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Stocks to watch: Tata Motors, M&M, IIFL Fin, NTPC, AU SFB, Godrej Agrovet

Stocks to track on 05, March 2024: The Reserve Bank of India has approved the amalgamation of Fincare Small Finance Bank with Jaipur-based AU Small Finance Bank

RBI bars IIFL Finance from sanctioning and disbursing gold loans

RBI has instituted a special audit and the restrictions will be reviewed after the completion of the audit

RBI prohibits IIFL Finance from sanctioning, disbursing gold loans

The Reserve Bank on Monday barred IIFL Finance with immediate effect from sanctioning or disbursing gold loans after certain material supervisory concerns were observed in its gold loan portfolio. IIFL Finance can, however, continue to service its existing gold loan portfolio through the usual collection and recovery processes, the RBI said in a statement. "The RBI has today...directed IIFL Finance Ltd to cease and desist, with immediate effect, from sanctioning or disbursing gold loans or assigning/ securitising/ selling any of its gold loans," it said. The RBI said an inspection of the company was carried out by it with reference to IIFL's financial position as of March 31, 2023. "Certain material supervisory concerns were observed in the gold loan portfolio of the company, including serious deviations in assaying and certifying purity and net weight of the gold at the time of sanction of loans and at the time of auction upon default...," it noted. These practices, apart from be

Zepto launches loyalty programme offering free delivery, discounts

Quick commerce firm's plan is expected to get one million users in a month

IIFL Finance net profit rises 29% to Rs 545 crore in December quarter

Non-bank lender IIFL Finance Wednesday reported a 29 per cent growth in net profit to Rs 545 crore for the December quarter on higher loan sales and resultant interest income, cushioning the impact of higher regulatory charges. Overall loan growth jumped 34 per cent to Rs 77,444 crore, led by its key products like gold and home loans, which grew 35 per cent and 25 per cent to Rs 24,692 crore and Rs 25,519 crore, respectively. Microfinance grew higher at 54 per cent to Rs 12,090 crore, digital loans soared 96 per cent to Rs 3,905 crore, and loans against property jumped 27 per cent to Rs 7,862 crore, the company said in a statement. Construction and real estate books stood at Rs 2,889 crore. Its total income grew 28 per cent to Rs 1,687.5 crore, the company added. The asset quality improved overall, with the gross non-performing assets ratio declining to 1.7 in the reporting period from 2.1 per cent and the net non-performing assets ratio declining to 0.9 from 1.1, said Nirmal Jain,

Shadow lenders decline after RBI tightened norms for investments by banks

Indian Shadow lenders declined after the nation's central bank tightened norms for investments by banks and other regulated entities into alternative investment funds to plug lending loopholes.

Angel One, Motilal: What do charts suggest for brokerage shares in 2024?

Angel One, Edelweiss Financial Services, Motilal Oswal Financial Services and IIFL Securities can potentially rally up to 24 per cent in 2024, suggest charts.

Blackstone to exit embassy office parks in biggest India block sale in FY24

Affiliates of Blackstone Inc. are seeking to exit India's Embassy Office Parks REIT in an $833 million deal that will be the country's biggest block trade this year

SAT sets aside market regulator Sebi's order against IIFL Securities

Sebi alleged that IIFL Securities failed to segregate clients' funds and mixed its own funds with it

Next year will be equally robust for IPOs: IIFL Securities' Nipun Goel

Goel says that the increased focus on profitability and reasonable pricing underpins demand for IPOs

IIFL Samasta maiden retail bond offer for Rs 1,000 cr opens tomorrow

IIFL Samasta Finance's maiden retail bond offer that will open for subscription on Monday plans to raise Rs 1,000 crore to fund its business growth. The fund raised through the public issue of non convertible debentures (NCDs) would be utlised for the purpose of business growth and capital augmentation, IIFL Samasta Finance said in a statement on Sunday. The non-banking microfinance company (NBFC-MFI) will issue bonds, aggregating to Rs 200 crore, with a green shoe option to retain over-subscription of up to Rs 800 crore (aggregating to a total of Rs 1,000 crore). The bonds, which closes for subscription on December 15, propose to offer the highest coupon rate of 10.50 per cent per annum for a tenor of 60 months. NCD is available in tenors of 24 months, 36 months and 60 months. The frequency of interest payment is available on monthly and annual basis for each of the series.

