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EXCLUSIVE
MCAP OF SEVEN OF TOP-10 VALUED FIRMS TUMBLES OVER RS 1.54 LAKH CR
Reliance Industries continued to rule the chart as the most valued firm,
followed by TCS, HDFC Bank, Infosys, ICICI Bank, Hindustan Unilever, State Bank
of India, HDFC, LIC and Bajaj Finance.
* PTI
* August 28, 2022, 10:26 IST
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New Delhi, Seven of the top-10 valued firms suffered a combined erosion of Rs
1,54,477.38 crore in market valuation last week, with IT majors Tata Consultancy
Services and Infosys emerging as the biggest laggards. Last week, the BSE
benchmark index tanked 812.28 points or 1.36 per cent.
Reliance Industries Limited, ICICI Bank and State Bank of India were the only
gainers in the top-10 pack.
The market valuation of Tata Consultancy Services (TCS) plunged Rs 59,862.08
crore to Rs 11,78,818.29 crore.
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The valuation of Infosys tanked Rs 31,789.31 crore to Rs 6,40,351.57 crore.
HDFC Bank's valuation declined by Rs 16,090.67 crore to Rs 8,13,952.05 crore and
that of Hindustan Unilever fell by Rs 14,814.18 crore to Rs 6,04,079.91 crore.
The market capitalisation (mcap) of Bajaj Finance declined by Rs 14,430.4 crore
to Rs 4,27,605.59 crore and HDFC by Rs 13,031.62 crore to Rs 4,34,644.36 crore.
The valuation of Life Insurance Corporation (LIC) dipped Rs 4,459.12 crore to Rs
4,29,309.22 crore.
On the other hand, Reliance Industries added Rs 3,500.56 crore taking its
valuation to Rs 17,71,645.33 crore.
The mcap of State Bank of India jumped Rs 3,034.37 crore to Rs 4,67,471.16 crore
and that of ICICI Bank climbed Rs 523.02 crore to Rs 6,06,330.11 crore.
Reliance Industries continued to rule the chart as the most valued firm,
followed by TCS, HDFC Bank, Infosys, ICICI Bank, Hindustan Unilever, State Bank
of India, HDFC, LIC and Bajaj Finance. PTI SUM MR
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INDUSTRY
* 6 hrs ago
VEHICLE LOANS HEAD TOWARDS RS 5 LAKH CR MARK, DOUBLE IN LAST THREE YEARS
* 7 hrs ago
SINGAPORE'S SEMBCORP INDUSTRIES TO SELL INDIA ENERGY UNIT FOR $1.5 BILLION
* 7 hrs ago
SERVICE SECTOR ACTIVITY GAINS STEAM, JOB GROWTH RISE MAX IN 14 YEARS
* 23 hrs ago
INDIABULLS HOUSING LAUNCHES TRANCHE II OF NCD ISSUE WITH COUPON RATE UP TO
9.55%
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EDITOR'S PICK
* 39 mins ago
INDIA'S MEGA FINTECH DEAL: YEAR LONG WAIT ENDS, CCI APPROVES PAYU'S
ACQUISITION OF BILLDESK
* 1 hr ago
BANKS, NBFCS NEED TO BRING ALL EXISTING DIGITAL LOANS UNDER NEW RULES BY
NOVEMBER 30
* 6 hrs ago
VEHICLE LOANS HEAD TOWARDS RS 5 LAKH CR MARK, DOUBLE IN LAST THREE YEARS
* 6 hrs ago
CREDIT TO INDUSTRY BREAKS OUT OF RS 28-29 LAKH CRORE RANGE, HITS EIGHT-YEAR
HIGH
* 6 hrs ago
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* 42 days ago
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* 50 days ago
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EXCLUSIVE
VEHICLE LOANS HEAD TOWARDS RS 5 LAKH CR MARK, DOUBLE IN LAST THREE YEARS
Vehicle loan portfolio grows 2.6 per cent month on month and 19.2 per cent in
July to Rs 4.39 lakh crore.
