Poonawalla Fincorp

Poonawalla Fincorp on Wednesday said its net income more than doubled to Rs 181 crore (up 103 per cent) in the March quarter, driven by higher loan sales and better asset quality.
For the full year (FY23), the Pune-based company doubled its net income to Rs 585 crore, making it the highest-ever net income reported by the firm.
The company's on record loan disbursals also grew 37 per cent to Rs 16,143 crore in the financial year 2022-23 and the disbursal for the quarter were highest-ever as it jumped 151 per cent to Rs 6,371 crore.
The non-deposit taking NBFC, focused on consumer and MSME finance, said its overall asset quality improved massively with gross Non Performing Assets (NPAs) coming down by 185 basis points (bps) to 1.44 per cent and the net NPAs falling 52 bps to 0.78 per cent, thus boosting its bottom line.
Its digital disbursements increased to 81 per cent in the quarter from 24 per cent in Q4FY22.
Net interest margin climbed 87 bps to 11.3 per cent for the quarter und

Mortgage

"Urbanisation in India is an irreversible trend. Currently 32 per cent of the population reside in cities and this is expected to be 40 per cent by 2030," Parekh said

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Rating agency cites sector's improved solvency profile, loan book growth and earnings

Anil Agarwal, Vedanta

Investors to whom Agarwal pitched the plan raised concerns about the group's limited experience in the sector, say people aware of the development

Credit Suisse

While the bank continues to get buffeted by negative newsflow on uncertainty over its strategy, clarity on its restructuring plans can help to restore stability, wrote expert in a note

Arvind Agarwal

Our crucial thesis is that the business model is woven around a societal problem, said CEO Agarwal

Q2 earnings, Q2 results

Its stock closed 1.9 per cent down at Rs 524.15 per share on BSE

sebi

At present SEBI rules require standalone financial information for at least last three years and auditor qualifications from the entity seeking to issue NCDs

banks, financial institutions

Sources said the regulators would identify the companies that would come under the new mechanism and require a lifeline

Representative Image

Major central banks may not be the only ones in the cold currency war, according to Fels, who noted expectations for lower rates in South Korea, Indonesia, Chile and South Africa this week

Andrew Bailey, Chief Executive, UK Financial Conduct Authority (Photo courtesy: Flickr)

Britain, EU in a position to preserve free trade for financial services, says UK FCA chief executive

Overseas institutions are also a better bet for Adani. Tapping Indian banks, especially state-run lenders, would be a tad cheaper, but might invite greater political scrutiny ahead of general election

Adani, Adani Group

454 members voted in favour of the Bill, while two voted against it.

Lok Sabha

As they did in June, Fed policymakers at the median still see the central bank's benchmark overnight interest rate peaking this year in the 5.50%-5.75% range

US Federal Reserve

A fraction of the PLI incentives has been claimed so far, prompting the government to allocate unused funds to new sectors

Indian economy

Stock market Update on Thursday, September 21: ICICI Bank, SBI and Mahindra & Mahindra, down up to 3 per cent, were the major losers among the  Sensex 30 stocks.

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The Supreme Court on Monday said it wanted to "tighten up" the self-regulatory mechanism of monitoring TV news channels and granted four more weeks to News Broadcasters and Digital Association (NBDA) to come up with fresh guidelines.
A bench comprising Chief Justice of India D Y Chandrachud and Justices J B Pardiwala and Manoj Misra took note of submissions that the NBDA was in consultation with its present and former chairpersons, Justice (retd) A K Sikri and R V Raveendran, respectively, for framing fresh guidelines.
Senior advocate Arvind Datar, appearing for NBDA, sought four weeks to come up with fresh guidelines.
Appearing for the Centre, Solicitor General Tushar Mehta said the Union government has already formulated a three-tier mechanism, the first of which is self-regulation.
Senior advocate Mahesh Jethmalani, appearing for the News Broadcaster Federation of India (NBFI), said it was the only regulatory body registered with the Centre as per the 2022 rules, unlike NBDA. He

Supreme Court, Manipur violence

The company has secured an order aggregating Rs 1,015 crore from Madhya Pradesh Jal Nigam, a Government of Madhya Pradesh Undertaking (MPJN).

Three FIIs jointly acquire 2.64% stake in telecom equipment maker HFCL

HFCL Ltd

India is set to organise its first-ever Grand Prix, MotoGP Bharat 2023, from September 22 to 24. The three-day event will take place at Buddh International Circuit in Greater Noida, Uttar Pradesh

MotoGP, video game

Train traffic on the Mumbai-Ahmedabad route resumed slowly around Monday noon nearly 12 hours after it was halted when the Narmada river was flowing above the danger mark between Bharuch and Ankleshwar stations in Gujarat, Western Railway said.
Sharing an update on the situation, Western Railway's Chief PRO Sumit Thakur told PTI that the operation of trains on the route from bridge no 502 resumed slowly at around 11:30 am on Monday as the water level of Narmada river receded below the danger mark.
The operation of trains on the Mumbai-Ahmedabad route between Bharuch and Ankleshwar stations under the Vadodara division stopped after Narmada river waters surged above the danger mark at brigade no. 502 at around 11:50 pm on Sunday.
"The railway traffic over the Narmada River bridge has resumed and trains are being operated slowly with caution," Thakur said.
He said WR has already set up helpline numbers and passengers are being updated about the status of trains through a public ...

