Provident Financial News

Muthoot FinCorp is looking to lessen its reliance on gold loans by lowering the share of its flagship business to 80% from 98% as part of a three-year diversification strategy, said managing director Shaji Varghese. Varghese said the company is aspiring to become a full-stack financial services provider to lower to middle-income people. The lender is expanding its network of branches and plans to hire 4,000 people this fiscal for its new lines of business including MSME financing and offering loans against property (LAP). «We are in a transition phase now. Traditionally, we have been a gold loan company. In the past, almost 98% of the revenue used to be from gold loans only. But now things are changing. We have taken a business strategy way forward that we would like to become a service provider of choice because we see a bigger opportunity in the lower to middle-income group,» Varghese said in an interview.

Gujarat Titans versus Kolkata Knight Riders match on Monday due to rain has triggered expectations of revenue losses, prompting sponsors, franchise owners to consider filing claims with insurance providers. This year the Indian Premier League (IPL) had bought insurance cover of Rs. 10,000 crore from insurers including New India Assurance, National Insurance Company, and United Insurance for the tournament. This coverage protects against revenue losses arising from various contingencies, including match cancellations due to natural disasters, political events, riots, and more.

India and Iran signed a 10-year contract on Monday for the management of Chabahar port, putting the seal on what’s envisaged as a gamechanger in regional connectivity, rivalling China’s Belt and Road Initiative and being an alternative to Gwadar port in Pakistan. Shipping minister Sarbananda Sonowal travelled to Tehran for the signing of the new 10-year contract between India Ports Global Ltd (IPGL) and Ports & Maritime Organisation of Iran (PMO). ET was the first to report on the new Chabahar contract in its May 13 edition. Under the contract, IPGL will equip and operate the port for the duration of the contract. At the end of the 10-year period, both sides will extend their cooperation in Chabahar. IPGL will invest about $120 million in equipping the port, officials said. India has also offered a rupee credit window equivalent to $250 million for mutually identified projects aimed at improving Chabahar-related infrastructure, they said.

Markets are caught in electoral turbulence with volatility spiking ahead of the results. Sensex and Nifty had run up in anticipation, and are now in choppy trades. Comparisons with previous poll years is fraught because markets tend to deliver outcomes with weak correlation to poll results.

tax filing system more transparent, the Central Board of Direct Taxes (CBDT) has introduced a new functionality in the Annual Information Statement (AIS) that will allow taxpayers to share feedback on every transaction displayed therein, confirm any transaction listed and provide response on the feedback on a real-time basis. The move will allow taxpayers to verify and correct data provided in the AIS before filling their income tax returns.

India's diesel exports to Europe fell by a fifth sequentially in April as rising competition from US and Gulf suppliers amid softening demand in the continent weakened margins on the fuel. Diesel exports to Europe declined to 210,000 barrels per day (bpd) in April from 262,000 bpd in March, according to energy cargo tracker Vortexa. Europe consumes more than 40% of India's diesel exports. India's overall diesel exports fell 9% to 517,000 bpd in April from 567,000 bpd in March. Exports to Asia, however, rose 33% to 69,000 bpd in April from 52,000 bpd in March.

Park Avenue Securities has unveiled a new division aimed at strengthening its emphasis on its wealthy clientele’s financial well-being.

In its first major move for 2024, Edelman Financial Engines is expanding its presence in the Pacific Northwest and bolstering its network of financial planners.

Also Read: Sushil Kumar Modi dies: Bihar Deputy CM Vijay Sinha says 'irreparable loss for the entire BJP' “May God grant eternal peace to the departed soul and give strength to the family in this hour of grief," Sinha added. Modi, 72, was listed by the BJP as one of its star campaigners for Lok Sabha elections in Bihar. However, on April 3, Modi said he was diagnosed with cancer six months ago and had told everything to Prime Minister Narendra Modi, adding, he would not be participating in the BJP's Lok Sabha poll campaign.

Their importance lies not only in their capacity to generate clean electricity but also in their versatility, offering solutions for a myriad of applications, from residential rooftops to vast commercial installations. As the demand for renewable energy grows, selecting the best solar panels ensures reliable performance and long-term savings on energy costs. More than just a technology, solar panels represent a tangible step towards the commitment to a cleaner, more sustainable world.

Air India is on track to finalize its merger with Vistara by the end of this year, with plans to commence the integration of over 7,000 employees starting in June, as reported by The Indian Express.

Prime Minister Justin Trudeau’s government pulled back on a threat to hit some real estate investment trusts in Canada with a new tax regime after opposition from the industry.

TORONTO — Canadian banks provided almost US$104 billion in fossil fuel funding last year despite the urgent need to reduce emissions, says the latest annual Banking on Climate Chaos report.

Investment firm Nalanda Capital on Monday divested a 1.4 per cent stake in Great Eastern Shipping Co Ltd for Rs 190 crore through an open market transaction. Singapore-based Nalanda Capital through its arm Nalanda India Equity Fund Ltd sold shares of Great Eastern Shipping Co Ltd through a bulk deal on the BSE.

PCs, computers, and MacBooks. This hub is plug-and-play, eliminating the need for drivers or software installation, ensuring a trouble-free experience. With its compact size and portability, you can conveniently carry it anywhere, making it a practical and versatile accessory for expanding USB connectivity on your devices while on the go or at home.

Best chimney under ₹10000: Top 8 options to consider for a cleaner and fresher kitchen The Prestige Oscar 900 IOT Enabled Kitchen Hood Chimney is packed with advanced features to enhance your cooking experience. It boasts a powerful suction of 1000m3/hr, ensuring that your kitchen remains smoke and odour-free. With Safesense Technology, you can cook with peace of mind, knowing that the chimney will automatically shut off in case of any safety concerns.

Reasons to buyReasons to avoid The Crompton SensoSmart Chimney boasts advanced filterless technology and a modern design. It eliminates the need for filter maintenance and offers hassle-free cleaning. With a large suction capacity and energy-efficient LED lights, this chimney is a convenient choice for any kitchen.

Piramal Alternatives on Monday announced a Rs 600 crore investment for an undisclosed stake in microfinance company Annapurna Finance. The investment includes a secondary stake buy from an existing shareholder and also providing it with the non-core tier-II capital, a company statement said.

NASA and the European Space Agency are gearing up to send spacecraft on groundbreaking missions to uncover evidence of extraterrestrial life.

TIAA, a provider of lifetime income solutions, has introduced a new metric designed to illustrate the potential income boost new retirees could achieve from incorporating an annuity strategy into their financial planning compared to just following the 4% rule.

Envestnet is looking to help deliver a seamless financial planning experience for advisors and financial services professionals in the US through a landmark enterprise technology collaboration.