Abhay Bhutada resigns from Poonawalla Fincorp

Banking & Finance

[ad_1]

Read More/Less


Abhay Bhutada, Managing Director of Poonawalla Fincorp, has resigned with immediate effect.

“Abhay Bhutada, Managing Director of the company has resigned from the board of the company with immediate effect from September 16, 2021, and the board of directors has accepted Abhay Bhutada’s resignation,” Poonawalla Fincorp said on Thursday.

Vijay Deshwal, Group CEO, Poonawalla Fincorp will continue to run the operations of the company, it said

“Bhutada has decided to step down as the MD of the company in the broader interest of the company and its stakeholders,” it said.

Barred from market

The development comes a day after the Securities and Exchange Board of India barred Bhutada and seven other people from the securities market for alleged insider trading in the shares of the company, which was earlier known as Magma Fincorp.

SEBI has also ordered impounding of wrongful gains worth over ₹13 crore, according to an interim order.

Bhutada had however, denied all allegations.

Poonawalla Fincorp’s scrip closed 4.99 per cent lower at ₹172.15 apiece on the BSE.

[ad_2]

CLICK HERE TO APPLY

Leave a comment , ,

Kotak Mahindra acquires vehicle financing portfolio of Volkswagen Finance

Banking & Finance

[ad_1]

Read More/Less


Kotak Mahindra Group has acquired the vehicle financing loan portfolio of Volkswagen Finance, the two said in a statement on Thursday.

Volkswagen Finance Private Ltd (VWFPL) is the Indian captive financing arm of Volkswagen Group.

Kotak Mahindra Prime (Kotak Prime) will acquire the passenger cars and two-wheelers portfolio, and Kotak Mahindra Bank will acquire the commercial vehicles portfolio of Volkswagen Finance.

“With this acquisition, Kotak will gain access to over 30,000 high-quality customers with a total loan outstanding with VWFPL of around ₹1,340 crore,” the statement said, adding that all the acquired loans are classified as ‘Standard Loans’ as per the Reserve Bank of India guidelines.

Kotak has also acquired the non-performing assets portfolio of VWFPL.

D Kannan, Group President – Commercial Banking, Kotak Mahindra Bank and Director of Kotak Mahindra Prime, said, “The strategic intent behind this acquisition is to further strengthen Kotak’s vehicle financing loan portfolio and expand our market share. The long-term growth prospects of the Indian vehicle market are very attractive, and this acquisition reinforces Kotak’s standing as one of the leading vehicle financing players.”

Aashish Deshpande, MD and CEO, Volkswagen Finance, said, “The sale of our retail portfolio aligns to our new strategic focus towards a refined digital strategy through our subsidiary, the digital platform KUWY.”

[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , ,

6 Best 5-Star Rated Large And Mid Cap Funds By Morning Star To Start SIP In Now

Personal Finance

[ad_1]

Read More/Less


What are large and mid cap funds?

The AMCs or fund houses in such kind of funds distribute funds between large and mid cap companies. There is mandate as per which 70% of the funds are invested to large and mid cap stocks. As they have an exposure to even the mid cap stocks they are higher on risk as mid cap companies are typically in the growth phase and may take time to yield return for its investors.

Who should invest in large and mid cap funds?

Who should invest in large and mid cap funds?

Ideally mutual funds are a better set of investment via the SIP route suits investors who cannot time the market and this typical class will be suitable for investors with considerably higher risk appetite and time horizon of at least 5 years. These go a long way in meeting long term goals including child’s education, early retirement as well as buying a house. The long term is a must as mid caps show exponential performance only in the long haul.

The benefit that comes with investing in large and mid cap funds is that these funds show consistent performance even in tough or weak market conditions and therefore you can secure stable returns.

Top 5- Star Rated Large and Mid cap funds by Morning Star

Top 5- Star Rated Large and Mid cap funds by Morning Star

Morningstar is highly credible and the rating is done given the past performance based on a number of criteria, so the past performance does not confers to a similar performance in the future course of time.

