Booking Financial News

MUMBAI : Non-bank lender IIFL Finance Wednesday reported a 29% growth in net profit to ₹545 crore for the December quarter on higher loan sales and resultant interest income, cushioning the impact of higher regulatory charges. Overall loan growth jumped 34% to ₹77,444 crore, led by its key products like gold and home loans, which grew 35% and 25% to ₹24,692 crore and ₹25,519 crore, respectively. Microfinance grew higher at 54% to ₹12,090 crore, digital loans soared 96% to ₹3,905 crore, and loans against property jumped 27% to ₹7,862 crore, the company said in a statement.

Aditya Agarwala, Invest4edu, says: If markets have to sustain these levels, IT will have to chip in. So Infosys is a buy at current levels for a target of 1700 on the upside with a stop loss at 1610 on the downside. The second stock recommendation is MFSL. That too is looking decent for a short up-move, maybe a day trade or a two-day trade. So at current levels, I would initiate a buy for a target of 1,010 with a stop loss at 900 on the downside. Many of the index stocks have gone below 200 EMA moving average. It’s too late to short though. But at what levels would you start buying? Do you think the structure of the market has changed for some time or it’s just a crack? Aditya Agarwala: I believe markets are still making higher highs, higher lows.

₹156 apiece. Brisk Technovision IPO will open for subscription on Monday, January 22, and close on Wednesday, January 24.

IPO of Maxposure was booked by a massive 505 times on the last day of the bidding process, led by robust demand from non-institutional and retail investors. The category reserved for NIIs was subscribed 812 times, followed by retail investors at 672 times and QIBs at 30 times. The IPO is completely a fresh equity issue of 61.4 lakh shares and through the issue, the company plans to raise Rs 20.26 crore. The net proceeds from the offer will be used for funding expenses incurred towards various certifications from various regulators, working capital requirements, repayment of debt, and general corporate purposes. Also Read: Epack Durables IPO: Price band, issue size, GMP among 10 things to know before subscribing to the issue Maxposure IPO GMP In line with the subscription demand, the company's shares are fetching a bumper premium of Rs 59 in the unlisted market. The IPO is priced at Rs 33 at the upper end. The IPO is entirely a fresh equity issue of up to 61.4 lakh shares aggregating to Rs 20.26 crore. Maxposure is a diverse new-age media and entertainment company offering 360-degree services across multiple distribution platforms.

bank. Strong expansion of retail loans, at an annual rate of about 30%, was a “sign of heating up,” State Bank of India’s Dinesh Khara said in a Bloomberg Television interview at Davos on Tuesday.

Marico Ltd. fell 0.09 per cent to Rs 530.95 in Wednesday's trade as of 01:12PM (IST) even as the benchmark Nifty ruled at 21647.95, down 384.35 points. The scrip had closed at Rs 531.45 in the previous session.

Also Read: Medi Assist IPO last date of subscription: GMP falls, check review, issue details, key dates. Should you subscribe? Within minutes of opening on the second day of subscription, the retail portion of Medi Assist IPO was fully subscribed.

Mint. The fund will support fintech, consumer, and B2B platforms, especially those with liquidity needs for inventory build-up, receivables, and book debts, Murali said. “By creating these two sleeves of debt options for founders, we want to ensure founders are able to meet their short - medium term needs to create strong enterprise value".

is it time for investors to turn cautious? Here's what experts say. Pranav Haridasan, MD and CEO at Axis Securities, noted that the IT sector has led the Nifty rally this month because of decent results backed by cheaper valuations. However, the recent upswing warrants a certain degree of caution as, many times, such sharp rallies do not sustain.

Saurabh Mukherjea, Founder, Marcellus Investment Managers, says My reading is that selling abates and as the company stabilizes, as the numbers stabilize, we will see institutional appetite returning. Remember, merger synergies have not yet kicked in. Without merger synergies kicking in, HDFC Bank is doing around 1.9% ROA. If that trickles up to 2% ROA, assume gearing of nine times. We are looking at an 18% ROE bank, even without meaningful merger synergies kicking in. And an 18% ROE bank growing consistently at 20% at this scale, we do not have too many other lenders operating on this scale, at this level of profitability anywhere in the world. When HDFC bank falls by 5%, that has to be the first question. Saurabh Mukherjea: It tells you a lot about the world that a bank of this scale can report 20% growth in loan book, improvement in asset quality and still fall 5%.

