Archive: August 3, 2026

LIC Mutual Fund moves to larger Chennai premises to serve growing investor needs

Commenting on the relocation, Mr. Ravi Kumar Jha, Managing Director & Chief Executive Officer, LIC Mutual Fund Asset Management Limited, said “The relocation of our Chennai branch is part of the fund house’s ongoing efforts to strengthen our presence in important markets and improve access to investment services. Chennai has a well-established financial ecosystem and continues to be an important centre for mutual fund investments. As of March 2026, the city accounted for ₹2.22 lakh crore in mutual fund AUM, representing 2.8% of the industry’s total AUM, and has grown by over ₹21,800 crore over the past year. This reflects the growing participation of investors and the increasing awareness around mutual funds and long-term wealth creation. Our endeavour is to make investing simpler and more accessible, combining our on-ground presence with digital initiatives to deepen investor engagement and encourage more investors to start early, invest regularly and build resilient wealth.”

Akhila Sevak Samaj Council Appoints Mr. P. Hassim as State Chairman for Kerala

New Delhi, Aug 3: The Akhila Sevak Samaj Council (ASSC) has officially appointed Mr. P. Hassim as the State Chairman (Kerala State Board). The appointment has been approved by the Board of Governors and the National Executive Council under the provisions of the Council’s Constitution and Governing Bylaws. The appointment is effective from August 3, 2026, for a tenure of three years, subject to periodic performance and executive review.

Welcoming the appointment, Dr. Bhargav Mallappa, National Chairman & Founder, ASSC, said, “We welcome Mr. P. Hassim to the ASSC family and are confident that his leadership will strengthen our mission of serving society across Kerala.”

As the State Chairman, Mr. Hassim will lead the Council’s social welfare initiatives and community service programmes across Kerala. He will be responsible for strengthening the organisation’s presence in the state by forming District Executive Committees, recommending District Coordinators, and overseeing volunteer enrolment in accordance with ASSC guidelines.

In his new role, Mr. Hassim will also serve as the principal representative of the Council before state government departments, statutory bodies, and local administrative authorities. He will ensure that all activities of the Kerala State Board are carried out in compliance with the constitutional provisions, governance standards, and code of conduct prescribed by the ASSC Central Secretariat.

The Council stated that the appointment is honorary and executive in nature, aimed at advancing public welfare, social justice, and national service. Mr. Hassim has also been authorised to use the official designation, branding, and seals of the Council strictly for approved organisational activities within the jurisdiction of Kerala.

The appointment order has been issued under the signatures of Dr. Bhargav Mallappa, National Chairman & Founder, and Dr. Baburaj V.R., National General Secretary, Akhila Sevak Samaj Council.

ASDC Announces Leadership Transition; Prasanna Pahade Appointed New CEO

New Delhi, Aug 03: The Automotive Skills Development Council (ASDC), India’s apex skill development body for the automotive sector, today announced the appointment of Prasanna Pahade as its new Chief Executive Officer. A seasoned business transformation leader with over 25 years of experience across automotive, logistics, manufacturing and engineering, Pahade succeeds Arindam Lahiri, who has led the Council since 2019, steering its growth as a leading industry-led institution for automotive skilling and workforce development.

Pahade takes charge at a pivotal time for the automotive sector, as the industry accelerates its shift towards electric mobility, advanced manufacturing, automation and digital technologies, creating demand for a future-ready workforce.

An alumnus of the College of Engineering, Pune (1996) with a Bachelor’s in Mechanical Engineering and a PGDM from IIM Calcutta, Pahade brings a powerful combination of consulting rigor and core execution expertise. His distinguished career spans prominent roles at Mahindra Logistics, Tata Strategic Management Group, Voltas Ltd and a successful entrepreneurial chapter as the co-founder of the startup ‘Making Champs’.

Welcoming the appointment, Vinkesh Gulati, Chairperson, ASDC, said, “Prasanna Pahade brings a strong combination of strategic vision, business leadership and operational excellence. His diverse industry experience will help ASDC strengthen its role in preparing a future-ready workforce and deepen collaboration with industry, academia and government as India’s mobility ecosystem continues to evolve.”