The rating agency ranks mutual fund on a scale of one to 5 stars, wherein 5-star rated fund is the best performing. The funds are ranked considering adjustments for risks as well as costs in comparison to funds within the same category. Each fund receives separate ratings for three-, five- and 10-year periods, which it combines into an overall rating.

Large and Mid cap fund Morning Star Rating SIP performance 5-years
Canara Robeco Emerging Equities-Growth 5-Star Rating 23.31%
Edelweiss Large and Mid cap fund-Direct Plan Growth 5-Star Rating 23.47%
Kotak Equities Opportunities Direct Growth 5-Star Rating 22.54%
LIC MF Large and Mid cap Direct G 5-Star Rating 22.14%
Mirae Asset Emerging Bluechip Fund-G 5-Star Rating 26.26%
Principal emerging Bluechip Fund 5-Star Rating 22.26%

Disclaimer:

Disclaimer:

The rating signifies how the mutual funds have performed during a certain time and it is not a guarantee of future performance. Note poor rated mutual funds may also perform good in case the market mood turns positive or the stocks or other securities invested into are performing good.

GoodReturns.in



[ad_2]

CLICK HERE TO APPLY

Leave a comment

Reserve Bank of India – Notifications

Notifications

[ad_1]

Read More/Less




April 14, 2015




Dear All




Welcome to the refurbished site of the Reserve Bank of India.





The two most important features of the site are: One, in addition to the default site, the refurbished site also has all the information bifurcated functionwise; two, a much improved search – well, at least we think so but you be the judge.




With this makeover, we also take a small step into social media. We will now use Twitter (albeit one way) to send out alerts on the announcements we make and YouTube to place in public domain our press conferences, interviews of our top management, events, such as, town halls and of course, some films aimed at consumer literacy.




The site can be accessed through most browsers and devices; it also meets accessibility standards.



Please save the url of the refurbished site in your favourites as we will give up the existing site shortly and register or re-register yourselves for receiving RSS feeds for uninterrupted alerts from the Reserve Bank.



Do feel free to give us your feedback by clicking on the feedback button on the right hand corner of the refurbished site.



Thank you for your continued support.




Department of Communication

Reserve Bank of India


Next

[ad_2]

CLICK HERE TO APPLY

Leave a comment

Reserve Bank of India – Press Releases

Press Releases

[ad_1]

Read More/Less




April 14, 2015




Dear All




Welcome to the refurbished site of the Reserve Bank of India.





The two most important features of the site are: One, in addition to the default site, the refurbished site also has all the information bifurcated functionwise; two, a much improved search – well, at least we think so but you be the judge.




With this makeover, we also take a small step into social media. We will now use Twitter (albeit one way) to send out alerts on the announcements we make and YouTube to place in public domain our press conferences, interviews of our top management, events, such as, town halls and of course, some films aimed at consumer literacy.




The site can be accessed through most browsers and devices; it also meets accessibility standards.



Please save the url of the refurbished site in your favourites as we will give up the existing site shortly and register or re-register yourselves for receiving RSS feeds for uninterrupted alerts from the Reserve Bank.



Do feel free to give us your feedback by clicking on the feedback button on the right hand corner of the refurbished site.



Thank you for your continued support.




Department of Communication

Reserve Bank of India


Next

[ad_2]

CLICK HERE TO APPLY

Leave a comment

Kotak Mahindra Group acquires Volkswagen’s vehicle finance business

Banking & Finance

[ad_1]

Read More/Less


Kotak Mahindra Bank on Thursday announced the acquisition of German carmaker Volkswagen’s captive vehicle finance business for an undisclosed sum.

The deal involves the private sector lender’s in-house NBFC Kotak Mahindra Prime acquiring the passenger car and two-wheeler portfolio, while Kotak Mahindra Bank Limited (KMBL) will acquire the commercial vehicles portfolio from Volkswagen Finance (VF), as per an official statement.

