SBI rejigs portfolio of MDs and DMDs
Following the appointment of Vinay M Tonse as the fourth Managing director of State Bank of India (SBI), taking over retail banking and operations, top officials' portfolios underwent a shuffle. Alok Kumar Choudhary has been re-assigned to Risk, Compliance & Stressed Assets Resolution Group. Ashwini Kumar Tewari has been appointed as Managing Director of corporate banking and subsidiaries. Key Points
Economic TimesStocks in news: SBI, Coal India, ONGC, SpiceJet, RateGain Travel, BSE, Oberoi Realty
The government on Monday appointed Vinay M. Tonse as the Managing Director of the lender until November 30, 2025. Key Points
Economic TimesView: India dealing with a British legacy problem for 200 years
India's Managing agencies, a system for separating control from ownership, were outlawed in 1970. However, the vestiges of this old system continue to thrive in the form of company promoters who exercise control over boards. Promoters, typically founders, are named in annual returns and are required to hold at least 20% of the post-public-issue capital. Problematic promoters, such as Subhash Chandra and Shivinder Singh, have caused losses for their companies. To protect public shareholders, a novel idea is to outsource governance to board service providers. Key Points
Economic TimesUnderstanding and Managing risks is key: 5 smallcap stocks with upside potential of up to 33%
In the stock markets, knowing risk and Managing the risks are two different things. Managing the risk is more complicated than it appears as it involves more hard work and at times going against the narrative prevailing on the street. At this point of time, valuations in the small cap segment of the market are extremely high is the risk. How many are thinking of Managing it ? Now there are two ways to manage this risk. First keep your exposure low in this segment. Second, if one is still looking for an increase in exposure to small caps then put more checks and balances before buying the stock. Look at some key financial ratios and also do some hard work by reading annual reports before buying any stock. How will this hard work help in Managing the risk? Higher probability of lower drawn down in a corrective phase. Yes, only higher probability. ET screener powered by Refinitiv’s Stock Report Plus applies different algorithms & filters to all BSE and NSE stocks, and lists stocks which fulfill the various criteria as specified into the algorithms & filters to find those which might help navigate the stock market. Key Points
Economic TimesMyntra appoints Venu Nair as Chief of Strategic Partnerships and Omni Channel
Nair comes with an experience of over 30 years in retail, sourcing, business analysis and strategy. He has joined Myntras senior leadership team where he will be responsible for strengthening Myntras existing international brands portfolio, while building strategic partnerships with leading global brands and will also be Managing omni channel strategy for brands. Key Points
Economic Times
Ex-employee kills MD, CEO in Bengaluru
Bengaluru: The Managing director and the CEO of Aironics Media Private Limited, a private firm, were allegedly killed by a former employee on Tuesday. The deceased have been identified as Phanindra Subramanya and Vinu Kumar. The accused, Felix, is on the run. PTI Key Points
The Tribune India10 Quotes by Mukesh Ambani on Entrepreneurship and Innovation
Indian billionaire Mukesh Dhirubhai Ambani is the heir to the Reliance Industries empire. He is the chairman and Managing director of Reliance Industries and the eldest son of Dhirubhai Ambani. Key Points
Times of IndiaGovt declares TRIFED MD's suspension null and void
The Union Tribal Affairs Ministry has declared the suspension of the Managing director of TRIFED as null and void . The ministry stated that Geetanjali Gupta, an additional secretary level officer, was appointed to the post by the Appointments Committee of the Cabinet. The suspension order by Ramsinh Rathwa, the chairman of TRIFED, was issued due to conflicts between him and Gupta. The chairman, being a non-officio member, lacks the authority to make such decisions. This comes after two RSS-affiliated organizations sought action against TRIFED for identifying them as political bodies. Key Points
Economic TimesJSW Energy names Sharad Mahendra as next Joint MD & CEO
JSW Energy has announced Sharad Mahendra as the new Joint Managing Director and CEO, succeeding Prashant Jain. Mahendra, the CEO designate, will assume office on February 1, 2024, after Jain steps down on January 31. Prashant Jain had earlier announced his decision to step down from the position to pursue personal interests. Key Points
Economic TimesCitigroup asks employees to speak up about inappropriate behavior
A top Citigroup (C.N) executive asked employees to speak up if they see inappropriate behavior after a Managing director sued the company this week, alleging she was sexually harassed by a manager in equities. Key Points
Reuters
Ernst & Young names Janet Truncale as first female CEO of Big Four firm
Truncale will take over from Carmine Di Sibio on July 1. She was previously the regional Managing partner for EY's financial services organization. Key Points
Hindustan TimesGoldman Sachs to promote 608 to Managing directors, down from 2021
Goldman Sachs (GS.N) will promote 608 executives to Managing directors next year, fewer than the 643 senior bankers it elevated two years ago, according to a company memo. Key Points
ReutersMint awards best BFSI firms in gala ceremony
13 firms from BFSI industry received awards from banker K. V. Kamath Key Points
mintThe big churn: More India Inc top bosses hitting exit button post Covid
As many as 110 Managing directors or chief executives who were also on the boards of NSE-listed companies quit in the first 10 months of 2023, according to data compiled for ET by primeinfobase.com. Key Points
Economic TimesCooperative housing societies to get 3-member board
