Banking Finance
Chinese syndicates to keep hurting India via loan app scams: Cyber expert, ET BFSI
Chinese criminal syndicates and gangs operating digital loan shark scams are expected to further dent the Indian economy in 2024, warns cybersecurity law expert Pavan Duggal. The surge in illegal activities, through Chinese loan apps, has raised concerns about the...
ICICI Bank net profit jumps 25.7% to Rs 11,053 crore in Q3, ET BFSI
MUMBAI: ICICI Bank on Saturday said its consolidated net profit for the December quarter jumped 25.7% to Rs 11,052.60 crore, up from Rs 8,792.42 crore. The second largest private sector lender posted a 23.6% rise in standalone net profit for the third quarter of the...
Mcap of five of top-10 most valued firms erode by Rs 1.67 lakh crore; HDFC Bank biggest laggard, ET BFSI
New Delhi: The combined market valuation of five of the top 10 valued firms eroded by Rs 1,67,936.21 crore last week, with HDFC Bank emerging as the biggest laggard. Last week, the 30-share BSE benchmark fell by 1,144.8 points 1.57 per cent. The NSE and BSE conducted...
Are all banks closed on January 22?, ET BFSI
In honour of the opening of the Ayodhya Ram Mandir on January 22, 2024, certain state governments have declared the day off for their offices and educational institutions. The Centre and PSU banks have both declared a half-day for all of their offices. However, even...
75 smallcaps shine with double-digit gains in extended trading week despite elevated valuations, ET BFSI
It seems investors are in no mood to let go of smallcap stocks despite elevated valuations. As many as 74 smallcaps delivered double-digit returns in the week gone by even as weak global cues dented overall market sentiments.RVNL was the top gainer in the smallcap...
Cyber fraudsters hacking bank accounts under name of Prasad, ET BFSI
A new wave of cyber fraud has been unleashed in recent weeks ahead of the consecration of Ram Mandir at Ayodhya, Uttar Pradesh. The nation is all decked-up to celebrate the auspicious day with the state and the central government declaring either half-day or full-day...
IREDA Q3 Net Profit Zooms 67% to ₹335 cr, BFSI News, ET BFSI
State-run IREDA on Saturday posted a 67% rise in net profit to ₹335.5 crore for the quarter ended in December 2023, bolstered by higher income.It had clocked ₹200.7-crore net profit during the October-December period of the preceding FY23, the company said in an...
Banks may alert RBI as rising funding costs sting amid sustained liquidity drainage, ET BFSI
Mumbai: Banks are likely to make representations to the Reserve Bank of India (RBI) on sustained liquidity drainage that has pushed up funding costs for lenders despite unchanged policy rates for nearly a year. Liquidity has steadily declined with the central bank...
NCLT clears ICICI Bank-ICICI Securities merger; EGM set for March 27, ET BFSI
Mumbai: The Ahmedabad bench of the National Company Law Tribunal has cleared ICICI Bank's proposed scheme of arrangements with ICICI Securities and directed it to conduct an extraordinary general meeting (EGM) on March 27 to seek approval from shareholders.The bank,...
Banks could prescribe debt-to-income ratio for healthy retail loan book: Study, ET BFSI
Policy researchers are suggesting an additional parameter - individuals' debt to income (DTI) - to judge a borrower's credit- worthiness while extending retail loans to avoid any adverse impact at the system level. "DTI limits along with restrictions on loan-to-value...
India’s Kotak Mahindra Bank misses Q3 profit view on higher loan provisions, ET BFSI
MUMBAI -India's Kotak Mahindra Bank reported lower-than-expected third-quarter net profit on Saturday, weighed down by higher bad loan provisions and shrinking lending margins.The private bank reported a standalone net profit of 30.05 billion rupees ($361.7 million)...
India’s ICICI Bank beats estimates with record high profit in Q3, ET BFSI
MUMBAI -India's ICICI Bank reported better-than-expected third-quarter profit on Saturday, helped by robust loan growth, although its net interest margin (NIM) shrank for the fourth straight quarter.The country's second-biggest private bank reported a record high...
IDBI Bank shares jump 11%, hit 52-week high post strong Q3 earnings, ET BFSI
Shares of IDBI Bank jumped over 11% to hit a 52-week high of Rs 77.50 on Saturday following the company's December quarter earnings. The lender reported a sharp 57.3% year-on-year (YoY) growth in net profit for the quarter ended December 2023 to Rs 1,458.20 crore.The...
J&K Bank Q3 net profit jumps 35 pc to Rs 421 cr, BFSI News, ET BFSI
New Delhi, J&K Bank on Saturday reported a 35 per cent rise in net profit to Rs 421 crore in the third quarter ended on December 2023 on the back of a decline in bad loans and improvement in core income. The bank had earned a net profit of Rs 311 crore in the...
US bonds keep bearish tone after strong jobs data, ET BFSI
U.S. Treasury yields were mostly higher on Thursday after data showing job growth remains solid, which strengthened the argument of central bank officials in recent days that changes towards lower interest rates will not be rushed.Yields, which move inversely to...
Net profit rises 18% YoY to Rs 716 crore, ET BFSI
IDFC First Bank on Saturday reported that its standalone net profit jumped 18% year-on-year to Rs 716 crore for the quarter ended December 2023. The same stood at Rs 605 crore a year ago.The net interest income (NII) of the lender rose 30% to Rs 4,287 crore in the...
ED issues fresh summons to former Kerala minister in KIIFB masala bonds case, ET BFSI
Kochi, The ED has issued a fresh summons to senior Kerala CPI(M) leader Thomas Issac for questioning in a FEMA case linked to a probe into the alleged violations in the financial dealings of KIIFB during his tenure as the finance minister in the previous LDF...
Profit jumps 77% to Rs 355 crore, BFSI News, ET BFSI
State-owned IREDA on Saturday posted a 77 per cent rise in net profit at Rs 355.54 crore during the quarter ended December 2023, pushed by higher income. It had clocked Rs 200.75 crore net profit during the October-December period of the preceding 2022-23 fiscal, the...
Net profit surges 60% to Rs 3,590 crore, ET BFSI
State-owned Union Bank of India on Saturday posted a 60 per cent jump in net profit to Rs 3,590 crore for the December quarter on the back of lower provisioning and better interest income. The bank had reported a net profit of Rs 2,249 crore in the year-ago period,...
IRFC’s m-cap zooms past 21 Nifty stocks, including Bajaj Auto, M&M, LTIM, ET BFSI
India's most valuable railway stock Indian Railway Finance Corporation (IRFC) is now more valuable than 19 Nifty stocks including Bajaj Auto, Mahindra & Mahindra, LTIMindtree and Tata Steel.On Friday, the market capitalisation of the company touched Rs 2.1 lakh...
PAT rises 8% YoY to Rs 3,005 crore, but trails estimates, ET BFSI
MUMBAI - Kotak Mahindra Bank on Saturday reported a nearly 8% year-on-year (YoY) growth in net profit for the quarter ended December to Rs 3,005 crore, but the figure was lower than the estimated Rs 3,250 crore.Net interest income, the difference between interest...
Suzuki Motorcycle India partners with SMFG India Credit Co for vehicle finance, ET BFSI
Suzuki Motorcycle India Pvt Ltd on Friday said it has partnered with SMFG India Credit Co Ltd (formerly Fullerton India Credit Co) to provide financing on purchase of its two-wheelers. The two companies have entered into an MoU for the same, Suzuki Motorcycle India...
Leaders bet high on affordable housing, PMAY, ET BFSI
The last Union Budget by the NDA government is set to roll out soon, with a mix of expectations from the industry. Since this will be the interim budget, less hopes are there from the Finance Minister Nirmala Sitharaman. The minister has already ruled out any...
PSBs want fair value rule eased for recap bonds, BFSI News, ET BFSI
New Delhi: State-run banks have asked the Reserve Bank of India (RBI) for the relaxation of a rule that requires them to set aside capital if the fair value of recapitalisation bonds issued to them falls below the acquisition cost, ET has learnt. Banks want clarity on...
Rupee rises 7 paise to settle at 83.06 against US dollar, ET BFSI
Mumbai: The rupee gained 7 paise to settle at 83.06 (provisional) against the US dollar on Friday, tracking robust buying in domestic equity markets and weak American currency overseas. However, strengthening crude oil prices and foreign capital outflows capped the...
Unclaimed deposits with banks rise by 28 pc to Rs 42,270 cr in FY23, ET BFSI
There has been a 28 per cent annual increase in unclaimed deposits with the banks to Rs 42,270 crore as on March 2023, Parliament was informed on Tuesday. As compared to Rs 32,934 crore unclaimed deposits with public and private sector banks in FY22, the amount...
$21-billion rout in India’s bank stocks signals heyday may be over, ET BFSI
The outlook has quickly soured for India’s $433 billion banking sector after a rare selloff in HDFC Bank Ltd., the country’s biggest private sector lender.A gauge of the country’s top 12 largest banks is set for its worst week since September, erasing nearly $21...
These banks have revised fixed deposit interest rates in January 2024, ET BFSI
Since the new year began, many banks have revised their fixed deposit interest rates and some banks have extended their special fixed deposit last date. PNB, BoB, Federal Bank and IDBI bank have revised their fixed deposit interest rates in January 2024. PNBPunjab...
IndusInd Bank, IDFC among 5 stocks with short buildup, ET BFSI
In Friday’s trading session, the following five stocks witnessed a build of fresh short positions. Lets first understand how this conclusion is reached that whether the stock has seen a buildup of fresh short position or not. To understand it we have to look at what “...
What were the drivers for Poonawalla Fincorp’s best ever performance? Abhay Bhutada answers, ET BFSI
Abhay Bhutada, MD, Poonawalla Fincorp, says “in the last eight quarters, there is a consistent performance in terms of disbursement as well as AUM growth. The most important thing here is that the base is very low. It is easy to achieve this number. And we have given...
PAT may grow 15% YoY on strong interest income, lower credit costs, ET BFSI
Kotak Mahindra Bank is expected to report a double-digit growth in net profit for the quarter ended December, led by strong interest income, healthy loan growth, lower credit costs, and stable asset quality. The private sector lender’s net profit for the quarter is...
Central Bank, 10 others file bids for Future Enterprises assets, ET BFSI
Mumbai: Eleven entities, including stressed asset aggregator JC Flowers, non-banking finance companies Capri Global and Authum Investment & Infrastructure, investment company Kotak Alternate Asset Managers besides the lead creditor Central Bank of India have...
IndusInd Bank shares fall 2% post Q3 earnings but brokerages remain upbeat. Here’s why, ET BFSI
Shares of IndusInd Bank fell nearly 2% to the day's low of Rs 1,582.40 on Friday following the bank's December quarter earnings which were broadly in line with the Street's expectations. However, slippages were up in the reported quarter which appeared to have...
Will Budget 2024 reconsider it?, ET BFSI
Virtual Digital Assets (VDAs) such as crypto, Non-Fungible Tokens (NFT) are encrypted digital holdings on blockchain. Chainalysis' 'Global Crypto Adoption Index' (2023) also suggests that India is currently leading the 'grassroot adoption' game in VDAs. India also has...
Govt declares half-day holiday for PSU banks, insurance companies on January 22, ET BFSI
NEW DELHI: Public sector banks, insurance companies, financial institutions and regional rural banks (RRBs) across the country will remain closed for half day on January 22 on the occasion of the Ram temple consecration ceremony in Ayodhya.Earlier in the day, the...
Sensex surges 496 points, boosting investor wealth by Rs 4.05 lakh crore, ET BFSI
Following positive cues from the global peers, Indian equity indices closed higher on Friday after a three-day losing streak, led by a rebound in financials and information technology stocks.The 30-share BSE benchmark Sensex surged 496 points or 0.70% to settle at...
New liquidity rules needed to handle bank runs, ET BFSI
A top U.S. banking regulator on Thursday called for new liquidity rules to help lenders respond to runs by depositors of the kind that felled Silicon Valley Bank and other mid-size banks last year.Hsu's remarks were the latest sign that regulators are continuing to...
RIL, Paytm, HUL, IndusInd Bank, HDFC Bank, BFSI News, ET BFSI
GIFT Nifty on the NSE IX traded 57.50 points, or 0.27 per cent, higher at 21,529, signaling that Dalal Street was headed for positive start on Friday. Here's a slew of stocks that will be in focus today for various reasons.Here's a slew of stocks that will be in focus...
Indian banks seek looser liquidity conditions going ahead
By Dharamraj DhutiaMUMBAI - Indian lenders want the Reserve Bank of India (RBI) to ease banking system liquidity conditions as overnight cash rates have exceeded the key policy rate for over five months, according to treasury officials, whose suggestions will be...
Central Bank, 10 others file bids for Future Enterprises assets, ET BFSI
Mumbai: Eleven entities, including stressed asset aggregator JC Flowers, non-banking finance companies Capri Global and Authum Investment & Infrastructure, investment company Kotak Alternate Asset Managers besides the lead creditor Central Bank of India have...
IndusInd Bank to open 4 more branches in Ayodhya, BFSI News, ET BFSI
Mumbai: Private sector lender Indusind Bank is mulling opening four more branches in Ayodhya, a top official said on Thursday.The city-based lender promoted by the Hindujas already has a branch in the temple town, which will be witnessing the consecration of the Ram...
3 concerns behind $13 bn rout in HDFC Bank; brokerages downgrade LTIMindtree, ET BFSI
Brokerage firm Bernstein maintained an outperform rating on HDFC Bank, Nomura maintained a buy rating on Apollo Hospitals, InCred downgraded LTIMindtree and Goldman Sachs maintained a neutral rating on Asian Paints.We have collated a list of recommendations from top...
HDFC Bank seeks Singapore bank license to grow overseas, BFSI News, ET BFSI
HDFC Bank Ltd, India’s biggest private sector lender, is seeking to open its first branch in Singapore, signaling its overseas ambitions after sewing up a landmark merger with mortgage financier Housing Development Finance Corp. last year.The bank has applied to the...
Premonition? Mutual funds sold 2.5 crore shares of HDFC Bank last month, ET BFSI
Wednesday's sharp drop of 8.5% in shares of India's largest private sector lender HDFC Bank has also left mutual fund investors worried as the Nifty stock is the single largest holding in equity MFs and forms about 7.1% or Rs 211,460 crore of the total assets under...
Why are HDFC Bank shares falling?, BFSI News, ET BFSI
HDFC Bank, India's top private sector bank, fell 9 percent on Wednesday and continued its fall on Thursday, wiping out over Rs 1 lakh crore from its market capitalisation, amid mayhem in the broader markets. The fall was on the back of disappointing results by the...
Foreign portfolio investors recorded highest-ever single-day selloff on Jan 17, ET BFSI
New Delhi: Foreign portfolio investors recorded their highest-ever single-day selloff on January 17, as they turned net sellers of Indian equities after two days. FPIs offloaded equities worth Rs 10,578.1 crore, according to provisional data from the National Stock...
HDFC Bank shares tank 12% in 2 days in Rs 1.3 lakh-crore rout. No dip buyers left, ET BFSI
HDFC Bank shares on Thursday fell up to 3.7% to the day's low at Rs 1,480 on BSE as it failed to attract enough dip buyers after Wednesday's crash. In the last two trading days, the Nifty heavyweight stock has lost about Rs 1.3 lakh crore of its market capitalisation...
Could money move out of HDFC Bank to Bajaj Finance or is it time for sector rotation?, ET BFSI
Hemang Jani, Independent Market Expert, says The market is going to realign to the reality that in a large sector like BFSI, which is a 35-40% weight, if the actual earnings growth is not in line with the consensus, there is going to be that realignment and...
State Bank of India raises Rs 5,000 cr through AT1 bonds, BFSI News, ET BFSI
Mumbai, The nation's largest lender State Bank of India has raised Rs 5,000 crore through its second Basel III compliant additional tier 1 (AT1) bond sale this fiscal. The bank, in a statement on Thursday, said the perpetual bond with a call option after 10 years and...
92% passive large cap funds fail to beat benchmarks in 2023, BFSI News, ET BFSI
Around 92% passive or index-based large cap mutual funds failed to beat their respective benchmarks in 2023, an analysis of performance of large cap index funds showed. There were around 52 passive large cap schemes and 48 schemes failed to beat their respective...
Poonawalla Fincorp net profit rises 76% to Rs 265 crore, BFSI News, ET BFSI
Mumbai: Poonawalla Fincorp, a part of the Adar Poonawalla group, reported a net profit of Rs 265 crore for the quarter ending December 2023, reflecting a 76% increase compared to the previous year and a 15% growth within the quarter.The company's board declared an...
Nifty Bank continues to fall, HDFC disappoints again as price falls by 3.55%, ET BFSI
The decline for the Nifty Bank index continues the decline for yet another day as on Thursday, the index closed at around 45,700. The index also witnessed its day-low at 45,492 at the time of opening. HDFC Bank continued to remain the top loser in bank stocks as the...
Stocks that hit 52-week highs on NSE, BFSI News, ET BFSI
NEW DELHI: Shares of Oracle, Rane Eng Valve, Vertoz Advertising, Majesco L(PP)and PNB Housing, hit their fresh 52-week highs at 11:01AM(IST)on NSE. Benchmark NSE Nifty index fell 106.25 points to 21465.7 amid selling in frontline bluechip stocks. However, stocks such...
RBI approves Praveen Kutty as DCB Bank CEO, BFSI News, ET BFSI
The Reserve Bank of India (RBI) has approved the appointment of Praveen Kutty as the CEO of DCB Bank for a period of three years with effect from April 29, the bank said in a notice to the stock exchanges.The bank's board will meet soon to approve Kutty's appointment...
Stocks that hit 52-week lows on NSE, BFSI News, ET BFSI
NEW DELHI: Digidrive Distributo, Flair Writing Indust, Inox India, Muthoot Microfin and Stampede Cap(DVR)and others were among the stocks that touched their 52-week lows as of 11:11AM(IST)in Thursday's session. Domestic benchmark index NSE Nifty fell 85.11 points to...
Shriram Finance Raises $750mn, BFSI News, ET BFSI
Chennai: Shriram Finance Limited (SFL) on Wednesday announced the raising of $750 million through social bond from international bond markets. It marks the largest deal size by one of the largest retail financing NBFC in the country.A statement here said, the company...
Yes Bank becomes first Indian bank to conduct export finance transaction on RXIL’s ITFS platform, ET BFSI
Yes BankYes Bank on Wednesday became the first Indian bank to execute an export finance transaction on the International Trade Financing Services Platform (ITFS) of RXIL Global IFSC Limited (RXIL), a leading cross-border fintech company registered under the...
Oracle Financial shares zoom 20%, hit record high on strong Q3 results, ET BFSI
Shares of Oracle Financial Services Software rallied 20% to hit a new 52-week high at Rs 6,098 in Thursday's trade on BSE after the firm reported a 69.4% year-on-year (YoY) jump in net profit at Rs 740.8 crore for the third quarter that ended December 31, 2023.In the...
Kochi-based NBFC Indel Money to raise upto Rs 200 crore through NCDs, ET BFSI
Kochi-based gold loan NBFC Indel Money plans to raise up to Rs 200 crore through non-convertible debentures (NCDs) to shore up its capital and diversify lend-able resources at a coupon rate of 12.25%.Significantly the company's 4th issue comes at a time when NBFCs...
SBI has introduced green deposit scheme, how does it work?, ET BFSI
The State Bank of India (SBI) has introduced SBI Green Rupee Term Deposit, a special fixed deposit scheme. that goes beyond traditional investments, aiming to channel funds into environmentally-friendly projects. As part of a broader commitment to India's net carbon...
Rupee can be winner for first time in 7 years only if this one condition is met, ET BFSI
A heady year of capital inflows for India may only result in mild gains for the rupee as the nation’s central bank will likely continue to grip the currency tightly.On its own, the stars are aligned for the rupee — prospects of large bond and stocks inflows on the...
HDFC Bank raises $500 million from MUFG, BFSI News, ET BFSI
Mumbai: HDFC Bank has raised $500 million from Japan's largest lender MUFG Bank, as it shores up its liabilities after acquiring parent HDFC last year. The dollar loan from MUFG was financed through the Japanese lender's Gift City branch and was priced at 110 basis...
Sensex records worst single-day plunge in 16 months. Should you book profits?, ET BFSI
Helped by one of the worst single-day falls in HDFC Bank shares in the last three years, Sensex on Wednesday recorded its worst daily performance in the last 16 months. During the day, Sensex fell over 1,400 points or 1.95%. The previous worst percentage loss was...
Why personal loans may get pricier this year, BFSI News, ET BFSI
In a move to address the surge in unsecured loans, the Reserve Bank of India (RBI) has implemented significant changes that are poised to impact the landscape of personal loans in 2024. The increase in risk weight on consumer credit, from 100% to 125%, has...
CredAble partners with Aditya Birla Finance for MSME financing, ET BFSI
Fintech company CredAble, which specialises in supply chain finance, and Aditya Birla Finance Limited, announced a strategic partnership aiming at transforming Micro, Small, and Medium Enterprises (MSME) lending in India, through a press note released on Wednesday.The...
RBI preps India’s top banks to face a ‘de-dollarised’ world, BFSI News, ET BFSI
MUMBAI: The Reserve Bank of India (RBI) has alerted high-street banks to get ready for an emerging multi-currency world amid measures to internationalise the rupee.Banks were advised by senior RBI officials during an interaction in Kochi on Saturday to prepare...
SoftBank fully exits Policybazaar parent fetching $650 million in returns, ET BFSI
Japanese technology investor SoftBank has fully exited PB Fintech, the parent of insurance marketplace PolicyBazaar, according to people aware of the matter. SoftBank had invested close to $200 million in PB Fintech and sold its remaining stake in a mid-December...
RBI clears appointment of Praveen A Kutty as MD of DCB Bank, BFSI News, ET BFSI
New Delhi, Private sector DCB Bank on Tuesday said the Reserve Bank approved the appointment of Praveen Achuthan Kutty as its Managing Director and CEO. The appointment for a period of three years is effective from April 29, 2024, DCB Bank said in a regulatory filing....
Capital Small Finance Bank gets Sebi nod to launch IPO, BFSI News, ET BFSI
Capital Small Finance Bank, which is the first one to start operating in the small finance bank space, has received market regulator Securities & Exchange Board of India's permission to launch an initial public offer. The proposed IPO consists of a fresh issue of...
HSBC India unveils its largest branch in country, bets big on growing affluent customers, ET BFSI
New Delhi, HSBC India on Wednesday announced opening of its largest branch in the country in a bid to tap growing affluent customers. Located in Whitefield, Bengaluru, the branch is spread across 8,300 square feet, HSBC India said in a statement. This marks a...
Nifty Bank falls 1,800 points to record biggest single-day fall since March 2022, ET BFSI
India's largest lender and index heavyweight HDFC Bank engineered a 4% or 1,800 points fall in Nifty Bank which was its worst decline since March 2022. The stock fell 7.51% intraday, recording its second biggest decline in percentage terms since May 20, 2020, when it...
Profit, NII to grow in double digits; asset quality stable, ET BFSI
Leading private lender IndusInd Bank is expected to report healthy growth in net interest income (NII) for the quarter ended December on the back of solid loan growth.NII for the third quarter is likely to grow around 16% year-on-year, according to an average estimate...
Karnataka Bank & Clix Capital partner for co lending, BFSI News, ET BFSI
Private sector lender Karnataka Bank and non-banking finance company (NBFC) Clix Capital on Tuesday signed up for a strategic digital co-lending partnership through the platform Yubi Co.Lend.The partnership is focused on providing loans to the Indian MSME sector which...
Profit, NII to grow in double digits; asset quality stable, ET BFSI
Leading private lender IndusInd Bank is expected to report healthy growth in net interest income (NII) for the quarter ended December on the back of solid loan growth.NII for the third quarter is likely to grow around 16% year-on-year, according to an average estimate...
Sensex snaps 5-day winning streak, slides 199 points dragged by IT stocks, ET BFSI
After the recent rally to record highs, domestic benchmark equity indices snapped a 5-day winning streak and closed in the red in a volatile market on Tuesday, dragged by a pullback in high-weightage IT stocks and index-heavyweight Reliance Industries.The 30-share BSE...
Fitch to finalise crucial multilateral development bank changes in 6-9 months, ET BFSI
By Marc JonesLONDON, - Rating agency Fitch expects to finalise changes in the next 6-9 months that should allow the world's biggest multilateral development banks (MDBs) to significantly ramp up lending without jeopardizing their prized credit scores.Rating firms have...
Sebi penalises individual for violating insider trading rules, ET BFSI
Capital markets regulator Sebi on Tuesday slapped a fine of Rs 10 lakh on an individual for flouting insider trading norms in the matter of Magma Fincorp (now known as Poonawalla Fincorp Ltd). The individual (Abhijit Pawar) will have to pay the fine within 45 days,...
Over 8,600 bank accounts linked to cybercriminals frozen in Jharkhand, ET BFSI
JHARKHAND: As many as 8,674 bank accounts, allegedly linked to cybercriminals, have been frozen in Jharkhand on suspicion that these were being used for phishing activities, a CID official said on Tuesday. The maximum of 2002 accounts were frozen in Deoghar district,...
Rupee halts nine-day winning streak on broad dollar strength, ET BFSI
The Indian rupee snapped a nine-day winning streak on Tuesday, pressured by a broadly stronger dollar and a risk-off in regional markets amid high inflationary pressures continuing to cloud the interest rate outlook.The rupee ended at 82.07 to the U.S. dollar compared...
Federal Bank Q3 profit rises 25% to Rs 1,007 cr, ET BFSI
New Delhi: Federal Bank on Tuesday posted 25 per cent increase in profit at Rs 1,007 crore for the third quarter ended December 2023. The bank had earned a net profit of Rs 804 crore in the same quarter a year ago. Total income increased to Rs 6,593 crore during the...
India’s first $1 trillion stock is possible by 2032. Here are top 3 candidates, ET BFSI
A whisker away from occupying the coveted slot of the fourth-largest hub of equities by beating Hong Kong, India is being recognised as a stock market superpower. And now investors are waiting for Dalal Street to produce its first $1 trillion stock.Calculations done...
IBPS Exam Calendar 2024 released, check Clerk, PO exam dates here, ET BFSI
The Institute of Banking Personnel Selection (IBPS) has released the official tentative IBPS Exam 2024 calendar for various openings of clerk and probationary officers on its website on January 15, 2023.The aspiring candidates are advised to visit the official site to...
Capital SFB, Krystal Integrated Services and Vibhor Steel get Sebi nod to launch IPOs, ET BFSI
Three companies -- Capital Small Finance Bank, Krystal Integrated Services, and Vibhor Steel -- have received market regulator Sebi's approval to launch their respective IPOs.Those selling shares in the OFS include -- Oman India Joint Investment Fund II, PI Ventures...
HDFC Bank CFO, ET BFSI
Srinivasan Vaidyanathan, HDFC Bank CFOHDFC Bank on Tuesday reported a net profit of Rs 16,372 crore for the October-December quarter of 2023-24, which marks a 33.5 per cent jump from Rs 12,259 crore clocked a year ago.In the October-December FY24 quarter, total...
REC issues green bonds worth record 61 billion Japanese Yen in global market, ET BFSI
New Delhi: Maharatna public sector company REC Limited has successfully issued green bonds worth 61.1 billion Japanese Yen which is the largest ever Yen-denominated issue from India, according to an official statement released on Tuesday. The 5-year, 5.25-year and...
Karnataka Bank & Clix Capital enter into a co-lending partnership through Yubi platform, ET BFSI
New Delhi: Karnataka Bank (KBL), a leading private sector bank and Clix Capital, one of India's fastest growing new-age NBFCs, have entered into a strategic digital co-lending partnership through YubiCo.Lend platform. This partnership is focused on providing loans to...
Internal as well as external candidates to be on Federal Bank’s radar for new MD, ET BFSI
Private sector Federal Bank is in the process of exploring both internal and external candidates for the position of managing director and chief executive officer for the bank as the term for current head Shyam Srinivasan would come to an end on September 22.The bank...
SBI Mutual Fund eyes Rs 500 crore from new fund, BFSI News, ET BFSI
The largest fund house SBI Mutual Fund on Monday launched a new equal-weight index fund that will track the Nifty 50 index, and expects to garner at least Rs 500 crore during the primary subscription period. For investors, the open-ended fund comes with a relatively...
Jio Financial profit drops 56% to 294cr in Dec qtr, ET BFSI
Mumbai: Jio Financial Services has reported a consolidated net profit of Rs 294 crore for the December quarter — down 56% from Rs 668 crore in the preceding quarter. The decline in net profit was largely due to a revenue of Rs 217 crore in the previous quarter from...
PAT rises 34% YoY to Rs 16,373 crore, BFSI News, ET BFSI
MUMBAI: HDFC Bank on Tuesday reported a good set of numbers for the December quarter, with the net profit rising nearly 34% year-on-year (YoY) to Rs 16,372.54 crore. The bottomline was higher than an ETNow poll of Rs 15,846 crore.Net interest income (NII), the...
GIFT Nifty down 45 points; here’s the trading setup for today’s session, ET BFSI
Domestic equities surged to fresh all-time highs on the back of a continued rally in IT stocks and better-than-expected inflation data."Q3 earning season had a positive start and is further expected to be propelled by the BFSI segment, where many heavyweights are...
NBFC InPrime raises $3 million in funding round led by Matrix Partners India, ET BFSI
Non-banking finance company (NBFC) InPrime Finserv on Tuesday said it has raised $3 million in equity funding led by Matrix Partners India. Existing investors InfoEdge Ventures, Titan Capital and Kettleborough VC also participated in the round. The funds will be...
Bank Of Maharashtra Q3 Result: Bank of Maharashtra Q3 profit jumps 34% to Rs 1,036 crore
NEW DELHI: State-owned Bank of Maharashtra (BoM) on Tuesday posted a 34 per cent rise in its profit at Rs 1,036 crore in the third quarter ended December 2023.The Pune-based lender had posted a net profit of Rs 775 crore in the same quarter a year ago.Total income...
Jio Financial Services Q3 net profit falls 56% to Rs 294 crore, ET BFSI
Jio Financial Services Ltd on Monday reported a 56 per cent decline in consolidated net profit at Rs 294 crore for the third quarter ended December 2023, compared to the previous quarter. The company had earned a consolidated net profit of Rs 668 crore in the second...
RBI eases credit concentration norms for NBFCs, BFSI News, ET BFSI
The Reserve Bank of India (RBI) has eased the credit concentration risk norms for non banking finance companies (NBFCs) in the middle layer (ML) and base layer (BL) bringing them on par with their larger peers or upper layer (UL) NBFCs.In new directions effective...
Who can invest, interest rate, how to buy, ET BFSI
State Bank of India (SBI) has launched SBI Green Rupee Term Deposit (SGRTD) in an effort to raise money for projects and activities that promote the environment and help India's green finance ecosystem flourish.Who is eligible to invest in SBI Green Rupee Term...
Equity mutual fund redemptions jump 39% YoY in CY23, 49% MoM in December, ET BFSI
Mutual fund - representative imageMutual fund redemptions increased 39% year-on-year to Rs 332,300 crore in CY23 leading to a decline in net inflows to Rs 206,300 in the year from Rs 238,300 in CY22, a Motilal Oswal report said.On a month-on-month basis, the pace of...
PAT likely to rise 28% YoY, margin trajectory outlook eyed, ET BFSI
HDFC Bank is expected to report a double-digit year-on-year (YoY) growth in net profit for the quarter ended December, aided by the healthy rise in net interest income.The private sector lender’s net profit is seen rising 28.4% YoY to Rs 15,739 crore, according to the...
Stocks that hit 52-week lows on NSE in today’s trade, ET BFSI
NEW DELHI: M K Proteins, Digidrive Distributo, SKS Textiles, Raj Rayon and Happy Forgings and others were among the stocks that touched their 52-week lows in today's trade. Domestic benchmark index NSE Nifty ended 202.91 points up at 22097.45, while the BSE Sensex...
Fino Payments Bank to increase touchpoints in West Bengal, North-East, ET BFSI
Fino Payments Bank, which started operations in 2017, will increase the number of touchpoints across West Bengal and the North Eastern part of the country, an official said here on Monday. Presently, the bank has around 35,000 touchpoints across all the districts in...
Stocks that hit 52-week highs on NSE in today’s trade, ET BFSI
NEW DELHI: Shares of Dredging Corp, Tera Software, Tourism Finance, Dhanlaxmi Bank and SBC Exports, hit their fresh 52-week highs during Monday's trade on NSE. Benchmark NSE Nifty closed 202.91 points up at 22097.45 amid buying in frontline bluechip counters. However,...
RBI proposes tighter regulations for housing finance firms, ET BFSI
The Reserve Bank of India proposed a phased transition towards further tightening regulations for housing finance companies (HFCs) to ensure they are treated at par with non-banking financial companies (NBFCs), the central bank said on Monday.The RBI, in a draft...
Jio Financial, Angel One among 24 companies to announce earnings, ET BFSI
Into the second week of the earnings season, as many as 24 companies will announce their December quarter results on Monday. Street will be keeping a track on Mukesh Ambani promoted Jio Financial Services. The company is a subsidiary of the Reliance Industries (RIL)...
Anil Kaul, Ex-MD of Tata Capital Housing Finance, joins Satin Creditcare board, ET BFSI
Anil Kaul, Ex-MD Tata Capital Housing FinanceMicrofinance institution (MFI), Satin Creditcare Network Limited announced today the appointment of Anil Kaul as an Additional, Non-Executive Independent Director on its Board, in a press note. Anil Kaul has been the former...
Rupee gains for ninth session on speculative dollar selling, ET BFSI
The Indian rupee ended higher on Monday for a ninth straight session, fuelled by speculative bets its recent winning streak will continue.The rupee settled at 82.8800 to the U.S. dollar compared with its previous close of 82.9225. The rupee rose to 82.7800 intraday,...
Sensex, Nifty close at record highs for second session, ET BFSI
Benchmark equity indices closed at new record highs for the second straight session on Monday with Nifty50 and Sensex crossing the 22,000 and 73,000 mark for the first time ever, led by IT stocks after better-than-expected results from HCLTech and Wipro.The BSE Sensex...
Rupee rises 18 paise to 82.77 against US dollar in early trade, ET BFSI
The rupee appreciated 18 paise to 82.77 against the US dollar in early trade on Monday, supported by bullish domestic equities wherein domestic indices touched record highs. At the interbank foreign exchange, the domestic currency opened at 82.82 and touched 82.77...
Analysts, BFSI News, ET BFSI
Most technical indicators suggest a bullish formation in Nifty, indicating a potential test of the 22,400 level soon. However, technical analysts note that the ascent might be gradual due to the underperformance of bank shares. Infosys, Cipla, Aditya Birla Capital,...
Kotak Cherry senior executives leaving to join rival firm AngelOne, ET BFSI
At least four top executives of Kotak Cherry, the digital wealth management app run by Kotak Mahindra Bank, including its chief executive Srikanth Subramanian, are set to jump ship to join rival broking firm AngelOne, people aware of the development told ET.Besides...
Why credit card companies are slashing limits, curtailing benefits to cardholders?, ET BFSI
Scapia has this week slashed credit limits for many, causing concerns and uproar across various social media platforms. Some users reported a drastic reduction in their limits, plummeting from a substantial Rs 8 lakh to a mere Rs 20,000.Scapia, which has partnered...
Ocean freight rates from Asia to Europe more than double in weeks, ET BFSI
Bloomberg: The coming 12 months are shaping up as the year of the interest-rate cut, with the Federal Reserve poised to lead the charge for richer countries.Traders boosted bets on how aggressively the Fed will lower borrowing costs this year after a report showed...
Ifsca Nod To 100th Fund In Gift City, BFSI News, ET BFSI
Ahmedabad: The International Financial Services Centres Authority (IFSCA) recently authorized the 100th fund in GIFT IFSC. The 100th fund authorization has been granted to Chiratae Ventures International Fund-V, a private equity fund with a targeted corpus of $350...
REITs, InvITs experience robust growth; fund mobilisation rises to Rs 11,474 crore in 2023, ET BFSI
NEW DELHI: REITs and InvITs have gained popularity as preferred investment options, with fundraising, through the route, surging 10-fold year-on-year to Rs 11,474 crore in 2023, supported by measures taken by regulator Sebi and attractive returns offered by the...
Price wars help spark $157 billion rout in China consumer stocks, ET BFSI
The seemingly relentless decline in prices of Chinese goods amid tepid consumer demand is denting expectations that corporate earnings can revive the flagging stock market.From electric vehicles to fast food, companies are engaging in a battle of promotions aimed at...
Short covering rally in Nifty Bank depends on HDFC Bank results: Kunal Shah, ET BFSI
A short covering rally in Bank Nifty index hinges on the results of HDFC Bank, given its substantial 30% weightage, says Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities. “HDFC Bank faces an immediate hurdle at Rs 1680, where its 20-DMA is...
What to expect from HDFC Bank, IndusInd Bank earnings next week? Chakri Lokapriya answers, ET BFSI
"So against this overall backdrop, now operating margin leverages will kick in as the top line grows. I think this story will repeat itself across the IT pack. And the valuations are okay, earnings growth will start accelerating," says Chakri Lokapriya, CIO & MD,...
Retail inflation expected to come down to 5 pc by March: SBI report, ET BFSI
Representative imageNew Delhi: Retail inflation in India is unlikely to come down much but is expected to hold at nearly the same level in the January-March 2024 quarter.Once the CPI comes under control for fruits, vegetables, spices, and cereals, headline inflation...
Rs 2,400 crore dent! FPIs go in reverse mode on Dalal Street; will they shift gear?, ET BFSI
After the relentless buying in December, foreign portfolio investors took the slow lane on Dalal Street in January, eventhough markets hit record highs. In fact, data showed that foreign portfolio investors turned net sellers of equities in the last week after being...
Union MSME Minister Narayan Rane praises VGGS’s impact on state’s industrial growth and India’s development vision 2047, ET BFSI
The Union Minister was optimistic that the summit's influence would extend beyond Gujarat's borders, contributing to India's overall development.The grand culmination of the Vibrant Gujarat Global Summit 2024 witnessed Union Minister of Micro, Small, and Medium...
Retail asset securitisation market on track to cross Rs 2 lakh crore size in FY24, ET BFSI
The securitisation market is progressing steadily towards a record high in FY24, with total volumes reaching Rs 1,44,000 crore for the first nine months, and is on track to cross overall volumes of Rs 2 lakh crore in FY24. The initial half of FY24 (H1FY24) reported...
What is the set of code of conduct released by FIDC for NBFCs?, ET BFSI
The representative body of non-banking financial companies (NBFC) – The Finance Industry Development Council (FIDC) – has released a set of code of conduct for the entities. It focuses on the need to enhance responsible lending behaviour, and ensure ethical practices...
Sensex, Nifty hit fresh record highs; 4 factors behind high-tech rally, ET BFSI
India's sizzling stock rally just got hotter on Friday with Sensex and Nifty breaking its previous all-time high touched on the New Year day. Sensex ended with a gain of 847 points at 72,568 points while Nifty crossed the 21,900-level led by gains in heavyweights TCS...
Foreign investment into India tumbles even as economy booms, BFSI News, ET BFSI
Foreign direct investment into India has slumped in the past year, despite investors turning bullish on the world’s fastest-growing major economy. Net foreign investment in the year through September fell to $13 billion, according to calculations from HSBC Holdings...
US firm ACI Worldwide sees a spot in cross-border payments business here, ET BFSI
Florida: US-headquartered instant payments company ACI Worldwide is looking to tap into the emerging cross-border payments market in India with its instant payment software, said chief executive Thomas Warsop.“The regulator needs to think about making cross border...