Kotak will gain access to over 30,000 high-quality customers with a total loan outstanding with VWFPL of around ₹1,340 crore, the statement said, adding all these loans have been classified as “standard loans”.

Retail portfolio

The deal also involves the acquisition of VF’s non-performing assets, it said, without spelling out the size of the book.

“The strategic intent behind this acquisition is to further strengthen Kotak’s vehicle financing loan portfolio and expand our market share,” D Kannan, the bank’s group president for commercial banking, said.

He said VF, which had been in India since 2009, has built a strong portfolio, and added that the long term prospects of the Indian vehicle market are very attractive.

Kannan assured a seamless transition for VF customers to Kotak Group, and added that they will also get access to a wider suite of products and services.

“The sale of our retail portfolio aligns to our new strategic focus towards a refined digital strategy through our subsidiary, the digital platform KUWY,” VF’s managing director and chief executive Aashish Deshpande said.

This is a step towards the evolution of the customer journey in the digital space by offering a simplified and agile solution to both our customers and dealerships, while aligning effectively to support the VW India 2.0 strategy, he added.

The Kotak Mahindra Bank scrip closed 1.87 per cent higher at ₹1,905.75 a piece on the BSE on Thursday.

[ad_2]

CLICK HERE TO APPLY

Leave a comment , ,

Reserve Bank of India – Tenders

Tenders

[ad_1]

Read More/Less


The following queries were sought by the firms which participated in the pre-bid meeting:

S. No. Name of firm Section / Sub section of tender document Query / Suggestion by firm(s) Bank’s Remarks 1 M/s Diamond Renewable Solutions Pvt Ltd.

M/s Su Solartech Systems (P) Ltd.

General query Site details with sanctioned load of already installed meters Site was visited by the participants along with the Bank’s Engineers. Copy of previous electricity bills was also provided to the participants for evaluation. 2 M/s Indesolar unit of Independent Business Machines Pvt. Ltd. Clause 7.10.3 (a) of Section VII: PCU / MPPT and 3 phase with neutral inverter shall be supplied as integrated unit …….. In small power plants, instead of 3 phase inverter, single phase inverter may be used. No specifications / requirements will be changed. Hence please follow the tender in this regard. 3 M/s Indesolar unit of Independent Business Machines Pvt. Ltd. Clause 3.15 of Section III: Insurance For which period insurance is to be obtained. As per the tender conditions. 4 M/s Indesolar unit of Independent Business Machines Pvt. Ltd. Clause 7.0 A (l) of Section VII: Replacement of existing conventional energy meter provided by local electricity department ……. Whether Bank will reimburse the laisoning charges, cost of replacement of meters, etc. to the bidders As per clause 7.0 A (l) of Section VII, Bank will reimburse the cost of replacement of meters on production of original receipts provided by the electricity department. Bidders are required to consider the laisoning charges in the rates quoted by them. 5 M/s Diamond Renewable Solutions Pvt Ltd.

M/s Indesolar unit of Independent Business Machines Pvt. Ltd.

Clause 3.4 (a) of Section III: Intending tenderers shall remit as Earnest Money a sum of ₹28,000/- (Rupees Twenty Eight Thousand Only) …….. As Per MSME Act of GOI, all MSMEs are exempted from submission of EMD. We request you to give exemption from submission of EMD to us. As per extant guidelines of RBI, exemption for submission of EMD to MSMEs is applicable only for estimated cost up to ₹10.00 lakh.

As the estimated cost of this work is ₹14.00 lakh, EMD exemption is not applicable.

6 M/s Diamond Renewable Solutions Pvt Ltd.

M/s Indesolar unit of Independent Business Machines Pvt. Ltd.

M/s Su Solartech Systems (P) Ltd.

