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Bajaj Finserv posts 42% growth in Q3 net profit to ₹1,782 crore

Bajaj Finserv posts 42% growth in Q3 net profit to ₹1,782 crore

Monday, January 30, 2023

Bajaj Finserv on Monday posted a 42 percent growth in its profit to ₹1,782 crore for the quarter ended 2022, against ₹1,256 crore in the year-ago period. Total income during the quarter rose 23% to Rs 21,755 crore as compared to Rs 17,620 crore a year ago. Bajaj Finserv is a holding company for a number of businesses under the Bajaj brand including its lending and insurance businesses. Bajaj Finserv recorded healthy growth across its companies despite the higher interest rates scenario in Q3FY23. According to the statement shared with the exchanges, the finance costs of the company went up to ₹3,240.78 crores from ₹2,444.53 crores. Total expenses of the firm surged 17.10 percent to ₹17,336.45 crore from ₹14,370.55 crore in the year-ago period. Read more

GST collection over Rs 1.51 trillion in October -second highest ever monthly collection, next only to April 2022

GST collection over Rs 1.51 trillion in October -second highest ever monthly collection, next only to April 2022

Tuesday, November 1, 2022

India's tax collection from the sale of goods and services increased to Rs 1.51 trillion in October. This record collection is driven by festive demand, higher rates, and better tax compliance. The revenue for October is the second-highest monthly collection, next only to April 2022, and it is for the second time the gross GST collection has crossed Rs. 1.50 trillion mark. October also saw the second-highest collection from domestic transactions after April. This is the ninth month, and for the eighth month in a row, that monthly GST revenue has been more than Rs 1.4 trillion. In September 2022, as many as 83 million e-way bills were generated, compared to 77 million in August 2022. Read more

M&M Finance tanks 14% after RBI orders to stop using third party recovery agents

M&M Finance tanks 14% after RBI orders to stop using third party recovery agents

Friday, September 23, 2022

Shares of Mahindra & Mahindra (M&M) Financial Services tanked 14 percent to Rs 192.05 in Friday’s intra-day trade, after the Reserve Bank of India (RBI) directed the company to immediately cease any recovery or repossession activities via an outsource till further orders. In its order, the RBI also mentioned that the non-banking finance company may continue with recovery or repossession activities through its own employees. The directive comes days after external loan recovery agents of Mahindra Finance allegedly crushed a 27-year-old pregnant woman in Hazaribagh district in Jharkhand to death under a tractor. The agent was forcibly taking the vehicle away, financed by the company, for non-payment of dues, a senior police official had told PTI."This action is based on certain material supervisory concerns observed in the said NBFC, with regard to the management of its outsourcing activities," RBI said in a statement. Read more

M&M Finance shares hit 52-week high on 75% growth in August disbursements

M&M Finance shares hit 52-week high on 75% growth in August disbursements

Monday, September 5, 2022

Shares of Mahindra & Mahindra Financial Services (MMFSL) hit a 52-week high of Rs 216.75 on the BSE, gaining 4 percent in Monday's intra-day trade after the company recorded a 75 percent on-year growth in disbursements in August, In an exchange filing last week, the company mentioned that it disbursed Rs 3,740 crore in August. However, on a sequential basis, the number is down 4.4 percent. The number is also lower than the disbursals made in July Rs 3,912 crore and June Rs 3,750 crore."The year-to-date (YTD) disbursement is at approximately Rs 17,150 crore and registered a YoY growth of 104 percent. This has resulted in YoY growth of around 12 percent and sequential month-on-month growth of around 3 percent in gross business assets," MMFSL said in the August month business update.The Collection Efficiency during the month of August remained stable at 96 percent, compared to 97 percent in August 2021.The figure has oscillated between the 95-97 percent mark over the last four months Read more

Bajaj Finance Q1 results beats street expectations

Bajaj Finance Q1 results beats street expectations

Wednesday, July 27, 2022

Bajaj Finance on Wednesday reported a 159% jump in consolidated net profit at Rs 2,596 crore for the quarter ending June 30, 2022, beating street estimates. It reported a consolidated net profit of Rs 1,002 crore in the year-ago period.Net interest income (NII) climbed by 48% to ₹6,638 crores in the quarter under review from ₹4,489 crores in Q1 of last year. New loans booked during the quarter grew by 60% to 74.2 lakh as against 46.3 lakh in the corresponding year-ago quarter. Customer franchise stood at 6.03 crore, registering a growth of 20 percent. The company recorded its highest ever quarterly increase in its customer franchise of 27.3 lakh in Q1FY23. The company's assets under management grew by 28% to Rs 2.04 trillion as of June 30, 2022. Loan losses and provisions for Q1FY23 were at Rs 755 crore as against Rs 1,750 crore in Q1FY22. The company holds a management and macro-economic overlay of Rs 1,000 crore, Bajaj Finance said. Read more

