Latest news with #RajivAnand
New Indian Express
11 hours ago
- Business
- New Indian Express
IndusInd Bank shortlists 3 names for top job ahead of RBI deadline
MUMBAI: The troubled IndusInd Bank, which has been headless since late April when the scam-tainted chief executive Sumant Kathpalia and his deputy Arun Khurana resigned owning moral responsibility for the massive losses in its forex derivatives trading book, has reportedly shortlisted three names--Rajiv Anand of Axis Bank, Anup Saha of Bajaj Finance, and Rahul Shukla of HDFC Bank--to man the top deck. While Rajiv Anand is currently the deputy managing director of Axis Bank, Anup Saha is the managing director of Bajaj Finance, and Rahul Shukla is the group head of commercial and rural banking at HDFC Bank and is on a sabbatical from the largest private sector bank. While Sumant Kathpalia resigned on April 29, his deputy Arun Khurana did so a day before. Both had cited moral responsibility for the scam for the decisions to leave, which came in well after seven weeks since the crisis came out. Both have also been banned by the market regulator from the market for insider trading—they had pocketed over Rs 157 crore from selling bank's shares in 2023-24. Since their resignations, the bank is run by an RBI-approved executive committee comprising its consumer banking head Soumitra Sen and the chief administrative officer Anil Rao. According to a source in the know of the development, the board of the Hinduja group-promoted bank is expected to clear these names and submit the list to the Reserve Bank for approval any day now before the regulatory deadline of June 30. The regulator has also asked the board to suggest probable names only from outside IndusInd Bank. During a recent analyst call, IndusInd chairman Sunil Mehta had assured stakeholders that the names would be submitted well before the deadline. The upcoming leadership change is seen as a crucial development for the bank, which has been in focus since early March when it was forced by the RBI to inform all stakeholders that it made accounting mistakes in the forex derivatives books for several years and that it would have to make provisions to the tune of 1.35% of its net worth as of December 2024 when it was Rs 64,000 crore. But the bank on May 22 said while announcing the March quarter earnings that the losses were much higher at Rs 2,329 crore. It had booked a net profit of Rs 2,349 crore in the year-ago period. Most of the loss was due to the impairment in its forex derivatives book, which the management first said would be only around Rs 1,600 crore. The lender reported net interest income of just Rs 3,048 crore in Q4 a whopping 43% less from Rs 5,376 crore a year 59-year-old Rajiv Anand of Axis Bank has over 35 years of experience in the financial services sector. He began his journey at Axis Asset Management Company in 2009 as its founding managing director and chief executive. In 2013, he moved to Axis Bank as president of retail banking, eventually joining the board in the same year.
Business Upturn
a day ago
- Business
- Business Upturn
IndusInd Bank shares rise nearly 4% today after reports claim Rajiv Anand as strong CEO contender
By Aditya Bhagchandani Published on June 27, 2025, 11:52 IST Shares of IndusInd Bank surged nearly 4% during Friday's session after CNBC-TV18 reported that Rajiv Anand of Axis Bank has emerged as a strong contender for the CEO position at IndusInd Bank. The stock climbed 3.69% to trade at Rs 866.95 as of 11:51 AM, marking a gain of Rs 30.85 from the previous close of Rs 836.10. According to CNBC-TV18, IndusInd Bank's board is considering multiple candidates for the top role, including Rajiv Anand, who is currently serving as Deputy Managing Director at Axis Bank and is set to retire in August. Other names reportedly under consideration include Rahul Shukla of HDFC Bank and Anup Saha of Bajaj Finance. The Reserve Bank of India has asked IndusInd Bank to submit its final list of CEO candidates by June 30, 2025. The bank's board has discussed names unofficially with the RBI but is yet to submit an official list. In Friday's trade, IndusInd Bank touched an intraday high of Rs 866.55 and a low of Rs 831.50. The company's current market capitalization stands at Rs 67,255 crore, with a P/E ratio of 26.22 and an average daily trading volume of 8.57 million shares. Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Author or Business Upturn is not liable for any losses arising from the use of this information. Ahmedabad Plane Crash Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