* ETBFSI
Click Here to Read This Story
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After recording contraction during Covid last year, vehicle loans are cruising
back. The vehicle loan portfolio grew 2.6 per cent month on month, according to
RBI's credit data for July 2022.
The segment has recorded an average MoM growth of 2 per cent over the past three
months.
Vehicle loans were up 19.2 per cent year on year and 9 per cent year to date to
Rs 4.39 lakh crore, more than doubling in the past three years from Rs 2 lakh
crore in March 2019.
Vehicle loan disbursals had declined by 3.5 per cent in June 2021. For SBI, auto
loans grew by 10.5 per cent in the first quarter ended June 2022 (5.84 per cent
in June 2021).
For PNB, vehicle advances grew by 34 per cent in the first quarter of the
current financial year over the year-ago period. ICICI Bank registered 17.6 per
cent growth in vehicle advances in Q1.
Bullish on auto loans
Banks are also pushing auto loans. HDFC Bank is betting on 30-minute delivery to
boost its car loan business.
Coined ‘Xpress Car Loans’, the country’s largest private bank is offering
end-to-end car loans to customers within 30 minutes through an online platform
in what it claims is an industry first and probably amongt the first such
offering in the world.
At present, it takes 48-72 hours for a prospective car buyer to secure vehicle
financing. Car loan is the second biggest ticket item for which an individual
customer borrows after home loan.
The bank expects to disburse Rs 10,000-15,000 crore of car loans in FY23 without
a physical presence, led by strong hinterland buying.
While it has started offering hassle-free car financing in half an hour, HDFC
Bank plans to eventually start disbursing two-wheeler loans too through such a
complete digital interface. Car loan disbursals in semi-urban and rural areas
are growing at 40 per cent per annum and in the coming years, 50 per cent of the
incremental sales growth is likely to come from these areas, according to the
company.
The rural thrust of HDFC Bank was seen in the year ended March 2022 when its
hinterland disbursals grew at double the pace when compared to tier I and II
cities.
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EXCLUSIVE
SINGAPORE'S SEMBCORP INDUSTRIES TO SELL INDIA ENERGY UNIT FOR $1.5 BILLION
Sembcorp Energy, one of the largest power producers in India, operates two
coal-fired power plants totalling 2.64 gigawatts, servicing nearly 2.5 million
households.
* Reuters
Click Here to Read This Story
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Singaporean utilities firm Sembcorp Industries has agreed to sell its Sembcorp
Energy India Limited unit to Tanweer Infrastructure Pte for 117.34 billion
rupees ($1.47 billion), it said on Monday.
The deal is part of Sembcorp Industries' strategy to shift to green energy
generation, the company said in a filing to the Singapore Stock Exchange.
Sembcorp Energy, one of the largest power producers in India, operates two
coal-fired power plants totalling 2.64 gigawatts, servicing nearly 2.5 million
households.
Sembcorp said the sale, priced at book value via its wholly owned subsidiary
Sembcorp Utilities Pte Ltd, would result in Tanweer Infrastructure - part of a
consortium led by Oman Investment Corporation and an Omani pension fund -
becoming Sembcorp Energy's sole shareholder.
Speaking at a media briefing on Monday, Sembcorp's Chief Financial Officer
Eugene Cheng said there is a lack of liquidity for financing coal-related assets
in the current market.
Tanweer Infrastructure will finance the purchase via a deferred payment note
provided by SCU, the company said.
Sembcorp's executives said at the briefing that the sale would not mean the
company's exit in India, and that it would invest more in the market and
elsewhere.
Indian local newspaper Mint reported in August that Sembcorp was bidding for
Indian clean energy platform Vector Green Energy.
Sembcorp's President and Chief Executive Wong Kim Yin declined to comment on the
Vector acquisition, but said the group was "constantly on the lookout for new
assets".
