BOARD POSITION
JM Financial board okays plan to consolidate debt, distressed credit business under one platform
JM Financial will increase its stake in JM Financial Credit Services to 89.67% and JMFCSL will acquire 71.79% stake in JM Financial Asset Reconstruction Company from JMFL for Rs 856 crore.
Pakistan to host England, WI, Bangladesh in a busy season
The Pakistan Cricket Board (PCB) announced a comprehensive international cricket schedule for the 2024/25 season, deviating from its usual practice of last-minute series announcements. The men's team will play a packed season featuring nine Tests, 14 ODIs, and nine T20Is. Key highlights include a high-profile series against England, with Pakistan hosting them for a three-match Test series in October.
Senior CPSE executives may get up to 100% hike
The government is considering a proposal to double the compensation of senior executives at central public sector enterprises (CPSEs) with a turnover exceeding Rs 100 crore. This aims to bridge the gap with the private sector and retain top talent. The increase, potentially up to 100%, would be performance-linked, focusing on asset monetisation, project speed, profit, and other benchmarks. The proposal may be presented to the Cabinet Committee of Economic Affairs before the upcoming budget presentation.
India Inc now picks its C-level champions from indoor pool
Indian companies like Mahindra and Aditya Birla Group are increasingly focusing on internal talent pipelines for leadership roles, showcasing a shift towards nurturing seasoned professionals for longer tenures within the organization.
Brokers' MTF hits record Rs 73,600 crore amid market highs, surging retail participation
Sebi's MTF framework mandates collateralising existing shares. Kotak Securities cautions investors on MTF investments amidst surging margin funding in anticipation of Modi 3.0 budget.
Former RBI Guv Urjit Patel set to join Britannia Industries board again
Urjit Patel, former RBI governor, joins Britannia Industries board as an independent director. He recommenced after a two-year hiatus following his resignation in 2018. Patel’s diverse experience includes stints in both the private sector and central bank, distinguishing him from his predecessors. As a seasoned professional, he brings a unique perspective to the boardroom, ensuring a blend of regulatory expertise and corporate governance.
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Kotak Bank created fund used to bet against Adani: Hindenburg
Kotak Mahindra Bank managed funds for Adani stock trades, leading to significant profits. Despite ET queries, the bank mentioned transactions were made on a principal basis. Kingdon transferred funds for short positions on Adani stocks, resulting in gains after positions were squared off.
Apple poised to get OpenAI board observer role as part of AI pact
Apple secures observer role on OpenAI's board with Phil Schiller as representative, integrating ChatGPT and 'Apple Intelligence' across its apps. New directors appointed at OpenAI. Schiller gains insights into decision-making. Apple and OpenAI silent on details. Report by Juby Babu from Mexico City, edited by Krishna Chandra Eluri.
A woman's place is in the boardroom
India Inc can attain gender parity by emphasizing middle managers through affirmative action in college and entry-level corporate hiring, ensuring a balanced representation at all levels for effective corporate governance.
Number of women in top roles rises slower than number of women in company boards
A paper by NCAER economists Ratna Sahay, Navya Srivastava, and Mahima Vasishth has documented these findings while highlighting the progress and shortcomings in gender diversity since the April 2015 mandate, the report said. This paper will be presented at the India Policy Forum.
IPO rush amid market rally boosts demand for independent directors
Amid IPO frenzy, companies race to appoint independent directors with specific skill sets crucial for growth. Women lead key committees, while former bureaucrats remain sought after. The process overlooks competencies, favoring recommendations from bankers and auditors. Specialized firms aid in identifying professionals for board roles, ensuring compliance with listing regulations.
Jio Financial, Zomato can win Nifty ticket as Sebi tweaks F&O rules
Sebi has enhanced derivatives market criteria to ensure robust regulation and investor protection. Changes include higher thresholds and evaluation frameworks for stock entry and exit, promoting market vibrancy and stability. These upgrades may lead Jio Financial Services and Zomato to join Nifty50.
Quant MF reassures investors: Gross inflows normal, liquidity position robust
Quant MF reaffirmed its commitment to fully cooperate with the Sebi during its ongoing review, as reported by ET Now on Wednesday. The fund house has assigned dedicated personnel to provide regular data to the regulator.
GRM Overseas board okays fundraise of Rs 136.5 crore
The funds raised will also expand India's “10X” brand, making it a comprehensive food FMCG product company. The funds will also be allocated to explore future inorganic growth opportunities, including strategic mergers and acquisitions, and improve operational capabilities. These activities may be undertaken directly by the Company or through its subsidiaries or joint ventures.
FSIB shortlists five for executive director positions
FSIB shortlisted five CGMs for ED positions in public sector banks after interviewing 57 candidates. Vaheed, Rajeeva, and Majumdar are top three in the list, while Surendran and Srivastava are number four and five.
