Nirmala Sitharaman highlights Global South's contributions to foundations of multilateral development bank
Union Finance Minister Nirmala Sitharaman emphasized the global significance of the Global South's contributions at the 1944 Bretton Woods conference, urging for more inclusive decision-making and innovative exchanges at the World Bank. She praised the World Banks financial measures and stressed affordability and competitive pricing to aid middle-income countries. Key Points
Economic TimesSitharaman meets Finnish Parliamentary delegation
New Delhi [India], September 10 (ANI): Union Finance and Corporate Affairs Minister Nirmala Sitharaman, on Tuesday interacted with the members of the Finnish Parliamentary delegation from the Commerce Committee. The delegation was led by Sakari Puisto, MP, and Chairman of Commerce Committee. Show Full Article The Finance Ministry said in a post on X that […] Key Points
ThePrint'Kannadigas are not begging': Nirmala Sitharaman vs Siddaramaiah tussle over state share escalates
Taking to social media platform X, the CM said: "One expects the country’s Finance Minister to speak the truth. Unfortunately, she has been consistently denying the written word". Key Points
Business TodayNirmala Sitharaman consistently denies written word: K'taka CM Siddaramaiah
Taking to social media platform X, the CM said Sitharaman had been consistently denying the written word. One expects the countrys Finance Minister to speak the truth, he said. Key Points
Economic TimesAs RBI acts tough, NBFCs fear banks may turn wary of lending
Finance companies are expected to moderate loan disbursals following the banking regulator's recent restrictions on high-margin but potentially risky business lines such as gold loans and securities financing. The Reserve Bank of India (RBI) recently ordered curbs on IIFL Finance's gold loans and JM Financial Products' financing of bonds and stocks. This regulatory action is likely to make banks more conservative in lending to non-bank financiers, leading to concerns about liquidity for onward lending. The RBI's moves are aimed at curbing unethical practices and systemic risks in the financial sector, although they may temporarily impact credit expansion. Key Points
Economic Times
Bajaj Finance shares plunge 5% on Q3 asset quality woes. Should you buy?
Shares of Bajaj Finance dropped nearly 5% on the NSE after reporting higher loan losses and provisions for the quarter. Macquarie reiterated 'Neutral' stance, while Jefferies and PhillipCapital gave 'Buy' ratings. Bajaj Finance's Q3 consolidated net profit grew 22% YoY to Rs 3,639 crore, slightly below expectations. Macquarie expects credit costs to increase as delinquencies normalize. Jefferies maintains 'Buy' rating with a target of Rs 9,400, citing strong AUM growth and better NIMs. Key Points
Economic TimesIndia Shelter Finance shares list with over 25% premium at ₹620 apiece on NSE
India Shelter Finance shares were listed at ₹620 apiece on NSE, a premium of 25.76% to the issue price of ₹493 per share. Key Points
mintFD interest rates: 6 banks offer 9% or more on senior citizen FDs
Given below is a list of six banks which are offering more than 6% interest on fixed deposits (FDs) of an amount less than Rs 2 crore. The highest FD interest rate is being offered by Unity Small Finance Bank. Key Points
Economic TimesBetter placed for recovery? 6 housing Finance stocks with an upside potential of up to 30%
Housing Finance as an industry had its fair share of controversies. If one looks at the root cause of the NBFC crisis, it is clear, it was housing Finance companies which were at the centre of the crisis. If one looks globally also, either directly or indirectly, they have been at the root of a financial crisis or a scam. One of the reasons why this sector carries such risk is that the underlying asset, which is real estate itself, is both cyclical and non-transparent. Despite all the ills, one of the biggest wealth creators in the history of the Indian stock market has been a housing Finance company, erstwhile HDFC which now merged with HDFC bank. So, while they must have a portfolio, what you own is more important. Key Points
Economic TimesCabinet approves Terms of Reference for the Sixteenth Finance Commission
The Finance Commission is a constitutional body that determines the method and formula for distributing tax proceeds among the Centre and states. It suggests distribution of taxes and grants and works based on the terms of reference set by the Finance ministry for a five-year period, after being approved by the centre. Key Points
Economic Times
Better placed than many in NBFC space? 6 housing Finance stocks with upside potential of up to 32%
The recent RBI guidelines on tightening the normal for provision for unsecured lending, bring back the debate to whether from a long term perspective, it is better to own a good housing Finance stocks as it largely secured portfolio or should be stick to unsecured lenders who have faster growth rate. Despite all the ills of the real estate and housing Finance business, one of the biggest wealth creators in the history of the Indian stock market has been a housing Finance company, erstwhile HDFC which now merged with HDFC bank. So, it is a business which is good to own but what you choose to own matters most. Key Points
