22
Tuesday
June 2021
5:17 PM IST
News Headlines
Sharad Pawar, Yashwant Sinha call meet to put up united opposition        Kerala to implement tourism projects in time-bound manner: Riyas        BCCI to donate Rs 10 cr for preparations of Olympic-bound athletes        WTC Final, Day 3: NZ bowl out India for 217 in 1st innings, Jamieson picks 5 wickets        AIBEA to hold National Webinars from Jul 1 to commemorate 52nd anniversary of Bank Nationalisation        France elects regional leaders, preps for presidential vote        Argentina reports first confirmed case of ‘Black Fungus’: Reports        Bengal plans more COVID beds for women amid third wave threat        Delhi eases COVID restrictions        COVID-19: India records less than 60,000 cases after 81 days        WTC Final, Day 2: India 146/3 at stumps against NZ        Union Bank of India inks MOU with NSIC to support MSMEs with credit requirements        Seven dead, 13 injured after plane crash-lands in Russia's Kemerovo region        Ebrahim Raisi elected Iran's new president        MHA asks states, UTs to not lower guard, calibrated opening up of lockdown advised        PM congratulates LS Speaker Om Birla for completing 2 years in office        Centre invites 14 J&K leaders to attend all-party meeting on June 24        Tour de France to hold women''s cycling race in July 2022        Will always regret missing hundred on Test debut but will get one next time: Shafali Verma        Nadal, Osaka both out for Wimbledon; she'll go to Olympics        
Home   | Main News   | Kerala  | National   | International  | Business   | Sports   | Entertainment   | Columns   | Offbeat   | Health   | About Deepika 
Business News
BAJAJ Rahul Bajaj to step down as Bajaj Finance Chairman
 
New Delhi: After being at the helm of Bajaj Finance for more than three decades, industrialist Rahul Bajaj will step down as the company''s Non-Executive Chairman on July 31 and his son Sanjiv Bajaj will succeed him. The announcement on Tuesday, made as part of succession planning, also came on a day when Bajaj Finance reported a 19 per cent decline in consolidated net profit at Rs 962.32 crore in the June quarter. Shares of the company also took a beating on the bourses and slumped over four per cent. "Rahul Bajaj, Non-Executive Chairman of the company, having been at the helm of the company since its inception in 1987 and the group for over five decades, as part of succession planning, has decided to demit the office as Chairman of the Board with effect from close of business hours on July 31, 2020," the company said in a regulatory filing during the market hours.

He will continue to serve the company as a Non-Executive Non-Independent Director. The company''s board has approved the appointment of Sanjiv Bajaj as Non-Executive Chairman from August 1. Sanjiv Bajaj is currently the Vice Chairman of the company. On account of higher provisioning, the non-banking financial company''s consolidated net profit fell to Rs 962.32 crore in the three months ended June 2020 from Rs 1,195.25 crore reported in the year-ago period. Sequentially, the consolidated net profit was higher compared to Rs 948.10 crore in the quarter ended March 2020. Total consolidated income rose to Rs 6,649.74 crore in the quarter ended June 2020 from Rs 5,807.76 crore in the same period a year ago. The consolidated financial results include earnings from Bajaj Housing Finance and Bajaj Financial Securities, the two fully-owned subsidiaries of the company.

Bajaj Finance said the COVID-19 pandemic and the consequent lockdown has considerably impacted the group''s business operations in the June quarter. "Apart from other adverse effects, the pandemic has also resulted in a significantly lower business acquisition and put constraints on recovery of overdues from customers during the quarter ended June 2020," the company said. Loan losses and provisions in the June quarter rose to Rs 1,686 crore as against Rs 551 crore reported in the year-ago period. The group has recognised an additional contingent expected credit loss provision of Rs 1,450 crore during the quarter, taking the overall contingent expected credit loss provision to Rs 2,350 crore as on June 30, 2020, it added.

Besides, the group has reversed expected uncollectible component of capitalised interest amounting to Rs 219.51 crore charged on loans under moratorium based on the estimates and judgement of the company, it said. According to the company, given the dynamic and evolving nature of the pandemic, these estimates are subject to uncertainty and may be affected by the severity, duration of the pandemic and other variables. On Tuesday, Bajaj Finance shares tumbled 4.31 per cent to close at Rs 3,292.90 apiece on the BSE. During the day, it plunged 6.43 per cent to Rs 3,220. On the NSE, the shares slumped 3.99 per cent to settle at Rs 3,304. The scrip was also the biggest laggard on both BSE 30-share index and NSE Nifty.


AIBEA to hold National Webinars from Jul 1 to commemorate 52nd anniversary of Bank Nationalisation
Union Bank of India inks MOU with NSIC to support MSMEs with credit requirements
Sensex rises over 200 pts in early trade; Nifty tests 15,750
India extends USD 100 million Line of Credit to Sri Lanka for solar energy projects
India's fuel demand rebounds in June
Power consumption grows 9.3 pc in first half of June
Diesel at Rs 100 mark in Rajasthan; Karnataka sees Rs 100/ltr petrol
Rupee slips 13 paise to 73.02 against US dollar in early trade
Disruption in operations may lead to demand uncertainty in home improvement categories: Asian Paint
Seven of top-10 most valued firms add over Rs 1.15 lakh cr to m-cap; RIL lead gainer
RBI projects retail inflation at 5.1 pc in FY22 on supply-side measures, monsoon
Mukesh Ambani draws nil salary
Urban Company raises USD 255 mn, valuation crosses USD 2.1 bn
Ashok Leyland expects plants to be operational only for up to 10 days in June
China's central bank tries to stop surge in currency's value
Google, Facebook updating website to reflect new grievance officer appointed under IT rules
SBI & IBA announces various support measures and launch of new loan products by all Public Sector Banks
Honda 2wheelers India resumes production at its plants across India in a phased manner
Working closely with Jio to build affordable smartphone: Google CEO Pichai
Canon celebrates 50th anniversary of its first Interchangeable Lens for SLR
KERALA NEWS
Kerala to implement tourism projects in time-bound manner: Riyas
 Thiruvananthapuram: Kerala will complete its tourism projects in a time-bound manner by giving top p  
Kerala govt orders SIT probe into ''illegal'' tree felling in Wayanad
LDF govt hand in glove with timber mafias, alleges Union Minister Muraleedharan
COVID-19:Kerala reports 14,233 new cases, 173 deaths
INTERNATIONAL NEWS
France elects regional leaders, preps for presidential vote
 Paris: Marine Le Pen's far right party is riding high on her tough-on-security, stop-immigration mes
Argentina reports first confirmed case of ‘Black Fungus’: Reports
Seven dead, 13 injured after plane crash-lands in Russia's Kemerovo region
Ebrahim Raisi elected Iran's new president
NATIONAL NEWS
Bengal plans more COVID beds for women amid third wave threat
 Kolkata: The West Bengal government is planning to allot more hospital beds for women as it prepares
Delhi eases COVID restrictions
MHA asks states, UTs to not lower guard, calibrated opening up of lockdown advised
PM congratulates LS Speaker Om Birla for completing 2 years in office
Untitled Page
Rashtra Deepika LTD
Copyright @ 2021 , Rashtra Deepika Ltd.