Bajaj Finance stock jumps 5% after quarterly result

Bajaj Finance stock jumps 5% after quarterly result

Wednesday, July 6, 2022

Bajaj Finance's share price rose 5 percent on July 6 after the company reported better numbers for the quarter that ended June 2022. Bajaj Finance, a leading NBFC company, witnessed a 31% Year-on-Year (YoY) growth in its core assets under management in the quarter that ended June 30, 2022. The company's AUM grew from approximately Rs 156,115 crore on 30 June 2021 to Rs 204,000 crore as of 30 June '22. Bajaj Finance witnessed the highest ever quarterly increase in its customer franchise of 2.7 million in the initial quarter of FY23. Customer franchise of the company increased from 50.5 million in June 2021 to 60.3 million in June 2022 and new loans booked during the first quarter of 2023 were 7.4 million compared to last year’s 4.6 million, the company said in a filing to the exchanges. Bajaj Finance continues to remain well-capitalized with a CRAR of ~ 26.2%. Read more

India facing twin deficit problem due to commodity prices, subsidy: FinMin

India facing twin deficit problem due to commodity prices, subsidy: FinMin

Tuesday, June 21, 2022

The finance ministry yesterday(20 June 2022) cautioned the re-emergence of the twin deficit problem in the economy, with higher commodity prices and rising subsidy burden leading to an increase in both fiscal deficit and current account deficit. It’s also the first time the government has explicitly talked about the possibility of fiscal slippage in the current fiscal year. Read more

IIFL Finance rallies 8% after ADIA picks 20% stake in home finance business

IIFL Finance rallies 8% after ADIA picks 20% stake in home finance business

Friday, June 10, 2022

Shares of IIFL Finance rallied 8 percent to Rs 356.70 on the BSE in Friday’s intra-day trade after the subsidiary of Abu Dhabi Investment Authority picked a 20 percent stake in the company's home finance business.“IIFL Home Finance on Thursday, June 9, 2022, has entered into definitive agreements for raising Rs 2,200 crore of primary capital for a 20 percent stake from a wholly-owned subsidiary of the ADIA,” IIFL Finance said in a statement. The deal completion is subject to regulatory approvals."This investment aims to support the company for its next phase of growth, as it meets the significant demand in India's large, under-served and fast-growing affordable housing finance market," Hamad Shahwan Aldhaheri, Executive Director of the Private Equities Department at ADIA said.IIFL Home Finance proposes to use the additional capital to continue its granular expansion strategy into new markets to address the significant and growing demand for housing loans. Read more

Bajaj Finance shares fall 6.5 percent after Q4 result

Bajaj Finance shares fall 6.5 percent after Q4 result

Wednesday, April 27, 2022

Shares of Bajaj Finance dropped 6.63 percent to Rs 6,758 apiece on the BSE in Wednesday’s intra-day trade despite registering strong growth in net profit by 80 percent year on year (YoY) at Rs 2,420 crore for the fourth quarter due to higher net interest income and lower provisions. that ended in March 2022 (Q4FY22).as analysts remained mixed on the company’s future prospects. Bajaj Finance’s net interest income (NII) surged 30 percent y-o-y to Rs 6,068 crore in the March quarter. The company said it was its highest ever consolidated net profit. It also reported the highest ever consolidated profit after tax of Rs 7,028 crore for the fiscal year ended March 2022. The other large component of its revenues was in the form of fees and other income of Rs 1,164 crore, up 51 percent from the same period last year. While asset under management (AUM), portfolio composition, and digital transformation will remain key drivers for the stock, premium valuation, and elevated costs may cap upside. Read more

Manappuram Finance shares tumbles 13 percent, hits 52-week low

Manappuram Finance shares tumbles 13 percent, hits 52-week low

Tuesday, February 15, 2022

Shares of Manappuram Finance hit a 52-week low of Rs 123.85 after they slipped 13 percent on the BSE in Tuesday's intra-day trade after the financier reported a 46 percent year-on-year (YoY) drop in consolidated net profit at Rs 261 crore in the December quarter (Q3FY22), due to weak operational performance. The non-banking finance company (NBFC) had posted a net profit of Rs 483 crore in the corresponding quarter a year ago. Net interest income (NII) fell 12 percent YoY to Rs 915 crore driven by a sharp compression in spreads. Total income during the October-December period of 2021-22 was down at Rs 1,506.85 crore, as against Rs 1,650 crore in same Technical data of the NBFC stock shows that Manappuram Finance has given a 22% negative return In six months and declined further to 27% in the last year as of February 15. In Q3FY22, profit before tax (PBT) of gold loan and other segments declined 44 percent YoY at Rs 347 crore, Read more

