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September 2023

saugata gupta

Saugata Gupta Appointed As ASCI Chairman

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Saugata Gupta’s association with ASCI spans several years; two years on the Board of Governors and four years as a special invitee on the Board of Governors

During the board meeting that succeeded its 37th annual general meeting, the Advertising Standards Council of India (ASCI) announced the appointment of Saugata Gupta, the Managing Director and Chief Executive Officer of Marico, as the new Chairman of the ASCI Board of Governors. 

Saugata Gupta’s association with ASCI spans several years; two years on the Board of Governors and four years as a special invitee on the Board of Governors. 

Partha Sinha, President, Response, Bennett Coleman & Company, was elected Vice Chairman and Sudhanshu Vats, Deputy Managing Director, Pidilite Industries, was appointed Honorary Treasurer.

In his role as ASCI’s new Chairman, Saugata Gupta sharing his vision, stated, “Leading ASCI at this juncture is a privilege. We are in the midst of an extraordinary opportunity to reimagine what responsible advertising means and how consumers need protection in the digital age. ASCI is at the very forefront of this effort as it collaboratively shapes the industry. With the support of my board colleagues and ASCI’s exceptional team, we are all set to raise the standards of responsible advertising.”

Recalling his tenure at ASCI, the outgoing Chairman, NS Rajan said, “Leading ASCI over the past year has been an immensely fulfilling journey. I am proud that, as a collective team, we have strengthened our abilities to be ready for the future. I have no doubt that Team ASCI will continue to shape policies, drive innovation, and champion causes that are not only important to the industry but also to our society at large.”

RBI

Weighted Average Lending Rate Of SCB Increases By 3-Bps In August: RBI

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WALR was 9.44 per cent in July 2023 which increased to 9.47 per cent in August

 

Weighted average lending rate (WALR) on fresh rupee loans of Scheduled Commercial Banks (SCBs) increased by 3 basis points (bps) from 9.44 per cent in July 2023 to 9.47 per cent in August 2023, Reserve Bank of India (RBI) said in its recent report.

The share of External Benchmark based Lending Rate (EBLR) linked loans in total outstanding floating rate rupee loans of Scheduled Commercial Banks(SCBs) stood at 50.2 per cent at end-June 2023 while that of MCLR linked loans was 44.8 per cent, indicating seamless lending by banks.

One-year median Marginal Cost of fund-based Lending Rate (MCLR) of SCBs increased from 8.60 per cent in August 2023 to 8.70 per cent in September 2023.

“The WALR on outstanding rupee loans of SCBs has remained unchanged at 9.84 per cent in August 2023 compared to the previous month,” RBI cited in its report. Though the WALR increased by 3 basis points, the weighted average domestic term deposit rate (WADTDR) on fresh rupee term deposits of SCBs increased by 1 bp from 6.35 per cent in July 2023 to 6.36 per cent in August 2023.

 “The weighted average domestic term deposit rate (WADTDR) on outstanding rupee term deposits of SCBs increased by 6 bps from 6.54 per cent in July 2023 to 6.60 per cent in August 2023,” RBI added. 

 
CFO Template (1)

VideoVerse Appoints Hemant Agarwal As CFO To Spearhead Financial Strategies

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Agarwal will be in charge of all financial operations, including accounting, treasury, investments, monitoring of acquisitions, and overall global financial planning and analysis

VideoVerse appointed Hemant Agarwal as its Chief Financial Officer (CFO). Mr. Agarwal worked as CFO and chief business officer (New Business) at Sesa Care prior to joining VideoVerse. 

He is experienced in various roles in finance, manufacturing and supply chain, controllership role in India and as an internal audit in overseas with over two decades of experience.

Agarwal will be in charge of all financial operations, including accounting, treasury, investments, monitoring of acquisitions, and overall global financial planning and analysis, said the report.

“We are thrilled to welcome Hemant to the VideoVerse team. His extensive experience and knowledge make him the ideal candidate to lead our financial operations. With Hemant on board, we are confident in our ability to achieve new milestones and elevate our company to even greater heights. His expertise will play a pivotal role in shaping the financial future of VideoVerse,” said Vinayak Shrivastav, Co-founder and CEO, VideoVerse.

VideoVerse was founded in 2016 which operates in an ecosystem of smart video editing tools using AI and ML.

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FTSE Russel Will Not Include India In Govt Bond Index

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India will be retained on the Watch List for a potential upgrade to Market Accessibility Level ‘1’ and for consideration for inclusion in the FTSE Emerging Markets Government Bond Index (EMGBI)

 

Financial Times Stock Exchange Group (FTSE Russel Group) decided not to include India in a government bond index at this time a week after JPMorgan announced that India would be a component of its significant GBI-EM index suite beginning next year. FTSE Russell is a leading global provider of benchmarks, analytics, and data solutions with multi-asset capabilities.