India aims for instant stock settlement in global race for speed, ET BFSI
India’s regulator wants stock trades to be settled instantly, racing far ahead of other major markets in pushing reforms meant to attract more investors. The Securities and Exchange Board of India is proposing to start same-day settlement from March, before moving to...
Rupee rises 11 paise to settle at 82.90 against US dollar, ET BFSI
Mumbai: The rupee strengthened for the eighth consecutive session and settled with a gain of 11 paise at 82.90 (provisional) against the US dollar on Friday, buoyed by robust equity market sentiments. Forex traders said an upward move in crude oil prices and stronger...
REC closes largest sale of Yen bonds by an Indian company, raises Rs. 3500 crore, ET BFSI
REC Limited has closed the largest-ever sale of Yen bonds by an Indian company raising nearly Rs. 3500 crore (JPY 61 billion) from Japanese and global investors , according to stock exchange disclosures.ET had reported on Monday that REC, one of the largest...
IBL Finance IPO allotment to be finalised soon. Check status, GMP, listing date and other details, ET BFSI
The share allotment for the SME IPO of IBL Finance will be finalised later today. Investors will get shares on a lottery basis and the whole process would be supervised by the registrar.On the allotment date, investors get to know about the number of shares allotted...
Full-service brokers see exodus of clients to discount players, ET BFSI
Mumbai: Amid a market surge characterised by record volumes and the addition of over 30 million demat accounts in 2023, the majority of traditional brokerage firms saw a decline in the number of clients and market share last year.NSE data reveal that brokerage firms,...
MSMEs confident about India’s economy in 2024, project spike in profits: Report, ET BFSI
90% MSMEs are confident that India’s economy will be resilient or will further improve in 2024, creating an enabling environment to conduct business, a recent study has revealed. Further, supported by government initiatives to enhance ease of doing business and a...
Will spot Bitcoin ETF approval in the US spark a crypto party in India?, ET BFSI
The US Securities and Exchange Commission (SEC) has granted approval for the first batch of Bitcoin-based exchange-traded funds (ETFs) to be listed in the United States. This landmark decision not only provides easier access for US investors but also signifies a move...
Jio Financial Services leads to Mukesh Ambani’s wealth surge, re-enters $100 bn club, ET BFSI
Jio Financial Services (JFSL), the recently demerged Non-Banking Financial Company (NBFC), contributed to Mukesh Ambani's recent wealth surge leading him back to the $100 billion club on Friday.Jio Financial Services contributed to Mukesh Ambani's recent wealth surge....
FPI custodians finalise disclosure exemption rules, BFSI News, ET BFSI
Mumbai: In verifying the global assets under management (AUM) of foreign portfolio investors (FPIs), the custodians of the funds can rely on regulatory filings available on the websites of regulators for information about the regulated investment manager or trust bank...
Bond rally overlooking a soaring $2 trillion debt problem, BFSI News, ET BFSI
New York: Right around the start of November, two words suddenly disappeared from the chatter in the bond market: debt supply. As bond prices surged across the developed world day after day, sending yields tumbling and handing investors some much-needed profits, the...
Sensex climbs 250 pts, Nifty above 21,700; IT bluechips in focus ahead of earnings, ET BFSI
Indian benchmark equity indices opened higher for the third consecutive day on Thursday, tracking a rebound in Asian peers, with investors awaiting quarterly results and a key US inflation reading for cues on interest rates.The BSE Sensex was trading 284 points or...
“Indians can dream now, the potential is enormous” – Prem Watsa, Chairman, Fairfax Financial Holdings, ET BFSI
Indian-born Prem Watsa who helms the $84 billion Toronto-headquartered investment giant, Fairfax, has reiterated his commitment to the country while speaking to ET’s Mohit Bhalla on a recent visit with his family. Watsa spent two weeks and travelled across India...
Sensex ekes out marginal gains ahead of TCS, Infosys results; US inflation data, ET BFSI
Ahead of key US inflation data, Indian benchmark indices closed marginally higher on Thursday, led by energy and auto stocks.The BSE benchmark Sensex rose 63 points or 0.09% to settle at 71,721. The NSE Nifty gained 28 points or 0.13% to end at 21,647.From the Sensex...
35,000 after 34 years! Japan’s Nikkei raises hopes, here’s what’s happening, ET BFSI
Nikkei today: Tokyo's Nikkei ends above 35,000 for the first time since 1990! According to an AFP report, Tokyo's Nikkei index closed above 35,000 at the end of the trading session on Thursday, marking the first occurrence in nearly 34 years. This surge was propelled...
No consistency in FII, DII behaviour this month, ET BFSI
New Delhi: There is no consistency in FII and DII behaviour so far this month and they are doing alternative bouts of buying and selling which is restricting the market in a range, says V.K. Vijayakumar, Chief Investment Strategist, Geojit Financial Services.The...
Rupee settles flat at 83.04 against US dollar, ET BFSI
MUMBAI: The rupee settled on a flat note with a loss of just 1 paisa at 83.04 (provisional) against the dollar on Thursday on the back of strengthening American currency and sharp rise in crude oil prices.The domestic currency broke its six-day gaining streak despite...
Best short duration mutual funds to invest in 2024, BFSI News, ET BFSI
Short duration schemes invest in treasury bills, commercial papers, certificates of deposits and so on to take care of their liquidity needs. They also invest in corporate bonds, government securities, among others.According to the Sebi mandate, short duration funds...
How to avoid higher income tax under new, old tax regime, ET BFSI
Many employers have asked their employees to submit proof of the investments made during the year, to avoid higher tax deduction from salary income. Unlike in the previous years, the income tax laws have a lot of changes now and some of them came into effect from...
Finance Minister Nirmala Sitharaman unveils GIFT city’s financial landscape, ET BFSI
On the second day of the Vibrant Gujarat Global Summit, Finance Minister Nirmala Sitharaman provided a comprehensive overview of the current financial ecosystem within the Gujarat International Finance Tec-City (GIFT City).Emphasizing the city's strategic importance,...
Medi Assist sets Rs 397-418 price band for its Rs 1,172 crore IPO, ET BFSI
Mumbai: Medi Assist Healthcare Services, the Bessemer Ventures and Investcorp-backed third-party insurance administrator, on Wednesday fixed Rs 397-418 per share as the price band for its Rs 1,172 crore initial share sale. The Initial Public Offering (IPO), which will...
Rupee gains 2 paise to 83.01 against US dollar, ET BFSI
The rupee stayed firm for the seventh consecutive session and gained 2 paise to 83.01 against the US dollar in early trade on Thursday boosted by a weak American currency and softening crude oil prices. Sustained buying in the domestic equity markets also supported...
NASDAQ talks to India about overseas listings for local companies, ET BFSI
GANDHINAGAR: U.S. stock exchange Nasdaq has held talks with Indian authorities on potentially allowing local Indian companies to list directly on foreign stock exchanges, a senior Nasdaq executive said.Indian companies are currently not permitted to list their shares...
Sebi puts Manappuram Finance’s arm Asirvad Micro Finance IPO on hold, ET BFSI
Jan 10 Capital markets regulator Sebi has kept in "abeyance" the proposed Rs 1,500 crore Initial Public Offering (IPO) of Asirvad Micro Finance, a subsidiary of listed NBFC Manappuram Finance. However, the Securities and Exchange Board of India (Sebi) did not clarify...
SMFG India credit raises INR 6 bn in its first ever PDI issue via ECB route, ET BFSI
Sumitomo Mitsui Financial Group (SMFG) based in Tokyo recently extended a substantial credit of INR 6 billion on January 10, 2024, to its India-based subsidiary, SMFG India. This significant financial infusion took the form of a Perpetual Debt Instrument (PDI) through...
Fag-end buying drives Sensex 272 pts higher led by IT stocks; Nifty tops 21,600, ET BFSI
India's equity benchmark indices Sensex and Nifty50 closed higher owing to fag-end buying after a highly volatile session on Wednesday led by information technology (IT) stocks ahead of quarterly results and key inflation readings which could influence the interest...
PFC gets Reserve Bank nod to set up finance company in GIFT City, ET BFSI
Reserve Bank of India (RBI)Power Finance Corporation (PFC) on Tuesday received approval from the Reserve Bank of India (RBI) to set up a wholly-owned finance company in the GIFT City in Gujarat. The entity at the International Financial Services Centre (IFSC) will...
Fintech firm Mylapay raises Rs 4.6 crore in seed funding round led by CDM Capital, ET BFSI
Fintech firm Mylapay said it has raised Rs 4.6 crore in a seed funding round led by venture capital firm CDM Capital. Singapore-based Saison Capital, the venture arm of Credit Saison, and 77 Capital, led by fintech veteran Amit Goel.Mylapay addresses challenges in the...
India and Sri Lanka discuss early launch of UPI payment system, ET BFSI
When the unprecedented economic turmoil struck Sri Lanka last year, India swiftly extended a lifeline to the country with assistance of over USD 4 billion, surpassing the International Monetary Fund's 48-month bailout of about USD 3 billion.Six months after it was...
Rupee extends rising streak into sixth day on dollar inflows, ET BFSI
The Indian rupee recouped early losses to end higher for a sixth consecutive session on likely foreign inflows.The rupee settled at 83.0350 against the U.S. dollar, its highest closing level since Dec. 15, against its close of 83.1150 in the previous session. The...
Fintechs cornering SIP business as direct mutual funds gain ground, ET BFSI
Fintech platforms are leading a rapid expansion in mutual fund investor base, allowing small-value systematic investment plans (SIPs) starting as low as Rs 500 a month as their tech-first approach helps them distribute these products at lower costs, industry...
Japan’s Nikkei hits 33-year high as tech stocks surge, ET BFSI
TOKYO: Japan's Nikkei share average hit its highest level since March 1990 on Tuesday, as investors snapped up chip-related stocks tracking an overnight Wall Street rally in technology shares.The Nikkei was up 1.44% at 33858.63 by the mid-day break, after hitting a...
Axis Bank and GuarantCo facilitate INR 1 billion loan to Everest Fleet for electric taxis, ET BFSI
Axis Bank has extended a INR 1 billion (c. USD 12.1 million) loan to Everest Fleet, an independent fleet management provider, under its partnership with GuarantCo, part of the Private Infrastructure Development Group (PIDG). The loan, provided for over four years,...
Velocity announces Rs 300 cr growth capital fund for Indian B2B SaaS firms, ET BFSI
Homegrown fintech startup Velocity on Wednesday announced an ambitious Rs 300 crore growth capital fund dedicated to empowering the next wave of B2B software-as-a-service (SaaS) businesses in the country.According to the company, Velocity's offering of a fixed-term...
Kotak Investment Banking, ET BFSI
Mumbai, The IPO and deal-making activities are likely to be brisk this year and may even surpass the record set in 2021 with around USD 50 billion funds being raised across equity issuances and deals, according to Kotak Investment Banking. Addressing the media here,...
Gold holds steady ahead of US inflation print, BFSI News, ET BFSI
Gold prices held steady on Wednesday, as investors refused to make big bets ahead of a key U.S. inflation print that could offer more clarity on when the Federal Reserve might begin cutting interest rates.FUNDAMENTALS* Spot gold rose 0.1% to $2,031.30 per ounce, as of...
NBFCs to sustain earnings even as regulatory headwinds loom, BFSI News, ET BFSI
Mumbai: Earnings momentum in non-banking finance companies (NBFCs) is likely to continue due to sustained credit demand from the low-to-middle income and self-employed segments, even as higher cost of funds and tightening Reserve Bank of India (RBI) regulations will...
Big Tech rebuffs US consumer watchdog plans to supervise digital wallets, ET BFSI
A U.S. government watchdog's plans to supervise companies like Apple and Alphabet's Google that provide digital wallets and payment apps to consumers risks needlessly stifling innovation and keeping some players out of the market, a main tech lobby group said on...
Check out key metrics of the offer, BFSI News, ET BFSI
Mobikwik logoMobikwik Systems Limited refiled its draft red herring prospectus (DHRP) with the capital market regular, Securities and Exchange Board of India (SEBI) for a Rs 700 crore initial public offering (IPO) last week.The company has reduced the size of the IPO...
IBL Finance IPO subscribed 2.18 times so far on first day. Check GMP and other details, ET BFSI
The initial public offer (IPO) of IBL Finance was subscribed 2.18 times so far on Tuesday, the first day of the bidding process. The SME IPO, which closes on January 11, received bids for 1.42 crore shares as against 65.5 lakh shares on offer.The IPO is entirely a...
TDS deducted in wrong FY? New income tax form to help you get it corrected Oct 1 onwards, ET BFSI
If your bank, employer or any other financial institution has deducted tax in the wrong financial year, then now you can resolve this issue directly through the income tax department. You will not be required to approach the tax deductor to get the issue resolved.The...
Rupee closes little changed, awaits key US inflation data, BFSI News, ET BFSI
The Indian rupee ended little changed on Tuesday after dollar demand from state-run banks ate into the local unit's early gains in light of a proposal to include eligible Indian bonds in the Bloomberg Emerging Market Local Currency Index.The rupee ended at 83.1150...
Atleast 23 companies to see profits doubling YoY as earnings momentum continues, ET BFSI
With macro factors in India improving further in the quarter ended December, domestic-oriented sectors are seen leading the earnings for yet another quarter. Led by strong topline and improved profitability, atleast 23 companies are likely to see their profits more...
Hitachi Payment Services completes acquisition of Writer Corporation’s cash management biz, ET BFSI
MUMBAI: End-to-end payments and commerce solutions provider Hitachi Payment Services on Monday said it has completed its acquisition of Writer Corporation's cash management business and renamed it Hitachi Cash Management Services.Hitachi Cash Management Services,...
Nifty Bank forms bearish candle, falls below 20-DMA; support seen at 47,000, ET BFSI
The Nifty Bank underperformed the benchmark index and formed a Bearish candle for the third consecutive day in a row on Tuesday.The Nifty Bank fell more than 200 points to close at 47,242. The Nifty50 closed flat but with a positive bias.AU Small Finance Bank, IDFC...
Follow these 8 golden rules when taking a loan, ET BFSI
The banking sector has seen many technological advancements over the past few years. Online aggregators now assist customers in identifying the most cost-effective loans, while banks can approve and disburse loans in less than a minute.Even as technology transforms...
Indian companies took on larger forex risk in 2023 counting on RBI support, ET BFSI
Indian importers and exporters left a bigger portion of their foreign currency exposures unhedged in 2023, relying on the Reserve Bank of India (RBI) holding the rupee in a narrow range.Forward contracts purchased by importers to hedge future foreign currency payments...
Ericsson, MTN Group extend partnership to financially empower citizens in Africa, ET BFSI
NEW DELHI: Swedish telecom gear maker Ericsson and the MTN Group have strengthened their partnership to enhance mobile financial services and financially empower citizens across Africa.“The partnership is set to broaden the scope of financial inclusion from first-time...
Sensex tumbles 650 pts from day’s high on reversals in banks, ET BFSI
Indian headline indices ended marginally higher on Tuesday after giving up most of their morning gains dragged mainly by banks. While the S&P BSE Sensex settled at 71,386.21, up 31 points or 0.04, the broader Nifty ended at 21,544.85, higher by 32 points or 0.15%....
NCLAT rejects Authum plea on SREI; NARCL completes payments, ET BFSI
The National Company Law Appellate Tribunal (NCLAT) has dismissed Authum Investment & Infrastructure's appeal against the takeover of the twin Srei non-banking financial companies by the National Asset Reconstruction Co Ltd (NARCL), clearing the roadblocks for the...
Gujarat’s GIFT City to be one of the top global financial centres in coming years: CM Patel, ET BFSI
Gandhinagar, Gujarat Chief Minister Bhupendra Patel has said that the Gujarat International Finance Tec (GIFT) City is poised to become one of the world's premier international financial centres in the coming years. The GIFT City, located in Gandhinagar, is undergoing...
Govt NBFC, REC Ltd, signs MoUs worth Rs 16,000 Cr for highway projects, ET BFSI
REC Limited hosted a conference on ‘Financing for Roads and Highways’ where it signed four MoUs worth Rs 16,000 Crore, Ministry of Power said on Tuesday. A Maharatna Central Public Sector Enterprise under the Ministry of Power, REC Limited signed MoUs with Dilip...
No Hera Pheri! ’25 din mein paisa double’ just happened in these 6 multibagger stocks, ET BFSI
While the serious business of investing is no get-rich-quick scheme, Dalal Street has offered '25 din mein paisa double' to investors in 6 stocks without doing any 'Hera Pheri' as Akshay Kumar would say.The popular dialogue "25 din mein paisa double" in the 2006 Hindi...
Shapoorji Pallonji firm faces bond yield spike on asset sale concerns, ET BFSI
Mumbai: Goswami Infratech, a Shapoorji Pallonji group company, is facing a surge in bond yields by as much as 200 basis points to 19% due to concerns about a potential breach of a covenant on the sale of assets, three people aware of the development told ET. The...
Indian mutual fund assets top record 50 trillion rupees in Dec: Data, ET BFSI
Mutual fund - representative imageBy Bharath RajeswaranBENGALURU: Inflows into India's equity mutual funds rose in December, led by small-caps, while the net assets under management (AUM) climbed above 50 trillion rupees for the first time, data from the Association...
Stock Market Today BSE Sensex Nifty50 Top Reasons For Dalal Street Plunging On January 8 2024, ET BFSI
Stock market today: BSE Sensex and Nifty50 saw significant declines in trade on Monday, a bearish start to the second week of 2024. BSE Sensex plunged over 700 points to the day’s low of 71,301.04, before settling the day at 71,355.22, down over 670 points or 0.93%....
Rupee settles almost flat against US dollar, ET BFSI
Mumbai: The rupee pared all its initial gains to settle just 1 paisa higher at 83.14 (provisional) against the US dollar on Monday, as the downward movement in crude oil prices in international markets supported the local unit. However, a strong American currency...
Rich Indians lap up $865 million luxury homes in three days, ET BFSI
India’s biggest real estate developer sold all the luxury apartments on offer in a 72 billion rupees ($865 million) project near the capital New Delhi, even before starting construction.DLF Ltd. sold 1,113 luxury residences in Gurugram in just three days, with a...
Hitachi Payment Services completes acquisition of Writer Corporation’s Cash Management Business, ET BFSI
Hitachi Payment Services on Monday said it has completed the acquisition of Writer Corporation’s cash management business and renamed it as Hitachi Cash Management Services in line with the Japanese company’s single brand identity.Industry veteran Anup Neogi will be...
Non-banking lender 360 One Prime to raise Rs 1,000 cr from debt sale, ET BFSI
Non-banking financial company (NBFC) 360 One Prime, formerly IIFL Wealth, on Monday said it will raise up to Rs 1,000 crore debt through its maiden public issue of secured, redeemable, Non-Convertible Debentures (NCDs). The first tranche of the issue, which will be...
SBI Research report, ET BFSI
NEW DELHI: The income tax returns filed by individual taxpayers in India earning between Rs 5 lakh and Rs 10 lakh climbed by 295 per cent in the assessment years 2013-14 and 2021-22, showing a positive trend of migration to a higher range of gross total income,...
Bankers, BFSI News, ET BFSI
MUMBAI: Indian Renewable Energy Development Agency (IREDA) has set 7.77% coupon on bonds maturing in three years and four months, three bankers said on Monday. The company has accepted bids worth 8.09 billion rupees ($97.37 million) on the bond issue for which it had...
Sensex crashes 671 points; 4 reasons why bears growled on D-Street today, ET BFSI
MUMBAI - Indian equity markets slipped deeper into the red on Monday as benchmark Sensex shed more than 600 points and slipped below 71,400 points. From the day’s high, the Nifty 50 plunged more than 230 points and slipped below 21,600 points. Weak trends in global...
How to avoid higher income tax under new, old tax regime, ET BFSI
Many employers have asked their employees to submit proof of the investments made during the year, to avoid higher tax deduction from salary income. Unlike in the previous years, the income tax laws have a lot of changes now and some of them came into effect from...
NBFCs to witness healthy profit growth despite NIM moderating in Q3FY24, ET BFSI
Non-banking financial companies (NBFCs) are expected to see healthy profit growth despite net interest margins (NIM) moderating in the third quarter of FY24, analysts said. While loan growth remains robust, asset quality is also likely to see minor improvement during...
FPIs infuse Rs 4,800 crore in equities in first week of January on strong economic confidence, ET BFSI
NEW DELHI: Foreign Portfolio Investors (FPIs) continued their buying spree and poured close to Rs 4,800 crore in the Indian equity markets in the first week of January driven by confidence in the country's robust economic fundamentals.Additionally, they injected Rs...
President Draupadi Murmu advises finance minister to consider Bihar aid bill, ET BFSI
NEW DELHI: President Draupadi Murmu has recommended that a bill seeking special financial assistance to Bihar, introduced by RJD lawmaker in Rajya Sabha AD Singh, should be considered by finance minister Nirmala Sitharaman. Singh had introduced the bill as a private...
Uttar Pradesh ranks among top three states with a 9% national share of MSMEs, ET BFSI
Uttar Pradesh has ranked among top three states with a 9% national share of MSMEs, according to a CBRE-CREDAI report.As per the report, Uttar Pradesh (UP) has emerged among the top three states in India as a significant contributor to India's Micro, Small, and Medium...
India’s forex reserves jump USD 2.75 bn to USD 623.2 bn, BFSI News, ET BFSI
Gold reserves were up by USD 853 million to USD 48.328 billion during the week, the RBI said.India's forex reserves jumped by USD 2.759 billion to USD 623.2 billion in the week ended December 29, the Reserve Bank said on Friday. In the previous reporting week, the...
Indian shares muted ahead of data, earnings, BFSI News, ET BFSI
By Bharath RajeswaranBENGALURU -India's benchmark indexes, Nifty 50 and Sensex, were muted on Monday, dragged by consumer stocks as lacklustre business updates hinted at weak quarterly results.The blue-chip NSE Nifty 50 index added 0.03% to 21,717.20 points, while the...
Encore ARC acquires IndoStar Capital’s distressed loan book of Rs 292 crore, ET BFSI
MUMBAI: Brookfield and Everstone-backed IndoStar Capital Finance sold Rs 292 crore worth of stressed asset portfolio to Encore Asset Reconstruction Company (ARC) in a deal which involved a senior-junior arrangement between the buyer and the seller, said people with...
ARCIL buys ₹1,100-crore loans from RBL, Bandhan Bank, BFSI News, ET BFSI
Avenue Capital-backed Asset Reconstruction Company of India (Arcil) has acquired nearly ₹1,100 crore in small-ticket loans from RBL Bank and Bandhan Bank in two separate transactions, said people aware of the matter.RBL Bank sold small business loans worth ₹360 crore...
Markets just love it, ET BFSI
Mumbai, Markets have been on a roll and have been doing so for quite some time now. The calendar year 2023 saw BSE-SENSEX gain about 18.5 per cent, while NIFTY did even better at 20 per cent.Within this rise, the rise in the last five weeks was ballistic and the...
Q3 earnings, FII flows among 10 factors that will steer D-Street this week, ET BFSI
A rally in the last two sessions saw Nifty cut its losses as the index ended with a weekly cut of 0.1%. When markets resume trading on Monday, a host of important domestic and global events are lined up during this week that are likely to impact them."Benchmark...
FPIs invest Rs 4,773 crore in Indian equities in first week of January, ET BFSI
Foreign portfolio investors (FPIs) extended their shopping spree to the first week of January as they invested Rs 4,773 crore in Indian equities, according to data available on NSDL.Domestic equity markets in December rode on the back of strong inflows from foreign...
10 tax-saving investment options for you, ET BFSI
Still not finished with your tax planning for the year? You need to submit the proof of tax-saving investments soon or face a higher TDS. Don’t feel complacent if your employer hasn’t asked for proof of investments yet. You might have been put under the new tax regime...
Equity, debt, gold, or real estate – which one to bet for in 2024? Keep this in mind while tweaking your asset mix, ET BFSI
Equity, debt, gold or real estate which asset classes are likely to outperform in 2024, is a question most investors are looking for an answer. This becomes important for investors to give a final shape to their asset mix decision so that their investment portfolio...
Unicommerce files draft IPO papers; SoftBank, AceVector, B2 Capital to sell 29.8 million shares, ET BFSI
Gurugram-based Unicommerce Esolutions Ltd, which provides technology products to manage the online operations of retailers, has filed draft documents with the market regulator for an initial public offering of shares.As per people aware of the matter, the company is...
India’s forex reserves jump USD 2.75 bn to USD 623.2 bn, BFSI News, ET BFSI
Gold reserves were up by USD 853 million to USD 48.328 billion during the week, the RBI said.India's forex reserves jumped by USD 2.759 billion to USD 623.2 billion in the week ended December 29, the Reserve Bank said on Friday. In the previous reporting week, the...
Mcap of 6 of top-10 most valued firms decline by Rs 57,408 cr; TCS, HDFC Bank major laggards, ET BFSI
The combined market valuation of six of the top-10 most valued firms declined Rs 57,408.22 crore last week, with Tata Consultancy Services (TCS) and HDFC Bank taking the biggest hit, in-line with muted trends in equities. Last week, the BSE benchmark declined 214.11...
Wall Street banks push back expected end of Fed balance sheet drawdown, ET BFSI
By Michael S. DerbyNEW YORK, - Wall Street's biggest banks shifted ahead of last month's Federal Reserve meeting toward predicting the U.S. central bank would end its balance sheet reduction process later this year than previously thought, according to a survey...
Financial services stocks remain top FPI pick in December, BFSI News, ET BFSI
Mumbai: Financial services stocks remained the top pick of overseas fund managers in the second half of December after witnessing record flows in the first part of the month.The sector received ₹6,277 crore in the period between December 16 and 30, according to the...
Sensex jumps 300 points, reclaims 72K ahead of Q3 earnings season; Nifty above 21,700, ET BFSI
Indian equity indices opened higher for the second consecutive session on Friday, led by banking, auto, energy and IT stocks, ahead of quarterly results starting next week, while global stocks remained subdued after fresh data raised doubts over early US rate cuts in...
Rupee rises 5 paise to 83.19 against US dollar in early trade, ET BFSI
The rupee appreciated 5 paise to 83.19 against the US dollar in early trade on Friday, supported by positive domestic equities and foreign fund inflows. However, forex traders said the Indian currency remained under pressure amid a strong American currency and rising...
Three factors contributing to AUM growth of NBFCs in gold loan business, ET BFSI
Despite intense competition from banks in the gold loan business, the Non-banking financial companies (NBFCs) have maintained a reasonably resilient market share. The support from strong capitalisation, sharp focus on risk management and healthy profitability has...
Tax exemption notified for non-residents’ investments in offerings by IFSC, ET BFSI
New Delhi: The Centre on Friday notified the income tax exemption for investments by a non-resident in a financial product offered by capital market intermediary in International Financial Services Centre. The tax exemption, introduced in the budget last year, will be...
Bank lending to NBFCs slows but sharp fall unlikely, BFSI News, ET BFSI
Bank lending to non banking financing companies (NBFCs) slowed in November from a month earlier even as the easing in the year on year (y-o-y) growth continued. Data from the Reserve Bank of India (RBI) showed that the y-o-y growth in bank loans to NBFCs slowed to...
Sebi bans naked short selling in securities market, ET BFSI
The Securities and Exchange Board of India (Sebi) on Friday reiterated its existing rules on short selling by including its 2007 circular on the subject in the master circular.Short selling involved selling a stock which the seller doesn’t own at the time of trade....
IIFCL planning to go public by FY25, says MD, BFSI News, ET BFSI
State-owned India Infrastructure Finance Company Ltd (IIFCL) plans to go public by FY25. The firm's managing director, PR Jaishankar, said on Friday that they are examining the option."We are examining the listing...hopefully it should be done next financial year....
Poonawalla Fincorp’s Q3 Disbursements Up 159% To ₹8,730 Cr, ET BFSI
Pune: Poonawalla Fincorp has announced a 159% increase in its total disbursements for the quarter ended December 31 to Rs 8,730 crore compared to Rs 3,369 crore a year ago. Its assets under management stood at Rs 21,850 crore as of December 31, higher by 57% a year...
Poonawalla Fincorp shares rise after loans grow 12% QoQ, BFSI News, ET BFSI
Mumbai: Shares of Poonawalla Fincorp rose 3.9% to Rs 447 after the company reported a sharp increase in loan growth during the October-December 2023 quarter.In the latest financial update, the company said that total disbursements in Q3FY24 reached an all-time high of...
Rupee ends higher aided by dollar inflows, little changed on week, ET BFSI
The Indian rupee closed stronger on Friday, supported by dollar inflows even as its Asian peers slipped heading into the release of key U.S. labour market data due later in the day. The rupee closed at 83.15 against the U.S. dollar, higher by 0.1% compared with its...
Europe’s inflation is up after months of decline. It could mean a longer wait for interest rate cuts, ET BFSI
FRANKFURT, Germany - Inflation plaguing Europe rose to 2.9% in December, rebounding after seven straight monthly declines. The rise in price levels cast doubt on predictions for speedy interest rate cuts from the European Central Bank.The figure released Friday was up...
What is the SCSS interest rate for the January-March 2024 quarter?, ET BFSI
The government-backed Senior Citizen Savings Scheme (SCSS) is available for those over the age of 60, or 55 for those who have retired on superannuation or under a voluntary or special voluntary plan, or 50 for retired military personnel (excluding civil defence...
Mirae Asset Mutual Fund stops accepting money in overseas funds, ET BFSI
Mirae Asset Mutual Fund has temporarily suspended the lumpsum subscription, fresh systematic investment plan and systematic transfer plan in its overseas schemes such as Mirae Asset NYSE FANG+ ETF Fund of Fund, Mirae Asset S&P 500 Top 50 ETF Fund of Fund, and...
India’s new finance hub GIFT City gives first nod to rich to invest abroad, ET BFSI
India’s new financial hub granted its first approval to billionaire Azim Premji’s family office to invest its capital overseas, raising hope for the nation’s wealthy as they wait for clarifications from regulators to make similar moves.Premji Invest has received an...
How to calculate returns from mutual fund SIPs, BFSI News, ET BFSI
As per a Geojit Financial Services report titled "World Equity Indices Screener: Around the World in 5 Minutes" for the calendar year 2023, notable indices in 11 out of 45 countries concluded the year at levels near or exceeding five-year or all-time highs. The...
Bank lending to NBFCs remains high despite RBI concerns, BFSI News, ET BFSI
Amid RBI concerns over a high share of bank lending, non-banking finance companies (NBFCs) owed close to 57% in Q2FY24 (similar levels in FY22) to banks followed by 18.6% (17.3% in FY23) to MFs and 16.6% (17.6% in FY22) to insurance companies. The share of MFs and...
Sensex rises 179 points riding on IT stocks ahead of quarterly results, ET BFSI
Domestic benchmark equity indices closed higher for the second straight session on Friday, led by L&T, RIL, and IT stocks, ahead of quarterly results starting next week.The 30-share BSE benchmark Sensex rose 179 points or 0.25% to settle at 72,026. The broader NSE...
CareEdge, BFSI News, ET BFSI
Mumbai: The Reserve Bank of India’s directives, which raise risk weights on bank loans to finance companies and necessitate them to divest some of their investments in Alternate Investment Funds, will not adversely impact the credit ratings of non-banking finance...
Payment Platform MobiKwik refiles DRHP for Rs 700 crore IPO, ET BFSI
Gurugram-based One MobiKwik Systems Limited, has refiled its Draft Red Herring Prospectus (DRHP) with capital market regulator Sebi to raise Rs 700 crore for its initial public offering (IPO).The IPO is with a face value of Rs 2 is entirely a fresh issue of equity...
First event in Indore on Jan 9th to focus on policy reforms, nurturing MSMEs, ET BFSI
The much-awaited SIDBI ET MSME Conclave – a series of events nationwide – will kickstart with power packed sessions in Indore on January 9th. Aimed at catalysing the next wave of growth opportunities and enabling knowledge exchange, the conclave will pave the way...
China stocks wobble as traders gauge economic recovery woes, ET BFSI
SHANGHAI, - China stocks struggled for direction on Friday as traders gauged concerns over the country's sluggish recovery from the pandemic and signs of deflationary pressure, while government bonds gained on the prospect of more stimulus to revive the economy.** The...
Home loan interest rates may fall by 50 bps or more in 2024; how to save more on your loan, ET BFSI
For home loan borrowers, 2022-23 have been years that they would like to forget as they saw their home loan EMIs going up sharply. In the last two years, home loan EMIs have typically seen a rise of more than 20%. However, 2024 has come with new hope and there is a...
Corporate Bond Issuances: India corp debt issuances may rise further to new record in 2024
By Dharamraj DhutiaMUMBAI: Corporate bond issuances in India are likely to remain robust in the new calendar year, potentially reaching fresh records, driven by the sustained capital expenditure push from companies and a likely softer interest rate regime, analysts...
Loans Worth 6.5L Crore Distributed, 2.5Cr Jobs Created, ET BFSI
In 2021-22, against the target of Rs 72,251 crore, loans of Rs 83,067 crore were distributed while in 2022-23, the annual target was set at Rs 78,360 crore against which the government distributed Rs 1,50,032 croreLucknow: Since coming to power in 2017, the Yogi...
Rupee trades in narrow range against US dollar, BFSI News, ET BFSI
MUMBAI: The rupee was trading in a narrow range against the US dollar in early trade on Thursday, as the support from positive domestic equities were negated by rising crude oil prices.Forex traders said foreign fund outflows also weighed on investor sentiments.At the...
‘Transition Finance’ takes center stage in 2024, BFSI News, ET BFSI
“Transition finance” is shaping up to be one of the new year’s most important subjects for anyone professing to care about the climate crisis.There’s a “whole world of transition finance being created as we speak,” said Mark Carney, the United Nations special envoy on...
Jio Financial earns largecap status, Tata Tech gets midcap slot in AMFI rejig, ET BFSI
Following a reshuffle by the Association of Mutual Funds in India (AMFI), Jio Financial has entered the largecap segment while three other debutants - Tata Tech, JSW Infra and IREDA have sauntered into the midcap category.The largecap threshold now stands at Rs 67,000...
Check issue size, price band and other details, ET BFSI
The initial public offering (IPO) of IBL Finance will open for subscription on January 9 — the first of many in the SME segment. The issue will close on January 11.Here are 10 things to know about the offer.As a technology-driven fintech company, IBL Finance leverages...
PayNearby partners Star Health for last mile distribution, BFSI News, ET BFSI
MUMBAI: PayNearby has partnered with Star Health Insurance to provide health coverage to the uninsured through the start-up's distribution-as-a-service platform at retail outlets across the country. The distribution platform makes health insurance easily accessible by...
Sensex gains 491 points, Nifty above 21,650, BFSI News, ET BFSI
NEW DELHI: After a span of two days, the BSE Sensex, a key market benchmark, witnessed a notable surge of 490.97 points, equivalent to 0.69%, reaching a total of 71,847.57. Simultaneously, the broader NSE index also gained 141.9 points, closing at 21,659.25. The...
Nifty Bank snaps 4-day losing streak; next target seen at 49,500-50,000, ET BFSI
The Nifty Bank index snapped a four-day losing streak and closed with gains of over 1% on Thursday. The momentum helped the index to break out from the critical resistance level of 48,000.The breakout confirms the resumption of the uptrend which could take the index...
Sensex rebounds after 2-session fall, investors gain Rs 3.35 lakh crore, ET BFSI
Indian benchmark equity indices closed higher on Thursday after a two-session drop on Thursday, led by financials on strong business updates and energy stocks on investment plans. Realty extended gains on robust sales volumes.The BSE Sensex advanced 491 points or...
UPI limit for payments to hospitals and educational services increased to Rs 5 lakh; when is this applicable, ET BFSI
The Reserve Bank of India (RBI) announced that the transaction limit to Rs 5 lakh for UPI payments to hospitals and educational institutions on December 8, 2023. The National Payment Corporation of India (NPCI) has asked banks, PSPs (Payment Service Provider), and APs...
Rupee rises 7 paise to close at 83.23 against US dollar, ET BFSI
MUMBAI: The rupee appreciated 7 paise to close at 83.23 against the US dollar on Thursday, helped by a bullish trend in domestic equities and weakness of the American currency in the overseas market. However, rising crude oil prices capped sharp gains for the local...
Rs 1.76 lakh crore bet! India sees highest-ever FPI inflows in rupee terms 2023, ET BFSI
Even though domestic institutional and retail investors pumped heavy money into equities in 2023, foreign investors – the big bulls of Dalal Street – stole the show with their biggest-ever bet on the emerging market.Foreign portfolio investors net bought Indian...
Silicon Valley startups had their worst funding year since 2019, ET BFSI
The value of venture capital deals in the US last year fell to levels not seen since 2019, according to new year-end data highlighting startups’ chaotic 2023. Over the last 12 months, investors poured money into artificial intelligence startups, but the rest of the...
Hansoge Enterprises sells 175-room boutique hotel for Rs 150 cr in a deal with JC Flowers and YES Bank, ET BFSI
Bangalore-based Hansoge Enterprises has sold a hotel asset spread over 1.5lakh sft in the city in a deal estimated to be around Rs 150 crore to an ultra-high net worth individual. The midscale boutique 175-room property is located near Bangalore International Airport...
GMR Airports raises ₹800 cr from Standard Chartered, Aditya Birla Fund & Varde Partners, ET BFSI
Standard Chartered Bank, Varde Partners, and Aditya Birla Special Situation Fund have jointly provided ₹800 crore of debt facility to GMR Airports for two years and eleven months, people with knowledge of the matter told ET.With this, GMR Airports and two special...
Sceptics say $6-trillion cash waiting on sidelines is a mirage, ET BFSI
One often-made argument in favor of stocks says investors should dive in before roughly $6 trillion of money-market cash gets redeployed into equity assets globally.But buying the theory requires a big leap of faith - there's significantly less out there to actually...
Bajaj Finance shares jump over 4% on Q3 updates, ET BFSI
Shares of Bajaj Finance jumped over 4% to the day's high of Rs 7,723.95 on the NSE in Thursday’s trade after the company reported a 26% jump in new loans booked during the quarter ended December 31, 2023, to 9.86 million from 7.84 million in the corresponding quarter...
Market maker for SME IPOs now wants to go public to raise funds, ET BFSI
Gretex Share Broking, a mumbai-based market maker that helps SME companies access public markets, is now looking to raise funds for itself through the primary market route. The company has filed its draft red herring prospectus (DRHP) with the capital markets...
Future enterprises’ lenders appoint PwC as sale advisor, BFSI News, ET BFSI
Mumbai: Lenders to Future Enterprises (FEL) have approved the appointment of consultancy firm PwC as an advisor to resolution professional Avil Menezes as they seek bids for the debt-laden company for the second time, after having scrapped last month the first such...
Indian rupee may rise to 81/USD by 2024 end amid robust inflow hopes
The Indian rupee is likely to appreciate to 81 against the U.S. dollar over the next 12 months amid expectations of heavy foreign capital inflows, Goldman Sachs said in a note on Tuesday.Still, the currency will underperform its Asian peers as the Reserve Bank of...
Dollar edges higher as risk rally hits pause, BFSI News, ET BFSI
The U.S. currency was broadly firm, enjoying some respite after having fallen 2% last month and clocking its first yearly loss since 2020.The dollar rose broadly on Wednesday and stood near a two-week high against its major peers, underpinned by a confluence of...
Arrival misses interest payment on convertible notes amid cash crunch, ET BFSI
Arrival had said in October it would slash its global workforce by about 25% as part of its efforts to cut costs as high interest rates and increasing costs pressure EV firms.British electric-vehicle startup Arrival said on Tuesday it missed the Dec. 1 deadline to...
