Category Archives: Business

Religare Finvest appoints Karthik Srinivasan as CEO

New Delhi, May 5: Religare Finvest Limited (RFL), a Small and Micro Enterprises (SME)-focused NBFC, today announced the appointment of Karthik Srinivasan as its Chief Executive Officer.

A seasoned business leader with over three decades of experience across banking, financial services, and large-scale operations, Srinivasan brings deep strategic expertise and execution capabilities to lead Religare Finvest into its next phase of growth.

In his new role, Srinivasan will be responsible for formulating and executing the company’s strategy to build a scaled, multi-line NBFC. His focus will include expanding a robust phygital distribution network, strengthening risk management frameworks, and enhancing credit delivery using advanced technologies, including AI-led solutions. He will also work toward building a high-performing organization and fostering a resilient, growth-oriented culture.

Arjun Lamba, Executive Director at Religare Enterprises Limited, said,

“We are delighted to welcome Karthik Srinivasan as Chief Executive Officer of Religare Finvest Limited. His deep domain expertise and proven leadership will be instrumental in scaling the business. With strong capital backing and long-term support, we are well positioned to expand our presence in the SME lending space.”

Prior to joining RFL, Srinivasan spent over a decade at HDB Financial Services, where he played a key role in building and scaling consumer and asset finance portfolios across multiple product lines. He also contributed significantly to the company’s digital transformation initiatives. Earlier in his career, he held leadership roles at Intelenet Global Services / Serco and worked with leading domestic and international financial institutions. He has also been involved in entrepreneurial ventures in the education and technology sectors.

Commenting on his appointment, Karthik Srinivasan said,

“I am delighted to join Religare Finvest at a pivotal time. My focus will be on strengthening core business fundamentals, investing in people and capabilities, and building a resilient institution that can sustain long-term growth.”

Srinivasan holds a B.Tech in Electrical Engineering from Indian Institute of Technology Delhi and a PGDM in Accounting and Finance from Indian Institute of Management Bangalore.

This appointment comes at a significant juncture for Religare Finvest. Following the Reserve Bank of India’s removal of the Corrective Action Plan (CAP) restrictions, the company is now well-positioned to resume and scale its lending operations. Strengthened by improved institutional standing and a solid capital base, RFL is set to accelerate growth and expand its SME lending footprint.

Indranil Choudhury, Group Chief Human Resources Officer at Religare Enterprises Limited, added,

“Karthik brings a rare combination of strategic clarity and execution excellence. His leadership will be key in building a resilient organization and driving sustainable growth.”

With this leadership transition, Religare Finvest signals a strong intent to move forward with renewed momentum, leveraging technology, capital strength, and strategic leadership to unlock long-term value.

Indian Markets End Lower Amid Geopolitical Tensions and Currency Pressure

Mumbai, May 5 (BNP): Indian equity markets closed lower on Tuesday as renewed geopolitical tensions in the Strait of Hormuz and concerns over the fragile US-Iran ceasefire weighed on investor sentiment.

Benchmark indices came under selling pressure during a volatile trading session, with broader risk aversion also driven by a weakening rupee, which hit a record low against the US dollar amid rising crude oil prices.

The 30-share BSE Sensex ended the day down 251.61 points, or 0.33%, at 77,017.79. During intraday trade, the index had fallen as much as 754.37 points to 76,515.03 before recovering some losses.

Market participants remained cautious as elevated oil prices and global uncertainty added to concerns over inflationary pressures and foreign capital flows.

India, Japan Strengthen Healthcare Cooperation

Oteria Launches New Brand Film Skin In Every Light Celebrating the Modern Woman’s Everyday Care, Confidence and Self-Love

May 05: Oteria, a premium gender-neutral skincare brand under Rivpra Formulations, has unveiled its latest multimedia brand film Skin in Every Light celebrating the modern woman who effortlessly balances ambition, relationships and self-care in her everyday life.

Conceptualized around relatable daily moments, the film showcases a woman who seamlessly manages her professional responsibilities while also caring for the people around her, all while making time for herself. Through this narrative, Oteria reinforces the importance of self-care as an essential part of everyday life.

Set across multiple scenarios, the film showcases how simple personal care rituals naturally fit into a busy lifestyle. From getting ready for an important day at work to sharing thoughtful moments of care with loved ones at home, the narrative reflects the evolving priorities of today’s consumers who seek balance between ambition, relationships and self-care.

Speaking on the launch, Vibhor Rastogi, Director, Rivpra Formulations & Oteria shared, “At Oteria, we believe self-care is an essential part of everyday living. Through this brand film, we wanted to capture relatable moments from modern lifestyles where personal care naturally fits into busy routines, relationships, and daily responsibilities. The campaign reflects our vision of making self-care simple, thoughtful, and seamlessly integrated into the lives of today’s consumers.”