The Sembcorp Energy India sale is subject to Sembcorp shareholders' approval in
November and is expected to be completed six months later if regulatory
clearance is obtained.
HSBC's Singapore branch is the sole advisor to the sale, Sembcorp said.
($1 = 79.8230 Indian rupees)
(Reporting by Savyata Mishra in Bengaluru and Kane Wu in Hong Kong; Editing by
Dhanya Ann Thoppil and Jan Harvey)
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EXCLUSIVE
SERVICE SECTOR ACTIVITY GAINS STEAM, JOB GROWTH RISE MAX IN 14 YEARS
Activity in the country’s crucial services sector remained robust in August on
the back of new business while employment witnessed the sharpest rise in 14
years, a survey showed on Monday.
* TNN
Click Here to Read This Story
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NEW DELHI: Activity in the country’s crucial services sector remained robust in
August on the back of new business while employment witnessed the sharpest rise
in 14 years, a survey showed on Monday.
Rising from July's four-month low of 55.5 to 57.2 in August, the S&P Global
India Services PMI Business Activity index highlighted a rebound in growth. The
upturn was attributed to stronger gains in new business, ongoing improvements in
demand, job creation and overtime work. The survey is compiled from responses to
questionnaires sent to a panel of around 400 service sector companies.
The Covid-19 pandemic had sharply hurt the service sector and led to massive job
losses as businesses closed down. Since the lifting of curbs, the sector has
rebounded as economic activity gathered momentum. Growth is expected to be in
the 7-7% range in the current fiscal year although inflation and the global
economic slowdown have emerged as key risks to faster expansion.
.Amid reports of favourable demand conditions and successful advertising, there
was a further increase in new business placed with services firms during August.
The rate of expansion was sharp and quickened from July. Services companies
expect output growth over the coming 12 months, with sentiment rising to its
highest level in over four years. Optimism was centred on forecasts of ongoing
improvements in demand and planned marketing. At the sub-sector level, there
were quicker increases in new business and output in transport, information and
communication and finance and insurance, the survey results showed.
"Finance and insurance was the brightest area of the service economy in August,
leading with regards to growth of sales and output. As for input cost inflation,
Consumer Services topped the sector rankings but it was in Transport,
Information & Communication that the fastest rise in selling prices was
recorded." said Pollyanna De Lima, economics associate director at S&P Global
Market Intelligence.
The combination of strong sales and upbeat growth projections underpinned a
substantial increase in payroll numbers across the service sector. The rate of
job creation picked up to the strongest in over 14 years. Employment trends
improved in each of the four monitored sub-sectors, according to the survey.
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EXCLUSIVE
INDIABULLS HOUSING LAUNCHES TRANCHE II OF NCD ISSUE WITH COUPON RATE UP TO 9.55%
The Tranche II Issue has a base issue size of Rs. 100 crores with an option to
retain oversubscription up to Rs 900 crores, aggregating up to Rs. 1,000 crores.
* ETBFSI
Click Here to Read This Story
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Indiabulls Housing Finance Ltd on Monday opens the public issue of secured,
redeemable, non-convertible debentures of the face value of Rs. 1000 each. The
Tranche II issue will close on September 22, 2022. The issue has a base size of
Rs. 100 crores.
“The Tranche II Issue has a base issue size of Rs. 100 crores with an option to
retain oversubscription up to Rs 900 crores, aggregating up to Rs. 1,000 crores
(“Tranche II Issue”). The Tranche II issue offers various series of NCDs for
subscription with coupon rates ranging from 8.33% to 9.55% per annum,”
Indiabulls said in a release.
“The NCDs are proposed to be listed on BSE Limited and NSE with BSE as the
Designated Stock Exchange for the Tranche II issue. The NCDs have been rated
CRISIL AA/Stable by CRISIL Ratings Limited and [ICRA]AA (Stable) by ICRA
Limited,” it added.