Sensex extends losing run to 2nd day, slides 536 pts; Nifty below 21,550 ahead of Fed minute, ET BFSI
Ahead of the release of the Federal Reserve minutes and jobs data, Indian equity indices closed in the red for the second straight session on Wednesday, dragged by financial, metal, and IT stocks.The Fed minutes, due later in the day, and key labour market data,...
Rupee ends slightly higher; traders await US data, Fed minutes, ET BFSI
The minutes of Fed's December policy meeting are also due later in the day and will offer clues on how well-placed market expectations are about potential cuts in policy rates.The Indian rupee closed marginally higher on Wednesday, supported by dollar sales from...
Nifty Bank falls for 4th day in a row; next support seen at 20-DMA, ET BFSI
The Nifty Bank recouped losses but it closed lower on Wednesday for the fourth consecutive day in a row.The Nifty Bank index was down 56 points to close at 47,704 but it outperformed the benchmark index. The Nifty50 index fell 148 points to close at 21,517.Selling was...
Gold loans help NBFCs hold their own against traditional banks, ET BFSI
Non-banking financial companies (NBFCs) focusing on gold loans have maintained a reasonably resilient market share despite intense competition from banks, according to CRISIL Ratings.That, and support from strong capitalisation, sharp focus on risk management and...
Rs 1.5 lakh crore bid! Retail investors bet on IPOs like never before in 2023, ET BFSI
The retail investors gained strong muscle power as a result of their roaring participation in the primary market in 2023.In value terms, retail investors applied for shares worth a staggering Rs 1.49 lakh crore, which was a whopping 203% higher than the total IPO...
India’s outward remittances witness 38% de-growth in October, BFSI News, ET BFSI
According to latest data by 1Lattice, the outward remittances from India has witnessed a downfall of approximately 38 per cent, month on month in October 2023. For the past 3 years, overseas travel and leisure has had the highest share in outward remittances from...
Adanis to fund Dharavi project via internal accruals, SPV stake sale, ET BFSI
The Adani group, which is redeveloping Dharavi slums, plans to finance the entire project via internal accruals and possible sale of equity in the special purpose vehicle (SPV) set up for the project, according to sources.Earlier this week, the company had appointed...
European shares dip as investors await cues on policy outlook, ET BFSI
European shares fell on Wednesday as a rally from last year started to lose steam, with investors keeping an eye out for major factors during the day for cues on global monetary policy.The pan-European STOXX 600 was down 0.3% by 0923 GMT, after kicking off the New...
From ‘fraud’ controversy to billion-dollar valuation, ET BFSI
NEW DELHI: Religare has undergone a remarkable transformation, emerging as a diversified financial services conglomerate known as 'Religare 2.0.'Dr. Rashmi Saluja, executive chairperson of Religare Enterprises, emphasized the crucial role of the company's strategic...
Adani stocks in focus today as Supreme Court to decide whether Hindenburg was right, ET BFSI
NEW DELHI: Embattled billionaire Gautam Adani will face his moment of truth today as the Supreme Court will announce its verdict on the Hindenburg issue in which crores of investor wealth was lost.The announcement will not only have an impact on Adani Group stocks -...
Honeywell eyes 30% revenue growth in next few years from Impact brand: Ashish Modi, ET BFSI
MUMBAI: Honeywell is eyeing around 30 per cent revenue growth in the next few years from its Impact brand, which provides sustainable and digital solutions for Indian businesses especially the MSME segment."Since the last 3-4 years we have been growing at 30 per cent....
India Inc faces onslaught of GST demands as tax authorities try to meet deadline, ET BFSI
Many big names of India Inc, from Hindustan Unilever to ICICI Bank to LIC, have received tax demand on the eve of new year as authorities sought to meet the deadline to raise claims. Even many smaller GST taxpayers have also received tax demand. The notices range from...
HRH Next Services debuts on NSE SME with 14% premium, BFSI News, ET BFSI
Shares of HRH Next Services debuted on the NSE SME platform on Wednesday with a premium of 13.9%. The stock listed at Rs 41 as against an issue price of Rs 36.Ahead of the listing the company's shares commanded a premium of Rs 8.The IPO received a healthy response...
Religare Finvest issued Esops to Rashmi Saluja a day after Burmans’ open offer, ET BFSI
A day after the Burman family, the largest shareholder of Religare Enterprises Limited (REL), announced an open offer to buy more shares to take control of the financial services conglomerate, Rashmi Saluja, executive chairperson of the company, acquired around 8%...
Demand uptick, easing inflation in developed mkts to provide silver lining for exports in 2024, ET BFSI
Easing inflation in developed countries, softening interest rates, a gradual pick up in global demand and other factors will provide a silver lining for the country's exports and the overall outbound shipments are expected to be more than USD 900 billion in 2024....
India’s gross GST revenue in December falls to 3-month low despite on-year jump, ET BFSI
India GST revenue: India's Goods and Services tax revenue continued to rise on an annual basis, but it dropped to a three month low in December.India's GST collections rose 10.28 percent to reach Rs 1.65 lakh crore in December, the Finance Ministry announced today....
Many high flyers on D-Street could log over 30% gains, ET BFSI
Mumbai: With several stocks nearing their all-time highs, investors are combing through the market for the next winners. Though the valuations of many stocks are at lofty levels, there is scope for some of them to extend gains in 2024. According to analyst consensus...
Nearly 97.38% Rs 2,000 notes returned to banking system; Rs 9,330 cr still with public: RBI, ET BFSI
The Reserve Bank of India (RBI) on Monday said that nearly 97.38 per cent of the Rs 2,000 bank notes have been returned to the banking system, and only about Rs 9,330 crore worth of the notes are still with the public. On May 19, the RBI announced the withdrawal of Rs...
Rate cuts in US, volatile equities to make gold attractive, BFSI News, ET BFSI
Mumbai: Gold should remain a key component of investor portfolios in 2024 to help mitigate the volatility expected in equities and fixed income amid crucial local and global events, said experts.While an easing interest rate environment is seen propping up prices of...
Sensex, Nifty open lower as selling pressure mounts in financials, IT stocks, ET BFSI
India's benchmark indexes, Sensex and Nifty, opened lower on Tuesday, with financials and information technology stocks leading the decline as selling pressure intensified near record high levels.The 30-share BSE Sensex fell 202.76 points to 72,069.18. The Nifty...
Bajaj Finance offers 25 basis points more on fixed deposits, BFSI News, ET BFSI
Mumbai: Bajaj Finance has hiked interest rates on its fixed deposits by 25 basis points by introducing a 42-month deposit with an interest rate of 8.6% for the general public and 8.85% for senior citizens. The interest rate on the 42-month deposit compares favourably...
Haryana records collection of Rs 8,130 crore in December, 22% growth against national rate of 10.3%, ET BFSI
CHANDIGARH: Haryana chief minister Manohar Lal Khattar , who also oversees the Finance Department on Tuesday lauded the significant rise in Goods and Services Tax (GST) collections by the Haryana Excise and Taxation Department. While India's overall GST revenue for...
Sensex gives up 72K. 7 reasons why bulls had a second thought on 2nd day of 2024, ET BFSI
After hitting record high levels - Sensex at 72,562 and Nifty at 21,834 - on the first trading day of the new year, bulls were seen having second thoughts on Tuesday. Sensex fell over 650 points to give up its control over Mt 72K while Nifty failed to sustain 21,700...
Rupee falls 11 paise to 83.32 against US dollar in early trade, ET BFSI
The rupee depreciated 11 paise to 83.32 against the US dollar in the morning session on Tuesday, tracking a negative trend in domestic equities and the strength of the American currency in the overseas market. Forex traders said foreign fund outflows and dollar demand...
Important tax-related dates you need to know, ET BFSI
It is important to remember income tax related deadlines in a year to avoid paying penalties, penal interest, to file income tax return (ITR) in time etc.Abhishek Soni, CEO, Tax2Win.in - an ITR filing website, explains the important income tax-related due dates or...
European shares start New Year at 23-month high on energy boost, ET BFSI
Europe's benchmark stock index hit a near two-year high on Tuesday, as investors entered 2024 with undeterred hopes that major central banks might finally deliver interest rate cuts, with energy stocks leading the charge.The pan-European STOXX 600 was up 0.3 per cent...
Easy Trip Planners gets board nod for raising funds up to Rs 1,000 cr, ET BFSI
Online travel service provider Easy Trip Planners Ltd is planning to raise up to Rs 1,000 crore through a preferential issue. The board of directors of the company, at its meeting held on Tuesday, has given in-principle approval for the fundraising proposal, Easy Trip...
Business and Finance Ahead of Us, BFSI News, ET BFSI
"The future is always uncertain. But if you are in India, there is every reason to believe that the fresh year belongs to India, this decade characterizes our country, and this century has its place cut out for our motherland"- Robin Banerjee, a seasoned finance...
RBI grants payment aggregator licence to Tata Pay, joins Razorpay, Google Pay, Cashfree, others, ET BFSI
Tata Pay, the Tata Group’s payment application, secured a payment aggregator licence from the Reserve Bank of India (RBI) on January 1. It can now facilitate ecommerce transactions.Tata Pay is held through Tata Digital, the group's subsidiary entity which houses all...
Will interim budget roll out the red carpet for Tesla?, ET BFSI
Budget Expectations: In recent years, India's drive to get Tesla be part of its localisation push has increased and trade minister Piyush Goyal's visit to Elon Musk's auto factory added wings to the dreams. Goyal had also said that the US-based electric vehicle major...
SoftBank took home $1.8-1.9 billion from four listed portfolio companies, ET BFSI
SoftBank, which of late has not been signing new startup funding deals in India and is preparing to offload stakes in IPO-bound Ola Electric and FirstCry, still holds $1.1-1.2 billion worth of shares in its listed portfolio companies here.The Japanese investor has...
Ahead of RBI curbs, loans to NBFCs grow 22% in year, BFSI News, ET BFSI
MUMBAI: Bank loans to NBFCs touched nearly Rs 15 lakh crore in November - a growth of about 22% over the previous year - at a time when RBI placed curbs on bank loans to this segment. NBFCs cornered close to 10% of non-food bank credit, RBI data showed. RBI, in its...
Bond forwards set to clear many grey areas for banks, insurers, ET BFSI
Mumbai: Bond forwards in sovereign debt, for which the Reserve Bank of India released draft directions last week, will help end a regulatory grey area and let banks and insurers cater to the trillions of rupees worth of retail demand for long-term investment products...
Indian markets, Nifty 50 and Sensex, register early 2024 decline in opening session, ET BFSI
India's financial markets, Nifty and Sensex, experienced a fall during the first trading session of 2024.By 9:16 am, the NSE Nifty 50 witnessed a 0.08% decrease, reaching 21,713.50 points, and concurrently, the S&P BSE Sensex recorded a 0.17% drop, settling at...
Mcap of 8 of top-10 most valued firms jump Rs 1.29 lakh cr; HDFC Bank biggest gainer, ET BFSI
The combined market valuation of eight of the top-10 most valued firms jumped Rs 1,29,899.22 crore in a holiday-shortened last week, where equity benchmark indices recorded a sharp rally. Last week, the BSE benchmark jumped 1,133.3 points or 1.59 per cent. The index...
India’s forex reserves rose by $58 billion cumulatively in 2023, ET BFSI
NEW DELHI: India's foreign exchange reserves increased by $4.471 billion to $620.441 billion in the week ending December 22, 2023, hitting a 21-month high, the latest data released by the Reserve Bank of India showed. In the calendar year 2023, the RBI added about $58...
How China talked markets out of a run on the yuan, BFSI News, ET BFSI
SINGAPORE: In recent months, China has sought to stabilise the yuan by orchestrating buying by state banks and giving market guidance to bankers.The strategy of moral suasion marks a sharp break from Beijing's approach the last time the currency was on the ropes, in...
7 ‘whacky’ money financial resolutions to make for 2024, ET BFSI
As you break out of crippling money mistakes and poor financial decisions of last year, don’t forget to add a few whacky vows in the new year.To lose weight without losing money in a gym membershipYou may be bent upon losing weight this year (as you were in the past...
Auto sales, global cues, FPI flows among 8 factors to hog Dalal Street this week, ET BFSI
A stupendous run during the last week of 2023 saw benchmark indices giving a strong breakout on the upside and clocking nearly 2% gains. If one looks at the weekly pattern of Nifty 50, barring the week ended December 18, the index has given positive returns for eight...
No new issues to open but 7 SMEs to list, ET BFSI
After a busy December, the primary market will take a breather with no issues opening next week. However, seven SME companies will see their shares listed on the exchanges.The SME segment will see Balaji Valve Components, Sameer Agro and Infra, AIK Pipes, Akanksha...
10 smart money moves to improve your finances and grow wealth in 2024, ET BFSI
The year 2023 was full of surprises for investors. The first shocker came when an amendment to the Budget did away with the indexation benefit that debt funds enjoyed. Capital gains from debt funds, which used to be taxed at 20% after indexation, were now to be taxed...
Key lessons for stock market investors, BFSI News, ET BFSI
As we bid adieu to 2023, several pivotal events defined the year’s narrative. From witnessing soaring inflation, record-high bond yields and the collapse of 3 banks to the indefinable rally of small-cap and mid-cap stocks, the unpredictable twists and turns of the...
Rupee to follow Asian FX higher, RBI key factor in 2024, BFSI News, ET BFSI
The RBI's heavy intervention, particularly in the latter half of the year, has implications far beyond. The Indian rupee is expected to open marginally higher on Friday, tracking an uptick in Asian peers on bets of a Federal Reserve pivot as early as next quarter....
Rates of RBI Floating Savings Bonds offering 8.05% to be reviewed soon; will it change from January 1, 2024?, ET BFSI
The interest rate of RBI Floating Rate Savings Bonds (FRSB) 2020 (Taxable) is reviewed semi-annually and it is due for revision on January 1, 2024. At present, it offers an interest rate of 8.05% per annum. This is one of the highest interest rates offered on safe...
Gujarat got FDI worth Rs 2.39 lakh crore from Oct 2019 to March 2023; among top states: Officials, ET BFSI
Ahmedabad, Gujarat has received foreign direct investment worth Rs 2.39 lakh crore or $31 billion between October 2019 and March 2023 and is among the top Indian states in attracting FDI, according to an official release. FDI in Gujarat has increased consistently over...
DMI, Aditya Birla Finance in race to scoop up ZestMoney in firesale, ET BFSI
ZestNon-banking finance companies DMI Finance and Aditya Birla Finance are trying to scoop up fintech lending startup ZestMoney in a firesale, two people in the know of the matter told ET.The talks are still going on but the deal could get signed soon, they added.The...
Japan’s Nikkei rounds off 2023 with biggest yearly gain in a decade, ET BFSI
Japan's Nikkei share average closed 2023 with its best year in a decade on expectations of better governance, though ticking lower in the day's session amid a lack of any big triggers.On Friday, the Nikkei fell 0.22% to close at 33,464.17."Investors bought stocks that...
CESC to raise Rs 100 crore from Axis Bank via NCDs, BFSI News, ET BFSI
Power utility CESC Ltd on Friday said it received board's approval for raising Rs 100 crore from Axis Bank through issue of non-convertible debentures on private placement basis. The committee of the board of directors at its meeting approved the allotment of 10,000...
Rupee to follow Asian FX higher, RBI key factor in 2024, BFSI News, ET BFSI
The RBI's heavy intervention, particularly in the latter half of the year, has implications far beyond. The Indian rupee is expected to open marginally higher on Friday, tracking an uptick in Asian peers on bets of a Federal Reserve pivot as early as next quarter....
India’s forex reserves jump $4.47 bn to $620.44 bn for week ending on Dec 22, ET BFSI
India's forex reserves jumped by $4.47 billion to $620.44 billion for the week ending December 22, the latest data by the Reserve Bank of India (RBI) showed on Friday.Previously, foreign exchange reserves had jumped by $9.11 billion to $615.97 billion for the week...
EMs poised to end year with best gains in years, ET BFSI
Emerging markets are set to close out 2023 with their best returns in years, as bets on bigger and faster US interest-rate cuts propelled a blistering late-year rally across the developing world.MSCI's benchmark stock gauge for emerging-market equities is on track for...
Hiren Ved on why largecap banks won’t be leaders of the next leg of bull market, ET BFSI
Hiren Ved, Director & CIO, Alchemy Capital, says, “I do not see largecap banks as the leader of the next bull market for sure, but will they participate and will there be a mean reversion in their returns, I certainly think so. Private financials, especially the...
World stocks are mixed in muted holiday trading as 2023 draws to a close, ET BFSI
Bangkok, Dec 29 (AP) European shares opened higher on Friday after a mixed session in Asia on the last trading day of the year for most markets. Germany's DAX rose 0.3% to 16,745.67 and the CAC 40 in Paris climbed 0.4% to 7,566.11. Britain's FTSE 100 edged 0.2% higher...
Italy’s 10-year bond yield heads for biggest monthly drop since 2013, ET BFSI
LONDON: Italy's 10-year bond yield was on track for its biggest monthly fall since 2013 on Friday, even as yields ticked slightly higher as traders prepared to log off for the year.The Italian 10-year yield has fallen 60 basis points (bps) this month as a slowdown in...
Sensex, Nifty end 2023 on tepid note after adding Rs 364 lakh cr to investor wealth, ET BFSI
Amid mixed global cues, Indian benchmark equity indices closed in the red on Friday, the last trading session of 2023, dragged by banking, financials, information technology and energy shares after their recent rally.The 30-share BSE benchmark Sensex declined 170...
Rupee settles flat at 83.20 against US dollar, ET BFSI
Mumbai, The rupee paired all its early gains to end on a flat note at 83.20 (provisional) against the US dollar amid increased month-end dollar demand from importers and volatile crude oil prices. At the interbank foreign exchange, the domestic currency opened at...
Small Savings Interest rates changed! Full list of post office schemes, SCSS, NSC, PPF, Sukanya Samriddhi rates for Jan-March 2024, ET BFSI
Small Savings Scheme Interest Rates 2024: The government has declared the interest rates for small savings schemes for the January-March 2024 quarter. In a circular released by the finance ministry on December 29, 2023, it was revealed that certain small savings...
NBFCs’ vehicle loan book to cross Rs 8 lakh cr by March 2025: Report, ET BFSI
Mumbai, Vehicle loan books of Non-Banking Financial Companies (NBFCs) are poised to jump to Rs 8.1 lakh crore by March 2025 from Rs 5.9 lakh crore in March 2023, according to a report. The growth will be driven by rising demand of commercial vehicles, cars, utility...
Nifty Bank closes 1.6% higher for the week; bulls eye 48,300 to regain control next week, ET BFSI
The Nifty Bank index closed lower on Friday but on a weekly basis, it rose by over 1% in line with the trend seen in benchmark indices.The index rose from 47,491 on 22nd December 2023 to 48,292 on December 29, 2023, which translates into an upside of 1.69% on a weekly...
Liquidity issues can still hurt some NBFCs, ET BFSI
Non-banking finance companies have improved their asset-liability positions by trimming dependence on short-term borrowing and increasing preference for long-term funding sources, but in case of extreme liquidity conditions, 34 firms may face stress, the Reserve Bank...
India’s budget gap for April-November at Rs 9.07 lakh crore, narrows to 50.7% of FY24 aim, ET BFSI
Fiscal Deficit Data: India's fiscal deficit for the first eight months of this fiscal year through November stood at 9.07 lakh crore rupees, or 50.7% of annual estimates, government data showed today.The fiscal deficit narrowed from 58.9% reported in the comparable...
NBFCs’ vehicle financing AUM to grow 17% by 2025, loans to get costlier, ET BFSI
The assets under management (AUM) for vehicle financing of the non-banking financial companies (NBFCs) are poined to grow at 17 per cent to Rs 8.1 lakh crore by March 31, 2025, from Rs 5.9 lakh crore as on March 31, 2023, a recent report by CRISIL ratings said.Asset...
Rajni Khurana returns to U GRO Capital as Chief People Officer, ET BFSI
Rajni Khurana, Chief People Officer, U GRO CapitalU GRO Capital, a DataTech lending platform, on Friday announced the return of Rajni Khurana as its Chief People Officer.With over two decades of diverse experience in global human resources management and strategic...
How E-Commerce Exports Handbook will propel Foreign Trade of MSMEs?, ET BFSI
With an aim to propel the growth of MSME sector, the Union Minister of Commerce & Industry, Piyush Goyal released the comprehensive "E-Commerce Exports Handbook for MSMEs" prepared by the Directorate General of Foreign Trade (DGFT). At the time of release, the...
Direct tax collection on course to grow 3 times to over Rs 19 lakh crore in 10 years of Modi govt, ET BFSI
New Delhi, Personal income and corporate tax collections are likely to rise to more than Rs 19 lakh crore in 10 years of Prime Minister Narendra Modi-led government, providing more leeway to come out with people-friendly tax measures. Driven by the increasing income...
Spike in personal loan sanctions by NBFCs, home loans remain flat, ET BFSI
The lending industry has been evolving over years, with a significant shift towards the digital medium. While the fintech lending industry has gained significant traction, NBFC lending volumes still hold a larger pie. Loan sanctions by NBFCs in urban areas shrunk by...
Govt extends deadlines for GST officers to issue demand notices for FY’19, FY’20, ET BFSI
New Delhi, GST officers have been given more time to issue demand notices for discrepancies in annual returns for 2018-19 and 2019-20 financial years. On Thursday, the government extended the deadline in this regard for 2018-19 fiscal to April 30, 2024 and for 2019-20...
Five key developments of NBFC sector this year, ET BFSI
The year 2023 was filled with multiple game changing developments for the NBFC sector with a slew of measures from the regulator. The overall NBFC sector this year continued with healthy growth disbursements led by buoyant demand.The sector played a pivotal role in...
Canara Bank gives in-principle approval to float Canara Robeco AMC IPO, ET BFSI
MUMBAI - Canara Bank on Wednesday said that it has given in-principle approval to initiate the process of listing its mutual fund subsidiary Canara Robeco Asset Management Company through an initial public offering of shares. “The modalities of listing will be decided...
FPIs’ investments in govt bonds more than doubled this year, BFSI News, ET BFSI
Mumbai: Foreign funds have poured money into government bonds at a tearing pace over the past few months, with their investments in the fully accessible category more than doubling in a year to ₹1.28 lakh crore by December as global index inclusion and a softer tone...
Winners and losers in 2023, ET BFSI
Indian equities are set to end the year with a record winning streak, with the drivers of the rally transcending the nation’s largest companies.Robust economic growth, an infrastructure push and a pause in interest-rate increases have helped propel its equity market...
Sensex rises! But these stocks are down 5% or more on BSE, BFSI News, ET BFSI
NEW DELHI: Several stocks plunged in excess of 5 per cent in Mumbai trading on Thursday even as equity benchmark BSE Sensex traded 273.99 points up at 72312.42 amid brisk buying in frontline bluechip counters. On the BSE, Promax Power(down 18.73 per cent), Benara...
FPIs’ investments in govt bonds more than doubled this year, BFSI News, ET BFSI
Mumbai: Foreign funds have poured money into government bonds at a tearing pace over the past few months, with their investments in the fully accessible category more than doubling in a year to ₹1.28 lakh crore by December as global index inclusion and a softer tone...
India’s crackdown on financial risks puts industry on watch, ET BFSI
A week after India barred lenders from investing in alternative investment funds that hold stakes in their borrowers, the market is counting the cost.The Reserve Bank of India said the move is designed to prevent an unstable build up of assets in the country’s...
Grihum Housing Finance Rating reaffirmed at CRISIL A1+; Bank Debt, NCD at AA-, ET BFSI
Grihum Housing Finance Limited (formerly Poonawalla Housing Finance Ltd) announced on Thursday that they have been assigned the notable ratings from CRISIL. Grihum’s short-term debt instruments have been rated ‘CRISIL A1+’, while its long-term debt instruments or bank...
Record run continues! Sensex surges 370 points, Nifty ends above 21,750, ET BFSI
With the Nifty50 hitting the record 21,800 mark for the time, benchmark equity indices closed higher for the fifth straight session on Thursday, led by a global rally over optimism that the US central bank would start cutting rates in March.The 30-share BSE benchmark...
QIP fundraising shines, cos garner Rs 50,200 cr in 2023, BFSI News, ET BFSI
New Delhi, Fundraising through the issuance of shares to institutional investors skyrocketed, as companies raked in Rs 50,218 crore in 2023, marking a six-fold surge from the previous year and indicating a positive outlook among investors. Apart from QIPs, fund...
PSB Alliance to create strong impact for banks, customers: DFS Secretary, ET BFSI
Mumbai, Financial Services Secretary Vivek Joshi on Wednesday inaugurated the new office premises of PSB Alliance Private Limited (PSBA) in the presence of IBA chairman Sunil Mehta. PSBA is an umbrella organisation for all public sector banks created for providing...
Rupee ends higher, forward premiums climb to over 2-month high, ET BFSI
The probability of a Fed rate cut in January has risen to 16% from under 1% a month back, according to the CME FedWatch Tool. The Indian rupee strengthened on Thursday while far forward premiums rose to their highest in more than two months on rising expectations of...
BSE Sensex Nifty50 December 28 2023 market rally year end Indian equities Dalal street, ET BFSI
Stock market today: BSE Sensex and Nifty50 continued their year-end rally streak with a strong trading day on Thursday. While Sensex rose over 400 points, Nifty50 also crossed the levels of 21,800 for the first time in an intraday high. BSE Sensex closed the day at...
Compete, Endure, Prosper in the face of change, ET BFSI
Future of Finance Function: Compete, Endure, Prosper in the face of changeOrganizations continue to face problems in this new context of constant change and disruption. What is certain is that an organisation is more likely to succeed no matter what challenges it...
Key milestones, transformations in NBFC Sector and their potential implications for 2024, ET BFSI
The rise of digitalization has been a driving force behind the NBFC sector's growth. The Non-Banking Financial Company (NBFC) sector in India has undergone remarkable growth, establishing itself as a significant player within the country's financial landscape. As of...
Inside the record year for India’s $585 billion mutual funds industry, ET BFSI
A record surge in assets under management. More than 20 million new investment accounts added. And a planned return by BlackRock Inc., the world’s largest money manager.These are some of the milestones that mark what’s set to be a blockbuster year for India’s mutual...
NBFCs must look beyond banks for source of funds, ET BFSI
The consolidated balance sheets of non-banking financial companies (NBFCs) expanded 15% in FY23, with profitability and asset quality improving, but non-bank lenders must diversify and look beyond traditional banks for their funding requirements, the Reserve Bank of...
Rupee rises 8 paise to 83.26 against US dollar in early trade, ET BFSI
The rupee appreciated 8 paise to 83.26 against the US dollar on Thursday, tracking a weak American currency against major overseas rivals and positive cues from domestic equity markets. According to forex traders, the Indian currency strengthened on the back of...
CCI clears IndusInd International Holdings Ltd-Reliance Capital deal, ET BFSI
Fair trade regulator Competition Commission of India on Wednesday said it has cleared the proposed stake acquisition in Reliance Capital by IndusInd International Holdings Ltd, IIHL BFSI (India) Ltd, and Aasia Enterprises. Reliance Capital Ltd (RCL) is an...
As India connects to UPI, NEFT and debit card usage takes a hit, ET BFSI
The resounding success of the UPI as a payments and settlement platform has been at the cost of two other popular channels of payments and settlement - NEFT (national electronic fund transfer) platform and debit cards.At a time when the value of UPI transactions grew...
ESMA meets German, French regulators to find way out, ET BFSI
Mumbai: The European Securities and Markets Authority (ESMA) held a meeting 'over the past few days' with German and French regulators to resolve an oversight impasse involving India's primary bond clearing house, apparently following London's lead in protecting the...
Sensex rises 400 points tracking global market mood; Nifty above 21,550, ET BFSI
Following gains from global peers, Indian equity indices opened higher for the fourth consecutive day on Wednesday, led by banking, auto and IT stocks.The BSE Sensex was trading 400 points or 0.56% higher at 71,739. Nifty50 was trading at 21,560, up 118 points or...
In the unprecedented run of Nifty to 21,000, this sector was the biggest underperformer, ET BFSI
While 2023 has been one of the best years in the history for Nifty 50, the sector which is the top favourite for investors across the fraternity turned out to be the biggest underperformer this year. The banking and financial services sector failed to run at the same...
Govt directs digital platforms not to carry ads of fraudulent loan apps, ET BFSI
New Delhi, The government has directed social media and online platforms to ensure that they do not host advertisements of fraudulent loan apps, Union Minister Rajeev Chandrasekhar said on Wednesday. Chandrasekhar said the IT ministry has made it clear to the...
As India connects to UPI, NEFT and debit card usage takes a hit, ET BFSI
UPI transactions saw 118% and 106% increases in volume and value, respectively, at semi-urban and rural stores.The resounding success of the UPI as a payments and settlement platform has been at the cost of two other popular channels of payments and settlement - NEFT...
Nifty hits fresh record high. Which stocks to buy for 2024 portfolio?, ET BFSI
NEW DELHI: Amid sustained buying by domestic investors even as foreign investors go on New Year holidays, Nifty on Wednesday hit a fresh all-time peak of 21,602.50 with banks, auto and metal stocks leading the charge. Notwithstanding the recent upside, Axis Securities...
Entitled Solutions raises around Rs 11 crore in seed round from SIS, ET BFSI
Entitled Solutions, an inclusion platform to make health and financial services accessible to urban low-income workers, has raised $1.3 million (about Rs 10.83 crore) in an extended seed round from SIS, a leading player in the security, facility management and cash...
How Rupyy by CarDekho is democratising India’s auto loans landscape, ET BFSI
Rupyy's success lies in its commitment to eliminating traditional barriers in automobile financing. Initially focused on used car financing, it has expanded into new car financing and two-wheeler loans.New Delhi: Fuelled by increased vehicle demand and...
India New Issue-IREDA poised for another 10-year bond issue soon: bankers, ET BFSI
MUMBAI: Indian Renewable Energy Development Agency Ltd (IREDA) plans to raise another roughly 10 billion rupees ($120 million) shortly by selling 10-year bonds, three merchant bankers said on Wednesday."IREDA has the approval ready and we may not be surprised if it...
Inflows from private equity, venture capital funds to domestic companies plunge to $27.9 billion in 2023, ET BFSI
Investments from private equity and venture capital funds into domestic companies declined about 40 per cent to USD 27.9 billion so far this year, while the outflow increased marginally to USD 19.34 billion year-on-year. According to the numbers collated by Venture...
Sensex jumps 700 points to conquer Mt 72K. Key factors behind the post-Christmas bash, ET BFSI
NEW DELHI: Bluechips left smallcaps and midcaps behind as the Sensex rallied over 700 points on Wednesday to scale the 72,000 mark for the first time. Nifty, too, hit a fresh all-time peak of 21,654.75 amid all-round buying in banks, auto, metals and IT stocks.The...
Rupee falls 16 paise to 83.35 against US dollar, ET BFSI
Mumbai, The rupee declined 16 paise to settle at 83.35 (provisional) against the US dollar on Wednesday due to sustained outflow of foreign funds and increased demand for American currency from importers and banks. According to forex traders, a robust buying trend in...
Rupee slips 4 paise to 83.23 against US dollar in early trade, ET BFSI
Mumbai, The rupee fell 4 paise to 83.23 against the US dollar in early trade on Wednesday, amid sustained outflow of foreign funds and a stronger American currency against major overseas rivals. Forex traders said positive domestic equity market failed to boost...
India’s first corporate credit card on RuPay network launched; UPI transactions & lifetime free and more, ET BFSI
IndusInd Bank has launched 'eSvarna' which is a corporate credit card on RuPay network. eSvarna RuPay credit card can be used to link with any supporting UPI app and then payments can be made using it too. "The card facilitates smooth transactions at merchant outlets...
NBFC loan sanctions drop from June quarter, BFSI News, ET BFSI
MUMBAI: Non-banking finance companies have seen their sanctions drop by Rs 15,751 crore to Rs 3.85 lakh crore in the September quarter from about Rs 4 lakh crore in the June quarter. The decline was led by a drop in loans against shares, short-term and gold loans,...
WhatsApp emerges primary credit score source, 40% Indians monitor regularly: Report, ET BFSI
The fintech lending industry continues its upward march with increasing disbursements, showing a promising future for the industry. There has also been a growing acceptance of digitalisation of financial services and lending. Most borrowers today are comfortable with...
Fixing tax issues of small online sellers, reducing cost of litigation for MSMEs will help the sector: FISME, ET BFSI
Industry body Federation of Indian Small and Medium Enterprises (FISME) highlighted how aspects related to banking and finance, tax issues faced by small online sellers and reducing cost of litigation are imperative to resolve in order to benefit the MSME sector. At a...
Rupee rises 3 paise to 83.13 against US dollar in early trade, ET BFSI
The rupee appreciated 3 paise to 83.13 against the US dollar in early trade on Tuesday, tracking positive cues from domestic equity markets and a weak American currency against major overseas rivals. However, forex traders said the Indian currency remained under...
BSE, NSE to remain shut on these 14 days in 2024. Check dates, ET BFSI
Equity markets will remain closed for a total of 14 days in the next calendar year, one less than the current year 2023.In the year 2023, markets were closed for 15 annual holidays.In 2024, the markets will be shut for Republic Day (January 26), Mahashivaratri (March...
Adani family to invest Rs 9,350 crore in green energy arm, ET BFSI
NEW DELHI: Billionaire Gautam Adani and his family plan to inject Rs 9,350 crore into the conglomerate's green energy arm to equip it to achieve the 45 GW target by 2030, according to a company filing.The investment of Rs 9,350 crore in Adani Green Energy Ltd "will be...
SBI buys Rs 200 cr worth NCDs of Muthoot Fincorp, ET BFSI
State Bank of India has purchased non convertible debentures (NCDs) worth Rs 200 crore issued by Muthoot Fincorp. The flagship company of 136-year-old Muthoot Pappachan Group on Tuesday said the debt issue has a five-year maturity with half-yearly being the frequency...
Mutual fund inflows swell 125% in 2023, AUM headed towards Rs 100 lakh crore in few years: ICRA, ET BFSI
NEW DELHI: As a larger number of investors have begun to believe in 'Mutual Funds Sahi Hai', the MF industry saw a 125% surge in net inflows in the calendar year 2023, according to a report by ICRA Analytics."The net inflows into the mutual fund industry were to the...
Nifty Bank closed above 47,700; next crucial resistance seen at 48,000-48,250, ET BFSI
The Nifty Bank bounced back on Tuesday to close above its crucial resistance level of 47,500, tracking positive cues.The index closed with gains of over 200 points at 47,724. The Nifty50 index moved up more than 90 points to close above 21,400 level.The rally in the...
India’s current account deficit narrows to 1 per cent of GDP at $ 8.3 bn in Q2 FY24, ET BFSI
India's current account deficit narrowed in the July-September quarter largely due to a lower merchandise trade deficit while services exports also grew, the Reserve Bank of India said on Tuesday.The current account deficit stood at $8.3 billion, or 1% of GDP, in the...
Stock markets rally for 3rd day on firm trend in Asian equities, buying in HDFC Bank, ET BFSI
MUMBAI: Stock markets closed with gains on Tuesday, marking the third consecutive day of positive momentum fueled by increased buying activity in power, utilities, oil and gas, and banking shares.The 30-share BSE Sensex rose by 229.84 points or 0.32% to settle at...
Compete, Endure, Prosper in the face of change, ET BFSI
Future of Finance Function: Compete, Endure, Prosper in the face of changeOrganizations continue to face problems in this new context of constant change and disruption. What is certain is that an organisation is more likely to succeed no matter what challenges it...
Rupee falls 3 paise to settle at 83.19 against US dollar, BFSI News, ET BFSI
Mumbai, The rupee slipped 3 paise to settle at 83.19 (provisional) against the US dollar on Tuesday amid a strong American currency and outflow of foreign funds. A positive equity market sentiment and softer crude oil prices, however, provided a cushion and restricted...
Year-ender 2023: Gold Vs Sensex
Sensex's December surge of over 6% or 4,118 points has brought it into the driver's seat versus gold which enjoyed an upper hand for most of 2023. While Sensex's year-to-date returns stand at 16.25%, Gold trails at 13.55%, having gained just 0.50% or Rs 340 per 10...
Dollar struggles to gain footing in thin trade; yen steady, ET BFSI
The dollar was trying to find a floor on Tuesday in holiday-thinned trade, pressured by signs that inflation in the world's largest economy is cooling that will likely give the Federal Reserve room to ease interest rates next year.The yen meanwhile steadied near its...
FIIs spend Rs 41,000 crore on an old economy stock basket, ET BFSI
In Dalal Street's record-breaking rally in 2023, FIIs stuck to their favourite financials, dumped IT stocks, and were consistently wooed by the old-world charm of capital goods.Out of the Rs 145,852 crore spent by FIIs in 2023 (till 15 December), roughly 30% of the...
India champions sustainable finance at COP28, advocates green credits, ET BFSI
For more than a fortnight, the COP28 Summit grabbed global headlines for the diverse deliberations regarding solutions to mitigate the climate change crisis. The Summit not only witnessed consensus among nations on strategies to limit the global temperature increase...
FDI rises 64% to 18-month high in October, BFSI News, ET BFSI
NEW DELHI: Foreign direct investment jumped 64% in October to $8.4 billion — the highest in 18 months — as the bleak global economic environment shows some signs of improvement amid moderating inflation and a pause in interest rate hikes by central banks.Latest data...
Asset managers turn bullish on Yen as Fed, BoJ paths may reverse, ET BFSI
Singapore: Asset managers turned bullish on the yen from bearish for the first time since May on the growing view that the Bank of Japan (BOJ) will probably end its ultra-easy policy in 2024 while its major peers cut interest rates. The latest Commodity Futures...
Muthoot Microfin shares debut at 5% discount to issue price, ET BFSI
Shares of Muthoot Microfin listed at a discount of 5% on the exchanges on Tuesday. The stock debuted at Rs 275.3 on NSE, down 5.4%, compared to the issue price of Rs 291. On BSE, it listed at Rs 278, a discount of 4.5%. Ahead of the listing, the company's shares got a...
Companies give crash course to make staff financially healthy and wise, ET BFSI
P&G India, NetApp, MG Motor and Dell Technologies are among organisations enhancing their employee wellbeing offerings to include financial wellness and awarenessMany companies in India Inc now help their employees multiply their money or put away a little...
Cashfree’s new payments orchestration platform aims to help businesses cut processing costs by 40%, ET BFSI
In a bid to make payment management easier for businesses, payments and API banking company Cashfree Payments has launched a self-hosted payments orchestration platform, FlowWise. The platform’s self-hosting feature claims to eliminate safety concerns, making it a...
Fresh inflows of NRI deposits double in April-October, BFSI News, ET BFSI
Fund flows into FCNR (B) deposits, meant for non-resident Indians, more than doubled this year, illustrating its safe haven appeal for the diaspora through a year of global geopolitical turbulence.Fresh inflows under FCNR(B) which eliminates currency risk for NRIs,...
Nifty may log 17% gains in Lok Sabha election year; levels of 24,000 likely in 2024, ET BFSI
Nifty50 rally outlook 2024: Historically, elections have held significant economic weight in the world's largest democracy and India’s capital markets are not immune to them. Regardless of the election outcome, experts predict that the Nifty, a benchmark index, will...
Vedanta Ltd approves Rs 200-crore political contribution, ET BFSI
MUMBAI: The board of India-listed Vedanta Ltd approved a Rs 200-crore contribution to political parties, even as the parent company is working round the clock to arrange a $1-billion payment on dollar-denominated bonds that are due in January.The board also approved...