Prabhu Nagaraj, Vice Chairperson, ASDC, said, “The automotive industry is witnessing unprecedented technological change, and skilling will remain central to sustaining its growth. We are confident that Prasanna‘s leadership will accelerate innovation, expand industry partnerships and further strengthen ASDC‘s contribution to the Skill India Mission.”

Rama Shankar Pandey, Treasurer, ASDC, said, “Prasanna Pahade‘s extensive industry experience and leadership will further strengthen ASDC‘s efforts to build a skilled, future-ready automotive workforce. We look forward to expanding our impact through stronger industry collaboration and innovation in skilling.”

On assuming office, Prasanna Pahade, Chief Executive Officer, ASDC, said, “I am honoured to join ASDC at a time when India’s automotive industry is undergoing unprecedented transformation. My focus will be on strengthening industry-led skilling, fostering innovation, building stronger partnerships with industry and academia, and preparing a future-ready workforce that supports India’s ambition of becoming a global leader in mobility and automotive manufacturing.” ASDC continues to play a pivotal role in developing occupational standards, driving industry-led skilling initiatives, supporting training and certification, and enhancing employability across the automotive value chain. Under Pahade‘s leadership, the Council is expected to further expand its contribution to the Skill India Mission by preparing talent for the next generation of mobility and advanced manufacturing.

Sundaram Finance Announces Q1 FY27 Standalone and Consolidated Financial Results

Aug 03: The Board of Directors of Sundaram Finance Ltd. (SFL) approved the unaudited standalone and consolidated financial results for the quarter ended June 30, 2026, at its meeting held on August 3, 2026, in Chennai. 

“Q1FY27 opened with stronger demand than Q1FY26, despite a more complex macro backdrop marked by West Asia tensions, higher energy and commodity prices, supply-chain disruption and monsoon uncertainty. In this environment, Team Sundaram delivered 17% AUM growth to Rs. 62,275 crores, improved asset quality with net stage 3 assets at 0.88% against 1.08% last year, and 22% year-on-year growth in profit after tax. Our Group companies in asset management, general insurance and home finance continued to report strong results. We remain committed to our time-tested approach of steady, sustainable growth, best-in-class asset quality and consistent profitability,” said Harsha Viji, Executive Vice Chairman.

AUM for Q1FY27 grew 17% to Rs. 62,275 crores. Disbursements for Q1FY27 recorded a growth of 22% over Q1FY26. Gross stage 3 assets as on June 30, 2026, stood at 1.71% with provision cover of 49% as against 1.91% as on June 30, 2025, with provision cover of 44%. Profits from operations performed strongly, growing by 37% in Q1FY27. Profit after tax registered a 22% rise in Q1FY27, with net profit at Rs. 522 crores. Return on assets closed at 3.06% in Q1FY27 as against 2.91% for Q1FY26, and capital adequacy at 18.5% remained quite comfortable.

 Rajiv Lochan, Managing Director, stated, “Q1FY27 has been an encouraging quarter, with Sundaram Financedelivering stronger growth, improved asset quality and resilient profitability. The operating environment is turning more supportive for growth, even as key external monitorables such as geopolitical uncertainty and monsoon shortfalls remain. With our strong franchise, disciplined execution and customer-focused approach, Team Sundaram is well-positioned to deepen its presence and gain market share across the businesses in which we operate.”

 STANDALONE PERFORMANCE HIGHLIGHTS FOR Q1FY27 

·       Disbursements for Q1FY27 grew by 22% to Rs. 8,947 crores as compared to Rs. 7,310 crores registered in Q1FY26.

·       The assets under management grew by 17% to Rs. 62,275 crores as on 30^th June 2026 as against Rs. 53,278 crores as on 30^th June 2025.

·       Net interest income (NII) grew by 19% to Rs. 925 crores in Q1FY27 from Rs. 781 crores in Q1FY26.

·       Gross stage 3 assets as on 30^th June 2026 stood at 1.71% with 49% provision cover as against 1.91% with provision cover of 44% as on 30^th June 2025. Net stage 3 assets as on 30^th June 2026 closed at 0.88% as against 1.08% as on 30^th June 2025.

·       The Gross and Net NPA, as per RBI’s asset classification norms for NBFCs, are 2.28% and 1.35% respectively as against 2.66% and 1.71% as of 30^th June 2025.

·       Cost to income ratio was at 30.70% in Q1FY27 as against 29.84% in Q1FY26.

