Thursday, May 23, 2024

HDFC Bank gets new CEO, boosts Nifty Shares

Indian shares rose over 1% on Tuesday, driven by a nearly 6% jump in HDFC bank Ltd after the central bank approved the appointment of a new CEO for the country’s most valuable bank.

A meeting of the board of directors of the bank will be convened in due course to approve the appointment of; Mr. Sashidhar Jagdishan as the Managing Director & CEO of the bank, in place of Mr. Aditya Puri, who is due to retire as Managing Director of the Bank on October 26, 2020.

Shares of the private sector lender surged as much as 5.89 percent and were the top boosts on the Nifty 50 index after RBI approved Sashidhar Jagdishan’s appointment as the new chief of HDFC Bank.

Snapping four straight sessions of losses, the NSE Nifty 50 index rose 1.03% to 11,003.70 by 0500 GMT, while the S&P BSE Sensex was 1.1% higher at 37,343.76.

“Global cues are positive and RBI approval for the CEO seat at HDFC Bank is supporting domestic markets,” said Rahul Sharma, head of research, Equity99 Advisors in Mumbai.

Automakers Hero MotoCorp and Maruti Suzuki India rose as much as 2.95 percent and 1.89 percent, respectively.

IT firm Infosys Ltd lost 1.48%, while larger rival Tata Consultancy Services Ltd slipped 1.16%, dragging the Nifty IT index 1.3% lower.

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