What is it? The net profit of ICICI Bank in the October-December 2017 quarter, a drop of 32.4% from Rs2,441 crore in the same period a year ago.
Why is it important? This is the lowest net profit posted by India’s second-largest private bank in seven quarters, as provisions for soured loans grew on an annual basis and it reported lower treasury income. However, gross additions to bad loans was Rs4,380 crore, the lowest in nine quarters. According to the bank’s managing director and chief executive officer Chanda Kochhar, provisions against bad loans are likely to remain at higher levels in the next quarter as well owing to stressed accounts undergoing insolvency proceedings and ageing bad loans.
Tell me more: ICICI Bank said it has an exposure of Rs10,061 crore to the 18 accounts that feature in the Reserve Bank of India’s (RBI) second list of stressed assets that may go to bankruptcy court.
What is it? The revised transaction charge to port a mobile number from one telecom operator to another, according to the Telecom Regulatory Authority of India (Trai).
Why is it important? This has been slashed from Rs19 earlier. The telecom regulator cited an increase in the volume of mobile number portability (MNP) requests and a substantial reduction in the cost of operations of MNP service providers for this decision. There has been a huge upsurge in the volume of porting requests since 3 June 2015, when MNP was allowed across India. Cumulative MNP requests were 331 million in November 2017 against 315 million in October 2017.
Tell me more: The total number of active wireless subscribers in November 2017 was 1.006 billion.
What is it? The amount the Delhi high court on Wednesday allowed Daiichi Sankyo to recover from former Ranbaxy Laboratories promoters Malvinder Singh and Shivinder Singh.
Why is it important? This refers to an arbitration award that the Japanese drugmaker had won against the Singh brothers in the Singapore Tribunal in 2016, which the Delhi court said is enforceable in India. Daiichi had argued that the brothers had concealed important information while selling Ranbaxy in 2008. Daiichi will file an application with the court for the execution of the award where it would seek for the sale of shares and assets held by firms controlled by the brothers, which include Fortis Healthcare and Religare Enterprises. The Singh brothers can appeal in the Supreme Court.
Tell me more: The single-judge bench of justice Jayant Nath of the Delhi high court said Daiichi can claim the amount from the Singh brothers and their companies, but not from their children, which is seen as a “partial success” by the brothers.
What is it? The survival rate among Indian women diagnosed with breast cancer between 2010 and 2014, according to a study released by medical journal Lancet on Wednesday.
Why is it important? Breast cancer is the most common cancer among Indian women. While the latest released survival rate is an improvement over 59.1% for 2005 to 2009, it is markedly lower than the survival rates in developed countries: for example, the survival rate for breast cancer was 85.6% in the UK and 89.5% in Australia in the latest period of study.
Tell me more: The Lancet study says “survival trends are generally increasing, even for some of the more lethal cancers: in some countries, survival has increased by up to 5% for cancers of the liver, pancreas, and lung”.
What is it? The reported worldwide theatre collections of Padmaavat, the Sanjay Leela Bhansali film, in the first week of its release.
Why is it important? The film faced a mountain of problems, with Rajput outfits protesting against its release, some of which even turned violent. The film has not been screened in four BJP-ruled states, with members of the Multiplex Association of India deciding to do so despite a Supreme Court ruling that prohibits states from banning a film. Despite these odds, the film, which reportedly had a budget of Rs180 crore, has collected Rs143 crore in India and Rs76 crore overseas.
Tell me more: Padmaavat is Bhansali’s third film to top Rs100 crore, the other two being Goliyon Ki Raasleela Ram-Leela and Bajirao Mastani, which also featured Deepika Padukone and Ranveer Singh in lead roles.livemint