The NCDs under the Tranche II Issue have tenures of 24 months (Series I, II,
III), 36 months (Series IV, V, VI), and 60 months (Series VII, VIII). Effective
yield (per annum) for the NCD holders in Category I (Institutional Investors) &
Category II (Non-Institutional Investors) ranges from 8.64% to 9.05% and for
Category III (High Net-worth Individual Investors) and Category IV (Retail
Individual Investors) holders ranges from 9.04% to 9.54%.
Interest payment modes for the NCDs are Annually, Monthly or Cumulative as per
the series selected by the investors. Amount on maturity for the NCD holders in
Category I (Institutional Investors) & Category II (Non-Institutional Investors)
ranges from Rs. 1,000 to Rs. 1,288.21per NCD and for Category III (High
Net-worth Individual Investors) and Category IV (Retail Individual Investors)
holders ranges from Rs. 1,000 to Rs. 1,306.07 per NCD.
The Company is also offering an additional incentive of 0.25% to the Category
III and Category IV Investors in the proposed Tranche II Issue who are also
holders of NCD(s)/bond(s) previously issued by Company, and/or its Subsidiaries
as the case may be, and/or are equity shareholder(s) of Indiabulls Housing
Finance Limited as the case may be (“Primary Holder(s)”) on the Deemed Date of
Allotment and applying in Series I, Series III, Series IV, Series VI, Series VII
and/or Series VIII, provided the NCDs issued under the proposed Tranche II Issue
are held by the investors on the relevant Record Date applicable for payment of
respective coupons, in respect of Series I, Series III, Series IV, Series VI,
Series VII and Series VIII.
The Lead Managers to the Tranche II Issue are Edelweiss Financial Services
Limited, A. K. Capital Services Limited, IIFL Securities Limited and Trust
Investment Advisors Private Limited. IDBI Trusteeship Services Limited is the
Debenture Trustee to the Tranche II Issue.
Net proceeds of the Tranche II Issue, after meeting the expenditures of and
related to the Tranche II Issue, shall be utilised for the purpose of onward
lending, financing, and for repayment of interest and principal of existing
borrowings of the Company and general corporate purposes.
As at June 30, 2022, consolidated cash and cash equivalents of the Company were
Rs 4,614.55 crores and Borrowings (other than Debt Securities) of Rs 31,955.59
crores on balance sheet.
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EXCLUSIVE
FORMER RBI GOVERNOR D SUBBARAO CALLS LOW Q1 GDP GROWTH CAUSE FOR CONCERN
India's economy expanded 13.5 per cent in the April-June quarter, the quickest
pace in a year. As per the RBI's estimates, the country's GDP is expected to
witness a growth of 7.2 per cent in the current financial year.
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Former RBI governor D Subbarao on Sunday India's GDP growth of 13.5 per cent in
the April-June quarter of 2022-23 has turned out be a cause for 'disappointment
and concern', as there was expectation of a bigger bounce back from the first
quarter of last year when economic activity was crippled by the Delta wave of
Covid-19.
Subbarao added that risk factors for the country's growth outlook in the short
term include high commodity prices, possibility of a global recession, monetary
tightening by the RBI and an uneven monsoon that could threaten crop output,
especially of rice.
"The economy clocked growth of 13.5 per cent in the first quarter (April-June)
of this fiscal year which would have been cause for celebration in any other
circumstance.
"In the event, it's turned out be a cause for disappointment and even concern,"
PTI quoted Subbarao in an interview.
India's economy expanded 13.5 per cent in the April-June quarter, the quickest
pace in a year. As per the RBI's estimates, the country's GDP is expected to
witness a growth of 7.2 per cent in the current financial year.
"Disappointment because there was expectation of a bigger bounce back from the
first quarter of last year when economic activity was crippled by the Delta
wave," he said.
