Partha Pratim Sengupta is set to take over as MD and CEO of Bandhan Bank on November 1, filling a four-month leadership gap. His immediate challenges will include addressing asset quality stress and containing operational expenses. Analysts expect strategic realignment under his leadership, focusing on strengthening the bank’s liability franchise and reducing microfinance loan share.
Posts in category Economic Times
NRI deposits flows doubled to $7.8 bn in April-August: RBI Bulletin (21-10-2024)
The Indian diaspora is showing strong confidence in the Indian economy, with NRI deposit inflows more than doubling to $7.8 billion from April to August this year, compared to $3.7 billion in the same period last year, according to the Reserve Bank of India.
Mahindra Logistics Q2 Results: Profit falls 54% to Rs 8.5 crore (21-10-2024)
Mahindra Logistics Ltd reported a 54% decline in standalone PAT to Rs 8.5 crore for Q2 FY25, despite a 9% revenue increase to Rs 1,236 crore. Strong growth was seen in 3PL logistics, cross border, and last mile delivery segments, with future expectations optimistic due to investments and the festive season peak.
Rupee closes at record low of 84.0725 against US dollar on outflows, strong dollar index (21-10-2024)
The Indian rupee hit a record low of 84.0725 against the US dollar, driven by outflows from local equities and debt, and Hyundai’s fund repatriation. The Reserve Bank of India’s likely intervention helped limit further losses, while fluctuations in the dollar index ahead of US elections also influenced the rupee’s performance.
CD&R makes Rs 2,983 cr open offer for 26% stake in Sanofi Consumer Healthcare India (21-10-2024)
Global investment firm CD&R announces an open offer to acquire a 26% stake in Sanofi Consumer Healthcare India for up to Rs 2,983 crore. This follows exclusive negotiations to acquire a controlling stake in Opella. The offer price is Rs 4,982.05 per share, aiming to secure 60.4% voting rights after the deal completion.
Jana Small Finance Bank Q2 Results: Net profit slides 21% YoY to Rs 97 crore (21-10-2024)
The bank’s non-performing assets ratio increased to 2.97% in September, up from 2.44% a year earlier. Provisions rose to Rs 210 crore from Rs 160 crore, impacting net profit. Pre-provision operating profit reached Rs 299 crore, slightly above last year’s Rs 283 crore, while net interest income increased to Rs 594 crore from Rs 526 crore.
Stable trend in financials crucial for Godavari Biorefineries (21-10-2024)
Godavari Biorefineries aims to raise Rs 555 crore through an IPO scheduled for October 23-25, 2024. The funds will be used to repay debt and for an offer for sale. The promoter stake will drop from 81% to over 63%. The company produces sugar, ethanol, and bio-based chemicals, with significant market presence in these sectors.
City Union Bank Q2 Results: PAT rises to Rs 285 crore, NIM at 3.67% (21-10-2024)
City Union Bank reported a net profit of Rs 285 crore for Q2, a slight increase from Rs 281 crore last year. Asset quality improved, with gross NPAs dropping to 3.54%. The bank’s net interest margin slightly decreased to 3.67%, while operating profit saw an 11% rise to Rs 428 crore.
Will Hyundai India’s listing offer some cheer to investors? What analysts expect (21-10-2024)
Hyundai Motor India IPO: While short-term listing gains may be limited, analysts believe Hyundai’s strong fundamentals make it a compelling long-term investment. The company has consistently maintained a stable market presence in India, benefiting from a loyal consumer base due to its reliable and affordable after-sales service.
Gold, silver hit all-time high on Diwali demand (21-10-2024)
Gold prices reached a new high of Rs 80,650 per 10 grams in the national capital. Silver also rose significantly by Rs 5,000 per kg, reaching Rs 99,500 per kg. The hike was driven by the Middle East conflict, rate cuts by the People’s Bank of China, and increased demand during the festive season.