·       Profits from operations grew 37% to Rs. 598 crores in Q1FY27 as against Rs. 436 crores in Q1FY26.

·       Profit after tax registered a growth of 22% rise in Q1FY27, with net profit at Rs. 522 crores as against Rs. 429 crores in Q1FY26.

·       Return on assets (ROA) for Q1FY27 closed at 3.06% as against 2.91% for Q1FY26. Return on equity (ROE) was at 17.69% for Q1FY27 as against 16.70% for Q1FY26.

·       Capital Adequacy Ratio stood at 18.5% (Tier I –16.9%) as of 30th June 2026 compared to 20.0% (Tier I – 17.3%) as of 30th Jun 2025. 

 CONSOLIDATED PERFORMANCE HIGHLIGHTS FOR Q1FY27 

The consolidated results of SFL include the results of its standalone subsidiaries Sundaram Home Finance, Sundaram Asset Management and joint venture company Royal Sundaram General Insurance.

·       The assets under management (AUM) in our lending and general insurance businesses stood at Rs. 92,887 crores as on 30^th June 2026 as against Rs. 80,939 crores as on 30^th June 2025, a growth of 15%. The assets under management of our asset management business stood at Rs. 90,089 crores as on 30^th June 2026 as against Rs. 80,501 crores as on 30^th June 2025.

·       Profit after tax for Q1FY27 grew by 34% to Rs. 636 crores as compared to Rs. 475 crores in Q1FY26.

GROUP COMPANY PERFORMANCE HIGHLIGHTS

Our group companies continued to perform well.

The asset management business closed the quarter ended 30^th June 2026 with assets under management of Rs. 90,089 crores (around 80% in equity) and consolidated profits from the asset management businesses were at Rs. 51 crores as against Rs. 45 crores in Q1FY26.

Royal Sundaram reported a Gross Written Premium (GWP) of Rs. 1,380 crores as compared to Rs. 1,289 crores in the previous year, representing a growth of 7%. The company reported a profit after tax of Rs. 135 crores for Q1FY27 as against a profit of Rs. 127 crores in Q1FY26. 

Sundaram Home Finance disbursements grew by 10% to Rs. 1,643 crores in Q1FY27. The profit for Q1FY27 was Rs. 85 crores, as against Rs. 62 crores in Q1FY26. Gross stage 3 assets as on 30^th June 2026 stood at 1.42% as against 1.63% as on 30^th June 2025. Net stage 3 assets as on 30^th June 2026 closed at 0.69% as against 0.96% as on 30^th June 2025. The Gross and Net NPA, as per RBI’s asset classification norms, are 1.50% and 0.75% respectively as against 1.94% and 1.20% as of 30^th June 2025.

Remsons Industries Appoints Rahul Desai as Chief Executive Officer to Lead the Company’s Next Phase of Growth

Mumbai, August 03: Remsons Industries Ltd., a pioneer in cables & shifters for automotive industry, has announced the appointment of seasoned automotive industry leader Mr. Rahul Prabhakar Desai as its new Chief Executive Officer (CEO), effective August 3, 2026. The appointment was approved by the Company’s Board of Directors at its meeting held on July 27, 2026, based on the recommendation of the Nomination and Remuneration Committee.

Mr. Desai succeeds Mr. Amit Srivastava, whose resignation has been accepted by the Board and will take effect from the close of business hours on September 4, 2026. The Board placed on record its sincere appreciation for Mr. Srivastava’s dedicated leadership, valuable contributions, and committed service during his tenure with the Company.

Bringing over three decades of experience in the automotive manufacturing industry, including more than 17 years in CEO and senior leadership roles, Mr. Desai is widely recognized for driving operational excellence, strategic transformation, business expansion, and sustainable profitability across global manufacturing organizations.

Prior to joining Remsons Industries, Mr. Desai served as Executive Director & Chief Executive Officer at Pinnacle Industries Limited, where he led operations across five manufacturing facilities with complete P&L responsibility. Before that, he spent nearly a decade as Chief Executive Officer at CIE India, overseeing multiple business divisions and ten manufacturing plants. He has also held senior leadership positions at GKN Sinter Metals Limited and Inteva Products India, building an impressive track record in automotive manufacturing and operational leadership.

