Uday Kotak loses more than what he earned in 2023 as the bank’s shares slump

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The massive selloff in Kotak Mahindra Bank shares wiped out close to ₹40,000 crore of investor wealth on Thursday (April 25). Noticeably, the founder Uday Kotak, who owns nearly 26% stake in the bank bore the heaviest brunt from the sell-down.

The net worth of the country’s richer banker declined by $1.3 billion on Thursday — which was more than what he earned last year. According to the Bloomberg Billionaires Index, the banker’s fortune increased by $942 million in 2023 to $14.6 billion.

While his fortune swelled by $3.3 billion in 2019, during the next year it surged further by $1.6 billion to $16.4 billion. However, the years 2021 and 2022 were not so good for the banker as he witnessed a decline of $1.4 billion and $1.2 billion, respectively. The data further shows that his average net worth over the last three years stood at $14.4 billion.

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Shares of Kotak Mahindra Bank tumbled 11% on Thursday after the Reserve Bank of India (RBI) banned the private lender from adding new customers through its digital channels and from issuing new credit cards. Thursday’s drop in the bank’s shares was the biggest single-day fall since March 2020. Analysts expect the RBI’s action will have a near-term drag on the lender’s shares.

According to Morgan Stanley, the impact on lender’s earnings will likely be limited over the next few quarters, as the bank is diversified and can accelerate growth in other segments to sustain earnings momentum. “We believe RBI’s move will weigh on the stock price in the near term,” said Morgan Stanley.

Additionally, the sell-off in Kotak Mahindra bank stock also resulted in its rival Axis Bank beating the former’s market capitalisation. However, it’s not for the first time that Axis Bank toppling Kotak Mahindra Bank in market valuation. Axis Bank had done so in September 2016 as well, when both the lenders had a market capitalisation of about ₹1.5 lakh crore.

Interestingly, Axis Bank was less than half the size of Kotak Mahindra Bank in November 2021. Since then, Axis Bank has added close to ₹1.5 lakh crore to its market valuation. In comparison, Kotak Mahindra witnessed a market cap erosion to the tune of ₹74,000 crore rupee during the same period.

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While the stock of Kotak Mahindra plummeted more than 10% in Thursday’s trade, shares of Axis Bank surged 6% after better-than-expected March quarter earnings bolstered investor sentiment. The gauge for bank stocks —the Nifty Bank index closed 1% higher at 48,494.95 points.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Ex-hockey captain Prabodh Tirkey joins BJP days after quitting Congress

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Former Indian hockey captain Prabodh Tirkey on Thursday joined the BJP, days after resigning from the Congress which withdrew his election nomination.

Tirkey was fielded by the Congress in the Talsara assembly seat in Sundergarh district, but the party later withdrew his nomination and named Devendra Bhitaria in his place.

He was welcomed to the BJP by its state president Manmohan Samal. Union Education Minister Dharmendra Pradhan, senior BJP leader Jayanarayan Mishra and Bolangir MP Sangeeta Kumari Singh Deo were also present on the occasion.

Tirkey joined the BJP on a day Union Home Minister Amit Shah visited the state to kick-start the party’s campaign for the twin polls.

Reacting to the development, Congress general secretary Ajoy Kumar said the party withdrew his candidature because he was not active in the constituency despite being named as a candidate.

“Tirkey is a gentleman, but he was not active in his constituency,” he said.

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Arjuna Awardee CRPF Chief Sports Officer DIG Khajan Singh faces dismissal from service amid sexual harassment allegations | Exclusive

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The ministry of home affairs has accepted the Union Public Service Commission’s recommendation to dismiss controversial deputy inspector general (DIG) of CRPF Khajan Singh from the force, sources told News18 on Thursday.

The Arjuna Award winner chief sports officer of the Central Reserve Police Force has been given time to present his case, or else the dismissal process will be initiated against him, they added. If Khajan Singh chooses to represent his case, he will be heard, and an appropriate decision will be taken, said the sources.

UPSC recommended the dismissal of Khajan Singh who was facing allegations of sexual assault and harassment, according to the sources. In Group A service cases, the UPSC gives its recommendations on which the disciplinary authority acts.