IIFL Samasta to raise Rs 1,000 cr via bonds, offers 10.50% return per annum

IIFL Samasta Finance on Friday said it plans to raise up to Rs 1,000 crore through its maiden public issue of non convertible debentures (NCDs), for the purpose of business growth and capital augmentation. The non-banking microfinance companies (NBFC-MFI) will issue bonds, aggregating to Rs 200 crore, with a green shoe option to retain over-subscription of up to Rs 800 crore (aggregating to a total of Rs 1,000 crore). The bonds, which opens for subscription on Monday, proposes to offer highest coupon rate of 10.50 per cent per annum for tenor of 60 months. NCD is available in tenors of 24 months, 36 months and 60 months. The frequency of interest payment is available on monthly and annual basis for each of the series. The company caters to the credit needs of underserved and unserved population, primarily women entrepreneurs from underprivileged background through a well-diversified portfolio through a network of 1,500 branches, IIFL Samasta Finance MD and CEO Venkatesh N said. Th

ER&D software firms navigate Q2 bends with growth arrows in sight

BCG and Nasscom's signposts point to 8-9% annual growth through 2030, India's share to take express lane

IIFL Finance Q2 result: Consolidated net profits up 32% YoY, income up 23%

IIFL Finance Limited standalone net profits fell by 38% Rs 136.7 crore, compared to Rs 220.47 last year

IIFL Fintech Funds marks first exit after selling stake in TrustCheckr

IIFL Fintech Fund was established in August 2021, with a corpus of Rs 210 crore and sponsorship from two group companies - IIFL Finance and IIFL Securities

FMCG cos push cart of margin worries made heavy by commodity cost pick-up

A subpar monsoon in one year is unlikely to cause a meaningful dent in major cereal production, a spike in inflation, or a deceleration in FMCG growth, says IIFL Research

IIFL Fintech Fund buys 51% in supply chain platform Xtracap for Rs 25 cr

IIFL Group's early-stage investment vehicle IIFL Fintech Fund has invested a reported Rs 25 crore for a 51 per cent stake in a supply-chain finance platform, Xtracap Fintech. This is the fund's first investment in a supply chain finance firm, the company said in a statement without disclosing any financial details of the transaction. But sources told PTI that they have picked up 51 per cent for Rs 25 crore, valuing Xtracap at Rs 50 crore. Xtracap offers e-invoice financing that allows businesses to unlock value of their invoices in real-time, providing instant liquidity. Its dual app serves both downstream and upstream channel financing needs. By using invoices and receivables as collateral, financing facility is made available. IIFL Fintech Fund was launched in August 2021 with a corpus of Rs 210 crore and has since invested in Trendlyne, Leegality, Finbox, Datasutram, Multipl, Finarkein, Trustcheckr, Finvu, Insurance Samadhan and Easyrewardz.

Toast to margins, demand recovery: Liquor firms see buzz after sober Q1

Reversal of fortunes could lift the industry's spirits

ADIA-backed IIFL Home Finance raises nearly $100 million from IFC

Pegs total fund requirement upto Rs 14,000 cr in Fy24

Fairfax sells 5.9% stake in IIFL Securities for Rs 118 cr via open market

Canadian billionaire Prem Watsa-backed Fairfax Group on Wednesday pared a 5.9 per cent stake in brokerage firm IIFL Securities for Rs 118 crore through open market transactions. Hamblin Watsa Investment Counsel Ltd (HWIC) Asia Fund, an affiliate of Fairfax Financial Holdings, offloaded shares of IIFL Securities in two transactions on NSE and BSE. Hamblin Watsa Investment Counsel Ltd A/C HWIC Asia Fund Class A Shares offloaded 1.20 crore shares on NSE and 60 lakh shares on BSE, amounting to a 5.9 per cent stake in IIFL Securities, as per the block and bulk deal data available with the NSE and BSE. The shares were disposed of in the price range of Rs 65.45-65.67 apiece, taking the combined transaction value to Rs 117.94 crore. Post the transaction, Fairfax's shareholding in IIFL Securities declined to 3.38 per cent from 9.28 per cent at the end of June quarter. Meanwhile, Theleme India Master Fund Ltd acquired 80 lakh shares, Zafar Ahmadullah bought 40 lakh shares on the NSE, while