Finance Sector

JPMorgan sees foreign investors flocking to Indian stocks after LS polls

Foreign investors who didn't increase relative positioning in India over last 2-2.5 years waiting for this clearing event, will start focusing back on growth-driven policies or reforms

Foreign portfolio investors pull out Rs 11k cr from energy, finance, IT

Turn their attention to capital goods, construction, FMCG, consumer durables in March

IMF warns five-year global growth outlook is weakest since 1990

For 2023, global gross domestic product will likely expand by less than 3%, she said. That's in line with the fund's January forecast of 2.9%

Signature Bank insiders sold $100 mn in Stock, Wall Street Journal Says

They sold many of the shares in 2021 at around $220, before the stock hit an all-time high of $366 in early 2022, according to the report

Mumbai-based alternative credit platform BlackSoil raises $25 mn

BlackSoil, a Mumbai-based alternative credit platform, on Tuesday said it has raised over USD 25 million (about Rs 205 crore) through its diverse debt products. The platform secured funding from banks, family offices, corporate treasuries, and high-net-worth individuals, the company said in a statement. This recent capital raise is in addition to the USD 35 million raised during the first half of FY23. "The rise of alternative credit has become a crucial factor in enabling growth for Indian startups, and BlackSoil intends to remain a preferred lender to support their expansion," the company said. Some of the investments BlackSoil made in the year include new-age sectors such as battery swapping (Battery Smart), OTA travel (Yatra.com), discount broking (Upstox), healthtech (HealthPlix), deeptech (Tonbo Imaging) and fintech unicorn (MobiKwik), the statement said. BlackSoil has deployed USD 270 million across 135 deals and having an AUM (Asset Under Management) of USD 90 million. Th

India needs to boost reforms push to raise potential growth: World Bank

The report said addressing the aftermath of financial sector distress in India could unlock significant growth

Weekend Bites: Banking blues, exiting CEOs, and a new Cola War

Suveen Sinha takes you through the dust that might somewhat be settling down on the big news of the week

Account aggregator framework set to change dynamics in retail finance scene

The AA framework is creating a huge marketplace - based on customers' consent for sharing data - for all manner of financial vendors

SVB Financial Group tells employees to work from home until further notice

Essential and branch employees are excluded from the request to work from home

Centre gets 107,000 grievances in Feb; max against financial services dept

Around 1.07 lakh public grievances were received on an online platform against different government departments, a majority of them against the department of financial services, labour and employment ministry and CBDT. These grievances were received on Centralised Public Grievance Redress and Monitoring System (CPGRAMS), an online system that allows citizens to raise complaints. In February, 2023, a total of 1,07,308 public grievances (PG) cases were received on the CPGRAMS portal, 1,09,976 PG cases were redressed and there exists a pendency of 65,215 PG cases, as of 25th February, 2023, a statement issued on Friday by the personnel ministry said. The pendency in the central secretariat has decreased from 67,883 PG cases at the end of January, 2023 to 65,215 PG cases at the end of February, 2023. For the seventh month in a row, the monthly disposal crossed one lakh cases in central ministries/departments, it said. "Department of financial services (banking division) (18,478 ...

China set to overhaul financial system giving Xi Jinping more control

Authorities are considering reviving the long-disbanded Central Financial Work Commission to allow the ruling Communist Party to assert more control over financial policy, according to sources

Adani Transmission to announce debt refinancing plans in a few weeks

Adani Transmission will announce debt refinancing plans in a few weeks, executives said on Tuesday in an investor call, according to a source with direct knowledge of the matter

Sanjay Nayar assumes position of vice-president of Assocham

Assocham has announced the appointment of global financial markets expert Sanjay Nayar as its new vice-president

Intangles Lab raises $10 million in funds from Baring Private Equity

Predictive analytics solutions provider Intangles Lab on Tuesday said it has raised USD 10 million in funding from Baring Private Equity Partners India for expanding its global presence and accelerate hiring. In the coming years, Intangles is looking to vigorously revamp the electric vehicle segment using its extensive ambient cognitive AI technology, it said. Founded in 2016, Pune-based Intangles has developed substantial in-house IP by leveraging its proprietary Digital Twin and Machine Learning paradigms to provide predictive vehicle health monitoring solutions to original equipment makers and fleet operators. Intangles Lab Pvt Ltd has successfully raised USD 10-million in Series A funding from Baring Private Equity Partners India. The proceeds will be used to serve a robust new customer pipeline, expand its global presence and accelerate hiring to strengthen its product engineering, sales and delivery teams, it said. We are focused on growing our presence across the entire ...