While top-level sources told News18 that the matter had been communicated to Khajan Singh, he denied receiving any intimation.

“They can carry out dismissal, but have they got any proof against me? They have recommended dismissal on the basis of statements given by a few people. They have no proof,” Singh told News18. “I am sitting in my office. I have to take legal advice. They have no proof against me. Dismissal has been recommended on the basis of three or four statements; they have found no proof.”

The CRPF had already suspended Singh in 2021 after a preliminary inquiry.

Several women constables from the force had complained against Khajan Singh for allegedly sexually harassing, threatening, and misusing his position and power for many years. A Delhi court though acquitted him of rape charges.

Singh was an international-level swimmer who represented India in the 1982 Commonwealth Games and the 1988 Olympics, while he won a silver medal at the 1986 Asian Games in Seoul. In 1984, he received the Arjuna Award, India’s second-highest sporting honour. He runs the Khajan Singh Swimming Academy in Delhi.

Almost 10 years ago, a woman complained against Khajan Singh and a coach, claiming that they sexually harassed and intimidated her, and a case was also filed.

During the hearing of an internal complaints committee, other women also spoke up against Singh.

According to media reports, a CRPF constable said that Khajan Singh had “gone beyond harassment” and was very influential. He would only admit those whom he wanted to target later.

In December 2018, a complaint was filed with Delhi police against Khajan Singh by a wrestler from the CRPF, who alleged that she was blackmailed and threatened that some photos of her taken secretly would be leaked if she spoke out. Later the complaint was withdrawn and Singh was acquitted.

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Chartered Accountant exams to be held three times a year beginning May

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The role of a Chartered Accountant (CA) encompasses a broad spectrum of financial activities, including financial account preparation, advisory services, auditing, and account analysis. CAs also oversee tax payments and financial planning. The pursuit of a CA qualification promises lucrative salary packages, often in the range of lakhs. Notably, the frequency of Chartered Accountants’ exams is undergoing a shift from twice a year to three times a year.

The implementation of this new examination system, offering exams three times a year for the foundation and intermediate courses, is set to commence from May or June. Consequently, aspiring CAs will have additional opportunities to sit for their examinations in September and January.

The pathway to becoming a CA begins after completing the 12th grade, with no specific stream requirement—students from arts, science, or commerce backgrounds are eligible to apply.

The CA entrance exam, known as the Foundation Exam, marks the starting point. Prospective candidates first enrol in the entry-level course CPT, followed by IPCC and finally the FC course. Upon completing these stages, individuals can apply for membership in the Institute of Chartered Accountants of India (ICAI).

Currently, the CA Foundation Exam is administered twice annually, typically in May and November. Registration with ICAI is a prerequisite for appearing in this exam, which comprises four papers—two subjective and two objective—amounting to a total of 400 marks.

To pass the Foundation Exam, candidates must achieve a minimum of 50%, or 200 out of 400 marks, and secure at least 40% in each subject.

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US growth slowed sharply last quarter to 1.6% pace, reflecting an economy pressured by high rates

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The US economy slowed sharply last quarter to a 1.6% annual pace in the face of high-interest rates, but consumers — the main driver of economic growth — kept spending at a solid pace.

Thursday’s report from the Commerce Department said the gross domestic product — the economy’s total output of goods and services — decelerated in the January-March quarter from its brisk 3.4% growth rate in the final three months of 2023.

A surge in imports, which are subtracted from GDP, reduced first-quarter growth by nearly 1 percentage point. Growth was also held back by businesses reducing their inventories. Both those categories tend to fluctuate sharply from quarter to quarter.

By contrast, the core components of the economy still appear sturdy. Along with households, businesses helped drive the economy last quarter with a strong pace of investment.

The import and inventory numbers can be volatile, so “there is still a lot of positive underlying momentum,’” said Paul Ashworth, chief North America economist at Capital Economics.

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The economy, though, is still creating price pressures, a continuing source of concern for the Federal Reserve. A measure of inflation in Friday’s report accelerated to a 3.4% annual rate from January through March, up from 1.8% in the last three months of 2023 and the biggest increase in a year. Excluding volatile food and energy prices, so-called core inflation rose at a 3.7% rate, up from 2% in the fourth quarter of 2023.

