Companies and Markets

Companies & Markets

Nikhil Nanda appointed chairman & MD of Escorts

Farm and construction equipment maker Escorts on Tuesday appointed Nikhil Nanda (in pic) as the chairman and managing director (MD) of the company to succeed his father Rajan Nanda who passed away earlier this week after a brief illness.

The company's board unanimously appointed Nikhil as the chairman and MD to succeed his late father, Escorts said in a statement.

PNB aims to return to profitability this year

Punjab National Bank, which on Tuesday reported a loss of Rs 940 crore for the first quarter, said it aims to be back in profitability in 2018-19. The state-owned lender also said it has begun the process of monetising non-core assets.

“We are planning to be in black in the current financial year,” said the bank’s managing director and chief executive officer Sunil Mehta (in pic).

Frauds cost banks nearly Rs 70,000 cr in last 3 fiscals

Indian banks reported a total loss of about Rs 70,000 crore due to frauds during the last three fiscals up to March 2018, the Rajya Sabha was informed on Tuesday.

The extent of loss in fraud cases reported by scheduled commercial banks (SCBs) for 2015-16, 2016-17 and 2017-18 was Rs 16,409 crore, Rs 16,652 crore and Rs 36,694 crore, respectively, minister of state for finance Shiv Pratap Shukla said in a written reply quoting RBI data.

Suitors galore for 66% in PNB Housing; tie up with PEs

Aditya Birla Capital, Indiabulls Housing Finance, Kotak Bank and Hero Group’s unlisted arm Hero FinCorp are some of the prominent suitors lined up to buy majority stake in PNB Housing Finance.

Ahead of the August 25 deadline for the submission of the expression of interest, many players have strategically tied up with private equity players to bid for the housing finance company.

Jamie Dimon warns of 5% treasury yields

Not content wi­th a previous wa­rning inves­to­rs should brace for US yields of 4 per cent, Ja­m­ie Dimon (in pic) went one further at the weekend, su­ggesting 5 per cent w­a­s a distinct possibility. The JPMorgan Chase & Co chief executive officer on Saturday said people should be prepared to deal with the benchmark 10-year bond yield at 5 per cent or higher.

Minor correction likely

The market arose with the BSE Sensex rising 135.73 points, or 0.36 per cent, to settle at 37,691.89, its record closing high, while the Nifty 50 Index rose 26.30 points, or 0.23 per cent, to settle at 11,387.10, its record closing high.

The S&P BSE Mid-Cap Index rose 0.26 per cent, underperforming the Sensex. The S&P BSE Small-Cap Index rose 0.39 per cent, outperforming the Sensex.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 1,600 shares rose and 1,123 shares fell. A total of 198 shares were unchanged.

To launch 50 new products

Britannia Industries, the biscuit maker that is dreaming to become a total foods company in the world, has announced a slew of new things at its 100 year anniversary celebrations that was launched on Monday.

A change of guard is required once you hit your first century, like a batsman gets more prepared for more things after a century,  and the company has announced the launch of a new corporate logo. Managing director Varun Berry said the new logo will reaffirm the elements of excitement and goodness.

Britannia proposes stock split, bonus debentures

FMCG major Britannia Industries in its centenary year will pump in close to Rs 400-500 crore in developing new products and put up a new dairy plant. The company has also proposed a stock split option and issue of bonus debentures to its shareholders.

Of the planned investment, Rs 300 crore will be spent on putting up a new dairy plant, the location of which is likely to be moved away from Maharashtra to Andhra Pradesh, said Britannia chairman Nusli Wadia here on Monday. The company unveiled a new logo on Monday to commemorate its centenary year.

Regulate global proxy advisers: Uday Kotak

Ace banker and corporate governance expert Uday Kotak (in pic) lamented the “concentration of voting power in the hands of a few global agencies” and sought  regulations on global proxy advisers to remedy the situation.

Kotak’s comments came in the backdrop of two international proxy firms recently recommending investors to vote against the reappointment of veteran banker Deepak Parekh on the board of HDFC.

HDFC Bank follows PSBs, raises FD rates

HDFC Bank, the country’s largest private sector lender, on Monday raised fixed deposit rates in the range of 0.10 per cent to 0.60 per cent (10 basis points to 60 basis points) on various maturities.

One basis point is equal to one hundredth of a percentage point. The move comes a week after the Reserve Bank of India (RBI) raised the benchmark repo rate by 25 basis points.

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