CORPORATE MANAGEMENT
Regulatory pressure, push from leadership lead to better compliance standards in India Inc: EY report
A new report from EY shows India Inc.'s improved adherence to compliance and integrity standards, driven by regulatory pressure and management focus. The survey highlights key factors like policy developments, leadership role, and customer demand for ethical standards.
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.
Industrials strong, but be careful about valuations: Hiren Dasani of Goldman Sachs Asset Mgmt
"Emerging market equities, as an asset class, are not seeing inflows. They have seen outflows. The US is doing much better than the broader emerging market. The other dynamic is there is also a very strong AI (artificial intelligence)-driven theme that is driving the markets like Taiwan, which is a global supply chain for the entire AI-related and semiconductor segments"
Suits & Sayings: Brewing, Brooding
ET’s roundup of the wackiest whispers and murmurs in corporate corridors & policy parlours.
Titan, IndusInd Bank among 20 stocks to trade ex-dividend this week. Do you own any?
20 companies, including Nifty companies Titan and IndusInd Bank, have set record dates this week to determine dividend payouts. Shareholders buying stock at least one day before the ex-date are eligible for dividends under the T+1 framework, where ex-date and record date align in most cases.
Employees prefer work from home as heatwave forces corporates to adopt hybrid work
The 2023 report released by the Intergovernmental Panel on Climate Change (IPCC) reveals that rising global temperatures have led to unprecedented climate change across all regions of the world, with consequences ranging from rising sea levels to more frequent and severe weather events, as well as the rapid disappearance of sea ice.
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Adani Wilmar, HDFC AMC among 17 companies in focus this week for dividend, AGM, rights issue, split, bonus issue
Real estate developer Sobha announced a 6:47 rights issue at a premium of Rs 1,641. The record date for the same is June 19
While stepping down, very few independent directors speak up
Till date this year, out of 180 independent directors who resigned from corporate boards citing "personal reasons", only four have mentioned issues such as corporate governance or lack of transparency for doing so. In recent weeks, though, Nisaba Godrej stepped down as independent director on the board of VIP Industries citing accountability issues while Marc Desaedeleer resigned from Suzlon board citing "transparency" issues.
Parag Parikh Flexi Cap Fund increases stake in ITC, HDFC and Kotak
Parag Parikh Flexi Cap Fund increases stake in ITC, HDFC, and Kotak while making exits from Bajaj Finance and HUL in May. The largest flexi cap fund manages assets worth Rs 66,383 crore and is benchmarked against Nifty 500- TRI.
Insurers lap up GSec derivatives to manage liabilities
Global funds and insurers are showing strong demand for Indian government bonds, particularly ahead of their inclusion in a JP Morgan index. Insurers are increasingly interested in Bond Forward Rate Agreements (Bond-FRA) to manage long-term liabilities, with significant trading activity reported by Clearing Corporation of India (CCIL).
SAS India business to grow faster than other markets, top executive says
The company aims to upgrade its 400-odd customers to its generative AI platform SAS Viya over the next one year, Riad Gydien, executive VP and chief sales officer at SAS, told ET.
Sebi forms committee to review ownership, economic structure of clearing corporations
Sebi forms committee chaired by Usha Thorat to review ownership and economic structure of clearing corporations for resilience and neutrality.
Big Daddy LIC manages money nearly double the size of Pakistan's economy
LIC assets have exceeded Rs 50 lakh crore, marking a significant milestone and overshadowing Pakistan's GDP. In FY24, LIC reported a profit of Rs 40,676 crore and total premium income of Rs 4,75,070 crore. The company, with a market share of nearly 59% in the Indian life insurance sector, is now eyeing entry into the health insurance domain. Its market value has surged by nearly 52% in the past six months, making it the seventh-largest stock by market capitalization.
India's top 100 listed companies must verify market rumours in 24 hours
Starting June 1, the top 100 listed companies must confirm or deny market rumors in mainstream media within 24 hours. The rule aims to prevent information leaks affecting stock valuation, enhancing market fairness. Sebi's new framework excludes price volatility for corporate actions, ensuring a level playing field for all investors. This initiative strengthens the market's integrity, making it more attractive to global investors.
PFRDA reviews strategies for expansion and distribution of NPS
Almost 63% of the enrolments in the voluntary segment (UoS-All Citizen) were sourced through the extensive efforts of PoPs, which include banks, NBFCs, stockbroking firms, fintech companies and pension funds, it said. "During the year, 3,112 corporates got registered under the NPS corporate model, which has been the highest number so far," the statement said.
