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CreditAccess Grameen, Five Star, L&T Finance shares surged up to 15% today; here's why
Business Today
·
1y ago
Medial
Shares of certain financial companies, including CreditAccess Grameen, Five-Star Business Finance, and L&T Finance, surged up to 15% following the Reserve Bank of India's new notifications. The RBI stated that microfinance loans deemed consumer credit would have a 100% risk weight, and risk weights for NBFCs rated A and above would return to pre-November 2023 levels. These regulatory changes likely boosted investor confidence, contributing to the share price increases.
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Retail therapy: Inside the business shift at L&T Finance
Livemint
·
1y ago
Medial
Sudipta Roy has been appointed as the CEO of L&T Finance, a subsidiary of Larsen & Toubro, with the task of transforming the company's performance. L&T Finance, although backed by the engineering giant, has struggled to establish itself in the financing sector. The company is planning a five-pillar strategy to raise its brand visibility, enhance customer acquisition, improve credit underwriting, develop a futuristic digital architecture, and build capabilities. Additionally, L&T Finance is leveraging AI and ML technologies through projects like "Cyclops" to assess credit risk and automate decision-making in lending. While it is still early to assess the full impact of these changes, there has been an improvement in the company's numbers, particularly in two-wheeler loans and prime customers.
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Microlender CreditAccess Grameen secures $50 mn from IFC
VCCircle
·
1y ago
Medial
CreditAccess Grameen, India's largest microfinance institution, secured $50 million from the International Finance Corporation (IFC) to support its operations and provide finance to women micro-entrepreneurs in agriculture. The Bengaluru-based firm will use the funding to reach 3-4 million more borrowers and diversify its liability profile. Despite a recent financial loss and increased non-performing assets, the company aims for 25-30% of funds from foreign sources by 2028.
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Top microfinance companies speed up bad loan write-offs to balance books
Economic Times
·
10m ago
Medial
Leading microfinance companies like CreditAccess Grameen, Fusion Finance, and Muthoot Microfin are prioritizing balance sheet cleansing by accelerating bad loan write-offs amid rising non-performing assets. Fusion Finance has shifted its policy to write off loans after 180 days of default, down from 240 days. This strategy, aimed at improving financial health, has shown results with improvements in gross non-performing asset ratios for these firms during the June quarter of the financial year.
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Microfinance sector shows signs of recovery as NPAs stabilise in Q3
Economic Times
·
4m ago
Medial
The microfinance sector in India is showing signs of recovery as non-performing assets stabilize and margins improve. Major players like Bandhan Bank, Ujjivan Small Finance Bank, and CreditAccess Grameen report a decline in bad loans and enhanced loan disbursement figures. Analysts note improved asset quality and predict better performances due to strengthened lending regulations. This recovery is generating optimism for growth and profitability in the upcoming fiscal years, restoring investor confidence in the sector.
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CRED Partners L&T Finance To Offer Unsecured Personal Loans
Inc42
·
1y ago
Medial
CRED, the Indian fintech major, has partnered with L&T Finance to launch a new product called CRED Cash. This product will be disbursed through CRED's NBFC arm, NewTap Finance. The partnership aims to leverage the financial services expertise of L&T Finance and CRED's large customer base. The launch of CRED Cash comes as the Reserve Bank of India has taken measures to regulate the rapid growth of unsecured lending in the country.
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L&T to acquire semiconductor design firm SiliConch
VCCircle
·
1y ago
Medial
Indian engineering and construction company Larsen & Toubro (L&T) is set to acquire semiconductor design firm SiliConch Systems, in a move to strengthen its presence in the fabless semiconductor business. L&T's wholly owned subsidiary L&T Semiconductor Technologies will purchase a 100% stake in SiliConch for up to INR183 crore ($21.9m). The deal is expected to be completed by 15 September. L&T said the acquisition aligns with the growth strategy of its semiconductor arm and will provide it with intellectual property, engineering skillsets and design expertise.
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Bombay High Court quashes ₹2,237 crore GST demand against Larsen & Toubro | Mint
Livemint
·
1y ago
Medial
Larsen & Toubro (L&T) announced that the Bombay High Court has nullified a GST demand of ₹2,237 crore imposed on the company. L&T had filed a petition against the show cause notice issued by the Principal Commissioner of GST and Service Tax, Mumbai for a service tax demand related to certain transactions. The company received the High Court's order on August 19, quashing the show cause notice. This comes after L&T reported a 12% increase in net profit for the first quarter of FY25, slightly below expectations but with a 15% growth in revenues.
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LTIMindtree appoints Vipul Chandra as CFO following Vinit Teredesa’s resignation
Thehindubusinessline
·
2y ago
Medial
Mindtree's Chief Financial Officer (CFO), Vinit Teredesai, has resigned from his position to explore opportunities outside the L&T Group. His resignation will be effective from April 24, 2024. Vipul Chandra, currently the Head of Treasury of Corporate Finance at Larsen and Toubro (L&T), will take over as the new CFO from April 25, 2024. Chandra brings with him over three decades of finance experience, having previously served as the Managing Director - Head of Corporate Sales & Structuring at Citibank. Mindtree's shares on the NSE were down 0.94% at ₹5,115.50.
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Coffee Day Enterprises shares hit upper circuit today; here's why
Business Today
·
1y ago
Medial
Coffee Day Enterprises shares surged sharply after reaching a settlement with IDBI Trusteeship over a debt of Rs 205 crore. The company plans to settle the debt in three tranches, partly using funds from the third-party sale of 12.41% pledged Coffee Day Global shares for Rs 55 crore. As a result, the firm's market capitalization rose to Rs 518.41 crore, maintaining a consistently high performance on the stock market today.
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L&T to buy 21% stake in cloud services firm E2E Networks
VCCircle
·
1y ago
Medial
Indian engineering conglomerate Larsen & Toubro (L&T) has agreed to acquire a 21% stake in cloud services firm E2E Networks in a deal worth INR 1,407 crore ($186.2m). L&T will initially invest INR 1,079.27 crore for a 15% stake, followed by an additional 6% stake for INR 327.75 crore. Although the company will become a minority shareholder, it aims to leverage E2E Networks' artificial intelligence and cloud solutions to strengthen its position in the cloud infrastructure market. This partnership is expected to benefit both companies in tapping into India's growing demand for AI and cloud capabilities.
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