Page 3311 - Business Finance
Muthoot Finance eyes Rs 3000 cr personal loan portfolio by
Muthoot Finance Ltd (MFL), which recently forayed into personal loan segment today said it aims to have Rs 3000 crore assets under management in it personal loan segment in the next five years. Executive Director of Muthoot Finance, George M Alexander said the Kerala-based lender is looking at a target to disburse Rs 300 crore of personal loans during the current financial year. Muthoot launched its personal loan products in Telangana and Andhra Pradesh, today. "We have set a target to disburse Rs 300 crore of personal loans during the current financial year. In the current FY19, the company aims to offer the Personal Loan product in more than 20 cities of South India. The company aims to build a portfolio ( assets under management) of Rs 3,000 crore over next five years by 2023," he said in a press conference. Muthoot plans to leverage its existing customer base through branches and direct sales team thereby reaching out to more and more customers. The company will ...
Gold plunges Rs 270 on weak global cues, fall in demand
Gold prices went down by Rs 270 to Rs 31,380 per ten grams at the bullion market today, tracking a weak overseas trend amid slump in demand from local jewellers. Silver followed suit and lost Rs 100 to Rs 40,750 per kg due to reduced offtake by industrial units and coin makers. Traders said sentiment dampened after gold traded slightly lower in the global markets as the US dollar recovered, while lingering US-China trade worries and political uncertainty over Brexit limited losses. Globally, gold fell 0.09 per cent to USD 1,256.10 an ounce and silver by 0.28 per cent to USD 16.03 an ounce in Singapore. Besides, easing demand from local jewellers and retailers at domestic spot market, weighed on the prices. In the national capital, gold of 99.9 per cent and 99.5 per cent purity plunged by Rs 270 each to Rs 31,380 and Rs 31,230 per ten grams, respectively. Sovereign, however, edged up by Rs 50 to Rs 24,800 per piece of eight grams. Following gold, silver ready declined by Rs 100 to Rs ..
HCL Tech may rise on buyback plan
HCL Technologies said its board will meet on 12 July 2018, to consider a proposal for buyback of the equity shares. The announcement was made after market hours yesterday, 9 July 2018.
39 per cent Indians planning couple trip during monsoon: Study (Lead, correcting headline)
With the onset of the monsoon, more and more couples are going out on short breaks with their better halves to enjoy the pleasant weather, says a study conducted by travel marketplace ixigo.
Replay seals distribution partnership with Reliance brands to enter India
Replay, Italian leader in the premium denim segment, has announced a strategic distribution partnership in India with Reliance Brands Limited.
IndusInd Bank Q1 profit up 24% at Rs 1,036-cr
IndusInd Bank today posted 24 per cent rise in net profit at Rs 1,035.72 crore for the quarter ended June 30. The private sector lender had registered a profit of Rs 836.55 crore in the April-June quarter of 2017-18 financial year. Total income grew to Rs 6,369.75 crore in the reported quarter as compared to Rs 5,302.77 crore in the year-ago period, IndusInd Bank said in a BSE filing. On the asset front, there was a slight uptick in bad loans as gross non-performing assets (NPAs) stood at 1.15 per cent of the gross advances as on June 30, 2018 as against 1.09 per cent in the same period a year ago. In value terms, gross NPAs or bad loans stood at Rs 1,740.62 crore as compared to Rs 1,271.68 crore at the end of June quarter, 2017-18. Net NPA ratio rose to 0.51 per cent (Rs 762.35 crore) by the end of the first quarter of 2018-19, from 0.44 per cent (Rs 508.26 crore) earlier. The bank parked aside Rs 350.01 crore for June quarter as provisions for bad loans as well as contingencies, up .
UK economy picks up a little speed in May, driven by services
(Reuters) - Britain' economy picked up a bit of speed in May after a slowdown in early 2018, leaning on the services sector for growth as output in manufacturing disappointed, official data showed on Tuesday.
PPMAI urges govt to ban import of used machinery
Capital goods industry body Process Plant and Machinery Association of India (PPMAI) today urged the government to ban import of used machinery in the country. It has also requested the government to put the import of used capital equipment and machinery in the negative list of Free Trade Agreements (FTAs). "Every ministry... finance, commerce and heavy industries is aware that capital goods sector in the country is languishing and growth is negative for past several years," Yatinder Pal Singh Suri, Chairman, PPMAI said in a statement. "It needs support through ban of second-hand plant and equipment imports as well as concession being extended to various countries under FTAs," Suri added. In this regard, Suri said, PPMAI has submitted memorandums to the ministries of steel, commerce, heavy industries and public enterprises. The entry of used equipment and machinery in the country is hurting the domestic capital goods industry, he said. Any new unit, if set up using old machinery, does
Barclays raises oil price view on tighter supply outlook
(Reuters) - British bank Barclays on Tuesday raised its outlook for oil prices for this year and next amid expectations of lower supply from Libya and Iran.