Economic TimesAdvising clients to buy the dip in Bajaj Finance: Rahul Malani
We believe that the RBI ban on Bajaj Finance lending via eCOM and Insta EMI cards would be lifted by the end of this quarter or most probably by the fourth quarter of this financial year. This could also turn out to be a phenomenon for the entire sector as of now. Key Points
Economic TimesAnother way to play the real estate boom? 6 home Finance stocks with an upside potential of up to 33%
The NBFC crisis of 2018 has just completed its 5 years. If one looks at the root cause of the NBFC crisis, beside the lending issues by Yes Bank, it was housing Finance companies which were at the centre of the crisis. If one looks globally also, either directly or indirectly, they have been at the root of a financial crisis or a scam. One of the reasons why this sector carries such risk is that the underlying asset, which is real estate itself, is both cyclical and non-transparent. So, now when the real estate market is in uptrend, are the housing Finance companies a way to play that up move? Key Points
Economic TimesAdaptation Finance needs 10-18 times more than current flow, flags UN as global temperatures reach record high
The international public climate Finance flows to developing countries decreased by 15% to $21.3 billion in 2021 after having increased to $25.2 billion between 2018 and 2020 | Latest News India Key Points
Hindustan TimesNirmala Sitharaman meets Brazil's Minister of Economy, discusses issues of mutual interest
Finance Minister Nirmala Sitharaman met with Brazil's Minister of Economy Fernando Haddad and UK Chancellor of Exchequer Jeremy Hunt to discuss various issues, including the strengthening of Multilateral Development Banks (MDBs). Brazil will take over the G20 presidency from India on December 1, and Sitharaman wished Brazil success and assured full support. Key Points
Economic Times
Days after SBFC Finance IPO, shares make ‘strong’ market debut. Check details
At the BSE on Wednesday, the shares were listed at ₹81.99 apiece, a premium of 43.84%. On the NSE, these were at ₹82, a premium of 43.85%. Key Points
Hindustan TimesMaking a comeback? 6 home Finance stocks with upside potential of up to 33%
Housing Finance is a business where perception is that because it is largely secured lending, chances of companies going down under are very low. But if one looks at the history, there are enough local companies and global corporations which have gone down under in the housing Finance space. Despite all the ills, one of the biggest wealth creators in the history of the Indian stock market has been a housing Finance company, erstwhile HDFC which now merged with HDFC bank. So, it is a business which is good to own but what you choose to own matters most. Key Points
Economic TimesSBFC Finance IPO: Issue subscribed over 47 times on day 3 so far; QIBs steal the show
SBFC Finance IPO subscribed 47.68 times on day 3 so far, receiving overwhelming response from QIBs, NIIs, and retail investors. Key Points
mintBankman-Fried campaign Finance charge dropped, lessening trial's political focus
The decision by U.S. prosecutors on Wednesday to drop a campaign Finance charge against Sam Bankman-Fried may keep his trial focused on what the government considers his main crime: stealing billions of dollars from cryptocurrency customers at his now-bankrupt FTX exchange. Key Points
ReutersIndia's Bajaj Finance beats Q1 profit view on robust loan demand
Indian non-bank lender Bajaj Finance (BJFN.NS) reported a bigger-than-expected increase in quarterly profit on Wednesday, boosted by healthy loan growth and strong customer additions. Key Points
Reuters
ETPWLA 2023: Announcing the nominees for the Finance Leader of the Year Award
As the grand finale of the ETPrime Women Leadership Awards (ETPWLA) 2023 draws near, the Economic Times is excited to unveil the exceptional nominees for the esteemed Finance Leader of the Year Award. These female executives have set unparalleled benchmarks and achieved extraordinary milestones in the field of Finance management and leadership throughout the preceding year. Their groundbreaking contributions have reshaped the landscape of financial excellence. Key Points
Economic TimesL&T Finance Q1: Surpasses targets with record Q1 profits and rapid retail expansion
L&T Finance Holdings reported a 103% growth in Q1FY24 profit, reaching Rs. 531 crore. The company achieved its Lakshya 2026 goal and saw strong retail disbursements. The PLANET app has surpassed 44 lakh downloads. The wholesale book has been reduced by 65% YoY. Key Points
mintFM Sitharaman stresses on attracting private investment to develop urban infra
