means fertility will keep growing, but (also) entering the age of life for working,” she said, giving India a “window of opportunity”.

    The question for India is that with this “window of opportunity”, will it be “able to mobilise the necessary investments in education and job creation, in gender equality, so that there will be an opportunity for that large population to indeed yield a dividend for the economy”, she said.

    Snow gave the example of the Asian Tigers — mainly Taiwan, South Korea and Singapore — that had a tremendous spurt in economic growth, which also led to better living standards.

    “In the 70s and 80s, the Asian Tigers had an extraordinary economic growth because there was major investment in the health, education, the well being of that cohort of young people who then were able to boost the economy.”

    The challenges for India, she said, are “there’s so many people that are in the informal labour market. Again, educational standards are highly uneven — if you go north to south, south to north in India, we see tremendous diversity within such a large country”.

    Snow was briefing reporters about the UNFPA’s annual report, which is titled, “8 Billion Lives, Infinite Possibilities: The Case for Rights and Choices”.

    She said that the population issue should not be seen solely in terms of numbers and goals, but the as to how women are able to freely make their own reproductive choices.

    She said that 44 per cent of partnered women and girls do not have the right to make decisions on having children or not.

    About 257 million women do not have access to safe, reliable contraception, she added.

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    #Big #news #Indias #population #growth #replacement #level #expert

    ( With inputs from www.siasat.com )

  • Kashmir Witnessing ‘Yellow Revolution’ With Oilseed Crops Registering Significant Growth: LG Sinha

    Kashmir Witnessing ‘Yellow Revolution’ With Oilseed Crops Registering Significant Growth: LG Sinha

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    SRINAGAR: Lieutenant Governor Manoj Sinha, in this month’s “Awaam ki Awaaz” programme shared the inspiring stories of the Change-makers and highlighted the efforts of the UT Government to realize the true growth potential of Jammu Kashmir.

    The Lt Governor said the JK administration with citizens’ participation is steering the change in the socio-economic landscape of the Union Territory. Our collective effort is to create a more progressive, growth-oriented and aspirational society and laying a strong foundation for journey of the next 25 years, he added.

    “Kashmir division is witnessing ‘Yellow Revolution’ with oilseed crops registering significant growth. There will be additional opportunities for oil extraction and value addition and therefore more entrepreneurial opportunities for people,” said the Lt Governor.

    According to an estimate, mustard oil worth Rs 800 crore will be produced this year only in the Kashmir Valley and Jammu and Kashmir will move towards self-sufficiency in the production of the mustard oil, he noted.

    Congratulating  people of Jammu Kashmir for GI-Tagging of the Basholi Painting, he said it is a significant landmark in preserving and promoting the artistic and cultural heritage of J&K UT.

    “Basohli Painting has become the first independent GI-tagged product from Jammu region. It will provide access to customers to authentic product and a huge boost to local economy,” observed the Lt Governor.

    The Lt Governor shared the inspiring journey of Self-made women entrepreneurs, Shalini Khokhar from Rajouri and Pattan’s Shamshada Begum. With commitment, conviction and courage, they are making significant contribution to a modern, strong and self-reliant J&K, he added.

    The Lt Governor lauded the efforts of progressive farmers like Seva Ram of Galhar, Kishtwar in improving agricultural productivity and encouraging the adoption of new agriculture techniques.

    The Lt Governor commended the “Give Plastic and Take Gold” campaign launched by Farooq Ahmad Ganie, Sarpanch of Sadiwara, Anantnag to transform the Swachh Abhiyan into Janbhagidari and fulfill the dream of Swachh Bharat.

    He called upon the PRI representatives to replicate the noble initiative and ensure community participation in cleanliness drives. Youth clubs also have an important role to play in promoting swachh abhiyan, he added.

    The Lt Governor congratulated Sarpanch, Panch and District Administration of Sira-A Gram Panchayat of Udhampur, Phalmerg of Kupwara Fatehpora of Baramulla for receiving awards in different categories at the National Panchayat Awards 2023.

    The Lt Governor made a special mention of Prof Jagbir Singh Sudan of Poonch for his selfless service and inspiring others to actively participate in the service of humanity. The service activities of his organization ‘Pritam Spiritual Foundation’ are truly commendable, added the Lt Governor.

    The Lt Governor appreciated the work of Sonia Verma of Gurah Brahmana village in Akhnoor who has planted more than 60 thousand saplings in the areas of Akhnoor and Khour. He asked the citizens to follow this inspiring example of environmental consciousness.

    Sharing the suggestions of Priya Varma from Reasi on women-exclusive haats, the Lt Governor reiterated the UT administration’s commitment to promote women-led enterprises.

    Women entrepreneurs are the backbone of J&K economy and we have taken appropriate steps for capacity building, easy access to credit & marketing linkage, observed the Lt Governor.

