Latest news with #Sikka
The Print
28-05-2025
- Business
- The Print
Nippon India MF eyes deeper retail play, expansion in smaller cities to fuel growth
While the overall mutual fund industry in the region grew 20 per cent year-on-year, Nippon India clocked over 27 per cent growth, with Systematic Investment Plan (SIP) inflows rising 55 per cent in FY24 , significantly ahead of the industry's 38 per cent in the region and 34 per cent nationwide. The fund house is particularly bullish on eastern India, where growth continues to outpace the national average, the official added. Kolkata, May 28 (PTI) Nippon India Mutual Fund (MF) is betting big on deeper retail penetration and expansion in smaller towns to double its investor base to 5 crore over the next 7-8 years, a top official said on Wednesday. 'Our strategy is clear, we want to go deeper into the retail market, especially in emerging and underpenetrated regions. That's where India's growth lies. Our current investor base is 2 crore out of 6 crore MF unique investors,' said Sundeep Sikka, Executive Director and CEO, Nippon India Mutual Fund. 'Nippon India is the largest foreign mutual fund in India. What sets us apart is that we have grown the fastest among the top five, despite not having a banking sponsor,' he added. The fund house added 82 lakh investors in FY24, outpacing several bank-sponsored asset management companies (AMCs), and recorded a 27 per cent year-on-year growth in assets under management (AUM), he said. With 269 branches nationwide, Nippon India has established a robust presence in eastern India, operating in 50 locations across 11 states and has achieved what it calls a 'triple milestone' in the region: Rs 50,000 crore in AUM, 50 lakh investor folios, and 50 physical touchpoints in FY'25, Sikka added. 'Key cities like Kolkata, Patna and Ranchi have seen phenomenal three-year SIP growth — 170 per cent, 159 per cent, and 162 per cent, respectively — far outpacing industry averages,' Sikka said. Retail AUM in the east has grown by 29 per cent over the past three years, against the industry average of 25 per cent, with cities such as Bhubaneswar and Durgapur outpacing metros like Delhi and Mumbai in growth rates, he added. Sikka attributed the strong momentum to greater awareness, investor education and a growing shift from unorganised savings to formal investment avenues in tier-II and tier-III cities. On the product front, Nippon India is maintaining a focus on simplicity — prioritising existing offerings and SIPs over frequent new fund launches. 'We're not in a hurry to flood the market with NFOs. Our aim is long-term, sustainable investor growth,' Sikka said. PTI BSM MNB This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
Mint
21-04-2025
- Automotive
- Mint
Anand Mahindra congratulates ‘Hemant, Veejay, Velu' of Mahindra Logistics: ‘New leaders, but old hands'
Mahindra Group chairperson Anand Mahindra on Monday congratulated the new leaders after the conglomerate announced a shuffle in the leadership in Mahindra Logistics. 'New Leaders… But old hands at leadership…. Congratulations, Hemant, Veejay, Velu. May you continue to Rise! [sic],' he said in a post on X. Mahindra Group on Monday appointed Hemant Sikka managing director and chief executive of Mahindra Logistics Ltd (MLL). Sikka had been the president of the farm equipment business since 2020. 'Hemant is one of our top leaders and brings with him a powerful combination of strategic skills, operational rigour, customer centricity and people leadership capabilities,' the Mumbai-based auto giant said in a statement. Sikka will take over as the MD and CEO from May 5. The current CEO, Ram Swaminathan, has decided to step down to pursue other professional interests, the statement said. In place of Sikka, president of the automotive division Veejay Neekra will take over as president of the farm equipment business, which the company recognises as one of the largest and profitable businesses with a return on capital employed over 60 per cent. 