“India will be retained on the Watch List for a potential upgrade to Market Accessibility Level ‘1’ and for consideration for inclusion in the FTSE Emerging Markets Government Bond Index (EMGBI). FTSE Russell continues to engage with its index users and Indian market authorities regarding ongoing market structure reforms,” said the organisation.

The benchmark 7.18 per cent 2033 bond yield dropped three basis points to 7.2126 per cent from 7.2414 per cent at Thursday’s close, while the rupee was trading marginally higher on the day of the announcement at 83.1000 to the USD after closing at 83.1850.

ICICI Bank predicted that India’s bond market may receive up to USD 10 billion before JPMorgan incorporates the nation’s debt into its emerging market index in mid-2024.

 

MCX

MCX Sheds 6% After Sebi Finds Glitches In TCS Supported New Platform

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Multi Commodity Exchange stocks, that touched new highs on Thursday amid the launch of its commodity platform lost more than 6 per cent following Sebi disapproval

Stocks of Multi Commodity Exchange (MCX) paraded during Friday’s trade, after the market regulator Securities and Exchange Board of India (SEBI) directed MCX to postpone the launch of the Commodity Derivative Platform (CDP). 

MCX shares saw huge sell-off pressure during the early morning trading session. The stock opened lower at Rs 1,970 per share and touched an intraday low of Rs 1,913.25 per share after hitting all time high on Thursday.

Following the declaration of the launch date for the new CDP by MCX, the market turned bullish in support of firm stocks. MCX share price rose to Rs 1,971 per share and went on to an intraday lifetime high of Rs 2,104.15 per share on Thursday.

However, on Friday morning, market regulator SEBI urged MCX to halt the CDP launch. SEBI ordered a halt to MCX’s CDP launch, citing a ‘technical fault’ with the CDP launch.

It may be mentioned here that MCX had planned to launch CDP on 3 October 2023. The commodities exchange of India, founded in 2003, has issued an official statement, stating that a mock session prior to the introduction of the commodity derivative platform has been scheduled for 2 October 2023.

The exchange also intended to conduct a mock trading session on 2 October 2023, to allow members to participate, validate setup, and connect during the mock trading session.

The MCX has announced the introduction of its new commodities derivative platform, which will be supported by Tata Consultancy Services (TCS). However, the mock session is still likely to be conducted as scheduled.

MCX has attempted to adapt new technological platforms in the past as well. However, previous MCX initiatives were obstructed by technological challenges leading to the renewal of their arrangement with 63 Moons, an IT Company. 

MCX’s deal with 63 Moons was extended in June of this year. MCX has extended its contract with 63 Moons until December 2023. This renewal comes at a quarterly cost of Rs 125 crore, which is equivalent to Rs 250 crore for the July-December period of 2023.

 

 

Jio cinema

JioCinema Likely To Name Kiran Mani As Next CEO: Reports

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JioCinema had struck additional content agreements this year with entertainment behemoths Warner Bros. Discovery  and Comcast Corp.’s NBCUniversal as part of its expansion aspirations

JioCinema is likely to name former Google general manager Kiran Mani as Chief Executive Officer (CEO), leading the Indian streaming TV service’s push to increase its client base among mobile users, reported Bloomberg.

Mani previously oversaw Google’s Android operations in the Asia Pacific area. It is also said that he would oversee the service’s technological development and arrange partnerships with Hollywood studios.

JioCinema struck additional content agreements this year with entertainment behemoths Warner Bros. Discovery and Comcast Corp.’s NBCUniversal as part of its expansion aspirations.

With 1.4 billion citizens, India has been a fiercely competitive market for international media corporations.  In an effort to entice more paying members, JioCinema earlier this year made a significant cricket event available for free streaming. The annual fee for the service is Rs 999, or around USD 12.

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India’s Entry Into GBI May Bring $10 Bn Of Flows: ICICI Bank

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ICICI Bank predicts India’s bond market may receive up to USD 10 billion before JPMorgan incorporates the nation’s debt into its emerging market index in mid-2024. As the anticipation of debt inclusion in other indexes, including the Bloomberg Global Aggregate, grows, the flows might escalate to USD 50 billion by the end of the next year, as per B. Prasanna, the Group Head for Global Markets Sales at the ICICI bank. 

JPMorgan’s recent announcement outlines the phased inclusion of India’s bonds from June 2024, potentially lowering yields and aiding in funding record borrowings before the upcoming national polls. Despite the bonds not showing immediate gains post-announcement, they have demonstrated resilience amid global macroeconomic pressures, including surging crude prices and US Treasury yields, notes Prasanna.