Business Standard
a day ago
- Business
- Business Standard
CEO NITI Aayog B.V.R Subrahmanyam delivers impactful message at Bombay Chamber's 189th AGM; Rajiv Anand takes over as Chamber president
VMPL Mumbai (Maharashtra) [India], June 27: The Bombay Chamber of Commerce and Industry held its 189th Annual General Meeting in Mumbai, bringing together eminent business leaders, policymakers, and members of the Chamber for an evening of reflection, renewal, and forward-looking dialogue. Rajiv Anand, Deputy Managing Director, Axis Bank took over as the Bombay Chamber President while Sudhanshu Vats, Managing Director, Pidilite Industries, became Sr Vice President of the Chamber. In his keynote address, B.V.R. Subrahmanyam, CEO of NITI Aayog, delivered an inspiring vision for India's future, highlighting the nation's remarkable transformation since independence. "In 1947, many doubted India's ability to survive - today we have emerged as a potential economic powerhouse, projected to become the third-largest economy by 2027." Subrahmanyam emphasised the critical role of the Bombay Chamber in driving India's growth, highlighting Mumbai's potential as a global economic hub. While taking note of the vision shared by the incoming president, he appreciated the Chamber's efforts and stressed on the need to frequently engage with the government to implement Mumbai's economic plan, focus on micro, small and medium enterprises (MSMEs), and drive innovation and sustainability. Additionally, the Chamber should leverage Mumbai's position as a hub of industry, finance, and talent to drive India's leadership in frontier technologies like artificial intelligence (AI), quantum computing, and biotechnology. The AGM started with Pinky Mehta, outgoing President Bombay Chamber and Director, Aditya Birla Sun Life Insurance Co Ltd. & CFO, Aditya Birla Capital Ltd. welcoming the members and sharing her reflections on the Chamber's impactful journey over the past year. Under her leadership, the Chamber championed four key pillars--Digitalisation, ESG & Sustainability, Ease of Doing Business, and Diversity, Equity & Inclusion--hosting over 100 knowledge-led events that advanced innovation, sustainability, and inclusive growth. She highlighted global engagements such as the Indian delegation to Cyprus during Prime Minister Narendra Modi's visit to the country, thought leadership at the International Agri Hackathon, the third edition of the Chamber's DEI Forum and Awards, and dialogues with diplomats and regulators. She also reaffirmed the Chamber's digital and green commitments through initiatives like the CSR in the Digital Era Conclave, the Green Growth Forum, and the Smart City Leaders' Conclave. Following this, Rajiv Anand, President Designate, Bombay Chamber and Deputy Managing Director, Axis Bank, shared his vision for the year ahead under the theme 'Shaping the Future: Innovation, Inclusion, Impact.' He outlined five strategic priorities for 2025-26: catalysing sustainable economic growth, driving technology and innovation through the launch of a Centre for Emerging Technologies, empowering human capital with a focus on women and youth, deepening public-private partnerships, and modernising the Chamber for the next generation. He stressed the Chamber's mission to align closely with national priorities such as Atmanirbhar Bharat and Viksit Bharat@2047, and work in tandem with NITI Aayog on entrepreneurship, energy transition, and inclusive development. In his keynote address, the NITI Aayog CEO also spoke about India's ambitious goal to become a developed nation by 2047, with a targeted gross domestic product (GDP) of $30 trillion and a per capita income of $14,000. He said that this transformation isn't just an economic target, but a national movement that requires participation from every citizen. He