Axis Bank keeps mum on senior executives' exits
Posted on 23rd March 2018 |
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| Mumbai: Axis Bank has refused to comment on reports of resignation by two senior executives — deputy MD V Srinivasan and head of corporate and transaction banking Sidharth Rath — on grounds that they are speculative. The bank also did not comment on reports that it has hired S M Sundaresan, head of corporate banking at Standard Chartered, as head of corporate banking. Srinivasan (52), a former investment banker with JP Morgan, was brought into Axis Bank as executive director, in charge of corporate banking by Shikha Sharma in 2009. He was elevated to the lender’s board in October 2012 and then to the position of deputy MD in 2015. His elevation to the number two position was seen by some as positioning him to be the eventual successor to Sharma (58). According to sources, Srinivasan is currently a candidate for a CEO position at another private bank — where a committee is looking at executives to succeed the existing chief executive. Also, there is speculation that Rath may join Standard Chartered as head of corporate banking in Sundaresan’s place. Rath, has been with Axis Bank since 2001. He began his career as a management trainee with the Industrial Finance Corporation of IndiaBSE -1.96 % (IFCI), the first development financial institution of India, with core skills in project and corporate finance domain. |
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Bharti Airtel defers Q2 results till Nov 14 over ambiguity on AGR verdict
Posted on 29th October 2019 |
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Bharti Airtel said on Tuesday it has postponed its second-quarter earnings report to mid-November, as the wireless operator sought clarity on the court ruling asking telecom firms to cough up overdue payments to the government.
Shares of the company, which was expected to release its quarterly numbers later in the day, dropped 3.3 per cent in early trade. |
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Rupee slips 8 paise vs US dollar in early trade amid drop in oil prices
Posted on 7th October 2019 |
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The rupee on Monday opened eight paise lower at 70.96 against the US dollar amid drop in crude oil prices and rise in Asian equities. The domestic unit on Friday closed almost flat at 70.88 against after the Reserve Bank of India (RBI) in a widely expected move cut key interest rates by 0.25 percentage point. On a weekly basis, the local unit slumped by 32 paise. |
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LIC pips private insurers in first-year premium growth during April-August
Posted on 13th September 2019 |
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In the first five months of the current financial year, first-year premiums of life insurance companies grew by 39.84% (year-on-year) at Rs 1.05 lakh crore as compared to Rs 75,588.35 crore in April-August of 2018-19. Life Insurance Corporation of India (LIC) continued to grow at a faster pace compared to private insurance players, shows the data from the Insurance Regulatory and Development Authority of India (Irdai). |
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Apollo Hospitals rules out further stake sale
Posted on 13th September 2019 |
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Apollo Hospitals Enterprise (AHEL) has ruled out further dilution of promoters’ stake in the company. The company also said its Rs 1,337-crore stake sale of Apollo Munich Health Insurance with mortgage major HDFC will be concluded by October. Following these stake sales, the promoters’ pledged position will come down from a high of 76% to 54% by October and eventually to 20% by November or December, company sources said here. |
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World trusts India on Kashmir, not us: Pakistan minister Ijaz Ahmed Shah
Posted on 13th September 2019 |
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In a major embarrassment for Pakistan and its Prime Minister Imran Khan, the country's Interior Minister Ijaz Ahmed Shah, a retired brigadier, said the international community didn't believe Pakistan's narrative on Kashmir; instead it is India whose version is trusted. |
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