Aditya Birla Capital Appoints Vishakha Mulye As Its New CEO

Top of the Morning

In this episode, find out about HDFC bank’s dividend to its shareholders for FY22, also find out why Indian markets will have a negative opening.

Business Term of the Day: Index

ICICI Bank: The bank on Saturday reported a 58 per cent jump in its March quarter consolidated net to ₹7,719 crore, helped by a sharp decrease in the money set aside for bad debts. On a standalone basis, the second largest private sector lender reported a 59 per cent jump to ₹7,019 crore for the January-March quarter of 2021-22. It ended the fiscal year FY22 with a 44 per cent growth in the bottomline at ₹23,339 crore.

 Reliance Industries: The Mukesh Ambani-led firm on Saturday said its ₹24,713-crore deal to acquire Future Group’s assets cannot be implemented after secured creditors of the Kishore Biyani-led companies voted against the proposal. Several listed Future Group entities –  – in their respective regulatory filings on Saturday also said composite Scheme of Arrangement with Reliance Group entities now can not be implemented due to the outcome of the voting.

 Aditya Birla Capital: Vishakha Mulye, an ICICI Bank veteran, will take over as the chief executive of Aditya Birla Capital, the non-bank lender said on Saturday. Mulye, who was the executive director of ICICI Bank in charge of the wholesale banking portfolio, will take over her role on June 1, as per an announcement by Aditya Birla Capital to the exchanges.

 RailTel Corporation of India: RailTel Corporation of India, a Mini Ratna central government PSU under the Ministry of Railways, has received a work order from Rail Vikas Nigam Limited (RVNL) worth ₹11.57 crore for the installation of multi-protocol label switching (MPLS) virtual private networks (VPNs) at 33 locations across the country.

 Aurobindo Pharma: Leading drug firms Aurobindo Pharma, Sun Pharma and Jubilant are recalling different products in the US market for various reasons, as per the latest enforcement report by the US Food and Drug Administration (USFDA).

 Nykaa: The firm on Friday announced its strategic investments in three companies involved in clean beauty, athleisure nutricosmetics. The company has acquired stakes in Earth Rhythm, Nudge Wellness and KICA. (remove this)

HDFC Bank: The largest private lender the country declared a 1550 per cent or 15.50 per share dividend to its shareholders for the financial year 2021-22. The board at its meeting has recommended a dividend of Rs 15.50 per equity share of Re 1 (1550 per cent) out of the net profits for the year ended March 31, 2022.

Moving on to markets

Indian indices may witness a flat to negative start on Monday.

Last week, the indices registered losses overall after shedding around 1.23% on Friday, spooked by US Fed chief Jerome Powell’s hawkish statement, and poor results posted by heavyweights Infosys and HDFC Bank.

On Friday, the Wall Street tumbled over 2.5% as earnings news and Powell’s comments soured the mood of the investors.

Indices in Asia fell on Monday, tracking Wall Street’s fall on worries over higher interest rates.

Business term of the day

An index is a method to track the performance of a group of assets in a standardized way. Indexes typically measure the performance of a basket of securities intended to replicate a certain area of the market. These could be a broad-based index that captures the entire market, such as the Standard & Poor’s 500 Index or Dow Jones Industrial Average (DJIA), or more specialized such as indexes that track a particular industry or segment.