FPIs pour 57,300-cr in equities in Dec on political stability, robust economic growth, ET BFSI
Foreign portfolio investors (FPIs) have injected over Rs 57,300 crore into the Indian equity markets this month so far owing to political stability, robust economic growth, and a steady decline in the US bond yields. With this, total investment by FPIs surpassed Rs...
Shorting the dollar Is gaining favour after Fed’s great pivot, ET BFSI
Betting against the dollar is growing in popularity after the Federal Reserve upended markets by signaling the end of its monetary tightening campaign.Non-commercial traders — a group that includes hedge funds, asset managers and other speculative market players —...
Fiscal Deficit May Jump To 12,515 Cr, BFSI News, ET BFSI
Dharamshala: The Sukhvinder Singh Sukhu dispensation is expecting an increase in the revenue deficit even as the government has decided to follow a policy of sound fiscal management with thrust on all round economic development. The government also aims to increase...
Nifty Bank falls more than 1% in a week; breakout above 47,700 may trigger short covering move, ET BFSI
The Nifty Bank fell more than 1% for the week ended 22 December 2023, tracking the mixed trends seen in Indian markets amid a rise in Covid cases, profit booking at higher levels, and geopolitical concerns.The Nifty Bank fell from 48,143 as on 15th December 2023 to...
Dollar slips to 5-month low as US inflation cools, BFSI News, ET BFSI
The dollar index edged down on Friday, hitting a near five-month low as data showed annual U.S. inflation slowed further below 3% in November, cementing market expectations for a U.S. interest rate cut next March.In the 12 months through November, inflation, as...
Wall Street turns negative ahead of long holiday weekend, ET BFSI
Wall Street's main indexes gained on Friday after a key inflation reading came in softer than expected, boosting recent investor optimism that the Federal Reserve could lower borrowing costs next year.The personal consumption expenditures (PCE) price index, considered...
India’s Total Debt Rises to Rs 205 Lakh Crore in Sep Quarter Mumbai, ET BFSI
MUMBAI: Total outstanding bonds traded in the domestic market inched up to USD 2.47 trillion as of September 2023 from USD 2.34 trillion in March 2023, says a report.While all bonds are debt, all debts are not bonds, as bank loans and loans from multilateral agencies...
Tokenisation at banks explained, ET BFSI
Using your debit cards and credit cards online will become more secure and easy as the Reserve Bank of India (RBI) has allowed banks to generate tokens for your cards. At present, you can create tokens only through e-commerce websites while making online payments...
ABSL Mutual Fund files draft document for Aditya Birla Sun Life Quant Fund, ET BFSI
Aditya Birla Sun Life Mutual Fund has filed a draft document with Sebi for a quant fund. Aditya Birla Sun Life Quant Fund will be an open-ended equity scheme following quant-based investment theme. The investment objective of the scheme will be to generate long term...
Euro zone bonds slip from multi-month highs before US inflation data, ET BFSI
LONDON: Euro zone bond prices fell slightly on Friday ahead of the release of the Federal Reserve's preferred measure of inflation after hitting their highest in more than nine months the previous day.Germany's 10-year bond yield, which moves inversely to the price,...
India’s forex reserves jump $9.11 bn to $615.97 bn for the week ending December 15, ET BFSI
India's foreign exchange reserves jumped by $9.11 billion to $615.97 billion for the week ending December 15, the latest data by the Reserve Bank of India (RBI) showed on Friday.Previously, forex reserves had expanded by $2.82 billion to $606.86 billion for the week...
India’s forex reserves jump $9.112 bn to $615.971 bn, BFSI News, ET BFSI
MUMBAI: India's forex reserves jumped $9.112 billion to $615.971 billion in the week ended December 15 and the quantum of increase is one of the highest for a week, according to RBI data.In the previous reporting week, the overall reserves had risen $2.816 billion to...
Nifty, Sensex snap longest weekly winning run in six years, ET BFSI
Indian equity benchmark indices ended with gains on Friday, led by IT and auto stocks. While the S&P BSE Sensex closed at 71,107, up by 242 points or 0.34%, the broader Nifty settled 94 points or 0.44% higher at 21,349.The stock market pared weekly losses while...
Apex PE-VC body seeks govt’s help to ease AIF curbs, ET BFSI
Mumbai: The Indian Venture and Alternate Capital Association, or IVCA, is reportedly in discussions with central government officials to help ease the wide-ranging curbs the banking regulator imposed earlier this week on Alternative Investment Funds (AIFs),...
Leaders share how was the year for NBFC sector, ET BFSI
The year 2023 has remained a year of developments for the Non-Banking Financial Companies (NBFCs) as they witnessed a slew of measures from the regulator as well as a rosy credit outlook. In an interaction with ETBFSI, leaders of NBFC sector shared their views on how...
Piramal to provide for AIF exposure as RBI tightens rules, ET BFSI
India's Piramal Enterprises said on Thursday that it would set aside funds to cover its exposure to alternate investment funds (AIF), days after the country's central bank tightened rules governing such holdings.The Reserve Bank of India (RBI) on Tuesday barred all...
Sensex rebounds 358 pts on buying in HDFC Bank, Reliance Industries, ET BFSI
Mumbai, Benchmark equity indices Sensex and Nifty recovered by more than half cent on Thursday following buying in index majors HDFC Bank and Reliance Industries. The 30-share BSE Sensex jumped 358.79 points or 0.51 per cent to settle at 70,865.10 with 21 of its...
Piramal Enterprises to adjust Rs 3,164 crore worth of exposure in Alternative Investment Funds, ET BFSI
Piramal Enterprises has decided to adjust Rs 3,164 crore worth of exposure in Alternative Investment Funds (AIFs) in its financial statements through capital funds or provisions.“Of the remaining Rs. 3,164 crores, Rs. 1,737 crores worth of downstream investments have...
What was the case?, ET BFSI
In a sigh of relief, the Delhi High Court has ordered the removal of the ‘fraud’ tag from Religare Finvest Limited (RFL), a wholly owned subsidiary of Religare Enterprises Limited (REL). HC’s decision came after the RFL filed a Writ Petition before the Court with...
CCI seeks details from Religare on Burmans’ merger, role plans, ET BFSI
Mumbai: India's competition watchdog has written to Religare Enterprises seeking information on whether its largest shareholder, the Burman family, had sought a merger involving the company or proposed to get involved in its management or have a representation on its...
Sebi tweaks framework for online resolution of disputes in securities market, ET BFSI
Sebi on Wednesday tweaked the framework with respect to online resolution of disputes in the securities market to provide clarity on certain aspects. In its circular, the regulator has provided clarity on the online arbitration process, and arbitrator's fee, among...
NBFCs tank 5-10% on tighter AIF norms, BFSI News, ET BFSI
Mumbai: Shares of various non-banking finance companies (NBFCs) and banks dropped on Wednesday in reaction to the Reserve Bank of India's new rules barring these lenders from investing in any scheme of alternative investment funds (AIFs) which has investments in a...
Stock Market Crash Today News: BSE Sensex crashes over 1,000 points from day’s high, Nifty50 below 21,200
BSE Sensex, Nifty50 tank: The Indian equity markets are in the midst of a bull run, but Dalal Street saw heavy selloff today as investors booked profits to cash in on the recent stock market rally. After hitting lifetime highs in trade on Wednesday, both the benchmark...
UPI marks 118% growth, surge in EMI collections for NBFCs, MFIs, ET BFSI
Unified Payments Interface (UPI) transactions saw a 118% and 106% growth in volume and value respectively at semi-urban and rural stores, representing the growing adoption ofUPI beyond Tier II regions in the country, a latest report by PayNearby said on Wednesday.It...
Sebi says depositories, clearing corps to conduct periodic assessment with respect to PFMIs, ET BFSI
Markets regulator Sebi on Tuesday asked depositories and clearing corporations to carry out self-assessment with respect to Principles for Financial Market Infrastructures (PFMIs) on a periodic basis. The issue of assessment of PFMI by Sebi-regulated FMIs (Financial...
High valuations no bar to outperformance of top companies with momentum trading in vogue, ET BFSI
Mumbai: For diehard value stock pickers, companies with rich share valuations are a strict no entry zone. With the record-breaking equities rally catapulting valuations of several shares to lofty levels, many of such investors would have found themselves being...
Sensex, Nifty open on lacklustre note as TCS, HDFC Bank trade with cuts, ET BFSI
Indian benchmark equity indices opened flat on Tuesday amid mixed global cues, with gains in Reliance Industries, Infosys and ITC offset by TCS and HDFC Bank.The BSE Sensex was trading 56 points or 0.08% higher at 71,370. Nifty50 was trading at 21,426, up 8 points or...
India’s share-sale frenzy is seen continuing in 2024: Bankers, ET BFSI
India’s booming market for equity sales is expected to remain buoyant into the new year as high valuations attract companies and shareholders seeking funds while stock-price gains entice investors avoiding China.Initial public offerings and follow on share sales in...
Best tax saving mutual funds or ELSS to invest in 2024, BFSI News, ET BFSI
The New Year is also the beginning of the tax saving season. Most taxpayers finalise their investments in the last three months of the financial year (January-March). Most of them shop for investment options available under Section 80C of the Income Tax Act. The...
Investors dumped cash, bought stocks in December
Investors turned more bullish in December, buying stocks and reducing cash holdings on expectations the U.S. Federal Reserve has finished hiking rates and the global economy will avoid a big recession, a BofA fund manager survey showed on Tuesday.Investors are at...
Sensex, Nifty reach new heights on Reliance Industries surge and positive global cues, ET BFSI
Equity benchmarks Sensex and Nifty on Tuesday witnessed new historic highs, driven by robust performances in key sectors, particularly a surge in the shares of Reliance Industries, coupled with positive global market trends.The BSE Sensex gained 122.10 points or...
European Investment Bank announces $40 mn for private equity fund supporting digitalisation of Indian SMEs, ET BFSI
Kris Peeters, Vice-President of the European Investment Bank (EIB) and Mahesh Parasuraman, Partner and Co-founder of Amicus Capital, on Tuesday announced the signing of an EIB investment of up to $40 million in the private equity fund Amicus Capital Partners Fund II....
Goldman Sachs faces rocky exit from Apple credit card partnership, ET BFSI
Four years after Goldman Sachs introduced a credit card with Apple, the Wall Street giant faces a costly exit from a partnership that is seen by other lenders as too risky and unprofitable. In searching for a buyer for its share of the partnership, Goldman will face...
NBFC AUM likely to hit Rs 32 trn mark by March 2025; Spandana Sphoorty top pick, ET BFSI
With robust foundations, NBFCs are positioned to navigate and capitalize on opportunities. There is a notable shift in loan composition, with the share of unsecured retail loans increasing from 15% to 25% in the past decade.The dynamic regulatory environment poses...
Brace up! Sensex seen testing 74000 level in 2024, but conditions apply, ET BFSI
After a modest show in 2022, 2023 turned out to be the year of India, as bulls took the fast lane on Dalal Street and drove benchmark indices to never-before-seen levels. Year-to-date, the NSE Nifty 50 has gained more than 18% and the BSE Sensex 17%, driven by robust...
RBL Bank launches electronic bank guarantee on NeSL platform, signalling shift towards trade finance digitisation, ET BFSI
RBL is currently serving over 14.31 million customers through a network of 528 branches, 1,206 business correspondent branches, and 408 ATMs spread across 28 Indian states and Union Territories. RBL Bank today launched Electronic Bank Guarantee (e-BG), signalling a...
India Shelter Finance IPO share allotment finalised. Check status, GMP and other details, ET BFSI
The share allotment of India Shelter Finance IPO is expected to be finalised on Monday. Investors received shares on a lottery basis and the whole process was supervised by the registrar.On the allotment date, investors get to know about the number of shares allotted...
Union finance minister Nirmala Sitharaman, ET BFSI
NEW DELHI: Finance minister Nirmala Sitharaman on Monday told Parliament that Google has suspended or removed close to 2,500 apps from Play Store that were offering loans, and the platform can only host apps that are approved by regulated entities, such as banks and...
Weak currency to aid exports; US rate hikes, geo-political tension exerting pressure on rupee: Finmin, ET BFSI
The finance ministry on Monday said the value of the rupee is determined by the markets and a depreciation of the domestic currency is likely to enhance the competitiveness of the country’s exports while making imports of goods costlier.In a written reply in the Lok...
Nifty rally likely to continue, 21,700-21,800 levels possible, ET BFSI
Most technical indicators suggest a likely continuation of the current momentum. Should Nifty surpass and maintain levels above 21,600, technical analysts anticipate a short covering scenario, propelling the index towards 21,700-21,800. Analysts further highlight that...
Study, BFSI News, ET BFSI
Reliance Industries Ltd was the biggest wealth creator during the five-year period from 2018 to 2023 while Adani Enterprises Ltd was the top all-round wealth creator, according to a study by Motilal Oswal Financial Services. The study, based on stock market...
Rupee rally confronted by pushback from Fed officials on rate cuts, ET BFSI
Asian currencies were down 0.2-0.4% after Fed officials pushed back on bets that the U.S. central bank will cut rates aggressively next year.The Indian rupee on Monday will likely face challenges amid weakness in Asian peers after top Federal Reserve officials...
Sensex, Nifty fall at open after record breaking rally, ET BFSI
After rallying to record highs for most of this month, Indian equity indices opened lower on Monday, tracking losses in Asian peers ahead of Japan's monetary policy decision on Tuesday.The BSE Sensex was trading 194 points or 0.27 lower at 71,289. Nifty50 was trading...
Harnessing data through DPI could help Indian business access finance, ET BFSI
Experts are of opinion that there is a need to harness data through the digital public infrastructure to build creditworthiness and inclusion of small and micro businesses in India which can help them to access easy finance. This view emerged at an event organised by...
Muthoot Microfin’s Rs 960-crore IPO opens. Should you subscribe to this issue?, ET BFSI
The initial public offering (IPO) of Muthoot Microfin opened for subscription today and will be available for the public to bid till December 20. The company has bagged Rs 285 crore from 26 anchor investors ahead of the issue.The IPO comprises a fresh issue of Rs 760...
Sensex snaps 3-day winning streak, falls 169 pts dragged by IT & financial stocks, ET BFSI
Tracking a decline in Asian peers, Indian equity indices snapped a three-day winning streak and closed in the red on Monday in volatile trade, dragged by banking, financial and IT shares.On consolidation after the recent rally, the BSE benchmark Sensex declined 169...
Over $5 billion in 15 days! FIIs post record fortnightly buying in Indian equities, ET BFSI
BENGALURU - Foreign portfolio investors (FPI) were major buyers of Indian equities in the first half of December, making the highest-ever purchases in a fortnight, National Securities Depository data showed.Lower U.S. bond yields on expectation of interest rate cuts...
Rupee hits near 3-month high before importers step in, ET BFSI
The Indian rupee climbed to a near three-month high on Monday, helped by custodial banks selling dollars, before being pulled back by dollar demand from importers to end marginally weaker.The rupee ended at 83.0600, against 83.0000 at its previous close. The local...
Over 4000 MSMEs in current fiscal get financial incentives under International Cooperation Scheme, ET BFSI
Under the International Cooperation Scheme, 10,058 MSMEs in 2022-23 and 4,032 MSMEs during 2023-24 – up to December 13, 2023 – have provided financial incentives.The MSME ministry said the International Cooperation Scheme’ is under which, financial assistance is...
EV financing platform Finayo secures Rs 16 crore funding, ET BFSI
EV finance and asset management platform Finayo on Monday said it has secured Rs 16 crore in funding from investors, including NBFCs F Mec and CFPl, as well as HNIs and angel investors. The funding aims to fuel technological advancements and extend the platform's...
Edelweiss Financial to sell stake in unit for up to $240 million, ET BFSI
India's Edelweiss Financial Services on Monday said it has started the process of selling equity in its alternative asset management unit and plans to raise about 15 billion to 20 billion rupees ($180.69 million-$240.93 million) by a divesting 10%-20% stake.The...
Jai Balaji Industries raises Rs 559 cr from Tata Capital Financial Services to retire legacy NPAs, ET BFSI
Steel maker Jai Balaji Industries Ltd on Monday said it has signed a Rs 559-crore debt agreement with Tata Capital Financial Services to retire the remaining legacy non-performing assets (NPAs) held by two asset reconstruction companies. In 2018-19, Jai Balaji had an...
In evolving phase, Fintechs becoming NBFCs, banks becoming combo of three: Shachindra Nath, ET BFSI
Shachindra Nath, the Vice Chairman and Managing Director of UGro Capital believed that the digitization of banking, account aggregation, and maturity of bureau is now enabling a new way of credit for MSME lenders.Sharing his views on the MSME lending space, he said...
From clerk to CEO of agri finance firm, BFSI News, ET BFSI
Anil Kumar S G flew to Manila to pursue a masters at the Asia Institute of Management in 2004. His goal was to switch from banking to academics. But, in the Philippines, he stumbled upon a biography about another banker, which inspired him to build an agriculture...
After RBI’s tighter regulations, borrowing costs rise for NBFCs, ET BFSI
A month after the Reserve Bank of India announced tighter regulations for credit to non-banking financial companies, cost of borrowing for these players has jumped sharply. Banks too are paying more for funds amid tight liquidity conditions in the banking system.Cost...
Interim Budget 2024 near, FM says India is on the cusp of change; managing finances is about managing priorities, ET BFSI
Finance minister Nirmala Sitharaman said on Saturday that the government would ensure the desired policy push and credit availability for India’s informal sector--which has long been the backbone of economic activity--to help them scale up, while enabling the formal...
Naredco recommends phase two of SWAMIH fund, MSME status for real estate sector in upcoming budget, ET BFSI
The National Real Estate Development Corporation (NAREDCO), apex body of real estate developers have urged the union finance minister to do away with income tax on unsold flats and demanded MSME status for the industry for access to low interest loan.The developers’...
26 anchor investors put in Rs 285 crore in Muthoot Microfin ahead of IPO, ET BFSI
Kolkata: Morgan Stanley Asia (Singapore) Pte, WCM International, JNL Multi Manager International, Clearwater International and SBI General Insurance are among a group of 26 anchor investors which have put in Rs 285 crore collectively in Muthoot Microfin ahead of its...
India on the cusp of change; managing finances is about managing priorities, says FM Sitharaman ahead of Interim Budget, ET BFSI
Finance minister Nirmala Sitharaman said on Saturday that the government would ensure the desired policy push and credit availability for India’s informal sector--which has long been the backbone of economic activity--to help them scale up, while enabling the formal...
FPIs flood Indian equity markets, infuse Rs 1.5 lakh crore in 2023 despite global uncertainty, ET BFSI
NEW DELHI: In a dazzling resurgence, foreign investors have graced the Indian equity markets with an influx of nearly Rs 1.5 lakh crore in 2023, fuelled by optimism over the country's resilient economic fundamentals amid shadows of a gloomy global scenario. Experts...
Raining Dollars! FIIs pump in $2.6 billion into Dalal Street in just 5 days; will the frenzy last?, ET BFSI
Dalal Street is possibly having one of its best times in 2023, as its biggest bull – foreign institutional investors – has pumped more than $2 billion into domestic equities in just five days. In the week gone by, FPIs have net bought equities worth Rs 21,641 crore...
Dollar rebounds as Fed’s Williams talks down rate cuts, BFSI News, ET BFSI
The dollar index was last up 0.56% on the day at 102.52. It fell to 101.76 on Thursday, the lowest since Aug. 10. The index is on track for a weekly loss of 1.39%, the worst weekly performance since Nov. 19.The dollar rebounded on Friday after Federal Reserve Bank of...
PSUs holding it up from the other end, ET BFSI
Public sector enterprises (PSEs) are leading the rally in Indian equities, riding on a government push to clean up the balance sheets of state-owned banks and an expansion of its capital expenditure. Public sector banks have built up an adequate cushion after a period...
Foreign flows drive sensex past 71,000, BFSI News, ET BFSI
Foreign flows drive sensex past 71,000 MUMBAI: The sensex capped a strong winning week with a 970-point rally on Friday to close above the 71,000-mark for the first time in history. It closed at 71,484 points as software exporters led the rally. The US central bank's...
MFIs acquire 13 mn new clients, disbursements grow by 28% in FY24: Report, ET BFSI
Ever since the AP crisis in 2010 and the creation of a new category of NBFC-MFIs in December 2011, the regulations have carefully nurtured the growth of microfinance in India. Globally, the Indian microfinance sector is perhaps the second largest after China. The...
India’s forex reserves up $2.82 bn to $606.86 bn for the week ending December 8, ET BFSI
India's foreign exchange reserves increased by $2.82 billion to $606.86 billion for the week ending December 8, the latest data by the Reserve Bank of India (RBI) showed on Friday.Previously, forex reserves witnessed a surge of $6.1 billion to $604 billion for the...
RBI asks Religare to submit fresh application for stake transfer of RHDFCL, ET BFSI
The Reserve Bank of India has rejected Religare Enterprises' proposal to buy 87.5 per cent stake in Religare Housing Development Finance Corporation Limited (RHDFCL), a subsidiary company of Religare Finvest Ltd., and asked it to submit a fresh application. Religare...
Sensex Powells past 70,000 after Fed signals 3 rate cuts in 2024, ET BFSI
Indian equities zoomed to new highs on Thursday with the Sensex closing above 70,000 for the first time as Dalal Street joined the global cheer around the US Federal Reserve’s signal to cut interest rates in 2024. The Nifty also settled above the 21,000 milestone for...
India, US reaffirm commitment to combat global illicit finance, ET BFSI
India and the US on Thursday reaffirmed pledge to work jointly to address illicit finance risk globally, as they weighed greater information sharing and co-operation to better combat sanctions evasion and terrorist financing, according to a joint statement.The...
Rs 4,000 crore a day! FIIs making it a December to remember for Nifty bulls, ET BFSI
Catapulting Sensex beyond the 71,000 mark and making 21,000 the new pincode for Nifty, FIIs (foreign institutional investors) have been pouring in over Rs 3,900 crore daily on an average in December, making the 30-pack index stronger by 4,000 points so far in the...
Unstopabble bull run! Sensex surges 970 points to record high, Nifty tops 21,450, ET BFSI
Tracking positive cues from global peers on elevated bets of a US rate cut by March 2024, Indian equity indices advanced to new all-time highs on Friday, led by the banking, financial and IT stocks.The market capitalization of all listed companies on BSE increased by...
Rupee posts best day in over 8 months aided by dollar inflows, ET BFSI
The Indian rupee posted its biggest single-day gain in more than eight months on Friday amid heavy dollar inflows and a sharp rally in domestic equity markets to fresh record highs.The rupee ended at 83 against the U.S. dollar, up 0.4% on the day, its best single-day...
Housing financer Sitara secures Rs 120 crore for loan book Growth and new markets, ET BFSI
Kolkata: Low cost housing financer Sitara Sewa Grih Rin Ltd has secured a Rs 120 crore debt from British International Investment which will be used to expand loan book and venture into new locations, the company announced Thursday.The housing finance company is a...
Two promoter entities sell 10.2% stake in Fusion MicroFinance for Rs 572 crore, ET BFSI
MUMBAI - Two promoter entities have offloaded 10.2% stake in Fusion MicroFinance through the open market on Thursday. Global private equity firm Warburg Pincus, through its affiliate Honey Rose Investment, sold 6,457,849 shares, representing 6.4% stake for Rs 359...
Around 60% Indian businesses see open banking as gateway to consumer consented data: Report, ET BFSI
The BFSI sector has always been a frontrunner in terms of tech-deployment and has made exceptional use of technologies such as cloud to ensure cost efficiency and modernise their systems. Robust domestic demand, public infrastructure investments, and the strengthening...
Rupee gains lag Asian peers as RBI builds buffer, BFSI News, ET BFSI
Mumbai: The Federal Reserve's signals of a softer policy environment in 2024 have boosted most Asian currencies versus the dollar, but the rupee's gains have paled in comparison as the Indian central bank looks to build a reserves buffer and preserve export...
JM Financial Limited appoints Chirag Negandhi as Managing Director, ET BFSI
Financial services group, JM Financial Ltd announced on Friday the appointment of Chirag Negandhi as Managing Director, in a press note.Hoping to strengthen the leadership team of JM Financial in this role, Chirag will oversee various businesses of the Group including...
RBI asks Religare to submit fresh application for stake transfer of RHDFCL, ET BFSI
New Delhi, The Reserve Bank of India has rejected Religare Enterprises' proposal to buy 87.5 per cent stake in Religare Housing Development Finance Corporation Limited (RHDFCL), a subsidiary company of Religare Finvest Ltd., and asked it to submit a fresh application....
BSE Sensex crosses 71,000, Nifty50 above 21,300 as Dalal Street continues to hit new highs, ET BFSI
BSE Sensex, Nifty50 party continues! The BSE Sensex and Nifty50 continued their rally on Friday as Indian equity markets climbed all time highs. Importantly, Sensex crossed the 71,000 mark for the very first time. At 10:29 AM, BSE Sensex was trading at 71,025, up over...
Muthoot Microfin lowers IPO size as promoters want lesser dilution, ET BFSI
Muthoot Microfin, a part of Kerala-based Muthoot Pappachan group, has scaled down the size of its upcoming initial public offer by about 30% to Rs 960 crore from Rs 1,350 crore, as promoters wanted to minimise dilution following a good two quarters of earnings.The...
Rupee barely changed even as dollar extends decline; forward premiums drop, ET BFSI
The rupee has strong support at 83.40 with "high potential," to log gains amid supportive global cues, Amit Pabari, managing director at fx advisory firm CR Forex, said.The Indian rupee was little changed on Friday as local dollar demand kept up the pressure despite...
SMEs can benefit from IPO surge but must tread cautiously, say experts, ET BFSI
Mumbai: At a time when the interest rate on bank loans have risen considerably, small and medium enterprises (SMEs) can leverage the current boom in the primary IPO market to meet the capital requirement, but they need to streamline their financial books first,...
Sensex, Nifty hit record highs on global market rally as US Fed keeps key interest rate unchanged, ET BFSI
Mumbai, Benchmark equity indices Sensex and Nifty hit their all-time high levels on Thursday tracking a global market rally after the US Federal Reserve kept its key interest rate unchanged and signalled that they expect to make three quarter-point cuts to their...
Rupee rebounds 13 paise to 83.27 against US dollar in early trade, ET BFSI
MUMBAI: The rupee rebounded by 13 paise to 83.27 against the US dollar in early trade on Thursday after the greenback weakened in the overseas markets as the US Federal Reserve signalled a cut in interest rates next year.The local unit opened strong at 83.30 at the...
Indian rupee’s decline versus non-dollar currencies spurs more hedging by exporters, ET BFSI
MUMBAI: The Indian rupee's recent decline against the euro, the British pound and the Japanese yen has prompted exporters to increase hedging their receivables in these currencies, six market participants said.Treasury yields have plunged since November on bets of...
Record closing highs on D-St! Sensex surges 930 points on dovish Fed; Nifty near 21,200, ET BFSI
Indian benchmark equity indices closed at a new all-time high on Thursday, led by banking and technology stocks, after the US Federal Reserve flagged the end of its tightening cycle and struck a dovish tone on the interest rate outlook.The 30-share BSE benchmark...
Mutual funds’ SIP collection soars to Rs 1.66 lakh cr in 2023; lower ticket size to push inflow, ET BFSI
Investors are placing significant bets on systematic investment plans, or SIPs, with inflows rising to Rs 1.66 lakh crore in the first 11 months of 2023, while Sebi's decision to lower the ticket size to Rs 250 will further boost investment. The total invested in the...
AIFs deliver 13.5% IRR alpha over Sensex during 2013-2023: CRISIL, ET BFSI
Notwithstanding top performance of Indian headline indices, AIF benchmarks have outperformed the S&P BSE Sensex, generating an internal rate of return (IRR) alpha of 13.5% as of March 2023, a CRISIL report reveals. This outperformance is not limited to a handful...
India’s Tata Capital eyes fashion brand Rare Rabbit at $300 million valuation -sources, ET BFSI
MUMBAI - India's Tata Capital is looking to purchase a roughly 13% stake in premium domestic fashion brand Rare Rabbit at a valuation of $300 million, as it seeks to bet on the country's affluent shoppers, three sources familiar with the matter said.Tata Capital is...
Rupee recovers 7 paise to close at 83.33 against dollar as rate hike fear eases, ET BFSI
Mumbai, The rupee recovered from all-time lows to close at 83.33 against the US dollar on Thursday, gaining 7 paise as the greenback weakened in the overseas markets following signals that rate hikes by the US Federal Reserve were over. A stellar rally in domestic...
Aye Finance announces Rs 310 crore infusion led by British International Investment, ET BFSI
Aye Finance, one of the country's largest micro-enterprise lenders, has entered into definitive agreements for Rs 310 crore in Series F funding, led by UK's development finance institution and impact investor, British International Investment (BII). The Waterfield...
Rs 4 lakh cr added! Sensex soars 1000 points to fresh high as Fed rate cut hope triggers rally, ET BFSI
Indian benchmark equity indices extended the bull run to fresh all-time highs on Thursday after the US Federal Reserve flagged the end of its tightening cycle and struck a dovish tone on the interest rate outlook. Gains were seen across all the sectors.The BSE Sensex...
Nithin Kamath on the potential dangers of deep fake in financial services industry, ET BFSI
Zerodha chief Nithin Kamath on Wednesday said the rise of AI (artificial intelligence) technology and deepfakes pose a large risk to the financial services industry.While sharing a deep fake video of his, Kamath said it will only become harder over time to validate if...
CRISIL Oister Report, ET BFSI
While overall funding volumes have seen a slump, investments in private markets and startups have continued to outperform in terms of returns compared to public markets, a new report from credit rating company CRISIL venture capital fund investor Oister Global showed....
Japan’s Nikkei snaps 3-day winning streak as yen jumps after Fed’s decision, ET BFSI
Japan's Nikkei share average snapped a three-day winning streak on Thursday, as automakers and banking stocks fell after the Federal Reserve's signal to end its tightening cycle boosted the yen sharply and pushed U.S. Treasury yields lower.The Nikkei ended 0.73% lower...
Dollar takes a dive after Fed signals rate cuts next year, BFSI News, ET BFSI
The U.S. dollar index, which measures the greenback against a basket of currencies, was last 102.87 after dipping as low as 102.77 overnight.The dollar was under pressure on Thursday after the Federal Reserve's latest economic projections indicated that the...
Impact investor Asha Ventures announces first close of Rs 750 crore fund, ET BFSI
Mumbai-based impact investor Asha Ventures has raised Rs 400 crore (about $48 million at the current exchange rate) for its debut fund, which will have a total corpus of Rs 750 crore (about $90 million).The fund plans to make Series A investments in startups pursuing...
Tribe Capital report, ET BFSI
Underscoring a rebound in valuations of Indian venture-backed public companies, Arjun Sethi, cofounder of Silicon Valley-based venture capital firm Tribe Capital, warned that the share of global VC investments in India continued to remain low.The market capitalisation...
LIC portfolio jumps by Rs 80,000 crore in 50 days as stocks soar up to 200%, ET BFSI
NEW DELHI: Biggest India bull Life Insurance Corporation of India (LIC), which is the largest domestic institutional investor on Dalal Street, has raked in a notional profit of about Rs 80,000 crore in the last 50 trading sessions.During the period, around 110 stocks...
Mcap of BSE-listed firms jumps to record high of Rs 354.41 lakh cr; investors richer by Rs 3 lk cr, ET BFSI
New Delhi, The market capitalisation of BSE-listed companies surged to an all-time high of Rs 354.41 lakh crore in early trade on Thursday, with investors becoming richer by Rs 3.22 lakh crore, as the benchmark Sensex hit its all-time high level driven by a rally in...
Shriram Finance may enter Nifty; Canara Bank could replace Bandhan in Nifty Bank, ET BFSI
Shriram Finance holds a strong chance to replace UPL in Nifty when the next review of the index happens in March 2024, according to estimates by Nuvama. The brokerage also sees a medium to high probability of Canara Bank replacing Bandhan Bank in the Nifty Bank...
Shriram Finance to tap ABS route to raise $500 million overseas, ET BFSI
MUMBAI: Shriram Finance is exploring new avenues of global funding by opting for an international asset-backed securities (ABS) model for the first time in order to raise up to $500 million (about Rs 4,160 crore) in mid-January 2024. The issuance is likely to be...
Gold flat as investors gear up for Fed verdict, BFSI News, ET BFSI
Gold prices were little changed in early Asian hours on Wednesday as investors strapped in for the U.S. Federal Reserve's interest rate decision and policy outlook later in the day.FUNDAMENTALS* Spot gold was flat at $1,980.58 per ounce, as of 0059 GMT. U.S. gold...
Muthoot Microfin’s Rs 960-cr IPO to open for subscription on December 18, ET BFSI
The initial public offering (IPO) of Muthoot Microfin will open for public subscription on December 18 and close on December 20. The company plans to raise Rs 960 crore through the public offer.The IPO comprises a fresh issue of Rs 760 crore and an offer-for-sale...
Cashfree Payments launches India’s first self-hosted payments orchestration platform, ET BFSI
Cashfree Payments has introduced a new platform for payment orchestration, named 'FlowWise'. This platform will help Indian businesses manage different payment systems with just one setup. It allows them to send payments to different partners based on specific needs...
Spandana Sphoorty Fin expects to cross Rs 15,000 crore AUM by FY25, ET BFSI
Mumbai, Leading microfinance player Spandana Sphoorty Financial is hopeful of meeting its FY25 target of crossing Rs 15,000 crore AUM as it has already crossed Rs 10,000 crore till November. The Hyderabad-based company had an AUM of Rs 9,784 crore as of September this...
Muthoot Microfin’s Rs 960-cr IPO to open for subscription on December 18, ET BFSI
The initial public offering (IPO) of Muthoot Microfin will open for public subscription on December 18 and close on December 20. The company plans to raise Rs 960 crore through the public offer.The IPO comprises a fresh issue of Rs 760 crore and an offer-for-sale...
Shriram Finance superapp to go live in January, ET BFSI
In a first, the largest retail non-banking financial company (NBFC) Shriram Finance, has set up its own super app offering around 150-200 products and services to provide a one-stop solution platform for both retail and business customers, ET has learnt. Currently in...
Big money managers name top investment ideas for Asia in 2024, ET BFSI
Buy the yen, sell Japanese bonds, snap up Indian and Indonesian stocks: those are some of the top trades recommended by Asian fund managers for 2024. While making the case for those bets, money managers in the region also say determining asset allocations for the year...
Muthoot Microfin sets price band at Rs 277-291/share for its Rs 960-crore IPO, ET BFSI
Muthoot Microfin has fixed the price band for its upcoming initial public offer (IPO) at Rs 277 - Rs 291 per equity share. The issue will open for public subscription on December 18 and close on December 20. The company plans to raise Rs 960 crore through the public...
Sensex scales Mt 70K mark for first time as banking stocks rally; Nifty near 21,000, ET BFSI
Indian equity indices opened with modest gains on Monday, with the Sensex hitting the 70,000 mark for the first time, led by banking, financial and IT stocks.The BSE Sensex was trading 140 points or 0.20% higher at 69,966. Nifty50 was trading at 20,991, up 22 points...
Mirae Asset acquires Sharekhan for ₹3,000 crore, BFSI News, ET BFSI
Mumbai: French financial services major BNP Paribas has sold its local retail broking unit Sharekhan to South Korea's Mirae Asset Financial Group for ₹3,000 crore, said two people close to the development."The deal has been signed and the disclosure will made at the...
BSE Sensex crosses 70,000 2nd day in a row; Nifty50 above 21,000 as Dalal Street party continues, ET BFSI
BSE Sensex and Nifty50 continue their bull run! The BSE Sensex on Tuesday opened higher, crossing the 70,000 mark for the second day. Nifty50 also opened above the crucial 21,000 support level. At 9:23 AM, BSE Sensex was at 70,005, up 77 points, while Nifty50 was at...
S&P, Nasdaq muted as markets brace for inflation data, Fed meeting, ET BFSI
The S&P 500 was muted and Nasdaq inched lower on Monday in the run-up to an action-packed week that includes the Federal Reserve's policy meeting and inflation data, both of which will test investor optimism about monetary policy easing next year.The upbeat...
Asian stocks edge higher ahead of US inflation data, BFSI News, ET BFSI
SINGAPORE - Asian shares crept higher on Tuesday while the dollar eased as investors stayed cautious ahead of a crucial U.S. inflation report later in the day that will set the tone for the week filled with central bank meetings. The U.S. Federal Reserve is widely...
Bulls get cold feet ahead of Fed meet; Sensex drops 377 points, Nifty below 21K, ET BFSI
Ahead of inflation data and the US Fed Policy decision, Indian equity indices erased early gains and closed in the red on Tuesday, dragged by index heavyweights HDFC Bank, Reliance Industries, and Infosys.The broader NSE Nifty dropped 90 points or 0.43% to end at...
Rupee ends flat tracking subdued Asia FX; US CPI data in focus, ET BFSI
The Indian rupee ended little changed on Tuesday and hovered in a tight range tracking subdued moves in its Asian peers as markets await a key U.S. inflation report. The rupee closed at 83.3875 against the U.S. dollar, barely changed from its close at 83.3925 in the...
Shriram Finance may enter Nifty; Canara Bank could replace Bandhan in Nifty Bank, ET BFSI
Shriram Finance holds a strong chance to replace UPL in Nifty when the next review of the index happens in March 2024, according to estimates by Nuvama. The brokerage also sees a medium to high probability of Canara Bank replacing Bandhan Bank in the Nifty Bank...
Poonawalla Housing Finance rebrands as Grihum Housing Finance in third ownership change, ET BFSI
Poonawalla Housing Finance Limited has renamed itself as Grihum Housing Finance Limited (GHFL) on Tuesday. MD & CEO of the Company, Manish Jaiswal, made the announcement at the brand launch showcasing the future plans of the new emerged entity. “We go to the real...
Digital lending expands around 40% in volume and value in Q2 FY24: Report, ET BFSI
Digital lending plays a vital role in meeting the credit needs of the unaddressed market segments in India. According to a recent report by FACE (Fintech Association for Consumer Empowerment), digital loan disbursement volumes and value recorded an annual growth rate...
Digital lending sector continued steady growth in September quarter: report, ET BFSI
Digital lending as a sector showed positive growth in the September quarter of the current fiscal year, according to a report published by FACE (Fintech Association for Consumer Empowerment), an industry body comprising 37 fintech companies.Lending platforms...
Wall Street closes at fresh 2023 highs as inflation data, Fed eyed, ET BFSI
U.S. stocks registered modest gains on Monday but managed to close at new highs for the year, ahead of major market catalysts this week that include inflation readings and the Federal Reserve's policy announcement, which will strongly influence investor expectations...
Consistent inflows push small-cap funds AUM past Rs 2 lakh cr mark in Nov, ET BFSI
New Delhi, Strong, incessant net flows and favourable market conditions propped up the assets base for the small-cap mutual fund category to cross Rs 2 lakh crore mark in November-end, a sharp surge of 69 per cent from a year earlier. On a month-on-month basis, the...
Nifty Bank hits fresh record high; use dips as a buying opportunity, ET BFSI
The Nifty Bank index hit a fresh record high on Monday tracking positive global cues but witnessed some selling pressure at higher levels.Experts see some consolidation at higher levels but dips, if any, can be used as a buying opportunity, they say.The Nifty Bank hit...
Little stress on home loan repayment despite higher interest rates, ET BFSI
The housing finance sector has seen improvement in asset quality despite a sharp rise in interest rates over the past one-and-a-half years, with rising income levels helping offset higher monthly instalments.There are no signs of stress also from an affordability...