The GDP growth, though lower than the Reserve Bank of India (RBI) estimate of
16.2 per cent, was fuelled by consumption and signalled a revival of domestic
demand, particularly in the services sector.
According to Subbarao, the GDP growth in the first quarter turned out to be a
cause of concern because contrary to what the headline numbers indicate, there
has in fact been a slowdown in the growth momentum which points to growth
decelerating further in the quarters ahead.
Gross domestic product (GDP) growth of 13.5 per cent year-on-year compares to a
20.1 per cent expansion a year back and 4.09 per cent growth in the previous
three months to March.
He observed that in order to get to USD 5 trillion over the next 4-5 years,
India should be growing consistently at 8-9 per cent which requires us to be
firing on all cylinders, but most of the country's growth drivers are ebbing.
In 2019, Prime Minister Narendra Modi envisioned to make India a USD 5 trillion
economy by 2024-25.
According to Subbarao, while private investment, which has been subdued for the
last several years, has yet to take off, exports which drove the strong recovery
last year are facing headwinds because of a global slowdown. Besides, raising
public investment will be challenged by fiscal constraints.
"As a result, the sole engine that drove growth in the past quarter was private
consumption which expanded robustly on account of the services sector reopening,
but whether it can be sustained will depend on the benefits of growth going to
the lower income segments of the population," he argued.
To a query on weakening of the Indian rupee to a record low, Subbarao said the
rupee has depreciated by about 7 per cent against the US dollar on account of
capital outflows and a rising current account deficit.
Even so, the rupee has been more resilient compared to other emerging market
currencies, as reflected in the broader 40 currency real effective exchange rate
(REER) which is still over 100, Subbarao said.
"Rupee movement going forward will largely depend on commodity prices and
financial conditions in the global economy, in particular the monetary policy
stance of the US Federal Reserve," he noted.
Asked what does rupee at 80 to a dollar mean for common Indians, he said
depreciation will bring in imported inflation but it will also be expansionary
in the sense that it will provide support for exports.
"The challenge for policymakers is to determine to what extent the rupee should
be allowed to be a shock absorber given these conflicting objectives," PTI
quoted him saying.
Responding to a question on the widening trade deficit, he said while export
prospects will be dented by the global slowdown, the import bill will remain
elevated because of high commodity prices.
"It's axiomatic that narrowing the trade deficit will require us to raise our
exports and reduce our imports," Subbarao said, but added that this should not
mean going back to the protectionist regime of the pre-reform era.
The merchandise trade deficit has been widening month on month with a record
high of USD 31 billion in July, up from USD 29 billion in June, driven by
falling export growth and sticky imports.
While noting that the production linked incentive (PLI) scheme is a big
incentive for exports and the government should expand the sectors covered by
PLI cautiously based on experience gained, he said further export incentives
beyond the PLI will be inadvisable as they will breed inefficiency, besides
being costly.
(With inputs from PTI)
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EXCLUSIVE
INDIA SET TO BECOME 3RD LARGEST ECONOMY IN THE WORLD, REPORT SAYS
The Indian economy has undergone a large structural shift in the last eight
years and is currently the 5th largest economy in the world after overtaking the
United Kingdom. Going ahead, India is expected to pip Germany in 2027 and Japan
by 2029 at the current rate of growth, as per a State Bank of India (SBI)
research report.
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The Indian economy has undergone a large structural shift in the last eight
years and is currently the 5th largest economy in the world after overtaking the
United Kingdom. Going ahead, India is expected to pip Germany in 2027 and Japan
by 2029 at the current rate of growth, as per a State Bank of India (SBI)
research report.
The path taken by India since 2014 reveals India is likely to get the tag of 3rd
largest economy in 2029, a movement of 7 places upwards since 2014 when India
was ranked 10th, according to a research report from the State Bank of India's
Economic Research Department. India should surpass Germany in 2027 and most
likely Japan by 2029 at the current rate of growth.
