Tag: indiabulls

Indiabulls Housing Finance Q2 profit down 11.4%

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Indiabulls Housing Finance registered an 11.4 per cent drop in its consolidated net profit for the second quarter of the fiscal at ₹286.34 crore compared to ₹323.2 crore a year ago.

Total revenue from operations fell 13.5 per cent to ₹2,232.79 crore for the quarter ended September 30 against ₹2,581 crore in the same period last fiscal.

Retail loan disbursal grows

Its loan book was at ₹64,062 crore, down 2.1 per cent from ₹65,438 crore as on June 30.

“With co-lending partnerships in place, retail disbursal growth has gained momentum in FY22.

The company disbursed retail loans of ₹325 crore through co-lending in the month of September. This will scale up to ₹500 crore by December 2021 and ₹800 crore by March 2022, Indiabulls Housing Finance said in a statement on Thursday.

It is on track to disburse ₹1,000 crore of retail loans through co-lending in the third quarter of the fiscal, it added.

Gross NPAs were at 2.69 per cent as on September 30 versus 2.86 per cent as on June 30 and 2.21 per cent as on September 30, 2020.

Net NPAs were at 1.53 per cent as on September 30 compared to 1.63 per cent a year ago.

Shoring up provisions

“The balance sheet has been strengthened by shoring up provisions to ₹3,153 crore, 4x times the regulatory requirement and equivalent to a healthy 4.9 per cent of our loan book and 152 per cent of gross NPAs,” the statement said.

The company restructured loans of ₹96.7 crore, equivalent to 0.15 per cent of its loan book, under the restructuring frameworks 1.0 and 2.0 combined.

Collection efficiency has now normalised to pre-Covid levels.

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Indiabulls Housing Finance repaid ₹7,075.84 crore of NCDs to investors in September

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Indiabulls Housing Finance (IBH) has repaid ₹7,075.84 crore of Non-Convertible Debentures (NCDs) to its investors in September this year.

“The repayments comprised of ₹6,575.84 crore of public issue of NCDs done by IBH and ICCL in September 2016 and September 2018 respectively and ₹500 crore of NCDs issued by IBH in September 2011,” it said in a statement on Friday.

The public NCDs were repaid ahead of their scheduled repayment dates, it further said.

“IBH has a fully matched ALM with significant positive cash at the end of each period,” it said, adding that from time to time, it utilises its liquidity buffers to repay its liabilities ahead of schedule to give comfort to its stakeholders, especially lenders and rating agencies.

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MFs sold YES Bank, Vodafone Idea; tweaked stakes in these Jhunjhunwala stocks, BFSI News, ET BFSI

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NEW DELHI: Domestic fund managers pared stakes in retail favourites Vodafone Idea and YES Bank, and tweaked their holdings in certain Rakesh Jhunjhunwala-backed companies, the monthly data for August suggest.

Data showed MFs held YES Bank shares worth Rs 137 crore as on August 31 compared with Rs 155 crore at the end of July. During the month, they trimmed their holding in the private lender to 15.15 crore shares from 17.67 crore shares. Retail and HNI investors owned 32.32 per cent stake in the lender at the end of the June quarter.

Vodafone Idea — where retail and HNI investors account for 17.73 per cent of the total 27.95 per cent public holding — also saw selling by mutual funds. These funds held 13.10 crore shares in the telecom operator as on August 31 compared with 30.04 crore shares as on July 31. In value terms, MFs now hold Rs 80 crore worth of Vodafone shares compared with Rs 248 crore shares earlier.

Lupin, where Rakesh Jhunjhunwala holds shares worth Rs 700 crore, was among the top MF buys for the month. Mutual funds held 5.92 crore Lupin shares as on August 31 compared with 5.13 crore in July. In value terms, they owned Rs 5,668 crore worth of Lupin shares compared with Rs 5,676 crore in July.

In Escorts, MFs held 88 lakh shares worth Rs 1,184 crore at August-end, against 73 lakh shares worth Rs 860 crore as of July-end. Jhunjhunwala owns about Rs 880 crore worth of Escorts shares as of today.

MFs sold YES Bank, Vodafone Idea; tweaked stakes in these Jhunjhunwala stocks
Jhunjhunwala, often called Big Bull, entered Indiabulls Housing and SAIL in the June quarter. While SAIL was the funds’ biggest sell in the largecap pack, Indiabulls Housing was their biggest buy in the smallcap pack, data compiled by ICICI Direct suggests.

MFs held Rs 1,962 crore worth SAIL shares at August-end, against Rs 2,987 crore at July-end. They owned Rs 344 crore worth Indiabulls Housing shares as of August-end, up from Rs 277 crore at July-end. Jhunjhunwala owns about Rs 700 crore worth of SAIL shares and just over Rs 200 crore worth of Indiabulls Housing shares.

MFs sold YES Bank, Vodafone Idea; tweaked stakes in these Jhunjhunwala stocks
Jubilant Ingrevia, another stock Big Bull has invested in, was on MFs’ sell radar. Funds cut their holding in this stock to Rs 38 crore from Rs 73 crore on a month-on-month basis. In Edelweiss Financial Services, mutual funds’ holding fell to Rs 55 crore from 95 crore.