Seven of top-10 most valued firms added Rs 3.04 lakh cr in m-cap; HDFC Bank, LIC biggest gainers, ET BFSI
The combined market valuation of seven of the 10 most valued firms climbed Rs 3,04,477.25 crore last week, with HDFC Bank and LIC emerging as the biggest gainers amid an overall optimistic trend in equities. Last week, the BSE benchmark rallied 2,344.41 points or 3.47...
Wall Street gets ready to cash in on $1-trillion climate market, ET BFSI
As the carbon offset market gets a new lease on life from the COP28 climate summit in Dubai, bankers from Wall Street and the City of London are positioning themselves to get a chunk of the dealmaking they say is coming.Banks that have been building up carbon trading...
Govt announces new Sovereign Gold Bond issues for December and February. 8 things to know, ET BFSI
The union government has announced the issuance of new sovereign gold bonds (Sovereign Gold Bond Scheme 2023-24) in two tranches (December and February). The new SGB Series III subscription period is scheduled for December 18-22 and Series IV is for February 12-16.The...
FPIs invest Rs 26,505-crore in equities in 1st six sessions of December, ET BFSI
NEW DELHI: Foreign portfolio investors (FPIs) injected Rs 26,505 crore into the Indian equity markets in the first six trading sessions of this month on expectations of political stability after the BJP stormed to power in three major states and robust economic...
Sensex scales Mt 70K mark for first time as banking stocks rally; Nifty near 21,000, ET BFSI
Indian equity indices opened with modest gains on Monday, with the Sensex hitting the 70,000 mark for the first time, led by banking, financial and IT stocks.The BSE Sensex was trading 140 points or 0.20% higher at 69,966. Nifty50 was trading at 20,991, up 22 points...
Startup hBits offers Rs 28 crore-commercial property in Mumbai to HNIs for fractional ownership, ET BFSI
NEW DELHI: hBits, which facilitates fractional real estate ownership, has identified a Rs 28 crore commercial property in Mumbai and is approaching high-net-worth individuals for investments. The company has identified 13,500 square feet of commercial real estate in...
Mcap of seven of top-10 most valued firms added Rs 3.04 lakh cr; HDFC Bank, LIC biggest gainers, ET BFSI
New Delhi, The combined market valuation of seven of the 10 most valued firms climbed Rs 3,04,477.25 crore last week, with HDFC Bank and LIC emerging as the biggest gainers amid an overall optimistic trend in equities. Last week, the BSE benchmark rallied 2,344.41...
IREDA CMD advocates dual financing model to empower MSMEs in renewable transition, ET BFSI
New Delhi: Indian Renewable Energy Development Agency Limited (IREDA), Chairman and Managing Director Pradip Kumar Das emphasized a dual financing approach to boost the participation of Micro, Small & Medium Enterprises (MSMEs) in the renewable energy transition....
Rupee rises 3 paise to 83.37 against US dollar in early trade, ET BFSI
New Delhi, The rupee appreciated 3 paise to 83.37 against the US dollar in early trade on Monday, amid sustained inflow of foreign funds and bullish sentiment in the domestic equity market. An upward movement in crude oil prices, however, weighed on the Indian...
Rupee stands pat as likely RBI help counters drop in Asian peers, ET BFSI
The Indian rupee was little changed on Monday, aided by likely intervention from the Reserve Bank of India (RBI), even as its Asian peers slipped amid an uptick in U.S. Treasury yields.The rupee was at 83.3725 against the U.S. dollar as of 10:20 a.m. IST, barely...
‘Housing affordability may improve next year’, BFSI News, ET BFSI
Mumbai: The affordability for home purchases is expected to improve for the better in 2024, based on the expectation of a 60-80 basis point repo rate cut during the year. This is expected to keep buyers' affordability within a very comfortable range and sustain the...
Block deals worth over Rs 25,200 crore take place this week; RIL, Airtel among stocks with significant action, ET BFSI
The week gone by saw Nifty50 ending with gains of over 4% riding on the Bharatiya Janata Party's (BJP) victory in three key states in the Hindi heartland. Significantly higher week-on-week (WoW) action in terms of prominent block deals was witnessed over the five...
India Shelter Finance is well placed to benefit from affordable housing opportunity, ET BFSI
ET Intelligence Group: Haryana-based India Shelter Finance Corporation (ISFC) plans to raise ₹800 crore through a fresh issue of equity to augment its capital base and another ₹400 crore through an offer for sale by some of its investors. The shareholding of the...
$1.3 billion bet! FPI dollars chased just these 4 sectors in November; what’s likely in December?, ET BFSI
After ditching in October, foreign portfolio investors made a comeback on Dalal Street in November, investing over Rs 9,000 crore or $1 billion into domestic equities. However, the inflows weren’t broad based, as only four sectors witnessed capital flows exceeding Rs...
SRG Housing Finance aims to hit Rs 750 cr AUM next fiscal, BFSI News, ET BFSI
New Delhi, Mortgage firm SRG Housing Finance plans to achieve Rs 750 crore asset under management (AUM) during the next financial year, a top company official has said. "We have achieved AUM of Rs 500 crore in the last quarter. We hope to achieve the next milestone of...
India Shelter Finance IPO to open on December 13. Here are 10 things to know about the offer, ET BFSI
India Shelter Finance IPO comprises fresh equity issue worth Rs 800 crore along with an offer for sale (OFS) of 400 crore. The price band of this public issue is fixed at Rs 469-493, and at the upper end, the company plans to raise Rs 1200 crore. ICICI Securities,...
2 mainboard, 4 SME IPOs to raise Rs 2,500 crore, ET BFSI
After a brief pause, the primary market will be back in full swing next week with two mainboard IPOs and four SME issues planning to raise about Rs 2,500 crore.The two mainstream public offers -- DOMS Industries and India Shelter Finance -- will open for public...
FinMin to empanel merchant bankers, law firms for disinvestment via OFS, dribbling, ET BFSI
New Delhi, The Finance Ministry has invited bids for the empanelment of merchant bankers and legal advisors for assisting the government in CPSE disinvestment transactions undertaken through OFS and stock market dribbling. The bids have been invited in four categories...
FPIs invest Rs 26,505-cr in equities in 1st six sessions of Dec, ET BFSI
New Delhi, Dec 10, Foreign portfolio investors (FPIs) injected Rs 26,505 crore into the Indian equity markets in the first six trading sessions of this month on expectations of political stability after the BJP stormed to power in three major states and robust...
IndiGrid raises INR 670 cr via institutional placement, BFSI News, ET BFSI
In September 2023, IndiGrid had raised over USD 400 crore through a preferential issue. With the recently concluded Institutional Placement, the company has successfully raised equity funds of USD 1,070 crore in FY2023-24.New Delhi: Infrastructure investment trust...
Financial Services Secretary, ET BFSI
Financial Services Secretary Vivek Joshi on Friday outlined the vision for 2047 and said financial institutions must move towards data-based lending, instead of judgement-based lending, in the medium-term. He said global Indian banks with a footprint across continents...
Sebi considering to create new asset class, BFSI News, ET BFSI
Capital markets regulator Sebi is looking to create a new asset class -- which lies between mutual funds and portfolio management services (PMS) -- and the new product can cater to high-risk investors, its chief Madhabi Puri Buch said on Friday. The Sebi chief said...
India’s forex reserves surpasses USD 600 bn mark after nearly four months, ET BFSI
Mumbai, India's foreign exchange reserves increased to USD 604 billion as on December 1, surpassing the USD 600 billion mark after a gap of about four months. The forex reserves were last above the USD 600 billion mark on August 11 this year. "India's foreign exchange...
Bank of International Settlements, US regulator warn on BNPL impact on consumers, credit, ET BFSI
Even as BNPL (buy now, pay later) business suffers in India due to regulatory action, Bank of International Settlements and a top US banking regulator has warned on the pitfalls of the avenue of credit. The US Office of the Comptroller of the Currency, an independent...
Sensex hits all-time high; Nifty scales 21k post RBI policy decision, ET BFSI
Mumbai, Equity benchmark Nifty scaled the psychological milestone of 21,000 in afternoon trade on Friday, and the Sensex touched its all-time intraday high of 69,888.33 after the central bank's decision to keep policy rates unchanged in line with market expectations....
Bank stocks gain on reversal of liquidity facilities under SDF, MSF, ET BFSI
Bank stocks were trading marginally higher following the Reserve Bank of India’s (RBI) decision to allow the reversal of liquidity facilities under both SDF and MSF even during weekends and holidays with effect from December 30, 2023. While the central bank will...
Nifty tops 21,000 for first time as RBI MPC holds key rate; Sensex jumps 300 pts, ET BFSI
Indian equity indices were trading at record highs in early trade on Friday, with Nifty50 reaching 21,000 mark for the first time after RBI left repo rate unchanged at 6.50%.The BSE Sensex was trading 264 points higher at 69,786. Nifty50 was trading at 20,984, up 83...
Stock markets snap seven-day winning run; Sensex falls 132 points, ET BFSI
Mumbai, Benchmark equity indices Sensex and Nifty snapped their seven-day winning streak on Thursday as investors booked profits after recent sharp gains amid negative cues from Asian markets. The 30-share BSE Sensex fell 132.04 points, or 0.19 per cent, to close at...
When should you consider home loan refinance?, BFSI News, ET BFSI
In life, we often seek improvements - a nicer home, a better car, a more fulfilling job, and so on. Progress is essential, and the same applies to our financial decisions.Just as we strive for better things in life, it's natural to look for a more efficient home loan...
Indian banks ask fintech partners to limit tiny personal loans amid regulatory glare, ET BFSI
Top Indian banks and non-bank lenders have asked their fintech partners to curtail issuing tiny personal loans, three banking and one industry source said on Thursday, weeks after the central bank clamped down on the fast-growing business.Paytm plans to go slow on...
NCLAT adjourns hearing on Axis Finance, IDBI Bank pleas to Dec 15, ET BFSI
The NCLAT on Wednesday adjourned the hearing to December 15 on the two appeals filed by Axis Finance and IDBI Bank against the merger of Zee Entertainment and Culver Max Entertainment, formerly Sony Pictures Networks India. The NCLAT bench headed by its Chairperson...
Rupee falls 4 paise to close at 83.36 against US dollar, BFSI News, ET BFSI
Mumbai, The rupee depreciated 4 paise to close at 83.36 (provisional) against the US dollar on Thursday, tracking elevated American currency in the overseas market and a muted trend in domestic equities. Forex traders said the rupee traded in a narrow range as the...
FPIs back shopping, go big on capital goods, auto and IT, ET BFSI
Foreign portfolio investors (FPI) bought shares worth Rs 16,351 crore across 12 sectors on average between November 16 and 30, NSDL data showed. Inflows were highest for capital goods, consumer services, and automobiles, while outflows were highest from financial...
Ashv Finance gets USD 10 million investment from Encourage Capital, ET BFSI
Mumbai, Small businesses-focused lender Ashv Finance on Wednesday announced that Encourage Capital has invested USD 10 million (about Rs 83.33 crore) into the company. The non-bank lender, which has over Rs 1,000 crore of assets under management at present, is...
Tata Motors partners HDFC Bank for commercial vehicle financing, ET BFSI
Tata Motors on Thursday said it has partnered with HDFC Bank to provide digital financing solutions for its commercial vehicle customers. The two companies have signed a Memorandum of Understanding (MoU) to this effect, Tata Motors said in a statement. Under this...
Rupee fell 4 paise to 83.36 against US dollar in early trade, BFSI News, ET BFSI
The rupee depreciated 4 paise to 83.36 against the US dollar in the morning session on Thursday, tracking the strength of the American currency in the overseas market and muted trend in domestic equities. Forex traders said rupee is trading in a narrow range as the...
BNPL survival at stake as ZestMoney closes down, Paytm slows small loans, ET BFSI
In a significant development within the financial technology sector, ZestMoney, a once-prominent Buy Now, Pay Later (BNPL) startup valued at $450 million, is set to cease operations this month. Reports indicate that the company is laying off its remaining 150...
ZestMoney saga highlights drying NBFC credit flow, BFSI News, ET BFSI
ZestMoney's closure was primarily driven by its non-bank lending partners' decision to terminate credit lines to the fintech startup.Two people in the know said partner lenders to ZestMoney like Aditya Birla Finance had conducted multiple diligence meetings over the...
Dollar at 2-week high, euro softer as market bets on rate cuts, ET BFSI
The U.S. dollar was at a two-week high on Wednesday, while the euro was weak across the board as markets ramped up bets that the European Central Bank (ECB) will cut interest rates as early as March.Although markets are still pricing at least 125 basis points of...
Sensex, Nifty snap seven-day rally; Sensex falls over 200 points, ET BFSI
Mumbai, Benchmarks Sensex and Nifty snapped their seven-day run in early trade on Thursday amid selling pressure from foreign institutional investors and tracking cues from Asian markets. Analysts said, receding crude oil prices in international markets failed to...
Rupee to gauge dollar’s recovery even as economic data drives US yields lower, ET BFSI
The RBI likely sold U.S. dollars on Tuesday to cap the rupee's decline, traders said.The Indian rupee is likely to open little changed on Wednesday amid a recovery in the greenback even as U.S. Treasury yields declined after data showed that job openings in the...
Govt seeks Lok Sabha nod for over Rs 1.29 lakh crore additional spending for FY24, ET BFSI
During the ongoing winter session of the Parliament, the Government of India on Wednesday sought the Lok Sabha's approval for an additional spending of Rs 1.29 lakh crore for FY24, which would be matched by savings of Rs 70,968 crore. The Union Minister of of State...
Unnati Agri attains break-even status in Oct; registers 2x growth, ET BFSI
Unnati Agri, an agriculture supply chain and financial services startup, attained break-even status in October 2023, showcasing an impressive 2x growth compared to the previous fiscal year. This accomplishment underscores Unnati Agri's substantial progress, driven by...
Sensex surges 358 points to end at fresh record high powered by IT, energy stocks, ET BFSI
Indian equity indices closed at fresh record highs for the third straight session on Wednesday, led by energy stocks on moderating oil prices and IT shares on growing bets of a rate cut in the US in March.The 30-share BSE benchmark Sensex advanced 358 points or 0.52%...
10% uptick from November lows, but was it the top performer?, ET BFSI
While Nifty recorded a new all-time high daily in December, the 50-stock index was still not among the top-performing global indices in November, falling behind benchmark indices in developed markets viz US, UK, Japan, France, Switzerland and Germany. Among the...
11% gains in 3 days! Jio Financial stock hits 2-month high; what’s pulling the bulls?, ET BFSI
MUMBAI - Shares of Jio Financial Services have been on a joyride in line with the market, with the stock gaining more than 11% in just three sessions and hitting an over two-month high in trade on Wednesday.The stock was up nearly 2% in trade on Wednesday on the...
Nifty Bank snaps 3-day winning streak; crucial support placed at 46,400, ET BFSI
The Nifty Bank snapped a 3-day winning streak and closed in the red after hitting fresh record highs in intraday trade on Wednesday.The index closed 177 points lower at 46,834. It had hit a record high of 47,259. The Nifty index closed 82 points higher at 20,937.The...
PNB Housing Finance achieves Rs 1,000 cr loan book under Roshni segment, ET BFSI
New Delhi, PNB Housing Finance on Wednesday said its affordable housing segment Roshni has achieved a Rs 1,000 crore loan book in less than a year of its launch. This achievement represents the company's steadfast focus on financial inclusion by offering low...
Diwali bonanza for credit card firms as spending surges 25% during festive period, ET BFSI
Credit card spending on e-commerce platforms saw a significant surge of 25 per cent during the Diwali 2023 period compared to the previous year, according to Visa's payment data analysis. This increase, along with an overall growth of around 18 per cent in credit card...
Kirloskar grp’s NBFC aims to add Rs 800 cr to AUM by March, BFSI News, ET BFSI
Mumbai, Arka Fincap, a non-bank lender promoted by the Kirloskar Group, on Tuesday said it is aiming to add another Rs 800 crore to its Assets Under Management (AUM) by March 2024. The shadow bank, which announced its plans to raise up to Rs 300 crore from a...
Microfinance loan portfolio stands at Rs 3.76 lakh cr at end of FY’24 Q2: Industry body, ET BFSI
Kolkata: Microfinance loan portfolio at the end of the second quarter of the current financial year stood at Rs 3.76 lakh crore, serving 7.1 crore borrowers, an industry body report said. According to the report prepared by Microfinance Institutions Network (MFIN), a...
Manipal Tech, India’s largest banking & smart cards manufacturer, looks to raise Rs 1,000 cr, ET BFSI
Mumbai: Manipal Technologies (MTL), the largest manufacturer of banking and smart cards in India, plans to bring in a financial partner into the eight-decade-old, Pai family-owned business at a valuation of around ₹4,000-4,200 crore ($500 million), multiple people...
DBS India’s ESG push taps collaborative finance, BFSI News, ET BFSI
MUMBAI: In keeping with its broad push towards sustainable financing, DBS Bank India aims to register 60% growth by next year end in its environmental social and governance (ESG) financing book for India clients from around S$1 billion as of October 2023."We will grow...
PNB Housing Finance celebrates the essence of personal independence in home ownership, ET BFSI
A still from the adPNB Housing Finance has unveiled its latest brand campaign, ‘Kuch apna karo, apne hisaab se jiyo’, which celebrates the essence of owning a home and enjoying the freedom of choice associated with it. The campaign suggests perceiving home loan...
Rupee rises 2 paise to 83.35 against US dollar in early trade, ET BFSI
The rupee appreciated 2 paise to 83.35 against the US dollar in early trade on Wednesday, amid a bullish trend in domestic equities and sustained foreign fund inflows.Forex traders said investors remained on the sidelines ahead of the Reserve Bank of India's monetary...
NBFC-MFIs AUM rises 39.2% y-o-y in Sept; bank lending to NBFCs spikes, ET BFSI
NBFC-MFIs AUM rises 39.2% y-o-y in Sept; bank lending to NBFCs spikesThe non-banking financial company – microfinance institutions (NBFC-MFIs) have been showing a positive growth trajectory in the recent past with assets under management (AUM) rose 39.2% year-on-year...
Nifty Bank hits fresh record highs on BJP’s performance in state elections; 47,000 eyed, ET BFSI
The Nifty Bank index rallied over 1,600 points on Monday, tracking BJP’s exceptional performance in the state elections and strong global cues. The near-term target for the index is placed at 47,000, suggested experts.The index made a strong bullish candle on daily...
To beat red tape, FPIs keen to buy India debt tap supranational bonds, ET BFSI
Mumbai: Some overseas investors, whose enthusiasm for purchasing Indian sovereign debt is sapped by the procedures associated with the exercise, have found a novel instrument to tap into the credit market in the world's fastest-expanding major economy: Supranational...
India’s corp bond market set to cross Rs 100 lakh-cr by FY30: Crisil, ET BFSI
The size of outstanding issuances in India’s corporate bond market is set to more than double and top the Rs 100 lakh crore mark over the next five to six years, as the infrastructure sector looks to step up spending and more individuals opt for financial savings,...
Investors’ wealth rises by Rs 2.4 lakh crore in morning deals as markets continue to scale new peaks, ET BFSI
New Delhi, Equity investors became richer by Rs 2.4 lakh crore as key benchmark indices Sensex and Nifty scaled new peaks in morning trade on Tuesday, amid persistent foreign fund inflows. Analysts said foreign institutional investors have reversed their selling...
ATM and micro ATM cash withdrawals clocked 29% growth during Diwali week : Data, ET BFSI
During the festive season, cash withdrawal through ATM and micro ATM clocked a growth of 29 per cent in value during the Diwali week, as compared to the prior week, whereas credit and debit card transactions registered a decrease of 4 per cent and UPI and IMPS...
Net Avenue Tech issue subscribed over 500x; stock may double on listing day, ET BFSI
The initial public offer of Net Avenue Technologies was subscribed over 500 times, making it the second highest in terms of bids received this year. Kahan Packaging IPO, which hit the Street earlier this year, received subscription of over 700 times.The offer of Net...
Stock markets hit new record highs; Sensex breaches 69k-mark, Nifty eyes 21k level, ET BFSI
Mumbai, Benchmark stock indices Sensex and Nifty settled at new peaks on Tuesday, rallying for the sixth straight session amid massive buying in power and utility sector shares. The 30-share BSE Sensex jumped 431.02 points, or 0.63 per cent, to close at a new record...
Dollar stems decline after heavy November selloff, BFSI News, ET BFSI
SINGAPORE: The dollar regained some ground on Tuesday and hovered near a one-week high against major peers, while bitcoin extended its momentum on optimism that U.S. regulators could soon approve exchange-traded spot bitcoin funds.The greenback rose marginally against...
NPCI Bharat BillPay Onboards SBI Card under the Credit Card Category, ET BFSI
NPCI Bharat BillPay Ltd. (NBBL), the wholly-owned subsidiary of the National Payments Corporation of India (NPCI), in a press note, announced on Tuesday that it has on-boarded SBI Card, under the credit card category of Bharat BillPay. The development aims to simplify...
Rupee see-saws in thin band, cenbank offsets corporate dollar buys, ET BFSI
The Indian rupee hovered in a tight range on Tuesday, ending little changed against the U.S. dollar, as likely intervention by the central bank offset local demand for the greenback.The rupee ended at 83.3825 against the dollar, barely changed from its close at...
Kirloskar group’s Arka Fincap sees 25-30% growth this fiscal; floats Rs 300 crore maiden NCD issue, ET BFSI
Arka Fincap Ltd, a systemically important non-banking finance company (NBFC) from the Kirloskar group, announced a Rs 300 crore maiden non-convertible debentures (NCD) issue on Tuesday to fund growth as well as for liability diversification. “This issue was planned as...
US President Biden nominates Indian American global venture capitalist to IDFC Board, ET BFSI
WASHINGTON: President Joe Biden has nominated prominent Indian-American global venture capitalist Deven Parekh as a member of the Board of Directors of the International Development Finance Corporation, a development finance institution and agency of the US...
NBFC leaders say RBI action may increase if no slowdown seen in unsecured lending, ET BFSI
Non-banking finance companies (NBFC) leaders see a potential moderation in unsecured lending after the RBI raised risk weights, but are optimistic about the overall health of the industry with shifting consumer behaviour and the rise of online lending platforms being...
India rupee to inch lower on recovery in US dollar, bond yields, ET BFSI
The rupee may see "another session with a narrow range," as traders remain shy of pushing the currency lower due to expectations that the Reserve Bank of India (RBI) will likely intervene to defend the rupee.The Indian rupee is likely to decline slightly on Tuesday...
Arka Fincap announces issue of NCDs worth Rs 30,000 lakh, BFSI News, ET BFSI
Arka Fincap Limited on Tuesday announced public issue of secured, rated, listed, redeemable non-convertible debentures of face value of Rs 1,000 each for an amount of Rs 15,000 lakh – Base Issue Size – with an option to retain oversubscription up to an amount of Rs...
Dalal Street bull run continues! BSE Sensex crosses 69,000 for the first time; Nifty above 20,800, ET BFSI
BSE Sensex & Nifty50 at record highs! Indian equity indices opened at new record highs on Tuesday, following a strong performance in the previous session. The positive sentiment was driven by robust macroeconomic data, expectations of a US rate cut in March, and...
L&T Finance Holdings’ merger to pare costs, free up Rs 3,000-cr funds, ET BFSI
Mumbai: L&T Finance Holdings (LTFH), the non-bank lending business of engineering-to-IT conglomerate Larsen & Toubro (L&T), has merged all its financial services companies within itself, creating a single lending entity, effectively freeing up ₹3,000 crore...
Analysts, BFSI News, ET BFSI
The near-term trend still remains positive, and the Nifty may expect upside targets of 20,500 and, subsequently, 20,900 this month, according to technical analysts. Stocks such as ITC, Torrent Pharma, GAIL, Can Fin Homes, Bajaj Finance, and Bajaj Finserv have shown...
NFRA has retrospective jurisdiction, says National Company Law Appellate Tribunal, ET BFSI
NEW DLEHI: In a boost to the National Financial Reporting Authority, the National Company Law Appellate Tribunal (NCLAT) has held that the agency set up to keep an oversight over auditors of listed and large companies has "superior authority" over the Institute of...
Sensex surges over 800 points, Nifty above 20,550 as BJP state election wins bolster Modi’s Lok Sabha 2024 prospects, ET BFSI
Sensex surged over as 800 points in opening trade on Monday to cross an all time high level of over 68,000, bolstered by the Bharatiya Janata Party’s massive victories in state elections ahead of the 2024 Lok Sabha polls. Nifty50 scaled fresh highs of 20,550, up over...
FPIs infuse Rs 9,000 cr in equities in Nov; inflow in debt at 6-yr high, ET BFSI
New Delhi: After turning net sellers in the past two months, FPIs again made a comeback in the Indian stock markets in November and pumped in Rs 9,000 crore amid fall in US treasury bond yields and the resilience of the domestic market. Additionally, Foreign Portfolio...
After getting FPI ‘Visa’ for D-Street, Russians move to open GIFT shops, ET BFSI
Mumbai: Russians are working to gain a toehold in GIFT City, India's financial services centre in Gujarat.Just a few months after half a dozen Russian institutions were permitted by the Indian capital market regulator to trade as foreign portfolio investors (FPIs) on...
Shrinithi Capital partners with ESAF Small Finance Bank, BFSI News, ET BFSI
Chennai: Shrinithi Capital, which specialises in commercial vehicle and two-wheeler loans, has announced a partnership with ESAF Small Finance Bank. The collaboration is part of Shrinithi Capital’s expansion plans to enter the small truck transporters and owner cum...
Geojit ropes in two CEOs for private wealth & managed assets, BFSI News, ET BFSI
Mumbai, Investment services firm Geojit Financial on Monday appointed Rahul Roy Chowdhury as the chief executive of its private wealth services arm and Gopinath Natarajan as head of its portfolio & managed assets. The new CEOs will lead the company's wealth...
20% rally in 3 months! This PSU bank hits a fresh 52-week high; should you buy or book profits?, ET BFSI
Canara Bank, part of the PSU banking segment, rallied more than 20% in the last 3 months to hit a fresh record high in December 2023 and the chart pattern suggests that the rally may not be over yet.Short-term traders can look to buy the stock for a target of Rs 432...
The rupee rises 6 paise to 83.27 against the US dollar in early trade, ET BFSI
Mumbai, The rupee appreciated 6 paise to 83.27 against the US dollar in early trade on Monday amid a positive trend in domestic equities and foreign fund inflows. At the interbank foreign exchange, the rupee opened at 83.28 against the dollar and then touched a low of...
L&T Finance Holdings merges subsidiaries to form single entity, ET BFSI
L&T Finance Holdings Ltd. (LTFH), on Monday announced the successful completion of the merger of its subsidiaries, viz., L&T Finance Ltd., L&T Infra Credit Ltd. and L&T Mutual Fund Trustee Ltd. with itself, in a press note.After completing the...
At Rs 22 lakh crore, NBFCs spot a big opportunity in small ticket loan against property market, ET BFSI
Non-Banking Financial Companies (NBFCs) are increasingly favouring the Small Ticket Loan Against Property (S-LAP) segment over medium ticket loans. The market potential for S-LAP is estimated at a substantial Rs 22 lakh crore, with lenders having tapped only around Rs...
Asian shares turn mixed, gold tops $2,100 an ounce, BFSI News, ET BFSI
SYDNEY: Asian shares were mixed on Monday while gold spiked to all-time peaks above $2,100 at the start of a busy week for economic data that will test market wagers for early and aggressive rate cuts from major central banks next year.In particular, the U.S. November...
Shrinithi Capital partners with ESAF Small Finance Bank, BFSI News, ET BFSI
Chennai: Shrinithi Capital, which specialises in commercial vehicle and two-wheeler loans, has announced a partnership with ESAF Small Finance Bank. The collaboration is part of Shrinithi Capital’s expansion plans to enter the small truck transporters and owner cum...
Assembly poll results, RBI policy among 7 factors that will drive Dalal Street this week, ET BFSI
MUMBAI: Domestic equities kicked off December on a high note, with the benchmark Nifty 50 scaling fresh lifetime highs, as foreign investors were buoyed by the robust GDP data and upbeat global markets. On Friday, the Nifty 50 ended at 20267.90 points, clocking more...
Why climate finance is an important tool to accelerate clean energy initiatives, ET BFSI
In addition to the remarkable growth in India's renewable energy sector, the global landscape is evolving, with significant implications for sustainable energy initiatives. The ongoing COP28 conference is poised to be a crucial platform for nations worldwide to...
You pay 18% more than the interest amount, even in ‘No Cost EMI’, ET BFSI
Most credit card holders are aware of the high interest rate of revolving credit, like in a credit card which can go up to 42% annually. Many people who can’t clear their dues in one credit cycle prefer converting the purchases into EMIs so that they can pay a much...
FPIs infuse Rs 9,000 cr in equities in Nov; inflow in debt at 6-yr high, ET BFSI
New Delhi, Dec 3: After turning net sellers in the past two months, FPIs again made a comeback in the Indian stock markets in November and pumped in Rs 9,000 crore amid fall in US treasury bond yields and the resilience of the domestic market. Additionally, Foreign...
Kross files Rs 500 crore IPO papers with Sebi, BFSI News, ET BFSI
NEW DELHI: Kross Ltd, a specialist in manufacturing forging components for top OEMs -- has filed preliminary papers with capital markets regulator Sebi to raise Rs 500 crore through an Initial Public Offering (IPO). The maiden public issue of the Jamshedpur-based...
India’s forex reserves up by $2.54 bn to $597.94 bn for the week ending Nov 24, ET BFSI
India's foreign exchange reserves increased by $2.54 billion to $597.94 billion for the week ending November 24, the latest data by the Reserve Bank of India (RBI) showed on Friday.Previously, forex reserves witnessed a surge of $5.08 billion to $595.397 billion for...
Millennials taking charge of nuptials, 42% to self-fund their weddings: Report, ET BFSI
~ Anushka Sengupta & Shrishti SharmaWhile the wedding season has kicked in and over 35 lakh weddings are happening between November 23 and December 15, 2023, according to the CAIT Research & Trade Development Society, a recent survey of 1200 millennials...
Fedbank Financial Services shares settle on muted note in debut trade, ET BFSI
New Delhi, Shares of Fedbank Financial Services Ltd (Fedfina), a subsidiary of Federal Bank, made a muted market debut on Thursday and ended at par with the issue price of Rs 140 on the BSE. The stock listed at Rs 137.75, registering a decline of 1.60 per cent from...
Loans to NBFCs, trade and retail drive credit growth in October, ET BFSI
Credit growth moderated in October as lending to all major sectors including retail, industry and loans to services slowed down as also due to the merger impact of HDFC with HDFC Bank.On a year-on-year (y-o-y) basis, non-food bank credit rose 15.3 per cent in October...
Rupee ends at record closing low, underperforms key Asian peers in Nov, ET BFSI
MUMBAI, - The Indian rupee fell to its lifetime closing low on Thursday and was the worst performer among key Asian peers in November which have rallied amid a slump in US yields and the greenback.Likely intervention from the Reserve Bank of India limited further...
FPIs change course, buy over Rs 9,000 cr of Indian equities in Nov, ET BFSI
Mumbai: Overseas investors bought Indian equities worth more than ₹9,000 crore in November, reversing two consecutive exit runs in the previous two months, as a decline in energy prices and stable US yields burnished the allure of risk assets in Emerging...
December begins with Dhamaka! Nifty hits record high on GDP, exit poll, ET BFSI
NEW DELHI: Nifty50 hit at a fresh record high on Friday as faster-than-expected economic growth in the September quarter added to optimism over the global interest rate outlook, and exit polls results indicate a high possibility of political stability after the...
Amid a string of solid IPO debuts, Fedbank Financial disappoints. What should investors do?, ET BFSI
Amidst a string of IPOs making solid debuts at the bourses, Fedbank Financial Services had a tepid listing with a 1% discount to its IPO price.The lackluster listing was in line with pre-listing expectations, which were dampened by a weak grey market premium and a...
Microfinance institutions crucial for financial inclusion, says Assam IAS officer, ET BFSI
Laya Madduri, Secretary, Government of Assam said that financial inclusion is a critical issue that demands our attention. Microfinance institutions play a crucial role in filling the void to provide financial services in rural areas.Madduri at the 2nd National Summit...
Rupee rises 8 paise to 83.29 against US dollar in early trade, ET BFSI
The rupee rose by 8 paise to 83.29 against the US dollar in early trade on Friday on the back of massive equity buying by foreign institutional investors and softening crude oil prices. Positive cues from equity markets amid strong domestic macroeconomic data boosted...
Clix Capital’s CFO aims to close FY24 with 3X profitability, 40% AUM growth, ET BFSI
Clix Capital CFO Gagan Aggarwal Gagan Aggarwal, Chief Financial Officer at Gurugram-based non-bank finance company Clix Capital aims to finish the financial year 2023-24 with a 3X growth in profit to about Rs 80 crore and 40% growth in Assets Under Management (AUM) to...
Corporate debt servicing improves despite higher interest cost, ET BFSI
Despite a 60 basis point ( 0.60 percent) rise in policy rates between September 2022 and September 23, corporate debt servicing as measured by interest coverage ratio improved from 4.49 in September'22 to 5.64 in September 23 implying higher lending rates have not hit...
India could get nearly $4-b inflows on US pension board’s index switch, ET BFSI
Mumbai: Reliance Industries, ICICI Bank, Infosys, HDFC Bank, and TCS could be the primary beneficiaries of a recent decision by the Federal Retirement Thrift Investment Board, a US Pension Fund, to change its benchmark index for its International Stock Index...
Fedbank Financial stock lists at 2% discount over issue price, ET BFSI
Shares of Fedbank Financial on Thursday got listed with a discount of 1.6% on BSE on debut at the bourses on Thursday. The stock was listed at Rs 137.75 on BSE.Meanwhile, on the NSE the stock was listed at Rs 138, down 1.4%.The IPO, which was priced in the range of...
Fedbank Financial Services shares debut on muted note; bounce back later, ET BFSI
New Delhi, Shares of Fedbank Financial Services Ltd (Fedfina), a subsidiary of Federal Bank, made a muted market debut on Thursday, listing with a discount of nearly 2 per cent, against the issue price of Rs 140. The stock listed at Rs 137.75, registering a decline of...
IIFL Finance raises $50 million from Japan’s Mizuho Bank, BFSI News, ET BFSI
Non-bank lender IIFL Finance on Wednesday raised $50 million in three-year external commercial borrowing (ECB) from Japan's Mizuho Bank.The loan, priced at 120 basis points over Tokyo overnight average rate (Tonar), will be used for onward retail lending. One basis...
Cabinet approves Terms of Reference for the Sixteenth Finance Commission, ET BFSI
The Union cabinet on Wednesday approved the Terms of Reference (TOR) for the sixteenth Finance Commission to recommend the tax distribution between the Union and the States of the net proceeds of taxes, on the measures needed to augment the resources of local bodies...
Godrej Capital Nirmaan partners with DBS Bank India, Visa and Amazon to aid MSME growth, ET BFSI
Representative imageIn a move aimed at widening its horizon, Godrej Capital Nirmaan on Thursday announced partnership with DBS Bank India, Visa and Amazon to aid MSME growth."The Godrej Group, with a rich history of over 125 years in Indian business, stands poised to...
Medimix maker Cholayil edges closer to $50 million PE funding, ET BFSI
CHENNAI: Cholayil Private, the company behind iconic brands Medimix and Cuticura, is in the process of raising around $50 million (around Rs 400 crore) in private equity (PE) funding as the 54-year old brand looks to capitalise on the natural push in personal care....
TN govt signs MoUs for Rs 5,567 crore MSME investments, BFSI News, ET BFSI
CHENNAI: Ahead of the Global Investors Meet (GIM) in January, the MSME department of the Tamil Nadu government on Wednesday signed 293 MoUs to bring in investments of 5,567 crore. The investments will be made across sectors such as auto components manufacturing,...
3 IPOs to list today. Will Tata Technologies outshine all the others?, ET BFSI
The shares of three companies -- Tata Technologies, Gandhar Oil and Fedbank Financial -- will debut on the exchanges tomorrow. If we go by the grey market trends, Tata Technologies seems to be emerging as the clear winner in the IPO frenzy season.According to the...
TN govt signs MoUs for Rs 5,567 crore MSME investments, BFSI News, ET BFSI
CHENNAI: Ahead of the Global Investors Meet (GIM) in January, the MSME department of the Tamil Nadu government on Wednesday signed 293 MoUs to bring in investments of 5,567 crore. The investments will be made across sectors such as auto components manufacturing,...
Rupee edges up on foreign banks’ dollar sales, weaker greenback, ET BFSI
The Indian rupee closed slightly higher on Tuesday, supported by foreign banks' dollar sales and softness in the greenback, which is hovering close to 3-month lows.The rupee ended at 83.3325 against the U.S. dollar, compared with its previous close at 83.3675.Asian...
Discount brokers top in client tally, bank-led companies rake in higher fees, ET BFSI
Mumbai: Discount or online brokers have emerged as the predominant winners in the client acquisition race in the past five years. However, bank-owned brokers continue to maintain the highest average revenue per user (ARPU), though their share has shrunk compared to...
Sebi moves to prevent misuse of SSFs, BFSI News, ET BFSI
Mumbai: Defaulting promoters cannot misuse 'special situation funds' to surreptitiously buy into their companies to retain control. Market regulator Securities and Exchange Board of India (Sebi) on Tuesday proposed that if the investment in the special situation fund...
Redemption price of first ever Sovereign Gold Bond (SGB) tranche announced; investors to earn 11%, ET BFSI
The Reserve Bank of India (RBI) has announced the final redemption price of the first ever tranche of the Sovereign Gold Bond (SGB). SGB 2015-I tranche is due for redemption on November 30, 2023.Sovereign Gold Bonds: What are the tax implications?The first SGB was...
M-cap of BSE-listed firms hits record high of Rs 331 lakh crore, ET BFSI
The combined market capitalisation of BSE-listed firms hit an all-time high of Rs 331 lakh crore on Tuesday and is just shy of entering the landmark $4-trillion club.At the end of trade, the market capitalisation of BSE-listed companies reached Rs 3,31,05,425.71...
Gold nears record level in India, at 6-month high globally, ET BFSI
MUMBAI: After gold prices rallied to a six-month high in the international market, analysts are looking at a similar run in the price of the yellow metal here at home. On Tuesday, gold on the New York Commodity Exchange rallied nearly 1% to trade at $2,028/Oz as the...
56% of investors plan to increase ESG investments in 2024: Report, ET BFSI
Over half of the investors plan to increase their ESG-orientated investments in 2024, reveals a new global survey from deVere Group.The 800+ clients polled from deVere Group, which writes business in more than 70 countries globally, illuminate a strong trend in the...
By 2030, for adding renewable energy, Rs 12 lakh crore will be needed from the NBFC space: IREDA chief, ET BFSI
Pradip Kumar Das, CMD, IREDA, says “keeping in mind the nuances and intricacies of renewable energy, we have maintained a steady growth. So having a higher name and adding NPA does not sound good. Our NPA has been drastically reduced in the last three years. Our loan...
Cabinet gives a go ahead to some 16th Finance Commission’s terms, free ration scheme extension, ET BFSI
The Union Cabinet on Wednesday greenlit certain terms of the 16th Finance Commission in a meeting held on Tuesday, said Anurag Thakur, while addressing the media.Finance Secretary T V Somanathan, in an interview with PTI, had earlier stated that the government aims to...