Winter session issues may hit the Budget session also; FM to present Eco Survey today

Winter session issues may hit the Budget session also; FM to present Eco Survey today

Monday, January 31, 2022

The winter session of Parliament was a washout and the way things are seen the upcoming Budget session that begins on January 31, with the President's address to both Houses of Parliament, may not be any way better. As Opposition parties reached out to each other to fine-tune parliamentary strategy, the Narendra Modi government is expected to be in the Opposition's crosshairs on issues such as the new revelations on snooping by intelligence interception company Pegasus, farm distress, management of the third wave of Covid-19, the sale of national carrier Air India, and Chinese "incursions" into eastern Ladakh. Read more

Crypto Bill will be introduced in Parliament after Cabinet nod: FM

Crypto Bill will be introduced in Parliament after Cabinet nod: FM

Tuesday, November 30, 2021

Finance Minister Nirmala Sitharaman today(30th Nov.2021) clarified in Rajya Sabha that the government is not considering a ban on cryptocurrency advertisements and that a bill will be introduced in Parliament after Cabinet approval. "This is a risky area and not in a complete regulatory framework. We are not considering a ban on advertisements, but we've been taking steps to caution the public through RBI and SEBI. The guidelines of the Advertising Standards Council of India are being studied and the regulations that they have are being looked into so that we can make a decision on how to handle it, if necessary," said Sitharaman. The government will soon introduce a Bill related to cryptocurrencies once the Cabinet clears it, she added. Last week, the government had listed a bill for the ongoing winter session of Parliament seeking to ban all private cryptocurrencies. Read more

LIC IPO expected to hit market by Q4: DIPAM Secy Tuhin Kanta Pandey

LIC IPO expected to hit market by Q4: DIPAM Secy Tuhin Kanta Pandey

Wednesday, November 17, 2021

The much-awaited LIC IPO is expected to hit the market by the fourth quarter of the current fiscal, said Department of Investment and Public Asset Management Secy Tuhin Kanta Pandey. The government is seeking to raise as much as Rs 10 trillion ($133 billion) by selling up to a 10% stake. The sale of a 5% stake would make it India’s largest IPO, while a 10% dilution would make it the second-biggest of an insurer globally, Bloomberg reported. Read more

MARKET UPDATE:Sensex rose over 120 points to trade at 59,872 levels while Nifty above 17,850

MARKET UPDATE:Sensex rose over 120 points to trade at 59,872 levels while Nifty above 17,850

Wednesday, October 6, 2021

The Indian benchmark indices opened in the positive territory today(6th October 2021) with Nifty above 17,850. The BSE Sensex rose over 120 points to trade at 59,872 levels. The 50-pack index, meanwhile, gained nearly 50 points at 17,870. ONGC, IOC, and Coal India were the top gainers on the benchmark index. Top laggards were Titan, Divi's Lab, SBI Life, and IndusInd Bank. Sectorally, barring Nifty IT and Pharma, all indices were in the green. The broader indices, too, opened higher. The Nifty Midcap 100 rose 0.4 percent and the Smallcap 100 was higher by 0.7 percent. In pre-open itself, the Midcap index had hit new record high levels. Read more

GST collection grows 23% to Rs 1.17 trn in September

GST collection grows 23% to Rs 1.17 trn in September

Friday, October 1, 2021

GST collection grew 23 percent in September compared to the same period last year and even surpassed the pre-covid year of 2019-20. The collection continues to exceed Rs 1 trillion mark for the third month showing clear signs of recovery for the Coronavirus (Covid-19) battered economy. “Coupled with economic growth, anti-evasion activities, especially action against fake billers, have also been contributing to the enhanced GST collections. It is expected that the positive trend in the revenues will continue and the second half of the year will post higher revenues," the finance ministry said today(1st Oct.2021). While the improvement in the collection is also evident month on month as in August the collection stood at Rs 1.12 trillion, in July, the collection stood at Rs 1.16 trillion. Read more

Bankrupt DHFL acquired by Piramal Group for total consideration of Rs 34,250 cr

Bankrupt DHFL acquired by Piramal Group for total consideration of Rs 34,250 cr

Wednesday, September 29, 2021

Today (29th Sept. 2021) Piramal Enterprises said that it had completed the acquisition of Dewan Housing Finance Limited (DHFL) by paying the consideration amount of Rs 34,250 crore. This marks the first successful resolution of a financial services company under the Insolvency and Bankruptcy Code (IBC). The total consideration paid by the Piramal Group of Rs 34,250 crores at the completion of the acquisition, includes an upfront cash component of Rs 14,700 crores and issuance of debt instruments of Rs 19,550 crores (10-year NCDs at 6.75% p.a. on a half-yearly basis). Read more