The brand film centres on self-care as a natural extension of everyday life, highlighting quiet, everyday routines. It also thoughtfully weaves Oteria’s hero products, including its lip balms and under-eye cream, into these moments, showcasing how skincare can seamlessly blend into daily rituals and feel both intuitive and essential. 

With this launch, Oteria continues its focus on promoting skin awareness and education around circadian rhythm-based skincare, encouraging users to align skincare with their body’s natural rhythm for better overall skin health. The film also features Oteria’s newly launched lip balm range, priced between INR 499 and INR 799, available in variants such as Strawberry, Chocolate, and Vanilla.

The new brand film #SkinInEveryLight is now live across Oteria’s digital and social media platforms, including Instagram and the brand’s official YouTube channel. 

Professional Investment Advisory Services’ Management Successfully Completes Change in Ownership

India Direct Tax Collections Rise 5.1 pc to INR 23.4 Lakh Crore in FY26

New Delhi, May 5 (BNP): India’s net direct tax collections recorded steady growth in the financial year 2025–26, rising 5.12% year-on-year to ₹23,40,406 crore, according to data released by the Central Board of Direct Taxes (CBDT).

Gross direct tax collections for the fiscal stood at ₹28,11,936 crore, marking a 4.03% increase compared to the previous financial year. The growth was driven by stable inflows from both corporate and non-corporate tax segments, reflecting consistent economic activity and improved compliance levels.

Corporate tax collections showed strong performance, increasing to ₹13,81,606 crore from ₹12,72,542 crore in FY25. Non-corporate tax collections, which include taxes paid by individuals, HUFs, and other entities, stood at ₹13,72,474 crore.

Collections from Securities Transaction Tax (STT) also saw an uptick, reaching ₹57,522 crore during the fiscal year.

Meanwhile, refunds issued declined slightly by 1.09% to ₹4,71,531 crore, which contributed to higher net tax collections. Analysts noted that the overall figures indicate steady tax buoyancy and efficient tax administration despite global economic uncertainties.

The data reflects a balanced contribution from corporate and individual taxpayers, underscoring the resilience of India’s tax system.

JLR India Slashes Range Rover SV Prices by Up to INR 75 Lakh Ahead of India–UK FTA

New Delhi, May 5 (BNP): Jaguar Land Rover (JLR) India has announced a significant price reduction of up to ₹75 lakh on its flagship Range Rover SV models, ahead of the expected benefits from the India–UK Free Trade Agreement (FTA).

The company said the revised pricing applies to its completely built unit (CBU) models imported from the UK, with the steepest cuts seen in the high-end SV range. The Range Rover SV has been reduced from ₹4.25 crore to ₹3.5 crore (ex-showroom), while the Range Rover Sport SV now starts at ₹2.35 crore, down from ₹2.75 crore.

According to JLR India, the price revision reflects anticipated changes in import duties once the FTA comes into effect, and the new prices are effective immediately.

Managing Director Rajan Amba said the move is aimed at passing on expected trade benefits to customers in advance and strengthening the brand’s presence in India’s luxury car market.

The company clarified that prices of locally manufactured models, including Range Rover, Range Rover Sport, Range Rover Evoque, Range Rover Velar, and Discovery Sport, remain unchanged. Models such as Defender and Discovery will also retain current pricing as they are manufactured outside the FTA’s scope.

India Most Resilient Emerging Market, Well-Positioned for Future Shocks: Moody’s

New Delhi, May 5 (BNP): India has emerged as the most resilient large emerging market economy since 2020, supported by strong macroeconomic fundamentals and substantial foreign exchange reserves, according to Moody’s Ratings.

In its latest report on emerging markets, Moody’s noted that India’s sizeable forex reserves have helped curb currency volatility and strengthen investor confidence during periods of global uncertainty and economic shocks.

The rating agency stated that India is well-positioned to manage future external shocks, citing a clear and predictable monetary policy framework, well-anchored inflation expectations, and a flexible exchange rate system that allows adjustment when required.

Moody’s further observed that India is among the better-placed sovereigns in the emerging market space, adding that the country is likely to enter any future stress periods with strong and readily accessible economic buffers.

Invoicemart Surpasses 50 percent Women Workforce, Sets New Inclusion Benchmark in the Fintech Space

New Delhi, May 05: Invoicemart, India’s leading Trade Receivables Discounting System (TReDS) platform, has crossed a key milestone, with women now comprising over 50% of its total workforce, well ahead of industry benchmarks in fintech and financial services.

This milestone reflects more than representation; it signals a strategic commitment to building a balanced, future-ready organisation. Women at Invoicemart play an integral role across leadership, sales, technology, operations, and risk—functions that have traditionally seen lower female participation. A consistent focus on equitable hiring, capability building, and career progression has enabled stronger participation in business-critical roles and decision-making.

