Finance ministry reworking strategic sale procedure for CPSEs

The finance ministry is reworking strategic sale procedure to ensure outright sale of CPSEs within 4 months of issuance of documents to potential investors, a move aimed at ensuring speedier conclusion of the entire process, an official said. However, for CPSEs like Air India, which are relatively bigger in size, the timeline for completion of strategic sale is likely to be fixed at 6 months from the date of issuance of Preliminary Information Memorandum (PIM) about the company. Currently, there is no set timeline for concluding strategic sale of a state-owned company and…

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Share market update: Nifty Financial Services index up; Indiabulls Housing Finance jumps 5%

NEW DELHI: The Nifty Financial Services index was up with most of its components trading with gains in Tuesday’s afternoon session. Shares of Indiabulls Housing Finance (up 5.69 per cent), Shriram Transport Finance Company (up 4.20 per cent), Cholamandalam Investment & Finance Company (up 3.75 per cent) and Indiabulls Ventures (up 3.51 per cent) were the top gainers in the index. ICICI Bank (up 2.38 per cent), Mahindra & Mahindra Financial Services (up 1.58 per cent), State Bank of India (up 1.37 per cent) and REC (up 1.08 per cent)…

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The Future of Finance is Female

Diversification is the cornerstone of sound investment management, and yet diversity remains largely absent from the investment industry. Women investment professionals hold a mere 11% of C-suite positions according to the CFA Institute Gender Diversity in Investment Management study. In most financial firms, women are a minority of employees and that’s bad for customers because women make excellent investors. Despite diversity making headlines across industries globally, the Indian financial sector remains stubbornly impervious. Research indicates that gender diverse companies deliver better returns with lower volatility for investors. Efforts to reduce gender inequality in…

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Aye Finance reaches ₹1,000 cr in AUM

Aye Finance, a CapitalG-backed fintech lender to the MSMEs said on Tuesday that it had reached ₹1,000 crore Asset Under Management (AUM) milestone within five years of inception. CapitalG, earlier known as Google Capital, is the late-stage growth venture capital fund that helps companies grow faster with the support of Google’s resources. Started in 2014, the lender has disbursed ₹1,700 crore to over 1,25,000 micro enterprises so far, said Sanjay Sharma, founder and Managing Director, in a statement. Aye is a pioneer in transforming the micro enterprise financing in India by innovating…

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AU Small Finance Bank’s profit up 42% in March quarter

MUMBAI: AU Small Finance Bank’s profit grew 42 per cent to Rs 118 crore in the March quarter led by a 50 per cent growth in loans for vehicle purchases. Net Interest Income the difference between what it paid for funds and what it earned from lending, nearly to Rs 851 crore from Rs 464 crore. “Capital raise, stable asset quality, adequate liquidity, continued growth momentum and uptick in yields, cost to income and return ratios were key highlights of the fiscal,” said Sanjay Agarwal, CEO, AU Small Finance. The credit growth was driven by strong…

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Central banks push green finance as global warming losses rise to $160 b

With insurers shouldering a record $160 billion in climate-related losses from last year alone, a group, including 30 central banks, called for measures to spur green finance and better assessment of the risks from higher global temperatures. The move, led by the Bank of France, Bank of England and People’s Bank of China, draws the group deeper into a controversial area of policy-making, where they advocate funding for alternatives to fossil fuels. They set out a road-map for authorities to use in prodding executives and investment funds to weigh up…

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Global Finance Officials Pledge to Lift World Economy Out of Slowdown

(WASHINGTON) — Global finance officials are pledging closer cooperation in efforts to lift the world economy out its current slowdown, but tensions persist on a number of fronts between the United States and other nations over trade and other issues. Officials wrapped up the spring meetings of the 189-nation International Monetary Fund and the World Bank on Saturday, expressing hope the slowdown that began last year will be followed by stronger growth in the second half of this year and into 2020. The IMF’s steering committee said all members, in…

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Hold Shriram Transport Finance Company, target Rs 1,181: Emkay Global Financial Services

View of the brokerage- MHCV slowdown resulting in slower disbursements: The domestic MHCVs are showing tepid demand due to high base effect, rural distress, changes in axle norms, leading to surplus capacity and slowdown in real estate. Although the implementation of BSVI emission norms may drive some pre-buying for CVs, the used CV segment is at a downturn as driver-owner is facing surplus capacity with stagnating income levels. We revise our disbursements growth estimates downward to nearly 10 per cent CAGR for FY18-20E from nearly 14 per cent earlier, considering the…

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RBI to set up panel on development of housing finance securitisation market

The Reserve Bank of India, on Thursday, announced that it will soon set up a committee to assess the state of housing finance securitisation market in the country. The move is aimed at bringing in standardisation of asset securitisation practices to enable better management of credit and liquidity risks. The committee, which will be announced soon, will also study the best international practices, and lessons learnt from the global financial financial crisis. It will propose measures to further develop these markets in India by identifying critical steps required, such as…

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[Validity Of Finance Act 2017- Day-3] Majority Judgment In Aadhaar Case Covers My Case, Submits AG As Constitution Bench Reserves Judgment

As Attorney General K. K. Venugopal resumed his submissions on the constitutionality of the passage as a Money Bill of the Finance Act of 2017 on Monday, Chief Justice Ranjan Gogoi asked for a copy of the Supreme Court’s order in Rajiv Garg, where the court had considered whether different conditions of service could be prescribed for different tribunals. In that case, the court had taken on record the assurance of the then-AG to speak with the different ministries as to uniformity in the retirement, functional facilities and accommodation of…

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