Tata group to name Air India CEO in few days after Ilker Ayci says no

 

The Tata group is likely to announce a new chief executive officer for Air India in the next few days after its first pick, Turkey’s Ilker Ayci, refused the job due to controversy over his relationship with that country’s president. “The name of the new CEO is being finalised. Since it is an important appointment and as a part of good corporate governance the appointment would be discussed with the board of Tata Sons. There is no decision yet but it will happen in a few days,” said a person familiar with the matter. Tata Sons, the holding company of the group, did not comment. The group took over Air India from the government on January 27 and working on its revamp. While steps have been initiated to improve in-flight service and punctuality, Tata Sons chairman N Chandrasekaran aims to make Air India the most technologically advanced network carrier. A five-member committee is overseeing the airline now. Tata group nominees too will be appointed on Air India board shortly and the government has already cleared their appointments. These include Chandrasekaran, HUL chairman Sanjiv Mehta and former chairman of General Insurance Corporation Alice Vaidyan.

Shipping Corp says war in Ukraine needs to abate for stake sale to move

 

Shipping Corp. of India Ltd.’s proposed privatization may need to wait until the market turbulence triggered by Russia’s invasion of Ukraine blows over and investors regain confidence. “Globally markets are facing impact of the crisis, I don’t think this is the right opportune moment,” Shipping Corp. Chairperson and Managing Director Harjeet Kaur Joshi said in an interview to Bloomberg Television on Tuesday. The performance of the market will “majorly” drive the timing for the divestment, she said, adding that is not the government’s view. The war in Ukraine is sparking supply crunch concerns as Russia is a key supplier of energy, metals and crops. Moves to isolate Moscow has led to a surge in commodities prices from crude, nickel to aluminum and wheat. Oil freight transportation costs from Russian ports are surging as shipowners avoid business with the nation. Over a thousand seafarers and about hundred ships are stranded near Ukraine as the war shut ports. The war hasn’t affected Shipping Corp.’s operations as Indian refiners buy very little crude from Russia, Joshi said. The deadline for financial bids for privatizing Shipping Corp. was extended from January 18 as bidders sought a more detailed due diligence given the mammoth size of the firm, she said, adding the company is in the process of providing data. Shipping Corp. is simultaneously demerging its non-core assets as part of the divestment transaction, she said.

Citigroup plans 900 hires for commercial banking unit in Asia Pacific

 

Citigroup Inc's commercial banking unit will hire 900 staff over the next three years, a large part of which will be for the U.S. bank's Asia Pacific business, as it plans to fast-track growth. The U.S. lender said on Monday that along with launching in new markets and expanding its digital capabilities, the Citi Commercial Bank (CCB) unit is looking to ramp up its presence in high-growth and emerging markets. The bank, which currently operates in 60 countries and focuses on lending to mid-sized companies, said a bulk of the hires are expected to be in areas where it sees an increase in business activity, particularly the United States, China, Brazil, India and countries in Western Europe. The move comes at a time when the Wall Street institution has been cutting down its international footprint by exiting non-core markets. Chief Executive Jane Fraser, who took the helm last year, has looked to simplify the bank and bring its profitability more in line with its peers. In a separate statement on Tuesday, Citi said, as part of its global headcount expansion plan, it would hire close to 350 people, including nearly 200 commercial bankers, over the next three years to accelerate growth in the Asia Pacific region. The hiring represents the largest investment in headcount across the bank globally, it said. A majority of these hires will be placed in China, Hong Kong, India and Singapore. China and India will each get around 80 new hires. Hong Kong will add close to 100 people, while another over 30 will go to Singapore. The arrangement will strengthen Citi's services, including treasury and trade solutions, securities, and its collaboration with global wealth management. In 2021, the Asia Pacific business contributed 41% to the bank's global revenues of $2.7 billion.

Delhi school students pitch ideas to investors at Business Blasters expo

 

It is a warm Saturday spring afternoon, and the air is almost electric at Delhi’s Thyagaraj stadium as queues form outside the gates. The excitement isn’t for a sports event. Those who’ve turned up at the stadium on March 5 are here for a unique expo-style exhibition. Inside is an army of students from Delhi’s government schools. They are here to pitch their ideas to investors and venture capitalists and seek both capital and mentorship. The mega event — the Business Blaster expo — is the next step of Delhi government’s entrepreneurship mindset curriculum, launched in September 2021 wherein some 300,000 students received Rs 2,000 each as seed money to build on their proposed business ideas. Now 775 of those students, split in 126 teams, have made it to the expo in the hope of taking their entrepreneurial dreams to the next level. In a separate meeting room, investors sit down with team leaders of projects they are interested in, working out deals. At the end of the day, 200 Letters of Intent are signed. But first, the investors get a demo on the business ideas. At the end of the hall, a siren goes off from time to time. Turns out the sound is emerging from a stall selling security alarms for home. A few metres away, at Stall No 68, visitors sample a healthy powder made from date seeds but which tastes like coffee. Among them is marketing professional Ritesh Jain, whose mother saw the project on the Business Blasters TV show and was intrigued by the concept. “It seems interesting and I am keen on seeing what their business plan and total addressable market is,” says Jain.