India may seek a ratings upgrade from Moody’s

India may seek a ratings upgrade from Moody’s

Thursday, September 23, 2021

Indian finance ministry officials plan to pitch for a sovereign rating upgrade from Moody’s Investors Service in the meeting with Moody's scheduled for Sept. 28, according sources. Finance officials plan to provide details on how India will meet its budget targets for the current fiscal year, which runs through March. Moody’s cut India’s sovereign rating to Baa3 in June 2020, the lowest investment grade, citing policy challenges in addressing a prolonged economic slowdown and its deteriorating fiscal position Neither the finance ministry nor Moody’s responded to requests for comment S&P Global Ratings in May said it sees no change in India’s sovereign rating for the next two years. Read more

FM Nirmala Sitharaman to look into bottlenecks that push IT companies to register outside India

FM Nirmala Sitharaman to look into bottlenecks that push IT companies to register outside India

Tuesday, September 14, 2021

Union Finance Minister Nirmala Sitharaman, Yesterday (13th Sept. 2021) said that she would look into bottlenecks that push SaaS companies to register outside India. Sitharaman interacted with industry representatives from CII and FICCI, where she heard requests and took feedback from various sectors. Entrepreneurs from Tamil Nadu, a hub for the SaaS sector, urged the Finance Minister to look into issues that may hinder IT products which are set to lead to value creation, a report said. The founder of Kissflow, Suresh Sambandam, said that with a $1-trillion opportunity, the SaaS sector can play a key role in the government’s ambitions of reaching a $5-trillion economy. India, however, is losing out on wealth creation as entrepreneurs prefer to register the companies outside India due to various bottlenecks. Read more

Indian Economic recovery to continue even in event of third wave: FinMin

Indian Economic recovery to continue even in event of third wave: FinMin

Thursday, September 9, 2021

Today (9th September 2021) the Finance Ministry said that economic recovery, which was impacted during the second wave, will see faster revival in the next three quarters of the current financial year, even if the third wave hits the country. It is said that this confidence is mainly due to a rapid surge in the inoculation drive and a rebound in leading macroeconomic indicators. “Rapidly increasing vaccination coverage and richer experience with pandemic management provide the confidence that the recovery can continue even in the event of a third wave,” the finance ministry’s Department of Economic Affairs said in its monthly review for August. Read more

Rally had sustained through 2020 and the second wave and was “not a blip”.FM Nirmala Sitharaman

Rally had sustained through 2020 and the second wave and was “not a blip”.FM Nirmala Sitharaman

Wednesday, August 18, 2021

Finance minister Nirmala Sitharaman does not agree with the sentiment that there is a disconnect between the stock market's current run and the real economy. She said the rally had sustained through 2020 and the second wave and was “not a blip”. “Stretched valuations of financial assets pose risks to financial stability. Banks and financial intermediaries need to be cognisant of these risks and spillovers in an interconnected financial system,” wrote Reserve Bank Governor Shaktikanta Das in the Financial Stability Report earlier this year. Read more

Manappuram Finance shares decline 15 percent after Q1 result

Manappuram Finance shares decline 15 percent after Q1 result

Wednesday, August 11, 2021

Shares of Manappuram Finance slipped 15 percent at Rs 163.45 on the BSE in the intra-day trade on Wednesday after the company reported consolidated profit after tax (PAT) at Rs 436.90 crore, The company has posted Rs 368.11 crore during the previous quarter ended June 2020, up 18.7 percent year on year (YoY), but down 8 percent quarter on quarter (QoQ) for the quarter ended June 2021 (Q1FY22). The company missed street’s expectations due to lower net interest income (NII) in the first quarter of the financial year 2021-22 (April-June). Income from operations was up by 3.4 percent to Rs 1,565 crore in Q1FY22 as against Rs 1,513 crore in Q1FY21, Manappuram Finance said in a regulatory filing. The gold loan book declined 13 percent QoQ to Rs 16,500 crore and gold holdings slipped 11 percent QoQ to 58.1 tonnages. Its assets under management (AUM) hit a six-quarter low. Read more

These stocks are flashing bearish signals on the tech charts and can dip up to 15% from here

These stocks are flashing bearish signals on the tech charts and can dip up to 15% from here

Tuesday, August 3, 2021

The Indian benchmark indices are trading at all-time high levels, with Nifty50 surging past the 16,000-mark for the first time ever. Analysts expect the market to gain momentum going ahead provided global and domestic cues remain supportive. Charts suggest the possibility of Nifty hitting the 16,100-16,150 level if the current momentum continues. But, there are select stocks that are flashing bearish signals on the tech charts, contrary to the overall market setup. These five stocks from the BSE 500 pack can slip up to 15 percent from here on according to some analysts: Read more

Sale of two state-run banks differed to next year?