Throughout his career, Mr. Desai has successfully led greenfield manufacturing projects, implemented Lean Manufacturing and Six Sigma practices, driven cost optimization initiatives, advanced ESG-focused operational strategies, and cultivated high-performing teams while forging strategic partnerships with leading global OEMs. He holds a Bachelor’s degree in Mechanical Engineering, is a certified Six Sigma Black Belt, and has completed executive leadership programmes at the Indian Institute of Management Ahmedabad, along with advanced production management training in Japan and the United States.

Mr. Desai‘s appointment marks an important milestone in Remsons Industries‘ growth journey as the Company continues to strengthen its position in the global automotive components industry through innovation, operational excellence, and customer-centric manufacturing capabilities.

Ketto Partners with Smaaash to Host a Day of Joy and Inclusion for Children and Young Adults with Disabilities from Sahyog an initiative of Chehak Trust

Mumbai, 3rd August: Ketto, a crowdfunding platform focused on healthcare and social causes, collaborated with Smaaash, one of India’s leading entertainment and gaming destinations, to host a memorable day of fun, laughter, and inclusion for children and young adults with disabilities, along with their caregivers, from Sahyog an initiative of Chehak Trust, a nonprofit organisation working with children and young adults with intellectual disabilities and hearing and speech impairments.

For many of the participants, it was far more than just a day out. It was an opportunity to experience something they had never imagined possible. Filled with excitement from the moment they arrived, the children and young adults embraced every activity with infectious enthusiasm, sharing smiles, cheering each other on, and creating memories that will stay with them long after the day ended. Many expressed that visiting a destination like Smaaash was something they never thought they would get the chance to do, making the experience all the more meaningful.

As part of the programme, the children and young adults and their caregivers spent the day enjoying arcade games, VR games, bowling, and cricket, along with a range of engaging activities in a lively and inclusive environment. What began as a day of entertainment soon became a celebration of confidence, friendship, and togetherness. Watching first-time bowlers celebrate a strike, friends encouraging one another during games, and caregivers witnessing the joy on their faces made the experience truly unforgettable.

The initiative reflected Ketto‘s broader commitment to supporting holistic well-being. While the platform continues to mobilise resources for critical healthcare, education, and nutrition needs through crowdfunding and sustained giving models such as Ketto SIP (Social Impact Plan), it also recognises that meaningful experiences and opportunities for recreation play an equally important role in helping individuals build confidence, strengthen social connections, and feel included.

Smaaash welcomed the children and young adults in a safe, accessible, and supportive environment, with its team ensuring they felt comfortable, encouraged, and celebrated throughout the visit. The initiative reflects the brand’s commitment to making entertainment more inclusive and creating spaces where everyone, regardless of ability or background, can come together to experience the joy of play.

For many children and young adults with disabilities, opportunities to visit recreational spaces remain limited due to accessibility challenges and financial constraints. Yet these experiences can have a profound impact, offering moments of freedom, confidence, social interaction, and simple happiness that are often taken for granted. Through this collaboration, Ketto and Smaaash sought to remind every participant that they deserve not only access to essential support but also opportunities to laugh, explore, celebrate, and simply enjoy being themselves.

Commenting on the initiative, Varun Sheth, Co-founder and CEO, Ketto, said, “At Ketto, our work has always centred around improving access to essential needs such as healthcare, education, and nutrition. But true inclusion goes beyond meeting these necessities. Every child deserves opportunities to experience joy, make memories, and simply feel like they belong. Seeing the smiles, excitement, and confidence of the children and young adults throughout the day reminded us why experiences like these matter just as much. We are grateful to Smaaash and Sahyog Chehak for helping make this possible.”

Commenting on the collaboration, Aniket Shivalkar, Cluster Head West, Smaaash, said, “Entertainment has the power to create unforgettable moments and bring people together. It was incredibly heartwarming to welcome the children and young adults from Sahyog Chehak and see them embrace every game and activity with such enthusiasm. We are proud to partner with Ketto on an initiative that celebrates inclusion and hope, and we look forward to creating many more experiences that make joy accessible to everyone.”

