money, funds

Shantanu Mitra, its chief executive and managing director, said the company's AUM expanded by over 40 per cent Year-on-Year basis to Rs 36,613 crore at end of March 2023 (FY23)

nbfc, hfc, housing, loans, banks, realty, construction, default, sales

Speaking on the overall performance, the management said that the company's performance in FY22 and 9MFY23 reflected deep commitment to customers

Fullerton India

The South Asian govt's tax department has asked the bank to pay the amount on behalf of seller Fullerton Financial Holdings Pte, arguing that it should have withheld the sum during the acquisition

Fullerton India's management team will continue to operate under the leadership of current Managing Director and Chief Executive Shantanu Mitra, the company said

The substantial goodwill that the deal will generate will result in SMFG's Common Equity Tier-1 ratio declining by only around 22 basis points in fiscal 2021

chart

SMFG has plans to eventually acquire 100 per cent stake in FICC, which is a wholly-owned subsidiary of Fullerton Financial Holdings (FFH)

Rajashree Nambiar stepped down as MD & CEO in January 2021 after a three-year stint to pursue outside interests

Rajashree Nambiar

NBFC also announced senior leadership changes

Govt launches updated Credit linked Capital Subsidy Scheme for MSMEs

The company will also benefit from various government initiatives recently announced in the economic package

Fullerton India to float housing finance company

In 2017-18, Fullerton India's disbursement stood at Rs 122.71 billion

cash, demonetisation, note ban, rupees

Like many financing firms and housing finance outfits tapping retail investors to raise money through bonds, Fullerton may also issue securities (bonds) to small 
investors

Fullerton India eyes 35% growth in housing finance business

It formed a separate company for housing finance operations and built a loan portfolio of Rs 150 crore so far

Fullerton also plans to raise up to Rs 1,000 crore through debentures and subordinated debt from domestic market

Adani Group on Thursday bagged two contracts worth Rs 13,888 crore from a state-owned discom to install smart meters.
A total of six tenders were awarded by the Maharashtra State Electricity Distribution Company Ltd (MSEDCL) to install smart meters, of which two have been bagged by the Adani Group, according to an official communiqu from the discom seen by PTI.
The diversified group, which has a sizeable presence in the power sector and had recently won a Rs 1,000 crore contract to install smart meters in the area serviced by BEST Undertaking in Mumbai, will act as an advanced metering infrastructure service provider for smart prepaid metering in MSEDCL, it said.
The two zones awarded to Adani include Bhandup, Kalyan and Konkan having 63.44 lakh meters, and Baramati and Pune having 52.45 lakh meters, it said.
Letter of Awards have been issued to the successful firms, as per the communiqu.
Officials from Adani Group were not immediately available for comment.
The group's transmiss

Adani, Adani Group

Tensions have been high since Canadian PM Trudeau on Monday alleged that the Indian government was behind the fatal shooting of Hardeep Singh Nijjar

visa, Canada

Catch all the latest updates from across the globe here

Manipur

Stocks held by Canada Pension Plan Investment Board (CPPIB), which is among the biggest FPIs investing in the domestic market, have come under pressure since developments on the India-Canada tensions

India-Canada tensions: Multi-billion economic deals at risk if rift widens

India-Canada

Adani group won the Dharavi rebuilding project in July by bidding $610 million for the project

Dharavi Redevelopment Project

"Our country is going through challenging times. What defines this country more than anything else is its secular character"

Kerala CM Pinarayi Vijayan

Days before potentially crossing paths with Russia's top diplomat at the United Nations, Ukrainian President Volodymyr Zelenskyy suggested Monday that the world body needs to answer for allowing his country's invader a seat at the tables of power.
"For us, it's very important that all our words, all our messages, will be heard by our partners. And if in the United Nations still  it's a pity, but still  there is a place for Russian terrorists, the question is not to me. I think it's a question to all the members of the United Nations," Zelenskyy said after visiting wounded Ukrainian military members at a New York hospital.
He had just arrived in the US to make his country's case to the world and to Washington for continued help in trying to repel Russia's invasion, nearly 19 months into what has become a grinding war.
Ukraine's Western allies have supplied weapons and other assistance, and the US Congress is currently weighing President Joe Biden's request to provide as much as USD 2

Ukraine's President Volodymyr Zelenskyy

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

The price of 22-carat gold went up by Rs 140, with the yellow metal selling at Rs 55,050

Gold

The US is grateful to India and Prime Minister Narendra Modi for the G20 presidency and President Joe Biden returned from the leaders' summit in Delhi feeling "very positive and optimistic", a senior White House official said.
Biden "came away from the G20 feeling very positive and optimistic about the direction. I mean, there was an awful lot of great work done at the G20 and we're all grateful to Prime Minister Modi for his presidency, for India's presidency of it, but also for the way the agenda was executed," National Security Council (NSC) Coordinator for Strategic Communications John Kirby said at a press briefing in response to a question by PTI.
"It was a very, very productive couple of days," Kirby said, referring to the G20 Leaders' Summit held in Delhi on September 9 and 10 under the Indian presidency of the grouping of the world's biggest economies.
Kirby addressed reporters at the New York Foreign Press Center here Monday on US priorities for the high-level 78th session

Prime Minister Narendra Modi announces adoption of G20 Leaders' Summit Declaration during the Summit's Session-1 on 'One Earth', at Bharat Mandapam of Pragati Maidan in New Delhi on Saturday.

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

Parliament

The fiscal burden of states will increase over time

pensions, funds, retirement, investments, investors, savings

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

Prime Minister Narendra Modi begins Whatsapp Channel following conclusion of the first day in the new parliament building

PM Modi on Whatsapp Channels (Photo: Whatsapp)

The Delhi government has inked an agreement with Switch Mobility for 950 low-floor electric buses.
Delhi Transport Minister Kailash Gahlot told PTI that the 12-metre buses would start arriving within four to six months.
These e-buses will be equipped with CCTV cameras, panic buttons and GPS devices, Gahlot said, adding that Delhi has the highest number of electric buses in the country.
In a post on X, Delhi Transport Commissioner Ashish Kundra said, "Delhi Government  signs an agreement with @SwitchMobility for 950 low-floor 12-meter electric buses under National bus programme."
Switch Mobility is the electric vehicle division of Hinduja Group's flagship company Ashok Leyland.

e-bus, Electric bus

Increased spending on back of improved finances, says Deloitte study

festival season

Here is the best of Business Standard's opinion pieces for today

MSMEs

India attended a two-day meeting convened by a neutral expert in Vienna that was part of proceedings aimed at resolution of a dispute between New Delhi and Islamabad on the Kishenganga and Ratle hydroelectric projects in Jammu and Kashmir.
Senior Advocate Harish Salve was present in the capacity of India's lead counsel in the matter, the Ministry of External Affairs (MEA) said on Thursday.
"A delegation from India, led by Secretary, Department of Water Resources, attended a meeting of the neutral expert proceedings in the Kishenganga and Ratle matter at the Permanent Court of Arbitration in Vienna on September 20 and 21," it said.
The MEA said the meeting was convened by the neutral expert appointed on India's request under the aegis of the Indus Waters Treaty and was attended by representatives of India and Pakistan.
"India's participation in this meeting is in line with India's consistent, principled stand that as per the graded mechanism provided for in the Indus Waters Treaty, 

india-pakistan

Prime Minister Narendra Modi on Thursday lauded the parliamentary's approval to the women's reservation bill as a defining moment in the nation's democratic journey.
Parliament approved the bill for reserving one-third of seats in the Lok Sabha and state assemblies for women with the Rajya Sabha unanimously clearing it on Thursday. All 214 MPs present in the Upper House voted in favour of it.
"This is not merely a legislation; it is a tribute to the countless women who have made our nation. India has been enriched by their resilience and contributions," Modi posted on X as the Rajya Sabha unanimously passed the bill a day after its approval by the Lok Sabha.
"A defining moment in our nation's democratic journey! Congratulations to 140 crore Indians. I thank all the Rajya Sabha MPs who voted for the Nari Shakti Vandan Adhiniyam. Such unanimous support is indeed gladdening," Modi said.
With the passage of the 'Nari Shakti Vandan Adhiniyam' in Parliament, an era of stronger ...

Heatmap

Fullerton India

SMFG India Credit plans to double AUM to over Rs 70,000 cr in 3 years

Fullerton India's total disbursals jump 41% in 9MFY23, AUM rises 34%

Fullerton acquisition deal: Sumitomo Mitsui Group faces $670-mn tax bill

Sumitomo Mitsui completes acquisition of 74.9% stake in Fullerton India

Fullerton India's acquisition value accretive for Sumitomo: Moody's

Sumitomo Mitsui Financial Group to acquire 74.9% stake in FICC for $ 2 bn

Shantanu Mitra to rejoin Temasek-backed Fullerton India as CEO

Fullerton India CEO Nambiar quits, firm reshuffles senior management

Fullerton India parent infuses Rs 750 crore equity as additional buffer

Fullerton India plans to raise Rs 120 bn in FY'19, open over 400 branches

Fullerton India plans to raise Rs 100 bn in FY19 to fund lending operations

Fullerton India eyes 35% growth in housing finance business

Fullerton India raises Rs 500 cr via masala bonds