Sale of two state-run banks differed to next year?

Monday, August 2, 2021

India’s plan to sell two state-controlled banks may get deferred to the next financial year as the government is yet to seek parliament’s nod for changes in laws required to start the transaction, according to reliable sources. The Finance Ministry hasn’t finalised modalities to seek approval from lawmakers for the sale, which leaves little time for the process to be completed this year, it is said. The government will seek buyers for two state-run banks by March 2022, Finance Minister Nirmala Sitharaman had said in February, in the nation’s budget for the current financial year that began on 1st April.

Adani shares fall up to 5% as it faces Sebi, DRI probe over compliance

Adani shares fall up to 5% as it faces Sebi, DRI probe over compliance

Monday, July 19, 2021

Shares of Adani Group stocks fell up to 5 percent in intraday trade on July 19 after Minister of State for Finance Pankaj Chaudhary said in Parliament today that the directorate of revenue intelligence and SEBI (Securities and Exchange Board of India) are probing some entities of the Adani group about compliance with the SEBI regulations. It was not immediately clear when the investigation was launched. The minister did not name which companies were involved. He also alleged that the Enforcement Directorate is not probing companies holding FPIs based on day-to-day trading of shares. A month ago, Adani Group had quashed reports about the National Securities Depository Ltd (NSDL) freezing three foreign portfolio investors (FPIs) related to the group. Adani Group CFO Jugeshinder Singh told CNBC-TV18 that it was "a malicious attempt to push a patently false story". Read more

FM Sitharaman raises ECLGS scheme limit to Rs 4.5 trn

FM Sitharaman raises ECLGS scheme limit to Rs 4.5 trn

Monday, June 28, 2021

To help the revival of the economy battered by COVID-19 related issues, Finance Minister Nirmala Sitharaman announced a slew of measures today(28th June 2021) including a Rs 1.1 lakh crore (Rs 1.1 trillion) credit guarantee scheme for improving health infrastructure and enhancing the limit under the ECLGS by 50 percent to Rs 4.5 lakh crore for the MSME sector facing a liquidity crunch. Sharing the stimulus package details, the finance minister said this comprises eight relief measures and other eight measures to support economic growth. She announced Rs 1.1 lakh crore loan guarantee scheme for COVID-affected sectors, including the health sector, which includes guarantee cover for expansion or new projects. Besides, she said, additional Rs 1.5 lakh crore limit enhancement done for Emergency Credit Line Guarantee Scheme (ECLGS) scheme. Read more

LIC Housing Finance dips 4% as investors booked profit

LIC Housing Finance dips 4% as investors booked profit

Wednesday, June 16, 2021

Shares of LIC Housing Finance slid 4 percent to Rs 501 on the BSE in intra-day trade today(16th June 2021) as investors booked profit after the company reported a good set of numbers for the March quarter (Q4FY21) on the operating and business growth front. However, a steep rise in provisions dented profitability. The board approved a dividend at 425 percent i.e. Rs 8.50 per equity share of Rs 2 each for the financial year 2020-2021. The stock has corrected 8 percent from its 52-week high level of Rs 542, touched on Friday (June 11, 2021) with today’s decline. Despite the past couple of days' fall, LIC Housing Finance has outperformed the market by gaining 18 percent, as compared 8 percent rise in the S&P BSE Sensex in the past month.

No change in GST on vaccines, but tax cut for other Covid essentials

No change in GST on vaccines, but tax cut for other Covid essentials

Saturday, June 12, 2021

In its 44th meeting today(12th June 2021), the Goods and Services Tax (GST) Council, chaired by Union Finance Minister Nirmala Sitharaman, approved all recommendations of GoM on rate rationalisation. The GoM, set up by the Council on May 28, was mandated to look at tax exemption and concessions on various Covid items including vaccines, drugs, and equipment. GST on ambulances has been reduced to 12% from the current 28%. GST Council slashed the tax rate from 12% to 5% on medical grade oxygen, BiPaP machines, oxygen concentrators, ventilators, hand sanitisers, temperature check equipment, high flow nasal cannula, pulse oximeter. Also, the tax on Covid testing kits has been brought down to 5% from 12%. "Today's meeting was a single-agenda meeting on the Group of Ministers which was constituted in last GST Council meeting to come up with recommendations on tax relief for Covid-19 essentials," said Finance Minister. Read more