This is a remarkable achievement by any standards, said the report, authored by
Soumya Kanti Ghosh, Group Chief Economic Adviser, SBI.
India, a former British colony, leapt past the UK in the final three months of
2021 to become the fifth-biggest economy. The calculation is based in US
dollars, and India extended its lead in the first quarter, according to GDP
figures from the International Monetary Fund.
India's GDP growth in Q1 FY23 was 13.5 per cent. At this rate, India is likely
to be the fastest growing economy in the current fiscal. Interestingly, even as
estimates of India's GDP growth rate for FY23 currently range from 6.7 per cent
to 7.7 per cent, we firmly believe that it is immaterial. In a world that is
ravaged by uncertainties, we believe 6 per cent to 6.5 per cent growth is the
new normal, the report noted.
The share of India's GDP is now at 3.5 per cent, as against 2.6 per cent in 2014
and is likely to cross 4 per cent in 2027, the current share of Germany in
global GDP.
Broad-based growth of empowerment will also lift India's per capita income from
current levels and this could also as a force multiplier for a better tomorrow.
The Indian economy is forecast to grow more than 7% this year. A world-beating
rebound in Indian stocks this quarter has just seen their weighting rise to the
second spot in the MSCI Emerging Markets Index, trailing only China’s.
(With agency inputs)
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EXCLUSIVE
FESTIVE CROWDS SOLD ON GOLD AS RATES DIP 4% IN A MONTH TO RS 50,400/10 GM
Gold rates have fallen in India on weak global cues. The market has reacted
sharply to the US Federal Reserve chair Jerome Powell's statement that the
central bank will continue its restrictive policy measures.
* Sutanuka Ghosal
* ET Bureau
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Kolkata: A 4% fall in gold prices in the past month to about ₹50,400 per 10 gm
has spurred gold sales ahead of the festive season, with major retailers such as
Malabar Gold & Diamonds, Senco Gold & Diamonds and Joyalukkas witnessing
increasing footfall since the last week of August.
Gold purchase has picked up in Maharashtra on the occasion of Ganpati festival,
with average purchases doubling to 20 gm, said jewellers.
Gold rates have fallen in India on weak global cues. The market has reacted
sharply to the US Federal Reserve chair Jerome Powell's statement that the
central bank will continue its restrictive policy measures.
"The gold price drop ahead of the festive season will boost consumer demand, as
it presents buying opportunities to fulfil pent-up demand for gold jewellery,"
said MP Ahammed, chairman of Kerala-based Malabar Gold & Diamonds.
"As the economy is in revival mode and consumers are coming to the stores to
purchase jewellery, the gold price decrease will set the stage for a great
beginning to a full-fledged festive and wedding season after the pandemic. We
are witnessing growth in footfall and sales at our stores after the gold price
drop," he said.
In Maharashtra, gold purchase has picked up on the occasion of Ganpati festival.
Positive Sentiment
Nitin Khandelwal, former chairman of All India Gem & Jewellery Domestic Council,
said, "The drop in prices and a good monsoon have uplifted the mood of rural
Maharashtra. They are buying gold and ticket size has doubled from 10 gm to 20
gm. Also, gold purchase for the upcoming wedding season has picked up."
Demand has also seen an uptick in the price-sensitive eastern markets. Suvankar
Sen, managing director of Kolkata-based Senco Gold & Diamonds, said,
"Definitely, footfall has increased at our stores after the fall in prices. If
this momentum continues, it will be good for festive season sales. If prices
fall further, then demand will go up further."
Muthu Venkatram, president, Coimbatore Jewellery Manufacturers Association, said
demand would have been more if the government had not increased the import duty
on gold to 12.5% from 7.5%. "This has made gold costlier," he said.
