Latest news with #AnupSaha
Hans India
a day ago
- Business
- Hans India
IndusInd Bank likely to submit CEO shortlist to RBI amid leadership overhaul
IndusInd Bank's board is likely to unveil its shortlist for the next chief executive officer (CEO) on Monday, a key development as the lender looks to bounce back from months of disruption triggered by a derivatives trading fiasco and subsequent leadership crisis. The move comes in response to the Reserve Bank of India's (RBI) directive, which asked the bank to submit its CEO recommendations by June 30. According to reports, as that deadline arrives, three names have emerged as frontrunners for the top post: Rajiv Anand, currently Deputy Managing Director at Axis Bank and set to retire in August; Anup Saha, Managing Director at Bajaj Finance known for his expertise in digital and retail banking; and Rahul Shukla, former Group Head at HDFC Bank, who is currently on a sabbatical and is recognised for his deep experience in commercial and rural banking. The new leader will be responsible for restoring investor confidence, tightening internal controls, and guiding the bank through a phase of rebuilding and regulatory scrutiny, as per reports. The leadership change comes amid an ongoing investigation by the Securities and Exchange Board of India (SEBI) into accounting irregularities at the private sector lender. Earlier this month, SEBI issued a corrigendum to its interim order, clarifying that the global consulting firm KPMG was appointed based on an 'engagement note' rather than a more formal 'board note'. This correction was part of a broader probe into how the bank handled internal discrepancies that eventually led to a reported financial loss of Rs 2,093 crore. KPMG was brought in by IndusInd Bank in February 2024 to assess the financial impact of the irregularities. Despite the scale of the losses, SEBI found that the bank failed to disclose this information to stock exchanges on time or mark it as price-sensitive data until early March 2025. The regulator named four senior executives for their roles in the matter and barred them from dealing in securities until further notice.
Yahoo
a day ago
- Business
- Yahoo
India's IndusInd Bank sends CEO shortlist to central bank for approval, sources say
By Siddhi Nayak MUMBAI (Reuters) -India's IndusInd Bank has shortlisted three senior bankers - Rajiv Anand, Rahul Shukla, and Anup Saha - for the position of CEO and submitted their names to the central bank for approval, two sources told Reuters. IndusInd Bank took a $230 million hit in the year ended March 31 due to years of misaccounting of internal derivative trades, prompting the resignations of CEO Sumant Kathpalia and deputy Arun Khurana in April. The Reserve Bank of India (RBI), which has the final say in top appointments at banks, had asked for names of potential replacements by June 30. The board has suggested a three-year term for the chief executive, one of the sources said. The sources declined to be identified as they were not authorised to speak with the media. IndusInd Bank, RBI and Saha did not reply to a Reuters email seeking comment. Anand and Shukla did not reply to WhatsApp messages. Anand, a veteran banker, is currently the deputy managing director at private lender Axis Bank, and has held key management positions at leading global financial institutions. Shukla, who is currently on sabbatical, is group head at India's biggest private lender HDFC Bank, with over 30 years of work experience. Saha is the managing director of Indian non-bank lender Bajaj Finance and has served for 25 years in the financial services industry. "Rajiv Anand's name has been given as first priority by the board, given his reputation and the experience he brings to the table," one of the sources said. Shares of IndusInd Bank were trading 0.6% higher on Monday and are down 10% so far in 2025.
