London-based research agency, Findexable, recently released the 'Global Fintech Index 2020'. It claimed that this is the first fully global fintech index covering over 230 cities across 65 countries. Based on its findings it would be safe to state that India is emerging as a fintech hub.As per the 'Global Fintech Index 2020', among the world's 100 leading fintech cities, six are based in India. These include Bangalore, Mumbai, New Delhi, Pune, Hyderabad, Chennai and Ahmedabad.The report compared how India and China play out in the fintech game. It found that China has been remarkably successful at simultaneously driving financial and digital inclusion across its population. The country has also created a set of new financial services companies with transaction volumes, which makes those of the western countries pale in comparison.Close However, the survey noted that when it comes to the diversity of fintech hubs, it’s India, not China, which wins in the first global rankings of … [Read more...] about India emerging as fintech hub: Findexable report
Itg quarterly earnings report
Private sector lender Yes Bank turned the corner in June quarter with a Rs 113.76 crore standalone profit against loss of Rs 1,506.64 crore in the previous quarter due to sharp fall in provisions.However, the profit plunged 91 percent YoY on nearly three-fold increase in provisions and weak asset quality. Lower other income, NII and operating income also dented profitability.Net interest income during the quarter grew 2.8 percent YoY to Rs 2,281 crore with muted loan growth of 10.1 percent. However, on sequential basis, NII and loan book degrew 9 percent and 2.2 percent in Q1.Close The interest reversals of Rs 223 crore on account of fresh slippages during the quarter impacted net interest income. related news Yes Bank: Many questions, but few answers Timing of the board meeting could have been better: Yes Bank CEO Ravneet Gill Yes Bank share price falls 15% after board meet; Nomura maintains neutral Consequently net interest margin contracted to 2.8 percent in quarter ended … [Read more...] about Yes Bank Q1 profit falls 91% on high provisions, NPA spikes with gross slippages at Rs 6,232 cr
After completing his first quarter as the CEO of Yes Bank, Ravneet Gill said that he is assured that the “house is in order” and slippages are under control as the lender plans to raise capital by September-end to refocus on growth.“The capital that we need is purely growth capital and is not capital that is being sought for absorption buffers or provisioning,” Gill said in an earnings call on July 17.He added that he does not expect any slippages outside the bank’s bad loan watchlist. Also, the bank’s internal profits for the next eight quarters will be enough to cover the provisioning needs for slippages from sub-investment grade book.Yes Bank’s Common equity Tier-I capital took a hit of 46 basis points in the April-June quarter to end at 8 percent, which is the minimum regulatory requirement to be maintained by March 2020. This despite providing Rs 1,399 crore against bad loans from the contingency pool of Rs 2,100 crore … [Read more...] about Yes Bank Q1: House back in order, says CEO Ravneet Gill
Muthoot Capital Services, an arm of Muthoot Pappachan Group, plans to raise Rs 200-400 crore equity by the end of the current financial year. It aims to achieve the Rs 3,500 crore on its loan book targeted during the previous fundraising round in 2017.The capital adequacy ratio of the non-banking finance company (NBFC) stood at 21.9 percent in the March-ended quarter. In November 2017, Muthoot Capital had raised Rs 165 crore via qualified institutional placement (QIP) to boost its Tier-I capital and diluted the promoters' stake by 12.43 percent."No numbers have been discussed yet, but considering our last QIP was Rs 165 crore, one can safely assume it will be in the range of Rs 200-400 crore in the current financial year," said Vinod Panicker, CFO, Muthoot Capital Services. He added the company would also raise Rs 1,000-1,200 crore by way of securitisation in FY20.Close Muthoot Capital, on April 24, reported a net profit of Rs 18.35 crore in the March-ended quarter, 15 percent … [Read more...] about Muthoot Capital to raise Rs 200-400 crore equity in FY20, loan growth pegged at 28%
Galaxy Surfactants and Fine Organics posted a mixed set of numbers in the September quarter. Subdued volume growth prospects in the domestic market are a cause of concern for oleochemical makers.So should you have stocks of oleochemical makers in your portfolio? Moneycontrol's Sakshi Batra does a 3-Point Analysis of the earnings fineprint and the outlook going forward.Watch the video for more.Are you happy with your current monthly income? Do you know you can double it without working extra hours or asking for a raise? Rahul Shah, one of the India's leading expert on wealth building, has created a strategy which makes it possible... in just a short few years. You can know his secrets in his FREE video series airing between 12th to 17th December. You can reserve your free seat here. … [Read more...] about 3-Point Analysis | Is it worth adding oleochemical makers to your portfolio?