Page 2260 - Business Finance

RBI approves appointment of Sandeep Bakhshi as ICICI Bank MD, CEO

Private sector lender ICICI Bank Tuesday said the RBI has approved Sandeep Bakhshi's appointment as Managing Director and CEO of the bank for three years. After resignation of Chanda Kochhar, who was facing inquiry, earlier this month, the bank's board had elevated Chief Operating Officer (COO) Bakhshi as the new managing director and CEO for five years until October 3, 2023, subject to regulatory and other approvals. "We wish to inform you that RBI vide its letter no DBR Appt. No. 3065 /08.88.001/2018-19 dated October 15, 2018 has approved the appointment of Sandeep Bakhshi as Managing Director and CEO of the Bank for a period of three years with effect from October 15, 2018," ICICI Bank said in a BSE filing. The private sector lender said Bakhshi had joined the group in 1986. He was appointed as the MD and CEO of ICICI Prudential Life Insurance Company on August 1, 2010 where under his leadership the company redesigned various products, re-engineered the distribution architecture ...

Foodpanda acquires Holachef; forays into cloud kitchen biz

Online food ordering and delivery firm Foodpanda Tuesday said it has acquired food-tech venture Holachef, for an undisclosed amount, marking its foray into the cloud kitchen business. As part of the acquisition, Foodpanda will take over Holachef's business including its kitchens, equipment, as well as bring onboard the company's employees, a release said, adding Holachef's founders are also set to join Foodpanda's leadership team. The company said it plans to launch its own brand of food products in different categories through this collaboration. Pranay Jivrajka, chief executive officer of Foodpanda India, said, "We aim to build India's largest cloud kitchen network that will be a major step in further elevating the food experience for our customers." A cloud kitchen works on a hub and spoke model, where there is a mega central kitchen that delivers to outlets from where the food is again distributed. The company, owned by ride hailing giant Ola, said it will build ...

More banking executives pull out of Saudi investment conference

LONDON (Reuters) - The chief executives of HSBC, Standard Chartered and Credit Suisse have pulled out of a high profile conference in Saudi Arabia next week, the latest business leaders to abandon the event amid widespread concern about the fate of a journalist.

Graphic: Rising oil turns up heat on vulnerable emerging economies

LONDON (Reuters) - A rise in oil prices to four-year highs is heaping pressure on big emerging-market crude consumers such as Turkey, India, Indonesia and South Africa that are already grappling with current account deficits, weak currencies and rising inflation.

Infosys second-quarter profit rises over 10 percent, beats forecasts

(Reuters) - Infosys Ltd, India's No.2 software services exporter, posted a 10.3 percent rise in quarterly profit on Tuesday that was above market expectations, boosted by large deal wins in the quarter.

Sensex gains nearly 300 points; banking, energy stocks rise

A positive start to the second quarter results season along with a stable rupee and low crude oil prices pushed both the key equity indices -- S&P BSE Sensex and NSE Nifty50 -- higher for the third consecutive session on Tuesday.

No country can benefit from global trade decline: Prabhu

No country can benefit from the decline in the world trade, and the slowing global economy is a concern for all nations including India, Commerce and Industry Minister Suresh Prabhu said Tuesday. For past six-seven decades, there was a lot of predictability in doing business globally, but in the course of last few months, "we are seeing a dramatic change in global trade," he said. India is the "worst sufferer" of the declining trade and slow economic growth in the world as the country has huge stake and its share in the world trade is also increasing, he added. He stressed that slowing global economy is a concern for India as it has the potential to reach USD USD 5 trillion size before 2025 and USD 10 trillion before 2035. Imposing customs duties by the US on certain steel and aluminium products have triggered a trade war kind of situation in the world. It has also raised duties on Chinese goods. China too has hiked tariffs in retaliation. The statement also assumes significance as ...

Investment in India via P-notes hits 9 year low of Rs 795.48 bn in Sept

The decline in investment could be attributed to several measures taken by the market watchdog to stop the misuse of the controversy-ridden participatory notes, experts said

Analysis: Softbank pushes link-ups as insurance strategy takes shape

LONDON (Reuters) - Softbank's Vision Fund plans to pump more money into insurance, a sector it sees as both ripe for disruption and a potential booster for its bigger bets in cars, health and financial services, a Vision Fund executive told Reuters.

SAIL says regularly developing high-quality products

Country's largest steel producer SAIL has said it is regularly developing high-quality products that are relevant to the need of the country and the market. "SAIL is continually developing high quality products...To fulfil these requirements we are not only working on production front but also focussing equally on the marketing aspect," SAIL Chairman Anil Kumar Chaudhary was quoted as saying in a statement. To popularise and give impetus to the use of the company's structurals, SAIL has also begun the campaign 'NEX From SAILThe Future in Steel Design' and has launched these in market under the brand name of NEX From SAIL, the statement said. NPB750 is the new product in the NEX series, which will not only provide strength to the construction but will also prove to be cost-effective, the statement said.

