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The Economic Times

RBI's draft LCR norms could hit lending: Banks to FinMin

Banks have raised concerns to the finance ministry about the Reserve Bank of India's proposed changes to the liquidity coverage ratio (LCR). They argue that the new norms could impact their lending capacity, requiring them to set aside ₹4-5 lakh crore. Banks suggest a staggered implementation for smoother adaptation.

The Economic Times

Banks may face cash deficit on tax outgo

The banking system in India saw a sharp decline in surplus liquidity due to quarterly advance tax payments and upcoming GST payments. This has led to increased borrowing costs for banks. Analysts expect the liquidity situation to improve by the end of the month as government spending accelerates.

The Economic Times

Dow rises over 100 points to hit record after Fed delivers super-sized 50 bps cut

US stocks surged after the Federal Reserve cut interest rates by half a percentage point, ending its rate-hiking cycle. The Fed reduced its overnight lending rate to a range of 4.75%–5%. Wall Street responded positively, with the Dow Jones climbing 120 points and both the S&P 500 and Nasdaq Composite reaching new all-time highs.

Business Standard

Yum! Brands appoints Pewekar as MD for Pizza Hut in Indian subcontinent

Yum! Brands, the US-based quick-service restaurant major, on Wednesday announced the appointment of Rohan Pewekar as the Managing Director (MD) for Pizza Hut in the Indian subcontinent. Yum! Brands owns restaurant chains, including KFC, Pizza Hut, Taco Bell, and The Habit Burger Grill. Pewekar will be based in Gurugram and will lead Pizza Hut's operations across India, Nepal, Bangladesh, Sri Lanka, and the Maldives, according to a statement. He will lead Pizza Hut for its next phase of expansion in the region, it added. Pewekar, an alumnus of IIM Calcutta and Wharton School, has been with Pizza Hut for over four years. He played a pivotal role in driving the brand's rapid growth in the region, serving as Chief Strategy and Finance Officer, it added. He has nearly 15 years of experience in B2C sectors and brings cross-functional expertise in finance, go-to-market strategies, channel expansion, and more. Before joining Pizza Hut, Pewekar worked with Samsung Electronics India and ..

Business Standard

Nazara Tech to raise Rs 900 crore; ups stake in Absolute Sports to 91%

Gaming and sports media company Nazara Technologies on Wednesday said its board has approved a preferential equity issue to raise Rs 900 crore. Nazara also announced increasing its stake in Absolute Sports to 91 per cent. The fresh capital will fuel the firm's strategic acquisitions and business expansion, and provide newer growth opportunities, a company statement said. "The preferential equity issue amounting to INR 900 crores will be placed with marquee investors such as SBI Mutual Fund, Junomoneta Finsol (an associate of Plutus Wealth), Think Investments, Discovery Investments, Mithun and Siddharth Sacheti, Cohesion Investments, Chartered Finance and Leasing, Ratnabali Investments and Aamara Capital, further strengthening Nazara's financial foundation for long-term expansion," it said. Nazara acquired an additional 19.35 per cent stake in Absolute Sports, the parent company of Sportskeeda, for Rs 145.5 crores, with 50 per cent of the consideration paid in cash and the remaining

CNBC TV18

Aavas Financiers approves non-convertible debentures issue for ₹630 crore

The company will issue up to 63,000 "rated, listed, senior, unsubordinated, secured, transferable, redeemable NCDs with a face value of ₹1 lakh each, the Jaipur based housing finance company said in an exchange filing.

Business Standard

Godrej Capital to enter affordable housing loan segment by December

Godrej Capital, the financial services arm of the Godrej Group, is gearing up to enter the affordable housing loan segment by December, with plans to grow its assets under management (AUM) to Rs 17,000 crore by the end of the current financial year, its Managing Director Manish Shah said on Wednesday. The company currently manages an asset base of Rs 13,000 crore, after reaching an AUM of Rs 10,000 crore in FY24. It is now aiming to increase this to Rs 17,000 crore by FY25, with a target of expanding to Rs 30,000 crore by March 2026 and a longer-term goal of achieving Rs 50,000 crore in AUM by March 2028, Shah stated. The company's strategic focus will be on the small and medium enterprises (SME), micro, small, and medium enterprises (MSME), and home loan segments. As part of its expansion, Godrej Capital will make its foray into the affordable housing loan market by the end of the year. "Our focus will be towards smaller loan amounts, aimed at meeting the needs of affordable ...

Business Standard

Plan to launch six products under alliance with Nissan on track: Renault

The plan to roll out six new products, including two electric vehicles under the Franco-Japanese automotive alliance Renault Nissan, at a total outlay of Rs 5,300 crore has been progressing and is on schedule, a top official of French car major Renault India said on Wednesday. Renault-Nissan, in February 2023, had announced investments of USD 600 million (about Rs 5,300 crore) in India, to bring in six new products, including two electric cars, and an upgradation of their Chennai plant. Renault India Country CEO and Managing Director Venkatram Mamillapalle at an event said on Wednesday that about 70-80 per cent of the total committed investments have been invested so far. "We have announced investments of Rs 5,300 crore to introduce six new products. It (the project) is on schedule. You will be hearing from us hereafter, very soon (on the launch of new models)," he said. Mamillapalle was speaking to reporters after unveiling a new range of "Night and Day Limited Edition" variants .