also stressed on India's rise as a friendly, non-threatening power with relevance for developing regions worldwide. Subrahmanyam shared critical viewpoints focusing on several strategic areas. He spoke extensively on human capital development covering aspects like leveraging India's demographic dividend (median age of 29), expanding higher education to 9 crore students, increasing women's workforce participation and comprehensive skilling programs. On the economic transformation front he spoke about expanding manufacturing from half a trillion to $8-10 trillion, becoming a global services hub, developing agriculture beyond traditional cereal crops and creating global-standard financial and banking systems. Urban development, Subrahmanyam said, needs special focus wherein cities have to be prepared to accommodate 50% of population by 2047, creation of economic growth hubs and developing comprehensive urban infrastructure. Subrahmanyam called for business and industry leaders to be agents of change, working together to achieve a bold and inclusive vision for India's future. The evening also saw the launch of the "Dispute Resolution @ Bombay Chamber" website, an initiative focused on mediation as a structured and efficient tool for resolving commercial disputes. The launch was presented by Ashok Barat, Past President, Bombay Chamber and Mentor, Dispute Resolution @ Bombay Chamber & Director, Bata India, who emphasised the need for industry-led mechanisms to ease legal burdens and promote amicable solutions. Concluding the evening, Sudhanshu Vats, Sr Vice President Designate, Bombay Chamber and Managing Director, Pidilite Industries, delivered the vote of thanks, expressing gratitude to the speakers, members, and stakeholders for their continued support and commitment. He reiterated the Chamber's vision to serve as a forward-thinking, solutions-oriented platform for business leadership and policy engagement, dedicated to building an inclusive and prosperous future for Mumbai and India.
Business Upturn
28-04-2025
- Business
- Business Upturn
Top stocks to watch today, April 28: RBL Bank, Mahindra & Mahindra, Reliance Industries, Tata Technologies and more
Indian share markets experienced sharp fluctuations on Friday, April 26, 2025, with the BSE Sensex and Nifty50 posting significant losses. By the end of the session, BSE Sensex closed at 79,212.53, down 589 points or 0.74%, and Nifty50 ended at 24,039.35, down 207 points or 0.86%. Today, April 28, several stocks across sectors are expected to be in focus based on recent financial updates and corporate developments. Quarterly Results Highlights RBL Bank (Q4 FY25) Net Profit declined 80.5% YoY to ₹68.7 crore from ₹352.6 crore. Net Interest Income (NII) fell 2.3% YoY to ₹1,563 crore. DCB Bank (Q4 FY25) Net Profit grew 13.7% YoY to ₹177 crore. NII increased 9.9% YoY to ₹558 crore. Tata Technologies (Q4 FY25) Net Profit rose 20.2% YoY to ₹188.9 crore. Revenue decreased 1.2% YoY to ₹1,285.7 crore. Mahindra Holidays (Q4 FY25) Net Profit dropped 11.4% YoY to ₹73 crore. Revenue declined 2.7% YoY to ₹778.8 crore. Poonawalla Fincorp (Q4 FY25) Net Profit declined 81.2% YoY to ₹62.3 crore. NII improved 11.7% YoY to ₹707.9 crore. Lloyds Metals (Q4 FY25) Net Profit fell 27% YoY to ₹202 crore. Revenue dropped 23.2% YoY to ₹1,193 crore. Force Motors (Q4 FY25) Net Profit surged to ₹434.7 crore from ₹140.3 crore YoY. Revenue increased 17.1% YoY to ₹2,356 crore. L&T Finance (Q4 FY25) Net Profit rose 14.9% YoY to ₹636.2 crore. NII grew 3.8% YoY to ₹2,423.2 crore. Tejas Networks (Q4 FY25) Reported a Net Loss of ₹71.8 crore, compared to a Profit of ₹146.8 crore YoY. Revenue increased 43.7% YoY to ₹1,906.9 crore. Zensar Technologies (Q4 FY25) Net Profit grew 1.8% YoY to ₹176.4 crore. Revenue rose 10.5% YoY to ₹1,359 crore. Rossari Biotech (Q4 FY25) Net Profit increased 0.9% YoY to ₹34.4 crore. Revenue grew 22.6% YoY to ₹579.6 crore. Reliance Industries (Q4 FY25) Consolidated Net Profit stood at ₹19,407 crore compared to ₹18,951 crore YoY. Consolidated Revenue rose to ₹2.61 lakh crore from ₹2.36 lakh crore YoY. Consolidated EBITDA reached ₹43,832 crore. EBITDA Margin declined to 16.8% from 18% YoY. IDFC First Bank (Q4 