* Kotak Mahindra Bank: The Reserve Bank of India directed the company to cease the issue of fresh credit cards and onboarding new customers through its online and mobile banking channels with immediate effect.
* Axis Bank: The private sector lender has reported a standalone net profit of Rs 7,130 crore for the March FY24 quarter, against a loss of Rs 5,728.4 crore in the corresponding period of the last fiscal, despite elevated provisions for bad loans. Net interest income grew by 11.5 percent year-on-year to Rs 13,089 crore for the quarter, with a net interest margin of 4.06 percent. Asset quality improved with the gross NPA declining 15 bps sequentially to 1.43 percent and the net NPA falling 5 bps QoQ to 0.31 percent in Q4 FY24.
* TCS: The company partnered strategically with Amazon Web Services to accelerate its customers’ cloud transformation journey at scale.
* Rail Vikas Nigam: The company emerged as the lowest bidder for a railway project worth Rs 239 crore.
* Reliance Industries: The company acquired a 100% stake in MSKVY Nineteenth Solar SPV and MSKVY Twenty-second Solar SPV for Rs 1 crore.
* Shyam Metalics and Energy: The company introduced "SEL Tiger Foil” to preserve food freshness and promote sustainability.
* Jubilant Pharmova: The USFDA inspected the radiopharmaceuticals manufacturing facility of a Canada-based unit and ended with five observations.
* The State Bank of India: Financial Services Institutions Bureau (FSIB) has recommended Rana Ashutosh Kumar Singh for the position of Managing Director at SBI. Currently, Rana Ashutosh Kumar Singh is the retail Deputy Managing Director of retail Banking at SBI.
* Motilal Oswal Financial Services: Prateek Agrawal has been appointed as Managing Director and Chief Executive Officer of Motilal Oswal Asset Management Company.
* National Aluminium: Khanij Bidesh India has signed a MoU with the Council of Scientific and Industrial Research and the National Geophysical Research Institute for advancing geophysical investigations in the critical and strategic minerals sector.
* Vodafone Idea: The equity shares issued in the follow-on public offer (FPO) will be available for trading in a continuous trading session with effect from April 25. The telecom operator issued 1,636.36 crore equity shares in the FPO and raised Rs 18,000 crore at Rs 11 per share.
* Ask Automotive: The company announced a joint agreement with Japan-based AISIN Group companies to market and sell the auto components in independent aftermarkets for passenger car products. With this strategic collaboration, the company endeavors to expand its footprint across India, Nepal, Sri Lanka, and Bangladesh for independent aftermarkets of passenger car products.
* ITC: The FMCG company said the meeting of ordinary shareholders will take place on June 6 through electronic mode to consider the proposed scheme of arrangement amongst ITC and ITC Hotels.
* National Aluminium Company: Khanij Bidesh India (KABIL) has signed a Memorandum of Understanding (MoU) with the Council of Scientific and Industrial Research and the National Geophysical Research Institute (CSIR-NGRI) to foster a long-term collaboration in the field of geophysical investigations to bolster its ongoing projects and activities in critical and strategic minerals.
* RITES: The transport infrastructure consultancy has signed an MoU with Damodar Valley Corporation (DVC), a statutory body under the Ministry of Power, to collaborate on project management consultancy for rail infrastructure works.
* Sterlite Technologies: The optical and digital solutions company, said its fiber optic cable products manufactured in the US are compliant with the Build America, Buy America (BABA) provisions of the Infrastructure Investment and Jobs Act (IIJA). It also unveiled a rapid series of products, which will add to its portfolio of fiber optic cables in the US.
* Indian Bank: The Financial Services Institutions Bureau (FSIB) has recommended Asheesh Pandey for the position of MD and CEO at Indian Bank.
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