Tag: financial services

Today (29th Sept. 2021) Piramal Enterprises said that it had completed the acquisition of Dewan Housing Finance Limited (DHFL) by paying the consideration amount of Rs 34,250 crore. This marks the first successful resolution of a financial services company under the Insolvency and Bankruptcy Code (IBC). The total consideration paid by the Piramal Group of Rs 34,250 crores at the completion of the acquisition, includes an upfront cash component of Rs 14,700 crores and issuance of debt instruments of Rs 19,550 crores (10-year NCDs at 6.75% p.a. on a half-yearly basis). Read more

Amazon.com Inc has added insurance and gold to its menu of financial services in India, to expand its customer base and attract more subscribers to its Prime loyalty programme. The push ramps up the competition as financial technology (fin-tech) rivals and their deep-pocketed foreign backers struggle for profitability in a predominantly cash-based economy where about 190 million adults do not have bank accounts. To boost online payments, Amazon launched its Amazon Pay digital wallet in 2016. It has since introduced a credit card, signed up to a state-backed payments network, and processes payments for movie and flight tickets as well as telephone and utility bills. It began offering auto insurance in July and gold investment products in August - both a first for Amazon. Read more

Shares of financial services companies were under pressure today (12th June 2020) with most of the related indices slipping over 3 percent on NSE ahead of the Supreme Court hearing on interest waiver case. Today's scheduled Supreme Court hearing on interest loan waiver case, sought by homebuyers, on the loans under moratorium is more crucial for non-banking financial companies (NBFCs), who also have granted moratoriums to their borrowers until August. Moreover, a paper released by the Reserve Bank of India (RBI) has warned that despite interventions by the central bank and the government, the NBFC system may see deterioration in credit quality on account of Covid-19 related disruptions. Read more

The share price of Ujjivan Financial Services rallied 13 per cent on Thursday after the company reported a jump of 80 per cent in its consolidated net profit to Rs 77.43 crore in the March quarter. The company had posted a net profit of Rs 43.15 crore during the same quarter last year. Its consolidated income during the quarter rose to Rs 805.20 crore as against Rs 590.01 crore in the same period a year ago. Sales of the company rose 38.2 per cent to Rs 786.49 crore in the quarter ended March 2020 as against Rs 569.11 crore during the previous quarter ended March 2019. The board of directors had proposed a final dividend at the rate of Rs 0. 80 per share (8 per cent) for the FY2019-20, Ujjivan Financial Services said. The stock touched the upper circuit of Rs 172. It was trading with volumes of 774,788 shares, compared to its five day average of 227,156 shares, an increase of 241.08 per cent. Read more