'There is a huge opportunity for us to grow the business profitably through tractors, farm machinery, and globalization,' the company said in its statement. Both of them will continue to report to M&M Executive Director and CEO (Auto and Farm Sector) Rajesh Jejurikar. To replace Neekra, the company has appointed R. Veluswamy, president of automotive technology and product development, as the president of the automotive business. As part of the reshuffle, the company is also bringing the SUV and LCV business under one leader of the automotive business. Mahindra Logistics reported a smaller quarterly loss on Monday for the quarter ended March 31, helped by growth in its key contract logistics division and a narrower loss in its express commerce segment. It reported a consolidated net loss of ₹ 6.75 crore in the fourth quarter of FY25. The company reported 67 per cent year-on-year jump in standalone profit after tax (PAT) to ₹ 13.12 crore in three months to March over the same period last year. For the full fiscal 2024-25, standalone PAT declined 30 per cent to ₹ 43.50 crore from ₹ 61.98 crore in FY24 while revenue for the April-March period of last fiscal stood at ₹ 5,013 crore from ₹ 4,530 crore, a growth of 10 per cent year-on-year, in the same period year-ago, the company said. First Published: 21 Apr 2025, 10:59 PM IST
Mint
21-04-2025
- Automotive
- Mint
Hemant Sikka appointed MD & CEO of Mahindra Logistics
The Mahindra Group on Monday appointed Hemant Sikka managing director and chief executive of Mahindra Logistics Ltd (MLL). Sikka had been the president of the farm equipment business since 2020. 'Hemant is one of our top leaders and brings with him a powerful combination of strategic skills, operational rigour, customer centricity and people leadership capabilities,' the Mumbai-based auto giant said in a statement. Sikka will take over as the MD and CEO from 5 May. Ram Swaminathan, the current MD and CEO of MLL, has decided to step down to pursue other professional interests. Swaminathan joined the company in July 2019 and his last day would be 20 July. In place of Sikka, president of the automotive division Veejay Neekra will take over as president of the farm equipment business, which the company recognizes as one of the largest and profitable businesses with a return on capital employed over 60%. 'There is a huge opportunity for us to grow the business profitably through tractors, farm machinery, and globalization,' it said in the statement. 'Veejay joined M&M in 1995 and has a strong proven track record of creating a turnaround of the Auto Business with successful launches, while building world-class manufacturing capability, along with shaping the growth strategy for our international businesses,' it added. Neekra will continue to report to Rajesh Jejurikar, who is the executive director for the auto and farm sectors. To replace Neekra, the company has appointed R. Veluswamy, president of automotive technology and product development, as the president of the automotive business. As part of the reshuffle, the company is also bringing the SUV and LCV business under one leader of the automotive business. 'This would help build greater agility and collaboration, both in engineering our products and taking them to market. The role would have end-to-end responsibility of all functions within the auto business with P&L delivery,' the statement said. The Mahindra Group's several auto divisions closed the last fiscal year on a healthy note. The passenger vehicle segment's retail sales grew by nearly 20% to reach 512,000 from the earlier 427,000. It saw about 373,000 tractor sales in the year, up 3% from 364,000. In 2025, M&M's share price has fallen by over 10% against a 5.7% fall in the Nifty Auto. First Published: 21 Apr 2025, 08:08 PM IST
Sharjah 24
08-04-2025
- Business
- Sharjah 24
Khorfakkan University launches 2nd "Sikka" Exhibition
Event Attracts Attention Khorfakkan University inaugurated the second edition of the student project support exhibition "Sikka", organised for the second consecutive year, witnessing broad student participation and notable visitor turnout. Entrepreneurial Student Stalls Marwan Al Naqbi highlighted that the exhibition showcases 15 booths dedicated to home-based and personal projects developed by university students. This includes a range of innovators and aspiring entrepreneurs who are looking to make their mark in the job market. Creative Works Displayed In an interview with 'Sharjah24', he stated that the projects taking part include a range of fashion designs, including abayas and women's shawls, as well as perfumes and incense. Additionally, the offerings include food and café beverages, alongside a variety of handmade and traditional crafts, featuring gifts and innovative models. Supporting Young Talent Al Naqbi announced that the exhibition, designed to support project owners and showcase their creativity, is open to visitors daily from 10:00 AM to 3:00 PM until next Thursday at the student lounge on the university campus. The audience includes students, faculty members, and external guests.
