Tag Archive for financial

Indian Financial Sector Bats for Presence-Less Finance at BankBazaar’s Conclave

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By  Vivek K. Mobile: 09920183006 Email:indianshowbusiness@gmail.com

For the third consecutive year, BankBazaar brought together government and regulatory luminaries, eminent bankers, and Fintech influencers together on one single stage at the BankBazaar Paperless Finance Conclave to give a shot in the arm to presence-less, paperless finance. The highlight of the Conclave was a government perspective on changing norms in the financial sector, touched upon by Keynote speaker Mr. S. S. Mundra, Former Deputy Governor, RBI, and special speaker Mr. Amitabh Kant, CEO, NITI Aayog, in their talks. The focus was on the need for consensus between Fintechs, banks, insurers, regulators, and the government for a more paperless, presence-less approach to personal finance at the Conclave in Mumbai on 11 September, which was attended by more than 200 eminent players from the Indian financial sector. Read more

Volkswagen Financial Services record successful first half-year

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By K Ashwin Mobile: 09920183006 Email:indianshowbusiness@gmail.com

Volkswagen Financial Services have achieved their best-ever half-year operating result of EUR 1.231 billion as at 30 June 2018 (previous year: EUR 1.165 billion). The basis for this result lies in a 7.4 percent increase in the number of current contracts to 20.2 million units (previous year: 18.8 million units) and a growth of 8.7 percent in new contract acquisitions to just under 4.2 million units (previous year: 3.8 million). “Following our record performance in the financial year 2017, the earnings improvement during the first half of this year is especially satisfying. We are therefore confirming our earnings forecast for 2018 and expect our operating profit to be at the level of the previous year,” says Frank Fiedler, CFO of Volkswagen Financial Services AG. He adds: “This is, however, not something that can be taken for granted, because in order to achieve this level again, we must continue to focus on our targets during the second half of the year.” The increase in the half-year operating result is mainly attributable to the growth in business volume and improved margins.

 

 

For the first time, Volkswagen Financial Services have also reached a figure of more than 20 million units for their portfolio of current contracts. Growth can be observed throughout the world, whereby in Europe the fleet business is progressing particularly successfully. “We are growing internationally on a broad basis with all our products. The good collaboration with the brands of the Volkswagen Group and the strong markets in Europe and North America are a significant support,” says Dr. Christian Dahlheim, Chief Sales Officer of Volkswagen Financial Services AG. Read more

Tata Capital Financial Services Limited NCD Issue to open on September 10, 2018

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By Vivek K. Mobile: 09920183006 Email:indianshowbusiness@gmail.com

Mr. Rajiv Sabharwal , Director, Tata Capital Financial Services Ltd. at the announcement of the Tata Capital Financial Services Ltd. Public Issue of NCDs.

Tata Capital Financial Services Limited (the “Company” or the “Issuer”), a Systemically Important Non – Deposit taking Non – Banking Financial Company focused on providing a broad suite of financing products customized to cater to the needs of various segments, proposes to open on September 10, 2018, a public issue of Secured, Redeemable, Non-Convertible Debentures of face value of Rs. 1,000 each (“Secured NCDs”) up to Rs. 6,00,000 lakh and Unsecured, Subordinated, Redeemable, Non-Convertible Debentures of face value of Rs. 1,000 each (“Unsecured NCDs”) up to Rs. 1,50,000 Lakh aggregating up to Rs. 7,50,000 Lakh (“Tranche I Issue”). The base issue size of Tranche I issue is Rs. 200,000 lakh with an option to retain oversubscription up to Rs. 750,000 lakh (“Shelf Limit”). Read more

Sarvatra Technologies brings 450th Co-operative Bank on National Financial Switch

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By  Vivek K. Mobile: 09920183006 Email:indianshowbusiness@gmail.com

Sarvatra Technologies, India’s leading end-to-end payments and banking solutions provider, announced that they have successfully on-boarded ‘Sevalia Urban Co-operative Bank’ as 450th co-operative bank on National Financial Switch (NFS). With this addition, the company has enabled as many co-operative banks on digital payment platform by making them interoperable with large banks. Contributing to the Digital India story, Sarvatra Technologies has played a very vital role in digitizing small co-operative banks across India. It has enabled lakhs of semi urban and rural customers to the digital banking world. Sarvatra aims to add another 50 plus co-operative banks by FY 2019.

 

In continuation to their digital payment enabling story for India, Sarvatra has provided digital payment platform from the smallest cooperative banks to the largest lenders in India like ICICI Bank, IDBI Bank and new generation clients like Paytm Payments Bank, Equitas Small Finance Bank etc.