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    #Kashmir #Witnessing #Yellow #Revolution #Oilseed #Crops #Registering #Significant #Growth #Sinha

    ( With inputs from : kashmirlife.net )

  • HDFC Bank logs 19 pc growth in net profit, proposes Rs 19 dividend

    HDFC Bank logs 19 pc growth in net profit, proposes Rs 19 dividend

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    Chennai: Private sector HDFC Bank Ltd on Saturday said it had closed FY23 with a 19.3 per cent increase in net profit and the Board has proposed a dividend of Rs 19 per share.

    The HDFC Bank said it had closed FY23 with a net profit of Rs 44,107.7 crore (previous year Rs 36,961.33 crore) on a total income of Rs 192,800.4 crore (Rs 157,263 crore).

    Net revenues (net interest income plus other income) for the year ended March 31, 2023 were Rs 118,057.1 crore, as against Rs 101,519.5 crore for the year ended March 31, 2022.

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    The company’s provisions for FY23 stood at Rs 11,919.67 crore (Rs 15,061.83 crore).

    While the gross non-performing asset (GNPA) as on 31.3.2023 stood at Rs 18,019.03 crore (Rs 16,140.96 crore) the net NPA as on that date was at Rs 4,368.43 crore (Rs 4.407.68 crore).

    The Board of Directors at its meeting held on April 15, 2023, proposed a dividend of, 19.00 per share (Rs 15.50 per share).

    The Bank’s total Capital Adequacy Ratio (CAR) as per Basel III guidelines was at 19.3 per cent as on March 31, 2023 (18.9 per cent as on March 31, 2022) as against a regulatory requirement of 11.7 per cent which includes Capital Conservation Buffer of 2.5 per cent, and an additional requirement of 0.2 per cent on account of the Bank being identified as a Domestic Systemically Important Bank (D-SIB), HDFC Bank said.

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    ( With inputs from www.siasat.com )

  • JK Bank Partners With CIMSME To Boost MSME Growth

    JK Bank Partners With CIMSME To Boost MSME Growth

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    SRINAGAR: J&K Bank has signed a Memorandum of Understanding (MoU) with the Chamber of Indian Micro, Small & Medium Enterprises (CIMSME) in order to accelerate the growth of manufacturing enterprises. CIMSME is the apex chamber of MSMEs in India, representing their interests and issues with the government and various regulators while being an active participant in MSME-related policymaking.

    During the signing of the MoU, General Manager Ashutosh Sareen signed on behalf of J&K Bank, while President Mukesh Mohan Gupta signed for CIMSME in the presence of MD & CEO Baldev Prakash, Executive Director Sudhir Gupta, General Manager Narjay Gupta, Director (CIMSME) Subhash Joinwal, DGMs, and other senior bank officials. The divisional heads of the bank also joined the function through VC Mode.

    MD & CEO Baldev Prakash praised CIMSME for its role in promoting MSMEs and expressed pleasure over the signing of the MoU. He said, “As a responsible financial institution, we understand that the MSME sector plays a critical role in fostering entrepreneurship and generating huge employment opportunities, thereby contributing greatly to the country’s GDP. Moreover, MSME lending is profitable for the banking industry, and we need to translate this MoU into solid business growth, especially in the rest of India because this is the sector which complements the large industries in the form of subsidiary units that are vital to the entire ecosystem.”

    MD Baldev Prakash asserted that the MSME sector will bolster the economy of the Union Territory and the country alike, and that the bank will ensure that bankable leads generated by CIMSME are processed in a time-bound manner.

    President (CIMSME) Mukesh Mohan Gupta spoke on the occasion and expressed his pleasure at the tie-up with J&K Bank. He emphasized the need to educate lenders and borrowers of the MSME sector about various schemes and processes to avail the facilities. He further added, “We will soon be coming up with a web portal for ease of both MSME lenders and borrowers.”

    Executive Director Sudhir Gupta stated that the signing of the MoU with the apex chamber is akin to forging a partnership that will go a long way in promoting the culture of enterprise across the country while adding to the bank’s business profile.

    Under the tie-up, CIMSME will not only source the MSME/Startup proposals across the country but will also conduct due diligence of these proposals as per the bank policy and RBI guidelines. Once CIMSME is satisfied with the financials and track records of the company/firm, the leads will be shared with the bank for further processing.

    J&K Bank has provided benefits of employment to around 92000 youth till March 2023, under the J&K Government’s flagship programmes ‘Back to Village 4.0’ and ‘My Town My Pride’ – a feat that has been hailed by the UT Government and people alike.

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    #Bank #Partners #CIMSME #Boost #MSME #Growth

    ( With inputs from : kashmirlife.net )