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Page 114 - Business Finance

Azim Premji to retire as executive chairman of Wipro; son Rishad to take over

IT czar Azim Premji will retire as executive chairman of Wipro with effect from July 30, but will continue to serve on the board as non-executive director and founder chairman, the company said in a statement. His son Rishad Premji, chief strategy officer and a board member, will take over as the executive chairman of the company. "Azim Premji, one of the pioneers of the Indian technology industry and founder of Wipro Limited, will retire as executive chairman upon the completion of his current term on July 30, 2019, after having led the company for 53 years. However, he will continue to serve on the board as non-executive director and founder chairman," Wipro said in a statement announcing the top deck changes. The board has also announced that chief executive and executive director Abidali Z Neemuchwala will be re-designated as CEO and managing director. "These changes will be effective July 31, 2019, subject to shareholder approval," the company added.

Updated On : 06 Jun 2019 | 4:30 PM IST

DHFL shares tank nearly 16% as Icra, Crisil downgrade ratings

Shares of Dewan Housing Finance Corporation plummeted nearly 16 per cent Thursday as domestic rating agencies Icra and Crisil downgraded rating on Rs 850 crore worth of commercial paper of DHFL. The scrip tanked 15.86 per cent to close at Rs 93.90 on the BSE. During the day, it dived 18 per cent to Rs 91.50 -- its 52-week low level. On the NSE, shares plunged 15.61 per cent to close at Rs 94.30. In terms of the traded volume, 65.85 lakh shares were traded on the BSE and over 6.49 crore units on the NSE during the day. The company's market valuation also fell by Rs 555.2 crore to Rs 2,946.80 crore on the BSE. Equity markets were closed Wednesday for Id-Ul-Fitr. Icra and Crisil Wednesday downgraded rating on Rs 850 crore worth of commercial paper of Dewan Housing Finance Corporation Ltd (DHFL) to 'default' from 'A4' due to the mortgage lender's deteriorating liquidity condition. The rating of the company, which defaulted on a debt repayment earlier this week, has been removed from watch

Updated On : 06 Jun 2019 | 4:30 PM IST

Stocks plunge despite RBI rate cut, financials under pressure

Equity benchmark indices were dragged down by financial stocks in afternoon trade on Thursday even though the Reserve Bank of India (RBI) reduced repo rate by 25 basis points to 5.75 per cent in its second bi-monthly monetary policy meet of fiscal 2019-20.The BSE S & P Sensex closed 554 points down at 39,529 while the Nifty 50 lost points to 11,844.At the National Stock Exchange, all sectoral indices were in the red. Nifty PSU bank fell 4.9 per cent, private bank 2.3 per cent and financial service 2.3 per cent.Shares of Eros International Media tumbled nearly 20 per cent after CARE rating agency cut its creditworthiness citing delays or likely defaults in serving debt availed from banks.Stocks of home loan lender Dewan Housing Finance Corporation Ltd also fell as much as 15.86 per cent after rating agencies ICRA and Crisil slashed their outlook on the company's commercial paper programme.Government-owned energy major GAIL slipped 11.5 per cent while Indiabulls Housing Finance was .

Updated On : 06 Jun 2019 | 4:30 PM IST

RBI to remove transaction charges on RTGS, NEFT

In a bid to boost digital fund transfer systems, the Reserve Bank on Thursday said that it will remove charges levied on transactions conducted through Real Time Gross Settlement (RTGS) and National Electronic Funds Transfer (NEFT).

Updated On : 06 Jun 2019 | 4:25 PM IST

Sensex dives 554 pts despite RBI rate cut; financial stocks crack

The BSE benchmark Sensex plunged 554 points Thursday, dragged down by losses in banking, energy and capital goods stocks even as the RBI cut the policy rate to shore up growth. Slashing benchmark lending rate for the third time this year, the central bank cut the repo rate by 0.25 per cent and changed its monetary policy stance from 'neutral' to 'accommodative'. The RBI, however, lowered the economic growth forecast for the current fiscal to 7 per cent due to slowdown in domestic activities and escalation in global trade war. Following the announcement, the 30-share index cracked 553.82 points, or 1.38 per cent, to settle at 39,529.72. The bourse hit an intra-day low of 39,481.15 and a high of 40,159.26. In similar movement, the NSE Nifty plunged 177.90 points, or 1.48 per cent, to end at 11,843.75. During the day, it hit a low of 11,830.25 and high of 12,039.80. Top losers in the Sensex pack included IndusInd Bank, Yes Bank, SBI, L&T, Tata Steel, M&M, Bajaj Finance, Vedanta, .