 

Sarvatra backed by prominent investors like Mr. Vallabh Bhanshali, Chairman, Enam Group, ICICI Bank, Indian Overseas Bank and Oracle Financial Services Software, has played a vital role in contribution towards Financial Inclusion in India.

 

Mr. Dilip Asbe, MD & CEO, National Payments Corporation of India said, “Sarvatra started with NFS, providing RuPay Debit and Kissan Credit Cards issuance and enabling transactions on ATMs, POS and eCommerce. They are bringing sub-member banks on other NPCI platforms like IMPS, UPI, AePS and Bharat BillPay. Sarvatra not only on boards UCBs but also SCBs and DCCBs which is helping in financial inclusion.” Read more

Key Highlights of Voltas’ Consolidated Financial Results

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By Vivek K. Mobile: 09920183006 Email:indianshowbusiness@gmail.com

 

Q1  FY 2018-19

Q1 FY 2017-18

%

Rs. Crores

Rs. Crores

change

Gross Sales / Income from Operations

2134

1962

9%

Profit before tax

263

261

1%

Profit after tax

187

188

-

The Board of Directors of Voltas Limited, the global air conditioning and engineering services provider of the Tata Group, today announced the Consolidated Financial Results (including the Consolidated Segment Report) for the quarter ended 30th June, 2018.

 

Consolidated Results for the quarter ended 30th June, 2018:

The Consolidated Gross Sales / Income from Operations for the quarter ended 30th June, 2018 was higher by 9%, at Rs. 2134 crores as compared to Rs. 1962 crores in the corresponding quarter last year. Profit before tax was higher by 1%, at Rs. 263 crores as compared to Rs. 261 crores last year, not withstanding lower Other Income of Rs. 28 crores in the current quarter as compared to Rs. 59 crores in the corresponding quarter last year. Profit after tax was stable at Rs. 187 crores as compared to Rs. 188 crores last year. Tax expense for the current quarter ended 30th June, 2018 is determined based on tax rate that apply to different categories of income as compared to average annual effective rate in the corresponding quarter last year . Earnings per Share (Face Value per share of Re. 1) (not annualized) as at June 30, 2018 was at Rs. 5.56 as compared to Rs. 5.61 last year. Total Comprehensive Income, including notional mark to market revaluation gains / losses on equity investments, foreign currency translations, etc. for the quarter stands at Rs. 242 crores as compared to Rs. 234 crores in the corresponding quarter last year. Read more

HINDUJA VENTURES LIMITED (‘HVL’) UN-AUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2018

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By Vivek K. Mobile: 09920183006 Email:indianshowbusiness@gmail.com

The Board of HVL at its meeting held today approved the un-audited standalone financial results for the quarter ended June 30, 2018.

 

The Indian Accounting Standards (IND AS) as prescribed by Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder became applicable to HVL from April 01, 2018. Accordingly, HVL’s results for the Quarter ending June 30, 2018 have been prepared under IND AS and the previous year’s comparative numbers have been re-stated under IND AS.

 

HVL Standalone Results for the quarter ended June 30, 2018 under IND AS:-

 

HVL on a standalone basis reported a total income of Rs. 78.12 Crores for the quarter ended June 30, 2018 as against Rs. 36.88 Crores for the quarter ended June 30, 2017.

 

The net profit after tax for quarter ended June 30, 2018 stood at Rs. 36.11 Crores as against Rs. 10.75 Crores during quarter ended June 30, 2017.

 

REVISED AUDITED STANDALONE AND CONSOLIDATED FINANCIAL RESULTS FOR THE YEAR ENDED MARCH 31, 2018

 

Revised Standalone total income for the year ended March 31, 2018 Rs. 225.10 Crores and PAT Rs. 104.11 Crores

Revised Consolidated total income for the year ended March 31, 2018 Rs. 868.97 Crores and Loss after tax and minority interest Rs. (244.51) Crores

 

The Board of HVL at its meeting held today also approved the revised audited standalone and consolidated financial results of the Company for the year ended March 31, 2018 after giving effect to the Scheme of Amalgamation of Grant Investrade Limited, a wholly owned subsidiary of the Company (“Transferor Company”) and the Company, namely, Hinduja Ventures Limited (“Transferee Company”) w.e.f. October 01, 2017 being the Appointed Date. The Scheme of Amalgamation of Grant Investrade Limited into the Company was sanctioned by the Hon’ble National Company Law Tribunal on May 10, 2018 and the Scheme became effective w.e.f July 02, 2018. Read more

Axis Mutual Fund Signs Memorandum of Understanding (MoU) with NISM to Promote Financial Literacy

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By K Ashwin Mobile: 09920183006 Email:indianshowbusiness@gmail.com

Mr. Milind M. Vengurlekar, Senior VP operations along with the teachers and the students of Delhi Public School, Varanasi

Axis Asset Management Company Ltd. (An investment manager for Axis Mutual Fund) is one of the leading Asset Management Company, signs MoU with National Institute of Securities Markets (NISM), a prominent institution for teaching and training in securities market, to promote financial literacy in the country.

