UltraTech ups its capex ammo, eyes industry-leading growth
In the December quarter (Q3FY24), UltraTech’s year-on-year volume grew at 6%, falling from Q2 levels. Still, UltraTech has outpaced the industry. Key Points
mintWhen Aladdin meets Ambani: What JV with BlackRock means for Jio Financial Services
Ambani's big weapon besides his huge cash pile is the extensive data trails that his mega retail and telecom businesses generate. According to Ambani, the aim is to lend to consumers and merchants based on proprietary data analytics, and then use it to branch out to insurance, payments, digital broking and asset management. Key Points
Economic TimesUBS overhauls leadership at wealth management division
UBS's (UBSG.S) flagship global wealth management business on Thursday announced a raft of management changes triggered by the Swiss bank's takeover of Credit Suisse. Key Points
ReutersGenerali buys U.S. asset manager Conning under deal with Cathay Life
Generali (GASI.MI) has agreed to buy Connecticut-based asset manager Conning Holdings as part of a partnership with Cathay Life, a unit of Taiwan's Cathay Financial Holding (2882.TW), the Italian insurer said on Thursday. Key Points
ReutersChris Wood adds AU Small Finance Bank to Jefferies’ India portfolio, removes CAMS
Jefferies’ Christopher Wood has added AU Small Finance, assigning it a 3% weightage, and has removed CAMS (Computer Age management Services) from his portfolio. The shares of AU Small Finance Bank rose 0.66% while CAMS stock fell 1.10% today. Key Points
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Deutsche Bank overhauls board as U.S. head Riley joins Santander
Deutsche Bank is undertaking its biggest management shake-up since 2019, the German bank said on Wednesday as it announced the departure of Christiana Riley, who oversaw its U.S. operations. Key Points
ReutersZEE floats Monthly management Mentorship program to measure business growth
The program, led by ZEE Chairman R. Gopalan, has been constituted to protect the interests of all stakeholders of the company. Key Points
Business TodayAll eyes on Jio Financial Services in the upcoming Reliance Industries Limited AGM
Reliance Industries Limited will hold its annual general meeting (AGM) on August 28, where Chairman Mukesh Ambani is expected to make key announcements regarding the company's growth and expansion plans. The focus will be on Jio Financial Services (JFS), which recently listed on the stock exchanges. Ambani is likely to share growth plans for JFS, including its entry into the B2B credit business and expansion into insurance, payments, digital broking, and asset management. Key Points
Economic TimesByju's investors call for EGM on Friday to oust founder, his family members
Investors at Byju's are calling for an extraordinary general meeting to oust founder CEO Byju Raveendran and his family members over alleged mismanagement and failures. The shareholders listed financial mismanagement, erosion of value, and concealment of material information as reasons for seeking ouster. Key Points
Economic TimesIndustry 4.0 era: MBA degree trends that will give you edge over your peers
Management degrees continue to be highly sought after by students, offering a wide range of job opportunities. However, there is a growing need for these degrees to incorporate real-world skills and adapt to changing industry demands. Ashish Munjal, CEO of Sunstone, emphasizes the importance of experiential learning and skill development in preparing students for the Industry 4.0 era. Key Points
Economic Times
AICTE announces new scholarship for girl students in BBA, BCA, and BMS programs
The funding will be provided annually to students from economically weaker backgrounds. Those enrolled in AICTE-approved institutions will be eligible for the scholarship. Key Points
ThePrintHow beneficial are premium banking services for HNIs?
