Fino Payments Bank has applied to transition from a payments bank to a small finance bank (SFB) and is awaiting the RBI's response. The bank reported a net profit of Rs 25.21 crore in Q4FY24, up 14.2% year-over-year, and revenue surged 24% to Rs 401.3 crore. Fino Payments Bank is rebooting its technology platform for the transition and plans to partner with large NBFCs for asset products.
Open FlipThe UK's FTSE 250 Index surged 1.8%, its biggest intraday jump since December, as Labour's landslide election victory sparked hopes of political stability and economic growth. Financials, retail, and defense sectors led the gains, with homebuilders Persimmon Plc and Vistry Group Plc rising sharply. The Stoxx Europe 600 Index advanced 0.3%, with UK banks, homebuilders, and leisure firms in focus.
Open FlipTitan Company Ltd.'s jewellery business grew 8% year-on-year in the June quarter, despite a 20% year-on-year increase in gold prices, with average selling prices driving growth. The company's watches and wearables business saw 14% growth, while the eyecare business grew 3%. Revenue growth was reported in emerging businesses, including Taneria, Fragrances & Fashion Accessories, and Caratlane.
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