Bajaj Finance shares falls 5 percent after second wave of lockdown

Bajaj Finance shares falls 5 percent after second wave of lockdown

Monday, June 7, 2021

Shares of Bajaj Finance (BAF) declined 5 percent to Rs 5,681 apiece on the BSE in Monday's intra-day trade after the NBFC issued an update about the effect of the Covid-19 wave on the financials of the firm. The share hit 52 weeks high of Rs 6,009 on June 4, 2021, and 52 weeks low of Rs 2,199 on June 12, 2020. In its mid-quarter update, the firm said B2B and auto finance businesses were most affected due to strict lockdowns in the majority of states. The lender’s business-to-business segment has been hit hard, with most shops and establishments staying shut in May. The second segment most impacted was vehicle loans, the lender said. These businesses delivered 70% of their planned volumes in April 2021 as multiple states started imposing lockdowns from mid-April. Their volumes dropped to 40% in May 2021. Read more

Piramal Group's resolution plan for DHFL approved by NCLT

Piramal Group's resolution plan for DHFL approved by NCLT

Monday, June 7, 2021

The Piramal Group’s resolution plan for Dewan Housing Finance Limited (DHFL) has been approved by the Mumbai bench of the National Company Law Tribunal (NCLT). The order is subject to the outcome of the appeal in the appellate tribunal and the Supreme Court. Piramal’s plan offers to pay Rs 37,250 crore, with upfront cash of Rs 12,700 crore; it has already been approved by the committee of creditors (CoC), the Reserve Bank of India (RBI), and the Competition Commission of India (CCI). "We are pleased with the judgment today by the Honorable NCLT for approving our resolution plan for DHFL. This follows the endorsement of 94% of lenders, and the subsequent approvals from RBI and CCI, and reiterates the strength and quality of our bid", the Piramal Group said in a statement. Read more

Fundamentals of PNB Housing need to catch up with the stock now: Analysts

Fundamentals of PNB Housing need to catch up with the stock now: Analysts

Wednesday, June 2, 2021

Shares of PNB Housing Finance (PNB HF) have soared a massive 58 percent in three days on the bourses after the housing financier announced equity infusion worth Rs 4,000 crore, led by Carlyle Group, removing a key overhang on the company’s growth outlook. The fact that the capital raising plan was nearly double what was expected (Rs 1,800 crore) has helped the counter jump a massive 279 percent from its 52-week low level of Rs 183, hit on June 2, 2020. It is difficult to predict Whether PNB HF will deliver on the growth projections that don’t look promising - at least till the financial year 2022-23 - 2023-24 (FY23-FY24). Read more

JMC Projects jumps 19 percent on winning project worth Rs 1,000 crore in Maldives

JMC Projects jumps 19 percent on winning project worth Rs 1,000 crore in Maldives

Tuesday, March 9, 2021

Shares of JMC Projects rallied 19 per cent to Rs 93.90 on the BSE in intra-day trade on Tuesday after the company said it has signed an agreement with Fahi Dhiriulhun Corporation Limited (FDC) for the design, finance and construction of 2,000 social housing units in Hulhumale Island of Maldives for a project worth Rs 1,000 crore.JMC Projects share rose to a 52-week high of Rs 93.85, rising 19.63% against the previous close of Rs 78.45 on BSE. The financial closure of the project is expected to conclude soon and construction on the project will commence after the financial closure, it added. "The signing of the agreement with FDC is a landmark event in JMC's growth journey. The project is a milestone and testament to our ability to deliver major projects to the highest quality and within tight time frames. Our international business has expanded its presence further with this project in the Maldives. Read more

Finace Ministry asks RBI to ensure a higher dividend in FY22

Finace Ministry asks RBI to ensure a higher dividend in FY22

Thursday, February 18, 2021

The finance ministry has asked the RBI to make every effort to secure a higher dividend for the government in the financial year 2021-22 (FY22), despite sliding interest rates globally, sources said. It has also sought the RBI’s advice on gold monetisation. In the correspondence and discussions between the two, the RBI has advised against any change in the inflation goalposts. RBI Governor Shaktikanta Das has assured Finance Minister Nirmala Sitharaman that the Rs 12.05-trillion gross borrowing programme for FY22 will go through smoothly. To ensure it, the RBI team has, however, cautioned the government against any dilution of the inflation management policies, and the targets under the monetary policy framework, sources said. Read more

Nirmala Sitharamans concludes presentation of the first Budget of the decade, highlights priority sectors, provides roadmap of reducing the fiscal deficit

Nirmala Sitharamans concludes presentation of the first Budget of the decade, highlights priority sectors, provides roadmap of reducing the fiscal deficit