Investor flows into corporate bonds on longest streak since 2019, says BofA
Global investors poured $3.6 billion into investment grade corporate bond funds in the week to Wednesday, Bank of America said on Friday, in the 31st straight week of inflows, the longest streak since 2019.
Angel One to undertake corporate restructuring, create holding company
Angel One, the country’s third largest stock broker, is set to undertake a major corporate restructuring exercise, according to two people in the know. Angel One is setting up a holding company under which all its different business entities will be held as subsidiaries.
Rare move by govt: IL&FS, two subsidiaries ordered to recoup Rs 150 crore from ex-directors after accounts farce
This comes after IL&FS and the two arms in question had to recently reissue their account statements to show losses of Rs 9,600 crore for financial years 2013 to 2018, instead of a profit of Rs 1,869 crore originally shown. The original account had to be superseded following the unearthing of massive irregularities.
Work overnight for FPI tax papers: Sebi tells big four firms
At a meeting on Tuesday, the Indian capital market regulator has told the accounting biggies in no uncertain terms to generate the mandatory 'confirmation certificate' overnight so that offshore funds managers can repatriate the money from the sale of stocks here to other international markets the very next day.
Foreigners boost India corporate debt buying before govt bond index inclusion
Foreign investors show increasing interest in Indian rupee-denominated corporate debt ahead of the inclusion of Indian government securities in a global bond index, expecting passive inflows of around $25 billion. Recent data highlights purchases in corporate bonds, interest in launching ETFs, and robust demand for dollar bonds.
Public affairs & advocacy - a career choice
Advocacy and Public Affairs have evolved significantly over the past decade, transforming into a strategic function for corporates. The landscape now includes policy analysis, stakeholder engagement, and risk management. The introduction of policies like the Pre-Legislative Consultation Policy has increased public participation in the legislative process, fostering transparency and inclusivity. Public Affairs in India is evolving to champion knowledge-based engagement and inclusive practices, with companies increasingly recognizing the importance of engaging with Public Policy professionals for business decisions.
Zypp Electric raises $15 million from Japanese firm Eneos for India expansion
Zypp Electric confirmed funding from Eneos as part of a larger $40 million round. Existing investors like 9unicorns and IAN also participated in the fundraising. The company's revenue increased threefold to Rs 325 crore in 2023-24.
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.
Attrition for MBA campus talent highest across degrees; employee turnover among campus hires drops in 2023 vs 2022, survey shows
A survey by Deloitte has revealed that the attrition rate among MBA graduates hired directly from campus was the highest across disciplines in 2023, with the highest one-year (40%) and two-year (38%) attrition rates. Infant attrition was the highest among Graduate in Management (BBA / BCom /others) degree holders, with 33% of fresh hires leaving organisations in less than a year of joining. However, the survey showed a reduction in attrition rates from 2022, with MBA hires from Top-10 and Tier-1 colleges attriting at 24% (infant), 40% (one-year), and 38% (two-year) in 2023.
Big Funds bet the ‘anything but bonds’ trade is poised to end
US bond investors increase positions in long-dated high-grade corporate bonds, expecting gains from future interest rate cuts. Market attention is on upcoming bond sales and key economic data releases globally. The “anything but bonds trade” may now have run its course and long-duration debt is set for a comeback in the second half.
Honeywell Automation India appoints Atul Pai as managing director
Honeywell Automation India Ltd (HAIL) appointed Atul Pai as its new managing director, effective May 16. Pai, who has over two decades of experience at Honeywell, succeeds Ashish Gaikwad, who will lead industrial automation for Honeywell International in India. HAIL’s Chairman Ganesh Natarajan and Ashish Modi, Honeywell India’s president, expressed confidence in Pai’s leadership and business acumen. Established in 1984, HAIL provides automation and control engineering services and has a significant presence across India.
KM Birla's daughter Ananya takes a break from her music gig to devote energy to business
Ananya Birla, founder of Svatantra Microfin, pauses her music career to prioritize business endeavors. Daughter of Aditya Birla Group's chairman, she manages key group companies and advocates mental health awareness through Mpower. With recent significant investments in Svatantra, she focuses on scaling her microfinance venture alongside her home decor brand Ikai Asai.
Turning trash into cash: Entrepreneurs redefine waste management
A growing number of entrepreneurs are turning trash into cash through tech and innovation. Can it make a difference to the mounting challenge of waste management?
Won't back down, says Religare's Rashmi Saluja amid tiff with Burman family
"I may have agreed that five years ago, I didn't have the experience, but after five years, three successful businesses, a company turnaround and a great team and board to support me, I will not back down," Saluja told ET in an interview. "Any allegations of corporate governance against the board and the management are directly reflected toward the regulators. Our naysayers need to understand that."
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