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Friday
August 2020
11:43 AM IST
News Headlines
Sports Minister Rijiju to launch Fit India Freedom Run on Friday        Hoping to get the speed gun up, Starc works on muscular body during COVID lockdown        SpiceJet offers automated customer service and check-in facility on WhatsApp        Sebi issues procedure for exchanges to handle investor complaints against listed cos        Experts warn Spain is losing the 2nd round in virus fight        Bhutan imposes 1st nationwide virus lockdown        Pilot meets Gehlot, handshake signals his return        Over 3 Cr N95 masks, 1.28 Cr PPEs, 10 Cr HCQ tablets given to states, UTs by Centre for free        Bengal govt encourages organ donation: Mamata        PM unveils new tax reforms - faceless tax assessment, taxpayers' charter        Virus outbreak threatens New Zealand's fan-filled stadiums        Lahiri back in action after 5 months, joins Atwal at Wyndham        HAL s Light Combat Helicopters deployed for operations at Leh        Sensex falls over 200 pts in early trade; Nifty below 11,300        Black women, Democrats celebrate Indian-origin Senator Harris' nomination as VP        Joe Biden names Indian-American Senator Kamala Harris as running mate        Biden 'nailed this decision' in picking Harris to be his running mate: Obama        Terrorist gunned down, soldier killed in encounter in J-K's Pulwama        Mulayam Singh Yadav's condition under control: Hospital        COVID-19: 60,963 fresh cases take India's tally to 23,29,638        
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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.


SpiceJet offers automated customer service and check-in facility on WhatsApp
Sebi issues procedure for exchanges to handle investor complaints against listed cos
HAL s Light Combat Helicopters deployed for operations at Leh
Sensex falls over 200 pts in early trade; Nifty below 11,300
Gold declines Rs 1,317; silver also plunges Rs 2,943
Rupee opens flat against US dollar
Patanjali considering bidding for IPL title sponsorship
Rupee edges 4 paise lower to 74.98 against US dollar in early deals
Vodafone Idea shares plunge nearly 8 pc on Q1 loss
Insider trading: Sebi asks Top Class to disgorge Rs 3.77 cr made in Aurobindo Pharma''s scrip
Sugar production to increase to 305 lakh tonnes in marketing year 2020-21: Ind-Ra
SBI SBI Q1 profit surges 81 pc to Rs 4,189 cr
19 income tax return filing deadline extended till Sept 30
Troubles abound, Boeing losses bloom to USD 2.4 billion in 2Q
Ashok Leyland’s latest range, ‘AVTR’, delivered to customers in Goa
Irani asks textiles sector to 'commercialise opportunities'
ICICI Bank Q1 net profit rises 36% to Rs 2,599 crore
Govt's endeavour has been to further simplify Direct Tax laws: Sitharaman
Vistara receives its first Airbus A321neo aircraft
Wipro to launch 5G edge services solutions suite
KERALA NEWS
Toll in Idukki landslide rises to 52 as three more bodies recovered
 Idukki (Ker): The toll in the landslip in Pettimudi in the high range Idukki district rose to 52 wit  
1,417 Covid cases in Kerala; 36 health workers also infected
SIT formed by Kerala police to probe air crash
Kerala logs 1,211 fresh coronavirus cases; aggregate reaches 34,331
INTERNATIONAL NEWS
Experts warn Spain is losing the 2nd round in virus fight
 Barcelona: Not two months after battling back the coronavirus, Spain's hospitals are beginning to se
Bhutan imposes 1st nationwide virus lockdown
Black women, Democrats celebrate Indian-origin Senator Harris' nomination as VP
Joe Biden names Indian-American Senator Kamala Harris as running mate
NATIONAL NEWS
Pilot meets Gehlot, handshake signals his return
 Jaipur: Sachin Pilot met Rajasthan Chief Minister Ashok Gehlot Thursday, the first time after he ope
Over 3 Cr N95 masks, 1.28 Cr PPEs, 10 Cr HCQ tablets given to states, UTs by Centre for free
Bengal govt encourages organ donation: Mamata
Terrorist gunned down, soldier killed in encounter in J-K's Pulwama
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