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Paytm’s parent company One97 Communications president and chief operating officer Bhavesh Gupta has resigned from the company, an official statement said. Gupta steered the lending business, online and offline payments, and compliances, at Paytm. Verticals, headed by him were adversely impacted by the RBI’s ban on Paytm Payments Bank (PPBL) from carrying on new transactions.
Adani Group firm Adani Ports & SEZ plans to develop a port in the Philippines’ Bataan province, a statement issued by the office of the President of the Philippines said. APSEZ Managing Director, Karan Adani, met the Philippines President Ferdinand R Marcos Jr at Malacanang on May 2 to discuss Adani Group’s plans for the port. APSEZ is planning to open a port in the Philippines due to the nation’s stable leadership and environment, the statement quoted Adani as saying.
State-owned REC Ltd on Sunday said it has received RBI’s approval to set up a subsidiary in GIFT City, Gujarat. The proposed subsidiary will engage in a range of financial activities, including lending, investment, and other financial services, a company statement said.
Mahindra & Mahindra Financial Services has reported a 10 per cent decline in standalone profit and tax at Rs 619 crore for the January-March quarter of 2023-24. A fact-finding assessment of fraud in its Aizawl branch during the quarter identified 2,887 loan accounts that were potentially fraudulent in nature, the non-banking finance company said. These loans had an outstanding net recoverable balance of ₹135.9 crore as of March, which have been fully provided for.
The board of Aptus Value Housing Finance has approved the issuance of Non-Convertible Debentures up to ₹2,250 crore.
CDSL (Central Depository Services India Ltd) on Saturday said its net profit doubled to ₹129 crore for the three months ended March 2024. It had posted a net profit of ₹63 crore in the same quarter a year ago. Total income rose 86 per cent to ₹267 crore (₹144 crore). The board also recommended a final dividend of ₹19 a share for FY24, subject to approval of shareholders. Additionally, a special dividend of ₹3 a share was recommended, bringing the total dividend payout to ₹22.
Carlyle Group on Friday divested a nearly 2 per cent stake in private sector lender YES Bank for ₹1,441 crore through an open market transaction. The US-based Carlyle Group, through its affiliate CA Basque Investments, offloaded the shares through a bulk deal on the National Stock Exchange (NSE). CA Basque Investments sold 59.40 crore shares, amounting to a 1.98 per cent stake in Yes Bank at an average price of ₹24.27 apiece.
Godrej Properties plans to launch residential projects worth ₹30,000 crore this fiscal across major cities to achieve 20 per cent growth in sales bookings amid strong demand, its executive chairperson Pirojsha Godrej said in an interview to PTI.
Domestic automobile majors Mahindra & Mahindra and Tata Motors have received a record number of patent approvals for a wide spectrum of product and process innovations in the last financial year. M&M received 674 approvals, its best-ever annual performance, while Tata Motors witnessed the grant of 333 patents during the 2023-24 financial year. M&M said it has received a record 674 patents in 2023-24, with the majority coming in from the Indian Patent Office.
Drug makers Cipla and Glenmark are recalling products from the American market due to manufacturing issues, according to the US health regulator. The latest Enforcement Report issued by the US Food and Drug Administration (USFDA), a New Jersey-based subsidiary of Cipla, is recalling 59,244 packs of Ipratropium Bromide and Albuterol Sulfate Inhalation Solution. The medication, produced at the company’s Indore SEZ plant, is used to help control symptoms of lung diseases such as asthma, chronic bronchitis and emphysema.
The Reserve Bank of India has removed restrictions on Bajaj Finance’s ‘eCOM’ and online digital ‘Insta EMI Card’ products after remedial action taken by the company, the lender said in a filing to exchanges. The move comes amid increased scrutiny of the digital activities of lenders by the central bank. The company’s stock had tumbled after the RBI’s restrictions late last year.
Sanjeev Nautiyal has been appointed MD & CEO of Ujjivan Small Finance Bank for a period of three years starting July 1. He was earlier Deputy MD Financial Inclusion and Micro Markets of SBI and MD & CEO of SBI Life Insurance.
Sentynl Therapeutics, the US arm of Zydus Lifesciences, has acquired worldwide proprietary rights to Zokinvy at a net base price of $45 million from US-based Eiger Biopharmaeuticals. Zokinvy is approved for the treatment of a collection of ultra-rare, fatal, genetic premature ageing diseases.
Results Calendar: Aerofloex Industries, Allsec Technologies, Arvind, Automotive Stampings, Bombay Dyeing, Car Trade, CG Power and Industrial Solutions, Choice International, DCM Shriram, Fluoro Chem, GHCL, Godrej Consumer Products, Grindwell, Gujarat Gas, Gujarat Toolrooms, Happiest Minds, Indian Acrylics, Indian Bank, Kamdhenu, Lupin, Marico, Muthoot Microfinance, Orbit Exports, Prudent Corporate Advisory, Punjab Chem, Route Mobile, Selan Exploration and Uttam Sugar.
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