Banks offer premium banking programmes to high net worth individuals (HNIs) who maintain a minimum total relationship value (TRV). These programmes offer exclusive privileges including premium debit and credit cards, zero to low forex mark-up on international transactions, lower interest rates on loans, and access to wealth management and lifestyle services. However, the TRV requirement is prohibitively high and customers may end up paying substantial fees towards wealth management, which could negate the value of the perks. Additionally, banks' relationship managers are incentivised to cross-sell products, which could result in mis-selling to customers. Key Points
mintHDFC AMC share price jumps 9% today despite Abrdn Investment offloading its entire 10.2% stake
HDFC AMC stock surged in the intraday trade on Tuesday after Abrdn Investment management offloaded its entire 10.2% stake in HDFC Asset management Company. Key Points
FinancialexpressCitigroup employees brace for layoffs, management overhaul -sources
Citigroup (C.N) employees expect the bank to announce layoffs and senior management changes on Monday as part of its biggest reorganization in decades, according to five sources with knowledge of the matter. Key Points
ReutersIndia central bank deputy calls for better risk management, governance at banks
The Reserve Bank of India has urged Indian banks to adopt effective risk management practices and strengthen their governance standards in order to avoid financial instability. MK Jain, a deputy governor of the bank, emphasised that competent and independent boards that oversee management are key to ensuring effective governance, as is taking a long-term view of one's business and considering the impact of decisions on financial health, reputation, and broader social and environmental factors. Key Points
Economic Times
Pocket HRMS launches Digital Bharat 2.0 Mission for SMEs
Digital Bharat 2.0 will enable SMEs in India to digitalize their complete HRMS, payroll system and related compliances with intuitive and easy-to-use HR software over WhatsApp messaging platform in regional Indian languages. Key Points
mintFace-off likely at EGM over plan to oust Byju’s CEO
Investors demand ouster of Byju Raveendran and family, accuse management of non-compliance, misinformation, and withholding information. They seek details on AESL acquisition, loan terms, investigations, audits, and board restructuring for improved oversight and governance. Key Points
Economic TimesEyeing a career in the booming EV sector? Check out the pay, roles & skills in demand
Rapid growth in EVs has resulted in diverse employment opportunities, in various segments. Positions requiring expertise in computer science, software development, data science, and engineering are pivotal in designing, manufacturing and implementing safety systems in electric vehicles; so these skills are in high demand. Key Points
Economic TimesAir India announces latest changes in its digital landscape to enhance customer engagement
Air India has been making investing in building a cutting-edge digital and technology team with a vision to emerge as the worlds most technologically advanced airline. The digital and technology modernisation effort in Air India is being guided by Tata Group Chairman Natarajan Chandrasekaran and Air India CEO Campbell Wilson. Key Points
Economic TimesTop Indian MBA institutions in QS Global MBA Rankings 2023. Here is the list
Several Indian institutions have been recognised in the QS Global MBA Rankings 2023. The rankings evaluate MBA programs based on criteria such as employability, entrepreneurship, ROI, thought leadership, and class diversity. Key Points
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China's LONGi jumps on probe into Hillhouse unit's stake transfer
Shares of LONGi Green Energy Technology (601012.SS) jumped on Thursday, after the company said an investment arm of Hillhouse was placed under regulatory probe for transferring shares of the company in violation of rules. Key Points
ReutersCaledonia Investments solicits bids for $585 million wealth manager 7IM, sources say
Caledonia Investments (CLDN.L) has given prospective buyers until the end of the month to table indicative offers for wealth manager 7IM, two people familiar with the matter told Reuters, in the latest chapter of consolidation in Britain's money management industry. Key Points
ReutersUrban Enviro Waste management IPO: Issue fully booked on Day 1 on huge retail demand; check details
Urban Enviro Waste Management's initial public offering (IPO) was subscribed 3.86 times on Day 1, with bids received for 41,84,400 shares against 1,142,400 shares on offer. The price band for the offering is set at ₹100 per share. Key Points
mintIndia's Jio Financial Services, BlackRock to launch asset management venture
India's Jio Financial Services (JIOF.NS), part of billionaire Mukesh Ambani led Reliance Group, and U.S.-based BlackRock Inc (BLK.N) will form a 50:50 joint venture to launch asset management services in India. Key Points