The progress is underpinned by structured initiatives, including leadership development programmes, equitable opportunities, and continuous learning frameworks, supported by sustained leadership commitment to embedding inclusion into core business practices.

Commenting on the milestone, Mr. Prakash Sankaran, MD & CEO, Invoicemart, said, “Diverse teams drive stronger business outcomes. Crossing this 50% milestone reflects our sustained focus on building an inclusive organisation. We remain committed to building an environment where talent, irrespective of gender, can grow, lead, succeed and create long-term impact.”

Invoicemart’s people-first culture is reinforced through strong employee engagement, wellness initiatives, and recognition programmes across its pan-India offices. The company has also been recognised in the Diversity, Equity, and Inclusion (DEI) Index for its continued focus on advancing equity at all levels. As it scales further, Invoicemart remains focused on building a high-performance, inclusive workplace that drives sustained business impact.

Retired WVU Statler College Faculty Member Establishes Chair and Professor Positions with $3M Gift

A retired faculty leader at the West Virginia University Benjamin M. Statler College of Engineering and Mineral Resources is honoring his family’s academic legacy with generous planned gifts to advance education, discovery and service.

Syd Peng, of Fremont, California, pledged $3 million in his will to establish endowed chair and professor positions at the WVU Statler College. His gifts reflect a devotion to WVU that has endured for more than 50 years, including nearly 40 as a faculty member and 28 as department chair of mining engineering.

WVU President Michael T. Benson will recognize Peng’s service to WVU by bestowing a Presidential Honorary Degree during Commencement ceremonies May 15-17.

The positions supported by Peng’s planned gift are named for him and his late wife, Felicia, also a longtime faculty member in mining engineering.

“I am deeply moved by this extraordinary and meaningful gift and grateful for Dr. Peng’s incredible generosity,” Pedro Mago, Glen H. Hiner Dean of the Statler College, said. “The establishment of this endowed chair and professorship, honoring the distinguished careers of Syd and his late wife, Felicia, represents a lasting investment in our college. Their legacy will continue to inspire innovation, scholarship and opportunities for generations to come.”

Peng was drawn to mining while growing up in Taiwan, where he worked in a local coal mine and earned his undergraduate diploma from the National Taipei University of Technology. He immigrated to the U.S. in 1965 to study at the South Dakota School of Mines and Technology.

Syd and Felicia met and married while attending Stanford University, where they graduated with degrees in mining engineering and chemical engineering, respectively.

Syd then worked for the U.S. Bureau of Mines in Minneapolis for a few years as the couple pursued academic opportunities. Peng said there weren’t many universities with dedicated mining engineering departments at the time.

“When I looked around to see where I should go, WVU was the top choice because West Virginia was a coal mining state and I was very much interested in coal mining,” Peng said.
The Pengs found a home at WVU, where they spent decades empowering future generations of mining engineering leaders to excel through energy education and research.

Syd supervised more than 100 research projects and secured over $12 million in funding from government and private sources. His research, rooted in sound theory and practice, spanned more than 300 mines across the U.S. and 16 foreign countries.

He launched the International Conference on Ground Control in Mining, which continues to be held in West Virginia. Peng also wrote many textbooks, conference proceedings and journal articles focused on longwall mining, ground control, surface subsidence, respirable dust, modeling, mine seal and more.

Felicia completed her doctorate as a WVU faculty member in 1989. Her area of expertise was mineral processing, and she was passionate about engaging with students as she taught coal preparation-related subjects.

Throughout their careers, Syd said he and Felicia were always impressed by the loyalty and accomplishments of WVU mining engineering alumni.

“WVU mining engineering alumni are all over the coal mining industry in the U.S.,” he said. “They occupy high places at every major coal company. And wherever I would travel, I noticed alumni would always come from far away to meet with me. They wanted to know how the program was doing, those kinds of things. You need alumni loyalty to the program to support the future of WVU mining engineering.”

Syd and Felicia Peng have previously supported the mining engineering program with gifts to establish a namesake scholarship, professorship and library endowment. That’s why Syd opted to establish broader chair and professor positions in engineering with his latest gifts.

“I think the mining engineering department is well supported, so I felt the next thing I should support is the College of Engineering,” he said. “I would hope we entice faculty to further their research, including support for students.”

Among many other honors, Syd Peng is a member of the National Academy of Engineering and the West Virginia Coal Hall of Fame.

The Pengs remained in Morgantown for several years post-retirement. After Felicia died in 2021, Syd moved to California for its mild weather, easy walking terrain, and proximity to their son and grandchildren.

The Peng gift was made through the WVU Foundation, the nonprofit organization that receives and administers private donations on behalf of the University, in conjunction with Day of Giving. The 24-hour fundraising event, held March 25, raised more than $22 million through 11,202 gifts made by WVU alumni and friends.