Financial Services

Groundwork to create financial behemoth

According to the technical analyst, traders should adopt a buy-on-dips approach for the Nifty Auto index, with a minimum target of 12,236

Financial Services firm Aditya Birla Capital on Monday said it has decided to sell its entire stake in Aditya Birla Insurance Brokers Limited (ABIBL) to Edme Services for an undisclosed amount. The proposed deal includes the sale of the entire 25,65,103 equity shares of Rs 10 each held by the company (along with its nominees), representing 50.002 per cent of the issued and paid-up share capital of ABIBL to Edme Services Private Limited, Aditya Birla Capital said in a regulatory filing. The purchaser is part of the Samara Capital Group and an affiliate of Samara Alternate Investment Fund, it added. The proposed transaction is subject to receipt of the approval of the Insurance Regulatory and Development Authority of India (Irdai), it added. As per reasonable estimates, the proposed transaction is expected to be completed within 120 to 180 days from the execution of the share purchase agreement (SPA).

The cautionary tale from the Block Inc debacle is that increasing digitisation of retail financial services in India has raised the threat levels of frauds

Executive played a role in expanding firm's credit and capital markets products in Asia-Pacific

"These are to get into asset reconstruction business, alternative investment fund business, wealth management and similar synergistic business, which the existing management can start"

The Finance Ministry said in a notice on Tuesday that anti-money laundering legislation has been applied to crypto trading, safekeeping and related financial services

Deal struck at Rs 151.4 a share, makes Pantomath arm Cliqtrade Stockbrokers a co-promoter

According to the technical analyst, the finance sector is expected to underperform in the near term, but this underperformance will provide a good buying opportunity for traders and swing players.

Financial services firm JM Financial on Friday reported a 12.3 per cent fall in net income at Rs 190.2 crore for the quarter ended December 2022. Even though the company said its loan book rose 35.5 per cent to Rs 15,234 crore during the quarter, its income growth declined 1.9 per cent to Rs 946.1 crore. The company did not offer an explanation for the decline in its profit but said the quarterly net profit includes Rs 56.8 crore from IPO financing activity. It has seen all-round improvement in asset quality with gross NPAs falling steeply to 3.60 per cent from 4.39 per cent and the net NPAs also falling to 2.23 per cent from 2.76 per cent. SMA-2 or special mention accounts which remain stressed for 60-90 days also more than halved to 1.07 per cent from 2.50 per cent on an annualised basis. Similarly, total provision to the total loan book declined to 4.11 per cent from 6.96 per cent and the loan book under Covid resolution framework declined to 0.35 per cent from 0.91 per cent.

IL&FS Financial Services' creditors, including 28 lenders and debenture holders, will get an interim amount of Rs 3,200 crore, making it the largest cash payout since the government superseded its board in October 2018. The IL&FS group would also pay back another Rs 1,900 crore for three of its other firms, making the aggregate payout at Rs 5,100 crore, it said on Monday. In the wake of financial misdoings coming to light, the corporate affairs ministry had superseded the board of IL&FS in October 2018. The group had a debt of more than Rs 95,000 crore among nearly 347 group entities when the crisis came to light in October 2018. Since the resolution began, the group has so far discharged debt worth Rs 27,000 crore. Banks have secured exposure of over Rs 7,500 crore to IL&FS Financial Services Ltd (IFIN) which will be resolved with a combination of cash payout under the interim distribution plan and allocation of InvIT (Infrastructure Investment Trust) units by way ..

Financial sector identified as one of the priority sector as part of "Vision Amrit Kaal

Investments by private equity and venture capital funds declined by nearly a third to USD 54.2 billion in 2022, which was characterised by a 'funding winter' after consecutive years of surge. Even after the decline, the year was the second best for India in terms of bets taken by such long term investors on growing Indian companies, a report by industry lobby Ivca and the consultancy firm EY said. The investments by value were down 29 per cent as compared to USD 75.9 billion in 2021, while by volumes there was a 4.6 per cent decline at 1,211 transactions as against 1,269, the report said, adding that a sharp fall in large deals resulted in the decline. The firm's partner Vivek Soni said investor interest has been weighed down by inflation woes, recession fears, the rising cost of capital and elevated levels of uncertainty driven by geostrategic challenges. He added that 99 funds dedicated to India raised USD 17.4 billion in 2022, and there is a high level of dry powder available ..

Two-thirds of AUM book to be from consumer business, firm to focus on underserved

Says that by design, every sale is unapproved until it is verified by a triple-layered audit mechanism that reaches out to the interested customer through SMS, audio and video calls

Failure to improve business volumes may impact profitability of Delhi-based NBFC, says agency

Naren said after a long time the need for money in the deposit market has come and we see hikes in bank deposit rates

Speaking at the summit, the former bureaucrat added the need for specialised talent in the regulatory bodies, ranging from lawyers to accountants and auditors