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EXCLUSIVE
CYRUS MISTRY'S DEATH A BIG LOSS TO INDUSTRY: PM MODI
Cyrus and his brother have a combined net worth of $29 billion, majority of
which is derived from SP's 18.4% stake in Tata Sons.
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MUMBAI: Calling Cyrus Pallonji Mistry's death shocking, Prime Minister Narendra
Modi tweeted, "He was a promising business leader... His passing away is a big
loss to the world of commerce and industry." Tata Sons chairman N Chandrasekaran
said Mistry had a passion for life and it was tragic he died at just 54.
Soft-spoken, easy-going, Cyrus was youngest to head Tata Group
Until a decade ago, Mistry was little known in business circles. He did not
enjoy the limelight, preferring to work behind the scenes at his family's
construction and real estate business, Shapoorji Pallonji & Co (SP). But he hit
headlines when he was named the sixth and youngest chairman of Tata Sons at age
44 in 2012. Though reluctant to step into the big shoes of Ratan Tata, he
accepted the responsibility after some persuasion from his predecessor and other
family members.
He was the second chairman after Nowroji Saklatwala - who led Tata Sons from
1932 to 1938 - to not bear the Tata surname. Cyrus, the brother-in-law of Noel
Tata, half-brother of Ratan Tata, gave up his operational role in SP to take up
the assignment at Tata Sons. People described him as soft-spoken with an
unassuming exterior; affable with an easy-going attitude. "You gave me an
opportunity no one else would have and mentored me with patience. (You) let me
argue in front of others which no other promoter would have tolerated," tweeted
Nirmalya Kumar, who headed strategy at Tata Sons when Cyrus was the chairman.
After four years at the top, Cyrus was ousted from Tata Sons in a boardroom coup
in 2016 which brought Ratan Tata back as chairman. Cyrus's tenure at the helm
had been the shortest.
"When he joined the Tata Group, he set as a priority the befriending of a large
number of people in the group. He made the effort to connect with them and get
to know them in a very short period of time. He came to grips with the
challenges of the job. Hindsight suggests that, in the process of consultation
and execution, he was misunderstood or he misjudged, or a bit of both," said
former Tata Sons director R Gopalakrishnan. Cyrus's removal sparked a showdown
between him and the holding company of the $103-billion Tata conglomerate, in
which SP has held a stake since 1965.
When he was with Tata Sons, he never gave an interview, but he spoke up after
his exit. The legal battle between Cyrus and Tata Sons ended recently with the
Supreme Court dismissing the former's allegations. The sudden demise of Cyrus
(54), is the latest blow for the SP group-whose patriarch Pallonji Mistry,
Cyrus's father-died in June at the age of 93. Established in 1865, SP is known
for iconic constructions like the Reserve Bank of India in Mumbai, the
Presidential office in Ghana and the Palace of HM Sultan Qaboos bin Said al Said
in Muscat. After Cyrus's stint in Tata Sons, he did not take back management
control at SP (his older brother Shapoor is the chairman of the company).
Instead, he had carved out something for himself. He floated a venture capital
fund, Mistry Ventures, to back startups. "One of the sharpest minds I have come
across," said close pal and partner of law firm Desai and Dewanji, Apurva Desai.
Cyrus and his brother have a combined net worth of $29 billion, majority of
which is derived from SP's 18.4% stake in Tata Sons. They own equal stakes in
SP. After the legal case with Tata Sons ended, Cyrus shifted to Dubai and was
overseeing SP's international operations, making monthly trips to Mumbai. His
two children, Firoz and Zahan, have recently joined SP.
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EXCLUSIVE
KRISHNAN SANKARASUBRAMANIAM APPOINTED AS MD, CEO OF TAMILNAD MERCANTILE BANK
He was the Executive Director of Canara Bank from 1st April 2020 to 3rd
September 2020, prior to joining Punjab & Sind Bank as MD & CEO and was
Executive Director of Syndicate Bank from 1st November 2017 to 31st March 2020.