The Guardian
30-03-2025
- Business
- The Guardian
Prosecution of people who help clients evade tax in UK falls by 75% in five years
Prosecutions of the enablers of tax evasion have plummeted by at least 75% in the past five years, with fewer than five criminal cases in 2023-2024. The targeting of enablers – anyone who knowingly helps a client evade tax – is a central part of HM Revenue and Customs's (HMRC) strategy to claw back cash owed to the Treasury. Labour hopes to boost the public coffers by billions of pounds with its crackdown on tax avoidance and evasion. But figures obtained by the Bureau of Investigative Journalism reveal that fewer than five such prosecutions were brought in 2023-2024, down from 16 in 2018-2019. The Treasury had previously said that the figure for 2018-2019 was 29 in response to a parliamentary question raised in March 2023, but tax officials now admit that this figure was incorrect. In its response to a freedom of information request, the tax authorities declined to provide the exact figures for alleged enablers of tax evasion who were prosecuted and convicted in 2023-2024 because of the 'risk of identifying the individual involved'. 'This makes a mockery of [freedom of information] laws,' said Labour peer Prem Sikka. 'Parliament can't properly question HMRC because it hides behind a veil of confidentiality [while] ministers just shrug their shoulders and carry on.' Lord Sikka, who submitted the parliamentary question on figures for convictions in previous years, said that the discrepancy in the figures in 2018-2019 amounted to 'contempt of parliament' and that HMRC had made no efforts to clarify the issue. 'There is no defence for this,' he said. 'HMRC data is not reliable and has never been.' Claire Aston, director of the investigative thinktank TaxWatch, said the 'precipitous decline' in prosecutions shows HMRC 'aren't actively tackling those making money from this crime'. She added that the decision to withhold the exact figures on prosecutions and convictions for 2023-2024 was a 'wild misrepresentation of confidentiality'. HMRC has said the term 'enablers' covers a range of professionals, including tax planners and wealth advisers. The figure of 16 enablers prosecuted in 2018-2019 was the high-water mark of HMRC's criminal enforcement action, which then declined sharply and has remained low. The downturn is part of a larger recent decline across HMRC's enforcement teams, which have struggled with the joint shocks of Brexit and the Covid pandemic. Last year the Observer revealed that prosecutions after HMRC investigations had fallen by more than two-thirds in five years and that not a single company had been prosecuted for enabling tax evasion since landmark powers were introduced in 2017. The current Labour government has put pressure on HMRC to crack down on tax dodging to help support its substantial spending commitments. The tax gap – a term used for the difference between the tax revenues HMRC receives and what it calculates it should receive – stood at almost £40bn in 2022-2023, the most recent year for which figures are available. Last autumn Labour's first budget for 14 years contained measures to raise £6.5bn by a crackdown on tax avoidance and evasion. New plans announced in last week's spring statement are intended to increase this by £1bn. 'The thriving industry of people enabling tax evasion… will continue until there are visible prosecutions,' said Dan Neidle, a former head of tax at law firm Clifford Chance and founder of the independent thinktank Tax Policy Associates. 'A handful of prosecutions won't change anything,' he added. 'Prosecutions are expensive undertakings, but public confidence in the tax system requires them.' A spokesperson for HMRC said: 'The numbers provided to parliament in 2023 on the prosecution of tax fraud enablers were not accurate and we apologise for that. We issued these figures in good faith and understood them to be correct at the time but have since identified errors, corrected them and lessons have been learned. 'Tackling enablers of tax fraud remains a top priority for us and we currently have more than 150 enablers under criminal investigation. We're determined they face the consequences as much as those carrying out tax fraud.' Officials said responses to freedom of information requests were subject to appeal.