Den Networks Ltd down for fifth straight session
The stock is quoting at Rs 59.4, down 0.59% on the day as on 13:19 IST on the NSE. Den Networks Ltd is up for a third straight session today in last one year as compared to a 11.55% up 0.64%. in NIFTY and a 0.67% down 18.23% in the Nifty Media index.
Gold prices inch down as dollar recovers from three-week low
BENGALURU (Reuters) - Gold prices gave up early gains to trade slightly lower on Tuesday as the U.S. dollar recovered, while lingering U.S.-China trade worries and political uncertainty over Brexit limited losses.
European shares extend rally as oil stocks climb higher
LONDON (Reuters) - European shares edged higher on Tuesday as global markets extended their recovery rally with investors putting trade war worries on the back burner for now as attention turned to a corporate earnings season expected to deliver solid results.
India's rice exports set to ease as government raises buying price
MUMBAI (Reuters) - India's rice exports are set to ease from October as the world's biggest shipper of the grain boosts guaranteed prices that farmers receive for much of their crop, making new season cargoes expensive compared to supply from rival growers.
5 distinctive lending platforms to boost wishlist of MSME
Access to easier financing sources, quick online loan application and guaranteeing free funds are few of the significant offerings that have gone out from lending platform.But each platform has a distinctive feature which sets the MSME at power. The platforms are determined to fuel the economic transformation.Every MSME has a unique need that is fulfilled by these unique platforms:Aye Finance - Cluster based study of MSMEAye Finance is one such commercial institution built around the mission to solve these challenges of funding MSMEs and enabling their inclusion into the mainstream of the economy. Aye Finance differentiates itself by Industry Cluster Enterprise (ICE) methodology delivering deeper insights specific to the numerous industries that they service. They provide cluster loans with perfect advisory with appropriate assistance.CoinTribe- Unsecured loansCoinTribe is a leading SME lending focused marketplace that provides quick and easy, collateral free loans to Small Businesses
Sensex rises; HDFC Bank, IT stocks lead
(Reuters) - Indian shares rose on Tuesday led by index heavyweights such as HDFC Bank Ltd and Reliance Industries Ltd, with investor focus now on corporate earnings, starting with Tata Consultancy Services Ltd (TCS) later in the day.
IndusInd Bank June-quarter net profit surges 24 percent
(Reuters) - IndusInd Bank Ltd reported a 24 percent jump in its first-quarter net profit on Tuesday, driven by higher interest income.
Gold ETFs see Rs 150 cr outflow in Q1; asset base slumps 12%
Gold exchange-traded funds (ETFs) continued to lose steam with investors pulling out nearly Rs 150 crore from the instrument in the April-June quarter, favouring equities. The assets under management (AUM) of gold funds plunged 12 per cent to Rs 4,567 crore at the end of June this year, from Rs 5,174 crore a year ago. Trading in gold ETF segment has been tepid during the last five financial years. It saw outflow of Rs 835 crore in 2017-18; Rs 775 crore in 2016-17; Rs 903 crore in 2015-16; Rs 1,475 crore in 2014-15 and Rs 2,293 crore in 2013-14. "Gold ETFs continue to witness outflows since the last 5 years. After the multi-year rise in gold prices since 2005, we saw gold prices make new highs in 2011-12 and then corrected sharply. Since then they have traded in a range of 1,100-1,400 USD/oz," Morningstar Investment Adviser India Director Manager Research Kaustubh Belapurkar said. "At the same time equity markets have moved up sharply since 2014 which switched investor focus towards ...
Dr Ravi Mehrotra receives lifetime achievement award at Seatrade 30th Anniversary Awards Event
Dr Ravi Mehrotra CBE, Chairman of Foresight Group International Ltd., was presented with a lifetime achievement award by Chris Hayman (Chairman, Seatrade) at the Seatrade 30th Anniversary Award Ceremony held at the Landmark, London on June 29th.The award recognises recipients who have made a significant and lasting contribution to shipping and the maritime industry.Hayman stated that, "The award goes to a man who has achieved a very great deal across a number of fields, not just shipping," and highlighted that, "his accomplishments had spanned drilling, the high-end restaurant business, farming, shoe manufacture and retailing, as well as running a maritime and offshore training institute in the grounds of his former family home city in a landlocked state of one of the world's most populous countries."This award arrives shortly after Vivekanand 2 (a drilling rig from Foresight Offshore Drilling formerly Hallworthy Shipping Limited S.A.) was announced as "THE BEST PERFORMING RIG OF ...
30 per cent Indians planning couple trip during monsoon: Study
With the onset of the monsoon, more and more couples are taking advantage of the pleasant weather and heading for short breaks with 30 per cent planning it with their better halves, says a study conducted by travel marketplace ixigo.
South Indian Bank Ltd is up for a third straight session today
The stock is quoting at Rs 22.65, up 1.34% on the day as on 12:49 IST on the NSE. South Indian Bank Ltd is down 18.23% in last one year as compared to a 11.62% jump in NIFTY and a 16.15% jump in the Nifty Private Bank index.