Monday, February 1, 2021

Finance Minister Nirmala Sitharaman presented her third Union Budget in Parliament, which rests on six major heads – health and well-being, physical, financial capital and infrastructure, inclusive development for aspirational India, reinvigorating human capital, innovation and R&D, and minimum government and maximum governance. The finance minister has announced a total spend of around Rs 2 trillion on healthcare and mega national highway projects in election-bound states of Tamil Nadu, West Bengal, Assam,union and Kerala. Addressing the nation after the Budget presentation, Prime Minister Narendra Modi said this year's Budget was prepared under unprecedented circumstances. He said it speaks of 'all-round development'. Read more

RBI fines Bajaj Finance for breaching regulatory compliance norms

RBI fines Bajaj Finance for breaching regulatory compliance norms

Wednesday, January 6, 2021

Shares of Bajaj Finance were 2 per cent down today after the Reserve Bank of India on Tuesday imposed a penalty of ₹2.5 crores for breaching regulatory compliance norms by an order dated January 05, 2021for violation of directions issued by RBI on Managing Risks and Code of Conduct in Outsourcing of Financial Services by NBFCs and Fair Practices Code (FPC) for applicable NBFCs, contained in the Non-Banking Financial Company - Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016; and a specific direction to the company to ensure full compliance with FPC in letter and spirit," the RBI said in a statement.“This penalty has been imposed in exercise of powers vested in RBI under the provisions of clause (b) of sub-section (1) of section 58 G read with clause (aa) of sub-section (5) of section 58B of the Reserve Bank of India Act, 1934, taking into account the failure of the company to ensure that its recovery agents did Read more

Indian economy witnessing 'V-shaped' recovery since June: FinMin

Indian economy witnessing 'V-shaped' recovery since June: FinMin

Tuesday, January 5, 2021

According to a Finance Ministry report India has been witnessing a 'V-shaped' recovery since June with the gradual easing of restrictions on economic activities." The sustained improvement in high-frequency indicators ignite optimism of improved performance in the second half of the year," it said. The Monthly Economic Recovery for December by the Department of Economic Affairs (DEA) also noted that the impending vaccination is set to spur the momentum in economic activity globally. "The effective management of Covid-19 spread despite the festive season and onset of the winter season, combined with sustained improvement in high-frequency indicators and V-shaped recovery along with easing of lockdown restrictions distinguish Indian economy as one riding against the Covid-wave," it said. Read more

Muthoot Finance plans to raise Rs 2,000 cr through bonds

Muthoot Finance plans to raise Rs 2,000 cr through bonds

Monday, October 26, 2020

Gold loan company Muthoot Finance on Monday said it is looking to raise up to Rs 2,000 crore through a public issue of non-convertible debentures (NCDs) for lending purposes. The proposed debenture issue will have a base issue size of Rs 100 crore with an option to retain oversubscription up to Rs 1,900 crores aggregating up to tranche limit of Rs 2,000 crore."The issue will open on October 27, 2020, and will close on November 20, 2020, with an option to close on such earlier date or an extended date as may be decided by the board of directors or NCD committee. The NCDs are proposed to be listed on BSE. The allotment will be on a first come first serve basis. The funds raised through this issue will be utilised primarily for lending activities, the company said. There are six investment options for Secured NCDs with monthly or annual interest payment frequency or on maturity redemption payments with coupon ranging from 7.15 per cent to 8 per cent per annum. Read more

Bajaj Finance Q2 profit declines 36% YoY to Rs 965 crore

Bajaj Finance Q2 profit declines 36% YoY to Rs 965 crore

Wednesday, October 21, 2020

Shares of Bajaj Finance was down 0.89 per cent at Rs 3,233 on Wednesday after the Company posted huge 35.94 per cent year-on-year (YoY) drop in net profit at Rs 964.88 crore for the quarter ended September 30 as the lender almost tripled provisions for bad loans as the coronavirus pandemic impacted demand for credit and borrowers’ ability to repay. Analysts in an ET NOW had projected the figure at Rs 1,037 crore. The Company had reported Rs 1,506 crore in the same period last year. Loan losses and provisions for the second quarter ended September 30, 2020, was ₹1,700 crore as against ₹594 crores in Q2 FY20. Consolidated assets under management rose to ₹137,090 crores as compared to ₹135,533 crores in the year-ago period.Net interest income of the NBFC increased 4 per cent YoY to Rs 4,165 crore which was better than the CNBC-TV18 poll estimates of Rs 3,711.7 crore. Total operating expenses for Q2 FY21 was down by 16% to ₹1,160 crores from ₹1,384 crores. Read more