From January through March, consumer spending rose at a 2.5% annual rate, a solid pace though down from a rate of more than 3% in each of the previous two quarters. Americans’ spending on services — everything from movie tickets and restaurant meals to airline fares and doctors’ visits — rose 4%, the fastest such pace since mid-2021.

But they cut back spending on goods such as appliances and furniture. Spending on that category fell 0.1%, the first such drop since the summer of 2022.

Gregory Daco, chief economist at the tax and consulting firm EY, noted that the underlying economy looks solid, though it’s slowing from last year’s unexpectedly fast pace. The rise in imports that accounted for much of the drop in first-quarter growth, he noted, is “a sign of solid demand” by American consumers for foreign goods.

Still, Daco said that the economy’s “momentum is cooling.” “It’s unlikely to be a major retrenchment,” he said, “but we are likely to see cooler economic momentum as a result of consumers exercising more scrutiny with their outlays.”

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The state of the US economy has seized Americans’ attention as the election season has intensified. Although inflation has slowed sharply from a peak of 9.1% in 2022, prices remain well above their pre-pandemic levels.

Republican critics of President Joe Biden have sought to pin responsibility for high prices on Biden and use it as a cudgel to derail his re-election bid. And polls show that despite the healthy job market, a near-record-high stock market and the sharp pullback in inflation, many Americans blame Biden for high prices.

Last quarter’s GDP snapped a streak of six straight quarters of at least 2% annual growth. The 1.6% rate of expansion was also the slowest since the economy actually shrank in the first and second quarters of 2022.

The economy’s gradual slowdown reflects, in large part, the much higher borrowing rates for home and auto loans, credit cards and many business loans that have resulted from the 11 interest rate hikes the Fed imposed in its drive to tame inflation.

Even so, the United States has continued to outpace the rest of the world’s advanced economies. The International Monetary Fund has projected that the world’s largest economy will grow 2.7% for all of 2024, up from 2.5% last year and more than double the growth the IMF expects this year for Germany, France, Italy, Japan, the United Kingdom and Canada.

Businesses have been pouring money into factories, warehouses and other buildings, encouraged by federal incentives to manufacture computer chips and green technology in the United States. On the other hand, their spending on equipment has been weak. And as imports outpace exports, international trade is also thought to have been a drag on the economy’s first-quarter growth.

Kristalina Georgieva, the IMF’s managing director, cautioned last week that the “flipside″ of strong U.S. economic growth was that it was ”taking longer than expected” for inflation to reach the Fed’s 2% target, although price pressures have sharply slowed from their mid-2022 peak.

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Inflation flared up in the spring of 2021 as the economy rebounded with unexpected speed from the COVID-19 recession, causing severe supply shortages. Russia’s invasion of Ukraine in February 2022 made things significantly worse by inflating prices for the energy and grains the world depends on.

The Fed responded by aggressively raising its benchmark rate between March 2022 and July 2023. Despite widespread predictions of a recession, the economy has proved unexpectedly durable. Hiring so far this year is even stronger than it was in 2023. Unemployment has remained below 4% for 26 straight months, the longest such streak since the 1960s.

Inflation, the main source of Americans’ discontent about the economy, has slowed from 9.1% in June 2022 to 3.5%. But progress has stalled lately.

Though the Fed’s policymakers signalled last month that they expect to cut rates three times this year, they have lately signalled that they’re in no hurry to reduce rates in the face of continued inflationary pressure. Now, a majority of Wall Street traders don’t expect them to start until the Fed’s September meeting, according to the CME FedWatch tool.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

New York Court overturns Harvey Weinstein’s conviction in sexual assault, rape case

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Harvey Weinstein’s 2020 conviction for sexual assault and rape was overturned by New York’s highest court, reopening the landmark case that launched the #MeToo movement and highlighting the challenges of holding powerful men accountable.

In a bitterly divided 4-3 decision on Thursday, the state Court of Appeals said the trial judge made a critical mistake by letting women testify that Weinstein assaulted them, even though their accusations were not part of the charges he faced.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Lok Sabha Elections 2024: Sena (UBT) releases manifesto, focuses on ‘reclaiming’ Maharashtra’s glory

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Shiv Sena (UBT) chief Uddhav Thackeray on Thursday released his party manifesto, a day before voting in the second phase of the Lok Sabha polls, focusing on stopping the “loot” of Maharashtra, job creation and farm loan waiver.