We need alternate solutions to leverage private sector participation in this context. Innovative financing instruments such as blended finance, structured project finance, securitization, thematic bonds, biodiversity offerings...and local currency finance, are some of the needs, FM Sitharaman said. Key Points
Economic TimesNirmala Sitharaman discusses trade negotiation progress with Canadian Dy PM
Finance Minister Nirmala Sitharaman and Canadian Deputy Prime Minister Chrystia Freeland on Sunday discussed the progress being made on ongoing bilateral trade negotiations. The two ministers met on the sidelines of the 3rd Finance Ministers and central bank governors meeting in Gandhinagar, Gujarat. Key Points
Economic TimesFM Nirmala Sitharaman suggests AIIB to use innovative financing ways to address infra needs
While discussing issues of relevance to India and @AIIB_Official, FM Smt. @nsitharaman suggested that @AIIB_Official should further use innovative financing and financing instruments so as to better address the #infrastructure requirements of member countries, the Finance ministry tweeted. Key Points
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Canada extends consultation period for RBC's $13.5 bln bid for HSBC unit
Canada's Finance ministry has extended the consultation period for Royal Bank of Canada's (RY.TO) $13.5 billion proposed acquisition of HSBC's (HSBA.L) Canadian unit by 15 days due to a technical error that prevented the department from receiving some submissions by email. Key Points
ReutersBajaj Finance Share Price Live blog for 23 Jun 2023
Bajaj Finance stock price went down today, 23 Jun 2023, by -2.35 %. The stock closed at 7203.25 per share. The stock is currently trading at 7033.8 per share. Investors should monitor Bajaj Finance stock price closely in the coming days and weeks to see how it reacts to the news. Key Points
MintPiramal exits Shriram Finance, sells entire stake for Rs 4,824 crore
According to block deal data available on the National Stock Exchange, Piramal offloaded 31.2 million shares, amounting to an 8.34% per stake in Shriram Finance. Key Points
FinancialexpressPiramal Enterprises to sell entire stake in Shriram Finance via block deal: Report
Piramal Enterprises is set to sell its 8.34% holding in Indian consumer Finance firm, Shriram Finance, through a transaction which will see about 3.1 crore shares sold off at a rate of Rs 1,483 per unit, a 5% discount from current levels. Investors in Shriram Finance include Morgan Stanley, Bajaj Allianz Life Insurance, ABSL MF, DSP MF. In Q1 2017, Shriram Finance reported a 20% YoY rise in profit to Rs 1,308 crore. Key Points
Economic Times10 accused in fake financial firms’ case arrested; Rs. 1 crore, 40 phones recovered
The gang was busted after the Mohali Police received a complaint from a Telangana resident who alleged that he was duped to the tune of Rs. 4.5 lakh by some people on the pretext of low-interest loan. Key Points
The Indian Express
L&T Finance gets 10 expressions of interest for distressed developer loans
L&T Finance has received 10 expressions of interest (EoI) for 10 distressed developer loan accounts, with a combined outstanding of INR 3,022 crore ($415m). Among the interested parties submitting EOIs are ACRE, Arcil, Edelweiss Asset Reconstruction, Kotak Mahindra-sponsored Phoenix ARC, and Omkara Assets Reconstruction. The largest loan available for sale is attributed to Nirmal Lifestyle Developers, with an amount of INR 790 crore followed by Nirmal Lifestyle Malls at INR 251 crore and Supertech at INR 515 crore. Key Points
Economic TimesRobust trade Finance ecosystem important to achieve $2 trillion exports target by 2030: DGFT official
According to the commerce ministry's data, exports of goods and services in 2022-23 rose 14.68 per cent to USD 775.87 billion as against USD 676.53 billion in 2021-22. Key Points
Economic TimesMaruti Suzuki ties up with Chola for dealer financing solutions
Maruti Suzuki India Ltd. (MSIL) has signed a pact with Cholamandalam Investment and Finance Co. Ltd (Chola) to facilitate inventory financing for its dealer partners. Key Points
The HinduSitharaman pitches for strengthening of MDBs to address trans boundary challenges
India's Finance Minister, Nirmala Sitharaman, highlighted the need to strengthen multilateral development banks (MDBs) such as the World Bank and the Asian Development Bank to address trans-boundary challenges during the Group of Seven (G7) meeting of Finance ministers and central bank governors. Sitharaman also stressed the importance of sustainable growth, balancing sustainability and economic goals in the short and long run, and investing in technology and digital public infrastructure to achieve inclusive growth. Key Points
Economic TimesAnalysts divided over Bajaj Finance despite strong Q4
Shares of the Sanjiv Bajaj-led company advanced 2.38% on the NSE on Thursday to close at its two-month high of ₹6,200 per share. More than 29 lakh shares were traded on the BSE and NSE, up 2.6 times its combined average daily volume for the last one month. Key Points
Economic Times
Bajaj Finance shares rise 3% after Q4 results. Should you buy, sell or hold?
