IndusInd Bank appoints Arun Khurana as the new head of global markets group

Arun Khurana will be responsible for scaling-up the global markets business operations of the Bank to meet the Bank’s growth ambitions

IndusInd Bank has announced the appointment of Arun Khurana as the new head of global markets group. He brings with him many years of diverse business exposure across various markets and geographies.

Khurana was earlier with the Royal Bank of Scotland (RBS), Singapore as the regional head corporate solutions for the Asia Pacific region. He also had a very successful stint with RBS-India as head of global markets. In IndusInd Bank he would be responsible for scaling-up the global markets business operations of the Bank to meet the Bank’s growth ambitions and also bring in best–in-class business practices.

Romesh Sobti, managing director & CEO, IndusInd Bank said, “Arun’s considerable experience will help us strengthen and grow the Global Markets Business. His track record of playing an advisory role to several European and American Corporates will help the Bank to expand its presence in the international market. We are pleased to have Arun Khurana on board.”

Khurana takes over from Moses Harding, who has successfully led the global markets group for several years and has transformed the Group into a critical revenue driver. Harding will take up a new assignment as ‘Head-ALCO and Economic & Market Research’. This position also reports in to the CEO of the Bank.

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ACC Q3 net up 85% at Rs159 crore on higher sales

ACC’s profitability was lower on a month-on-month basis due to rising input costs, mainly of coal, petroleum products, slag and fly ash

Cement major ACC said it clocked a nearly 85% jump in consolidated net profit to Rs159 crore during the quarter ended 30 September 2011, on higher sales.
The company, in which Swiss major Holcim holds a majority stake, had reported a Rs86 crore net profit for the third quarter last fiscal, it said in a statement. The company follows a January-December financial year.

Its profitability was however lower on a month-on-month basis due to rising input costs, mainly of coal, petroleum products, slag and fly ash. During the April-June quarter of the current year, ACC had posted Rs328 crore net profit. The bottomline of the firm would not have looked better had it not received Rs100 crore in "other operating income" during the quarter, which includes Rs62 crore refund on sales tax.

ACC's net sales rose to Rs2,283 crore during the July-September quarter from Rs1,759 crore a year ago. Revenues from its cement division grew to Rs2,142 crore in the reporting quarter, compared to Rs1,637 crore in the corresponding quarter a year ago. Ready mix concrete contributed the remainder of the sales revenue.

Expecting a pick-up in demand post the traditionally lean monsoon period, the company said this would be reflected in sales during the fourth quarter, though it would not be "robust". "However in the long-term, we maintain a positive outlook for cement, as we believe the fundamentals of the economy remain strong," it said.

In the late afternoon, ACC was trading at around Rs1,183.40 per share on the Bombay Stock Exchange, 0.99% down from the previous close.

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M&M posts 20% rise in sales in October

Auto-maker Mahindra & Mahindra reported 20.32% jump in its total sales at 41,506 units in October 2011

Auto-maker Mahindra & Mahindra reported 20.32% jump in its total sales at 41,506 units in October 2011. M&M had sold 34,495 units in the corresponding month of 2010. In the domestic market, the company registered a rise of 21.12% at 39,352 units during the month compared to 32,491 units in the year-ago period.

Total sales of passenger vehicles, including Scorpio, XUV500, Xylo, Bolero and Verito, stood at 18,756 units as against 16,987 units in October 2010, up 10.41%.

"We are delighted with a 20% growth in October in spite of the planned maintenance shutdown, which we undertook during this month. The XUV500 has received a phenomenal response with 8,000 plus bookings in just 10 days," M&M chief executive (automotive division) Rajesh Jejurikar said. The company is currently in the process of expediting deliveries before reopening bookings, he added. M&M had shut its facility for five days for maintenance in October 2011. Last year the company had done the same in November. The company said sales of three-wheelers during October went up by 17.04% to 6,332 units from 5,410 units during the same month last year.

The company's Gio and Maxximo mini-trucks and other four-wheeler commercial vehicles sales increased by 41.22% last month to 13,101 units from 9,277 units in the year-ago period. Light commercial vehicle sales from Mahindra Navistar Automotives Ltd during the month stood at 1,163 units as against 817 units in the same month a year ago, a rise of 42.35%. M&M's exports during the month jumped 7.49% to 2,154 units from 2,004 units during October 2010.

In the late afternoon, M&M was trading at around Rs835 per share on the Bombay Stock Exchange, 3.27% down from the previous close.

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