Sequoia-backed Mobikwik said to pick banks for $84 million IPO, ET BFSI
One Mobikwik Systems Ltd. has selected banks for its initial public offering in Mumbai that could raise about $84 million, according to people familiar with the matter.The Gurugram-based fintech firm is working with DAM Capital Advisors Ltd. and SBI Capital Markets...
Solid Start! IREDA shares list at 56% premium over IPO price, ET BFSI
The shares of renewable energy financing company IREDA listed at a 56.25% premium over the issue price on the exchanges on Wednesday.The stock debuted at Rs 50 on both NSE and BSE compared with the IPO price of Rs 32.IREDA extended its gains by 11.4% to Rs 55.7 from...
Additional housing loans for stalled real estate projects to be treated as standard credit, ET BFSI
Any additional housing loans for stalled real estate projects that are being revived under a dedicated government scheme can be treated as standard loans, the Reserve Bank of India has told banks.A communication in this regard was sent out to banks last month, people...
IndusInd Bank, Paytm & 7 other stocks to trade in India Standard index from Thursday, ET BFSI
Nine new stocks will be part of the MSCI India Index as the rejig comes into effect from Thursday. These stocks are IndusInd Bank, Suzlon Energy, Persistent Systems, APL Apollo, Polycab, Macrotech Developers, Tata Motors A, One 97 Communications (Paytm), Tata...
Kedara Capital backs decision made on ESOPs issued to Religare Chairperson, ET BFSI
New Delhi, Religare Enterprises on Monday said that Kedaara Capital, the largest shareholder of Care Health Insurance, backed the decision made by the board to issue ESOPs to Religare Chairperson Rashmi Saluja. The clarification comes amid allegations by the Dabur...
RevFin to finance Bziness and Bziness Pro e-scooters of Quantum Energy, ET BFSI
Under this collaboration, Revfin will empower the fleet companies with the required funds to add Quantum Energy’s cutting-edge Bziness and Bziness Pro e-scooters to their fleets. New Delhi: Quantum Energy, a leading electric vehicle (EV) startup specializing in the...
Umesh Revankar on how new RBI norms will impact Shriram Finance & what Paytm partnership means, ET BFSI
Umesh Revankar, Executive Vice-Chairman, Shriram Finance, says SME portfolio is around 11%, which we intend to grow that. Paytm has on-boarded more than 75 lakh merchants on their platform and we feel that lending to SME through that platform where we get the credit...
BSE m-cap rides rally in Adani stocks, tops $4 trillion, ET BFSI
MUMBAI: A fag-end rally during Tuesday's session lifted the sensex by 204 points; it also pushed up BSE's market capitalisation to Rs 336 lakh crore or $4.02 trillion, a new all-time peak for the Indian market. One of the major factors behind the $4-tn milestone...
Jana Small Finance Bank Limited receives final SEBI observations for their proposed IPO, ET BFSI
The Bank had filed DRHP proposing to raise funds through offer of equity shares (face value of Rs. 10 each) comprising of fresh issue aggregating up to Rs. 575 crore (The “Fresh Issue”) and an Offer for Sale aggregating up to 4,051,516 equity shares by “Investor...
India braces for a Rs 50,000 crore rise in its subsidy bill for FY24, ET BFSI
The subsidy outgo for FY24 was planned at Rs 4.03 trillion, but it could rise up to Rs 4.53 trillion. Even with this stretched welfare spending, it would be significantly less than the previous fiscal's subsidy bill of Rs 5.62 trillion. "There will be Rs 50,000 crore...
India Shelter Finance, DOMS Industries, 3 others get Sebi nod to float IPOs, ET BFSI
Five firms, including affordable housing finance company India Shelter Finance, pencil maker DOMS Industries and lender Jana Small Finance Bank, have received capital markets regulator Sebi's go-ahead to raise funds through initial public offerings (IPOs). The other...
Rupee edges up on foreign banks’ dollar sales, weaker greenback, ET BFSI
The Indian rupee closed slightly higher on Tuesday, supported by foreign banks' dollar sales and softness in the greenback, which is hovering close to 3-month lows.The rupee ended at 83.3325 against the U.S. dollar, compared with its previous close at 83.3675.Asian...
Sovereign Gold Bonds | SGB: Eight years later, SGB-I returns glitter, ET BFSI
Mumbai: Investors in the first tranche of sovereign gold bonds (SGB), launched in November 2015, have made an annualised return of 10.87%. The Reserve Bank of India (RBI) announced a final redemption price of ₹6,132 per gram of gold when these bonds mature on November...
Tata Technologies IPO share allotment expected Tuesday. Here’s how you can check status, ET BFSI
The share allotment of Tata Technologies IPO is expected to be finalised tomorrow. Investors received shares on a lottery basis and the whole process was supervised by the registrar.On the allotment date, investors get to know about the number of shares allotted to...
IIFL Samasta aims to raise Rs 1,000 crore in public bonds, BFSI News, ET BFSI
Kolkata: IIFL Finance's microfinance subsidiary IIFL Samasta Finance is all set to hit the market with to raise Rs 1000 crore in its maiden public bond issue at 9.6-10.5% interest rate.One of the leading NBFC-MFI with Rs 12200 crore of assets under management, IIFL...
Umesh Revankar on how new RBI norms will impact Shriram Finance & what Paytm partnership means, ET BFSI
Umesh Revankar, Executive Vice-Chairman, Shriram Finance, says SME portfolio is around 11%, which we intend to grow that. Paytm has on-boarded more than 75 lakh merchants on their platform and we feel that lending to SME through that platform where we get the credit...
Indel Money’s net profit rises 127% in Q2FY24, revenue up 61%, ET BFSI
Gold loan non-banking finance company Indel Money has witnessed a rise of 127.21% in its net profit in the second quarter of FY24 to 18.91 crore from Rs 8.32 crore in the corresponding period of FY23. The revenue for the quarter rose by 61.09% to Rs. 77.03 crore as...
Credit card spend hits record Rs 1.78 lakh crore in Oct amid RBI crackdown on consumer loans, ET BFSI
Credit card spending in India reached a historic high, surging to Rs 1.78 lakh crore, representing a substantial 25.35% increase from September 2023, fuelled by robust consumer activity during the festive season, with a notable focus on e-commerce platforms.The...
Sebi to introduce regulatory framework for index providers, BFSI News, ET BFSI
Markets watchdog Sebi on Saturday approved providing flexibility to Not for Profit Organisations (NPOs) in raising funds through the social stock exchange and also decided to introduce a regulatory framework for index providers. These were among the decisions taken by...
Centrum ropes in EY to find buyers for its stake in housing arm, ET BFSI
Kolkata: The Centrum Group has roped in EY to find a buyer for its stake in housing loan subsidiary Centrum Housing Finance.The Jaspal Bindra-led group plans to either exit the housing finance business fully or pare stake to become a minority shareholder."If we get a...
NBFCs play up spectre of collateral damage, knock on regulator’s doors, ET BFSI
Non-banking finance companies (NBFCs) in India have underlined the risk of collateral damage with respect to the RBI's new lending norms, Times of India said in a report on November 24.In a written communication to the apex bank, NBFCs -- lend to small businesses and...
India’s forex reserves jump USD 5.08 bn to USD 595.40 bn, BFSI News, ET BFSI
Mumbai, India's forex reserves increased by USD 5.077 billion to USD 595.397 billion during the week ended November 17, the Reserve Bank said on Friday. In the previous reporting week, the kitty declined USD 462 million to USD 590.321 billion. For the week ended...
Svatantra Microfin completes acquisition of Chaitanya India Fin Credit, ET BFSI
Ananya Birla-led Svatantra Microfin has on Friday completed the acquisition of Sachin Bansal's Navi Group's subsidiary Chaitanya India Fin Credit."It’s official!! This is the moment we formally completed the acquisition of Chaitanya. Today marks a huge step as we...
Rupee ends little changed; strength in Asian peers fails to aid, ET BFSI
Broad losses in the dollar failed to aid the Indian rupee on Thursday as demand for the greenback from local corporates and large foreign banks weighed despite gains across most other Asian peers.The rupee ended at 83.3425 against the U.S. dollar, barely changed from...
Securitisation in personal loan segment may see temporary pause: Icra, ET BFSI
New Delhi, The sale of personal loan retail pools may see a temporary pause after the RBI's decision to increase the risk weights on unsecured asset classes of banks and non-banking financial companies (NBFCs) by 25 per cent, a report said. The sale of personal loan...
Sebi asked to consult stakeholders at drafting stage to ensure regulations are not overly restrictive: FM, ET BFSI
The government has asked capital markets regulator Sebi to seek inputs from shareholders while drafting norms and rework them if the proposals are perceived to be much too restrictive, finance minister Nirmala Sitharaman said on Thursday, seeking to allay industry...
Impact of Digital Payments, ET BFSI
Mumbai: For the second consecutive time in 20 years, the currency in circulation (CIC) dipped during Diwali week as citizens shifted to digital modes of payment to make their festival purchases.Data released by RBI on Wednesday revealed that during the week ended...
The coming IPO boom, BFSI News, ET BFSI
As the Tata Technologies initial public offering (IPO) closes for subscription today, the marquee Tata issue after almost a decade, is trading in the grey market at a premium of over 80%. Such a huge premium has led analysts to speculate whether the IPO from the Tata...
L&T Finance to trim bank borrowing to whittle spike in cost of funds, ET BFSI
Mumbai, Leading non-banking player L&T Finance expects its cost of funds to marginally rise by 12-14 basis points due to the recent RBI action related to unsecured credit, and also plans to reduce borrowings from banks. L&T Finance has said it will cut its...
Rupee falls 2 paise to all-time low of 83.36 against US dollar in early trade, ET BFSI
Mumbai, The rupee depreciated 2 paise and fell to its all-time low of 83.36 against the US dollar in the morning session on Friday, tracking a negative trend in domestic equities. At the interbank foreign exchange, the rupee opened at 83.33 against the dollar. It...
NBFC body appeals to RBI to review recent risk weight increase, ET BFSI
A representative body of non-banking financial companies (NFBCs) has requested the central bank to re-evaluate the sharp increase in risk weights assigned to bank loans to NBFCs, according to a letter sent to the regulator on Thursday and seen by Reuters.The Reserve...
Senco Gold will close the year with around 12-12.5% stud ratio: CFO, ET BFSI
Sanjay Banka, CFO Senco GoldSanjay Banka, CFO, Senco Gold, says “the next two quarters will not be better than the first half. If we look at the past trends, the major sales happen up to Dhanteras. We have already seen around 26-27% year-on-year growth till today. The...
Infra Financiers seek to raise Rs 30,000 crore, BFSI News, ET BFSI
Mumbai: As general elections head closer, Indian financiers are rushing to bond markets to raise capital for infrastructure projects, with big names such as the National Bank for Financing Infrastructure and Development as well as large public sector banks eyeing fund...
New Finance Commission may tweak formula; SDGs, climate could get more weight, ET BFSI
The government is likely to ask the next Finance Commission to consider a higher weight for the human development index (HDI) and sustainable development goals (SDGs) while recommending the distribution of resources among states. It may also ask the commission to...
NBFCs should remain cautious on lending; need not go too far in their enthusiasm: FM, ET BFSI
New Delhi, Finance Minister Nirmala Sitharaman on Thursday said NBFCs and small finance banks need to remain cautious while lending as suggested by the Reserve Bank. Speaking at 'DATE with Tech' event here, Sitharaman cautioned that NBFCs and small finance banks...
LIC shares jump 10% to record best day since listing, ET BFSI
Shares of Life Insurance Corporation (LIC) jumped 10% today to record best single-day gain since listing. Investors appear to be buoyed by the company's plans to launch 3-4 new products over the coming months to push growth in its new business premium (NBP).Trading at...
NBFC body seeks RBI to re-evaluate hike in risk weights assigned to bank loans, ET BFSI
The latest move by the Reserve Bank of India (RBI) to regulate the growth of consumption oriented credit by levying risk weight of 125% on consumer credit exposure of NBFCs has raised many questions on the business of these lenders. In this context, FIDC, the...
Fedbank Financial Services IPO sails through on Day 3, BFSI News, ET BFSI
The Rs 1092 crore initial public offering (IPO) of Fedbank Financial Services was fully subscribed on the third and the last day of the bidding process on Friday. The issue was booked 90% on day two.At 11:12 am, the issue attracted bids for 5,68,20,424 shares, or 1.02...
NBFC body appeals to RBI to review recent risk weight increase, ET BFSI
A representative body of non-banking financial companies (NFBCs) has requested the central bank to re-evaluate the sharp increase in risk weights assigned to bank loans to NBFCs, according to a letter sent to the regulator on Thursday and seen by Reuters.The Reserve...
L&T Finance to trim bank borrowing to whittle spike in cost of funds, ET BFSI
Mumbai, Leading non-banking player L&T Finance expects its cost of funds to marginally rise by 12-14 basis points due to the recent RBI action related to unsecured credit, and also plans to reduce borrowings from banks. L&T Finance has said it will cut its...
Unsecured retail loans’ growth to ease in FY24: Crisil Ratings, ET BFSI
Mumbai: Unsecured retail loans are likely to see slower growth of 20-30% compared to 45% last year, as non-banking financial companies (NBFCs) alter their strategies due to the recent regulatory measures issued by the Reserve Bank Of India, said Crisil Ratings. "The...
IREDA IPO subscribed 38.8 times at close; QIB part booked over 100 times, ET BFSI
The Rs 2,150 crore initial public offer (IPO) of the Indian Renewable and Energy Development Agency (IREDA) subscribed 38.8 times on the third and the last day of the bidding process on Thursday.The quota reserved for retail individual investors (RIIs) was subscribed...
Wint Wealth bags NBFC licence after RBI clears Ambium acquisition, ET BFSI
Wint Wealth Group has received approval from the Reserve Bank of India (RBI) to acquire a majority stake in Chandigarh-based non-banking finance corporation (NBFC) Ambium Finserve. The NBFC has already started wholesale lending operations under the brand name Wint...
Five Companies Aim to Raise Rs 7,400 Crore, ET BFSI
Mumbai: In one of the busiest weeks for IPOs in years, Dalal Street will see five maiden public offerings, which aim to mobilise nearly Rs 7,400 crore.With the Rs 3,043-crore offer, Tata Technologies will be the biggest. The other four are: Indian Renewable Energy...
Jio Financial applies to RBI for conversion to CIC from NBFC, ET BFSI
Mukesh Ambani-owned Jio Financial Services has submitted an application to the Reserve Bank of India (RBI) for the conversion of the firm to a Core Investment Company (CIC) from a Non-Banking Financial Company (NBFC).Jio Financial has applied for the company's...
Tata Tech’s Rs 3,042.5 cr IPO subscribed 14.85 times day two of subscription, ET BFSI
New Delhi, The initial public offer of Tata Technologies, which provides engineering and product development digital services, was subscribed 14.85 times on the second day of subscription on Thursday. This is the first company from the Tata Group to float an Initial...
Satish Kumar Dwibhashi takes charge as CISO of KreditBee, BFSI News, ET BFSI
Satish Kumar Dwibhashi, CISO, KreditBeeKreditBee has expanded its senior leadership team with the appointment of Satish Kumar Dwibhashi as its Chief Information Security Officer (CISO), to further strengthen the information, data, cyber technology and security...
Fedbank Financial Services IPO subscribed 90 pc on day two of subscription, ET BFSI
New Delhi, The initial public offer of Fedbank Financial Services (Fedfina), a subsidiary of Federal Bank, got subscribed 90 per cent on the second day of subscription on Thursday. The initial share sale received bids for 5,03,90,152 shares against 5,59,23,660 shares...
MSMEs face major challenge to get sufficient funding, credit gap of 33 tn: Report, ET BFSI
India has approximately 630 Lakh MSME corporates of which only 250 Lakh have ever been credited. While the sector continues to grow at a projected compound annual growth rate (CAGR) of 2.5 per cent, in the coming times, the approximate number of MSME corporate...
Auto stocks face most FPI selling in first-half of November, BFSI News, ET BFSI
FPIs were buyers in healthcare, consumer services, realty and mining sectors. These investors infused INR 1,133 crore into healthcare stocks after selling to the tune of INR 1,081 crore in October.New Delhi: Foreign Portfolio Investors (FPIs) sold shares worth INR...
UGRO Capital’s Shachindra Nath joins FIDC Board, BFSI News, ET BFSI
The vice chairman and managing director of UGRO Capital Ltd has joined the board of Finance Industry Development Council (FIDC), a release by the body said on Thursday. FIDC is a Representative Body of NBFCs registered with the Reserve Bank of India. It was formed 19...
Citi makes new appointments in Asia Pacific as part of restructuring, ET BFSI
Citigroup has made new appointments in Asia Pacific following a sweeping global reorganization the U.S. bank announced on Monday, according to a person with direct knowledge of the matter.Citi's Capital Markets and Advisory Head for Asia, Jan Metzger, will lead its...
IIFL Finance emerges as second largest gold loan NBFC, BFSI News, ET BFSI
New Delhi, Non-Banking Financial Company (NBFC) IIFL Finance has become the second largest gold loan provider surpassing Manappuram Finance. "The gold loan portfolio has crossed Rs 23,690 crore assets under management (AUM), surpassing Manappuram Finance at Rs 20,809...
Attractive credit schemes fuel sales of auto, electronics, BFSI News, ET BFSI
Longer-tenure EMIs (equated monthly instalments), buyback guarantees, and other sweeteners are fuelling sales of automobiles, consumer durable and electronic goods as a spike in prices and a propensity to up-trade to higher trim models are making such borrowing...
IREDA IPO subscribed 5.31 times so far on last day of bidding process, ET BFSI
The Rs 2,150 crore initial public offer (IPO) of the Indian Renewable and Energy Development Agency (IREDA) subscribed 5.31 times on the third and the last day of the bidding process on Thursday.The issue attracted bids for 2,50,15,97,300 shares or 5.31 times against...
Religare rejects allegations against chairperson Rashmi Saluja, ET BFSI
InGovern accused Saluja of receiving over Rs 480 crore in options valuations from REL and its subsidiary Care Healthcare InsuranceReligare's statement comes a few days after proxy advisory firm InGovern Research alleged that Saluja received excessive...
NBFCs’ unsecured retail loans to see slower growth amid RBI’s measures: CRISIL, ET BFSI
Assets under management (AUM) of non-banking financial companies (NBFCs) are set to log a healthy 14-17% growth next fiscal on the back of continued strong credit demand across retail loan segments, global rating agency CRISIL said in its recent report. Growth may be...
Fedbank Financial Services IPO subscribed 38 pc on first day of subscription, ET BFSI
New Delhi, The Initial Public Offering (IPO) of Fedbank Financial Services (Fedfina), a subsidiary of Federal Bank, got subscribed 38 per cent on the first day of share sale on Wednesday. The IPO got bids for 2,14,48,471 shares against 5,59,23,660 shares on offer, as...
Manappuram Finance beats Q2 profit estimates on high loan demand, ET BFSI
BENGALURU: Manappuram Finance Ltd on Monday reported a bigger-than-expected rise in second-quarter profit, aided by strong demand for loans.The gold financing company's consolidated net profit rose nearly 37% to 5.58 billion rupees ($67.01 million)for the quarter...
Jio Financial applies to RBI for conversion to CIC from NBFC, ET BFSI
Mukesh Ambani-owned Jio Financial Services has submitted an application to the Reserve Bank of India (RBI) for the conversion of the firm to a Core Investment Company (CIC) from a Non-Banking Financial Company (NBFC).Jio Financial has applied for the company's...
Wint Wealth bags NBFC licence after RBI clears Ambium acquisition, ET BFSI
Wint Wealth Group has received approval from the Reserve Bank of India (RBI) to acquire a majority stake in Chandigarh-based non-banking finance corporation (NBFC) Ambium Finserve. The NBFC has already started wholesale lending operations under the brand name Wint...
Moody’s revises up SoftBank outlook to stable after Arm IPO, ET BFSI
Moody’s Investors Service revised up its outlook on SoftBank Group Corp. to stable from negative, saying the listing of chip unit Arm Holdings Plc brings transparency to a bigger chunk of the tech investor’s portfolio, which includes hundreds of startups.Credit...
RBI raising risk weights on NBFCs not to have major impact on Clix Capital’s borrowing: CFO, ET BFSI
Gagan Aggarwal, CFO, Clix CapitalThe Reserve Bank of India’s decision last week to increase risk weights on non-bank lenders by 25 percentage points is unlikely to have a significant impact on Clix Capital’s borrowing costs, said its CFO Gagan Aggarwal.“We are still...
Flair Writing garners Rs 178 crore from anchor investors, ET BFSI
New Delhi: Ahead of its initial public offering, pen maker Flair Writing Industries Ltd, on Tuesday, said it has mopped up Rs 178 crore from anchor investors. The company has allocated 58.52 lakh equity shares to 23 funds at Rs 304 apiece, which is also the upper end...
Bharti Airtel begins IPO process of subsidiary Bharti Hexacom: Report, ET BFSI
Telecom major Bharti Airtel has started the process of taking its wholly-owned subsidiary Bharti Hexacom public, a media report stated. The move is aimed at facilitating an exit to Telecommunication Consultants of India Limited (TCIL), which has a 30% stake in the...
India warns of unsustainable financing and its subsequent debt traps at UNSC, ET BFSI
At a UN Security Council debate earlier this week, India warned that the international community should be vigilant towards the dangers of unsustainable financing which leads to a vicious cycle of debt traps."Peace is elusive and development a distant dream if...
RBI Guv Das flags increasing interconnectivity between banks and NBFCs, ET BFSI
Reserve Bank of India (RBI) Governor Shaktikanta Das on Wednesday expressed grave concern over the high “concentration” of credit that NBFCs were availing from banks to finance their lending operations and said this has emerged as “a risk” in the system.Flagging...
Dollar rebounds from two and a half month low after Fed minutes, ET BFSI
Representative Image/IANSThe dollar rebounded from two and a half month low on Wednesday as the minutes from the Federal Reserve's last meeting hinted that interest rates would likely remain restrictive for some time, even as the rate-hike cycle appeared to be over....
Increase in NBFCs’ credit risk weight preemptive move, says Das; advises precautionary measures, ET BFSI
A few days after the Reserve Bank of India (RBI) has tightened norms on unsecured lending, Governor Shaktikanta Das highlighted that the recent move is a preemptive, and targeted and is in the interest of sustainability."We have also very recently announced a few...
Tata Technologies IPO over subscribed within minutes of opening for public, ET BFSI
NEW DELHI: The much-awaited initial public offer (IPO) of Tata Technologies, specializing in engineering and product development digital services, was fully subscribed within minutes of its opening on Wednesday. This marks the first IPO from the Tata Group in almost...
IIFL Finance emerges as second largest gold loan NBFC, BFSI News, ET BFSI
New Delhi, Non-Banking Financial Company (NBFC) IIFL Finance has become the second largest gold loan provider surpassing Manappuram Finance. "The gold loan portfolio has crossed Rs 23,690 crore assets under management (AUM), surpassing Manappuram Finance at Rs 20,809...
Fedbank Financial Services raises Rs 325 crore from anchor investors ahead of IPO, ET BFSI
NEW DELHI: Fedbank Financial Services, a subsidiary of south-based Federal Bank, on Tuesday said it has collected Rs 325 crore from anchor investors ahead of its initial public offering (IPO). The company has allotted 2.32 crore equity shares to 22 funds at Rs 140 per...
Fedfina raises Rs 324 crore from 22 anchors, BFSI News, ET BFSI
Key anchor investors include HDFC Mutual Fund, HDFC Life Insurance, SBI Life Insurance, Nippon Life India, Kotak Mahindra Life Insurance, Tata AIA Life Insurance, Bajaj Allianz Life Insurance, Societe Generale, Goldman Sachs (Singapore), among others. Published On Nov...
Women accorded top priority under PM Mudra Yojana scheme, says FM Nirmala Sitharaman, ET BFSI
Union Finance and Corporate Affairs Minister Nirmala Sitharaman on Sunday said women entrepreneurs are accorded first priority under the Centre's flagship Pradhan Mantri Mudra Yojana scheme which offers financial assistance to beneficiaries. Distributing sanction...
IREDA IPO booked nearly 2x on Day 1; all categories oversubscribed, ET BFSI
The Rs 2,150 crore initial public offer (IPO) of the Indian Renewable and Energy Development Agency (IREDA) sailed through on first day of the bidding process on Tuesday amid demand from all categories of investors.The public issue was subscribed 1.96 times at close...
Insider selling sparks bullish signal in Indian stock market, BFSI News, ET BFSI
MUMBAI: In India, corporate insiders are unloading their stock at a breakneck clip, selling $12 billion in the first 10 months of the year. This is, per Investing 101 rules, a tell-tale sign that the market is overvalued. To some degree, that’s the case in India,...
Avanse Financial Services appoints Achal Goel as Chief People Officer, ET BFSI
Achal Goel, CPO, Avanse Financial ServicesAvanse Financial Services on Tuesday announced the appointment of Achal Goel as its Chief People Officer. Goel will be based out of Avanse’s Mumbai head office.In his new role, Goel will be responsible for leading the human...
Could this be a sign D-Street is overvalued?, ET BFSI
In India, corporate insiders are unloading their stock at a breakneck clip, selling $12 billion in the first 10 months of the year. This is, per Investing 101 rules, a tell-tale sign that the market is overvalued.To some degree, that’s the case in India, where shares...
TruCap Finance aims to achieve gold loan AUM of Rs 700 crore in current financial year, ET BFSI
Listed RBI-registered non-banking finance company TruCap Finance is aiming to achieve a gold loan AUM (asset under management) of Rs 700 crore in the current financial year through expanding its business in tier 3 and tier 4 cities, which are largely underserved by...
Rupee settles 4 paise higher at 83.34 against US dollar, BFSI News, ET BFSI
MUMBAI: The rupee recovered from its all-time low level and settled 4 paise higher at 83.34 against the US dollar on Tuesday, tracking the weakness of the American currency in the overseas market and positive domestic equities. Forex traders said the rupee traded in a...
Jio Financial Services in talks for maiden bond issue to raise Rs 5,000-10,000 crore: Bankers, ET BFSI
India's Jio Financial Services is in early talks with merchant bankers for its maiden bond issue, four bankers told Reuters on Monday.The company may look to raise Rs 5000 crore ($600.6 million) to Rs 10,000 crore through the issue and may tap the market in the last...
India’s Finance Ministry, ET BFSI
With uncertainties linked to higher food and energy prices persisting amid geopolitical tensions, the Finance Ministry in its monthly review has said that risks of recession may reappear in 2024.Global trade numbers are expected to be under pressure owing to a...
IREDA IPO subscribed 53% so far on first day of bidding process, ET BFSI
The Rs 2,150 crore initial public offer (IPO) of the Indian Renewable and Energy Development Agency (IREDA) subscribed 53% in the first two hours on the first day of the bidding process on Tuesday.At 11.53 a.m., the public issue was subscribed 0.53 times, led by...
Risk of erroneous fund transfers is like a hanging sword for financial services firms: Nithin Kamath, ET BFSI
Mishaps such as crediting funds to the wrong person or a wrong account at large institutions like banks are some of the most significant risks of running a financial services firm.“This risk is like a hanging sword for these businesses…,” Zerodha founder Nithin Kamath...
State-run IREDA raises Rs 643 cr from anchor investors, BFSI News, ET BFSI
The company has allotted 20,10,19,726 equity shares to 58 funds at Rs 32 apiece, which is also the upper-end of the price band. Goldman Sachs, Integrated Core Strategies (Asia), Societe Generale, GAM Star Emerging Equity, BNP Paribas Arbitrage, Copthall Mauritius and...
Fedbank Financial IPO to open on Wednesday. Here are 10 things to know about the offer, ET BFSI
The initial public offering (IPO) of Fedbank Financial Services will open for subscription on November 22. The issue closes on November 25. The company's shares are expected to get listed on both the exchanges. Here are 10 things to know about the offer.What is the...
How NBFCs overtaking traditional banks in digital lending space?, ET BFSI
A significant shift has been observed in the digital lending space as the NBFCs have been at the forefront of digital lending wth the traditional lenders playing a smaller role. An important consequence of the digital revolution has been the growth in digital...
Strictures leave IPO financing at a dead end, BFSI News, ET BFSI
Mumbai: The initial public offering (IPO) market is red hot, with five issues worth ₹7,400 crore opening for subscription this week, but enthusiasm is muted among finance companies that have historically lent to bidders in such share sales. With stringent rules on IPO...
RBI move on consumer loans to raise NBFC borrowing costs, push them towards bonds, ET BFSI
The Reserve Bank of India (RBI) move to raise risk weights on consumer loans would potentially increase borrowing costs for non banking finance companies (NBFCs). In a bid to curb high growth in unsecured lending, the RBI increased the risk weight on exposure to...
BoB, Bajaj Finance, UCO issues show lenders’ tech challenges in digital expansion, ET BFSI
Indian financial institutions are facing significant hurdles in digital expansion, with outdated technology, regulatory complexities, and a talent crunch impeding their ambitions. The country's largest shadow lender, Bajaj Finance Ltd., recently halted credit...
Nifty set to gain further, bank index lacks strength: Analysts, ET BFSI
The market is poised to continue its upward momentum, with potential retesting of the next psychological resistance level at 20,000. Technical analysts emphasise the critical importance of Nifty maintaining its position above 19,400. Nifty recorded a 1.73% gain last...
Govt, regulators plan to revive AT1 bond market, re-examine rule for valuation, ET BFSI
Mumbai: A concerted effort is on to revive the market for 'perpetual bonds' - complex securities that have sparked debates and court battles but without which many high-street banks would find it tough to raise capital in the coming years.Financial market authorities...
Five companies to launch IPOs worth over Rs 7,000 crore this week, ET BFSI
The primary market will be abuzz with activity in the week ahead with five companies scheduled to launch IPOs (Initial Public Offerings) worth over ₹7,000 crore. Analysts said the strong sentiment in the secondary market could help these IPOs and advise investors to...
RBL Bank, Hindustan Copper among 8 stocks under trade ban on Monday, ET BFSI
Eight stocks are under F&O trade ban on Monday, November 20, 2023 viz. Delta Corp, Hindustan Copper, The India Cements, Manappuram Finance, the Multi Commodity Index of India (MCX), RBL Bank and Zee Entertainment Enterprises (ZEEL). Steel Authority of India (SAIL)...
Renewable co IREDA eyes Rs 2,150 crore in IPO, BFSI News, ET BFSI
CHENNAI: Indian Renewable Energy Development Agency (IREDA), a mini ratna under the Union ministry of new and renewable energy, will launch its IPO on Tuesday.Registered as a Systemically Important Non-Deposit-taking Non-Banking Finance Company with Infrastructure...
Ashok Leyland MD, ET BFSI
Till the time a right partner is found, Agarwal said, "Until then, we won't shy from investing on our own from the Ashok Leyland side. The balance sheet of Ashok Leyland is pretty strong right now." New Delhi: Hinduja Group flagship firm Ashok Leyland is keen to get...
India’s tougher personal loan rules may force some NBFCs to tap bond market, ET BFSI
Indian non-banking finance companies (NBFCs), including Bajaj Finance, L&T Finance and SBI Cards and Payment Services, are likely to tap the bond market to raise funds following the central bank's tighter rules for personal loans, six banking sources told...
Sensex drops 140 points lower as losses in auto, metal, FMCG stocks weigh, ET BFSI
Indian frontline indices ended Monday with declines amid selling pressure in auto, FMCG and metal stocks, although the IT pack tried to cap some losses as it emerged as the top performer. While the S&P BSE Sensex declined 140 points or 0.21% to close at 65,655.15,...
RBI nod to appointment of Hinduja directors on Reliance Capital board, ET BFSI
The Reserve Bank of India (RBI) has ordered an arms length distance between Hinduja group-run IndusInd Bank Ltd and Reliance Capital - the debt-laden firm the conglomerate is acquiring in an insolvency proceeding. The RBI laid down the condition while giving nod to...
Role of fintechs in economic transformation of women-led MSMEs, ET BFSI
Women entrepreneurs have been the key player of the developing economy, contributing significantly to its growth. Representation of women in senior leadership is a sure shot recipe for building a more equal industry and one that caters adequately to the needs of women...
FPIs turn buyers; invest Rs 1,433 cr in equities in Nov so far, ET BFSI
After sustained selling in the last two and a half months, FPIs bought Indian equities worth Rs 1,433 crore thus far in November, mainly due to the decline in US treasury bond yields and crude oil prices. Foreign Portfolios Investors (FPIs) were net sellers till...
ICRA cautions on unsecured loans of NBFCs, sees 25-30% AUM growth, ET BFSI
Credit rating agency ICRA has sounded a cautionary note on unsecured loans of non banking finance companies (NBFCs), even as it sees 25-30 per cent growth in assets under management (AUM) of the shadow banks in FY24 and FY25. The rating firm underscored that the high...
Rupee trades in narrow range against US dollar, BFSI News, ET BFSI
The rupee was trading in a narrow range against the US dollar in early trade on Monday, amid a negative trend in domestic equities.Forex traders said the rupee is trading in a narrow range as sustained foreign fund outflows and rising crude oil prices weighed on...
RBI clears resolution plan for debt-ridden Reliance Capital, BFSI News, ET BFSI
The Reserve Bank on Friday approved the resolution plan for debt-ridden Reliance Capital. The move paves the way for IndusInd International Holdings Ltd (IIHL), the Hinduja Group firm, to acquire the company. This is to inform you that the Administrator of Reliance...
How digital EMI card ban may affect Bajaj Finance, BFSI News, ET BFSI
Analysts express concerns about the ban's impact on Bajaj Finance's new customer acquisition strategy. The digital EMI cards affected by the ban contribute significantly, accounting for 18-20 per cent of new customer acquisitions, with quarterly digital EMI card...
SIDBI partners Technology Development Board to boost MSMEs through tech-focused financing, ET BFSI
The partnership between TDB and SIDBI reflects a shared commitment to supporting MSMEs in their efforts to develop and apply cutting-edge technology for the betterment of the society.In a significant move to bolster the Micro, Small, and Medium Enterprise (MSME)...
Diversification is the cornerstone of stock investing safety, ET BFSI
In theory, every investor knows that the stock market is a fickle beast. In practice, when the markets enter a period of decay, it’s normal for investors, even the seasoned ones, to feel uneasy and stay awake with unanswerable questions: will it keep dropping until it...
Risk weights on AAA NBFC loans doubles to 45%, BFSI News, ET BFSI
Mumbai: Although the central bank-mandated increase in risk weighting is steeper for higher-rated non-banking finance companies (NBFCs), lower-rated lenders will likely fare worse since banks might still find it remunerative to lend to bigger non-bank borrowers with...
Ola Electric converts to a public limited company ahead of IPO, ET BFSI
Ola Electric has converted to a public company from a private limited one, regulatory filings showed on Friday. The move by the electric two-wheeler maker comes ahead of its planned public listing. It has also changed its name to Ola Electric Mobility Limited, from...
NBFC shares hit hard post RBI move on unsecured loans, BFSI News, ET BFSI
Mumbai: Shares of banks and non-banking financial companies (NBFCs) slumped on Friday in response to the Reserve Bank of India's (RBI) decision to raise risk weights on cash credit, personal loans, and consumer durable loans by lenders. Analysts said investors will...
India’s forex reserves dip $462 million to $590.32 billion, BFSI News, ET BFSI
India's foreign exchange reserves dipped by $462 million to $590.32 billion for the week ending November 10, the latest data by the Reserve Bank of India (RBI) showed on Friday.Previously, forex reserves witnessed a surge of $4.67 billion to $590.78 billion for the...
RBI wakes up to the systemic risk from exuberant retail lending, ET BFSI
Finally, the RBI has initiated tightening of screws on reckless retail uncollateralized lending by banks and NBFCs by increasing the risk weight on such loan portfolios. (see the notification here)Including the outstanding and incremental loans, the risk weights in...
Experts on RBI’s risk weight move, ET BFSI
The Reserve Bank of India (RBI) directed NBFCs to increase the risk weight on loan exposure to 125% from its earlier 100% while the risk weight on NBFCs’ credit card receivables to 125% from earlier 100%. While that for the SCBs, it increased to 150% from earlier...
India stands to gain as crude oil prices fall to 4-month low, BFSI News, ET BFSI
The country's current account deficit had started to spiral out of control due to the huge oil import bill and the rupee had been weakening due to the higher demand for dollars to buy expensive oil.The price of the global benchmark Brent crude fell by 4.63 per cent to...
Isha Ambani, two others approved by RBI as directors of Jio Financial, ET BFSI
Jio Financial Services on Thursday said the Reserve Bank has granted prior approval to appoint Isha Mukesh Ambani and two others as directors of the Reliance Industries' NBFC firm. "We wish to inform you that the RBI vide letter dated November 15, 2023, has accorded...
Paytm, Bajaj Finance, SBI Card among worst hit by RBI tightening; shares drop up to 7%, ET BFSI
With the RBI signalling lenders to slow down growth by increasing risk weight by 25% on consumer credit, shares of Paytm, Bajaj Finance and SBI Cards were among the worst in the market today and fell up to 7%.The impact of RBI's tightening was felt across stocks of...
Federal Bank arm sets price band at Rs 133-140/share, ET BFSI
Fedbank Financial Services has announced the price band for its upcoming initial public offering (IPO) at Rs 133-140 which opens on November 22, Wednesday and closes on November 24, Friday. The company will be raising Rs 1,092 crore at the upper price band via the...
RBI increases risk weight on consumer credit, bank credit to NBFCs, ET BFSI
In a major development for the NBFC sector, the Reserve Bank of India (RBI) directed to increase the risk weight on loan exposure to 125%. Earlier, it attracted a risk weight of 100%. On a review, it has been decided that the consumer credit exposure of NBFCs –...
UCO Bank recovers 79% of wrongly credited funds after IMPS glitch, ET BFSI
Between the 10th and 13th of November, UCO Bank encountered a significant technical hiccup within its Immediate Payment Service (IMPS), resulting in the erroneous crediting of Rs 820 crores to multiple recipients. Swift action was taken as the bank promptly...
What RBI’s ban may cost the business and stocks, ET BFSI
Reserve Bank of India (RBI) has barred Bajaj Finance, India's largest consumer financier, from sanctioning and disbursing loans under two of its lending products – ‘eCOM’ and ‘Insta EMI Card’ citing non-issuance of key fact statements (KFS) to the borrowers under...
Public vs private sector bank; which is offering better home loan rate?, ET BFSI
Should we get a loan from a private or public sector bank in India? Is there a gap in interest rates between borrowing from a public sector bank and a private bank? The younger generation likes private banks, although our parents always advised us to use a public...
RBI bans 2 Bajaj Finance e-lending products, BFSI News, ET BFSI
MUMBAI: The RBI has directed Bajaj Finance to halt loan issuance through its 'eCOM' and 'Insta EMI Card' due to issues with the key statement that discloses fees, charges, and recovery practices. This marks the first major action taken by the central bank under its...
Report, BFSI News, ET BFSI
Kolkata: Microfinance Industry Network (MFIN), an umbrella body of microfinance institutions (MFIs) of the country, in its report said that NBFC-MFIs are the largest provider of micro-credit amongst other regulated entities. In a report of the MFI sector prepared by...
Rupee jumps 21 paise to settle at 83.12 against US dollar, BFSI News, ET BFSI
The rupee appreciated 21 paise to close at 83.12 (provisional) against the US dollar on Wednesday as the American currency retreated from its elevated levels after the US inflation came lower than expected. A firm trend in domestic equity markets and risk-on sentiment...
India’s weightage climbs to its highest ever on MSCI Global Standard index, ET BFSI
India's weightage in MSCI's Global Standard (Emerging Markets) index will move close to 16.3%, an all-time high, from the current 15.9%, after the index provider's November review.This marks "a significant increase over the past three years, almost doubling its...
