IndusInd Bank MD and CEO Sumant Kathpalia on Tuesday resigned with immediate effect, taking moral responsibility of accounting lapses in the derivatives portfolio, having financial implication of Rs 1,960 crore to the bank.
A seasoned banker with over 30 years of experience, Bakhshi is a mechanical engineer from Punjab Engineering College, Chandigarh. He has a post-graduate degree in management from Xavier Labour Relations Institute.
German luxury carmaker Mercedes-Benz on Friday said it will hike prices of its vehicles in India by up to 3 per cent on its entire model range in the portfolio from January 1, 2025, citing a rise in input costs, inflationary pressures and higher operational expenses. Prices of Mercedes-Benz cars in India will be revised by Rs 2 lakh for the GLC to Rs 9 lakh for the top-end Mercedes-Maybach S 680 luxury limousine, Mercedes-Benz India said in a statement.
Uday Kotak has resigned as the managing director and chief executive officer of Kotak Mahindra Bank, the bank said in a stock exchange filing on Saturday.
Mahindra & Mahindra on Wednesday posted a 20 per cent increase in its consolidated net profit at Rs 3,283 crore for the first quarter ended June 30, 2024. The Mumbai-based company had reported a profit after tax of Rs 2,745 crore in the year-ago period. Revenue rose 10 per cent year-on-year to Rs 37,218 crore as compared to Rs 33,892 crore in the June quarter of last fiscal, the company said.
Amid mounting inflationary pressures, escalating material costs, and rising operational expenses, luxury carmakers Mercedes-Benz India and BMW India have announced price increases of up to 3 per cent on their entire model ranges effective from January 1, 2025. Mercedes-Benz India will revise ex-showroom prices by Rs 2 lakh to Rs 9 lakh, depending on the model. This adjustment will impact vehicles such as the GLC SUV and the high-end Mercedes-Maybach S 680 limousine.
Bharti Retail on Friday announced appointments of former head of Walmart India Raj Jain as its CEO and Pankaj Madan, another senior executive of erstwhile joint venture Bharti Walmart, as Chief Financial Officer.
"We would continue to focus more on home, car loans," ICICI Bank managing director & CEO Chanda Kochhar told reporters on the sidelines of a conference on Tuesday.
Luxury carmaker Mercedes-Benz India plans to roll out 8 new models, including battery electric vehicles, this year as it looks to sustain sales momentum having posted record sales in 2024. The company sold 19,565 units last year, registering a growth of 12 per cent as compared to 17,408 units in 2023.
Armed with swanky showrooms, decked with plush fixtures, and offering indulgences such as high-end perfumes and customisable accessories, BMW, Mercedes, Audi are rolling out the red carpet for the well-heeled.
Ahead of the festive season, several passenger and commercial vehicle manufacturers have agreed to offer discounts of 1.5-3 per cent on new vehicle purchase against scrapped old vehicles after a meeting with Union Minister Nitin Gadkari, an official statement said on Tuesday. The statement further said Mercedes Benz India has offered a flat discount of Rs 25,000, which will be over and above all existing discounts. Union Road Transport and Highways (RT&H) Minister Nitin Gadkari on Tuesday chaired a meeting with the SIAM delegation at Bharat Mandapam, where he addressed pressing issues in the automobile industry.
Industry leaders on Thursday mourned the death of Ratan Tata saying with his demise India has lost a visionary who shaped its industrial and philanthropic landscape. Tata was a truly remarkable business leader who placed the country before business interests, and whose vision was truly transformational for a country and its people, TVS Motor Co Chairman Emeritus Venu Srinivasan said in a statement. "Mr Tata was a truly remarkable business leader, the likes of whom nations get only once in a century," he added.
IT major TCS CEO Rajesh Gopinathan has reigned, and the company nominated its global head of the BFSI division K Krithivasan as the CEO Designate with immediate effect, the firm said on Thursday. Gopinathan will continue with the company till September 15, 2023, to provide transition and support to his successor.
Shares of IT company HCL Infosystems plunged over 7 per cent on Monday after its Managing Director and CEO Harshavardhan Madhav Chitale resigned from the company.
