CEO Financial News

Sandip Sabharwal, asksandipsabharwal.com, says “the IT outsourcing industry is facing challenges in terms of demand but this could incrementally be positive in my view. I do not think this is incrementally negative. Most analysts are giving a sell on Wipro today; I am not so sure about that. This is something to be tracked.” Sabharwal further says that “it seems very clear that the main reason for Chandra Shekhar Ghosh resigning as CEO & MD of Bandhan Bank could be some reservation from the regulator, although we are not privy to that. Otherwise, when the board had approved his extension, there was no reason for him to step down.” Maybe we can start off with your take as to what is going on with respect to Wipro? There has always been a lot of uncertainty with respect to the top position at Wipro. Do you think that even with the new CEO, the improvement is going to be gradual? How do you expect the stock to react? Sandip Sabharwal: It will be a gradual process.

Mehrotra has over 35 years of experience in executive roles across sectors such as FMCG, telecom, and education.

Wipro on Monday fell around 1% to the day's low at Rs 479 on BSE after investors were left surprised by the sudden exit of the Bengaluru-based IT major's CEO and MD Thierry Delaporte. About half of the brokerages have a sell rating on the Nifty IT stock as they believe that transition could create uncertainty in the near term before boosting hopes of a potential turnaround. Among global brokerages, CITI has a sell rating on Wipro with a target price of Rs 440, CLSA Rs 445 with a sell rating, and Morgan Stanley Rs 450 with an underweight call. Jefferies has an underperform rating on Wipro with a target price of Rs 470 while Nomura has maintained a reduced rating with an unchanged target price of Rs 410.

Voltas share price gained 10% in the morning trades on Monday to scale 52-week highs. Voltas on Sunday announced its highest-ever sales milestone of 2 million AC units in FY 2023–2024 .

₹179.55 apiece on the BSE. The board of directors of Bandhan Bank on April 05 took on record the letter submitted by its Managing Director & Chief Executive Officer Chandra Shekhar Ghosh informing that he would retire from the services of the Bank as the MD & CEO upon completion of his current tenure on July 09, 2024. Ghosh has been serving as MD & CEO of Bandhan Bank since July 10, 2015.

Godrej Properties (GPL) on Monday announced that it has sold over 1050 homes worth over Rs 3,000 crores in three days of the Godrej Zenith project launch in Gurugram, Haryana. This is the second time in Gurugram, and the fourth time pan India, that GPL has recorded sales of over Rs 2,000 crore during launch in FY24. With the hope of strengthening its presence in Gurugram, the real estate arm of Godrej Group is expected to launch new projects in Sector 103, Sector 43, and Sector 54 soon. “We are delighted with the response to our project, Godrej Zenith. Gurugram is an extremely important market for Godrej Properties, and we will look to further strengthen our presence in Gurugram in the years ahead," said Gaurav Pandey, MD ane CEO, Godrej Properties.

Mark Hoplamazian, President & CEO, Hyatt Hotels Corp, says “growth has been led by leisure travel and mostly domestic leisure travel. And the difference between the amount of money spent on domestically leisure travel versus inbound leisure travel is something like seven to one.” It has been a couple of years that you have not visited India. How has been the mood like at HICSA 2024? What has been your reading? How is it different from, let us say, a couple of years to now? Mark Hoplamazian: I think the difference really is that a lot of the questions that were present two years ago with respect to Covid recovery, are now answered. Secondly, the performance has been so extraordinary that it is plain to see and obvious to everyone.

Wipro: Thierry Delaporte, the CEO and MD of Wipro, has stepped down from his role, as announced in a regulatory filing by the company on April 6. His term as CEO was originally set to conclude in July 2025, but it was prematurely ended with his resignation announced late on Saturday. Delaporte will be officially relieved of his CEO duties from May 31, 2024.

Operating margins, too, are lowest among peers. And the change comes at a time when clients are in no mood to ramp up big budget transformation deals.

The CEO of blockchain startup Ripple sees the combined market capitalization of the cryptocurrency market topping $5 trillion this year.

Sebi) has proposed that certain changes in private placement memorandum (PPM) of alternative investment funds (AIFs) can be submitted directly to it rather than through a merchant banker. The move is aimed to rationalise cost of compliance for AIFs and also facilitate ease of doing business. At present, AIFs have to intimate any change in the terms of PPM through a merchant banker to Sebi, along with a due diligence certificate from them. It has to be done on a consolidated basis within one month of the end of each financial year.

Thierry Delaporte’s exit as Wipro’s top boss comes a year after Brian Humphries, another expat CEO, was removed by the Cognizant board. There are issues, beyond managing profit and loss, that expats have found challenging in India. Culture, for instance.

BENGALURU : Wipro Ltd chair Rishad Premji asked chief executive officer Thierry Delaporte to step down during a late March phone call, where the Frenchman wanted to know if he’d get a second term at the company which has trailed rivals amid an employee exodus. Delaporte, whose five-year term was to end on 5 July, 2025, told Premji that India's fourth largest IT services company should do better in the second half of FY25, two executives aware of the call said, despite Wipro not expected to grow in the April-October period.

A wider swath of Americans could gain access to personalized lifetime income for their retirement thanks to a newly announced collaboration.

«We are carefully scaling back our operations by around 25-30 flights per day, i.e. roughly 10% of the capacity we were operating. This will take us back to the same level of flight operations as at the end of February 2024,» Vistara said in a statement Sunday. The airline had got approval from the Directorate General of Civil Aviation (DGCA) to operate 22% more flights per week this summer as compared to winter.

₹13,783 crores, up 11% over the year ago. Profit jumped 30% to ₹1,320 crore, according to its annual filings. In December 2019, TCPL’s shares were trading at about ₹318 apiece.

Anant Ambani, the youngest son of Reliance Industries Limited Chairman & Managing Director Mukesh Ambani created quite a furour during a recent shopping trip to Dubai, where he was accompanied by a convoy. In a video shared by a social media handle called Historic Vids, the Reliance Industry scion is seen arriving in a Rolls Royce Cullinan Black Badge, painted in a flambuoyant Iced Orange Metallic. He was surrounded by no less than 20 cars, most of them were security SUVs. The video clip was shared by Historic Vids on X (formerly Twitter), and it went viral moments after it was shared. The clip gained over 8.2 million views and 32K likes. Many netizens flooded the comment section and left their two cents. “I understand rich people have staff and security they move around with. But at what point does this stop actually adding extra security and makes them more noticeable and just a nuisance to everyone?” read one comment. “If you need this much protection it may mean that you’re a target…” wrote another. “I'm just trying to survive inflation under Biden.” wrote another.

Vistara chief Vinod Kannan said the airline will look to review the current rostering system after discussions with pilots and emphasised that there has been no unusual spike in attrition. The Tata Group airline, which is in the process of getting merged with Air India, has temporarily reduced flight operations to ensure the availability of adequate pilot buffer and expects the situation to normalise by May. A stretched roster on account of the high utilisation of pilots is the key reason for the recent disruptions, according to the airline while there are also concerns among a section of pilots about the new contract that will also result in pay revision. In an interview with PTI on Friday, Kannan said that during a town hall with pilots, some concerns were raised around rostering, and pilots were told that the airline would look at how the rostering process can be reviewed.

Tarun Mehta, the co-founder and CEO of Ather Energy, expressed his optimism about the Rizta, stating, «This can be a much bigger story than the 450 for Ather.» The Rizta has been designed with a focus on comfort, convenience, and safety, offering new connected features such as SkidControl and WhatsApp integration on the dashboard. It will be available in two models – Rizta S and Rizta Z, with the Rizta Z model equipped with a higher capacity battery of 3.7 kWh. The Rizta S is priced at INR 124,999 and the Rizta Z at INR 144,999 (Ex-showroom Bengaluru). Bookings for the Rizta are now open, with deliveries set to begin in June 2024. In comparison to Ather's previous model, the 450, the Rizta comes at a base price that is INR 5000 lower. The Rizta will be offered in a range of colors, including both monotone and dual-tone options. The scooter promises a range of 123 kms for the 2.9 kWh variants and 160 kms for the 3.7 kWh variant, providing ample mileage for daily commutes.

leadership change, said analysts. Plus, margins have been robust, driven by pricing and softening input costs.

Mumbai: Mirae Asset Financial Services (India) has inked a pact with FundsIndia to provide loans against securities on the FundsIndia platform through an entirely digital process.