Business Standard

SKS Micro rallies on cost-cutting steps, cabinet nod for MFI bill

Reduced headcount by 1,200 employees and close down 78 branches in Andhra Pradesh

Related News

SKS Microfinance has rallied 19% to Rs 106 after India's largest micro-lender announced its decision to reduce headcount by 1,200 employees and close down 78 branches in Andhra Pradesh. The company presently employs 3,400 employees across 180 branches in Andhra Pradesh.

“Closing down branches and reducing headcount are extremely painful decisions for us, but these have become urgent in view of the present financial situation,” said Mr M R Rao, Managing Director and CEO, Limited

On account of the situation prevailing in for the microfinance sector in the past 18 months, the company has incurred a loss of Rs 1,360 crore during the year ending March 2012, it added.

Meanwhile, the Cabinet on Thursday approved a Microfinance (MFI) bill with proposals to set up a development council and appointing the Reserve Bank of India (RBI) as regulator, the report suggests.

As many as a combined 859,803 shares have already changed hands on the counter in opening trades, against an average sub 350,000 shares that were traded daily in past two weeks on both the exchanges.

Read more on:   
|
|

Read More

Agri Min proposes Rs 170/quintal hike in paddy MSP

In view of rising farm input costs, the Agriculture Ministry has proposed a Rs 170 per quintal increase in the minimum support price (MSP) of paddy ...

Quick Links

 

Market News

Markets open at fresh high; Nifty above 8,200

The 30-share Sensex is up 123 points at 123 and the 50-share Nifty has gained 37 points at 8,206.

NCDEX reduces rental charges of warehouses

Will be applicable from 1 November

Today's picks- 30 October 2014

Nifty, Bank Nifty, Reliance Industries, IDFC & HCL Tech

RBI lifts curbs on share purchase of ING Vysya Bank by FIIs

FIIs held 27.81% shares in the bank as of quarter ended September 30, 2014

Sesa Sterlite stock falls 3% on weak Q2 performance

Slow commissioning of projects with low return potential has been affecting the company's performance, say analysts

Back to Top