Second generation takes over – ‘Hidden Champion’ remains 100% in German family ownership

Igenhausen, Aug 03, the HAIMER Group will complete the generational change in its ownership structure. The company shares will be transferred to the second generation so that siblings Andreas and Kathrin Haimer now assume responsibility as Managing Directors and Shareholders. This puts the internationally active family-owned company’s long-term, owner-managed orientation on a clear path for the future.

Within the HAIMER Group – a globally leading manufacturer of shrink fit and balancing technology, tool holders and presetting machines, as well as a complete system provider for tool management solutions around the machine tool – the generational transition will be completed as of August 1, 2026. As part of a succession plan that has been prepared over many years, the shares of the HAIMER Group will be transferred to the founders’ children, Andreas and Kathrin Haimer.

Claudia and Franz Haimer, who founded the company in 1977 and built it up over the past decades to a hidden champion and global player, will remain operationally active in the management team until December 31, 2027. During this period, they will oversee the handover process to ensure a smooth and carefully prepared transition to the second generation. In addition, they will continue to support the company in the long term with their experience and network as members of a newly established Advisory Board.

“For us, this step is a very emotional moment as we place our life’s work in the hands of our children. At the same time, the handover is an important milestone in the development of our family business,” explains Claudia Haimer. “Andreas and Kathrin are closely connected to HAIMER for many years and have already successfully assumed responsibility in the management team. This ensures the continuity of our values, our technological expertise and our long-term strategy.”

By transferring the shares to Andreas and Kathrin Haimer, HAIMER strengthens its position as an independent, owner-managed family business that offers its customers the “Tool Room of the Future” as a holistic tool room concept providing greater efficiency, digitization and automation.

With this approach, HAIMER addresses the challenges faced by manufacturing companies which are increasingly under cost pressure while confronted with a shortage of skilled workers as well as the need to digitize and automate. HAIMER enables customers worldwide to machine more precisely, reliably and productively.

With HAIMER solutions, the shop floor can be digitized, and the tool assembly area can be automated. The generational change is therefore also a clear commitment to further strengthening this system expertise which is in line with the company philosophy of ‘Quality Wins’.

Despite rapidly changing and turbulent times in the metal working industry, this hidden champion remains 100% in German family ownership. This allows customers, partners and employees to continue to rely on long-term, sustainable decision-making.

Andreas and Kathrin Haimer have been working in various management positions in the company for many years and today form the management team of the HAIMER Group together with the founding couple. In their new role as Managing Partners, they will continue the established growth course while setting new innovations in the areas of digitization, automation and sustainability – for example, through the further expansion of digital products, networked tool room solutions and automated cells for shrinking, presetting and balancing.

In view of the many challenges in global markets, Kathrin Haimer particularly emphasizes the company’s responsibility towards people and employees:
“As a family-owned company, we bear responsibility – for the future of our business, for our employees, for the education of young people as apprentices, and for our local communities. Our task is to combine the values that HAIMER has stood for over decades with innovative strength and cutting-edge technology. In this way, we aim to actively shape the future of our company – as a reliable partner for our customers and an attractive employer.”

Andreas Haimer adds that from a technological and strategic perspective: “We are a manufacturing company ourselves, with more than 200 machine tools and an annual metal-cutting volume of around 5,000 tons – so we know from our own experience just how crucial stable, productive processes and well-thought-out tool management are. That is precisely why we are consistently investing in digitization and automation: from AI-capable shrink fit, balancing and presetting machines through our ‘Tool Room of the Future’ concept to global cooperation with machine tool builders where our networked solutions are deployed in their plants worldwide. The generational change gives us the entrepreneurial freedom to further expand this long-term strategy and to strengthen our role as a technology leader in the periphery around the machine tool and in the networking of the shop floor.”

Looking back on the joint achievements of the past decades, Franz Haimer states: “The success of HAIMER is inseparably linked to the commitment of our team around the world. The fact that we can now place our Group in the hands of our children and at the same time see a strong team carrying the company is, for us, the best foundation for a successful future for HAIMER. As a family-owned company that can act independently of corporate groups and in a sustainable manner for the benefit of our customers, we are currently seeing very strong demand from the semi-conductor, aerospace, space, defense and energy industries for our integrated tool room solutions. With these solutions, companies that want – and need – to prepare for the future can turn a previously unorganized tool assembly as a black box into a transparent, data-driven tool setup and presetting process, enabling production to run 24/7 at the highest levels of automation.”