MFIN launches the 3rd edition of Micro Matters: Key highlights, ET BFSI
Microfinance Industry Network (MFIN), industry association for Microfinance and RBI-recognized self-regulatory organization, launched the third edition of 'Micro Matters: Macro View – India Microfinance Review FY 2022-23' on November 9 in Mumbai. Dr Alok Misra, CEO...
CEO, BFSI News, ET BFSI
Mumbai: Electric vehicle (EV) digital financing platform Revfin is looking to raise up to Rs 500 crore in the next 12 months to fuel its business expansion plans, founder and CEO Samir Aggarwal has said. The company's expansion plans include the commercial roll-out of...
Pratik Soyantar joins Light Microfinance as CHRO, BFSI News, ET BFSI
Pratik Soyantar, CHRO, LightLight Microfinance, a non-banking finance company, has appointed Pratik Soyantar as its Chief Human Resources Officer.Soyantar brings with him 17 years of experience in HR business partnering, talent acquisition, HR transformation &...
Suzlon, IndusInd Bank, Paytm & 6 other stocks included in India Standard index, ET BFSI
Nine stocks have made it to the MSCI India Standard Index, namely IndusInd Bank, Suzlon Energy, Persistent Systems, APL Apollo, Polycab, Macrotech Developers, Tata Motors A, One 97 Communications (Paytm) and Tata Communications. No Indian stock has been excluded,...
How digital lenders are making loan application process easy for MSMEs, ET BFSI
Small businesses play a critical role in shaping India’s economy and also generate jobs for millions. However, micro, small and medium enterprises (MSMEs) face severe challenges while looking for business loans. These businesses are often perceived to be in the...
WeWork not keen to sell India unit stake but talks still on, ET BFSI
WeWorkWeWork Inc. has refused the offer of Embassy Group-owned WeWork India to buy back its 27 percent stake owned in the local business, although sources said they expect talks between the majority owner of the local unit and WeWork Inc to lead to a different...
India’s outward FDI declines to $1.89bn in Oct, BFSI News, ET BFSI
The outgoing foreign investments are lower compared to the previous month of September as well during which investments to the tune of $2.14 billion were made abroad by Indian entities.The decline in outgoing foreign investments reflects fewer opportunities in a...
NBFCs continue to dominate market share in microfinance, banks follow : Report, ET BFSI
Ever since the AP crisis in 2010 and the creation of a new category of NBFC-MFIs in December 2011, the regulations have carefully nurtured the growth of microfinance in India.The microfinance sector in India today is growing rapidly, allowing small borrowers access to...
MFs shunned these 10 mid, smallcap stocks for 3 months in a row; what should investors do?, ET BFSI
Midcap and smallcap stocks have been the flavour of the season for Dalal Street investors, giving superlative returns.However, the sharp rally has prompted mutual funds to book profits in some of them.The monthly MF holdings data showed that the domestic institutions...
Manappuram Finance beats Q2 profit estimates on high loan demand, ET BFSI
BENGALURU: Manappuram Finance Ltd on Monday reported a bigger-than-expected rise in second-quarter profit, aided by strong demand for loans.The gold financing company's consolidated net profit rose nearly 37% to 5.58 billion rupees ($67.01 million)for the quarter...
PNB Housing Finance aims to add 60 Roshni branches by FY24-end, ET BFSI
NEW DELHI: PNB Housing Finance, a housing finance company, aims to add 60 more Roshni branches by the end of this financial year, taking the total number of affordable branches to 160.The company recently opened its 100th and first all-women branch Roshni branch in...
NBFCs’ profit and revenue remain in a green for Q2FY24, ET BFSI
The cumulative performance of the Non-Banking Finance Companies (NBFCs) for the second quarter of the financial year 2024 has showcased an uptick.For this quarter, the sector remains in a green, marking spike in profit and revenue. The analysts expected the quarter to...
Startup funding winter continues as global VC investments fall 5.4% in Q3, ET BFSI
Global VC investment fell from $81.4 billion across 9,563 deals in Q2’23 to $77.05 billion across 7,434 deals in Q3’23 as VC investors continued to act cautiously, taking much longer to make deals than in recent quarters, intensifying their due diligence, business...
Dubai to offer 25% stake in taxi business in planned IPO, BFSI News, ET BFSI
Representative imageDubai plans to offer 25% of shares in its taxi business through an initial public offering (IPO), the company said in a statement on Monday, as part of a broader privatisation programme of state assets.Dubai Taxi Company, the largest taxi operator...
Rupee falls 4 paise to 83.32 against US dollar in early trade, ET BFSI
The rupee depreciated 4 paise to 83.32 against the US dollar in the morning session on Monday, tracking a negative trend in domestic equities. Persistent foreign fund outflows also weighed on the local unit, forex traders said. At the interbank foreign exchange, the...
Long-term wealth can only happen in ‘hold’ phase. So, be patient: Mihir Vora, ET BFSI
Mihir Vora, CIO, Trust Mutual Fund, says “there have been times where I have been ruthless in selling when the markets turned. Probably I did not catch the top. But even 10% below or 15% below, I do not mind selling. Once I believe that the trend has turned. So, that...
Tamil Nadu issues GO to waive peak-hour electricity charges for MSME sector; but industries not satisfied, ET BFSI
Peak hour charges were introduced for the first time in the MSME sector last year on a par with high-tension consumers. The Tamil Nadu government has issued an order (GO) waiving peak-hour electricity consumption charges for the MSME sector until installation of...
Bitcoin ETF exuberance drives 4-week ‘nothing for sale’ rally, ET BFSI
Bitcoin is climbing for a fourth consecutive week, with the digital token’s price lingering just below an 18-month high of $38,000, as more investors bet that US exchange-traded funds that hold the largest cryptocurrency are on the verge of winning regulatory...
There is no country with a $2,500, $5,000 or $10,000 per capita income that has a market like India: Ashish Chauhan, ET BFSI
Ashish Chauhan, MD & CEO, NSE, says “effectively the Indian corporate ethos has always been about social good and slowly it is also getting formalised in some ways, with the Companies Act 2013 making CSR contribution compulsory for a company beyond a particular...
Tamil Nadu issues GO to waive peak-hour electricity charges for MSME sector; but industries not satisfied, ET BFSI
CHENNAI: The Tamil Nadu government has issued an order (GO) waiving peak-hour electricity consumption charges for the MSME sector until installation of meters. The GO also reduces network charges for rooftop solar connections by 50%. However, the Federation of the...
India’s forex reserves up $4.67 bn to $590.78 bn, BFSI News, ET BFSI
India's foreign exchange reserves increased by $4.67 billion to $590.78 billion for the week ending November 3, the latest data by the Reserve Bank of India (RBI) showed on Friday.Previously, forex reserves saw a rise of $2.6 billion to $586.5 billion for the week...
Moneyboxx Finance to raise equity of over Rs 75 crore, BFSI News, ET BFSI
NEW DELHI: Moneyboxx Finance on Friday announced equity capital raise of over Rs 75 crore by way of preferential allotment to HNIs, family offices and individual investors. The proposed equity funding will almost double its existing capital base and provide a strong...
FIIs withdraw Rs 40,000 crore in 9-week-long non-stop selling. U-turn ahead, ET BFSI
Foreign institutional investors (FIIs) have been on a selling spree in the Indian market, pulling out their money for 9 weeks in a row. In fact, this is the 3rd largest selling streak by FIIs since the year 2000. They have withdrawn Rs 39,794.6 crore in this streak....
With rupee at new low, RBI seeks explanation from Refinitiv post FX market trading glitch, ET BFSI
The Reserve Bank of India has sought an explanation from Refinitiv after a glitch on the electronic trading platform caused trading volumes in the foreign exchange market to dry up, causing volatility in the rupee, which marked new lows versus the US dollar on...
Investors hit jackpot with 172 smallcap multibaggers in Samvat 2079. What next?, ET BFSI
Samvat 2079 has been a good year for small and mid cap stocks as equity markets navigated the highs and lows of interest rate uncertainties and geopolitical tensions.The smallcap indexes have surged over 30% during this period, compared with 9% gain in benchmark...
Bharat Puri explains the rationale behind Pidilite’s NBFC foray, ET BFSI
Bharat Puri, Managing Director, Pidilite Industries, says: “We have a domain ecosystem which is extremely large and which addresses a fairly large market. The market size would be extremely large. This has been a system which has consistently been asking us that at...
Rupee falls to lifetime low, notches weekly decline, ET BFSI
The Indian rupee fell to a record low on Friday as a rebound in U.S. Treasury yields pressured Asian currencies.The rupee closed at 83.34 against the U.S. dollar, a record closing low, and down 0.07% versus its close of 83.28 on Thursday. On the week, the local unit...
Rupee hits new lifetime low vs US dollar on hawkish Fed commentary, ET BFSI
The Indian rupee recorded a new lifetime low of 83.3050 against the US dollar on Friday tracking weakness in other Asian currencies. The drop comes following the hawkish statement by US Federal Chair Jerome Powell on Thursday where he said that the central bank will...
ESAF Small Finance Bank shares to debut on Friday. What GMP signals ahead of listing, ET BFSI
The shares of ESAF Small Finance Bank will be listed on the exchanges on Friday. Ahead of the listing, the company's shares are commanding a premium of Rs 19 in the unlisted market.Considering the upper price band of Rs 60, the stock is likely to be listed with a...
ESAF Small Finance Bank shares list at 20% premium over IPO price, ET BFSI
Shares of ESAF Small Finance Bank debuted at a premium of 19.8% on the BSE on Friday. The stock got listed at Rs 71.9 on BSE as against the issue price of Rs 60. Meanwhile, on NSE, it debuted at Rs 71, a premium of 18.3%.Ahead of the listing, the company's shares were...
Tata Capital soars in unlisted market on IPO hopes, BFSI News, ET BFSI
Mumbai: Tata Capital is now valued at ₹1.5 lakh crore on the platform for unlisted stocks, making the mutual fund and lending arm of India's most valuable conglomerate the third biggest non-bank lender by market capitalisation - just after the Bajaj twins.Like Tata...
Muthoot Finance shares crack over 7% post Q2 results. What should investors do?, ET BFSI
Shares of Muthoot Finance fell 7% to Rs 1,216 in Friday's trade on NSE after the firm reported a lower-than-expected rise in its September quarter net profit, hurt by high finance costs.The gold loan company reported a 14.3% year-on-year (YoY) rise in net profit at Rs...
Net profit jumps 27% YoY to Rs 6,628 crore, ET BFSI
New Delhi: State-owned Power Finance Corporation (PFC) on Wednesday posted a nearly 27% rise in its consolidated net profit to Rs 6,628.17 crore in the July-September quarter compared to a year ago. The consolidated net profit of the company was Rs 5,229.33 crore in...
Microfinance portfolio up 24% in June quarter, delinquencies contained, ET BFSI
Mumbai: Small ticket borrowers from the bottom of the pyramid borrowed 24 percent higher during the June quarter and have also managed to contain delinquencies, a report by credit bureau Crif High Mark said.The outstanding portfolio of the micro-finance sector is at...
Wall St slips as investors assess central bank comments, ET BFSI
Wall Street's main indexes slipped on Wednesday as investors parsed earnings reports and comments from Federal Reserve officials for clues on how long the U.S. central bank will keep interest rates high and eventually start cutting it.Treasury yields have retreated...
InCred set to secure Rs 500 crore in equity funding from a clutch of investors, join unicorn club, ET BFSI
Mumbai-based nonbanking finance company InCred Financial Services is set to raise Rs 500 crore ($60 million) in a fresh round of funding from a clutch of investors, including corporate treasuries, global private equity funds, family offices and ultra-high-networth...
Finance ministry focuses on bringing all business establishments under GST net, ET BFSI
Finance minister Nirmala Sitharaman on Tuesday said that the finance ministry's focus is not only on increasing GST revenue but also on bringing all the business establishments under its ambit. She was speaking at a function to open 12 GST Suvidha Kendras in Gujarat...
Adhesive maker Pidilite to enter lending business, to acquire promoter group’s NBFC firm, ET BFSI
New Delhi, Adhesive and construction chemicals manufacturer Pidilite Industries plans to enter the lending business, providing small-value retail loans. To facilitate this, Pidilite Industries, would acquire an existing NBFC - Pargro Investments, belonging to its...
ESAF Small Finance Bank IPO share allotment to be finalised today. Here’s how you can check status, ET BFSI
The share allotment of ESAF Small Finance Bank IPO has been finalised on Sunday. Investors received shares on a lottery basis and the whole process was supervised by the registrar.On the allotment date, investors get to know about the number of shares allotted to them...
NBFC honchos say agility, data integration, collabs needed for creating a thriving lending marketplace, ET BFSI
Non-banking finance company honchos have stressed on the importance of agility, data integration, and collaboration as key strategies for thriving in India's rapidly changing lending marketplace.At a panel discussion at the ETBFSI Converge Summit, leaders of India's...
US consumer watchdog proposes rules for Big Tech payments, digital wallets, ET BFSI
The top U.S. consumer financial watchdog on Tuesday proposed to regulate tech giants' digital payments and smartphone wallet services, saying they rival traditional payment methods in scale and scope but lack consumer safeguards. The Consumer Financial Protection...
As global companies chart course for India, FDI set to rise, ET BFSI
Overall foreign direct investment (FDI) into India may have declined but there are reasons to be sanguine with the country seeing interest in greenfield investments amid the first-ever decline posted by China, experts said.Last week, in a detailed presentation to the...
Shriram Group to start ARC, build wealth management, BFSI News, ET BFSI
Shriram Capital, the holding company for the financial services in the Shriram Group will invest Rs 300 crore to start a new business aggregating retail bad loans as it seek to leverage its collection efficiencies, company executives said. The company will also expand...
Rupee unable to capitalise on oil price drop, positive Asian FX, ET BFSI
The Indian rupee was little changed on Wednesday as a drop in oil prices and strength in Asia currencies failed to budge the local unit in the face of persistent local U.S. dollar demand.The rupee was at 83.25 against the U.S. dollar as of 10:18 a.m. IST, compared...
Mufin Green Finance and Perpetuity Capital collaborate to accelerate EV financing in India, ET BFSI
ISB accelerated Perpetuity Capital, a digital platform for electric vehicle (EV) finance, has announced a strategic financing partnership with Mufin Green Finance, India's first listed Non-Banking Financial Company (NBFC) with a 100% focus on EV financing. The...
ESAF Small Finance Bank IPO subscribed 73.15 times, BFSI News, ET BFSI
New Delhi, The Initial Public Offering (IPO) of ESAF Small Finance Bank was subscribed 73.15 times on the last day of subscription on Tuesday. The Rs 463-crore initial share sale received bids for 4,22,28,99,750 shares against 5,77,28,408 shares on offer, as per NSE...
Finance ministry focuses on bringing all business establishments under GST net, ET BFSI
Vapi (Guj), Finance minister Nirmala Sitharaman on Tuesday said that the finance ministry's focus is not only on increasing GST revenue but also on bringing all the business establishments under its ambit. She was speaking at a function to open 12 GST Suvidha Kendras...
Dream run! Samvat 2079 IPOs have 90% success rate and 6 multibagger triumphs, ET BFSI
More than making up for the muted first few months, the primary market has been one of the shining lights in the investment arena this year with a bumper rush of public offers and healthy listing gains.Six IPOs have turned multibaggers in Samvat 2079 with the highest...
NBFCs’ reliance on bank lending jumps 3.5X since 2018; MF exposure reduces 23.5%, ET BFSI
The credit extended by banks to NBFCs has exhibited a consistent upward trend over the last five years and continued its acceleration along with the phased reopening of economies after the Covid-19 pandemic. This growth momentum further accelerated during FY23 and has...
15% uptick in overall outstanding loans in Sept’23, ET BFSI
BFSI sector recorded a steady credit with strong growth in overall outstanding loans increasing by approximately 15 per cent on a yoy basis in September, 2023. Deposit growth picked up yoy and is likely to see further uptick in the current rising interest rate...
Bajaj Finance launches QIP issue; floor price set at Rs 7,533.81/share, ET BFSI
MUMBAI - Bajaj Finance Ltd said that the company has launched the share sale programme for qualified institutional buyers on Monday, and the floor price for the same has been set at Rs 7,533.81 a share.The floor price is at a marginal discount to the closing price of...
Global economic recovery slow & uneven, needs joint action: Nirmala Sitharaman, ET BFSI
Finance minister Nirmala Sitharaman on Monday said world economic recovery remains "slow and uneven" and medium-term growth prospects have weakened further, as she called for coordination at both global and domestic levels to ensure a swift rebound.At a seminar on...
Factors to check when comparing car loans this Dhanteras, Diwali, ET BFSI
Festive season is the time banks and non-banking finance companies (NBFCs) announce attractive offers like lower interest rates on car and home loans, waiver of processing fees, cashback and more. This is a big reason why many people make big-ticket purchases like...
$3.5-billion dent! FII dollars pulled out from these 8 sectors in Oct; will the exodus continue?, ET BFSI
The selling in Indian equities by foreign portfolio investors intensified in October as a sharp spike in the US bond yields amid concerns that interest will stay higher for longer triggered a risk-off mood on Dalal Street. Data shared by the National Securities...
Sundaram Finance reports 20.8% growth in PAT, BFSI News, ET BFSI
CHENNAI: Sundaram Finance on Monday posted 20.8% growth in profit after tax (PAT) at Rs 366 crore in the quarter ended September 30, 2023 against Rs 303 crore in the year ago quarter. On a sequential basis, the NBFC recorded a 30.2% rise when compared with Q1 FY24 at...
Protean well placed to benefit from growth in digital public infrastructure, ET BFSI
Mumbai headquartered Protean eGov Technologies (earlier named as NSDL e-Governance Infrastructure) plans to raise upto Rs 490.3 crore through an offer for sale by some of the existing shareholders. The company does not have any promoters and is owned by institutions...
Dollar steady but remains vulnerable after Fed steer, BFSI News, ET BFSI
Major global currencies were steady early on Monday but seemed poised to extend last week's uptrend as the dollar nursed its losses after the Federal Reserve dialled down its hawkish rhetoric.The dollar index was flat at 105.11, with the euro at $1.0726. The dollar...
Nifty can hit 19,500, a hold there can keep bears out: Analysts, ET BFSI
Considering the significant decline witnessed last month, technical analysts anticipate a potential pullback in the Nifty index to 19,450-19,500 levels. Analysts emphasise that only by staying above this range can the index find respite from the persisting volatility....
How to safeguard your festive shopping from digital lending frauds?, ET BFSI
The festive season has witnessed massive sales both in offline and online marketplace, and the atmosphere is still blossoming in the sales mood.A recent report by consulting firm RedSeer highlighted that the online sales from Amazon, Flipkart and others reached 47...
Should You Subscribe? Check GMP, Price, Lot Size, ET BFSI
The IPO allotment will take place on November 13, while the share listing is likely to take place on November 17. Ahead of IPO, Protean eGov Technologies (formerly known as NSDL E-Governance Infrastructure) mobilised a little over Rs 143 crore from anchor investors on...
Finance ministry launches amnesty scheme for filing appeals against demand orders, ET BFSI
NEW DELHI: The finance ministry has come out with an amnesty scheme for filing appeals against Goods and Services Tax (GST) demand orders. The scheme, which will be open till January 31, 2024, will be available for entities that were unable to submit their appeals...
Q2 earnings, global cues among 8 factors to drive Dalal Street this week, ET BFSI
Domestic equities are likely to trade rangebound this week as a plethora of corporate earnings will keep the overall action stock-centric on Dalal Street.In the week gone by, equities ended positive as dovish comments from the US Federal Reserve eased bond yields and...
Can you open more than one SCSS account?, ET BFSI
The government-backed Senior Citizen Savings Scheme (SCSS) is one of the most preferred investment options among retirees. For investments made in the October-December quarter, the Senior Citizen Savings Scheme offers an interest rate of 8.2% per annum. Individuals...
Where should you invest on Dhanteras 2023?, ET BFSI
Buying gold especially during festival time is a tradition followed by many Indians as it is considered auspicious and is thought to bring good luck. Dhanteras falls on November 10 and 11, 2023. If you are looking at investing in paper gold you can do it either...
Protean eGov Tech, ASK Automotive among 4 IPOs set to light up market in run-up to Diwali, ET BFSI
Two mainboard IPOs, namely Protean eGov Technologies and ASK Automotive, and two SME issues will keep the primary market abuzz in the coming week as companies look to cash in on robust demand from investors.Apart from new offers, markets will also see listings of...
Ahead of IPO, Protean eGov Tech collects Rs 143 crore from anchor investors, ET BFSI
Protean eGov Technologies (formerly known as NSDL E-Governance Infrastructure) on Friday said it has mobilized a little over Rs 143 crore from anchor investors, days before its initial public offering (IPO). The company has allotted 18.12 lakh equity shares to 18...
Protean eGov Tech IPO to open on November 6. Here are 10 things to know about the offer, ET BFSI
Protean eGov Technologies is a leading IT-enabled solutions company engaged in conceptualizing, developing and executing nationally critical and population scale greenfield technology solutions. Published On Nov 4, 2023 at 06:20 PM IST The initial public offering...
NCLT admits Aditya Birla Finance’s insolvency plea against Siti Broadband Services, ET BFSI
The National Company Law Tribunal (NCLT) has admitted Siti Broadband Services, a subsidiary of Essel Group-owned cable TV and broadband company Siti Networks, into the corporate insolvency resolution process following a plea by lender Aditya Birla Finance.The NCLT has...
India’s forex reserves rise $2.6 billion to $586.1 billion as of October 27, ET BFSI
India's foreign exchange reserves saw a rise of $2.6 billion to $586.5 billion for the week ending on October 27, latest data by Reserve Bank of India (RBI) showed on Friday. Previously, forex reserves were down by $2.36 billion, dragging the reserves to $583.5...
Aditya Birla Capital Q2 profit up 44 percent to Rs 705 crore, BFSI News, ET BFSI
NEW DELHI: Aditya Birla Capital on Friday reported a 44 per cent rise in profit at Rs 705 crore on a consolidated basis for the quarter ended September 2023. It had posted a net profit of Rs 488 crore in the same period a year ago. The total consolidated revenue of...
Central banks’ gold purchases at a record in Jan-Sept, BFSI News, ET BFSI
Mumbai: Gold purchases by central banks surged to a record high of 800 tonnes between January and September amid sticky inflation in the US and Europe's richer nations and mounting geopolitical uncertainties.The central banks of China, Poland and Singapore were among...
ESAF SFB mobilises Rs 135 crore from anchor investors, ET BFSI
ESAF Small Finance Bank has raised Rs 135.15 crore from 11 anchor investors led by ACM Global Fund VCC, Edelweiss Tokio Life Insurance Company and Kotak Mahindra Life Insurance Company a day ahead of the bank's Rs 463 crore initial public offer (IPO).ESAF has...
A gush of state bonds may upend market dynamics, BFSI News, ET BFSI
Mumbai: Even as the sword of large-scale open market bond sales by the Reserve Bank of India hangs over the debt market, state governments in the poll season have upset bond traders' demand-supply calculations by overshooting their stated borrowing plans.So far in...
Baroda BNP Paribas’ small cap fund collects over Rs 1,100 crore, ET BFSI
Baroda BNP Paribas Small Cap Fund, an open-ended equity scheme that predominantly invests in small-cap stocks, opened on October 6 and closed on October 20. The fund has re-opened for subscriptions on November 1, the company said in a statement.. This is the seventh...
Abu Dhabi plans $50 billion investment in fast-growing India, BFSI News, ET BFSI
The United Arab Emirates is considering investing as much as $50 billion in India, its second-largest trading partner, as part of a broader bet on the world’s fastest-growing major economy.Provisional pledges from the UAE could be announced early next year, people...
Chola posts 35% rise in PAT in Q2 FY24, ET BFSI
CHENNAI: Cholamandalam Investment and Finance Company Limited (Chola), the financial services arm of the Murugappa Group, on Thursday reported a 35% rise in profit after tax (PAT) in the quarter ended September 30, 2023 at Rs 762 crore against Rs 563 crore in the year...
Rupee closes slightly higher, dollar demand from importers caps gain, ET BFSI
The Indian rupee closed marginally higher on Thursday aided by a pullback in U.S. Treasury yields but dollar demand from importers, including local oil companies, curbed gains.The rupee closed at 83.2425 against the U.S. dollar, compared with its close at 83.28 in the...
Sensex, Nifty join global rally on bets of end to Fed rate hikes, ET BFSI
BENGALURU: Indian shares advanced on Thursday, in tandem with global stocks, after the US Federal Reserve's less hawkish-than-expected stance on monetary policy.After two straight sessions of losses, the NSE Nifty 50 index settled 0.76% higher at 19,133.25, while the...
Bullish fund tied to Nvidia top performing ETF so far this year, ET BFSI
An exchange traded fund (ETF) tied to high-flying shares of U.S. chipmaker Nvidia Corp is the top-performing ETF so far this year, as the frenzy around artificial intelligence attracts buyers. The GraniteShares 1.5X Long NVDA Daily ETF, that tracks 1.5 times the daily...
Finance needs of developing countries 10-18 times as big as international public finance flows, says UN report, ET BFSI
BATHINDA: United Nations Environment Programme (UNEP) Adaptation Gap report finds the progress on climate adaptation is slowing on all fronts when it should be accelerating to catch up with rising climate change impacts and risks.Released on Thursday ahead of the...
Aptus Value Housing Finance’s net profit up 20% in Q2 FY24, BFSI News, ET BFSI
NEW DELHI: Aptus Value Housing Finance India has reported a growth of 20.04 per cent in its net consolidated profit during the quarter ended September 30, 2023. Its profit after tax stood at Rs 148.01 crore in Q2 FY24 as against Rs 123.30 crore it registered in the...
Financial Services Secretary, ET BFSI
New Delhi, Financial Services Secretary Vivek Joshi has said that India is becoming a favoured destination for Foreign Direct Investment (FDI) in the infrastructure sector as government has taken many supportive measures.Speaking at an event organised by the India...
Lenders still prefer salaried class over others, ET BFSI
Salaried borrowers with steady flow of income are still a preferred choice for lenders despite expansion of personal loans to varied types of borrowers, reported TOI. A recent study by online loan platform, PaisaBazar has revealed that borrowers from non-metros...
Premji Invest saw three long-term partners leaving firm this year, ET BFSI
Azim Premji's private investment arm Premji Invest, has seen the exit of three out of its four long-term partners this year, with the most recent being the resignation of Rajesh Ramaiah in August after a thirteen -year long stint with the Bengaluru-based investment...
Outward remittance from India witnessed 43% uptick in Aug’23, ET BFSI
According to latest data by 1Lattice (Prev. PGA Labs), the outward remittances from India has witnessed an increase of approximately 43 per cent, month on month in August 2023. For the past 3 years, overseas travel and leisure has had the highest share in outward...
Finance Minister Nirmala Sitharaman visits Indian investments in Sri Lanka’s east, inaugurates SBI branch, ET BFSI
COLOMBO: Finance minister Nirmala Sitharaman on Thursday visited Sri Lanka's eastern port town of Trincomalee where she opened a branch of the State Bank of India and appreciated its role in supporting corporates in international trade. Sitharaman, who is in the...
Indian companies can list on foreign bourses directly, BFSI News, ET BFSI
NEW DELHI: After GIFT City, the government has allowed India companies to list directly on foreign exchanges in a move that has been in the works for several years.While some other steps, such as, notification under Fema will have to be taken, the tougher part will be...
Geojit Financial Services Shares Jump Over 14%, Hit 52-Week High As Q2 Profit Rises 58% YoY, ET BFSI
Shares of small-cap stock broking firm Geojit Financial Services jumped 14.5% to Rs 68.9 in Wednesday's trade on BSE as the company reported a 58% YoY rise in second-quarter profit at Rs 38 crore as against Rs 24 crore a year earlier.In the quarter, the consolidated...
Mahindra Finance and SBI in a co-lending partnership to enhance affordable credit solutions, ET BFSI
Mahindra Finance has recently announced its inaugural co-lending partnership with SBI, India's largest public sector bank. The primary objective of this collaboration is to address the underserved segments of the population by offering accessible and affordable credit...
To tap FPIs, govt plans to GIFT wrap masala bond issue, BFSI News, ET BFSI
Mumbai: About a decade after the International Finance Corp helped facilitate the initial sale of masala bonds, New Delhi plans to test the waters with an initial bond sale worth around ₹20,000-25,000 crore. Sources aware of the development told ET that in recent...
Govt Allows Direct Overseas Listing Of Indian Cos; Notifies Relevant Section Under Companies Law, ET BFSI
In a significant move, the government has permitted Indian companies to list on foreign exchanges, subject to certain conditions. The corporate affairs ministry has notified the relevant section under the companies law in this regard. Currently, overseas listings by...
Indian markets face tough October, Sensex log worst month in 2023, ET BFSI
Indian markets faced a challenging day on Tuesday, marking the end of their most difficult month in 2023. The main factors contributing to this decline were the consistent selling by foreign investors, driven by elevated US interest rates, and the ongoing conflict in...
Wall Street Closes Higher On Eve Of Fed Decision; Investors Assess Earnings, ET BFSI
Wall Street's main indexes ended Tuesday's session with gains as investors looked ahead to the Federal Reserve's monetary policy update while they digested a mixed batch of earnings reports.The Fed kicked off a two-day monetary policy meeting. The central bank is...
Fsbf Q2 Fy24 Pat Grows 38%, BFSI News, ET BFSI
Chennai: NBFC Five-Star Business Finance Limited on Tuesday reported a growth in Profit after Tax (PAT) by 38% at Rs 199 crore in the quarter ended September 30, 2023 against Rs 144 crore in the corresponding quarter last year. The company's disbursement grew by 50%...
US dollar slides ahead of central bank meetings, key data this week, ET BFSI
The U.S. dollar fell on Monday, dropping to a two-week low against the yen, as traders looked ahead to several major central bank meetings and a slew of major economic data releases this week.The Bank of Japan (BOJ) kicked off its two-day monetary policy meeting on...
Will the Telangana HC ruling change fortunes for Andhra microfinance sector?, ET BFSI
In light of a recent judgment by the Telangana High Court, the microfinance sector is hopeful for a positive turnaround in both states in the foreseeable future but is growing slow in expanding presence in the states of Andhra Pradesh and Telangana.On February 14,...
Decline in debit cards transaction volume by 16.4%, credit cards witness uptick, ET BFSI
According to latest data by 1Lattice, on a year on year basis, debit cards transaction volume has decreased by a massive 16.4 per cent while the value decreased by 5.9 per cent in September 2023. Month on month, the total debit cards transaction volume decreased by...
Rupee settles flat at 83.26 against US dollar, BFSI News, ET BFSI
The rupee settled flat at 83.26 (provisional) against the US dollar on Tuesday as weak domestic equity markets and sustained foreign fund outflows weighed on investor sentiments. However, a decline in crude oil prices supported the local currency amid geopolitical...
Uday Odedra to head India and the Philippines wing of Wells Fargo, ET BFSI
Uday Odedra is named as Wells Fargo & Company’s Head for India and the Philippines region, the company said in a press note on Tuesday.Uday will report to the Head of Global Operations, David Owen, who said that he is pleased to welcome Uday to the leadership team...
Rupee almost flat against US dollar in early trade, BFSI News, ET BFSI
The rupee inched up 1 paisa against the US dollar in early trade on Tuesday, as the support from positive domestic equities was negated by elevated crude oil prices and a strong American currency overseas. Forex traders said the dollar strengthened on safe-haven...
Vridhi Home Finance secures Rs 150 crore from Elevation Capital, ET BFSI
Vridhi Home Finance, a housing finance lender, has raised Rs 150 crore in its maiden round of funding from venture capital firm Elevation Capital.With the fresh funding, the lending startup wants to scale up operations, raise credit lines from larger lenders and enter...
Gold flat as central bank meetings take spotlight, ET BFSI
Gold prices were flat on Tuesday after slipping below the critical $2,000 milestone in the last session, as investors prepared for central bank meetings this week with particular focus on the U.S. Federal Reserve's policy outlook.FUNDAMENTALS* Spot gold was steady at...
Muthoot Fincorp arm Muthoot Microfin gets Sebi nod for Rs 1,350-cr IPO, ET BFSI
Muthoot Fincorp arm Muthoot Microfin has received a final observation letter from capital markets regulator Sebi to raise funds through IPO.The company, in which Muthoot Fincorp holds a majority stake, refiled its draft IPO papers in July this year.The company plans...
Reliance bets big on AI to power its consumer finance business, ET BFSI
Led by veteran banker KV Kamath, Reliance Group-owned Jio Financial Services (JFS) is chalking out a startup business plan backed by artificial intelligence (AI) and a digital focus to compete effectively on costs as a late-comer in the business. Officials close to...
Vridhi Home Finance secures Rs 150 crore from Elevation Capital, ET BFSI
Vridhi Home Finance, a housing finance lender, has raised Rs 150 crore in its maiden round of funding from venture capital firm Elevation Capital.With the fresh funding, the lending startup wants to scale up operations, raise credit lines from larger lenders and enter...
Rupee settles flat at 83.25 against US dollar, BFSI News, ET BFSI
Mumbai, The rupee settled flat at 83.25 (provisional) against the US dollar on Monday, as sustained foreign fund outflows and the strength of the American currency in the overseas market weighed on investor sentiments. Forex traders said the Indian rupee traded on a...
Co-lending deals now come under taxman’s lens, BFSI News, ET BFSI
Mumbai: The Goods and Services Tax (GST) department has initiated a preliminary inquiry against banks and non-banking finance companies (NBFCs) to ascertain whether the lenders have evaded any service tax in the fast-growing co-lending business, said people with...
Analysts, BFSI News, ET BFSI
Technical indicators suggest a minor oversold condition, potentially leading to a modest rebound this week. However, the overall upward potential appears limited due to the prevailing negative structure with Nifty trading below its 20- and 50-day moving averages,...
Euroclear settlements could widen demand for Indian government bonds, ET BFSI
Mumbai: The UK and India, currently finalising a free-trade pact after London's formal exit from the Eurozone, are working on a proposal as part of the comprehensive economic deal to help remove long-standing barriers to the settlement of sovereign bonds on Euroclear....
Indian rupee refuses to budge despite multiple headwinds, ET BFSI
The Indian rupee continued to trade in a narrow range on Monday, despite headwinds from oil, U.S. yields and portfolio outflows. The rupee was at 83.26 to the U.S. dollar at 11.02 a.m. IST, barley changed from its Friday close of 83.2550.The currency has been...
Cars24 saw its topline grow at lower pace, BFSI News, ET BFSI
The company’s net loss for FY23 came in at INR 467.7 crore, up from INR 248.1 crore in FY22. Gurugram-based unicorn Cars24 saw its topline grow at a lower pace in the year ended March 31 as demand for used cars entered the slow lane, and the company cut down on its...
Hot foreign money could continue to dominate flows in and out of Indian equities, ET BFSI
A paraphrased adage that goes "too sweet to spit, too bitter to swallow" perhaps best describes the current position of various foreign fund managers on Indian stocks. For many of them, India is a fascinating upcoming alternative to the slowing and ageing economic...
Coal Ministry Asks Department Of Financial Services For Classifying Coal Under Infrastructure Sector, ET BFSI
New Delhi: The coal ministry on Saturday said it has requested the Department of Financial Services (DFS) to consider classifying coal under infrastructure sector, a move which will ensure financing of commercial coal mines. This reclassification would allow banks and...
Canara Bank, Shriram Finance among 9 stocks that hit 52-week highs on Friday, ET BFSI
In a day marked by diverse market movements, several major stocks reached new 52-week highs on October 27, demonstrating their resilience and growth potential. These noteworthy performances indicate the variety of opportunities available within the stock market.The...
FinMin notifies prospective levy of GST on corporate guarantees, ET BFSI
The finance ministry has issued a notification stating goods and services tax will be levied on guarantees provided by corporates to their subsidiaries prospectively. The Goods and Services Tax (GST) council, comprising central and state finance ministers, had earlier...
Shriram Housing Finance plans to cross Rs 13,000 crore of AUM by year-end: Ravi Subramanian, ET BFSI
Shriram Housing Finance Limited announced its results for H1 of the Financial Year 2024 saying its Assets Under Management (AUM) crossed the Rs 10,000 Cr milestone, with the company ending H1 with AUM of INR 10,816 Cr. The company has maintained an accelerated growth...
FII-driven short bets trigger 3.4% decline in Nifty in October series, ET BFSI
Driven for short bets by foreign institutional investors (FIIs), Nifty index declined 3.4% in the October series. The Nifty futures rollovers at the start of the November series stood at 83% versus 79% in the last three series, a Nuvama report said. The Nifty futures...
Ujjivan Small Finance Bank Q2 profit rises 11% to Rs 328 cr, BFSI News, ET BFSI
New Delhi, Ujjivan Small Finance Bank on Friday reported 11 per cent rise in net profit at Rs 328 crore for the second quarter ended September 30 on the back of fall in bad loans. The Bengaluru-based bank had posted a net profit of Rs 294 crore for the year-ago...
Bank, NBFCs’ unsecured debt portfolios show growing indebtedness among Indian youth, ET BFSI
In a shifting financial landscape, the younger generation in India is grappling with a growing burden of unsecured debt. The contemporary youth often embrace a more modern approach to finance, relying on credit cards and Buy Now, Pay Later (BNPL) schemes to fulfil...
Razorpay secures license to acquire merchants in Malaysia for Curlec, ET BFSI
RazorpayRazorpay announced expanding its footprint by obtaining a license to acquire merchants in Malaysia for Curlec. Additionally, Curlec by Razorpay is now a non-bank member of Payments Network Malaysia Sdn Bhd (PayNet), the national payments network and shared...
YS Chakravarti, Shriram Finance, ET BFSI
"The third and fourth quarters are good seasons for business. So hopefully we should be able to cross this 20%," says YS Chakravarti, MD & CEO, Shriram Finance.Your AUMs have been consistently growing at 19% in the last two quarters. Given that typically second...
Rupee rises 2 paise to 83.23 against US dollar in early trade, ET BFSI
Mumbai, The rupee paused its three-day slide and inched up 2 paise to 83.23 against the US dollar in early trade on Friday amid positive cues from the domestic equity markets and a weak American currency overseas. An upward trend in the crude oil prices and selling...
Net profit jumps 24% YoY to Rs 1,929 crore; revenue rises 25%, ET BFSI
Bajaj Finserv on Friday reported a consolidated net profit of Rs 1,929 crore for the quarter ended September 2023, up 24% from a year ago.Revenue from operations in the same period increased 25% to Rs 26,023 crore. The same stood at Rs 20,803 crore in the same period...
Markets bounce back in early trade after 6 days of fall, BFSI News, ET BFSI
Mumbai, Equity benchmark indices rebounded in early trade on Friday after facing massive drubbing of late amid recovery in Asian markets. The 30-share BSE Sensex jumped 411.17 points to 63,559.32 in early trade. The Nifty climbed 115.9 points to 18,973.15. Among the...
Rajiv Rattan buys Lone Star’s stake in NBFC for Rs 611 crore, BFSI News, ET BFSI
Ending a long and bitter dispute, Rajiv Rattan, one of the founding members of Indiabulls, has acquired a 50% stake of its joint venture (JV) partner Lone Star Funds in RattanIndia Finance for Rs 611 crore (about $73 million) in an all-cash deal, multiple persons with...
