Co-lending deals between non-banking financial companies (NBFCs) and banks are likely to rise after the Reserve Bank of India’s (RBI’s) decision to increase the risk weight on consumer credit, industry leaders and experts say. Smaller NBFCs, they add, may increasingly opt for co-lending as capital markets could become costlier for them. “Smaller NBFCs will be more comfortable with co-lending because they are geography-specific in terms of industry or customers.
Posts tagged Rediff
AMCs’ contribution to backstop fund tops target (29-11-2023)
The contribution from asset management companies (AMCs) has surpassed the Rs 3,000 crore target for the creation of a Rs 33,000 crore backstop facility for debt mutual funds (MFs). The initial corpus for the Corporate Debt Market Development Fund (CDMDF) is nearly Rs 3,100 crore, according to multiple government officials and AMC executives. “The fund is operational now. “The required corpus has been raised by AMCs and the remaining part (Rs 30,000 crore) is in the form of a guarantee from the government which will be activated only in case of a credit event,” explained D P Singh, joint CEO and deputy MD, SBI MF.
Mobile Download Speeds May Surpass… (29-11-2023)
Most telcos say the speed will surpass fixed broadband as the 5G roll out, which is currently on 360,000 towers, crosses 400,000.
Titan hits record high; enters Rs 3 trn m-cap club (29-11-2023)
Titan Company on November 21, became the second Tata group firm to join Rs 3 trillion market capitalisation (market cap) club after its shares hit a new high of Rs 3,400, up nearly 2 per cent on the BSE in Tuesday’s intra-day trade. At 12:28 PM; with a market cap of Rs 301,847 crore (Rs 3.02 trillion) Titan stood at number 16th position in overall market cap ranking on the BSE listed companies, the exchange data shows. Titan overtook paint company Asian Paints, which has a market cap of Rs 300,579 crore, data shows.
H-1B visa renewal programme to start in Dec (29-11-2023)
In a move that will benefit a significantly large number of Indian technology professionals, the US is set to begin a pilot programme for domestic renewal of certain categories of H-1B visas in December. The H-1B visa is a non-immigrant visa that allows US companies to employ foreign workers in speciality occupations that require theoretical or technical expertise. Technology companies depend on it to hire tens of thousands of employees each year from countries like India and China.
Indian stocks hit $4 trn m-cap for first time ever (29-11-2023)
The combined market valuation of all listed companies on the leading stock exchange BSE reached the $4-trillion milestone for the first time ever on Wednesday. The 30-share BSE Sensex climbed 305.44 points to 66,479.64 in early trade after beginning the day on a positive note. Thanks to the optimism in equities, the market capitalisation of BSE-listed companies reached Rs 3,33,26,881.49 crore in morning trade, translating into $4 trillion at the exchange rate of 83.31.
S and P pegs 7% GDP growth for India by 2026 (28-11-2023)
India’s GDP growth rate will rise to 7 per cent by 2026 compared to 4.6 per cent for China, S and P Global Ratings said on Tuesday. In a report titled ‘China Slows India Grows’, S and P said it expects Asia-Pacific’s growth engine to shift from China to South and Southeast Asia. “We project China’s GDP growth to slow to 4.6 per cent in 2024 (2023: 5.4 per cent), edge up to 4.8 per cent in 2025, and return to 4.6 per cent in 2026.
Financial frauds: 70 lakh mobile numbers disconnected (28-11-2023)
To check digital frauds, the government has disconnected 70 lakh mobile numbers so far involved in cybercrime or financial frauds, Financial Services Secretary Vivek Joshi said on Tuesday. Emerging from a meeting to discuss issues related to financial cyber security and increasing digital payment fraud, Joshi, who chaired the meeting, said banks have been asked to strengthen the system and processes in this regard. More such meetings would take place, he said, adding the next meeting is scheduled in January.
TCS’ Rs 17,000 crore share buyback to open on Dec 1 (28-11-2023)
The Rs 17,000 crore-share buyback programme of India’s top software services exporter Tata Consultancy Services (TCS) will open on December 1. The buyback, where investors can sell to the company their shares at an offer price of Rs 4,150 apiece, will close on December 7, TCS said in a regulatory filing on Tuesday. The information technology bellwether is aiming to repurchase up to 4.09 crore shares (1.12 per cent of the total equity share capital) at Rs 4,150 apiece in a buyback valued at Rs 17,000 crore.
200 of the 789 aircraft may be grounded by March-end (28-11-2023)
Nearly 200 of the 789 aircraft of Indian carriers are expected to be grounded by the end of March due to ongoing supply chain issues, according to the report released on Monday by CAPA India. At present, 161-166 aircraft are grounded. “More aircraft will be on the ground than expected due to serious supply chain issues, which were supposed to improve but actually deteriorated,” it noted.