New Delhi: Rahul Singh, former CEO and MD of Citigroup Global Services Ltd. (CGSL) and later of TCS eServe International Ltd has joined HCL Technologies as President – Business Services and Corporate Vice President. In his current role, Singh will be responsible for driving the growth in the BPO division and business services division.
Singh has 24 years of experience and started with Citi in 1986 where he helped set up the company’s captive centre CGSL in the country which was acquired by TCS.
S Kumars enters into JV with Donna Karan
Mumbai: S Kumars Nationwide Ltd today announced a strategic tie-up with Donna Karan International for the worldwide global license for the menswear range under a newly formed company SKNL (UK) Ltd. This is 80:20 partnership between SKNL and DKI which has the brand Donna Karan New York (DKNY).
The agreement has been signed for a period of 14 years (7 years+ renewal for additional 7 years) for all territories except Japan. The partnership will see SKNL conceptualise, design, manufacture, source, wholesale, franchise and retail the DKNY Mens range. DKI will provide inspiration for design and support with advertising and marketing and also an existing global network of over 100 DKNY stores which are self owned and franchise-owned. DKI is a part of Louis Vuitton Moet Hennessy (LVMH).
SKNL plans to invest $20million to $25 million in working capital over the next 3 years and expects revenues of $200 million over the next 3 to 4 years, Nitin Kaliswal, managing director and vice chairman, SKNL had said at a media briefing. ”Our stake in the JV will go upto 90% as our investments increase,” he added.
SKNL (UK) already has a team of 65 people headed by Micheal Morris, who comes with 30 years of experience at Yves Saint Laurent. In October last year, SKNL had appointed Doug Williams a 17-year veteran at Polo Ralph Lauren who rose to group president as chief executive officer at its American unit HMX LLC (earlier Hartmax).
HMX LLC owns menswear apparel brands like Hickey Freeman, Hart Scchaffner and is supplier to department and specialty stores like Nordstorm, Bloomingdales and Saks Fifth Avenue.
”Currently global operations account for 25% of our revenues and we see this increasing to 40% and India revenues at 60% in the next financial year,” says Kaliswal who expects the company’s turnover for the fiscal 2010 to cross the $1 billion mark. The company is yet to announce its full year results.
For the 9 months ended march to December 2009, SKNL registered net profit of Rs69.44 crore a growth of 26.2% for the corresponding 9 months period a year ago. The revenues of the company for the 9 months ended December 2009 were Rs1528.71 crore, 31.8% higher for the corresponding period a year ago.
The shares of SKNL has raised 189.86% in the last year from April 30, 2009 to April 30, 2010. The shares of Alok Industries which crossed rvenues of $1 billion mark in fiscal 2010 has raised 54.93% in the last year from April 30, 2009 to April 30, 2010. Alok Industries had a net profit growth of 28.7% at Rs242.45 crore for the financial year 2010 and revenues growth of 44.9% at Rs4314.67 crore over a year ago. The bellweather sensex rose 53.98% during the period, according to Bloomberg.
BT may sell stake in Tech Mahindra
New Delhi: British telecom firm BT Group Plc is considering selling its stake in the information technology services company Tech Mahindra Ltd, British newspaper ‘The Sunday Times’ reported on Sunday.
‘Mint’ did not receive responses to the emailed queries it sent to BT. Tech Mahindra chief executive Sanjay Kalra declined to comment on ”market speculation”.
BT owns around 30% in the Indian company and is its largest client, contributing nearly 40% of its revenue. Satish John
Axis Bank ties up with Max New York Life
Mumbai: Private sector lender Axis Bank Ltd and Max New York Life Insurance on Monday signed a 10-year bancassurance deal under which the latter will sell its products using Axis Bank’s branch network that currently numbers at least 1,000 outlets.
The operation, which will commence on 3 May, has a target of two million customers over the next five years.
Axis Bank’s chief executive Shikha Sharma said in a statement that the bank does not intend to enter the independent insurance sector as of now because of the capital-intensive nature of the business, but it is ready to collaborate with other insurance providers, depending on regulatory approval.
Central Bank reports 173% rise in net profit
Mumbai: Public sector lender Central Bank of India on Monday reported a 173% rise in net profit for the quarter ended March 2010, driven by improvement in core operations.
The bank reported profit of Rs172 crore against Rs63 crore for the corresponding period in the previous fiscal. Net interest income, or the difference between interest earned and interest paid out, grew 53.3% to Rs664 crore. Both credit and deposits for the full year rose 23.5%.
However, the bank’s net interest margin (NIM), a critical gauge of profitability, fell to 1.86% from 1.97% because of high cost deposits on the bank’s books. High cost deposits, which are procured from corporations at a minimum size of Rs1 crore, comprise 8% of the bank’s books and cost the bank about 8.8% annually in interest.
Chairman and managing director S. Sridhar on Monday said the bank plans to retire all its bulk deposits by March 2011 and depend on certificates of deposits instead for their funding needs.
The bank’s asset quality in the quarter improved substantially as net non performing assets, or bad debts as a percentage of total advances after provisioning, fell to 0.69% against 1.24% a year ago. Central Bank of India has received Rs450 crore from the government for recapitalization and expects to get another Rs250 crore by May. It has also asked the union government for Rs2,000 crore as its share of the $3.2 billion World Bank fund to recapitalize Indian banks, Sridhar said.
Kansai Nerolac’s net up 68.9% to Rs33.9 cr in Q4
Mumbai: Kansai Nerolac Paints Ltd, the second largest paint company in India, on Monday reported a 69% increase in profit for the quarter ended 31 March, riding on strong demand from the automobile, consumer durables and infrastructure sectors.
Fourth quarter profits increased to Rs33.92 crore from Rs20.08 crore in the corresponding period last year. However, managing director H.M. Bharuka said the growth may not be sustainable.
The board proposed a 1:1 bonus issue for shareholders, and a dividend of 150%.
Bank of Maharashtra’s net up 16.6% to Rs439 cr
Mumbai: Public sector lender Bank of Maharashtra on Monday said its profit for the quarter ended 31 March rose marginally by 1.27% to Rs139.06 crore.
For fiscal 2010, consolidated net profit grew 16.68% to Rs439.57 crore. Consolidated total income rose rose to Rs5,327.47 crore for the fiscal, up from Rs4,793.77 crore in the previous year.
Standalone total income increased to Rs1,411.18 crore in the quarter, from Rs1,321.92 crore in the last fiscal.
United Bank fourth quarter net drops 65.6%
Kolkata: Public sector lender United Bank of India on Monday said its net profit decreased 65.6% to Rs46.39 crore during the last quarter of fiscal 2010.
The fall in last quarter’s net profit was due to higher non-performing asset (NPA) provisioning and a dip in treasury income, chairman and managing director Bhaskar Sen said.
He said the bank was worried about the asset quality and steps were being taken to reduce NPAs.
For fiscal 2010, net profit of the bank increased 74.5% to Rs322.36 crore over the previous fiscal.