Indian economy will take longer to recover: RBI

Indian economy will take longer to recover: RBI

Tuesday, August 25, 2020

stimulus measures once the cure to Covid-19 is found, the report adds. High-frequency indicators so far pointed to a “retrenchment in activity that is unprecedented in history,” the annual report said, adding, “the improvements that became visible in May and June after the lockdown was eased in several parts of the country, appear to have lost strength in July and August, mainly due to reimposition or stricter imposition of lockdowns, suggesting that contraction in economic activity will likely prolong into the second quarter.” The central bank noted that the shock to consumption is severe, and it will take quite some time to mend and regain the pre-pandemic momentum. Read more

Bajaj Finance Q1 Results:Profit falls 19% YoY to Rs 962 crore

Bajaj Finance Q1 Results:Profit falls 19% YoY to Rs 962 crore

Tuesday, July 21, 2020

NBFC major Pune based Bajaj Finance on July 21 reported a 19 per cent year-on-year (YoY) fall in consolidated net profit at Rs 962.32 crore for the quarter ended June 30. It had posted a net profit of Rs 1,195.25 crore in the corresponding quarter last year. The Pune-based company's net interest income rose 12% over the year-ago period to Rs 4,152 crore, against the Rs 3,637-crore forecast. Bajaj Finance made additional contingency provisions worth Rs 1,450 crore for Covid-19, taking the overall contingency provision to Rs 2,350 crore during the quarter. Consolidated revenue for the quarter came in at Rs 6,648.2 crore rising 14.5 per cent over Rs 5,805.5 crore in the corresponding period the previous year. Consolidated asset under management of the company increased 7 per cent YoY to Rs 1,38,055 crore during the quarter. Read more

Muthoot Finance shares jump 19 per cent after Q4 earnings

Muthoot Finance shares jump 19 per cent after Q4 earnings

Thursday, June 18, 2020

Shares of the Kerala-based lender Muthoot Finance on Thursday jumped 19 per cent after the company reported a 52.4 per cent jump in consolidated net profit at Rs 835.78 crore in the last quarter of the fiscal ended March 2020, due to higher demand for gold loans. The company had posted a net profit of Rs 548.56 crore during the corresponding quarter of fiscal ended March 2019. The Company's asset under management grew 22% year-on-year and a 15% fall in provisions helped boost net profit. The fall in provisions is a fallout of a drop in bad assets. Performance for the last year has been good for the company because of the strong performance of the gold loan business, it said. Its total income during March quarter of FY20 rose to Rs 2,633.58 crore from Rs 2,088.84 crore in the year-ago period, MFIN said in a regulatory filing. For the fiscal year 2019-20, the company reported a 51 per cent jump in consolidated net profit at Rs 3,168.68 crore as against Rs 2,102.96 crore in 2018-19. Read more

Power stocks rally on Rs 90,000 crore liquidity push for discoms

Power stocks rally on Rs 90,000 crore liquidity push for discoms

Thursday, May 14, 2020

Shares of electric utilities and power finance companies gained up to 13 per cent on the BSE on Thursday after Finance Minister Nirmala Sitharaman announced a special liquidity infusion scheme for the ailing power distribution sector, through which it is looking to infuse around Rs 90,000 crore in the distribution companies (discoms) to help them fight the current financial stress. Power Finance Corporation and Rural Electrification Corporation will infuse liquidity in the discoms to the extent of Rs 90,000 crore in two equal instalments. This amount will be used by discoms to pay their dues to transmission and generation firms,” the FM said. Adani Power, Tata Power, Torrent Power, CESC, Adani Transmission and Indian Energy Exchange (IEX) were up between 3 per cent and 13 per cent. In today’s trade REC share price fell 2.33 per cent to Rs 98.15, while Power Finance Corporation (PFC) shares dropped 2.17 per cent to Rs 87,65 apiece.

Asian Development Bank to lend $60mn to Aavas Financier

Asian Development Bank to lend $60mn to Aavas Financier

Monday, March 30, 2020

Asian Development Bank (ADB) has signed an agreement to lend up to $60 million to the housing finance company in India Aavas Financiers Limited (Aavas) so as to improve access to housing finance for lower-income borrowers in the country, particularly women. The loan is distributed under ADBs Supporting Access to Housing Finance for Women in Lower-Income Groups and in Lagging States Project. India is experiencing a severe housing shortage estimated at 18.7 million units in urban areas and 43.7 million units in rural areas, mostly affecting low-income groups. They face several challenges in obtaining mortgages including a lack of documents to prove their incomes. Aavas is one of the largest housing finance companies in India’s affordable housing segment. It has more than 70 billion rupees in assets under management and 245 branches across 10 states as on 31st December 2019

Tag: finance

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