Thackeray said the Sena (UBT), in association with the INDI Alliance government, will work to “bring back the glory of Maharashtra”.

Referring to the GIFT City in Gandhinagar, he said a financial centre, which he claimed was moved to Gujarat, will be built in Maharashtra, enabling employment opportunities in the state.

He said jobs will be created at the district level so that youth from the state won’t have to migrate.

Thackeray said an industry-friendly atmosphere will be created in Maharashtra and environment-friendly projects will be encouraged in the state.

His party has been opposing the Jaitapur nuclear power project, a refinery project in Barsu and the Vadhavan port – all along the state’s coast.

“After Maha Vikas Aghadi was toppled through betrayal, the state government is running an agenda of looting Maharashtra, obviously with the blessings of the Centre. Maharashtra’s businesses are being moved out of the state. This loot will be stopped after the INDI Alliance government comes to power,” he said.

The manifesto said in the last eight years, the states got subordinate treatment and also proposed changes in the Goods and Service Tax.

He said agricultural equipment and seeds will be made free of GST, adding that “tax terrorism” will be stopped.

For farmers, the former Maharashtra chief minister also promised a loan waiver. Through the ‘INDIA’ government, Thackeray said, they will not only waive farm loans but also revise the conditions concerning crop insurance.

He assured implementation of Minimum Support Price (MSP) recommended by the Swaminathan Committee report.

Thackeray said warehouses and cold storages will be built to check the loss of perishable agricultural items.

He also proposed setting up a research centre under the Agriculture Ministry that can conduct surveys about the demand for crops across the country and the world. This can help guide farmers in growing crops that are in demand.

Thackeray emphasised the strengthening of health infrastructure in the country.

He also said action will be taken against those using objectionable language against women.

Meanwhile, the BJP’s Mumbai unit chief Ashish Shelar said the manifesto of the Shiv Sena (UBT) was its “same old and superficial promises”, adding that those who indulged in corruption in supply of body bags during the COVID-19 pandemic were talking about strengthening the district civil hospitals and primary healthcare centres.

“The manifesto is ironic. Those who opposed mega projects seeking ransom and forced them to go to other states are now claiming they (after coming to power) will set up financial centres and create employment at the district level. Those who forgot to give financial help to farmers are now talking of changing crop insurance norms and taking seeds and fertilisers out of the GST’s ambit,” he claimed.

The Shiv Sena (UBT), which is taking forward the Congress’ manifesto that is a reflection of the ‘tukde tukde’ gang, is now talking about decentralisation of powers and ending tax terrorism, Shelar said.

Eight seats in Maharashtra will go to polls in the second phase of the Lok Sabha polls on Friday.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

This Tata Group firm has piled up over ₹1,200 crore in losses in just a year

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Tata Group stocks have been in focus in the earnings season. Most of the Tata Group stocks have remained under the radar of investors amid anticipations over Q4 results. One particular stock has caught the attention of market experts as it has seen a surge in share price recently despite accumulating losses in the last year.

Tata Teleservices Maharashtra Ltd shares have gained more than 13% in the last five sessions since April 19, though the company further plunged into losses in Q4FY24.

In its March quarter results released on April 25, the teleservices firm’s net losses swelled to ₹309.34 crore in Q4FY24. The consolidated net losses of the Tata Group firm expanded in the March quarter compared to a loss of ₹307.69 crore in the December quarter and ₹277.07 crore in the same period last year.

Despite these challenges, the company saw a 9.2% increase in its topline at ₹323.29 crore for the quarter, compared to ₹296.03 crore in the quarter ended December 2023. Year-on-year, the revenue surged by around 15.4%, compared to ₹280.13 crore in the quarter ended March 2023.

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However, Tata Teleservices Maharashtra Ltd saw a decline in other income, which dropped by around 41%, decreasing to ₹1.61 crore from ₹2.73 crore in the previous quarter.

Total expenditure, inclusive of finance cost, reached ₹636 crore, marginally higher than ₹609 crore in the previous quarter. Of this, the finance cost amounted to ₹414.08 crore, compared to ₹410.73 crore in the previous quarter.