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Co-lending: Punjab & Sind Bank ties up with Indiabulls

Banking & Finance

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Punjab & Sind Bank (PSB), a public sector bank, has entered into a strategic co-lending alliance with Indiabulls Commercial Credit and Indiabulls Housing Finance (IHFL) for MSME and Priority Sector Housing Loans respectively.

Commenting on the partnership, S Krishnan, MD & CEO of PSB said that the co-lending model will improve the flow of credit to the unserved and underserved sector of the economy and make available funds to the ultimate beneficiary at an affordable cost, considering the lower cost of funds from banks and greater reach of the NBFCs/ HFLs.

He also said that the co-lending model would help the bank enhance its Retail and MSME portfolio and boost lending to MSME sector, which will aid the growth of the economy and employment generation.

Kollegal V Raghvendra, Executive Director said that the model is one of the innovative avenues of lending to the priority sector. The partnership would make available cheaper loans to the borrowers as compared to standalone loans given by NBFCs.

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Yes Bank, Indiabulls Housing Finance sign co-lending agreement

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Yes Bank and Indiabulls Housing Finance have entered into a co-lending agreement for home loans.

“The partnership aims at synergising capabilities to provide an efficient and seamless experience to retail home loan customers,” said a joint statement on Wednesday, adding that the Reserve Bank of India’s co-lending framework provides a collaboration tool to benefit from the low-cost funding model of a bank and the cost-efficient sourcing and servicing capabilities of a non-bank.

Rajan Pental, Global Head, Retail Banking, Yes Bank said, “The partnership is in line with Yes Bank’s strategy of expanding its retail franchise through a mix of organic and partnership-led origination models. The bank is looking forward to further build a profitable and quality home loan portfolio through this partnership.”

Home loans constitute about 10 per cent of Yes Bank’s retail banking assets as on June 30, 2021.

Gagan Banga, Vice Chairman and CEO, Indiabulls Housing Finance said, “We can now leverage Yes Bank’s deposit-led franchise and complement that with our technology-led distribution to provide efficient solutions around home loans to a wide gamut of customers across geographies, ticket-sizes and yield spectrum, to give us balance-sheet light growth and profitability.”

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YES Bank shifts to new Santacruz HQ, BFSI News, ET BFSI

Banking & Finance

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Mumbai: The Yes Bank management and other executives on Tuesday relocated to the bank’s new headquarters at Santacruz in suburban Mumbai, which earlier housed Anil Dhirubhai Ambani Group’s headquarters. The bank has begun the process of vacating 10 floors of its rented premises in Indiabulls Finance Centre and shifting to the new premises, which is now called Yes Bank House.

“We are vacating the premises floor by floor and the complete transition will happen over a period of two months,” said Yes Bank MD & CEO Prashant Kumar. He said every month the bank will bring down its rental costs. Last week, the bank’s board approved the shifting of the registered office within the city.

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Groww to acquire Indiabulls MF for Rs 175 cr, BFSI News, ET BFSI

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Online investment platform Groww on Tuesday announced that it will be acquiring Indiabulls Mutual Fund for a total consideration of Rs 175 crore. The digital platform will acquire Indiabulls Asset Management Company (IBAMC) and the trustee company for Rs 175 crore, which includes a cash and equivalent component of Rs 100 crore, an official statement said, adding that the transaction is subject to regulatory approvals.

The Alternate Investment Fund (AIF) and Portfolio Management Service (PMS) businesses will be demerged from the existing IBAMC structure, and remain under Indiabulls Housing Finance, it said.

The announcement comes months after capital markets regulator Sebi had allowed digital platforms like fintechs to enter the mutual funds business and Groww becomes the first fintech to enter the asset management space.

Indiabulls Mutual Fund has 13 funds with the Quarterly Average Assets Under Management at Rs 663.68 crore as of March 2021, down from the Rs 921.33 crore in December 2021.

Selling the MF will help the parent Indiabulls Housing Finance’s capital position.

Groww has over 1.5 crore customers who use the platform to invest in mutual funds, stocks and exchange-traded funds (ETFs) and wishes to increase the retail participation in equity, the statement said.

“With the capability to create products, we plan to make mutual funds even more accessible – by making them simpler, more transparent, and by lowering the cost further,” Lalit Keshre, the chief executive and co-founder of Groww, said.

Indiabulls Housing Finance plans to grow its Real Estate Asset Management business through AIF structures in line with its asset-light strategy. While IBHFL will focus largely on retail disbursements, the AIF structure will be used for the wholesale opportunity of early-stage project finance, the statement said.

“We have made the decision to divest our interest in the retail mutual fund business to be able to consolidate capital and provide greater focus in building the company’s real estate asset management business by way of Alternate Investment Fund, in line with the company’s asset-light strategy,” Gagan Banga, the vice chairman and managing director of Indiabulls Housing Finance, said.

The Indiabulls Housing Finance scrip was trading 1.63 per cent down at Rs 183.80 a piece on the BSE.