Clause 3.12.3 of Section III: Performance Bank Guarantee (PBG) We request you to decrease the amount of Performance Bank Guarantee from 10% of the contract value to 3% only. The successful bidder will be required to submit Performance Bank Guarantee of 10% only of the contract amount as mentioned in the contract document. 7 M/s Diamond Renewable Solutions Pvt Ltd.

M/s Indesolar unit of Independent Business Machines Pvt. Ltd.

Clause 7.10.6 of Section VII: The scope of work shall include for supply and installation of pyrometer, temperature probes for recording the solar panel temperature, anemometer…. In small power plants, there is no need for pyrometer, temperature probes and other weather monitoring units. We will provide remote monitoring for this purpose. No specifications / requirements will be changed. Hence please follow the tender in this regard. 8 M/s Diamond Renewable Solutions Pvt Ltd. Clause 3.25 of Section III: Pre-dispatch Inspection Since these are small solar plants, will the Bank accept manufacturer’s test certificate instead of inspection and testing by Bank as mentioned in the tender document? Successful bidder will be required to submit various test certificates issued by the manufacturer. Also, as per the tender condition, the inspection and testing of the material will be at the discretion of Bank. 9 M/s Indesolar unit of Independent Business Machines Pvt. Ltd. Annexure H Instead of banker’s certificate, CA’s certificate should be enough for turnover purpose. Chartered Accountant’s certificate is compulsory for turnover purpose (for the last 3 FYs). Also, a certificate from bidder’s banker is also required (format is given in Annexure H).

[ad_2]

CLICK HERE TO APPLY

Leave a comment

Reserve Bank of India – Press Releases

Press Releases

[ad_1]

Read More/Less




April 14, 2015




Dear All




Welcome to the refurbished site of the Reserve Bank of India.





The two most important features of the site are: One, in addition to the default site, the refurbished site also has all the information bifurcated functionwise; two, a much improved search – well, at least we think so but you be the judge.




With this makeover, we also take a small step into social media. We will now use Twitter (albeit one way) to send out alerts on the announcements we make and YouTube to place in public domain our press conferences, interviews of our top management, events, such as, town halls and of course, some films aimed at consumer literacy.




The site can be accessed through most browsers and devices; it also meets accessibility standards.



Please save the url of the refurbished site in your favourites as we will give up the existing site shortly and register or re-register yourselves for receiving RSS feeds for uninterrupted alerts from the Reserve Bank.



Do feel free to give us your feedback by clicking on the feedback button on the right hand corner of the refurbished site.



Thank you for your continued support.




Department of Communication

Reserve Bank of India


Next

[ad_2]

CLICK HERE TO APPLY

Leave a comment

Multibagger Penny Stocks (M-Cap Over Rs. 5000 Crore) With Return Up To 540% In The Last One Yr.

Personal Finance

[ad_1]

Read More/Less


RattanIndia Enterprises:

Rajiv Rattan headed is a business conglomerate based out of Delhi. The company’s work areas span power generation, consumer finance, renewable energy and electric mobility. The group’s combined assets are equivalent to $2.7 billion.

The company’s TTM P/E is at a negative -7264.3 while the sector P/E is at 21.37.

As of last the company commanded a market cap of Rs. 6503 crore.

Poonawalla Fincorp:

Poonawalla Fincorp:

This is an NBFC company commanding a market capitalization of Rs.13,142 crore . A host of brokerages are bullish on the scrip as there is a recent management change which is seen to be positive for the scrip.

There was indeed seen a downside in today’s trade as the SEBI banned the company’s managing director for insider trading.

The lending company is into offering a bouquet of loans from personal to professional loans and even insurance services.

HFCL:

HFCL:

The company is a leading telecom company and specializes in manufacturing of telecom equipment, optical fiber cables and intelligent power.

The focus on to 5 G technology has also improved the prospects of the company going ahead.

