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Biz EOD: HDFC Bank looks for Aditya Puri's successor; GDP growth may slip to 4.7%; RIL hits Rs 10 lakh crore m-cap

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twitter-logo BusinessToday.In        Last Updated: November 28, 2019  | 21:49 IST
Biz EOD: HDFC Bank looks for Aditya Puri's successor; GDP growth may slip to 4.7%; RIL hits Rs 10 lakh crore m-cap
Top stories from the world of business and economy

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:

1. Who will be Aditya Puri's successor? HDFC Bank sets up panel to shortlist candidates

Aditya Puri, who has been the managing director of the bank since September 1994, will act as an advisor to the search committee.

2. India's GDP growth may slip further to 4.7% in Q2FY20

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%.

3. Ambanis' wealth rises to Rs 5 lakh crore as RIL hits Rs 10 lakh crore market cap

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.

4. Tata Motors plans to offer VRS to 1,600 employees amid slowdown in auto industry

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.

5. E-invoicing system to be rolled out from January 1 on voluntary basis

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.

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