Mumbai: Rohit Chatterji is the new head of investment banking at JP Morgan, India.
Till recently Chatterji was heading J P Morgan’s Asia debt capital markets business based out of Hong Kong. With a 12-year stint at JP Morgan across Asia, Chatterji was promoted was head, Southeast Asia corporate finance, in Singapore till June 2009.
He will replace Vedika Bhandarkar who has left to joint Credit Suisse in India. In fact, Chatterji’s appoint appointment comes on the heels of three senior officials’ exit from the top management at JP Morgan’s Indian operations. They are Kaku Nakhate (vice-chairman and head of equities), Sandeep Pangal (managing director, investment banking) and Bhandarkar. Nakhate has joined as the country head of India in Bank of America Merrill Lynch to replace Kevan Watts, Credit Suisse has hired both Bhandarkar and Pangal.
Bajaj Finserv zooms on new business initiative
Mumbai: Bajaj Finserv Ltd jumped to a 10-month high in Mumbai trading after saying it plans to start wealth management business in five Indian cities from the second quarter of the fiscal that started 1 April.
Bajaj climbed 17.64% to Rs399.15—the stock’s steepest one-day gain and its highest close since 30 June, 2009, whereas the benchmark index of the Bombay Stock Exchange, Sensex dropped 0.29% to close at 17087.96 points.
Bajaj Finserv will start its wealth management business, including products distribution and advisory services to retail customers in five cities, during the second quarter of this year, Bajaj Finserv managing director Sanjiv Bajaj said. The company is venturing into the asset management business in a joint venture with German giant Allianz SE, pending regulatory clearance, he said. The firm is also gearing up to enter the banking business and considering applying for a licence.
--Bloomberg and PTI
UB Q4 profit drops 20% on higher expenditure
Bangalore: India’s largest beer maker United Breweries Ltd posted a 20.5% drop in its fourth quarter net profit to Rs26.15 crore because of increased expenditure that offset higher sales. Revenue in the three months to 31 March rose 23.6% over a year ago to Rs573.15 crore. Higher packing material, staff and advertising and sales promotion costs pushed up total expenditure during the quarter by 33.9% to Rs533.48 crore.
Company officials were not available immediately for comment. For the full year, United Breweries, which makes the Kingfisher brand, clocked a 51.3% rise in net profit to Rs94.59 crore on a 17.6% increase in net sales to Rs1,997.23 crore.
BRO ties up with Pawan Hans for road projects
New Delhi: The Border Roads Organisation (BRO) will use the services of state-run Pawan Hans Helicopters Ltd to airlift heavy machinery and equipment for building roads in hilly areas. M.C. Badhani, BRO chief told Mint. “We are outsourcing this work to Pawan Hans as the Indian Air Force could not meet our requirements due to their own commitments. For the first year we would be using their three-to-five heavy lift MI-17 choppers and the number would go up in subsequent years.”
HP to contest $323 mn customs claim
Bangalore/Mumbai: Hewlett-Packard Co. (HP) said it will contest claims by India’s Directorate of Revenue Intelligence (DRI) after the federal agency that monitors violations of customs law said it evaded Rs1,450 crore of duty. “Hewlett-Packard India Sales Pvt. Ltd refutes the DRI’s position and will challenge its claims through the judicial process,” the Palo Alto, California-based company said in an email statement on Wednesday, without giving any other details.
The claim relates to the under valuation of imports of computer products and spares by HP India from the company’s offices overseas, DRI said in a statement dated 1 May.