For the fiscal year 2023-24, TTML’s net losses amounted to ₹1,228.44 crore in the year ended March 2024, compared to a net loss of ₹1,144.72 crore in the previous year ended March 2023, despite a 7.7% increase in revenue, which reached ₹1,192 crore.

In the regulatory filing to announce its financial results, Tata Teleservices Maharashtra Ltd said, “The accumulated losses of the company as of March 31, 2024, have exceeded its paid-up capital and reserves. The company has incurred a net loss for the quarter and year ended March 31, 2024, and the company’s current liabilities exceeded its current assets as of that date.”

Despite accumulating losses of up to ₹1,200 crore in the last year, the telecommunication services provider has seen a surge in its stock price. In the last year, the stock has gained 36.65% and a significant 588% in the last three years.

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The stock has gained in three of the five sessions since April 19, rising 13% in value. The recent rise in the share price of Tata Teleservices could be attributed to anticipation ahead of the Q4 results.

Earlier this year, the company announced an upgrade in its Smartflo UCaaS (Unified Communication as a Service) voice solution by integrating support for the Operator Connect platform within Microsoft Teams.

Tata Teleservices (Maharashtra) is a leading connectivity and communication solutions provider in India. The company offers connectivity, collaboration, Cloud, SaaS, security and marketing solutions, primarily for small and medium enterprises.

Shares of Tata Teleservices Maharashtra closed at ₹83.55 apiece, down 1.97%, on BSE.

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Tata Motors and Tata Motors DVR merger proposal vote on April 26

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The vote on the merger proposal of Tata Motors and Tata Motors DVR will be held on Friday, April 26, as announced by the board of directors in July 2023. The company said that it will issue seven (Ordinary) shares of Tata Motors per 10 Tata Motors DVR (A Ordinary) shares, which will stand cancelled.

Tata Motors DVR shares currently trade at a nearly 43% discount to Tata Motors shares. The capital reduction consideration points to a 23% premium on the previous day’s closing share price, translating to a 30% discount over Tata Motors shares and significantly below its historical averages. This is on the basis of the closing price on the NSE as of July 2023.

The A Ordinary shares were first issued by Tata Motors in 2008 and subsequently in 2010 in a further qualified institutional placement (QIP) and rights issue in 2015. However, regulatory changes have since restricted the issuance of such instruments with DVR and Tata Motors remains the only large listed corporation with such an instrument.

It will lead to a reduction in the outstanding equity shares by 4.2%, gradually increasing the price for shareholders.

In a press release, the company said that the merger is subject to regulatory and shareholder approvals. “PwC is the independent registered valuer for the transaction, with Citigroup and Axis Capital acting as fairness opinion providers for the ‘A’ Ordinary and Ordinary shareholders, respectively. Cyril Amarchand Mangaldas are the legal advisors to TML for the transaction,” said Tata Motors in a release.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Delhi Capitals ring in a big change due to Mitchell Marsh injury; check who replaces the World Cup winner

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Delhi Capitals (DC) have rung in a major change in their squad as they strengthen their charge for a playoffs spot in the Indian Premier League (IPL) 2024. Australian all-rounder Mitchell Marsh has been replaced with former Afghan national team captain Gulbadin Naib for the remainder of this campaign. Naib has been signed by DC for his base price of ₹50 lakhs and this will be his maiden outing with any IPL franchise.

Marsh started the tournament opening the batting for DC, but he returned to Australia due to a hamstring niggle on April 12.

Naib has vast experience of playing 82 ODIs and 64 T20Is for Afghanistan. In the shortest format, he has aggregated 802 runs at an average of 21.62 with the help of three half-centuries. He has struck 58 boundaries and 41 maximums, and is regarded to be one of their better players against pace.

Naib has been handy with the ball, taking 26 wickets at a fairly decent economy rate of 8.2 per over. His bowling strike rate of 22.88 presents a good picture of his potential with the ball, whereas he scores at 127.3 in T20Is for Afghanistan. Whether or not DC have place for him in the XI remains to be seen, but Naib certainly brings in immense utility whenever the Rishabh Pant-led side feel the need to call him up in the team.

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow