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  • As NBFCs face a credit crunch, real esta...

    Property developers could default on their repayments following the liuidity squeeze faced by non banking finance companies (NBFC), who have been major lenders of real estate in the absence of bank lending. Alongwith housing finance companies, NBFCs accounted for 61 per cent of overall commercial real estate borrowings as of March 2018, said a recent report by CLSA. The real estate loans given by top NBFCs have grown between 24-70 per cent between FY16-FY18, it said. ALSO READ: Crisis-hit NBFC sector sees private equity investments growing 88% in 2018 Many developers were borrowing from one NBFC to repay another one. The NBFC liquidity issue has put a break to this, experts said. “With limited incremental funding to the sector from banks, which grew at just two per cent in fiscal 2018, NBFCs and HFCs came to the developers’ rescue. However, given the current pressure on liquidity for NBFCs, a potential cascading effect on select projects and developers, could make access to funding more difficult for them,” said a report released by rating firm Criisl on Tuesday.

    2018-12-07 TO 2018-12-31
  • NBFCs raise interest rate between 50 and...

    Non-banking financial companies (NBFCs) have raised interest rates ranging between 50 basis points (bps) and 200 bps across sectors, as their cost of funds rises amidst liquidity squeeze. This includes NBFCs in housing finance, gold loans, microfinance, small and medium-sized enterprises, and farm finance, among other segments. For one of the worst-hit segments by the Infrastructure Leasing & Financial Services crisis in the NBFC space - housing finance companies - the liquidity situation has not eased yet. “The liquidity situation has not eased in the housing finance segment, and we have raised interest rates between 100-150 bps,” said C V Rao, managing director (MD) and chief executive officer (CEO), Nivara Home Finance, a recent entrant in the micro home loan market. ALSO READ: Govt plans to set up NBFC with Rs 20 billion to fund food processing firms “Liquidity conditions have not improved much for sectors like housing finance, despite the Reserve Bank of India (RBI) measures,” said a CEO of a housing finance company. ADVERTISING Several gold loan companies, too, have increased their interest rates. “There is a certain degree of liquidity pressure, which has led to some impact on interest rates. We have done some revision in gold loans, which is in sync with what has been done by competition. The interest rates have risen by almost 200 bps, and this has been passed to customers,” said Vasu Ramaswami, chief operating officer, Muthoot Fincorp. ALSO READ: NBFCs' asset growth to halve to 10% in H2FY19 on liquidity woes: Crisil Magma Fincorp, a Kolkata-based NBFC dealing mostly with vehicle finance, the interest rates on average have risen by 50 bps, and on a higher side by 75 bps. “In general, the liquidity situation has eased. We have increased interest rates; on average by 50 bps, and on a higher side by 75 bps,” said Sanjay Chamria, vice-chairman and MD, Magma Fincorp. Another NBFC, Srei Infrastructure Finance, raised its lending rates by almost 200 bps in both equipment and infrastructure finance, according to the company’s website. For the microfinance industry too, the increase in lending rates has been roughly between 50-100 bps, depending upon the size of the firm, said Manoj Nambiar, MD, Arohan Financial Services.

    2018-12-07 TO 2018-12-31
  • Jet Airways climbs 3% on reports Etihad ...

    Shares of Jet Airways rose as much as 3.59 per cent in the early trade on BSE, after news reports suggested Etihad Airways of Abu Dhabi has offered to guarantee loans worth $150 million that Jet Airways needs to keep the airline operational. “As an immediate measure, Etihad has agreed to stand as a guarantor for any fresh loans to be raised by Jet Airways and has engaged at least two foreign banks, one of them headquartered in UK, to syndicate the new loans,” Livemint reported citing sources. In addition, the struggling airline told its pilot union on Thursday it will clear all salary dues by April and has given them a schedule outlining when the payments will be made, according to a source familiar of the matter. Jet Airways told the union it will pay a quarter of the salary for October and 50 per cent during December. The remainder will be paid in January, along with 75 per cent of the salary for November, the source said. The remaining dues for November, salary for December and 25 per cent for January will be paid in February. In March, Jet will clear the remainder for January and February and thereafter all dues will be paid on time, the person added. In October, rating firm ICRA had downgraded Jet Airways’ debt to “B-“, saying the rating downgrade was due to delays in the implementation of the proposed liquidity initiatives by the management, which further aggravated its liquidity strain. ADVERTISING At 9:45 am, shares of Jet Airways were trading 1.82 per cent higher at 282.25 a piece on BSE, as compared to a 0.4 per cent rise in S&P BSE Sensex.

    2018-12-07 TO 2018-12-31
  • Coal India, SAIL, Oil India, BHEL, Relia...

    Shares of Coal India, Steel Authority of India (SAIL), Bharat Heavy Electricals (BHEL), Oil India, Tata Motors and Reliance Capital were among 20 stocks from the S&P BSE 500 index hitting their respective 52-week lows on the BSE in intra-day trade on Friday. Balkrishna Industries, Deepak Fertilisers & Chemicals, Asahi India Glass, HSIL, Jindal Stainless, Orient Cement, Navkar Corporation, Quess Corp, Sun Pharma Advanced Research (SPARC) and Sundaram Clayton too touched their respective 52-week lows today. Coal India hit a fresh 52-week low of Rs 238, falling 6% in three days after the government offloaded more than two percentage point stake in the company to an asset management company (AMC). The President of India, acting through the ministry of Coal, Government of India has sold 137.11 million equity shares representing 2.21% stake of Coal India to Reliance Nippon Life Asset Management, as the AMC of the CPSE ETF mutual fund scheme. Post transaction, the Government of India’s holding in Coal India declined to 72.92%. Reliance Capital was trading 2% lower at Rs 207, falling 11% in past three trading days on the BSE. Anil Ambani Group Company has interests in asset management and mutual funds; life, general and health insurance, commercial and home finance, equities and commodities broking, wealth management services, distribution of financial products, asset reconstruction and proprietary investments. SAIL has dipped 4% to Rs 50.80, falling 25% in past one month amid fears of demand slowdown. The steel prices witnessed temporary weakness due to demand disruption on account of Assembly Elections in four major states i.e. Chhattisgarh, Madhya Pradesh, Telangana, and Rajasthan. A slowdown in China's domestic steel demand also impacted the prices.

    2018-12-07 TO 2018-12-31

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