TTM P/E- 32.49

Sector P/E- 88.18

Tata Steel BSL:

Tata Steel BSL:

The company in the year 2018 has been acquired by Tata Steel which was previously known as Bhushan Steel. The company is now the third largest secondary steel producing company with an existing steel production capacity of 5.6 million ton per annum. The company’s products included Hot Rolled Coil ,CRCA ,CRFH ,Galvanized Coil and Sheet ,Galume Coil and Sheet ,Color Coated Coils,Color Coated Tiles,High Tensile Steel Strips,Hardened & Tempered Steel Strips,Precision Tubes,HFW/ERW Pipe (API Grade),3LP Coated Pipes,Billets and Sponge Iron.

TTM P/E- 1.8

Sector P/E- 4.43

Shree Renuka Sugars

Shree Renuka Sugars

Headquartered in Mumbai and with head office in Belgaum, the company is the largest sugar producers globally. The company is a global agribusiness and bio-energy corporation. Additionally, the company is also into refining of sugar.

The recent push for ethanol blending for fuel will augur well for the company going ahead.

P/E TTM- -20

Sectoral p/E- 13.27

Conclusion:

Conclusion:

These penny stocks have relatively infrequent trading which indicates less buyers and hence low liquidity. With low or limited trading, these stocks are subject to high volatility. Though considered affordable, every other investor should not take a buy decision on them given the huge volatility.

Disclaimer:

Disclaimer:

The information or the scrips collated above need not be construed for investment advice.

GoodReturns.in



[ad_2]

CLICK HERE TO APPLY

Leave a comment

Finance Minister Sitharaman announces bad bank, Cabinet approves backing of up to Rs 30,600 crore on securities receipts, BFSI News, ET BFSI

Banking & Finance

[ad_1]

Read More/Less


Finance Minister Nirmala Sitharaman today announced the much-awaited bad bank, and said that the Union Cabinet approved on Wednesday the sovereign backing of up to Rs 30,600 crore for the securities receipts.

The planned National Asset Reconstruction Company Ltd (NARCL) will issue securities receipts to banks as it takes on non-performing assets from their books. These securities receipts will be valid for five years.

“The idea behind it is to ensure value locked within assets is used making banking system robust. So limit provides an incentive for banks. If process delayed beyond 5 years, guarantee can’t be invoked,” Sitharaman said.

Read: What is a bad bank and why is it needed?

The NARCL will pay up to 15% of the agreed value for the loans in cash and the remaining 85% would be government-guaranteed security receipts, the finance minister announced. State-owned banks will hold 51% stake, while FIs or debt management companies will hold 49%.

Financial Services Secretary Debasish Panda said the government will not face any fiscal outgo for the guarantees it provides to banks. NPAs worth Rs 2 lakh crore will be sent to the NARCL, and of this Rs 90,000 crore will be transferred in the first phase.

Along with NARCL, the government will also set up an India Debt Resolution company. The service company will manage assets and loop in market professionals and turnaround experts. Public sector banks and public FIs will hold a maximum of 49% stake and the remaining will be held by private banks.

Watch: Bad bank can only be a warehouse of bad assets, says Siby Antony

The banks’ asset quality review had happened in 2015, which had revealed very high incidence of NPAs. After recognition, quantification of NPAs started in a planned manner and state owned banks, in the last six years, recovered Rs 5,01,479 crore, she said.

In 2018, just two out of 21 public sector banks were profitable. But in 2021, only two banks reported losses, Sitharaman added.

Watch: Bad bank to preserve value, timely sale of stressed assets: IBA CEO

During the Union Budget 2021-22, Sitharaman had announced the creation of NARCL or bad bank to resolve large cases of stress. The bad bank will manage and dispose the assets to alternate investment funds and other potential investors for eventual value realisation, she had said.

In August, the Indian Banks’ Association (IBA) moved an application to the Reserve Bank of India (RBI) seeking licence to set up a the Rs 6,000-crore bad bank. The NARCL was incorporated last month in Mumbai, following the registration with Registrar of Companies.



[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , , , , , ,
1 … 332 333 334 335 336 … 16,282