HDFC Bank has constituted a six-member search committee to replace Aditya Puri as MD and CEO of the bank, whose tenure ends on October 26, 2020. As the second-quarter GDP growth numbers are slated to be announced, the consensus among analysts and economists is that the numbers would be worse than the first-quarter GDP growth numbers of 5%. Mukesh Ambani's wealth crossed Rs 5 lakh crore after his firm RIL became the first Indian company to hit Rs 10 lakh crore market capitalisation. Read for more top stories from the world of business and economy:
Aditya Puri, who has been the managing director of the bank since September 1994, will act as an advisor to the search committee.
Two rating agencies - India Ratings and ICRA - expect the second quarter GDP growth numbers to be 4.7%. Even Kotak Economic Research estimates the second quarter GDP growth to be at 4.7% against their earlier estimate of 5.2%.
With 50.05% of the shareholding in RIL, the Ambanis have become the first family in Indian history to have wealth above Rs 5 lakh crore.
Tata Motor's employee cost as a percentage of its net sales during the September quarter expanded to 10.7% from 5.9% in the year-ago period.
E-invoicing is prevalent in different models in many countries. This is how it works - an invoice is generated on a portal and is verified by the government or a government agency.