CEO Financial News

Birla group firm Kesoram Industries on Tuesday said it remains committed to its loss-making subsidiary, Cygnet Industries Ltd, and will seriously engage in dialogue with its Japanese technical partner, Futamura, as a strategic investor after the demerger of its cement business is completed, a company official said. He was speaking to reporters on Tuesday on the sidelines of the Kesoram's 105th AGM, bustling as usual with shareholders and schoolgirls from Ashok Hall Group attending the meeting, but missing Manjushree Khaitan. She died on May 16. The AGM was chaired by Satish Narain Jajoo, who was elected chairman after the demise of the Birla scion last month. «There is no plan to hive off Cygnet. We are currently focused on the demerger process of the cement business, which is expected by December this year. We continue to believe that Cygnet, which has innovative packaging products in its kitty, can turn around,» Kesoram Industries' whole-time director and CEO, P. Radhakrishnan said.

Nitrogen, formerly known as Riskalyze, has launched a comprehensive client engagement platform aimed at enhancing the delivery of personalized advice for wealth management firms.

Like all industries, the wealth advisory space is a tough, competitive world.

Last checked, US-based Tesla had not taken the bait of India’s policy package unveiled in March to attract global makers of electric vehicles (EVs), though Vietnam’s VinFast may qualify for its benefits—which include low-tariff imports of EVs worth under $35,000 apiece for five years—and Germany’s famous Mercedes-Benz has it under consideration. As reported, Mercedes India’s CEO Santosh Iyer has said the car-maker is ready to invest $500 million, the qualifying minimum, if it could be certain that today’s 5% GST rate for EVs stays in place for at least a decade. In itself, this is not an unreasonable ask.

investor responses and delivering significant returns following substantial listing gains. About 38 IPOs have taken place so far in 2024 with an average listing gain of 25% and average returns after debuting at 49% till date. Four stocks — Jyoti CNC Automation, Exicom Tele-Systems, JNK India and TBO Tek — have delivered returns of 100-300% over the offer price. Eight — including Bharti Hexacom, Le Travenues Technology, BLS E-Services, DEE Development Engineers and Vibhor Steel Tubes — rallied between 57% and 92%. Another 18 gained between 8% and 44%, with only eight stocks trading below their offer price.

₹3.5-35.0 lakh annually, claims to have several thousand ultra high net-worth individual (UHNWI) memberships in India. "Don't ask us how we get a special confectionery cake from Dubai overnight or how we jump the queue to procure the sought-after Birkin bag or how we can get an extra table put at a Michelin-starred restaurant. That's the trade secret.

Arete Wealth is expanding its clearing and custody services through a juiced-up partnership with BNY Pershing.

Indian Institutes of Technology (IITs) have dropped. For the class of 2024, the annual pay is in the range of ₹15-16 lakh, according to separated studies by Deloitte and TeamLease. Compensation for graduates from top 10 engineering institutes, of which eight are IITs, as ranked by the National Institutional Ranking Framework has declined marginally for the class of 2024, according to Deloitte campus workforce trends 2024 study. «They can expect a median compensation of ₹16.3 lakh per annum in 2024 as per our study,» said Neelesh Gupta, partner, Deloitte India. Annual pay is down to a median ₹15-16 lakh compared with ₹18-20 lakh in 2023 at old IITs, as per a TeamLease Services study conducted in May shared with ET.

Spearheaded by Premier Miton's multi-manager team, led by Ian Rees, the service is set to offer two ranges of actively managed portfolios, both consisting of four portfolios. One will direct attention on a mix of active and passive investments while the other range will be solely index focused, but both will be actively managed, the firm said. Premier Miton CEO bets on fund sales boost from falling rates as outflows slow The move follows  «increasing demand from advisors for cost effective investment solutions that use the architecture of established investment platforms whilst tap...

June-quarter deliveries likely fell 6%, the first time the top EV maker is set to post two straight quarters of decline, as it deals with stiff competition in China and slow demand due to a lack of affordable new models. The company is expected to deliver 438,019 vehicles for the April to June period, according to an average estimate based on forecasts from 12 analysts polled by LSEG, seven of whom slashed their expectations in the past three months. The EV maker is expected to announce the results on Tuesday. Tesla has hit a speed bump after years of rapid growth that helped make it the world's most valuable automaker. It warned in January that deliveries growth in 2024 would be «notably lower» as a boost from months-long price cuts wanes.