Prasanna further envisions Indian yields dropping to approximately 7 per cent levels once passive inflows initiate, and as global challenges subside — such as a potential cooling off of crude prices and a shift in tone from the Federal Reserve away from hawkish policies. 

On Thursday, the yield on the 10-year bond experienced a five basis point increase to 7.22 per cent. Regarding the rupee, which has been in proximity to its historic low, Prasanna anticipates it to trade within a range of 82-84 against the dollar. He also expects the Reserve Bank of India to continue acquiring dollars, thus limiting substantial appreciation in the local currency.

jatin Dalal Cognizant

Cognizant Appoints Jatin Dalal As New CFO

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Cognizant appointed Jatin Dalal as chief financial officer which will come into effect in December 2023.

Jan Siegmund, who stated his intention to retire in early 2024, will be replaced by Dalal.

Dalal will report to Cognizant’s CEO, Ravi Kumar S, and be in charge of the company’s global financial planning and analysis, accounting and controllership, tax, treasury, internal audit, corporate development, investor relations, and enterprise risk management functions, among other things, said the press report.

“Jatin is a highly experienced technology services CFO with a proven track record of financial and operational success in a complex and quickly evolving industry. We are pleased to welcome Jatin to Cognizant and confident he will help us achieve our goals as we continue to focus on driving revenue growth,” said Ravi Kumar S, Chief Executive Officer, Wipro.

He was working at Wipro as a CFO from April 2015 until December 2019, when he took on additional duties as President. From 2011 until 2015, he worked as the global finance head for Wipro’s energy & utilities, health care, and manufacturing business groups. prior to that, he held the positions of UK head of finance for the Europe area and global finance head for Wipro.

CFO Template (1)

Housing Sales Up By Over 63% In H1FY23: Survey

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First half of 2023 (H1 2023) recorded highest housing sales of about Rs 2.29 lakh across seven major cities. Sales took of despite of increase in interest rates and housing prices, as per Anarock consumer sentiment survey.

There is still a strong demand for mid-range and luxury properties, with 59 per cent of purchasers selecting residences between Rs 45 lakh and Rs 1.5 crore, it noted.

According to the survey, residences priced between Rs 45 and Rs 90 lakh are the most popular, followed by homes priced between Rs 90 and Rs 1.5 crore by 24 per cent of respondents. This represents a 10 per cent sentiment improvement for houses in this price range compared to the H1 2020 poll.

Additionally, it was shown that 52 per cent of millennials and 35 per cent of Gen X respondents plan to purchase homes in the future with investment profits from other asset classes.

In the post-pandemic market, 3 BHKs continue to be in great demand, with 48 per cent of respondents choosing this layout in the current poll (up from 41 per cent in the H12022 study). According to the report, Bengaluru, Chennai, Pune, and Delhi-NCR had the largest demand for three bedrooms, while Kolkata, the MMR, and Hyderabad had the highest demand for two bedrooms.

Over 66 per cent of respondents in the H12023 survey reported that high inflation had an impact their disposable incomes, compared to 61 per cent in the H12022 survey, indicating a greater financial burden on people and households, the report stated.

It observed that the need for affordable housing has further decreased and now only accounts for 25 per cent of total housing demand. From 28 per cent in H1 2022 and 40 per cent in H2 2020, the demand for residences under Rs 40 lakh has sharply decreased to 25 per cent in H12023. This target population has been severely hurt by inflation and the economic slump, the study found, prompting a cautious “wait and watch” attitude, it mentioned.

Patro

HMD Appoints Tanuj Patro As New CFO

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Home of Mobile Devices (HMD) Global appointed Tanuj Patro as its Chief Financial Officer (CFO) on Thursday. Tanuj Patro is going to work as the company’s chief financial officer and manage all financial operations for the India and APAC markets at HMD Global, press statement said.

He has worked with Paytm and industry giants like Microsoft, Nokia, LG, and E&Y. He is a chartered accountant who also completed the INSEAD Advanced Executive Management Programme.

“We are thrilled to welcome Tanuj Patro as our new CFO.” Tanuj’s deep financial expertise and strategic mindset align seamlessly with our vision for growth. As we continue to innovate and expand our presence in the global market, Tanuj’s insights will be instrumental in shaping our financial strategies and ensuring sustained success,” said Ravi Kunwar, Vice President- India & APAC, HMD Global on the appointment.

Tanuj’s expertise in finance will be very helpful for HMD Global’s recent decision to introduce its own line of mobile devices, assuring effective operations and a dedication to a better, sustainable future, he added further.

HMD was established in 2016. It currently has 3,45,000 retail outlets with more than 700 employees.

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