*SGX Nifty +80 pts (16573) from last trade 16493 ,*
Nikkei +271 pts ,
Hangseng +319 pts ,
Now @6.57am .
Dow +215.63 pts ,Nsdq +227.99 pts, S&P
+37.86 pts, Bovespa -581 pts , Ftse +21 pts , Dax +44 pts , Cac +56 pts , Crude @ $65.50 brl (-0.10), Brent @ $68.62 brl (-0.13) , Gold @ 1806.50 (-0.17), Silver @ $23.60 (-0.05), Euro @ $1.1741, JPY @ $109.71, INR @ 74.125
*Today's Corporate Action*
*24th Aug Ex Date*
DATAMATICS
Interim Dividend - Rs. - 2.5000
INDOBORAX
Final Dividend - Rs. - 10.0000
NATCOPHARM
Interim Dividend - Rs. - 2.0000
PRECWIRE
Final Dividend - Rs. - 2.0000
RTL
Interim Dividend - Rs. - 1.0000
SUNDARMFIN
Final Dividend - Rs. - 6.0000
*Today's Key Results/Board Meetings*
*24-Aug-21*
AML
A.G.M.;Issue Of Warrants;General
BINDALEXPO
A.G.M.;General
CNIRESLTD
A.G.M.
DILIGENT
Quarterly Results
DYNAMICP
A.G.M.;General
FRONTCORP
A.G.M.
GEMSPIN
A.G.M.
GILLETTE
Audited Results;Final Dividend
GOKEX
Increase in Authorised Capital;Preferential Issue of shares
GVKPIL
Audited Results
ITDC
Quarterly Results
RELTD
General
SUJALA
General
TRINITYLEA
A.G.M.;General
VOLTAMP
General
*Stock under F&O ban on NSE*
*24-Aug-21*
1CANBK
2IDEA
3NMDC
4SUNTV
Nikkei +271 pts ,
Hangseng +319 pts ,
Now @6.57am .
Dow +215.63 pts ,Nsdq +227.99 pts, S&P
+37.86 pts, Bovespa -581 pts , Ftse +21 pts , Dax +44 pts , Cac +56 pts , Crude @ $65.50 brl (-0.10), Brent @ $68.62 brl (-0.13) , Gold @ 1806.50 (-0.17), Silver @ $23.60 (-0.05), Euro @ $1.1741, JPY @ $109.71, INR @ 74.125
*Today's Corporate Action*
*24th Aug Ex Date*
DATAMATICS
Interim Dividend - Rs. - 2.5000
INDOBORAX
Final Dividend - Rs. - 10.0000
NATCOPHARM
Interim Dividend - Rs. - 2.0000
PRECWIRE
Final Dividend - Rs. - 2.0000
RTL
Interim Dividend - Rs. - 1.0000
SUNDARMFIN
Final Dividend - Rs. - 6.0000
*Today's Key Results/Board Meetings*
*24-Aug-21*
AML
A.G.M.;Issue Of Warrants;General
BINDALEXPO
A.G.M.;General
CNIRESLTD
A.G.M.
DILIGENT
Quarterly Results
DYNAMICP
A.G.M.;General
FRONTCORP
A.G.M.
GEMSPIN
A.G.M.
GILLETTE
Audited Results;Final Dividend
GOKEX
Increase in Authorised Capital;Preferential Issue of shares
GVKPIL
Audited Results
ITDC
Quarterly Results
RELTD
General
SUJALA
General
TRINITYLEA
A.G.M.;General
VOLTAMP
General
*Stock under F&O ban on NSE*
*24-Aug-21*
1CANBK
2IDEA
3NMDC
4SUNTV
GM jsk stock in news vedl,affle,hcltech,pfizer,ncc,rvnl,mtnl, powergrid,Hindalco,gmr,adanientp,canarabk,indusindbk,hdfcbk,brigade,mrpl,ongc,ioc. Negative stocks infosys,maruthi,eicher. Nifty range 16400-16650.
*Ujjivan Founder Flags Asset Quality, Attrition Concerns As CEO Resigns*
A day after Nitin Chugh, resigned as chief executive at Ujjivan Small Finance Bank Ltd., founder Samit Ghosh highlighted two major concerns at the bank. The extent of provisions against bad loans over the last year and the high attrition rate at various levels at the bank were concerning, Ghosh told analysts over a call on Friday.
We have always been very conservative in provisioning. The provisioning over the last one year has moved up and down, which is a matter of concern at the holding company (Ujjivan Financial Services Ltd.)," he said on the call.
"We have always been very conservative in provisioning. The provisioning over the last one year has moved up and down, which is a matter of concern at the holding company (Ujjivan Financial Services Ltd.)," he said on the call.
The board will now undertake a "tough" review of the bank's loan book to identify accounts where further provisioning is needed. Once the provisioning is completed, the bank will begin the recovery process from the following quarter, Ghosh said.
The second wave of the Covid-19 pandemic had impacted the bank's asset quality. As of June 30, Ujjivan Small Finance Bank saw its gross non-performing asset ratio jump to 9.8% from 7.1% in March. This was primarily because collection efficiency for the bank dropped from 94% in March to 72% in May.
The bank has also seen multiple exits at the ground level, mid-management and top management levels, which the holding company intends to stem immediately, Ghosh said.
Ghosh has been appointed as a common director between Ujjivan Financial Services and Ujjivan Small Finance Bank. He will be running the process to appoint a new CEO and will also manage the reverse merger between the two entities, in consultation with the Reserve Bank of India, he said.
Ujjivan Small Finance Bank's board will hold a board meeting on Aug. 25 to decide the future course of action. The board will appoint an officer on special duty who will take care of day-to-day operations at the bank till Chugh's exit on Sept. 30. This person will then be appointed as interim CEO, till the board is able to finalise a permanent CEO over the next three or four months, Ghosh said.
"People leave their jobs because they are not happy with the work they are doing, not because of remuneration problems. If there are any issues with remuneration, we will surely address them," Ghosh told analysts.
The bank's board and the holding company will continue to stay the course set under Chugh, Ghosh said. Going forward, Ujjivan Small Finance Bank's digital initiatives introduced by Chugh will be managed by officials who are a step below the CEO.
We do not believe that the older management officials at the bank will leave now. Even the ones who are in their notice period will likely continue at the bank. The new people who came in under Nitin (Chugh) may feel uncomfortable and leave," Ghosh said.
A day after Nitin Chugh, resigned as chief executive at Ujjivan Small Finance Bank Ltd., founder Samit Ghosh highlighted two major concerns at the bank. The extent of provisions against bad loans over the last year and the high attrition rate at various levels at the bank were concerning, Ghosh told analysts over a call on Friday.
We have always been very conservative in provisioning. The provisioning over the last one year has moved up and down, which is a matter of concern at the holding company (Ujjivan Financial Services Ltd.)," he said on the call.
"We have always been very conservative in provisioning. The provisioning over the last one year has moved up and down, which is a matter of concern at the holding company (Ujjivan Financial Services Ltd.)," he said on the call.
The board will now undertake a "tough" review of the bank's loan book to identify accounts where further provisioning is needed. Once the provisioning is completed, the bank will begin the recovery process from the following quarter, Ghosh said.
The second wave of the Covid-19 pandemic had impacted the bank's asset quality. As of June 30, Ujjivan Small Finance Bank saw its gross non-performing asset ratio jump to 9.8% from 7.1% in March. This was primarily because collection efficiency for the bank dropped from 94% in March to 72% in May.
The bank has also seen multiple exits at the ground level, mid-management and top management levels, which the holding company intends to stem immediately, Ghosh said.
Ghosh has been appointed as a common director between Ujjivan Financial Services and Ujjivan Small Finance Bank. He will be running the process to appoint a new CEO and will also manage the reverse merger between the two entities, in consultation with the Reserve Bank of India, he said.
Ujjivan Small Finance Bank's board will hold a board meeting on Aug. 25 to decide the future course of action. The board will appoint an officer on special duty who will take care of day-to-day operations at the bank till Chugh's exit on Sept. 30. This person will then be appointed as interim CEO, till the board is able to finalise a permanent CEO over the next three or four months, Ghosh said.
"People leave their jobs because they are not happy with the work they are doing, not because of remuneration problems. If there are any issues with remuneration, we will surely address them," Ghosh told analysts.
The bank's board and the holding company will continue to stay the course set under Chugh, Ghosh said. Going forward, Ujjivan Small Finance Bank's digital initiatives introduced by Chugh will be managed by officials who are a step below the CEO.
We do not believe that the older management officials at the bank will leave now. Even the ones who are in their notice period will likely continue at the bank. The new people who came in under Nitin (Chugh) may feel uncomfortable and leave," Ghosh said.
HCL Tech Signs Contract With Munich Re To Transform Digital Workplace Services In 40 Countries
HCL Technologies Ltd. signed contract with Munich Re, one of the world's leading reinsurers, to create next-generation digital workplace for its workforce.
HCL Tech will now modernize and standardize workplace services for more than 16,000 employees in 40 countries.
HCL Tech selected as Munich Re's preferred partner.
HCL Tech's WorkBlaze solution will provide predictive analytics and AI for tech operations capabilities.
HCL Technologies Ltd. signed contract with Munich Re, one of the world's leading reinsurers, to create next-generation digital workplace for its workforce.
HCL Tech will now modernize and standardize workplace services for more than 16,000 employees in 40 countries.
HCL Tech selected as Munich Re's preferred partner.
HCL Tech's WorkBlaze solution will provide predictive analytics and AI for tech operations capabilities.