Finance

Modi also named S. Jaishankar, a former foreign affairs secretary, as India’s new external affairs minister. He will take over from Sushma Swaraj, the ruling party’s veteran leader and the previous most senior woman in the cabinet. She has also stepped aside due to poor health. … [Read more...] about Torrent of bad news hits Sitharaman on first day as India finance minister

NEW DELHI: Shares of Shriram Transport Finance Company Ltd. traded 1.01 per cent down in Friday's trade at 02:02PM (IST). Around 246,519 shares changed hands on the counter. The stock opened at Rs 567.0 and touched an intraday high and low of Rs 572.0 and Rs 547.4, respectively, in the session so far. The stock of Shriram Transport Finance Company Ltd. quoted a 52-week high of Rs 1366.9 and a 52-week low of Rs 440.0. Total market cap of the Shriram Transport Finance Company Ltd. stood at Rs 12683.88 crore at the time of writing this report. Key Financials The company reported consolidated net sales of Rs 4286.04 crore for the quarter ended 31-Dec-2019, up 1.62 per cent from previous quarter's Rs 4217.54 crore and up 7.39 per cent from the year-ago quarter's Rs 3991.06 crore. The net profit for latest quarter stood at Rs 882.19 crore, up 38.15 per cent from the corresponding quarter last year. Shareholding pattern As of 31-Mar-2020, DIIs held 1.75 per cent stake in the … [Read more...] about Shriram Transport Finance Company Ltd. shares down 1.01% as Nifty gains

New Delhi: IIFL Finance on Friday reported 81 per cent plunge in March quarter consolidated net profit at Rs 58.91 crore due to provisions related to COVID-19. The company, which is mainly engaged in financing and investment business, had logged a profit of Rs 305.89 crore in January-March, 2018-19. Income during March quarter, 2019-20 was down at Rs 1,322.64 crore from Rs 1,441.34 crore in the year-ago period, IIFL Finance said in a regulatory filing. In 2019-20, the net profit was down by 37 per cent to Rs 503.47 crore, while the income fell by 5.2 per cent to Rs 4,820.73 crore. On standalone basis, the net profit during January-March last fiscal dipped by 92 per cent to Rs 16.67 crore from Rs 196.27 crore in year-ago same period. Income in the quarter fell to Rs 782.13 crore from Rs 848.21 crore in the same period of the preceding fiscal. In 2019-20, the standalone net profit fell by 67 per cent to Rs 148.80 crore as against Rs 451.02 crore in the previous year. Income too was … [Read more...] about IIFL Finance Q4 results: Net profit plunges 81% to Rs 59 crore

Shares of LIC Housing Finance Ltd. slipped 2.31 per cent to Rs 239.0 in Friday's trade as of 01:40PM (IST). The stock hit a high price of Rs 242.5 and low of Rs 236.8 during the session. The return on equity (ROE) for the stock stood at 14.9 per cent. Traded volume on the counter stood at 01:40PM shares and turnover at Rs 6.32 crore around that time. The stock of LIC Housing Finance Ltd. quoted a 52-week high and 52-week low prices of Rs 586.8 and Rs 186.0, respectively. The Beta value of the counter, which measures its volatility in relation to the broader market, stood at 1.33. Promotor/FII Holding Promoters held 40.31 per cent stake in the company as of 31-Mar-2020, while FIIs held 32.32 per cent and domestic institutional investors had 8.21 per cent. Key Financials The company reported consolidated sales of Rs 5005.36 crore for the quarter ended 31-Dec-2019, up 0.51 per cent from previous quarter's Rs 4979.95 crore and up 12.09 per cent from the year-ago quarter's Rs … [Read more...] about Share price of LIC Housing Finance Ltd. falls as Nifty strengthens

finance ministry is not in favour of increasing goods and services tax rates on non-essential items in the next month's meeting of the GST Council, despite depressed revenue collections due to the nationwide lockdown to contain the spread of COVID-19. If goods and services tax (GST) rates are increased on non-essential items, sources said it will further bring down their demand and impede the overall economic recovery. Post the lockdown, the demand has to be induced and economic activity has to improve on all fronts, not just on essential items side, they said. However, the decision will be taken by the GST Council headed by the finance minister, according to sources. Rates will come up for discussion during the council meeting next month to be attended by state finance ministers, they added. The 39th meeting of GST Council was held in March, which proposed rationalisation of taxes on many items. The nationwide lockdown was announced by Prime Minister Narendra Modi on March 24 for 21 … [Read more...] about GST Council to meet next month; Finance ministry not for raising rates on non-essential items