Shriram Finance Pat Up By 13% In 2nd Qtr Of Fy24, BFSI News, ET BFSI
Chennai: Shriram Finance Limited on Thursday reported a 12.6% growth in Profit after Tax (PAT) at Rs 1,750.8 crore in the quarter ended September 30, 2023 against Rs 1,555.1 crore in the corresponding quarter last year. Its net interest income for the second quarter...
Rajiv Rattan buys Lone Star’s stake in NBFC for Rs 611 crore, BFSI News, ET BFSI
Ending a long and bitter dispute, Rajiv Rattan, one of the founding members of Indiabulls, has acquired a 50% stake of its joint venture (JV) partner Lone Star Funds in RattanIndia Finance for Rs 611 crore (about $73 million) in an all-cash deal, multiple persons with...
Credit card spending falls in September after record high in August, ET BFSI
Top reasons why credit card applications get deniedCredit card spending in India experienced a 4.23% decline in India, totalling Rs 1.42 lakh crore, from a record high of Rs 1.48 lakh crore in August. This decrease was also lower than the Rs 1.45 lakh crore registered...
Rahul Gupta and Siba Panda Join Forces to Set Up Rs 850 Crore Venture Debt Fund ValuAble, ET BFSI
Rahul Gupta, Founder and Managing Partner at ValuAble, said, “With ValuAble, we don’t want to be just lenders; we want to be partners in the entrepreneurial journey of different startups. Our core philosophy is to be enablers for businesses, providing them with the...
FPIs dump power, construction shares in October, BFSI News, ET BFSI
Mumbai: Overseas investors offloaded shares of power, construction, and IT sectors the most in the first-half of October, when they were net sellers to the tune of ₹9,784 crore, according to the data from National Securities Depository Limited (NSDL). Oil, Gas and...
A dozen IPOs set to light up Dalal Street soon, ET BFSI
Mumbai: About a dozen companies are poised to seek more than ₹15,000 crore through public offerings in the coming month with investment bankers and corporates undeterred by the pronounced volatility in the secondary market. Several aim to do so ahead of Diwali, which...
Rupee falls, but copes better with dollar rally, BFSI News, ET BFSI
The Indian rupee declined slightly on Thursday following a rally on the safe-haven dollar, but expectations that the central bank will not relent in the currency's defence helped it fare better than Asian peers.The rupee was at 83.2300 to the U.S. dollar at 10:25 a.m....
Team Ambani bought 6.1 crore shares of Jio Financial after listing, ET BFSI
NEW DELHI: Promoters of Jio Financial Services (JFSL), which got demerged from Reliance Industries (RIL) earlier in the year, have raised stake in the NBFC from 45.8% to 46.77% since its listing in August.September quarter shareholding data shows the promoters have...
Stocks that hit 52-week lows on NSE, BFSI News, ET BFSI
NEW DELHI: Jay Bharat Marut, NIIT Learning System, Sai Silks(Kalamandi, Adani Gas and MT Educare and others were among the stocks that touched their 52-week lows as of 10:14AM(IST)in Thursday's session. Domestic benchmark index NSE Nifty fell 197.7 points to 18924.45,...
Rupee falls 6 paise to 83.23 against US dollar in early trade, ET BFSI
Mumbai, The rupee stayed on downward track for the third consecutive session and depreciated by 6 paise to 83.23 against the US dollar in early trade on Thursday, tracking a firm American currency and negative equity market sentiment. Forex traders said the Indian...
How e-commerce glittered small businesses this festival season?, ET BFSI
Over the last decade, the marketplace in india is heavily dominated by the e-commerce space. With time, this space has also developed trust of the buyers.The burgeoning middle class is relying heavily on the Open Network for Digital Commerce (ONDC) platforms that has...
As small & mid-caps peak, large-caps turn value picks, ET BFSI
Mumbai: Several Indian large-cap stocks including HDFC Bank, ICICI Bank, HUL, ITC and Bajaj Finance among others are trading below their 10-year average price-earnings (PE) ratio, presenting an attractive alternative to overvalued small and mid-caps. Some of these...
Rupee volatility holds at multi-year lows despite worldwide jitters, ET BFSI
Mumbai: Over the past week, the US 10-year bond yield has topped the 5% mark for the first time in 16 years and Reserve Bank of India (RBI) officials have warned of the cascading turbulence that a strengthening dollar could wreak on emerging markets. The rupee,...
How India-Canada political row can play out for education loans, ET BFSI
Diplomatic tensions between India and Canada have stirred concerns regarding potential ramifications on Non-Banking Financial Companies (NBFCs) that have been at the forefront of financing Indian students' education in Canada. Indian students have been a driving force...
FPI detour for illegal punts on D-Street cut off, BFSI News, ET BFSI
Mumbai: Promoter families and unwanted foreign investors cannot hide behind overseas insurance firms and cells and sub-funds of offshore pooled vehicles which step in as foreign portfolio investors (FPIs) to surreptitiously own shares and manipulate stocks of...
Bajaj Finserv Mutual Fund launches Bajaj Finserv Banking and PSU Fund, ET BFSI
Bajaj Finserv Mutual Fund has announced the launch of Bajaj Finserv Banking and PSU Fund, an open-ended debt scheme investing in debt instruments of banks, public sector undertakings, public financial institutions and municipal bonds with relatively high interest rate...
Rupee rises 5 paise to 83.11 against US dollar in early trade, ET BFSI
The rupee appreciated by 5 paise to 83.11 against the US dollar in early trade on Wednesday, tracking a weak America currency and softening crude oil prices in the overseas market. Some buying by foreign equity investors supported the Indian currency even though it...
Piramal Group gets premium for Rs 531 crore residual bad loans, ET BFSI
The Piramal Group has sold residual bad loans worth ₹531 crore of its Advantage Raheja exposure, which includes properties such as a JW Marriott hotel in Bengaluru and a Crowne Plaza unit in Pune.These loans have been sold to Omkara Asset Reconstruction Co., giving...
Investors’ wealth plunges Rs 7.59 lakh crore, BFSI News, ET BFSI
NEW DELHI: Investors' wealth eroded by Rs 7.59 lakh crore on Monday as the equity market took a heavy drubbing amid escalating tensions in the Middle East.The 30-share BSE Sensex plunged 825.74 points or 1.26 per cent to settle at 64,571.88 points. During the day, the...
Hedge funds trim exposure to megacap tech stocks, banks say, BFSI News, ET BFSI
By Carolina MandlNEW YORK: Global hedge funds reduced their exposure to mega cap tech stocks in recent days, ahead of the companies' third-quarter earnings, two Wall Street banks said.Microsoft, Alphabet, Amazon and Meta Platforms - four of the seven U.S. megacap...
Shriram Finance’s syndicated loan trebles to $400 million, BFSI News, ET BFSI
Mumbai: British lender HSBC has nearly tripled the size of a syndicated overseas loan to retail non-banking financial company Shriram Finance to $400 million, with international financiers showing firm appetite for lending to the domestic NBFC sector amid a volatile...
Sensex plunges over 800 points; top reasons for blood bath on Dalal Street, ET BFSI
Monday mayhem in markets: The benchmark BSE Sensex crashed over 850 points in late afternoon trade on Monday, finally closing at 64,572, down 826 points. The benchmark index closed 1.26% down and also gave up its 65,000 level. The broader market index Nifty 50 was...
PNB Housing Finance Q2 net profit jumps 45.9 pc to Rs 383 cr, BFSI News, ET BFSI
Mumbai, PNB Housing Finance on Monday reported a 45.9 per cent rise in its net profit to Rs 383 crore in the September 2023 quarter on higher interest income. The non-banking finance company had posted a net profit of Rs 262.63 crore in the year-ago period. The...
Pushed to (Brick) wall, bond investors dial Sebi, BFSI News, ET BFSI
Mumbai: Investors have sought clarity from the Securities and Exchange Board of India (Sebi) regarding the status of rating actions by Brickwork Ratings after the firm sharply downgraded outstanding bonds of some companies including central public sector undertaking...
Chasing IPO gold, small lenders, finance companies to raise over Rs 6,500 crore, ET BFSI
Mumbai: A slew of initial public offerings (IPOs) by small lenders and finance companies is in the offing as strong investor appetite and regulatory requirements are prompting these firms to sell their shares to the public. The IPO pipeline of small finance,...
Nifty’s weakness may continue, 19,500 is key support: Analysts, ET BFSI
The market is expected maintain its bearish trend as unfavourable developments on the global stage continue to impact sentiment. Technical analysts have identified 19,500 as the immediate support for the Nifty, with a subsequent swing low support at 19,330. They...
NBFCs may have to rely more on Bond Street after RBI flags high bank exposure to them, ET BFSI
Non-banking finance companies (NBFCs) in India are facing the heat as borrowing costs surge due to a rise in yields. Despite the challenges, corporate bonds remain the primary avenue for these companies to raise funds, given the robust demand for credit and limited...
Rupee declines 3 paise to 83.15 against dollar in early trade, ET BFSI
Mumbai, The rupee declined 3 paise to 83.15 against the US dollar in a restricted trade on Monday due to a stronger greenback in overseas markets and foreign fund outflows. A correction in crude oil prices and firm domestic stock markets in opening trade capped the...
RBI rejigs ‘too big to fail’ tag for NBFCs, BFSI News, ET BFSI
MUMBAI: A scale-based regulatory framework announced earlier was notified by RBI in its new master direction for non-banking financial companies last week. The new framework does away with the classification of 'systemically important' NBFCs - a concept that was...
FPIs pull out Rs 12,000 cr from equities Oct so far; invest Rs 5,700 cr in debt, ET BFSI
NEW DELHI: Foreign portfolio investors (FPIs) have withdrawn over Rs 12,000 crore from Indian equities this month so far, mainly due to a sustained rise in US bond yields and the uncertain environment resulting from the Israel-Hamas conflict.However, the story takes...
Creditaccess Grameen Bank net profit nearly doubles to Rs 347 cr, ET BFSI
Mumbai, Creditaccess Grameen on Friday said its net profit nearly doubled to Rs 347 crore in the September quarter, registering an on-year growth of 98.1 per cent driven by higher loan sales and resultant income. The country's largest microfinance lender said its...
L&T Finance fined Rs 2.5 crore by RBI over lapses, BFSI News, ET BFSI
MUMBAI: The RBI on Friday imposed a penalty of Rs 2.5 crore on L&T Finance for non-compliance with certain norms concerning NBFCs. After examination of reports following statutory inspection of the company, RBI said that the NBFC did not disclose to its retail...
Forex reserves up by $1.2billion to $586billion, BFSI News, ET BFSI
MUMBAI: After multiple weeks of decline, India's forex reserves increased by $1.2 billion to $585.9 billion during the week ended October 13, according to the RBI data. In the previous reporting week, the reserves had dropped by $2.2 billion to $584.7 billion.In...
Poonawalla Fincorp Q2FY24 net profit rises 77% to Rs 230 crore, ET BFSI
Mumbai: Poonawalla Fincorp has reported its highest-ever quarterly net profit of Rs230 crore for the quarter ended September – a 77% year-on-year increase and a 15% increase compared to the previous quarter. The profits come on the back of an improvement in loan...
Rupee settles flat at 83.13 against US dollar, BFSI News, ET BFSI
Mumbai, The rupee settled on a flat note at 83.13 (provisional) against the US dollar on Friday amid negative equity markets and rising crude oil prices. Selling pressure from foreign equity investors weighed on the domestic unit which has been under pressure due to a...
Digital or physical, cash is not king for reserve ratio, BFSI News, ET BFSI
Mumbai: India's central bank digital currency pilots in wholesale and retail segments have largely met with success since last year, but some banks have recently hit a bump as statutes do not permit the money to be used for meeting the Cash Reserve Ratio (CRR)...
Brookfield, Cerberus, Deutsche Bank among lenders keen to fund Hindujas’ Reliance Capital bid, ET BFSI
Mumbai: Brookfield, Cerberus, and Deutsche Bank have submitted term sheets to the Hinduja Group for financing the acquisition of Anil Ambani-promoted Reliance Capital, the debt-laden financier undergoing bankruptcy resolution. IndusInd International Holdings (IIHL),...
Liquid funds see huge outflows as RBI’s liquidity moves boost yields, ET BFSI
Mumbai: Liquid funds, which are usually a favoured avenue amongst debt mutual funds for corporates to park short-term cash, have seen hefty outflows as the Reserve Bank of India's resolve to tighten banking system liquidity conditions has exacerbated cyclical outflows...
Standard Chartered Capital appoints Nirmal Kishore as MD & CEO, ET BFSI
Nirmal Kishore, MD & CEO, Standard Chartered CapitalStandard Chartered Capital, a non-banking finance company, on Wednesday announced the appointment of Nirmal Kishore as its Managing Director and Chief Executive Officer.Kishore comes with over 24 years of...
CEO T Koshy, ET BFSI
T Koshy, MD & CEO, ONDCONDC is steadfast in its commitment to empower India's farmers by facilitating their access to digital markets and harnessing the benefits of e-commerce, said T Koshy, MD & CEO of Open Network for Digital Commerce (ONDC) at the 9th...
Rupee trades in narrow range against US dollar in early trade, ET BFSI
Mumbai, The rupee was trading in a narrow range and appreciated 3 paise to 83.25 against the US dollar in early trade on Thursday, amid a negative trend in domestic equities. Forex traders said the rupee is trading in a narrow range as sustained foreign fund outflows...
Google India announces range of credit-focused products including sachet loans on Google Pay, ET BFSI
Google India on 19 October announced a range of credit-focused products for consumers and merchants, including sachet loans on the Google Pay application to help small businesses in the country.The online payment service provider plans to partner with banks and...
Piramal Enterprises’ maiden NCD issue opens on Thursday; to raise up to Rs 1,000 crore, ET BFSI
New Delhi, Piramal Enterprises Limited on Wednesday said it plans to raise Rs 1,000 crore from maiden issuance of Non Convertible Debentures (NCDs) to fund business growth. The tranche I comprises the base issue size of Rs 200 crore and a green-shoe option of up to Rs...
IIFL Securities Q2 profit jumps 94% to Rs 107 crore, BFSI News, ET BFSI
NEW DELHI: IIFL Securities on Wednesday reported a 94 per cent jump in profit after tax to Rs 107.4 crore during the three months ended September 30.In comparison, the company had posted a PAT (profit after tax) of Rs 55.3 crore in the same period of the preceding...
Rush for gold cash amid need for cold cash, BFSI News, ET BFSI
KOLKATA: Gold loan companies are seeing a surge in demand from semiurban and rural areas ahead of the festive season, with small businesses and individuals monetising their holdings to raise funds amid a general credit crunch. The recent rally in gold prices following...
Rupee rises 2 paise to 83.23 against US dollar in early trade, ET BFSI
The rupee appreciated by 2 paise to 83.23 against the US dollar in early trade on Wednesday on the back of a weaker American currency and inflow of foreign funds in the domestic equity markets. Forex traders said surging crude oil prices and negative trend in equity...
Rupee rises 3 paise to close at 83.24 against US dollar, BFSI News, ET BFSI
MUMBAI: Rupee consolidated in a narrow range and settled for the day higher by 3 paise at 83.24 (provisional) against the US dollar on Tuesday amid a positive trend in domestic equities.Forex traders said the rupee is trading with a slight positive bias on positive...
Cred hires Sujay Das to head risk for in-house NBFC Newtap Finance, ET BFSI
In a bid to strengthen its credit underwriting policies and scale up its overall lending play, fintech startup Cred has hired banking veteran Sujay Das to lead its risk assessment vertical. Das has been hired for Cred’s in-house non-banking finance company Newtap...
Basel proposes crypto disclosures by banks from January 2025, ET BFSI
Global banking regulators on Tuesday proposed a standardised format for major banks to disclose their holdings of cryptoassets from January 2025 to support "market discipline" by giving a complete picture to investors.The Basel Committee of banking regulators from the...
Bajaj Finance to acquire 26% in Pennant Technologies for Rs 268 cr, ET BFSI
New Delhi, Bajaj Finance on Tuesday said it plans to acquire 26 per cent stake in Pennant Technologies for Rs 267.50 crore. Bajaj Finance, an NBFC arm of Bajaj Finserv, said the company entered into a binding term sheet with Pennant Technologies on October 16, 2023,...
Don’t expect bumper rewards on card spends this festive season, ET BFSI
Mumbai: Eye-popping reward points, hefty instant purchase cashbacks and innumerable benefits ranging from accessing airport business lounges to exotic vacations at little cost were, until recently, the perquisites of swiping a credit card. These perks haven't gone...
Cons profit jumps 28% YoY to Rs 3,551 crore, meets estimates, ET BFSI
MUMBAI - Bajaj Finance Ltd reported a 28% year-on-year (YoY) rise in consolidated net profit for the quarter ended September 2023 to Rs 3,551 crore, which was in line with estimates. Total revenue from operations grew 34% YoY to Rs 13,378.26 crore.The net interest...
Rupee closes at new low on Gaza spillover, crude flare-up worries, ET BFSI
Mumbai: Flames leaping out from the war in West Asia theatre appeared to singe the Indian currency Monday, sending the rupee to a new closing low against the US dollar that's advancing against other monetary units amid concerns over the conflict's duration . The rupee...
MSME lenders gear up for festival season, ET BFSI
Amid the breeze of festival season, the manufactures and retailers are ready to meet the demands of the large consumer-base in India. Preparations are high with big facilities filling up their stocks while the e-commerce platforms coming up with lucrative deals. Since...
Avanse Financial gets USD 145 mn social-linked ECB facility, BFSI News, ET BFSI
Mumbai, Education-focused non-bank Avanse Financial Services Monday said it has received a USD 145 million (about Rs 1,207 crore) syndicated social-linked loan facility under the external commercial borrowing (ECB) window, from Standard Chartered Bank and 10 other...
Jio Financial set to launch suite of loan products in billionaire Ambani’s finance push, ET BFSI
India's Jio Financial Services JFS plans to launch auto, home loans and other products, as the billionaire Mukesh Ambani-backed company seeks to establish itself as a full-service financial services firm in a rapidly growing market.Despite strong growth, penetration...
Rupee rises 5 paise to 83.22 against US dollar in early trade, ET BFSI
Mumbai, The rupee appreciated by 5 paise to 83.22 against the US dollar in early trade on Tuesday supported by a positive trend in domestic equities. Forex traders said the rupee is trading in a narrow range as sustained foreign fund outflows and strength of the...
India’s Jio Financial Q2 profit doubles from previous quarter, ET BFSI
BENGALURU -India's Jio Financial Services (JFS) on Monday said its second-quarter profit doubled from the previous quarter, in its first earnings report after being carved out from billionaire Mukesh Ambani's Reliance Industries and listed on stock...
Rupee rises 2 paise to close at 83.28 against US dollar, BFSI News, ET BFSI
Mumbai, The rupee consolidated in a narrow range and settled for the day higher by 2 paise at 83.28 (provisional) against the US dollar on Monday. Forex traders said positive macroeconomic data supported the rupee, while geopolitical tensions, particularly the...
Vivriti mops up Rs 1,700 crore, to deploy in bonds, BFSI News, ET BFSI
Mumbai: Vivriti Asset Management has completed raising ₹1,700 crore to invest in bonds and loans. The credit asset manager has promised investors returns ranging between 10% to 15%. The fund has deployed ₹1,400 crore across 40 companies across sectors such as...
UBS Securities red flags retail loans, sees credit cost soaring by up to 200 bps, ET BFSI
Mumbai, Days after the Reserve Bank took an unprecedented step of warning banks of their ballooning retail book, a foreign brokerage has cautioned against increasing default risks in retail unsecured loans of banks. According to Swiss brokerage UBS Securities,...
M-cap of six of top 10 firms jumps Rs 70,527.11 cr; Reliance Industries biggest gainer, ET BFSI
New Delhi, The combined market valuation of six of the top 10 valued firms jumped Rs 70,527.11 crore last week, with Reliance Industries Ltd (RIL) emerging as the biggest gainer. While Hindustan Unilever Ltd, Bharti Airtel, ITC, ICICI Bank and HDFC Bank were the...
Dollar buoyed by safe-haven bids, rate jitters, BFSI News, ET BFSI
The dollar was on the front foot on Monday in cautious trade as tensions in the Middle East escalated, while investors awaited a speech by Federal Reserve Chair Jerome Powell later this week for further clues on the U.S. central bank's rate outlook.The Israeli shekel...
Rupee rises 6 paise to 83.24 against US dollar in early trade, ET BFSI
The rupee appreciated by 6 paise to 83.24 against the US dollar in early trade on Monday supported by positive macro economic data. Forex traders said falling domestic inflation, rise in industrial production figures and improvement in trade deficit aided the local...
Forex reserves drop by USD 2.17 billion to USD 584.74 billion, ET BFSI
MUMBAI: The country's forex reserves dropped by a further USD 2.166 billion to USD 584.742 billion for the week ended October 6, the RBI said on Friday. India's forex kitty had gone down by USD 3.794 billion to USD 586.908 billion in the previous week. It can be noted...
Sebi tweaks guidelines on anti-money laundering; partners with 10% stake to come under beneficial owners, ET BFSI
New Delhi, Capital markets regulator Sebi on Friday tweaked guidelines pertaining to anti-money laundering standards, whereby partners holding a 10 per cent stake in a firm will come under the definition of beneficial owners. Earlier, the requirement was 15 per cent....
InCred Fin plans to raise up to Rs 300 cr via NCDs, BFSI News, ET BFSI
Mumbai: InCred Financial Services aims to raise up to ₹300 crore through a public issue of non-convertible debentures (NCD), with the sale opening on October 25 and closing on November 7.The NCD issue has a base size of ₹150 crore and an option for additional...
RBI’s likely interventions support rupee, BFSI News, ET BFSI
Mumbai: The rupee ended steady versus the US dollar Friday despite an overnight global surge in the greenback, suggesting likely Reserve Bank of India (RBI) interventions to rein in currency-market volatility amid apprehensions of further Federal Reserve rate...
RBI extends prompt corrective framework to govt NBFCs, BFSI News, ET BFSI
Mumbai: The Reserve Bank of India has extended its prompt corrective action framework to government-owned financial institutions. This framework entails the imposition of business restrictions on lenders with weak financials.The PCA framework is aimed at placing...
State-run banks to lower bond purchases as liquidity tightens, say treasury officials, ET BFSI
India's state-owned banks will slow government bond purchases in the weeks ahead as banking system liquidity tightens, treasury officials from nine state lenders said. Bond yields have spiked since Oct. 6, when the central bank said it will keep monetary policy...
Bajaj Finance slapped with fine worth Rs 8.50 lakh by RBI, BFSI News, ET BFSI
Reserve Bank of India (RBI) has imposed Rs 8.50 lakh penalty on Bajaj Finance for rule violations. The fine has been imposed as the company has not complied with the RBI directions to the extent of not reporting and delay in reporting of certain frauds to RBI.A notice...
RBI imposes monetary penalty on Union Bank of India, RBL Bank for non-compliance, ET BFSI
Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 1 Crore on Union Bank of India for non-compliance with directions issued on ‘Loans and Advances – Statutory and Other Restrictions’. This action is based on the deficiencies in regulatory compliance and...
India Post Payments Bank ties up with Sidbi, BFSI News, ET BFSI
MUMBAI: India Post Payments Bank (IPPB) and Small Industries Development Bank (Sidbi) have tied up to accelerate formal financial services in rural India and among smaller companies. The agreement is to leverage India Post’s deep connect with rural India and Sidbi’s...
Rupee settles 2 paise lower at 83.26 against US dollar, BFSI News, ET BFSI
Mumbai, The rupee fell 2 paise to settle at 83.26 (provisional) against the US dollar on surging crude oil prices overseas and a downward trend in the domestic equities. Forex traders said that positive macroeconomic data failed to rev up the local currency, which has...
This bank offers up to 9.5% FD interest rate to senior citizens: Check details, ET BFSI
Unity Small Finance Bank (SFB) has revised its interest rates on fixed deposits for amount below Rs 2 crore. The latest FD interest rates are applicable from October 9, 2023, according to the Unity Small Finance Bank website.“The bank has hiked its interest rates...
RBI’s Shaktikanta Das says US should rethink currency manipulator list, ET BFSI
The US practice of putting emerging markets countries on a watchlist as potential currency manipulators should be reviewed, said India’s central bank governor, who defended the need to buttress their economies from market swings.“There has to be a two-sided...
SBI net banking will be down on this day; here are alternatives, ET BFSI
State Bank of India customers will not be able to access internet banking services due to scheduled activity. However, it has not mentioned anything about the YONO app, if its service will be available.According to the SBI website, “The services of Internet Banking...
Bank of Baroda faces setback in upcoming festive season business after RBI curbs on app, ET BFSI
Bank of Baroda (BoB) faces a potential setback to its ongoing festival season business due to the Reserve Bank of India (RBI) restrictions on its 'BoB World' mobile application. The restrictions could impact BoB's growth in retail assets and liabilities over the...
Risk of Indian banks’ unsecured retail loans turning sour is rising, UBS says, ET BFSI
The risk of Indian banks' unsecured retail loans turning sour is rising as lending to borrowers with overdue debt has increased, UBS said in a note.In recent months, lenders in Asia's third-largest economy have boosted their unsecured lending portfolios as the...
Small finance banks wish to shed “small” tag, wait for RBI signal to seek universal license, ET BFSI
Small finance banks such as AU, Equitas and Ujjivan, which aspire to become "universal banks" as they complete the mandatory five-year cooling off period, are now awaiting the regulator’s signal before they officially seek licence upgrades.Although these banks have...
Rupee trades flat at 83.24 against US dollar in early trade, ET BFSI
Mumbai, The rupee traded on a flat note at 83.24 against the US dollar in early trade on Friday as an upward trend in crude oil prices dented investor sentiment despite positive domestic macroeconomic data. Forex analysts said the Indian currency continued to stay...
Banks continue to raise interest rates on loans despite RBI pause, ET BFSI
Even with a pause by the Monetary Policy Committee, banks have continued to raise rates on their existing loan portfolios, evident from the transmission of rate hikes from the previous quarter."Despite a pause by the MPC, banks have continued to raise rates on their...
India’s second-largest public sector bank faces app troubles, ET BFSI
India's second-largest public sector bank -- Bank of Baroda -- is facing app troubles. The country's apex bank RBI has directed Bank of Baroda not to add customers to its mobile app following lapses in the onboarding process. The central bank's action reportedly...
Expert group for multilateral banks tapping private capital, BFSI News, ET BFSI
Marrakech (Morocco): A high-level group set up to suggest measures to strengthen multilateral development banks (MDBs) has proposed greater reliance on private capital and use of varied financial instruments and simplification of processes to cut delays and achieve...
Bank of Maharashtra hikes deposit rates by up to 125 basis points, ET BFSI
Mumbai: Bank of Maharashtra (BoM), has increased its deposits interest rate by up to 125 bps (100bps=1%) with effect from 12.10.2023. The rate increase applies to fixed deposits as well as special schemes introduced by the bank.Bank of Maharashtra is the second bank...
SBI Mutual Fund gets RBI nod for buying 9.99% stake in IndusInd Bank, ET BFSI
"The approval has been granted with reference to the application made by SBI MF to RBI," IndusInd Bank informed the stock exchanges. This acquisition will also give SBI MF the right to 9.99 per cent voting rights in the bank."SBI MF has been advised by RBI to acquire...
Latest loan interest rates of Bank of Baroda, Canara bank, Bank of Maharashtra, ET BFSI
Bank of Baroda, Bank of Maharashtra and Canara Bank have revised their marginal costs of funds-based lending rates (MCLRs) on loans. Here is a look at the latest MCLR rates of the Bank of Baroda, Canara Bank and Bank of Maharashtra.The stance of RBI's monetary policy...
Sebi probing ties between Adani Group and Gulf Asia Fund, ET BFSI
India's market regulator is investigating the relationship between the Adani Group and a fund incorporated in the British Virgin Islands to see if there has been a violation of share ownership rules, two sources with direct knowledge of the matter said.The fund is...
Survey, BFSI News, ET BFSI
Higher interest rates have resulted in a reduction in Current Account Savings Account (CASA) deposits as most of the savers are shifting towards term deposits, according to a report. CASA is low-cost deposits mobilised by banks, and higher amount of low-cost deposits...
RBI’s active rupee management stretches valuation to near 2-year peak, ET BFSI
The Indian rupee's valuation against currencies of major trading partners has surged to a near two-year high on central bank intervention and elevated domestic inflation.The rupee's 40-currency real effective exchange rate (REER) shows the rupee was overvalued by 5.7%...
Survey, BFSI News, ET BFSI
New Delhi, Higher interest rates have resulted in a reduction in Current Account Savings Account (CASA) deposits as most of the savers are shifting towards term deposits, according to a report. CASA is low-cost deposits mobilised by banks, and higher amount of...
15% uptick in overall outstanding loans in Aug’23, ET BFSI
EMIs to go up: HDFC Bank has hiked loan interest rates.BFSI sector recorded a steady credit with strong growth in overall outstanding loans increasing by approximately 15 per cent on a yoy basis in August, 2023. Deposit growth picked up and is likely to see further...
ICICI Bank’s iFinance to provide customers one-view of transactions across all bank accounts, ET BFSI
Mumbai: ICICI Bank has launched ‘iFinance’, an application that allows customers to view their savings and current accounts across banks in one place. The service is available for customers and non-customers through the bank’s digital platforms, including the iFinance...
Rupee falls 6 paise against US dollar amid rising crude prices, ET BFSI
Mumbai, The rupee paused its two days of gains and settled 6 paise lower at 83.24 (provisional) against the US dollar on Thursday as rising crude oil prices dented the investor sentiment. Forex analysts said early gains in the domestic currency on the back of the weak...
SIDBI to use Indian Post Payment Bank for credit delivery to small biz in remote areas, ET BFSI
Mumbai: India Post Payments Bank (IPPB) has partnered with the Small Industries Development Bank of India (SIDBI) to extend financial and other support services to MSMEs in rural and remote areas.SIDBI provides credit to small businesses, while IPPB provides banking...
Here’s the full list, BFSI News, ET BFSI
Banks across India would be closed for about 15 days in November, 2023, national and region specific. This includes the weekend holidays, i.e., the second and fourth Saturdays and all Sundays. November will see some significant festivals across India like Diwali,...
Rupee rises 4 paise against US dollar in early trade, BFSI News, ET BFSI
Mumbai, The rupee stayed on the upward track for the third day in a row, appreciating by 4 paise to 83.14 against the US dollar in early trade on Thursday amid easing crude oil prices and a weak American currency. Subdued sentiments in the domestic equity markets and...
NBFCs likely to report stellar Q2 performance, Jio Financial to kick off results next week, ET BFSI
Non-banking finance companies (NBFCs) are poised to report robust net profit growth ranging from 20% to 30% in the second quarter ended September 2023 on strong loan disbursements, even though margins may experience some pressure due to an increase in the cost of...
BoB plans to raise up to Rs 10,000 cr via infra bonds, ET BFSI
Mumbai: Bank of Baroda may raise up to ₹10,000 crore through the issuance of infrastructure bonds as the state-owned lender looks to garner long-term capital amid firm demand for credit.Last week, the bank informed exchanges that it has scheduled a board meeting on...
Banks on vigil for suspicious transactions in Assembly polls-bound states, ET BFSI
As the five-State Assembly elections approach within the next five weeks, banks are intensifying efforts to closely monitor bulk online and significant offline transactions. This initiative aims to ensure that the electoral process remains free from inducements and...
Bankers see loan demand improving in Q3, finds RBI survey, BFSI News, ET BFSI
Bankers are optimistic about further improvement in loan demand in this fiscal and next, according to a Reserve Bank of India (RBI) survey. The RB) recently unveiled the findings of its 25th round of the quarterly Bank Lending Survey, offering significant insights...
Maruti Suzuki partners with IDBI Bank for dealer financing solutions, ET BFSI
The MoU was signed in the presence of Shashank Srivastava, Senior Executive officer — Marketing & Sales, Bhuvan Dheer, Executive Vice President — Sales & Network, and Vishal Sharma, General Manager — Allied Business from Maruti Suzuki; and Rakesh Sharma,...
CBDT chief says analysing Swiss bank accounts data of Indians, ET BFSI
The Central Board of Direct Taxes (CBDT) Chairman Nitin Gupta said the Income Tax Department will analyse the bank accounts of Indian nationals and organisations it received from Swiss Bank and will take action under the black money Act in case any tax evasion was...
Bank profits to show impact of higher deposit rates, rising treasury yields, ET BFSI
Higher deposit rates and rising treasury yields are likely to impact banking profits in the second quarter even though the sector still remains profitable. The impact of higher cost of funds on banks' net interest margins (NIMs) will slow profit growth, with this...
Foreign banks’ share in Indian lending hits record low on retail exit, slow MNC expansion, ET BFSI
The incremental credit by foreign banks have dropped to all-time low of 0.1 percent as of September 22 as against 2.6 percent during the same period the previous year, according to RBI.The share of foreign banks in loans to Indian borrowers, encompassing both...
Navneet Munot elected as Chairman of AMFI, BFSI News, ET BFSI
Navneet Munot, MD and CEO of HDFC Asset Management, has been elected as the Chairman of Association of Mutual Funds in India (AMFI). Navneet Munot is a Chartered Accountant and a CFA charter holder and has over three decades of experience in financial services.“I am...
Indian banks pursue unpaid loans by Singapore’s GVK in UK court, ET BFSI
LONDON: A trial involving six Indian banks pursuing unpaid loans amounting to an estimated USD 2 billion, including interest accrued, from GVK Coal Developers (Singapore) Pte Ltd and associated companies opened in the High Court here on Tuesday. Judge Dame Clare...
PE inflows plunge 65% to USD 1.81 bn in July-September, ET BFSI
Private equity (PE) investments in India fell 65.4 per cent to USD 1.81 billion in July-September 2023 as compared to the year-ago period, according to an industry report. In the year-ago period, PE investment was USD 5.23 billion. The number of deals also declined...
Up to 3% cashback, UPI-enabled and other features, ET BFSI
Fibe, formerly known as EarlySalary, has announced that it had partnered with Axis Bank to launch "India’s first-ever numberless credit card" on October 10, 2023. First, there was contactless; now credit card is going numberless. How does a numberless credit card look...
Rupee rises 3 paise against US dollar in early trade, BFSI News, ET BFSI
Mumbai, The rupee appreciated 3 paise to 83.22 against the US dollar on Wednesday, tracking cues from positive equity markets and a weaker American currency against major rivals overseas. However, selling pressure from foreign equity investors weighed on the Indian...
Bank of Israel to sell up to $30 billion of forex to stabilise shekel, ET BFSI
The Bank of Israel said on Monday it will sell up to $30 billion of foreign currency in the open market, the central bank's first ever sale of foreign exchange, to maintain stability during the war with Palestinian militants in Gaza.The shekel fell 2.7% versus the...
Nehal Shah joins IDBI Bank as Deputy CTO, BFSI News, ET BFSI
Nehal Shah, Deputy CTO, IDBI BankAfter spearheading Consumer Bureau IT at Transunion CIBIL for about 5 and half years, Nehal Shah has joined IDBI Bank as Deputy CTO. Shah has extensive experience leading large IT projects in digital transformation, big bank...
BoB says no disruption to existing customers, working with RBI to close the gaps, ET BFSI
Bank of Baroda (BoB) reacting on Reserve Bank of India’s circular prohibiting on-boarding of new customers said the bank has already carried out corrective measures to address the concerns of the RBI, we have initiated further steps to plug any remaining gaps...
Indian PSU Banks’ stocks outshine East Asian peers in Q3: Report, ET BFSI
According to a latest report, India's public sector banks have posted the best-performance among its Asia-Pacific peers in the quarter ended 30 September, 2023, reflecting growing investor interest and the banks' stronger financials metrics.Country's state-owned...
What is bob World? The Super App now under RBI’s lense, BFSI News, ET BFSI
In a surprising development, the Reserve Bank of India (RBI) directed Bank of Baroda to stop onboarding new customers through BoB World, the lender’s digital banking application.Earlier too in a similar move, the RBI has asked HDFC Bank to suspend its new credit card...
RBI may conduct Rs 500 billion worth bond sales: Treasury officials, ET BFSI
The Reserve Bank of India could sell around Rs 500 billion ($6.01 billion) of government bonds to narrow banking system liquidity, with the supply front-loaded in this quarter, eight treasury officials said."Since the operation is being targeted to remove liquidity,...
RBI to extend PCA supervisory norms to government-owned NBFCs from October 2024, ET BFSI
MUMBAI: The Reserve Bank on Tuesday said the strict supervisory norms under the Prompt Corrective Action (PCA) Framework will apply to government-owned non-banking financial companies from October 2024. Being put under the PCA framework means restrictions on dividend...
Bank of Baroda hikes FD rates by 50 bps, BFSI News, ET BFSI
Bank of Baroda has raised interest rates on domestic retail term deposits, including non-resident rupee accounts, by up to 50 basis points for tenors of up to three years. Additionally, the bank has increased bulk deposit interest rates (for deposits ranging from Rs...
Rupee rises 4 paise to settle at 83.24 against US dollar, BFSI News, ET BFSI
MUMBAI: The rupee gained 4 paise to settle at 83.24 (provisional) against the US dollar on Tuesday, as a rally in domestic equity markets boosted investor sentiment.However, elevated crude prices in the overseas markets and safe-haven dollar buying amid concerns over...
RBI directs Bank of Baroda to suspend further onboarding of customers on ‘bob World’, ET BFSI
In a setback for Bank of Baroda, the Reserve Bank of India (RBI) on Tuesday directed the Public Sector Bank to suspend, with immediate effect, any further onboarding of their customers onto the ‘bob World’ mobile application. “This action is based on certain material...
Sensex soars 567 pts led by bank and IT stocks, ET BFSI
Indian equity indices rebounded on Tuesday, in line with the global markets on easing US rate worries while investors kept tabs on the military conflict in the Middle East. Gains were led by the banking, financial and IT stocks.The BSE benchmark Sensex advanced 567...
69% MSMEs use digi wallets, m-payments as most frequently used payment mode: ICRIER, ET BFSI
In its annual survey on MSMES, it revealed that over 85% of surveyed enterprises reported an increase in total sales and profit margins after integrating with ecommerce channels, with most reporting growth of up to 30%. New Delhi: The India Council for Research on...
SBI dominates debit cards market, HDFC continues to lead credit cards in Aug’23, ET BFSI
India's largest public sector lender, the State Bank of India, remained the front runner in the Debit cards market, holding a whopping 27 per cent share in August 2023, revealed latest data by 1Lattice (Previously PGA Labs).Top banks followed the list like Bank of...
Outward remittance from India witnesses over 4% decline in July’23, ET BFSI
According to latest data by 1Lattice (Prev. PGA Labs), the outward remittances from India has witnessed a decline of approximately 4.2 per cent, m-o-m in July 2023. For the past 3 years, overseas travel and leisure has had the highest share in outward remittances from...
These 9 banks have revised fixed deposit interest rates in October 2023, ET BFSI
Many banks, including HDFC Bank, IDBI Bank IndusInd Bank, Punjab & Sindh Bank have revised FD interest rates ahead of the latest Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC). Including the latest status quo stance, the RBI has maintained the...
Axis Bank and Fibe partner to launch India’s first numberless credit card, ET BFSI
One of the country's largest private sector banks, Axis Bank has launched India’s first-ever numberless credit card in collaboration with Fibe (formerly known as EarlySalary), for the tech-savvy Gen Zs. With a numberless credit card, customers get an added level of...
NBFC-MFIs outpace microfinance industry growth, banks falter, ET BFSI
Kolkata: The non-banking finance companies-microfinance institutions (NBFC-MFIs) have consolidated their position in the market with more-than-average 43% year-on-year growth helping them to raise their share of portfolio to 41.28% of the country's total microfinance...
