Tuesday, August 4News That Matters

Tag: Business news

Sashidhar Jagdishan HDFC: RBI gives nod for Sashidhar Jagdishan as Aditya Puri’s successor at HDFC Bank | India Business News – Times of India
Business

Sashidhar Jagdishan HDFC: RBI gives nod for Sashidhar Jagdishan as Aditya Puri’s successor at HDFC Bank | India Business News – Times of India

Sashidhar Jagdishan (File photo)MUMBAI: The Reserve Bank has confirmed the name of Sashidhar Jagdishan to succeed Aditya Puri as the chief executive and managing director of HDFC Bank, two sources said on Tuesday. Jagdishan, currently working as the 'change agent' of the largest private sector lender and head of finance, has been with the bank since 1996, and the appointment will put an end to one of the most keenly watched successions in the banking industry. Puri is widely credited with building the bank from scratch and leading it for the last 25 years to be the second largest by assets and also the most valued lender by investors. Puri retires on October 20. The Reserve Bank of India (RBI), which was given a list of candidates in an order of priority, conveyed its approval to Jagdis...
Sensex rallies 748 points; RIL, HDFC Bank sparkle
Business

Sensex rallies 748 points; RIL, HDFC Bank sparkle

Image Source : PTI Sensex rallies 748 points; RIL, HDFC Bank sparkle Domestic equity benchmark Sensex soared 748 points on Tuesday, led by massive buying in index majors Reliance Industries and HDFC Bank amid heavy foreign fund inflows and a positive trend in global equities. The BSE Sensex settled 748.31 points or 2.03 per cent higher at 37,687.91, while the NSE Nifty rallied 203.65 points or 1.87 per cent to 11,095.25. Reliance Industries was the top gainer in the Sensex pack, surging around 7 per cent. HDFC Bank jumped nearly 4 per cent after the RBI approved the appointment of Sashidhar Jagdishan as Managing Director and CEO of the bank for a period of three years. Maruti, Axis Bank, HDFC, ICICI Bank and Bajaj Finance also finished with gains. On the other hand, Tech Mahindra, In...
Four simple ways to check your EPF balance: Things to know – Times of India
Business

Four simple ways to check your EPF balance: Things to know – Times of India

(File photo)NEW DELHI: Retirement fund body EPFO (Employees Provident Fund Organisation) has enabled its online services to allow subscribers to check their account balance from the comfort of their homes amid the ongoing Covid-19 pandemic. Registered EPFO subscribers can know their latest PF contributions and available balance either by sending an SMS (short messaging service), giving a missed call, using mobile application or by logging in to their website. Additionally, they can also obtain EPF statements. Here are the four easy ways to check your EPF balance:1) Check EPS balance through SMS* EPFO member having an activate UAN (Universal Account Number) can send an SMS at 7738299899 to know the balance * SMS must be sent from the registered mobile number * The facility is available i...
India blocks top Chinese apps Baidu, Weibo, to be taken off from app stores – Times of India
Business

India blocks top Chinese apps Baidu, Weibo, to be taken off from app stores – Times of India

NEW DELHI: Baidu Search and Weibo, among the most influential apps of China and dubbed as the country’s answer to Google search and Twitter respectively, have been blocked in India. Weibo, launched in 2009 by Sina Corporation, has over 500 million registered users globally. It had Prime Minister Narendra Modi as one of its star users after he opened an account on the Chinese microblogging website in 2015 ahead of his visit to the neighbouring country. The inaugural post of Modi — who had over 2 lakh followers on the site with 100-plus posts — had read, “Hello China! Looking forward to interacting with Chinese friends through Weibo” (the PM quit Weibo recently following the heightened tensions). Baidu has been testing waters in India (one of its significant products here is Facemoji keyb...
Sensex rises over 250 points in early trade; Nifty above 10,900
Business

Sensex rises over 250 points in early trade; Nifty above 10,900

Image Source : PTI Sensex rises over 250 pts in early trade; Nifty above 10,900 Domestic equity benchmark Sensex jumped over 250 points in the opening session on Tuesday tracking massive foreign fund inflow and gains in global equities. The BSE Sensex was trading 238.55 points or 0.65 per cent higher at 37,178.15; while the NSE Nifty was up 70.95 points or 0.65 per cent at 10,962.55. ONGC was the top gainer in the Sensex pack, rising over 1 per cent, followed by ITC, Asian Paints, Reliance Industries, Maruti, Bajaj Auto and NTPC. On the other hand, IndusInd Bank, HCL Tech, Tech Mahindra, PowerGrid and Bajaj Finance were among the laggards. In the previous session, the 30-share Sensex ended 667.29 points or 1.77 per cent lower at 36,939.60, while the NSE Nifty tumbled 181.85 points or...
Biyani’s personal debt final item in $3bn RIL-Future deal – Times of India
Business