ReutersAs funding winter sets in, top rung at new-age companies faces pay freeze
As pressure mounts to conserve cash, founders, investors and human resources experts told ET that many startups will hold back raises for senior staff this year. At some companies, including those undergoing layoffs, top management may take pay cuts as well, they said. Key Points
Economic Times
There is no shareholder representation on Religare board; the idea is to create value, not destroy it: Moh
“We have to be very careful in what categories we enter because I still want Eveready to be a B2C business, which we are good at running. All our businesses are B2C businesses. And plus we want to get into categories which now do not have very strong sort of players.” Key Points
Economic TimesCareer opportunity in air transport and logistics in India
The Indian aviation sector is expected to generate over 1.5 million jobs in the next ten years. Key Points
Financialexpress2 auto stocks Sanjiv Bhasin is bullish on for near term
So I think it will continue to be in a little range bound. We have to understand that the pre-provisioning operating profit was above sentiment, but maybe this was a one off. However, like I said, maybe the sheer weight of being such a large heavyweight will keep it under check. And I think today it could be a little bit weak . But if you have a longer term view, then definitely State Bank is one PSU bank where long term money should find its way. Key Points
Economic TimesMorgan Stanley appoints Jed Finn as head of wealth management - memo
Morgan Stanley (MS.N) has named Jed Finn as the head of its wealth management unit, according to an internal memo seen by Reuters on Monday. Key Points
ReutersCEO says Bayer is looking into break-up, will cut management jobs
Bayer (BAYGn.DE) said on Wednesday it was looking into splitting off either the diversified group's Consumer Health or Crop Science division, but ruled out a three-way split. Key Points
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T. Rowe beats profit estimates on higher fee-based income
T. Rowe Price Group (TROW.O) reported a better-than-expected quarterly profit on Friday, as concerns about the economy somewhat eased from last year, boosting assets under management at the firm. Key Points
Reuters120 dead, around 1,000 injured following earthquakes in Afghanistan
According to the China Earthquake Networks Centre, two earthquakes with a magnitude of 6.2 jolted Afghanistan on Saturday, Xinhua news agency reported. Earlier, a statement from the country's National Disaster management Authority said 15 people were dead and 40 were injured, but locals believe the number of casualties could be higher. Key Points
Economic TimesUttarakhand: 2 more bodies found, death toll rises to 7 in Gaurikund landslide
Rescuers on Saturday pulled out two more bodies from the debris of the landslide which swept away three shops in Gaurikund on the way to Kedarnath on August 4, an official said. The death toll in the tragedy has risen to seven while 16 people are still missing, Rudraprayag Disaster management Officer Nandan Singh Rajwar said. Key Points
Economic TimesMukesh Ambani might need a different playbook for Jio moment in AMC business
As Ambanis Jio Financial and US-based BlackRock, the worlds largest asset manager, team up to take on Indias asset management industrys well-entrenched incumbents, corporate watchers are wondering whether this is the Jio Moment for the asset management space. While the scope for Jio BlackRock is immense, it will require more than just repeating the playbook Reliance used in telecom and retail to replicate that success. Key Points
Economic TimesWill Mukesh Ambani help Larry Fink unleash a Mutual Funds genie?
So far our fintech upstarts have by and large failed to convert the naysayers into believing that they will make enough money by selling somebody elses financial products or cross sell their own offerings. Add-ons like insurance or asset management has typically been written off as side shows that are good to have but without significant scale, revenue potential or profit visibility. Key Points
The Economic Times
Three private equity firms eye Rs 2,000-crore Adani Capital buyout
Adani Capital's management - led by former Lehman Brothers and Macquarie investment banker Gaurav Gupta, who joined the conglomerate in 2016 - owns around 10% of the company. Promoters own nearly 90%, which is up for grabs. Key Points
Economic TimesJP Morgan Chase settles case with Sebi, pays Rs 22 lakh
On August 9, 2021, designated depository participant J P Morgan Chase Bank (JPMC), informed Sebi about the delay in intimating about the merger of Fidelity Investments Money management Inc. (FIMM), a registered FPI, with its affiliate Fidelity management & Research Company LLC (FMRC). Key Points
Economic TimesPage Industries badly needs to script a new chapter on growth
In Q3, Page’s revenues grew by just 3% year-on-year. But in Q4, revenues have fallen by almost 13% to ₹969 crore with a 14.6% drop in volume. Key Points
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