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Kerala-based NBFC Manappuram Finance Ltd, whose assets worth Rs 143 crore were frozen by the Enforcement Directorate recently, has claimed that the "visit" of the agency was based on a "malafide FIR" pertaining to now defunct Manappuram Agro Farms. The ED had on May 4 said that it had frozen assets worth Rs 143 crore of Manappuram Finance Ltd's MD and CEO V P Nandakumar after it conducted raids as part of a money laundering investigation.
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TVS Credit Services Ltd, a non-banking finance company, plans to enhance customer experience by leveraging data and technology, said Ashish Sapra, the CEO. The company recorded a 76% increase in its net profit for the quarter ending March 31, 2023, at INR 111 crore, and a 221% rise in net profit for the year ending March 31, 2023, at INR 389 crore as compared to last year.
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The US stock market surged with the largest one-day percentage gain since January 6 as Apple's shares rose more than 4% after its quarterly reports and an optimistic US job report prompted investors that the labour market was resilient. Big banks shares reportedly bounced back from declines following the collapse of First Republic Bank, with analysts upgrading the oversold lenders.
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Kerala-based non-bank lender Manappuram Finance Ltd, in a stock exchange filing on Friday clarified that the Enforcement Directorate's action against its promoter VP Nandakumar is not linked to the affairs of the listed entity. Manappuram's promoter, V.P. Nandakumar, said in the notification that the probe was not related to the company but a private entity called Manappuram Agro Farms, which is no longer in existence.
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Wall Street suffered losses as US lenders' health concerns dominated after PacWest Bancorp revealed plans to explore its strategic options, including a sale, leading to a plunge of 51% in its shares. Stocks of regional banks along with JPMorgan Chase and Wells Fargo & Co faced the heat.
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Investor behaviour is the process by which people choose where to put their money. Understanding the factors that contribute to the success or failure of various investment strategies requires a study of investor behaviour.
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Last month, RBI, during the course of the monetary policy committee announcement on interest rates, said that pre-sanctioned credit line would be made available via UPI. With this, a pre-sanctioned approval acts as a digital credit-card to millions who may not have one. In an age of buy now-pay later, RBI’s recent measure helps create a win-win situation for all – MSMEs, individuals as well as banks.
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Visa's executive chairman, Alfred Kelly, has said he's happy to work with the National Payments Corp of India (NPCI) as he looks to expand the company's footprint in the region. He said the formation of NPCI, RuPay and UPI had been a catalyst, but the aim is to create an even playing field, with all stakeholders working towards their highest level of efficiency.
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US stocks markets ended lower on Wednesday as investors became uncertain of the next move from the Federal Reserve regarding interest rate hikes. The Fed had announced an increase in interest rates by 0.25% as expected. The unanimous decision lifted the US central bank's benchmark overnight interest rate to the 5.00%-5.25% range, the 10th consecutive increase since March 2022.
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Major US stock indexes dropped by over 1% as regional bank shares took a dive on renewed fears surrounding the financial system, and investors waited to hear how long the Federal Reserve (Fed) could hike interest rates. The Fed is anticipated to raise rates by 25 basis points on Wednesday, and investors are on the lookout to see if it announces if this the last hike for now.
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The margin framework, which owes its origin to the financial meltdown of 2008, is aimed to reduce risks and contagion damages of volatility and default in over-the-counter, or one-to-one that banks cut with companies and other banks.
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The margin framework, which owes its origin to the financial meltdown of 2008, is aimed to reduce risks and contagion damages of volatility and default in over-the-counter, or one-to-one that banks cut with companies and other banks.
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Multiples Alternate Asset Management has raised $640m for its fourth Indian-focused private equity fund. The fund aims to increase its size to $1bn with a final close expected in the next five months. Canada Pension Plan Investment Board, IFC and the State Bank of India are the fund's anchor investors. Despite the fund size being $1bn, Multiples plans to use the green-shoe option to increase the final investment to $1.5bn. Founded by Renuka Ramnath in 2009, Multiples has already invested in companies such as Dream 11, PVR Cinemas and RBL Bank.
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"The guarantee is a big issue no doubt but the fact of the matter is that NARCL has taken too long to conduct due diligence and make concrete offers," said a person familiar with the matter. "And even when they have made offers, those have been too little for banks to take a call which has meant an unecessary back and forth. All these factors have jeapordised the NARCL idea."
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Uday Kotak, the CEO of Kotak Mahindra Bank, clarified his earlier statement regarding the US dollar as the "biggest financial terrorist in the world" on Twitter. He said he meant that the US dollar's reserve currency status gives it disproportionate power that can regulate global trade, putting other countries in a position of dependency when transacting. Kotak urged India to build strong independent institutions & frameworks as prerequisites to make the Rupee a reserve currency
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India's Insurance Regulatory and Development Authority (Irdai) has called on insurers to devise social media guidelines that prevent employees from disseminating unverified and confidential information about their employer via the platforms. The regulator said any information received by staff in any form should be cleared by the organisation's compliance team and corporate communication team before being posted on social media.
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