Investors' wealth slumps over Rs 5.59 trn in three days of market fall

 

Investors' wealth tumbled more than Rs 5.59 lakh crore in three days of market fall as sentiments remained muted amid the Russia-Ukraine conflict and its impact on the global economy. Continuing its decline for the third day on Friday, the BSE gauge plummeted 1,214.96 points or 2.20 per cent to 53,887.72 during the day. It settled at 54,333.81, a decline of 768.87 points or 1.40 per cent. In three days, the benchmark index tanked 1,913.47 points or 3.40 per cent. Tracking decline in equities, the market capitalisation of BSE-listed companies plunged Rs 5,59,623.71 crore to Rs 2,46,79,421.38 crore in three days. "Markets ended the week with a sharp cut, reflecting the feeble global sentiment. After the sharp reaction in early trade, the benchmark oscillated in the broader range to finally settle around the day's low," Ajit Mishra, vice-president (research) of Religare Broking Ltd, said. In Friday's trade, Titan, Maruti Suzuki India, Asian Paints, Mahindra & Mahindra and Hindustan Unilever Limited were the biggest drags on the Sensex, tumbling up to 5.05 per cent. In the broader market, the BSE midcap and smallcap indices also faced heavy selling, tumbling up to 2.36 per cent.

Vodafone Idea board approves Rs 14,500-cr fund-raising plan

 

Telecom major Vodafone Idea's board on Thursday approved proposal to raise funds up to Rs 14,500 crore. The board approved issuance of up to 3.38 billion equity shares at issue price of Rs 13.30 per share to promoters on preferential basis. "Issuance of upto 3.38 billion equity shares of face value of Rs 10 each at an issue price of Rs 13.30 per equity share (including a premium of Rs. 3.30 per equity share), which is at a 10% premium to the floor price of Rs 12.08 for an aggregate consideration of up to Rs 4,500 crore to Euro Pacific Securities Ltd. and Prime Metals Ltd. (Vodafone Group entities and promoters of the company), and Oriana Investments Pte. Ltd (Aditya Birla Group entity forming part of the promoter group)," the telco said in a stock exchange filing. The board also approved issue of equity shares or securities convertible into equity shares, Global Depository Receipts, American Depository Receipts foreign currency convertible bonds, convertible debentures, warrants of up to Rs 10,000 crore in one or more tranches. The board also approved convening of an extraordinary general meeting of the company on March 26. Shares of Vodafone Idea (Vi) surged 6% to Rs 11.08 on the BSE on Thursday in an otherwise slippery market ahead of the board meeting. The stock of telecom services provider quoted higher for the fourth straight day, and has rallied 16% during the period. The stock had hit a 52-week high of Rs 16.79 on December 10, 2021.

Leave Kharkiv immediately: Indian embassy in Ukraine to Indians

 

In an urgent advisory, the India embassy in Ukraine on Wednesday asked all Indians stranded in Kharkiv to leave the conflict zone immediately. The embassy asked Indians to proceed to settlements in Pesochin, Babaye and Bezlyudovka as soon as possible. "For their safety and security, they must leave Kharkiv immediately repeat immediately in the light of the detriorating situation. They should proceed to Pesochin, Babaye and Bezlyudovka as soon as possible for their safety," the embassy said. "Under all circumstances, they must reach these settlements by 1800 hours (Ukrainian time) today," it said. The advisory did not specify where these places are but according to Google Maps, they appear to be on the outskirts of Kharkiv. The advisory came amid raging fighting between Russian and Ukrainian forces in Kharkiv. Naveen Shekarappa Gyanagoudar, a fourth-year medical student at the Kharkiv National Medical University, was killed in intense shelling in Kharkiv on Tuesday. The Ukrainian government's center for strategic communications released images Wednesday of strikes hitting Kharkiv, with balls of fire lighting up the city skyline over populated areas. Kharkiv resident Marina Boreiko described strikes hitting a neighbouring building Tuesday, and her shock at seeing bodies lying in the rubble.