Bharat Financial

Buzz is that the company may look at the Ford India unit near Chennai for its new facility; sources say group was already betting big in EV components through Bharat FIH

Top executives of Bharat Financial Inclusion (BFIL), a fully-owned subsidiary of IndusInd Bank, have resigned from the company last week, the bank said on Monday. The bank said it has appointed an Executive Director and another person to oversee day-to-day operations of the company. Shalabh Saxena, the Managing Director & CEO, and Ashish Damani, the Executive Director & CFO of BFIL, are to join rival microfinance lender Spandana Sphoorty, over which the two companies are apparently at loggerheads. "Shalabh Saxena and Ashish Damani, currently employed with BFIL in the capacity of the Managing Director & CEO and the Executive Director & CFO, respectively, have tendered their resignations pursuant to emails addressed to the Chairman of the board of BFIL on November 25, 2021," IndusInd Bank said in regulatory filing. The bank said, in the interim, it has nominated J Sridharan as Executive Director on the board of BFIL and appointed Srinivas Bonam to oversee the day-to-day

IndusInd arm says cannot let its two execs join Spandana when the review is ongoing

There has been a strong buzz that the micro lender could merge its operations with IndusInd Bank.

The microlender had made a net profit of Rs 84.47 cr during the corresponding quarter

Ahead of the announcement, Bharat Financial Inclusion shares closed 4.3% higher at 812.30 rupees

During the first quarter of current FY, the company saw a 53% jump in total income at Rs 368.95 crore compared to the same period year-ago

The stock up 6% to Rs 811 after the company reported nearly four-fold jump in profit at Rs 236 crore in Q1FY17.