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Indiabulls looking to exit ARC business, in talks for loan portfolio sale

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Indiabulls started its asset reconstruction business by setting up IARCL in 2017.

By Ankur Mishra

Indiabulls Group is looking to exit the asset reconstruction (ARC) business and is in talks with buyers to sell its loan portfolio, FE has learnt from sources close to the development. Indiabulls Asset Reconstruction Company (IARCL) is in talks with Asset Reconstruction Company India (Arcil) and Davidson Kempner of the US for sale of its Rs 1,500-crore loan portfolio.

Indiabulls is looking to exit the ARC business at a time when the government is in the process of setting up a bad bank. Finance minister Nirmala Sitharaman had announced setting up of an asset reconstruction company and an asset management company during the Budget speech.

“IARCL has decided to exit the asset reconstruction (ARC) business a few months back after assessing market conditions,” said one person aware of the development. The decision was taken before the announcement of the bad bank by the government.

Out of IARCL’s Rs 1,500-crore loan portfolio up for sale, around Rs 900 crore is in the form of security receipts, sources said. The portfolio has exposure to retail as well as small and medium enterprises and mortgage loans. Final details of the deal are yet to be worked out.

Indiabulls started its asset reconstruction business by setting up IARCL in 2017. The company was granted certificate of registration by the Reserve Bank of India to act as a securitisation and asset reconstruction company on May 19, 2017. Indiabulls Ventures owns 100% of equity capital in IARCL, according to its website. The company was positioned to look for opportunities in both the real estate and non-real estate segments.

The parent company, Indiabulls Ventures, was recently renamed as Dhani Services with an aim to put the entire consumer business in the healthcare and finance sectors under one name by the group. Dhani Services had posted revenues of Rs 337 crore and a loss of Rs 80 crore during the December quarter of the current fiscal.

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BFSI stock slips; Nifty and Sensex closes lower too, BFSI News, ET BFSI

Personal Finance

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The benchmark index Sensex fell over 600 points in intraday trade while Nifty touched 14,969 on the downside. Bank and financial stocks such as ICICI Bank, Kotak Mahindra Bank and SBI were among the top laggards in the 30-share pack Sensex.

At close, the Sensex was down 0.95% at 50,792.08, while Nifty was down 0.95% at 15,031. Nifty PSU Bank Index fell 1 percent dragged by the Bank of Baroda, Canara Bank, Indian Bank. BSE Bankex also ended lower at 39,995 losing 1.28%.

Nifty Bank Index ended at 34,496 down -1.23%. Amongst the top Losers were- ICICI Bank at Rs 612 ending below -2.04% followed by SBI at Rs 381 with -1.70%, Induslnd Bank at Rs 1,022 (-1.65%), Kotak Mahindra Bank at Rs 1,935 (-1.47%), Axis Bank at Rs 750 (-1.33%). While all the major indices traded in red, RBL Bank and IDFC First Bank managed to stay in the green.

Nifty Financial Services ended at 16,506 Lower by -1.10%. Amongst the biggest losers were Indiabulls Hsg Rs 224 by -2.67% followed by Cholamandalam at Rs 531 (-1.41%), HDFC at Rs 2,568 (-1.22%), Bajaj Finserv at Rs 9,934 (-0.57%).

Other key takeaways

RBI to conduct OMO for sale and purchase of govt securities
The Reserve Bank of India (RBI) on March 10 announced it will purchase and sell Government of India dated securities for Rs 10,000 crore each via an open market operation (OMO) on March 18.

“The Reserve Bank has decided to conduct simultaneous purchase and sale of Government securities under open market operations (OMO) for an aggregate amount of Rs 10,000 crore each on March 18, 2021,” the central bank said.

Suryoday Small Finance Bank to launch IPO on March 17
Suryoday Small Finance Bank will open its initial public offering of 1,90,93,070 equity shares on March 17 with a price band of Rs 303-305 per share. The issue will close on March 19.

The anchor book subscription (if any) will open for a day on March 16. The offer consists of a fresh issue of 81.50 lakh equity shares and an offer for sale of 1,09,43,070 equity shares by existing shareholders.

Rupee Updates
Indian rupee erased some of the intraday gains but ended higher by 13 paise at 72.81 per dollar, amid selling saw in the domestic equity market. It opened 25 paise higher at 72.66 per dollar against Wednesday’s close of 72.91 and traded in the range of 72.62-72.85.

On March 10, the domestic unit ended flat at 72.91 per dollar versus the previous close of 72.93. On Thursday the currency market was shut on account of Mahashivratri.

Wall Street closes on higher mark
The S&P 500 and the Dow closed at all-time highs on Thursday as worries about rising inflation subsided, while a bigger-than-expected fall in weekly jobless claims and the signing of a massive stimulus bill reinforced expectations of a strong economic recovery.

The Dow Jones Industrial Average rose 188.57 points, or 0.58%, to 32,485.59, the S&P 500 gained 40.53 points, or 1.04%, to 3,939.34 and the Nasdaq Composite added 329.84 points, or 2.52%, to 13,398.67



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