Author Archives: nimishshah

Yas Bank’s MD to be appointed till December

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Mumbai- Yes Bank’s Managing Director is likely to be appointed by the end of December this year. The Reserve Bank of India has not approved the term of the mid-size private sector bank’s head Rana Kapoor.

On the other hand, the board of directors of Yes Bank has recommended withdrawal of bonuses announced for Rana Kapoor in the financial year 2015 and 2016. The Board has recommended that no bonus be given to Kapoor for the financial year 2017 and 2018 and for him no proposal of any dividend for the financial year 2019 is also proposed. The recommendation from the bank’s board will be sent to the Reserve Bank of India. However, it is not yet decided whether Rana Kapoor will remain in the board of the bank even after leaving YES Bank. This is yet to be decided. Yes Bank started with Rana Kapoor in 2004 with Ashok Kapoor.

Let us know that in September this year, the Reserve Bank of India had asked YES Bank to end the tenure of the MD and CEO of Kapoor till January 31, 2019. However, the bank appealed to increase the tenure of Kapoor for three years. The Reserve Bank of India had refused to increase Kapoor’s tenure due to the diversions of Rs 10,531 crore. YES Bank has expressed hope of appointing new MD till December 15. For this, he has appointed American consulting firm Corn Ferry, who can recommend appointment to people outside the bank. However, for this post at Yes Bank, only Rajat Monga is the claimant who is the senior group chairman.

Closed with market edge

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Mumbai- Ronak returns to the domestic market on the first day of the week on Monday. I managed to close with Sensex and Nifty on the back of buying in information technology and pharma stocks. At the end of the trading, the Sensex rose by 132 points to 34,865, while the Nifty climbed 40 points to close at 10,512 levels.

Explain that this is the second consecutive day when the market is closed in green mark. Even mid-caps and smallcap stocks saw good buying. There is an increase in FMCG, IT and Pharma sector.

Shares of Infosys, ITC, ONGC, TCS, Sun Pharma, HDFC Bank, Wipro, Reliance Industries, Tata Motors, Bharti Airtel, HDFC and SBI are on the rise. Hindustan Unilever, M & M, ICICI Bank, Maruti Suzuki, Asian Paints, Yes Bank, Kotak Bank, Bajaj Auto and PowerGrid fell.

Midcap and smallcap stocks also looked like shopping. The BSE mid-cap index gained 0.62 per cent, while the Nifty Midcap 100 index gained 0.93 per cent. BSE’s Smallcap index closed 1.37 percent higher.

The Bank Nifty Index is down 0.91% and is trading at 25,164.35 level. Auto index 1.36 percent, financial services 0.72 percent, FMCG 0.18 percent, metal index 0.79 percent, PSU bank index 0.79 percent, private bank index 1.18 percent, and realty index 0.76 percent.

90 crore debit, sword on credit card

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Mumbai- Debit and credit card companies have not received relief from the Reserve Bank of India (RBI) in the case of data store. These companies are still hanging the sword of the RBI. However, these companies have demanded the Finance Ministry to provide relief in this matter.

In April, the RBI had told these companies that they have provision to store the data in India. These companies were given time till October 15 to start data storage facility in India. But foreign companies associated with debit and credit card have not been able to do so right now. Now these companies have requested the Finance Ministry to give them one year time to start the facility of data storage in India.

According to sources, the RBI is not ready to give any relaxation in this matter. However, these cards are not being shut down for the moment when the facility of data store in India is not started. Earlier it was a discussion that the debit and credit card of companies that do not store data from October 15 in India will be banned. There are 78 companies working in the country. If the card closes, it may lead to problems of about 9 0 million people, and this may also cause problems in the upcoming festival season.

Representatives of the companies have asked the Finance Ministry to take a full two-year time to store the data. RBI has sought copy of data store from all the companies. 62 companies have accepted the RBI decision. These include e-commerce companies like Amazon, WhatsApp and Alibaba.

Cyber ​​scam in another bank

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Mumbai- Only two months later, hackers through a cyber fraud in another bank in Maharashtra cleared 143 crore rupees in one stroke. In the Mumbai-based branch of the State Bank of Mauritius (SBM), hackers have broken into several accounts and carried out the thefts. The bank’s branch is located in the posh Nariman Point area, where there are offices of several multinationals.

Let us know that in August, the hackers had cleared 94.24 crore rupees in the Cosmos Bank located in Pune. Apart from SBI Mumbai, there are branches located in Chennai, Hyderabad and Ramchandapuram in Andhra Pradesh. The Economic Offenses Wing of Mumbai Police and Cyber Cell have begun investigations on Tahrir given by the bank. The bank is also conducting internal checks on its own, so that it can be ascertained that no external person has the hand. SBM said that this theft will not have any effect on the account holders.

According to bank officials hackers hacked the server and accessed several accounts and transferred money to bank accounts located outside the country. Nariman Point Branch of State Bank of Mauritius is located on the 15th floor of Raheja Center. This is the third major issue of cyber fraud in banks within 9 months. In February, bank branches of Union Bank were flown out of the bank by 34 crore rupees. 7 people were arrested in the Cosmos Bank scam. SBM Branch Incharge Prakash Narayan has refused to comment on this matter.

HUL’s profit up 19.5%

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In the second quarter of the financial year 2019, Hindustan Unilever’s profit increased by 19.5 percent to Rs 1,525 crore, which was Rs 1,276 crore in the same quarter of fiscal year 2018.

In the second quarter of fiscal year 2019, HUL’s earnings increased 11.1 per cent to Rs 9,234 crore, which was Rs 8,309 crore in the second quarter of fiscal year 2018. On the basis of year-on-year basis, the company’s EBITDA has increased from Rs 1,682 crore to Rs 2,019 crore. In the second quarter, the Ebidata margin has increased from 20.2 per cent to 21.9 per cent.

The income of HUL’s home care business has increased from Rs 2,739 crore in the second quarter to Rs 3,080 crore on a yearly basis, while the turnover of this business has increased from Rs 383 crore to Rs 492 crore in the second quarter on a yearly basis.

The income of the company’s beauty and personal care business has increased from Rs 3,910 crore to Rs 4,316 crore in the said period and its EBITDA has increased from Rs 948 crore to Rs 1,115 crore. Income of the Foods and Refreshment business has increased from Rs 1,526 crore to Rs 1,704 crore, while the EBITDA has increased from Rs 231 crore to Rs 288 crore.

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