Reuters
2 days ago
- Business
- Reuters
India's IndusInd Bank sends CEO shortlist to central bank for approval, sources say
MUMBAI, June 30 (Reuters) - India's IndusInd Bank ( opens new tab has shortlisted three senior bankers - Rajiv Anand, Rahul Shukla, and Anup Saha - for the position of CEO and submitted their names to the central bank for approval, two sources told Reuters. IndusInd Bank took a $230 million hit in the year ended March 31 due to years of misaccounting of internal derivative trades, prompting the resignations of CEO Sumant Kathpalia and deputy Arun Khurana in April. The Reserve Bank of India (RBI), which has the final say in top appointments at banks, had asked for names of potential replacements by June 30. The board has suggested a three-year term for the chief executive, one of the sources said. The sources declined to be identified as they were not authorised to speak with the media. IndusInd Bank, RBI and Saha did not reply to a Reuters email seeking comment. Anand and Shukla did not reply to WhatsApp messages. Anand, a veteran banker, is currently the deputy managing director at private lender Axis Bank, and has held key management positions at leading global financial institutions. Shukla, who is currently on sabbatical, is group head at India's biggest private lender HDFC Bank, with over 30 years of work experience. Saha is the managing director of Indian non-bank lender Bajaj Finance and has served for 25 years in the financial services industry. "Rajiv Anand's name has been given as first priority by the board, given his reputation and the experience he brings to the table," one of the sources said. Shares of IndusInd Bank were trading 0.6% higher on Monday and are down 10% so far in 2025.
India Today
30-04-2025
- Business
- India Today
Bajaj Finance shares tank over 5% after Q4 results. Buy, hold or sell?
Shares of Bajaj Finance slipped sharply in early trade on Wednesday, even as the company posted strong earnings for the March quarter. The stock was trading 5.2% lower at Rs 8,608.45 at around 10:18 am on the Bombay Stock Exchange (BSE).The stock reacted to a set of numbers that, while solid on paper, failed to match elevated market expectations. In the fourth quarter of FY25, Bajaj Finance reported a 19% year-on-year jump in net profit to Rs 4,546 crore, driven by a 22% rise in net interest income to Rs 9,807 income climbed 23% to Rs 11,917 crore during the same period. The company's consolidated assets under management rose 26% to Rs 4.16 lakh crore, while new loans booked during the quarter surged 36% to 10.7 million. Despite this, investors on Dalal Street seem unimpressed. Higher loan loss provisions, which came in at Rs 2,329 crore compared to Rs 1,310 crore in the year-ago period, dented TARGET PRICE, BROKERAGE VIEWSAnalysts also flagged a minor decline in net interest margin and the impact of a Rs 290 crore tax reversal that provided one-time support to the bottom to the cautious tone was the company's revised guidance under new CEO Anup Saha. Bajaj Finance trimmed its FY26 AUM growth forecast to 24–25%, down from the earlier 25–27% range. Its fee income guidance, pegged at 13–15%, also came in lower than expected, raising concerns about operating offset some of the investor disappointment, Bajaj Finance announced a raft of shareholder-friendly moves. These included a 1:2 stock split, a 4:1 bonus issue, a special dividend of Rs 12, and a final dividend of Rs 44 per these announcements weren't enough to lift the stock, which has risen in only one of the past five commentary reflected the split in sentiment. HSBC maintained a Buy rating with a price target of Rs 10,800, confident in the company's ability to deliver 25% EPS growth through FY28. Jefferies also held a bullish view with a Rs 10,440 target, citing credible leadership transition and moderated credit costs. Emkay Global reiterated its Add rating with a Rs 9,200 target, though it revised earnings forecasts slightly contrast, Citi downgraded the stock to Neutral and cut its price target to Rs 9,830. The brokerage flagged a 9-basis-point drop in NIM, higher-than-expected credit costs, and slower AUM growth as causes for and Bernstein were more bearish, both maintaining Underperform calls with targets below Rs 6,500, warning of valuation risks and earnings headwinds in Stanley, however, backed the stock with an Overweight rating and a target of Rs 10,500, calling FY26 earnings prospects strong despite Q4's minor the 38 analysts covering Bajaj Finance, 25 continue to recommend buying the stock, while eight suggest holding and five recommend selling. Despite Wednesday's drop, the stock is up over 24% year-to-date and over the past twelve shares of Bajaj Finserv also tumbled 6% after reporting Q4 results. (Disclaimer: The views, opinions, recommendations, and suggestions expressed by experts/brokerages in this article are their own and do not reflect the views of the India Today Group. It is advisable to consult a qualified broker or financial advisor before making any actual investment or trading choices.)
