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MC Insider: Businessman in rehab, stock support, next CEC, costly email miss, and more

Last Updated: May 09, 2022 / 08:44 AM IST

India Inc's Hottest Relationship Managers

A top private sector lender's recent acquisition of an MNC lender’s India retail operations has made the latter’s relationship managers the hottest property in town. The mutual fund and wealth management industry is abuzz about chatter on the tactics used to woo these relationship managers, whose clients are the crème de la crème of the market. Being in the good books of these relationship managers, who will be absorbed by the acquirer after merger, could mean big moolah through the new business. So, no surprise, that sales desks at some of the country’s biggest AMCs and wealth management firms are already strategising in advance to edge ahead of their competitors. Oh! to be the centre of such attention!

Shedding Flab, Shoring Up Stock

Shedding Flab, Shoring Up Stock

This blue-chip automaker has been an integral part of the Indian automobile space for years. However, the stock failed to rise to its true potential until recently. Experts had attributed this to some of the investments and acquisitions made by it in the past. The management started making concerted efforts to come out of the non-core businesses in a planned manner and rejig the business portfolio. The aim was to attract industry level multiples and create shareholder value. Word is that the management may exit a few more non-core businesses and concentrate on its core strength. The impact of the exit from the non-core businesses has started bearing fruit and the stock has kind of achieved a re-rating for itself in recent weeks. This is evident from the fact that when the Nifty has lost close to 8 percent over the past one month, this stock has gained over 7 percent during the same period. We hear smart investors are moving to this counter to clock healthy returns.

Businessmen Under Treatment

Businessmen Under Treatment

Buzz is that two Indian businessmen are recuperating at hospitals abroad and trying real hard to revert to a normal life. The first one, part of a consumer player, suffered a serious spine injury right outside his home and is now undergoing therapy in a top hospital in Switzerland. We hear for almost seven months, top Indian doctors have worked on this businessman and now he has been referred to the Swiss doctors, considered among the best in the world. The other one is a figure from the world of real estate who is said to be battling substance abuse at a rehab in Europe. The gentleman whose firm has run into financial woes has been stationed in Europe for more than a month. Besides the drug abuse, rumour mills say he is also battling depression after his better half allegedly walked out on him with the children. Officials of the firm concerned are now facing the wrath of investors who booked flats but got nothing. Worse, the officials do not know who to go to for any recourse. We wish these gents a speedy recovery.

Corner Office Chatter

Corner Office Chatter

One company's loss is another company's gain — this time in the form of a top executive who resigned last week. MC Insider learns that the executive, a darling of Dalal Street for delivering superlative returns, is a market favourite to lead a tech firm that is likely to see a change of guard later this year, when its incumbent CEO retires. As it happens, this tech firm's stock was buzzing in the green on rumours that this turnaround agent may be a contender for the role. Watch this space for more!

Costly Missed Email

Costly Missed Email

A missed email can prove to be costly, especially if this has a coding instruction that, if ignored, can lead to outages in a bank's mobile application. This happened in a leading private bank some time ago when the US -based tech service provider sent an email in the middle of the night intimating a 'patch' or a crucial software change to the bank's mobile application. The bank's tech team didn't notice the email and assumed this was a routine notification, except that it was not! Result: digital outage for the next few hours which prevented customers from accessing the application. The tech team noticed the instructions too late but the damage was already done. We hope that’s a lesson learnt.

Analyse That!

Analyse That!

The chief of a group which takes immense pride in being a "nation builder" addressed the media after a long time to announce the long-awaited merger of two subsidiaries. While posing a question, a journalist added that some analysts believed the deal was badly timed. Pat came the answer from the witty and outspoken septuagenarian who said in his inimitable style, "All the analysts need not know everything because they have never done business in their life!" Ironically, right after the press conference, the management rushed out and was overheard saying they need to talk at the analyst meet. Tsk tsk.

Audit Scare Averted

Audit Scare Averted

The word "audit" is perhaps the most scary term in the startup universe these days. A mere mention of the term is enough to ring alarm bells, as multiple startups grapple with challenges around governance and accounting. One such startup, which has grown rapidly in the last few years, was at the receiving end of this rumour recently. Multiple reporters called the firm and some of its senior executives recently, asking if one of its marquee investors had ordered an audit. The VC firm then had to assuage the founders that it had no such plans. Guess one can never be sure in these uncertain times.

Splitsville Or No?

Splitsville Or No?

Are they together or are there differences brewing? Speculation is rife about a well funded startup founded by two young individuals. We hear one has relocated to another city, setting off rumours in investor circles. There has also been significant employee churn as the firm has been struggling to scale its business model. The founders, however, have been insisting that the relocation is due to business compulsions and nothing more.

Next CEC Could Be A Cop

Next CEC Could Be A Cop

Winds of change are hovering over a key constitutional body -- the Chief Election Commission. Whispers in Delhi suggest that there are high chances that for the first time an IPS officer may be made the Chief Election Commissioner after the retirement of present CEC Sushil Kumar Chandra on 15 May. Chandra held top tax positions earlier in Mumbai and Ahmedabad and the CEC post is usually bagged by folks from the IAS or IRS cadre. If the said gentleman who has handled high profile cases in the past does not end up becoming the next CEC, well, we pick up in that case he could be the next LG. Hmmm..

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