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NBFC shares in demand

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Shares of non-banking financial companies (NBFCs) rose by 0.13% to 4.38% on reports the government is planning a special window under IBC section 227 to deal with NBFCs.

Meanwhile, the S&P BSE Sensex was up 378 points or 0.98% to 38971.66.

Cholamandalam Investment and Finance Company (up 4.38%), Mahindra & Mahindra Financial Services (up 4.33%), IDFC (up 2.79%), Bajaj Finserv (up 2.28%), Edelweiss Financial Services (up 1.99%), Muthoot Finance (up 1.72%), Bajaj Finance (up 1.65%), Manappuram Finance (up 0.44%), LIC Housing Finance (up 0.15%) and Muthoot Capital Services (up 0.13%) advanced.

Reliance Capital (down 5.47%), IIFL Holdings (down 2.72%), Indiabulls Housing Finance (down 2.7%) and Shriram Transport Finance Corporation (down 1.13%) declined.

The said special window could be under the Insolvency and Bankruptcy Code (IBC) Section 227 to deal with NBFCs. The government notification is likely to be out in next two weeks, media reports suggested. The reports further added that the Ministry of Corporate Affairs might not need seek the cabinet nod and could instead go in for only notification of rules.

Further, media reports suggested that Finance Minister Nirmala Sitharaman will meet private sector banks, NBFCs and Housing finance companies on Thursday.

As per the reports, Liquidity, rate cut, credit disbursal are likely to be part of the discussion between the Minister and the lenders and financiers.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, September 26 2019. 15:21 IST