Nifty, Sensex clock highest closing in nearly two weeks

(Reuters) - Indian shares rose for the third consecutive session on Tuesday on positive global cues, amid the corporate earnings season bringing some cheer.

Sensex rises 300 points on earnings optimism

The BSE Sensex on Tuesday surged 297 points to went past the key 35,000-level, continuing its winning-run for the third straight day amid optimism ahead of quarterly earnings from heavyweights and recovery in the rupee. Meanwhile, the rupee strengthened by 25 paise to 73.58 (intra-day) against the US dollar in the forex market. Besides, easing global crude prices and positive cues from Asian markets and a higher opening in european shares too fuelled the rally. Brent was trading 0.25 per cent lower at USD 80.58 a barrel on Tuesday. The 30-share Sensex stayed in the positive zone during the session and shuttled between 35,215.79 and 34,913.06, before settling 297.38 points or 0.85 per cent higher at 35,162.48. The NSE Nifty after regaining the 10,600-mark hit a high of 10,604.90 on the back of widespread gains, and finally concluded 72.25 points or 0.69 per cent higher at 10,584.75. Companies like Infosys and Hero MotoCorp are slated to announce their financial results ...

Cargill India expands edible oil portfolio; eyes 10% mkt share of healthy oil segment

Food major Cargill India Tuesday said it has expanded its edible oil portfolio to launch healthy blended cooking oil and is targeting a market share of 10 per cent in this premium segment within two years. Cargill India, part of the US food major Cargill, is a leading edible oil player in the country and sells cooking oils under NatureFresh, Gemini, Sweekar, Leonardo olive oil and Rath brands. The company Tuesday launched 'NatureFresh Acti Heart' cooking oil, blended equally with Canola and rice bran oils. "We are expanding our offering in health and wellness segment in edible oil category. This cooking oil will help cope with a sedentary lifestyle which makes one prone to obesity and heart diseases," said Milind Pingle, Director (sales and marketing), Cargill's food business in India. He said the health oil segment --comprising olive oil, canola oil, rice bran oil and blended oils --- has a market size of about 3 lakh tonne annually. "We are targeting to occupy 10 per cent of this ..

#MeToo: Talent management company founder asked to go

KWAN Entertainment founder Anirban Das Blah, who headed the talent management company that handles Bollywood stars, has been asked to "step aside" following allegations of sexual harassment by four women, the company said Tuesday. The move comes on a day Mid-Day newspaper published a report quoting four women, who asked that their identities be kept a secret, saying that they faced harassment at the hands of Blah. "In view of the article dated 16th October 2018 published in The Midday, we have asked Anirban Blah to forthwith step aside from his duties, activities and responsibilities at KWAN, its subsidiaries and affiliates with immediate effect," a statement from Kwan said. The organisation, which manages the work of some of the biggest names in Hindi cinema, said the movement has pushed them to take a step back and introspect. "The past few days have been very disturbing to everyone in light of the #MeToo Movement and it has pushed us all to take a step back and introspect whether ..

Market rises for 3rd straight session

The market ended with decent gains, backed by firmness in banks shares, as investors shifted their focus to September quarter earnings season. The barometer index, the S&P BSE Sensex, rose 297.38 points or 0.85% to 35,162.48, as per the provisional closing data. The Nifty 50 index rose 72.25 points or 0.69% to 10,584.75, as per the provisional closing data. The Sensex provisionally ended above the psychologically important 35,000 mark.

Global software firm WANdisco set to expand India operations

At a time when India is going through a deep digital transformation, riding on a mobile-first population, global public software company WANdisco is all set to expand its operations and increase the headcount in the country.

Indian companies to buy Iranian oil in November: Minister

State-run oil marketing companies (OMCs) have placed orders for importing crude oil from Iran next month when US sanctions on Tehran are due to take effect, Petroleum Minister Dharmendra Pradhan said on Tuesday.

Navkar Corporation Ltd leads losers in 'A' group

Kwality Ltd, Tata Communications Ltd, Vakrangee Ltd and Indo Count Industries Ltd are among the other losers in the BSE's 'A' group today, 16 October 2018.

Ministry of Petroleum & Natural Gas To Launch Phase II of Indian Strategic Petroleum Reserves

Minister of Petroleum & Natural Gas and Skill Development and Entrepreneurship Dharmendra Pradhan will launch the Road Show for Phase II of Indian Strategic Petroleum Reserves on 17th Oct'2018, in New Delhi. In line with the integrated energy policy of Government of India, Union Cabinet accorded "in principle" approval for Phase-II SPR program which involves creation of additional 6.5 MMT of storage in underground rock caverns and associated facilities at Chandikhol, Odisha (4.0 MMT) and Padur-II, Karnataka (2.5 MMT).

German prosecutors fine Audi 800 million euros for diesel violations

FRANKFURT (Reuters) - German premium car brand Audi, a division of Volkswagen, said it was fined 800 million euros ($927 million) on Tuesday for violations tied to heavily polluting six- and eight-cylinder diesel engines.