Biyani’s personal debt final item in $3bn RIL-Future deal – Times of India

BENGALURU: Negotiations over resolving the personal debt of Kishore Biyani, amounting to about Rs 2,000 crore, is one of the final key items as the deal between Reliance Industries (RIL) and Future Group reaches its final leg, said two sources familiar with the development. The enterprise value of the retail assets expected to be acquired by RIL stands at around $3 billion, or Rs 22,700 crore, including the debt to be assumed, said sources. The Mukesh Ambani-led RIL is also likely to acquire up to a 10-15% minority stake in the group’s fast-moving consumer goods (FMCG) business Future Consumer, said these sources. “While the deal was expected to close last week, issues over the personal debt at promoter holding companies like Future Corporate Resources have to be resolved as the retail ...
Tata Motors to drive in foreign partner in passenger vehicle biz – Times of India
Business

Tata Motors to drive in foreign partner in passenger vehicle biz – Times of India

Representational photo.MUMBAI: Tata Motors has set the ball rolling to induct a foreign strategic partner in its India passenger vehicle business by transferring the unit to a wholly owned subsidiary for Rs 9,417 crore. The flagship of the Tata Group is in talks with multiple automakers, including European and East Asian players, to sell up to a 49% stake in its India passenger vehicle business, which accounted for 4% (Rs 10,297 crore) of its turnover in fiscal 2020. The move comes 12 years after Tata Motors acquired Jaguar Land Rover (JLR) from Ford for $2.3 billion. The deal catapulted the Indian company into the club of the largest automotive players in the world. “The India passenger car business is something that we want to run and hence, we will not hand over majority control of t...
With eye on China, India looks to increase barriers on imports from Asia – Times of India
Business

With eye on China, India looks to increase barriers on imports from Asia – Times of India

NEW DELHI: New Delhi is considering measures to prevent trade partners mainly in Southeast Asia from re-routing Chinese goods to India with little added value, two government sources said, amid strained ties with Beijing and a push for self-reliance. India is planning to raise quality standards of imports, impose quantity restrictions, mandate stringent disclosure norms and initiate more frequent checks at ports of entry for goods coming from many Asian countries, the officials said, declining to be named as they were not authorised to talk to the media. The moves will mainly target imports of base metals, electronic components for laptops and mobile phones, furniture, leather goods, toys, rubber, textiles, air conditioners and televisions, among other items, the officials said. Last we...
Fare bands in place, DGCA asks SpiceJet to stop sale that gives discount coupons – Times of India
Business

Fare bands in place, DGCA asks SpiceJet to stop sale that gives discount coupons – Times of India

(Representative image)NEW DELHI: The DGCA has asked SpiceJet to stop selling tickets under a special sale it started Monday morning under which the cash-strapped airline was offering one-way base fares starting at Rs 899 (excluding taxes) on its domestic network. When domestic flights were allowed to resume on May 25, the government had set the minimum and maximum fares on each route to ensure that airlines neither overcharge passengers nor do they charge unsustainably low fares and end belly up. The fare bands are effective till November 24, for now. Hence, when SpiceJet announced its sale on Monday morning under which it was offering base fares starting at Rs 899 on some routes and/or offering complimentary flight voucher of up to Rs 2,000 for being redeemed on next booking, the Direc...
Sensex plunges 667 points to close at 36,940; Nifty ends below 10,900 – Times of India
Business

Sensex plunges 667 points to close at 36,940; Nifty ends below 10,900 – Times of India

(Representative image)NEW DELHI: Equity indices finished lower for the fourth straight session on Monday with the benchmark BSE sensex falling over 650 points dragged by financial and banking stocks. The 30-share BSE index fell 667 point or 1.77 per cent to close at 36,940; while, the broader NSE Nifty settled 174 points or 1.57 per cent lower at 10,900. IndusInd Bank, Kotak Bank, ONGC, Reliance, Axis Bank, HDFC Bank, Bajaj Auto, Bajaj Finance were the major laggards in the sensex pack falling as much as 4.41 per cent. While Titan, Tata Steel, HCL Tech, L&T, SBI and Nestle India were the only gainers rising up to 3.19 per cent. On the NSE platform, sub-indices Nifty Private Bank, Financial Services and Bank plunged up to 2.89 per cent. According to experts, foreign fund outflow, con...