Business Standard

RBI gives approval for Aditya Birla Finance's merger with parent

To move NCLT to complete amalgamation

Mint

Manba Finance IPO: Check date, price band, GMP and other key details

Manba Finance began its operations as a Non-Banking Financial Company (NBFC) in Mumbai, Maharashtra, in 1998. Since 2009, it has significantly expanded by increasing its number of branches and locations across various states.

CNBC TV18

RBI approves Aditya Birla Capital’s amalgamation of Aditya Birla Finance

Aditya Birla Capital has received a 'no objection' letter from the Reserve Bank of India for the proposed amalgamation of Aditya Birla Finance Ltd with the parent company.

Business Standard

Casa ratio of banks may fall to pre-Covid level: SBI chief CS Setty

But Setty says SBI will hold on to current share by tapping small businesses

Business Standard

RInfra pares debt by 87% to Rs 475 cr; clears dues with banks and ARCs

RInfra said, "Invent Assets Securitisation and Reconst­ruction Private has novated certain charged securities to recover its dues"

The Economic Times

Nazara Technologies to raise Rs 900 crore in its biggest fundraise; acquires additional stake in Absolute Sports

Nazara Technologies announced a Rs 900 crore fundraising through preferential equity. The funds will be used for acquisitions, business expansion, and growth opportunities. Marquee investors like SBI Mutual Fund and Think Investments are participating in the round.

Business Standard

Benchmarks settle lower as investors await Fed rate decision

The domestic equity market ended with minor losses on Wednesday as investors eagerly anticipated the US Federal Reserve's interest rate decision. The benchmark Nifty 50 index closed below the 25,400 level, snapping a two-day winning streak. IT, pharma and energy stocks weighed down the market, while financial services and private banks shares witnessed buying interest.

The Economic Times

Cabinet approves setting up of National Centre of Excellence for Animation on lines of IITs, IIMs

The Union Cabinet has approved the establishment of the National Centre of Excellence for Animation, Visual Effects, Gaming, Comics and Extended Reality in Mumbai. This initiative aims to position India as a global content hub, enhance soft power, and attract foreign investments in the media and entertainment sector.

The Economic Times

Godrej Capital to enter affordable housing loan segment, eyes AUM of Rs 17,000 cr by Dec-end

Godrej Capital, the financial services arm of the Godrej Group, plans to enter the affordable housing loan segment and aims to grow its assets under management to Rs 17,000 crore by 2024. The company targets Rs 30,000 crore by March 2026 and Rs 50,000 crore by March 2028.

Business Standard

Electronics sector to discuss tariff, reforms with PMO, finance ministry

The electronics manufacturing sector will hold meetings with the Prime Minister's Office (PMO) and the Ministry of Finance to discuss '$500 billion by 2030' goal

The Economic Times

Tread cautiously while investing in thematic/sectoral funds: ICRA

Despite the substantial growth in investments into sectoral/thematic funds over the past five years, ICRA Analytics advises investors to exercise caution. Staying informed about current market trends and economic developments is crucial to making well-informed investment decisions within these funds.

The Economic Times

NRI Financial Planning | Here are the best investment strategies for NRIs in India: Chatradhar Paritala

NRIs can choose between NRE and NRO accounts for mutual fund investments in India. NRE accounts offer full repatriability and tax exemptions, while NRO accounts have restricted repatriability and are subject to Indian tax laws. The choice depends on the investor's financial goals and income sources.

The Economic Times

Nazara to raise Rs 900 crore, hikes stake in Absolute Sports to 91%

This is Mumbai-based Nazara's largest fundraise so far. Investors in the round included SBI Mutual Fund, CaratLane founder Mithun Sacheti, Jaipur Gems CEO Siddhartha Sacheti, Cohesion Investments, Chartered Finance and Leasing etc. Additionally, Nazara Technologies acquired a further 19.35% stake in Absolute Sports, taking its total holding to 91%.

CNBC TV18

MTNL account gets downgraded to an NPA by yet another bank

Collectively, banks have an exposure of ₹7,925 crore to MTNL, a figure that will require higher provisions as the company’s account slides into the NPA category.

The Economic Times

MSME segment will continue to grow by 15%; expect lower NPA by year-end, says Capri Global MD

Rajesh Sharma, MD of Capri Global Capital Limited, discusses the company's strategies for handling NPAs in the MSME segment and plans for growth in gold loans and affordable housing. The company aims to achieve a 25-30% annual growth rate over the next few years, with an AUM target of Rs 25,000 crore to Rs 30,000 crore.

Mint

REC signs ₹1.12 trillion worth MoUs to finance green energy projects

REC aims to increase the share of renewables in its loan portfolio from the current 8% to 30%, targeting a loan book of ₹10 trillion by 2030.

