Mahindra & Mahindra Financial Services

Mahindra & Mahindra Financial Services, Sonata Software Limited, and Blue Star may rise up to 10 per cent in the overbought territory of RSI.

MMFSL shares had plunged over 20% following the order in September, before recouping those losses by December

The company recorded a disbursement of approximately Rs 4,500 crore in November 2022, delivering a 75 per cent YoY growth, on the backdrop of positive macro environment.

'Specialised people' needed to ensure loan defaulters don't cheat company, says Ramesh Iyer in interview

Mahindra & Mahindra Financial Services (Mahindra Finance) on Wednesday reported over 55 per cent decline in its net profit at Rs 492 crore in the quarter ended September 2022. In the year ago same quarter ended September 2021, it had posted a net profit of Rs 1,103 crore. Total income increased 3 per cent to Rs 3,029 crore during the quarter under review against Rs 2,951 crore during the corresponding quarter last year, it said in a release. The non-banking finance company focused on providing financial services in the rural and semi-urban markets said in Q2FY22 it had witnessed significant reversal of impairment provisions due to improvement in asset quality which had deteriorated during Q1 FY22 during the second wave of Covid-19. This had resulted in a higher profit after tax.

Auto component maker Motherson Sumi Wiring India Ltd on Monday reported a 2 per cent rise in net profit at Rs 116.45 crore in the second quarter ended September 30, 2022. The company had posted a net profit of Rs 114 crore in the same period last fiscal, Motherson Sumi Wiring India Ltd (MSWIL) said in a regulatory filing. Total revenue from operations stood at Rs 1,835.21 crore as against Rs 1,399.95 crore in the year-ago period, it added. Total expenses were higher at Rs 1,689.77 crore as compared to Rs 1,229.76 crore in the same quarter a year ago. "The Indian automotive industry is showing signs of revival and our customers are also ramping up production. This has resulted in one-time costs, which should be mitigated in the coming quarters," MSWIL chairman Vivek Chaand Sehgal said. In the second quarter, the company said it had incurred costs due to initial one-time startup costs of new programmes at Bengaluru and new facility at Chennai. Besides, to meet increased volume, ...

As on September 30, 2022, the company expects its Gross Stage 3 to be around 7 per cent as compared to 8 per cent in Q2FY23 and Gross Stage 2 to be around 10 per cent as against 11.7 per cent.

Moreover, as lenders will not deploy their own staff for such activity, their operation costs may go up, said experts

In a circular, the RBI said that the non-banking finance company may continue to carry out recovery or repossession activities, through its own employees.

This is probably the first time the regulator has cracked down on lenders on recovery by coercive methods, which is typically a hallmark of outsourced recovery agents

Among consumer financiers, Mahindra & Mahindra and Cholamandalam Investment look strong on charts, while Bajaj Finance and Muthoot Finance need to overcome key hurdles for an upside, indicate charts.

Mahindra & Mahindra Financial Services on Monday said it has raised over Rs 255 crore by issuing bonds on private placement basis. A meeting of the committee of the board on March 28, 2022 approved the allotment of 2,500 secured redeemable non-convertible debentures (NCDs) of face value of Rs 10 lakh each, aggregating to Rs 255.45 crore, through private placement, Mahindra Finance said in a regulatory filing. The tenure of the bonds is 9 years and 234 days, and the date of maturity is November 17, 2031. The bonds carry coupon of 7.45 per cent per annum and the Extended Internal Rate of Return (XIRR) is 7.51 per cent. XIRR is a single rate of return which is applied to each instalment (and any redemptions). It yields the current value of the entire investment.

Company exploring entry into Bangladesh

Mahindra & Mahindra Financial Services on Tuesday said it has raised Rs 300 crore by issuing bonds on a private placement basis. A meeting of the committee of the board on Tuesday approved the allotment of 3,000 secured redeemable non-convertible debentures (NCDs) of a face value of Rs 10 lakh each, aggregating to Rs 300 crore through private placement, Mahindra Finance said in a regulatory filing. The bonds are set to mature on February 22, 2024, it said. The debt instruments bear an interest rate, or coupon, of 5.98 per cent per annum. Shares of Mahindra Finance on Tuesday traded at Rs 151.50 apiece on the BSE, down by 1.27 per cent from the previous close.

Sequentially, however, profit fell by 10% from Rs 1,103 crore

Mahindra & Mahindra Financial Services (Mahindra Finance) on Friday said it has disbursed over Rs 2,000 crore for the second time in a row in August. In August 2021, the business continued its momentum with a disbursement of more than Rs 2,000 crore for the second month in a row. The total disbursement at about Rs 2,150 crore delivered 57 per cent year on year growth, albeit on a lower base of August 2020, which was impacted by the first wave of COVID-19, Mahindra Finance said in a release. The collection efficiency was reported at nearly 97 per cent for August 2021, further improving to 95 per cent in July 2021. Collection efficiency in April, May and June was 72 per cent, 67 per cent, 90 per cent, respectively. "With the opening of the economy and improved mobility, the company witnessed a meaningful reduction in the NPA (non-performing assets) contracts during the month as customer cash flows improved. "We believe that this is a very encouraging sign. The company expects this

In a discussion paper released on its website, the RBI has suggested a four-tier pyramid structure for the sector.

Out of 1.6 million customers, 100,000-150,000 accounts are likely to come up for restructuring, according to the company

Positive management commentary from M&M Finance and Shriram Transport bodes well; sustenance is key

The board on Saturday, July 18, approved a 1:1 rights issue at Rs 50 per share, amounting to Rs 3,089 crore.