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The Board of Directors of Tamilnad Mercantile Bank Ltd. has appointed veteran
banker Krishnan Sankarasubramaniam (aka S Krishnan) as the Managing Director &
CEO with effect from 4th September 2022 as term of the incumbent MD & CEO K V
Rama Moorthy ends on 3rd September 2022, the bank said in a press note.
This is a unique instance where the date of new CEO's term coincides with the
opening of the public issue of the Bank. The appointment of Krishnan as the
Managing Director & CEO with effect from 4th September 2022 for a term of 3
years has been approved by the Reserve Bank of India (RBI), pursuant to its
letter of approval dated 18th August 2022.
Prior to joining the Bank, Krishnan was the MD & CEO of Punjab and Sind Bank
from 4th September 2020 to 31st May 2022. During his period there was total
transformation of the Bank be it digital, IT, risk, compliance, monitoring,
recovery, business development or HR. He played a crucial role in bank’s
turnaround leading to bank registering highest ever profit in 2021-22.
He was the Executive Director of Canara Bank from 1st April 2020 to 3rd
September 2020, prior to joining Punjab & Sind Bank as MD & CEO and was
Executive Director of Syndicate Bank from 1st November 2017 to 31st March 2020.
As Executive Director at Syndicate Bank and Canara Bank he was overseeing almost
all the key portfolios of the Banks more particularly Corporate Credit,
Integrated Treasury, Risk Management, Compliance besides HR. He spearheaded the
merger process of Syndicate Bank with Canara Bank.
Being Tech Savvy person, Krishnan always trusted technology as the game changer
in the Banking and accordingly took several initiatives to digitize the
processes in different fields wherever he has worked.
Krishnan started his Banking career in January 1983 at Indian Bank. In a career
spanning more than three decades, he gained expertise in almost all the key
areas of banking. He headed vital verticals of the Bank like Risk Management,
Information Systems Security, HR etc. He was also Executive Secretary to the
Board of Indian Bank.
He is a Post Graduate in Commerce (Bachelor’s degree in commerce from Madurai
Kamaraj University) and a qualified Cost Accountant. He is also a Certified
Associate of Indian Institute of Bankers (CAIIB). He was a member of the
Managing Committee of IBA and also alternate Chairman of IBA’s Standing
Committee on Agriculture & Allied Activities. He was also a member of IBA's
Sub-Committee on Performance Management System in Public Sector Banks.
Tamilnad Mercantile Bank has raised Rs 363.53 crore from anchor investors ahead
of its initial public offering share sale, which opens for public subscription
on Monday, 5th September 2022) and concludes on Wednesday (7th September 2022).
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EXCLUSIVE
FORMER CHAIRMAN OF TATA SONS CYRUS MISTRY DIES IN ROAD ACCIDENT IN MUMBAI
Mistry, who was the sixth chairman of Tata Sons, was ousted from the position in
October 2016. He had taken over as chairman in December post Ratan Tata’s
retirement.
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Former Chairman of Tata Sons Cyrus Mistry was killed in a car accident in
Palghar on Sunday. Mistry was travelling from Ahmedabad to Mumbai in a Mercedes
car.
"The accident took place around 3.15 pm, when Mistry was travelling to Mumbai
from Ahmedabad. The accident took place on a bridge over the Surya river. It
seems an accident," PTI quoted a police official as saying.
"Cyrus Mistry, former Chairman of Tata Sons, while travelling from Ahmedabad to
Mumbai, died in a road accident after his car hit a divider. 4 people were
present in the car; 2 died on spot & 2 were moved to hospital," ANI quoted
Palghar police officials as saying.
Mistry, an Irish businessman of Indian origin, was the chairman of Tata Group,
an Indian business conglomerate, from 2012 to 2016.
He was the sixth chairman of Tata Sons, was ousted from the position in October
2016. He had taken over as chairman in December post Ratan Tata’s retirement.
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