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Lendingkart has appointed Prashant Joshi as its new CEO following Fullerton Financial Holdings' acquisition of a majority stake in the company. With 30 years of experience in banking, Joshi aims to address the significant credit gap faced by India's MSMEs, where less than 5% access formal credit. His leadership is expected to enhance Lendingkart's operations amid evolving regulatory challenges and increasing competition in the fintech sector.
Bank stocks experienced a sharp decline on November 21, driven by a broad market sell-off and bribery allegations against Gautam Adani and his executives. Most banking stocks fell, with major public sector banks like State Bank of India and Bank of Baroda losing 4-8%, while private sector banks showed relatively better performance.Following the Hindenburg report in January 2023, several banks disclosed their exposure to the Adani Group, with Life Insurance Corporation reporting Rs 35,920 crore and State Bank of India revealing approximately Rs 27,000 crore in total exposure.
Major companies including Coal India, JSW Steel, DLF, and Interglobe Aviation are set to release their Q2 earnings reports today, joining a wave of firms that have already reported results. Notable performances include Reliance Industries with a profit decline of 4.8%, while HCL Technologies and TCS reported profit increases of 10.5% and 5.0%, respectively. ICRA's profit rose by 15.6% to Rs 36.72 crore, and Oracle Financial Services Software saw a significant profit increase of 38.4% to Rs 577.70 crore.
IDBI Bank reported a 39% increase in net profit for the June quarter, reaching Rs 1,719.27 crore. The total income surged by 26.43% to Rs 8,754.54 crore compared to the same period last year. Following the announcement, the bank's shares rose by 1.03% to Rs 82.15 on the NSE.
The strategic sale of IDBI Bank is set to proceed smoothly following the Reserve Bank of India's 'a priori' approval, eliminating potential regulatory hurdles. Due diligence for prospective bidders will commence in November, allowing access to the bank's legal documents and additional information. The finance ministry is focused on maintaining momentum for the sale, ensuring a streamlined process.
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Lendingkart appoints Prashant Joshi as new CEO amid strategic leadership shift
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