Companies and Markets

Companies & Markets

Regulate global proxy advisers: Uday Kotak

Ace banker and corporate governance expert Uday Kotak (in pic) lamented the “concentration of voting power in the hands of a few global agencies” and sought  regulations on global proxy advisers to remedy the situation.

Kotak’s comments came in the backdrop of two international proxy firms recently recommending investors to vote against the reappointment of veteran banker Deepak Parekh on the board of HDFC.

HDFC Bank follows PSBs, raises FD rates

HDFC Bank, the country’s largest private sector lender, on Monday raised fixed deposit rates in the range of 0.10 per cent to 0.60 per cent (10 basis points to 60 basis points) on various maturities.

One basis point is equal to one hundredth of a percentage point. The move comes a week after the Reserve Bank of India (RBI) raised the benchmark repo rate by 25 basis points.

Globally, central banks’ actions point to ‘synchronised’ stimulus withdrawal: experts

From India to Europe, recent actions of central banks should not be viewed with the same lens but the overall message points to “synchronised” withdrawal of stimulus measures, feel experts.

At least five central banks, across the emerging and the developed markets, have announced their monetary policies over the last two weeks, amid uneven global economic recovery trends.

Suzlon posts Rs 576 crore Q1 loss

Renewable energy firm Suzlon Group has posted a consolidated net loss of Rs 575 crore for the quarter ended June on account of decline in sales and increase in forex losses. The company had reported a net profit of Rs 47.84 crore in the same period a year ago.

Book profits in mid-caps & small-caps

The week was full of drama and volatility, and gained on three of the five trading days. The last two days saw movement of over 350 points on the BSE Sensex, on a net basis with Thursday being a down day and Friday being an up. The Sensex ended the week with gains of 219.31 points, or 0.58 per cent, to close at 37,556.16 points. The Nifty was up 82.45 points, or 0.73 per cent, to close at 11.360.80.

Piaggio to invest Rs 100 cr in five years

Piaggio Vehicles, the Indian arm of the Italian auto major Piaggio group, plans to invest over Rs 100 crore to develop new vehicles and new engine technology for the world’s fourth biggest automobile market.

“We are a profitable company. The growing Indian market is important for us and we are going to invest around Rs 100 crore over the next five years in developing new power trains, products, including electric vehicles for the Indian market,” Diego Graffi, managing director and chief executive officer at Piaggio Vehicles said.

Young IDBI staff threatens suicide as merger plan moves on

The LIC-IDBI merger looks only a matter of time now, but the discontent among bank employees is growing. Even as the Union cabinet has given its approval for the merger, a new bank recruit is learnt to have threatened to end his life as he fears his hard-earned job could be in line.