Updated On : 06 Jun 2019 | 4:16 PM IST

New NPA resolution norms to be issued within 3-4 days: Das

The Reserve Bank will issue a new set of guidelines for bad loan resolution, replacing the February 12 circular that was quashed by the Supreme Court, "within the next three-four days", governor Shaktikanta Das said Thursday. The apex court had on April 2 struck down the stringent RBI circular, issued on February 12, 2018, for resolving bad loans under which a company could be labeled an NPA if it missed repayment for a day banks were asked to find a resolution within 180 days or else it should be sent to bankruptcy courts. But the Supreme Court had declared the circular "ultra vires". "A revised circular (over the February 12 circular) will be issued very shortly. Very shortly means, in a matter of, may be, next three or four days," Das told reporters after the second monetary policy wherein he announced the third consecutive rate cut. "It has taken more time than we anticipated because it involved examining various legal issues and wide-ranging stakeholder ...

Updated On : 06 Jun 2019 | 4:15 PM IST

Droom sets up AI Lab; earmarks Rs 50 cr for innovations

Online automobile marketplace Droom Thursday said it has set up an AI Lab to leverage technological interventions like artificial intelligence, machine learning, and big data to offer newer tools and solutions to enable commerce for used automobiles. The company has also allocated Rs 50 crore of its investment budget to facilitate innovations, a statement said. "At the Droom, AI Lab team is working on several projects like Advance Alert System, which can alert customers when the car needs maintenance, based on the OBD data. Droom has also been improving its recommended engine system at the AI Lab for better references," it added. Besides, the company has also has hired dozens of AI/ML experts and graduates from institutes like IITs, NIT, IIIT and NSIT. "Droom has now entered the fifth year of its operations and has been building an integrated platform...setting up our AI Lab is an integral part of the innovation...we at Droom are leveraging these to create new products and revamp the .

Updated On : 06 Jun 2019 | 4:15 PM IST

Third-party insurance premium for cars, 2-wheelers to go up from June 16

Car and two-wheeler insurance to cost more from June 16 with regulator Irdai increasing the mandatory third party (TP) motor insurance by up to 21 per cent in certain category of vehicles. Normally, the mandatory motor TP insurance cover rates are revised from April 1. However, this time, the new rates for the fiscal 2019-20 will be applicable from June 16. The Insurance Regulatory and Development Authority of India (Irdai) in an order said the new TP insurance for smaller cars (less than 1,000 cc) will cost Rs 2,072 or 12 per cent from the existing Rs 1,850. The hike in insurance premium for cars with engine capacity of 1,000 cc to 1,500 cc has been increased by 12.5 per cent to Rs 3,221. However, the TP premium for cars with higher engine capacity (1,500 cc plus) has been retained at Rs 7,890. The new Motor Third Party Liability Insurance Cover from June 16 will be Rs 482, up 12.88 per cent for two-wheelers with engine capacity of less than 75 cc and Rs 752 for those with engine ...

Updated On : 06 Jun 2019 | 4:10 PM IST

Bankers, financial players hail RBI repo rate cut, hope consumer demand to get a boost

Banking and finance experts hailed the RBI's decision to cut the short-term lending rate, terming it as a step in right direction that could help stimulate consumer demand. The Reserve Bank in its second bi-monthly policy statement for 2019-20 announced to cut the key repo rate, at which it lends to banks, for a third straight time by 25 basis points to 5.75 per cent. "The policy was very positive and was reinforced by unanimous voting and the change in stance to accommodative. The statement's focus on supporting growth and bolstering private investment as long as inflation remains within the mandate, is also encouraging and leads us to believe that more accommodation is on the cards," said B Prasanna, Group Head Global Markets Sales, Trading and Research, ICICI Bank. Vasu Ramaswami, COO, Muthoot Fincorp said the latest rate drop should help in improving consumption demand, particularly for the common man, especially once banks decide to pass this rate change to their customers. On ..

Updated On : 06 Jun 2019 | 4:10 PM IST

Fincare Small Finance Bank strengthens presence in TN

: Fincare Small Finance Bank, as part of its expansion plan, has set up its third outlet here taking the total of such branch count to 80 in Tamil Nadu. The move comes in the backdrop of the bank which is steadily increasing presence in the state with a comprehensive product basket for meeting both credit and deposit needs of people. Commenting on the inauguration of the new outlet here recently, the bank's MD and CEO Rajeev Yadav said, "To cater to the banking appetite of our esteemed customers here, we are opening the outlet in the prestigious upmarket Anna Nagar." "Our offerings are tailored to address the high-interest deposit needs of retail clients as well as business loan needs of small enterprises", he said. Fincare Small Finance Bank has over 15.5 lakh customers through a network of 570 banking outlets in 12 states and one union territory. Total business of the bank as of March 2019 grew by 95 per cent to Rs 5,573.4 crore. The bank had reported net profits at Rs

