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Page 2219 - Business Finance

ASSOCHAM lauds RBI's move enabling NBFCs to tackle liquidity crunch

The ASSOCHAM lauded the Reserve Bank of India's (RBI) move to incentivise banks which are enhancing credit lending facilities to non-banking financial companies (NBFCs) by easing liquidity norms and increasing the ceiling for lending to a single NBFC until December 31.The industry body said the RBI's move would enable NBFCs to tackle the liquidity crunch. It further said the decision will send a message that the recent developments do not indicate any systemic problem but is merely a case of sentiments having gone wrong after one of the big NBFCs defaulted."The whole issue of asset liability mismatch is more relevant in case of long term lending companies like the Housing Finance companies and Infra Financing NBFCs. A typical NBFC model is a retail lending model with short tenures of two to 5 years and small ticket sizes where asset liability mismatch is not a concern. NBFCs have shown impressive growth for the last few years maintaining a high capital adequacy ratio which is higher ..

Updated On : 21 Oct 2018 | 1:10 AM IST

NDTV gets show cause notice from Directorate of Enforcement

For alleged contraventions under the Foreign Exchange Management Act, 1999

Updated On : 20 Oct 2018 | 11:50 PM IST

Outflow of foreign funds not a good sign for economy: Analysts

The rupee and the US dollar equation along with an uncertain domestic and global economic growth outlook has triggered a massive foreign fund outflow from the country's capital market segment.

Updated On : 20 Oct 2018 | 8:56 PM IST

HDFC Bank Q2 net profit up 20.6%

Lending major HDFC Bank on Saturday reported a 20.6 per cent increase in its net profit to Rs 5,005.73 crore during the quarter ended September 30, 2018, as compared to Rs 4,151.03 crore in the year-ago period.

Updated On : 20 Oct 2018 | 8:56 PM IST

SBI launches "Wealth Hub" in Mangaluru

The nation's largest bank, State Bank of India Saturday launched its wealth business services by opening "SBI Wealth Hub" at the Lalbagh branch here. The wealth hub was inaugurated by SBI Chairman Rajnish Kumar. SBI is the first PSU bank in the country tointroduce comprehensive wealth business services for itsclients. The bank has re-branded its wealth business as "SBI Wealth" offering best-in-class personalised banking and investment services to its elite High Net worth Individual (HNI) clients through a dedicated team of relationship managers. SBI Wealth has presence in 20 major centres with a network of 90 Wealth Hubs in the country. SBI is targeting to take its wealth business service to 50 centresby 2020. Presently, SBI Wealth is serving nearly 35,000clients and is looking to triple its client base to 1,25,000with an Assets Under Management (AUM) of Rs 100,000 crore inthe next two years, a press release here said. "Introducing WealthBusiness has been one of the top

Updated On : 20 Oct 2018 | 8:30 PM IST

Govt should form mineral corporation to resume Goa mining: NGO

NGO Goa Foundation Saturday said that iron ore mining in the state can be restarted by forming a government-run mineral corporation. The NGO's petition had led to the Supreme Court quashing 88 mining leases and banning the extraction of fresh iron ore in Goa in an order in February this year. GF director Claude Alvares Saturday said, "The state government should set up Goa Mineral Development Corporation under section 17A (2) of the Mines and Minerals (Development and Regulation) Act and resume mining activities." He said this option would allow the state government to resume mining activities without resorting to fresh auctions. He said that it would take several years for mining to resume if the auction route is taken by the state government. Alvares said that it would be difficult to resume mining in Goa by November as promised by some politicians. He added that the government should start the process of e-auction of 10 million tonnes of ore lying with the state as it .

Updated On : 20 Oct 2018 | 8:01 PM IST

Next IMF loan will be 'the last': Pakistan finance minister

Pakistan's finance minister promised Saturday to end the country's reliance on International Monetary Fund bailouts to shore up its shaky economy, as officials prepare to negotiate a new loan. Asad Umar's pledge comes days after Pakistan's central bank warned inflation could double in the coming year -- hitting 7.5 percent -- while the country's growth target rate of 6.2 percent would likely be missed. "This will be the 13th and the last IMF programme," Umar said during a speech at the Karachi Stock Exchange. Prime Minister Imran Khan's administration has sent mixed messages over whether Pakistan will enter another IMF programme, with the former cricketer suggesting this week that going to the fund may not be necessary. But Umar spoke in grave terms of the country's balance of payment crisis, which has sparked a depreciation of the rupee and sent stocks tumbling. "We are heading towards bankruptcy very fast. We have to save the 210 million Pakistanis," Umar added. An IMF team is set ..

Updated On : 20 Oct 2018 | 7:55 PM IST

Petrol, diesel prices down for 3rd consecutive day

The state-run oil marketing companies (OMCs) cut the prices of key domestic transportation fuels -- petrol and diesel -- for the third consecutive day on Saturday.

Updated On : 20 Oct 2018 | 7:50 PM IST

CrowdStrike hires Goldman Sachs to lead IPO - sources

NEW YORK/SAN FRANCISCO (Reuters) - Cybersecurity software maker CrowdStrike Inc has hired investment bank Goldman Sachs Group to prepare for an initial public offering that could come in the first half of next year, people familiar with the matter said on Friday.

Updated On : 20 Oct 2018 | 6:55 PM IST

HDFC Bank Q2 net profit climbs 21% to Rs 5,005 crore on robust core income

Private sector HDFC Bank Saturday reported a rise of 20.6 per cent in its net profit to Rs 5,005.73 crore for the second quarter ended September this fiscal, as the core income grew at a healthy pace. The bank had registered a net profit of Rs 4,151.03 crore in the July-September quarter of 2017-18. Total income for the quarter grew by 21.2 per cent to Rs 28,215.2 crore as against Rs 23,276.2 crore, the bank said in a regulatory filing. The net interest income (interest earned minus interest expended) for the quarter grew by 20.6 per cent to Rs 11,763.4 crore, driven by average asset growth of 22.9 per cent and a net interest margin of 4.3 per cent, it said. The net interest income stood at Rs 9,752.1 crore in September quarter of 2017-18. On asset front, the gross non-performing assets (NPAs) of the bank rose slightly to 1.33 per cent of the gross advances as on September 30, 2018 from 1.26 per cent on September 30, 2017. In value terms, the gross NPAs of the bank stood at Rs ...

Updated On : 20 Oct 2018 | 6:50 PM IST

Corrected: CrowdStrike hires Goldman Sachs to lead IPO - sources

(Corrects penultimate paragraph to show that Tenable shares have gained, not declined, since the company's IPO)

Updated On : 20 Oct 2018 | 6:45 PM IST