Business Line

Yum! Brands appoints Rohan Pewekar as Pizza Hut India MD

Pewekar has been with Pizza Hut for over four years, during which he served as Chief Strategy and Finance Officer

Business Standard

SBI raises Rs 7,500 crore through issuance Basel III-compliant bonds

State Bank of India (SBI) on Wednesday said it has raised Rs 7,500 crore through issuance of Basel III-compliant Tier 2 bonds to qualified institutional bidders. In a regulatory filing, SBI said the issue attracted overwhelming response from investors with bids in excess of 3 times against the base issue size of Rs 4,000 crore. "The investors were across provident funds, pension funds, mutual funds, banks etc," SBI said. SBI Chairman C S Setty said the wider participation and heterogeneity of bids demonstrated the trust investors place in the country's largest bank. The bonds are issued for a tenor of 15 years and have a coupon rate of 7.33 per cent. This is the second Basel III-compliant Tier 2 bond issuance for the current fiscal. "The bank has decided to accept Rs 7,500 crore at a coupon rate of 7.33 per cent payable annually for a tenor of 15 years with call option after 10 years and each anniversary dates thereafter," SBI said. Basel III is a set of international banking ..

Mint

Top Gainers and Losers today on 18 September, 2024: Shriram Finance, Bajaj Finance, Tata Consultancy Services, HCL Technologies among most active stocks; Check full list here

Top Gainers and Losers Today : The Sensex lost 131.43 points, or -0.16, to settle at 83079.66, while the Nifty lost 41.0 points, or -0.16, to close at 25418.55.

The Economic Times

​Gainers & Losers: Bajaj Housing Finance, BSE among 13 stocks

Indian indices closed lower, influenced by declines in IT stocks like Infosys and TCS. BSE surged on IPO hopes, while Torrent Power gained after a major contract win.

Mint

Sodhani Academy of Fintech Enablers IPO: Steps to check Allotment status, GMP as focus shifts to listing

Sodhani Academy of Fintech Enablers IPO: As subscription for the allotment for initial public offering ended on 17 September, allotment is to be finalised soon. Steps to check Allotment status, GMP as focus shifts to listing

The Economic Times

ICICI Bank shares hit record high, m-cap tops Rs 9 lakh crore mark

ICICI Bank has crossed the Rs 9 lakh crore market capitalization mark for the first time, reaching a new all-time high on the BSE. The bank's shares have surged nearly 30% this year. Anticipation of an interest rate cut in the US Fed meeting is seen as beneficial for banks and NBFCs.

The Economic Times

Manba Finance Rs 150 crore IPO opens for subscription on Monday; price band set at Rs 114-120. Check details

The IPO is entirely a fresh issue of up to 1,25,70,000 shares, with no offer for sale component. The total size of the Rs 150.84 crore issue is determined by the upper price band.

The Economic Times

Financial services startup Kaleidofin raises $13.8 million funding from Rabo Partnerships, others

Kaleidofin has secured $13.8 million in equity funding led by Rabo Partnerships, with participation from existing investors. The funds will help expand its lending portfolio and enhance technology and risk services. Kaleidofin provides financial solutions to low-income customers and businesses in India's informal economy, facilitating over $2.7 billion in loans since 2020.

CNBC TV18

Manba Finance sets IPO price band at ₹114-120; issue valued at ₹150 crore

Manba Finance is going to utilise the net fresh issue funds to augment its capital base to meet future capital requirements.

Mint

Upcoming IPO: Haryana-based Oswal Pumps files DRHP with SEBI to raise ₹1,000 crore via fresh issue

Upcoming mainboard IPO: Oswal Pumps, a Haryana-based manufacturer of solar-powered and grid-connected pumps, has filed for an IPO to raise ₹1,000 crore. Proceeds will finance capital expenditures and new manufacturing facilities in Karnal, Haryana.

The Economic Times

Shares of Tube Investments fall as Nifty drops

On the technical charts, the 200-day moving average of the stock stood at Rs 3831.21.

Business Standard

Chennai-based fintech Kaleidofin raises $13.8 million in new funding round

The investment will enable the company to strengthen its capabilities to extend loans in the agriculture sector

The Economic Times

Learn with ETMarkets: How swing traders can take advantage of range-bound movement in gold?

A Fed rate cut usually weakens the dollar, leading to gold price increases as investors flock to safer investments. However, initial price spikes might be followed by a stabilization period as markets process the full impact of the rate change. Short-term, retail traders might see further upside potential with gold reaching $2,600 and Rs 75,000, but should also be ready for price corrections as the series of rate cuts continues.

Mint

US Fed meeting underway: As US Fed rate cut looms, experts upbeat on HDFC Bank, ICICI Bank, Axis Bank, SBI

The US Fed meeting is underway. The Fed is expected to initiate a rate-reduction cycle, benefiting markets and boosting foreign investment, particularly in Indian banking stocks. Experts predict positive impacts on private banks like HDFC Bank, ICICI Bank, Axis Bank and SBI.

Business Standard

Finance Minister urges railway officials to meet the allocated Capex target in stipulated timeframe

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Business Standard

India in talks to tackle rising steel imports: Steel minister Kumaraswamy

Earlier in the month, Steel Minister Kumaraswamy had said his ministry will try to convince the finance ministry to raise tariffs on steel imports