Sector: Banks & FIs
Indostar informs about credit process lapses and hence need for additional provisions. Fixing of accountability awaited.
In a surprise development, Indostar Capital Finance Limited (ICFL) informed the following – On March 31, 2022, the management had informed Audit Committee of certain control deficiencies observed during the interim statutory audit Observations specifically related to the CV loan portfolio They were in respect of sanctioning of loans to existing customers, loan documentation and … Read more
DHFL-Yes Bank case: CBI searches premises of prominent realtors in Mumbai, Pune
The CBI on Saturday began searches at the premises of some prominent builders, including Ashwini Bhonsale, Shahid Balwa and Vinod Goenka, at eight locations in Mumbai and Pune in connection with the DHFL-Yes Bank corruption case, officials said. The CBI suspects that their companies were used to channel alleged illicit money in the Yes Bank-DHFL … Read more
Growth opportunities will result Indian renewable companies highly leveraged: S&P Global Ratings
Global credit rating agency S&P Global Ratings on Monday said the Indian renewable energy sector will be highly leveraged owing to the growth opportunities. In its new report “India Renewables: Growth Trumps Deleveraging” S&P Global Ratings said the multi-decade growth opportunities for renewable energy in India will result in persistently high leverage across the sector. … Read more
Moody’s Outlook On Indian Banks Remains Stable As Recovering Economy Paints A Positive Picture Ahead
Expecting the banking sector’s financial fundamentals to improve ahead, Moody’s in its research note said, declines in loan-loss provisions and increases in net interest margins will boost banks’ profitability. Capitalization, funding, and liquidity will be stable and support loan growth. In Moody’s opinion, banks operating environment will be stable as the economy gradually recovers from … Read more
Godrej Industries rolls out plans for the NBFC business
Godrej Industries (GIL) has communicated the following – GCL, the financial subsidiary of GIL was started in 2020 and since then has been providing home loans in select geographies. It is the holding entity for Godrej Housing Finance (an HFC) and Godrej Finance Limited (an NBFC). It is currently present across Mumbai, Bengaluru, Delhi NCR, … Read more
Paytm commits to become operating breakeven by September 2023
In it’s quarterly operating performance update for March 2022 quarter, Paytm founder Vijay Shekha Sharma (VSS) has informed the following – Paytm should be Operating EBITDA (before ESOP cost) break-even in the next 6 quarters i.e., by September 30, 2023. During December 2021 quarter, Paytm had reported EBITDA (before ESOP cost) loss of Rs 393 … Read more
Bandhan wins the bid to acquire IDFC’s mutual fund business
The bid has been won by the consortium led by Bandhan Financial Holdings Limited (BFHL) and includes GIC and ChrysCapital. Key factual points on the acquisition –Â BFHL is the non-operative financial holding company of the Bandhan group. It is the promoter of Bandhan bank and currently owns ~40% stake in the Bank. IDFC mutual … Read more