SPONSORED BY

Auto Segment
Mutual Fund Segment
My Budget
Expert Speak
In Association With
 
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 ...

Recommended for you

Quick Links

Market News

Cotton prices rise on CCI procurement, lower yield estimates

Improvement in international prices has also made exports viable

Oil won't swing back to $100 soon: Analysts

Last summer, after an unusually long period of relative stability, oil prices embarked on a downward journey, decreasing by half in just six ...

Mutual Fund AUM top Rs 12 lakh crore

Equity inflows for the financial year cross Rs 61,000 cr

Ortel IPO fails to liquidate PE's holding

The Rs 240-crore IPO of the cable and internet services provider, which ended on Thursday, failed to garner full subscription

Govt proposal to halt trading irks market participants

Market raps disinvestment department's proposal to Sebi for suspension of trading in a stock during divestment as ill-conceived, unfair and ...

 

Back to Top