FY25) Net Profit declined 58% YoY to ₹304.1 crore. NII grew 9.8% YoY to ₹4,907.1 crore. Corporate Developments Axis Bank : Deputy Managing Director Rajiv Anand will retire on August 3, 2025. GAIL and CONCOR : Signed an MoU to explore LNG adoption as an alternative fuel in logistics. NRB Bearings : Announced ₹200 crore investment for R&D and capacity expansion at Waluj and Hyderabad plants. Vodafone Idea : Block deal involving Nokia (seller) and Goldman Sachs (buyer) with 103 crore shares worth ₹786 crore changing hands at ₹7.65 per share. Mahindra & Mahindra : To acquire a 58.96% stake in SML Isuzu for ₹555 crore. JSW Steel : Its subsidiary, JSW Steel Coated Products, has been declared the successful resolution applicant for Colour Roof India, subject to NCLT approval. RailTel Corporation: Received a work order worth ₹90 crore from the Institute of Road Transport. Logistics Sector Update Allcargo Logistics (March 2025 update) : LCL volume up 19.9% MoM, down 2% YoY. FCL volume up 14% MoM, up 1% YoY. Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Author or Business Upturn is not liable for any losses arising from the use of this information. Stock MarketStock to watch Aman Shukla is a post-graduate in mass communication . A media enthusiast who has a strong hold on communication ,content writing and copy writing. Aman is currently working as journalist at
Time of India
25-04-2025
- Business
- Time of India
Axis Bank Deputy MD Rajiv Anand to retire in August 2025, will remain with Axis Max Life Insurance
Rajiv Anand, the Deputy Managing Director of Axis Bank , has decided to step down after completion of his current term in August 2025. #Pahalgam Terrorist Attack India pulled the plug on IWT when Pakistanis are fighting over water What makes this India-Pakistan standoff more dangerous than past ones The problem of Pakistan couldn't have come at a worse time for D-St He will retire from the services of the bank on August 3 after completion of his third term as a director on the bank's Board, the private lender said in an exchange filing Friday. 'Rajiv's association with the Axis group will continue after his retirement from the bank as non-executive Chairperson of Axis Max Life Insurance Limited,' the bank said. In 2022, when Anand received a three-year extension, the Axis Bank board had approved the proposal in January, followed by the Reserve Bank of India's clearance in June that year. Anand, who has held the position of Deputy MD since December 2021, oversees multiple key areas at Axis Bank, including wholesale and digital banking, as well as marketing and corporate communications. He joined the Axis Group in 2009 as the founding MD of Axis Asset Management Company. Anand transitioned to Axis Bank in 2013 as the President of Retail Banking, a position he held for five years. In 2018, he took charge as the head of wholesale banking. Axis Bank has witnessed several senior-level exits since last year. Ravi Narayanan, the group executive of Retail Liabilities, Branch Banking, and Products at Axis Bank, resigned in March 2024. In June 2024, Sumit Bali, Group Executive of Retail Lending, resigned to pursue new career opportunities after a four-year tenure. Later that year, in October 2024, Ganesh Sankaran, Group Executive of Wholesale Banking Coverage, stepped down to explore opportunities outside the bank. In February 2025, the bank announced that S. Bhaskar, Chief Audit Executive, had resigned due to personal reasons requiring him to be based outside India indefinitely. In Friday's exchange notification, Axis Bank said that it has a strong leadership pipeline at the bank. It announced changes in the senior management team with group executive level appointments. The bank appointed Sameer Shetty as group executive - DBAT (digital business and transformation) and strategic programs, Bipin Saraf as group executive - Bharat banking, and Rajkamal Vempati as group executive – human resources. All three appointments are in effect from April 1, 2025. Anand, a chartered accountant with a degree in commerce, brings over 35 years of experience across various segments of the financial services industry, including asset management, retail, and wholesale banking.
