News in numbers: ICICI Bank profit falls 50% to Rs1,020 crore in Q4 results
In other news, Nokia expects Indian telecom firms to initiate lab trials of fifth generation or 5G technology in 2018, followed by proof of concepts
What is it? ICICI Bank’s net profit in the January-March quarter of 2017-18, which is almost half of that reported (Rs 2,025 crore) in the same period a year ago.
Why is it important? The quarterly numbers of India’s third-largest bank by assets missed analyst estimates as its provisions for bad loans increased by 85% from the previous quarter and around 2.3 times from the year-ago quarter. Its gross non-performing assets (NPAs) as a percentage of total loans declined to 8.84%, against 7.82% in the third quarter ending in December 2017.
Tell me more: At a meeting held yesterday, the board of directors of ICICI Bank did not discuss the issue of conflict of interest issue relating to its CEO Chanda Kochhar.
6 to 10
What is it? The seniority of Supreme Court judges comprising the constitution bench who will hear a petition today challenging the rejection of the impeachment motion against the Chief Justice of India, Dipak Misra, by the Vice President.
Why is it important? It is not clear who constituted this bench, which have bypassed SC judges who were ranked 2 to 5 in seniority, and who had held a press conference earlier this year expressing concern over several matters pertaining to India’s top court, including the basis on which cases were being assigned to judges.
Tell me more: Judges 6 to 10, in sequence, are justice Arjan Sikri, justice Sharad Bobde, justice NV Ramana, justice Arun Mishra and justice Adarsh Goel.
What is it? The year within which Finnish telecom gear maker Nokia expects Indian telecom firms to initiate lab trials of fifth generation or 5G technology, followed by proof of concepts.
Why is it important? This is among the first steps to meet the government’s aim of rolling out the technology to consumers by 2020, which would be on par with timelines of other countries. The technology, which could help India with projects like Smart Cities and enable domestic companies to compete with global peers, faces some big challenges such as the stressed finances of Indian telecom operators, the need for massive infrastructure investment and reasonably priced spectrum.
Tell me more: Bharti Airtel and Chinese firm Huawei successfully conducted India’s first 5G network trial under a test setup this February.
What is it? The number of years for which Vladimir Putin was sworn in as Russian president on Monday.
Why is it important? Putin began his fourth term as the president of Russia and has been in power for 18 years. One of his biggest challenges would be improving the country’s economy, which has been affected by lower oil prices, fall in the rouble, inflation and international sanctions. Putin has been criticised for his inadequate efforts to diversify the Russian economy beyond oil and gas.
Tell me more: According to a poll, Putin’s most praiseworthy achievement was restoring Russia’s status as a great power, while the biggest complaint was that he had failed to reduce the wealth gap.
What is it? The number of runs defended by Hyderabad Sunrisers against Royal Challengers Bangalore in an Indian Premier League match on Monday.
Why is it important? This was the fourth low score, by IPL standards, defended by Hyderabad this year. With this latest win, Hyderabad became the first team this year to notch up eight wins (from 10 matches), the threshold that is generally an assured passage to the playoffs.
Tell me more: Hyderabad has not lost bowling second his year. The previous three scores Hyderabad have defended are 118 (against Mumbai), 132 (Punjab) and 151 (Rajasthan). This is despite losing Billy Stanlake, one of their prized bowlers, to injury.
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