Maruti Suzuki India on Tuesday reported a 28 per cent rise in exports at 263,068 units in 2022, its highest ever overseas shipments. The company's previous highest exports was achieved in 2021 with 205,450 units. The highest exported models in 2022 were Dzire, Swift, S-Presso, Baleno and Brezza, the company said in a statement.
Kapoor was among the founding team of Yes Bank, along with Ashok Kapur who died in 2008.
German luxury carmaker Mercedes-Benz is considering assembling more electric vehicles at its plant in India not merely to gain cost advantage but also to meet its zero emission mobility and carbon neutral setup goals, according to a senior company official. Mercedes-Benz India, which currently assembles its flagship electric luxury sedan EQS at its Chakan unit, is considering localisation of other models depending on demand.
As she begins her second term as MD & CEO, Chanda Kochhar wants the bank to grow more than the industry not by taking on more risk but by building a strong base of customers and shunning the pell-mell marketing of credit card and personal loans to newcomers.
Younger people, who usually have a longer investment horizon which allows them to handle the interim volatility, may go for them.
German luxury carmaker Mercedes-Benz on Monday launched its all-new performance car 'AMG GLE 63 S 4MATIC+ Coupe' priced at Rs 2.07 crore (ex-showroom all India). The model is powered by a 4-litre engine, which produces a power of 612 hp. It is the 12th model available in India from the AMG performance car range of the company, Mercedes-Benz India said in a statement.
ICICI Bank chief K V Kamath to be new CII vice president.
Salaries are performance-linked and FY12 was good on both counts; now, persistent inflation and patchy rains show on rural market.
Asian Paints Managing Director & CEO P M Murty is the Business Standard CEO of the Year for 2009-10.
The Bombay Stock Exchange Ltd, India's oldest stock exchange launched mobile-based trading on Monday through its 33 leading brokers, a senior Exchange official said.
In fact, we expect the first half of 2010 to be at least as challenging as the first six months of 2009, says Kishor Patil, MD & CEO, KPIT Cummins Infosystems.
Walmart is still waiting for the multi-brand retail sector to open for foreign direct investment.
The management graduate from IIM-Ahmedabad has been with ICICI group for over 15 years. She is likely to be replaced by Anup Bagchi, executive director at ICICI Securities, sources said. Both Buch and Bagchi are also ICICI Securities board members.
Nimesh Shah, managing director & CEO of ICICI Prudential Asset Management Company, tells Chandan Kishore Kant that he is bullish on the Indian market.
Most have seen decline in cash reserves and deterioration in financial ratios in recent years.
The strong commitment to managing the government borrowing programme in a manner that is non-disruptive to markets and does not crowd out private sector investment should give confidence to market participants, ICICI bank's managing director & CEO, said.
N Chandrasekaran, managing director & CEO, and S Mahalingam, chief financial officer, spoke to Business Standard on how they intend to sustain this growth in an uncertain environment.
The inflows from foreign institutional investors of $29 billion last year gave the markets above-normal liquidity. This year, the trade has reversed in favour of the developed markets.
Tata Motors managing director & CEO Carl-Peter Forster told Business Standard that the company would not be doing the Nano justice if it remains just the 'world's cheapest car' and, hence, will look at all the 'natural evolutions' of the Nano, including upgrades.
The Bombay Stock Exchange (BSE) has reduced the membership deposit and fee requirements for new members in its cash and equity derivatives segments with immediate effect. The membership can now be obtained by paying a deposit of Rs 10 lakh instead of Rs 1 crore (Rs 10 million).
A look at the special screening pictures.
Chennai has just got its own news and entertainment channel, courtesy a 50:50 joint venture between NDTV Ltd and The Hindu.
With a balance sheet size of Rs 22,000 crore (Rs 220 billion), we are a meaningful player in our home country, says Rana Kapoor.
Brand SBI is very strong, while people may be generally cautious about some other brands. We can not only tap the potential better but can also provide a safe and transparent insurance alternative to the public, says US Roy.
Hyundai has also decided to phase out Getz looking at the growing demand for i20.
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