Mumbai, Aug 13 (IANS) Diversified energy major ONGC on Tuesday reported a decline of 3.9 per cent in its standalone net profit for the quarter ended June 30, 2019.
According to the company, the standalone Q1 net profit fell to Rs 5,904 crore against Rs 6,144 crore reported during the corresponding period of previous fiscal.
However, gross revenues of the diversified energy major declined 2.4 per cent to Rs 26,555 crore against Rs 27,213 crore in the 2018-19.
On a consolidated basis, the company reported a decline 24.4 per cent in its Q1 net profit at Rs 7,043 crore from Rs 9,318 crore on a YoY basis.
The company reported that its consolidated net profit attributable to owners was down 19.2 per cent to Rs 6,694 crore from Rs 8,287 crore reported for the corresponding period of the previous year.
Kolkata, Aug 18 (IANS) Amid the economy roiling through a slowdown in demand and consumption, State Bank of India (SBI) Chairman Rajnish Kumar on Sunday raised the pitch for a stimulus, saying that the credit demand remains subdued.
Though lack of credit demand exists in the economy, there is no supply-side constraint as the public sector banks are well-capitalised, he said.
"Demand for credit in the economy is subdued. There is a need for stimulus in the economy," Rajnish Kumar told media here.
The SBI chief was in the city to attend the multi-level consultation programme with SBI branch managers in the region.
"There is no supply-side constraint. More or less, the public sector banks are well capitalised and bank rates also moderated," he said while expressing hope that the monsoon will have a positive impact.
Increased spending by the government and the upcoming festival season would boost demand, Kumar pointed out.
Intensifying the efforts to find ways out of pressing issues of tax surcharge on the super rich, the slowdown in the auto and housing sector, the Finance Ministry and the Prime Minister's Office (PMO) are constantly holding meetings to come out with solutions to tackle the near-stagnant economy. They are discussing options and solutions on tackling the slowdown in the auto, realty sectors and and also on the equity market, being battered by FPIs.