Tata Motors launched its much-awaited Punch EV, a compact SUV, on January 17 at a starting price of Rs 10.99 lakh. The certified driving ranges of the vehicle are 315 km and 421 km across two configurations, Tata Motors said. It can seat five passengers. The new EV has 190 mm ground clearance, which is comparatively higher than other products in its class, it said. It features R16 tyres. It will have 360 L boot space. The company described the new product as a paradigm shift in India's EV journey. It is the first product built on the pure-electric Actiev architecture, it said. It will also have advanced over-the-air updates. It has a reinforced steel designed for enhance safety, it said. It can go from 0 to 100 in just 9.5 seconds, it added. The battery pack warranty is 8 years, it further said. Some of the other features include:

₹16,372 crore in the third quarter of FY24. The bank’s net interest income (NII) in Q3FY24 rose 24% YoY to ₹28,470 crore. The bank recorded loan growth of 4% QoQ while deposits grew 2%.

Nuvama Institutional Equities report. L&T Technology Services share price today opened at ₹5,325.05 and touched an intraday high of ₹5,535.60 and an intraday low of ₹5,325.05 apiece on BSE.

Also Read: HDFC Bank share price cracks 7% after Q3 results; what should investors do? After a sharp rally in the markets with Nifty 50 scaling above 22,100 in the previous session, investors likely opted to take some profit out of the table, analysts said. Meanwhile, concerns over stretched valuations in the midcap and smallcap space also triggered selling. “Domestically, even though the economy is doing well and corporate earnings are good, all these positives are in the price and the valuations are elevated warranting a correction.

₹397 to ₹418 per equity share of the face value of ₹5. On the first day, Medi Assist Healthcare Services IPO got off to a slow start and was booked at 54%, but on the second day, within a few minutes of opening, the retail portion got fully booked, and towards the end of the day 2, the issue was 1.20 times.

BSE on Wednesday, January 17, a day after the company reported its December quarter results. HDFC Bank share price opened at ₹1,583.85 against its previous close of ₹1,678.95 and soon cracked 6.5 per cent to hit the level of ₹1,570. HDFC Bank on Tuesday reported a 33 per cent jump in its net profit at ₹16,372 crore in Q3 of FY24, as compared to ₹12,259 crore a year ago.

HDFC Bank, India's biggest by market value, kicked off third-quarter earnings for banks with a 34% on-year rise in net profit, underpinned by strong growth in retail loans and fee incomes. The bank, which merged its mortgage-lending parent into itself last year, is focused on mobilising deposits that have lately trailed credit growth. Bank Deposits Climb 28% YoY The Mumbai-based lender's December quarter net profit rose to ₹16,373 crore, from ₹12,259 crore a year earlier, with the retail segment in the lead. Analysts polled by Bloomberg had forecast net profit at ₹15,760 crore. Total deposits, a key monitorable for the bank after the merger with HDFC, climbed 28% on year, but were still slower than the 62% rise in total advances.

ABG Shipyard Ltd, the Gujarat-based shipbuilder accused in India's biggest bank fraud case, created 27 «paper companies» and used 38 Singapore-based group entities to divert the money borrowed from a consortium of lenders led by the ICICI Bank, the Enforcement Directorate said in its chargesheet filed recently in a Gujarat court. 'Move led to cancellation of shipbuilding contracts' In its court documents, the federal agency that probed the money laundering aspect of the ₹22,842 crore alleged scam said part of the funds was transferred to Singapore and utilised for investments in mutual funds in tax havens. It said that the paper companies were floated only to «facilitate circular transactions» of the misappropriated funds. The central agency alleged that ABG Shipyard's founder-chairman, Rishi Agarwal, was «keenly involved» in the diversion and misappropriation of funds.

Gary Oldman enthusiasts, Apple has officially given the green light for a fifth season of the BAFTA-nominated drama series "Slow Horses." The renewal, reported by The Hollywood Reporter, solidifies the show's position as a remarkable and enduring project in the episodic television landscape. Let's dive into all we know about the latest installment, the talented cast, and what lies ahead.

Federal Bank will consider external names as well for the post of managing director and chief executive officer, said the current MD & CEO Shyam Srinivasan at the earnings call on Tuesday. He clarified that the bank will give the names of the candidates by the end of April. “The regulator is not inclined to give a one-year extension.

₹16,372.5 crore in the December quarter as net interest income showed a healthy increase. This figure handsomely beat estimates by 19 analysts polled by Bloomberg, who expected it to post a net profit of ₹15,762 crore in the quarter. The bank’s net interest income–the difference between interest earned and interest expended–grew 23.9% y-o-y to ₹28,471.3 crore.