Indian Railways

The Supra Thermal and Energetic Particle Spectrometer (STEPS) instrument, a part of the Aditya Solar Wind Particle Experiment (ASPEX) payload, has started its data-gathering operations

Aditya L-1 mission, Aditya L-1 news, Isro's sun mission

The government introduced the Women's Reservation Bill in the Parliament almost three decades after it was first drafted

Parliament

Former RBI Governor Bimal Jalan said it is better if the person's expertise is considered than whether he/she is a bureaucrat or a private sector executive

TRAI

The fiscal burden of states will increase over time

pensions, funds, retirement, investments, investors, savings

Canada said it was expelling a top Indian diplomat Monday as it investigates what Prime Minister Justin Trudeau called credible allegations that India's government may have had links to the assassination in Canada of a Sikh activist.
Trudeau said in Parliament that Canadian intelligence agencies have been looking into the allegations after Sikh leader Hardeep Singh Nijjar, a strong supporter of an independent Sikh homeland known as Khalistan, was gunned down on June 18 outside a Sikh cultural centre in Surrey, British Columbia.
Trudeau told Parliament that he brought up the slaying with Indian Prime Minister Narendra Modi at the G-20 last week, that he told Modi that any Indian government involvement would be unacceptable and that he asked for cooperation in the investigation.
Canadian Foreign Minister Mlanie Joly said the head of Indian intelligence in Canada has been expelled as a consequence. "If proven true this would be a great violation of our sovereignty and of the most basic

Hardeep Singh Nijjar

MEA's statement comes after Canada expelled an Indian diplomat on Monday as it investigates credible allegations that India's government may have had links to the assassination in Canada

Canadian Prime Minister Justin Trudeau arrives for his daily press conference on COVID-19, in front of his residence at Rideau Cottage in Ottawa. Photo: PTI

Justin Trudeau

After a "successful" tour of Spain, West Bengal Chief Minister Mamata Banerjee on Thursday morning reached the UAE where she will attend a series of meetings, including a business summit, a state government official said.
Banerjee, who is scheduled to stay in Dubai till her planned return to Kolkata on September 23, will participate in a business summit and also meet a group of NRIs there, he said.
"The chief minister reached the UAE early this morning. She will be staying there for the next two days and will attend a series of meetings, including a business summit. She will also meet a group of NRIs," the official said.
Banerjee left for Spain on September 12 after a one-night stopover in Dubai, in a bid to attract investments in the state.
She visited Madrid and Barcelona in Spain. During her stay in the European country, the chief minister met several investors and held meetings with NRIs, the official said.
Among other significant developments, the Bengal government has signed

West Bengal Chief Minister Mamata Banerjee

India has won the bid to host the International Congress on the Chemistry of Cement (ICCC) here in 2027, where global leaders, academicians, and professionals would deliberate on progress of research in this sector, an official statement said.
The bid was won against UAE and Switzerland.
The department for promotion of industry and internal trade (DPIIT) said that India's leading research and academic institutes, National Council for Cement and Building Materials (NCCBM) along with IIT Delhi successfully presented India's bid before the steering committee members of the conference during the ongoing 16th ICCC at Bangkok, Thailand.
"The decision was announced on September 20, 2023 at Bangkok," it said.
The conference is the largest event of its kind which reviews the progress of research in the area of cement and concrete, it added.
The gathering has been held generally at intervals of four to six years since 1918.
Last time it was held in 1992 in the national capital.
"This even

India Flag Code

The Next generation Alexa will feature over 25 different character voices while holding a more personalized and natural conversation

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Meanwhile, Union Law Minister Arjun Ram Meghwal moved the Women's Reservation Bill in the Rajya Sabha on Thursday

PM Modi, Narendra Modi

The final season of the popular Netflix show "Sex Education" will be released today, September 21. The last season will be full of laughter, fresh connection and reunion

Heatmap

Finance firms

Poonawalla Fincorp's net income doubles to Rs 181 cr in March quarter

The runway for mortgage finance in the country is immense: Deepak Parekh

ICRA upgrades outlook on infra finance firms to 'positive' from 'stable'

Billionaire Anil Agarwal struggles to get backers for $19 billion chip unit

Credit Suisse's shares need 'clarity' to halt slump, says JPMorgan

We back companies where tech is an enabler, not the hero: C4D Partners CEO

Spandana Sphoorty Financial delays Q2 results due to flux in management

Ease information disclosure norms for privately placed NCDs: FIDC

New framework to bail out stressed financial companies likely today

Cold currency war between major trading blocs flaring up again, says Pimco

Brexit: Finance firms need freedom to choose location