UltraTech is in advanced negotiations with the promoter of Orient Cement Ltd (OCL), his uncle CK Birla, after restarting talks in recent weeks, amid intensifying consolidation efforts in the sector, said people familiar with the discussions. Kumar Birla's renewed efforts to buy Orient are seen as an attempt to trump Adani Cement and consolidate UltraTech’s position in the southern and western markets, especially Maharashtra and Telangana, after buying a 23% stake in India Cements at the end of last month. Adani Cement, which controls India's second largest cement capacity, has been engaged in talks with CK Birla since late last year but is said to have baulked at the valuation sought.

The High Court of Singapore has ruled in favor of the Fantom Foundation, ordering the Multichain Foundation, a cross-chain router protocol, to pay $2.1 million in compensation for losses incurred during a 2023 hack.

Canada’s second largest airline, WestJet, has canceled more than 400 flights affecting almost 50,000 passengers after the union of maintenance workers announced it has gone on strike

Delta Air Lines has struck a deal with a start-up airline to operate flights between the United States and Saudi Arabia

Trillions of dollars stand to be passed via inheritance from the Silent Generation to Gen Xers over the next 10 years, and that will mean a lot of hirings and firings of financial advisors.

Private equity firm TA Associates Thursday said it has led the acquisition of a significant minority stake in Vastu Housing Finance Corp, a pan-India diversified lending institution. TA Associates bought the stake along with existing investors, including the International Finance Corporation, according to a release. Financial details of the transaction were not disclosed. People familiar with the matter said the investors bought the stake for about ₹3,340 crore ($400 million) and it valued Vastu at ₹10,000 crore. The lender also got about $75 million in primary capital infusion. Founded in 2015 by Sandeep Menon and Sujay Patil, Vastu is backed by Multiples Alternate Asset Management since inception. Other investors include Norwest Venture Partners, Creation Investments, 360 ONE Asset Management and Faering Capital. Vastu has a loan book of about ₹10,000 crore as of FY24-end. It has more than 230 branch locations across 13 states.

The Dallas Stars are taking their local game broadcasts directly to consumers for free after years of fans having issues watching the team’s games on a regional sports network

The Association of Investment Companies CEO Richard Stone, said plans are in place to write to the new economic secretary to the Treasury «as soon as they are appointed». The trade body has called for the reforms since 2018, when investment trusts were brought under the current scope of regulated cost disclosure. Stone reiterated the trade body's demands for this to be reversed to the new Labour Treasury. House of Lords condemns FCA's application of cost disclosure regime for investment trusts The issue stems from the UK's application of two pieces of European Union-derived regu...

Michelle Obama not interested in throwing her hat into the ring in the 2024 US Presidential Election? Does she not care for the Democratic Party, which is in deep crisis and divided over the issue of the nominee for the November 5 election? Keeping herself away from the chaos and mayhem into which the party has found itself after the June 27 presidential debate, the former first lady was seen enjoying herself at a party in Mallorca. According to 'New York Post', Michelle was spotted chilling, relaxing, sipping water and talking to ex-Google CEO Eric Schmidt and other guests at a party at the villa of James Costos, former President Barack Obama’s onetime ambassador to Spain and Andorra. Back home, many Democrat lawmakers wrote to Joe Biden to step aside after his dismal performance at the debate where he fumbled, struggled to find words and failed to hit back at Republican contender Donald Trump.

A recent survey by global search firm Executive Access, commissioned by TOI, highlights this trend. The study, which analyzed over 300 new CEO hires in 2023-24, found that only 45% of C-suite leaders now come from a sales and marketing background, a significant drop from the 80% observed a decade ago. Instead, streams like strategy and operations are gaining prominence, with around 20% of new CEOs coming from a strategic background. «A lesser percentage of CEOs come from the function of sales and marketing, which was not the case earlier. The survey also found a higher number of CEOs are now from strategy and operations. Strategy has become very important as complexity and uncertainty of any business has increased significantly,» said Ronesh Puri, MD of Executive Access India. «Businesses are looking to survive and grow as businesses are becoming extinct much faster today. Therefore, it has become imperative for companies to look at both survival and growth, which a strategist can do well.»

The DSP TIGER Fund was a standout performer in 2007, drawing huge inflows. Infrastructure saw a massive rally from 2003 to 2007, and the DSP TIGER Fund, launched in June 2004, capitalized on this trend.