Leading non-banking financial company (NBFC) Shriram Finance on Friday said Japan-based MUFG Bank would invest Rs 39,618 crore, or $4.4 billion, to acquire a 20 per cent stake on a fully diluted basis through a preferential issue of equity shares.
Non-banking financial companies (NBFCs) such as Bajaj Finance, Shriram Finance, Muthoot Finance, and IIFL Finance have regained their growth momentum after losing market share to banks in the post-Covid period. The growth surge is being led by diversified lenders and gold-loan companies while development-finance institutions such as Power Finance Corporation (PFC), REC, and Housing & Urban Development Corporation (Hudco) continue to grow at a slower pace.
The pickup was driven partly by fresh corporate investment but more by higher working-capital demand.
The Reserve Bank of India (RBI) has allowed banks to grant need-based working capital loans to manufacturers using gold as raw material, extending the provision currently available only to jewellers. Banks are generally prohibited from lending for the purchase of gold/silver in any form, or lending against the security of primary gold/silver.
Kundra, accused of diverting a loan amount, has been asked to appear before EOW officials on September 15.
Businessman Raj Kundra, husband of Bollywood actor Shilpa Shetty, has been summoned by the Economic Offenses Wing (EOW) of the Mumbai Police in connection with an alleged Rs 60 crore cheating case.
The Lookout Circular was issued by the city police's economic offences wing as the couple makes frequent international trips
The complaint, filed by businessman Deepak Kothari, director of Lotus Capital Financial Services Ltd, claims the incident took place between 2015 and 2023. Kothari alleged that the couple took the money under the pretext of expanding their business but used it for personal expenses instead.
To enable Indian banks and financial institutions to develop an aircraft-leasing ecosystem at GIFT City, the Ministry of Civil Aviation has sought support from the Ministry of Finance. It has also raised concern over slow progress in developing aircraft leasing in India.
The finance minister, in her Budget speech, should focus more on what she is directly responsible for, rather than on programmes where her role is largely supportive, notes Nitin Desai.
The final guidelines to link the interest rate to external benchmarks will be issued by the end of this month
Reliance Industries Ltd's focus on the next hypergrowth opportunities in clean tech and its path to decarbonisation has the potential to spur re-rating, raises clarity on investment cycles and reduces investor worry, brokerages said. RIL chairman Mukesh Ambani at the company's 'Green AGM' on Thursday committed Rs 75,000 crore over the next three years to set up an integrated Green Energy Giga Complex across 5,000 acres in Jamnagar, Gujarat which will contain four giga factories. The complex, which would be one of the world's largest renewable manufacturing facilities, would have an integrated solar photovoltaic module factory, an energy storage battery factory, electrolyser manufacturing for hydrogen production, and manufacturing of fuel cells so that hydrogen can be used in transportation.
The issue will comprise a secondary share sale worth Rs 600 crore by private equity major Everstone Capital and fresh fundraising worth Rs 400 crore.
Bansal has picked up a majority stake in Chaitanya Rural Intermediation Development Services, a company which runs microfinance institution Chaitanya India Fin Credit.
Buoyed by the government's big push for infrastructure, companies expect growth to resume by the end of the year.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
The size of knowledge process outsourcing industry, the high-end services entailed in business process outsourcing activities, has the potential to touch $16 billion by 2010 across the globe.
Silicon Valley venture capitalists are scaring their companies--and each other--with tough talk. The smart ones are also still investing.
State Bank of India, India's largest lender, on Thursday slashed interest rates on working capital loans to micro, small and medium enterprises by 0.5-1 per cent effective from December 16.
While the government has not made the report public, sources said the panel had recommended a sharp cut in all taxes on the gold business, including import duty and goods and services tax which amounts to over 13%.
The capital outlay to cover the modernisation programmes have got a hike of 10.05 per cent.
Ayan Pramanik reports on former Infosys CFO V Balakrishnan's fintech firm, which aims to make borrowing easy for small firms and individuals.
Rather, the existing ones should be implemented speedily to clean up the mess.
More than half of Mallya's total package for 2015 has been paid by Mendocino Brewing Company for 'promoting' the company's beer brands
The project, code-named MF101 by Foxconn, will be spread across 1,500 acres at Talegaon or Khopoli.
'Obviously, there is always an argument that a weaker rupee could push up, to some, extent exports.' 'The fact that the rupee has appreciated against the Chinese currency is pushing a lot of Chinese imports into the Indian market.'
Analysts have started talking about at least a 25 bps cut immediately.
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