With reference to MoU, NISM has designed a unique ‘Financial Literacy Certification Program & Mutual Fund Investor Awareness Program’ that is targeted at high-school students (studying in Class Vlll, lX & X) to promote the habit of savings, budgeting, financial planning and investing amongst the school students. We plan to reach around 150+schools with over 25000+ students in next one year.

This MoU envisages to conduct program in schools across the country with a special focus on district adopted for financial literacy by AXIS Mutual Fund under the District Adoption Program (DAP) of AMFI covering districts like Varanasi, Alleppey, Darjeeling, Hissar and Sambalpur. The list of districts is not exhaustive and the programs can be extended to schools in any district of India on the basis of mutual agreement.  Read more

After a financial turnaround, Jindal Stainless Ltd gets a rating upgrade

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By K Ashwin Mobile: 09920183006 Email:indianshowbusiness@gmail.com

Jindal Stainless Ltd. (JSL), a leading stainless steel major, has received a rating upgrade from CARE, to ‘BBB-’ from BB+, reflecting Company’s improved profitability, strengthening balance sheet, and sustained operational progress. Commenting on the report, Managing Director of JSL, Mr Abhyuday Jindal said, “We are encouraged by the improvement in our rating. This development endorses that we are now more than financially and operationally stable, and poised to take our product mix and growth trajectory to the next level. The CARE ratings are a reflection of the inner health of the organization.”

Detailing the key drivers for JSL’s improved ratings, the report reads, ‘The Company has reported improvement in operational and financial performance during Q4FY18 with capacity utilization of 99.86% during Q4FY18 as against 90.95% in similar period previous year. The same has resulted in improved total operating income (TOI) and Profit Before Interest, Leasing, Depreciation and Tax (PBILDT), which increased to Rs. 3,183 crore and Rs. 399 crore respectively in Q4FY18, representing a growth of ~37% and ~22% respectively over similar period previous year. During full year FY18, the Company reported healthy growth in income and profitability with TOI of Rs. 10,803 crore and PBILDT of Rs. 1,299 crore, representing a growth of ~30% and ~18% respectively over FY 17. The Company reported healthy gross cash accruals of Rs. 787 crore during FY 18 which was significantly higher than Rs. 397 crore reported in FY 17.’ Read more

JM Financial Credit Solutions Ltd. NCD Fully Subscribed on Day 1

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By K Ashwin Mobile: 09920183006 Email:indianshowbusiness@gmail.com

JM Financial Credit Solutions Ltd. NCDs Issue fully subscribed with the Retail response of 3.17 times, HNI – 1.68 timesfollowed by QIB – 0.20 times, as of 4:25 PM on its first day itself.

 

JM Financial Credit Solutions Rs. 750cr NCD Issue oversubscribed 2.19 times

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By Vivek K. Mobile: 09920183006 Email:indianshowbusiness@gmail.com

Mr. Shashwat Belapurkar, CEO, JM Financial Credit Solutions Limited, said, “We are overwhelmed by the response to JM Financial Credit Solutions Ltd.’s maiden Public Issue of NCDs, which also has the distinction of being the first from the JM Financial Group. Overall, the Public Issue of NCDs (including Greenshoe Option) was oversubscribed 2.19 times leading to a total subscription of Rs. 1,646 crore. Retail Investors (Category IV) and HNIs (Category III) have invested a total amount of around Rs. 1,468 crore, which is more than total NCD Issue size of Rs. 750 crore (including Greenshoe Option). The oversubscription of over 3.6 times in the Retail Investors category justifies our higher proportion of 30% allocation ratio to Retail Investors in the basis of allotment. The success of our NCD Public Issue sets a new benchmark for a wholesale NBFC such as JMFCSL that provides integrated financial solutions to real estate developers with a focus on residential project financing. This is a testimony to the success of the transformational changes in the real estate sector and will further deepen the Indian debt markets inviting meaningful long term wider public participation in debt offerings from wholesale NBFCs.” Read more