NARCL may revive Srei's group's infra financing arm SIFL, wind up SEFL

Public sector asset reconstruction company NARCL is likely to revive Srei Infrastructure Finance Ltd (SIFL) and wind up the group's equipment financing arm SEFL after recovering outstanding debt in seven years, a source said on Sunday. NARCL (National Asset Reconstruction Company) on Wednesday won the bid to take over the two Srei group firms -- SIFL and Srei Equipment Finance Ltd (SEFL) -- through an insolvency process. The source said that as per the NARCL's resolution plan, SEFL will be kept dormant for at least seven years without any fresh lending and the non-banking financial company (NBFC) will be wound up after recovering outstanding debt. "Upon taking over the companies, NARCL will not carry fresh lending from SEFL and the company will be wound up after recovering its outstanding in the market and settling court cases," an official told PTI. "SIFL which has a clean balance sheet and far fewer legal imbroglios will be revived. The regulators are also of this view as per ...

RBI appoints Vikramaditya Singh Khichi in advisory panel of Reliance Cap

The Reserve Bank of India (RBI) on Friday appointed Vikramaditya Singh Khichi, former ED of Bank of Baroda, on a panel to advise the administrator of crisis-ridden Anil Ambani-promoted Reliance Capital. Khichi has been appointed in the advisory committee of Reliance Capital consequent upon the resignation of Srinivasan Varadarajan from the panel, . In November 2021, the RBI had superseded the board of Anil Ambani-promoted Reliance Capital Ltd (RCL) and later initiated bankruptcy proceedings against the debt-ridden NBFC in view of payment defaults and serious governance issues. The other two members of the advisory committee are Sanjeev Nautiyal (former DMD, State Bank of India) and Praveen P Kadle (former MD & CEO of Tata Capital Limited). "The Advisory Committee shall advise the Administrator in the operations of Reliance Capital Ltd during the corporate insolvency resolution process," RBI said. In September 2021, Reliance Capital in its annual general meeting (AGM) had informed

RBI makes changes in NEFT, RTGS for daily reporting of foreign remittances

With the Home Ministry mandating SBI to report all details of overseas donors, including purpose of remittances on daily basis, the Reserve Bank of India (RBI) on Thursday made necessary changes in NEFT and RTGS systems for Foreign Contribution (Regulation) Act (FCRA) related transactions. Under the FCRA, foreign contributions must be received only in the "FCRA account" of State Bank of India (SBI), New Delhi Main Branch (NDMB). The contributions to the FCRA account are received directly from foreign banks through SWIFT and from Indian intermediary banks through NEFT and RTGS systems. In a circular, the RBI said in terms of extant requirements of the Ministry of Home Affairs (MHA), the donor details such as name, address, country of origin, amount, currency, and purpose of remittance are required to be captured in such transactions and SBI is required to report the same to MHA on daily basis. "...necessary changes have been introduced in NEFT and RTGS systems," RBI said, adding the

Shriram Finance employs 3,536 people in Q3 hiring drive, to add 1,000 in Q4

Total workforce up 10% so far in FY23; recruitment also driven by merger of group firms

Shares of India's Britannia Industries hit record high on Q3 profit surge

Shares of India's Britannia Industries surged to a record high on Thursday, a day after the maker of Good Day and Little Hearts biscuits reported its third-quarter profit more than doubled

Indian shares slip, tracking financials as Adani stocks extend slide

The Nifty 50 index was down 0.98% at 17,432.45 as of 1:58 p.m. IST, while the S&P BSE Sensex fell 0.91% to 58,792.16. Both indexes had gained 0.6% earlier in the session