Bajaj Finance shares rose 3% following the firm's announcement of its consolidated net profit of INR 3,158 crore for the quarter ended 31 March, a 30% YoY increase. Its net interest income surged 28% to INR 7,771 crore YoY, while its assets under management rose 29%. The firm recommended a dividend of INR 30 per share for the year ending March. Analysts largely suggest holding onto the stock while Jefferies maintained its 'buy' rating due to its potential to enter the credit card market and favourable risk-reward outlook. Key Points
Economic TimesSikkim Assembly passes resolution seeking clarification from Centre on Sikkimese definition in Finance Act
The Sikkim Assembly passed a resolution seeking clarification from the Centre on the expansion of the definition of Sikkimese in the recently passed Finance Act, 2023. Dramatic scenes were witnessed as Sikkim Democratic Front (SDF) supremo and former Chief Minister Pawan Kumar Chamling was marshalled out of the House for disrupting Chief Minister Prem Singh Tamang’s reply. Key Points
The Hindu9.5% interest on FDs in small Finance banks: How to invest in fixed deposits 'safely' to get best return
Small Finance banks are offering as high as 9.5 per cent interest rate on fixed deposits. Should you go book an FD in a small Finance bank to get sky-high return? Here are the key things you need to check while booking a fixed deposit in small Finance banks. Key Points
Economic TimesAmid din, Parliament approves Union Budget for 2023-24 with Lok Sabha clearing Finance Bill as amended by Rajya Sabha
Parliament on March 27 approved the Union Budget for 2023-24 with the Lok Sabha clearing the Finance Bill as amended by the Rajya Sabha, amid continuous uproar by the Opposition over the Adani issue. The amendment to the Finance Bill 2023, which sought to correct an error with regard to the tax rate on Securities Transaction Tax (STT), was moved by Finance Minister Nirmala Sitharaman. The passage of the Finance Bill completes the Budgetary exercise for 2023-24. Key Points
The HinduSTT hike clarified: Govt raises Securities Transaction Tax on options sale to 0.062% from 0.05%; corrects typo
The Finance Ministry has raised Securities Transaction Tax on sale of options to 0.062% from 0.05 % per Rs 1 crore turnover, and on the sale of futures to 0.0125% from 0.010%. The govt clarified that it has corrected a typo error with regard to STT hike on sale of options. Key Points
Financialexpress
Lok Sabha passes Finance Bill, set to tax investors heavily from April
The Finance Bill, 2023 was passed in the Lok Sabha on Friday amidst sloganeering by opposition members for setting up a JPC in the Adani-Hindenburg issue. The Finance Bill 2023, gives effect to the financial proposals of the central government for the financial year 2023-24 to be taken into consideration. Key Points
Economic TimesIndia, U.K agree to make progress on trade pact
Jeremy Hunt, on his first international visit as U.K. Chancellor, also met with business leaders in Bengaluru and visited the offices of tech multinational Wipro which employs over 4,000 people in the U.K. Key Points
The Hindu