Updated On : 06 Jun 2019 | 4:05 PM IST

Infosys collaborates with Microsoft to deliver SB&B solutions

The collaboration will benefit from Microsoft Azure services, and sensor enabled devices along with Infosys' global network of innovation hubs, experience design and expertise in building connected ecosystems to develop SB&S solutions that will improve energy efficiencies, optimize space utilization, enable higher people productivity and deliver differentiated user experiences. Built on Azure, IoT and intelligent cloud and edge technologies, the solutions will include building system monitoring, analysis and predictive maintenance, building occupancy and space utilization analytics, as well as enhanced owner, operator, and tenant experiences.

Updated On : 06 Jun 2019 | 4:04 PM IST

Market tumbles as RBI slashes repo rate

Domestic stocks dropped sharply as investors booked profits after the Reserve Bank of India (RBI) cut repo rate by 25 basis points, as expected, and changed policy stance to accommodative from neutral. The barometer index, the S&P BSE Sensex, lost 553.82 points or 1.38% at 39,529.72. The Nifty 50 index lost 177.90 points or 1.48% at 11,843.75. Shares of index heavyweights L&T, Reliance Industries and HDFC dropped.

Updated On : 06 Jun 2019 | 4:04 PM IST

Rate cut not enough, real estate firms want banks to pass on its benefits

Grappling with weak demand, real estate companies welcomed another rate cut of 0.25 per cent by RBI, but linked revival of the sector with banks passing on the benefits to consumers.

Updated On : 06 Jun 2019 | 4:00 PM IST

JAGGAER Partners With EdgeVerve to Deliver Advanced RPA for Spend Management

/ -- JAGGAER, the world's largest independent spend management company, today announced a partnership with EdgeVerve Systems, a subsidiary of Infosys (NYSE: INFY), to develop innovative software products for customers in multiple industries including manufacturing, retail, logistics and higher education. EdgeVerve offers best in class Artificial Intelligence capabilities with Infosys Nia, and Intelligent Automation (RPA) capabilities with AssistEdge. The solutions will be delivered to customers through the JAGGAER ONE spend management solution suite. EdgeVerve's Nia and AssistEdge are natural enhancements to the JAGGAER ONE SaaS cloud-based platform, delivering technology to automate repetitive and rule-based human processes. This includes the automation of "high touch" processes through modelling rules into software robots that run non-intrusively on JAGGAER ONE. Utilizing the same validation, security and data protocols ensure that 'change management' within organizations is ...

Updated On : 06 Jun 2019 | 3:55 PM IST

Creditors can expect 100 per cent recoveries under IBC

Creditors can expect 100 per cent recoveries from their client companies going under the Insolvency and Bankruptcy Code (IBC) process for resolving cases of stressed assets and non-performing assets. "This is because new NPA companies going through the IBC system are active businesses," M S Sahoo, chairperson of the Insolvency and Bankruptcy Board of India (IBBI) said here Thursday. "We are seeing active companies coming to the IBC system and we expect 100 per cent recovery for the creditors," he said after delivering a keynote address at a conference on Insolvency and Bankruptcy Code: New Paradigm for Stressed Assets. There are few cases of active businesses where creditors have recovered 100 per cent due to them, said Sahoo. He is also satisfied with the level of recoveries from NPA-laden companies made under the IBC system so far. "The 43 per cent recovery works out to 200 per cent of the liquidation value means if these resolutions had not happened the companies would have been ...

Updated On : 06 Jun 2019 | 3:55 PM IST

Policy transmission: Das says banks can do more

After complaining about the poor transmission, Reserve Bank governor Shaktikanta Das Thursday seemed to appreciate banks' effort on this front, but sought "higher and faster" pass-ons from now onwards. The central bank cut its key rates by 0.25 percent earlier in the day, making it 0.75 percent in cuts in three consecutive policy reviews this year. At 5.75 percent, the repo rate is at the lowest in nine years. "It has been noticed in the past that it took four to six months for transmission. But this time, transmission has been faster than that," Das told reporters at the central bank headquarters at the customary post-policy presser. He further said the banks have already passed on 0.21 percent of the 0.50 percent in rate cut effected in the first two rate cuts by the central bank in the year, going by the weighted average lending rate reduction. However, the same rate for the older borrowers have gone up by 0.04 percent, the governor noted. "Our expectation is that as .