The results outcome have seen profit booking on the gap up opening
Rahul Bajaj has decided to demit the office as chairman of the board with effect from close of business hours on July 31
Higher provisioning in line with priority to mitigate balance-sheet risk
The board has appointed Sanjiv Bajaj, currently the Vice Chairman of the Company, as Non-Executive Chairman of the Company with effect from August 1, 2020
Net profit down 19 per cent to Rs 962 crore from Rs 1,195 crore in Q1FY20
We might witness weakness only if Nifty breaks level of 10,700
Some analysts are still cautious on asset quality
The NBFC's assets under management (AUM) under moratorium declined from 27 per cent, at the end of April 2020, to about 15.5 per cent at the end of June 2020.
MAS Financial, Ujjivan Financial, HUDCO, Cholamandalam Investment, Aditya Birla Money, Geojit Financial, AU SFB, and CreditAccess Grameen were up in the range of 5 per cent to 9 per cent on the BSE.
Experts attribute the higher payout to the change in dividend law and cut in corporate income tax.
Firm may need to make additional provisioning due to covid-19 to further strengthen its balance sheet. In Q4FY20, it made provisions of Rs 1,954 crore, of which Rs 900 crore was set aside for covid-re
S&P Global Ratings said that worsening operating conditions following Covid-19 have increased risks for financial institutions and banks operating in India
Experts say comfortable capital levels, strong market position positive for both
The Supreme Court, during the hearing, indicated that it was not considering a complete waiver of interest but was only concerned that postponement of interest shouldn't accrue further interest on it.
The Sensex gained for the fourth consecutive day, rising 879 points, or 2.7%, to end at 33,303, while the Nifty rose 246 points, or 2.6%, to end at 9,826
The Bajaj group is the only one on the list of 12 conglomerates to be down - 1 per cent - since the lockdown came into effect, thanks to the hammering of stocks of non-banking financial companies.
Instead of extending the moratorium by another three months, it would have been better to allow lenders to offer a one-time restructuring only to those who need it, says Sanjiv Bajaj
The Bank Nifty declined 2.6%, with several big names posting losses in excess of 4%
All that happened in the markets today
The NBFC lost 10 productive days in Q4FY20 due to the coronavirus pandemic and the consequent lockdown. This resulted in lower acquisition of nearly 1 million loan accounts.