Auditor now doubts whether Indostar can continue as a going concern

Indostar has finally submitted it’s quarter and year ended March 31, 2022 results. (It’s pertinent to remind here that currently the Company has been going through a self initiated independent review wrt to the credit process/ operational lapses.) As is typical in such scenarios, everyone wants to play safe and auditor of the Company (Deloitte … Read more

NBFCs see demand rising for used-vehicle financing

Non-banking financial companies (NBFCs) are seeing a rise in demand for used vehicle financing amid Covid. The pandemicdriven preference for owning second and third cars in households, upgrades by two-wheeler owners to preowned cars and lower cost of used vehicles are some primary reasons for the spike in demand for used vehicles. NBFCs offering loans … Read more

India Ratings maintains stable rating outlook for NBFCs in FY23

India Ratings and Research on Friday maintained a neutral sector outlook and a stable rating outlook for non-banking finance companies (NBFCs) in FY23. It believes that FY23, in absence of any negative event, would see normalization of business activities, after facing challenges in the past few years following the default by Infrastructure Leasing and Financial … Read more

RBI brings NBFCs on par with banks in new PCA framework

To further strengthen the supervision on non-banking entities (NBFCs), the Reserve Bank on Tuesday issued revised guidelines on a Prompt Corrective Action (PCA) framework for such companies, excluding government-owned ones, effective from October 1, 2022, on the lines of what it had introduced for banks in 2002. The RBI came up with stricter supervisory norms … Read more

Shriram hires Chief Digital Officer from Bajaj Finserv

Shriram Capital has hired Ajay Thomas John as Group Chief Digital Officer to lead the digital transformation at the company. He has been hired from Bajaj Finserv where his last designation was Head – Digital Strategy, Transformation and Fintech. Key points to note – Shriram Capital (SC) is the holding company of Shriram Group comprising … Read more

Shriram City Union Finance looking interesting

Shriram City Union Finance (SCUF) stock has been a significant under performer since the beginning of 2015. Stock is currently trading at about Rs 2,300 compared with Rs 2,042 in January 2015 and the all time high of Rs 2,396 in October 2016. This is an NBFC that is significantly exposed towards the auto sector … Read more