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NEWS

Posted On:
03-06-2024

Legacy issues behind us, PNB on track to outperform competition: MD Goel

With legacy issues behind, Punjab National Bank (PNB) is on the right path to outpace the competition and achieve greater heights in terms of profitability during the current fiscal and subsequent years, the bank's managing director Atul Kumar Goel said. PNB topped the chart recording the highest profit growth of 229 per cent among the 12 public sector banks during the fiscal ended in March 2024. The bank's net profit increased over three-fold to Rs 8,245 crore compared to Rs 2,507 crore in the previous fiscal.Recalling the position of PNB three years ago, Goel said it was a laggard on many counts with one of the highest gross and net non-performing assets (NPAs) numbers among PSBs and Provision Coverage Ratio (PCR) was low."Today you see my net NPA reduced to 0.7 per cent and even the PCR is more than 95 per cent. I am better than my peers," he told PTI in an interview. Going forward, he said, the net NPA would come down below 0.5 per cent and the net interest margin of around 3 per cent during the current financial year. "We are on the right path because we have taken a lot of initiatives like improving underwriting, collections, digital and HR transformation.
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Posted On:
03-06-2024

LIC's Adani group portfolio value surges 51.6% at Rs 66,000 crore

Government-owned Life Insurance Corporation of India (LIC) has seen substantial gains from its investments in Adani group shares, which have experienced a significant recovery over the past year. The value of LIC's stake in Adani group companies surged by 51.6 per cent, or Rs 22,591 crore, reaching Rs 66,388 crore as of Friday's close. This compares to Rs 43,797 crore on May 31 last year, according to stock exchange data.The insurer has also strategically reduced its stake in certain Adani group companies to capitalise on the rise in share prices. LIC trimmed its stake in group flagship Adani Enterprises from 4.26 per cent to 3.93 per cent over the past year. It also reduced its holdings in Adani Ports from 9.12 per cent to 7.86 per cent and in Ambuja Cements from 6.3 per cent to 5.69 per cent, according to data submitted to the stock exchanges. Despite these reductions, the value of LIC's investments in the Adani group has increased (see chart). On Friday, the Ahmedabad-based group's 10 listed companies added Rs 84,000 crore in market capitalisation, bringing the total to Rs 17.9 trillion. This is the highest since January 24, 2023 — the day US-based short seller Hindenburg Research released a critical report on the group. It comes just before Adani Enterprises' Rs 20,000 crore follow-on public offer.
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Posted On:
04-06-2024

Around 31% employees experience age-related discrimination at work: Study

Overall 31 per cent of employees in India have experienced age-related discriminations across sectors with the highest prevalence reported in multinational companies, a study said on Monday. The 'Ageism in the Workplace' study by talent company Randstad India revealed that 31 per cent of employees in India have experienced discriminations due to their age and such discriminations are mostly prevalent during recruitment process, especially in job advertisements of organisations.About 61 per cent respondents said job advertisements in India have age biases (qualifying age criteria or years of experience), it added. In India around 42 per cent of employees interviewed, aged below 55 years, have experienced or witnessed ageism or age related discriminations at their workplaces, compared to 29 per cent aged above 55 years, said the study.The data suggested that younger age groups faced more age discriminations than older age groups as there was a general lack of trust in the youngest age group's abilities and skills while the oldest age group experienced the privilege of age-based and seniority-based respect. Surprisingly, 42 per cent of women reported experiencing or witnessing ageism, compared to 37 per cent of men, clearly a reflection of how ageism at work intersects with other dimensions of diversity, it added.
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Posted On:
04-06-2024

Remove claim of '100% fruit juice' from labels, ads: FSSAI directs FBOs

The Food Safety and Standards Authority of India (FSSAI) on Monday directed all food business operators (FBOs) to remove any claim of ‘100% fruit juices’ from the labels and advertisements of reconstituted fruit juices with immediate effect. “We have written letters to all state commissioners to ensure compliance with the mandate,” an official at FSSAI told Business Standard on the condition of anonymity.“All the FBOs have also been instructed to exhaust all existing pre-printed packaging materials before September 1, 2024,” stated a release from the Ministry of Health and Family Welfare. The FSSAI said that they had noticed that several FBOs have been inaccurately marketing various types of reconstituted fruit juices by claiming them to be 100 per cent fruit juices.“Upon thorough examination, FSSAI has concluded that, according to the Food Safety and Standards (Advertising and Claims) Regulations, 2018, there is no provision for making a ‘100%’ claim,” the release stated.
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Posted On:
05-06-2024

SJVN's 900 MW project in Nepal to start power generation from 2025: CMD

SJVN expects its under-construction 900 MW Arun-3 hydro-electric project in Nepal to start power generation from next year as nearly three-fourths of work has been completed, its chairman and managing director Sushil Sharma said on Tuesday. Nepal Prime Minister Pushpa Kamal Dahal triggered the last blast to mark the completion of heading excavation 11.8 km long head race tunnel of 900 MW Arun- 3 Hydro Electric Project in Sankhuwasabha district of Nepal, SJVN said in a statement.More than 74 per cent of the project works have already been completed and the remaining works are going on in full swing. The project will start generation by next year and has the potential to generate 3924 million units of electricity every year, Sharma said in the statement.
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