Authorities in Mumbai have issued a circular instructing registrars to appoint administrators from a panel drafted by the divisional joint registrar of cooperative societies or a three-member administrative board. This follows numerous complaints about the functioning of administrators of cooperative housing societies. The circular also calls for regular changing of auditors and lays down a grievance redressal process for complaints. If the complaint is not resolved through this process, it can be forwarded to the cooperative commissioner's office in Pune. | Mumbai news Key Points
Hindustan Times
Panasonic introduces 60 AC models for 2024
We developed and manufactured our new range of ACs, keeping the evolving needs of our consumers in mind. The new line-up of ACs, comprising India's first matter-enabled RACs will not only provide inter-operability but, is also simple to use, reliable and secure, said Managing Director Fumiyasu Fujimori. Key Points
Economic TimesProxy advisory firm urges Raymond's independent directors to probe assault allegations against Gautam Sing
An Indian proxy advisory firm has called for Raymond's independent directors to probe assault allegations against Managing Director Gautam Singhania. Nawaz Modi Singhania, a board member and Singhania's former wife, accused him of assaulting her and their daughter in September 2023, as reported by local media. Key Points
Economic TimesProxy advisory firm urges Raymond's independent directors to probe assault allegations
Institutional Investor Advisory Services (IIAS), an Indian proxy advisory firm, on Tuesday urged the independent directors of textile company Raymond Ltd (RYMD.NS) to launch an investigation into the allegations of assault against its Managing director. Key Points
ReutersMahindra’s Anish Shah is next FICCI President
Mahindra Group's CEO, Anish Shah, has been appointed as the President-elect of the Federation of Indian Chambers of Commerce and Industry (FICCI). Shah will succeed Subhrakant Panda, who is the Managing Director of Indian Metals & Ferro Alloys Ltd. He is also the Managing Director of M&M, the parent company of the Mahindra Group. Key Points
Economic TimesBlubirch raises $6 million in funding from Cornerstone Ventures, Capital2B
India Business News: Bengaluru-based startup Blubirch has raised $6.37m in a Series A funding round led by Cornerstone Ventures and Capital2B. The company's software-as-a- Key Points
Times Of India
ED conducts searches at 30 locations in Rs 56,000-cr bank fraud case against Bhushan Steel promoters
The Enforcement Directorate (ED) has conducted search and survey operations at 30 locations, including Delhi NCR, Haryana, Kolkata, Mumbai, and Bhubaneswar, against the promoters of Bhushan Steel Limited (BSL) in connection with a bank fraud of Rs 56,000 crore. The investigation revealed that the promoters and directors of BSL formed several shell companies and rotated funds through a chain of multiple entities. Key Points
Economic TimesReliance AGM: Reliance invested $150 billion in the last 10 years, says Mukesh Ambani
Reliance Industries Ltd has cumulatively invested USD 150 billion in the last 10 years, the biggest by any Indian corporate, its chairman and Managing director Mukesh Ambani said on Monday. Speaking at the company's annual general meeting, Ambani said Reliance has been the forerunner of emerging new India. Key Points
Economic TimesNine executives from SBI, arms in race to become Bank MD
Nine senior State Bank of India (SBI) executives are in the running for the position of Managing director at India's largest bank, after the previous postholder joined the Reserve Bank of India in June. The bank has four Managing directors, all of whom are board members and in charge of separate departments. Candidates must have completed three years as chief general manager and deputy Managing director, and a minimum of two years residual service. Key Points
Economic TimesHMSI launches new bike SP160 at Rs 1.17 lakh
We are delighted to extend the legacy of brand SP a notch higher and introduce the all new SP160. This sporty motorcycle is a representation of cutting-edge engineering and advanced innovation that is sure to fulfill the customer expectations, HMSI Managing Director, President & CEO Tsutsumu Otani said in a statement. Key Points
Economic TimesUS Fed hike on expected lines; RBI to take a balanced view: Analysts
The US Federal Reserve's 0.25% interest rate increase was expected and paved the way for India's reserve bank to take a measured approach to policy-making, according to analysts. Edelweiss mutual fund's Managing Director and Chief Executive Radhika Gupta said the Fed statement permitted the potential for more rate hikes, but the Indian economy currently didn't need further increases. Key Points
Economic Times
Canara Bank’s CGM appointed Deputy MD at IDBI Bank
The Board of Directors of IDBI Bank on Monday approved the appointment of Jayakumar S. Pillai as Deputy Managing Director on the Bank’s Board for 3 years. Key Points
The HinduBeing picked on as an overweight child still haunts Aryan Arora
Actor Aryan Arora was bullied and teased as a child for being overweight, but he decided to work on himself during his class 10 summer break. He lost 15 kgs by being more active and Managing his diet. Physical fitness has made him more confident, but memories of being picked on as a child still haunt him. Arora admits that facing rejections during auditions used to trigger his fears, but he continues to work hard on his physical fitness to maintain his confidence. Key Points
Hindustan TimesKaspersky appoints Adrian Hia as Managing Director for Asia Pacific
Kaspersky appoints Adrian Hia as Managing Director for Asia Pacific. To learn more, read the full story on The Hindu. Key Points
The HinduKaspersky appoints Andrian Hia as Managing Director for Asia Pacific
Kaspersky appoints Andrian Hia as Managing Director for Asia Pacific. To learn more, read the full story on The Hindu. Key Points
The Hindu