Sebi bars acting PFS Chairman from holding board seats
The regulator has also banned Pawan Singh, former chief executive of PFS from holding any position of director or key managerial personnel in any listed company or intermediary for two years. It has also imposed a penalty of Rs 25 lakh on Singh.
Anshul Saigal on sectors where investors can deploy fresh money
You could find opportunities in banking space in the 5 to 10 times price to earnings rate. I would not call that expensive by any measure. So, there are reasonable opportunities in the market to take advantage of.
Are fears and panic around PSUs overblown? Sandip Sabharwal answers
Ideally, they should not be able to because like you rightly said, it is more commoditised. In fact, you look at the reason why did HDFC merge into HDFC Bank, because they realised that the margins are going to get squeezed and if they do not have a low-cost deposit franchise which supports the margin squeeze, that will become tougher.So, many of these housing finance companies sustain higher margins to develop financing, loan against property, etc, which are higher margin, but then also carry higher risk.
Stay invested irrespective of election outcome: Ravi Dharamshi
I do not think budget is likely to be a big event. I think there are a lot of fears about capital gains tax. So, from that perspective I think the agenda of the government is pretty well known. With a three years’ perspective I do not think there is going to be any major change in the budget.
RBI's dividend transfer may ease deposit rates if govt spends it: Ind-Ra
India Ratings and Research (Ind-Ra) stated that the RBI's Rs 2.11 lakh crore dividend transfer will likely ease liquidity pressure and lower deposit rates in the banking system if the government spends it. The substantial dividend will strengthen the central government's fiscal position, potentially leading to additional spending or fiscal consolidation.
Ahead of June 4, be relatively light & in cash; curtail trading: Dipan Mehta
Dipan Mehta advises caution and light trading ahead of the upcoming election dates. He emphasizes the importance of being in cash and watching the election results closely for investment decisions.
Indian bonds continue positive drift; benchmark yield stays below 7%
Indian government bond yields trading lower on hopes of central bank's surplus transfer improving fiscal position. Benchmark 10-year yield at 6.9924% on Monday, down from previous close of 6.9988%.
Local smartphone maker Lava rejigs board
Lava International has restructured its board, elevated leadership members, and added two independent directors. The move follows co-founder Hari Om Rai's resignation from the board following the Vivo money laundering case. The company plans to raise Rs 500-600 crore in the next fiscal, aiming to challenge Chinese domination in the smartphone market.
Government gets Rs 2.11 lakh crore from RBI by way of dividend
The Reserve Bank of India (RBI) has transferred a record surplus of Rs 2.1 lakh crore to the central government for FY’2023-24, exceeding expectations. This windfall, largely from interest income on overseas securities and income from LAF operations, strengthens the government's fiscal position and may lead to a reduction in borrowing. The surplus, determined by the Economic Capital Framework (ECF), represents 25.5% of RBI's total assets.
Rs 2.1 lakh crore: RBI’s record dividend swells govt coffers
The benchmark bond yield retreated below 7% on expectations that New Delhi would now need to borrow less this fiscal year. “The higher dividend is welcome, of course,” finance secretary TV Somanathan told ET. “It exceeds our estimate by 0.2-0.3% of GDP.” In the interim budget, North Block had factored in receipts of Rs 1.05 lakh crore under dividends and profits.
IRDAI introduces new corporate governance regulations for insurers
The Insurance Regulatory and Development Authority of India (IRDAI) has mandated that insurance companies must now seek prior approval for appointing their Board Chairperson. Current Chairpersons must comply with this regulation by March 31, 2026, or by the end of their terms, whichever comes first. IRDAI has introduced new corporate governance rules to prevent conflicts of interest in key management roles and to ensure that no individual holds multiple significant positions.
Company boards are getting younger, but balancing vitality with expertise is key to success
Organisational leadership is evolving with younger individuals joining company boards in the dynamic startup landscape. While they bring fresh perspectives and innovation, challenges arise from limited experience in governance. Diverse boards with a mix of young and experienced members are crucial for informed and adaptable strategies for long-term success.
BAT unlikely to bat on the board of ITC's hotels biz
ITC's hotel business will not have any board representation from its largest shareholder, BAT, according to a demerger document. BAT will own 15.32% in ITC Hotels as foreign direct investment, making it the largest public shareholder after ITC's promoter holding of 39.93%. BAT's chief executive Tadeu Marroco stated last December that ITC's hotel business was not an area of interest for the British tobacco maker.
More women running startups, on company boards: Nirmala Sitharaman
Finance Minister Nirmala Sitharaman highlighted the increasing presence of women in startups and on company boards in India. Government schemes like Stand Up India and PM Mudra are empowering women entrepreneurs, with Swiggy recognizing and celebrating women's contributions to the F&B industry.
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