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Suzlon posts Rs 834-crore loss on slower sales and higher finance cost

suzlon posts rs 834-crore loss on slower sales and higher finance cost

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The company also said that JP Chalasani has resigned as the group chief executive officer (CEO) of the company with effect from July 7, 2020.Stressed wind turbine maker Suzlon Energy’s net loss widened in the March quarter to Rs 834 crore due to fall in revenues and higher finance cost. The company had posted a net loss of Rs 295 crore in the same quarter during 2019. Total income from operations declined 54.6% to Rs 659 crore in the quarter under review from Rs 1,450 crore in the same period last year. Finance cost for the company surged 21% year-on-year (y-o-y) till March 2020.The company also said that JP Chalasani has resigned as the group chief executive officer (CEO) of the company with effect from July 7, 2020. However, he will continue with the company as a strategic advisor, the company said.Related NewsThe consolidated net loss for the company in the full financial year 2019-20 remained at Rs 2,692 crore, against Rs 1,537-crore loss in 2018-19. Total income from operations in 2019-20 dropped 40% to Rs 3,000 crore from Rs 5,075 crore in 2018-19.The company has recently concluded a debt restructuring deal with lenders. Swapnil Jain, chief financial officer (CFO) said, “Post-restructuring we will have an improved balance sheet in financial …

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Fifteenth Finance Commission’s high level group on health to work with World Bank on recommendations for health sector

fifteenth finance commission’s high level group on health to work with world bank on recommendations for health sector

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The 15th Finance Commission’s (FC) high level group (HLG) on health will work with the World Bank (WB) to assist the FC in its recommendations for the health sector, said a release on Tuesday, after an online discussion between the parties.
Given its importance in the context of the pandemic, NK Singh, chairman of the Finance Commission, said for the first time the commission’s final report would contain an entire chapter devoted to healthcare financing.
The Finance Commission called for the meeting in light of the government’s need to reprioritise its health spending and to better understand the issues faced by India’s healthcare sector, as per the release.
It was attended by Junaid Ahmad, country director for India, Muhammad Ali Pate, global director and other World Bank officials, Randeep Guleria, director of the All India Institute Of Medical Sciences, VK Paul, Niti Aayog member and Indu Bhushan, CEO of Ayushman Bharat.
According to Ahmad, the states would be central in implementation of any health programs and the World Bank would provide state-wise customised healthcare solutions.
Ahmad advised the Finance Commission to look at healthcare spending from three different perspectives. First, grants to enhance per capita spending, …

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Bajaj Finance jumps 3% on moratorium update; analysts see downside

bajaj finance jumps 3% on moratorium update; analysts see downside

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NEW DELHI: Shares of Bajaj Finance climbed 3 per cent in Tuesday’s trade after the recent business update suggests things are not as bad for the NBFC as was previously anticipated.
In an update to exchanges, Bajaj Finance on Monday said its assets under moratorium has reduced to 15.5 per cent as of June 30 from 27 per cent as of April 30, but suggested that it was considering additional accelerated provisioning in the June quarter to further strengthen its balance sheet.
The NBFC said its assets under management (AUM) stood at nearly Rs 1,38,000 crore as of June 30 against Rs 1,28,898 crore in the year-ago period.
Customer franchise as of June 30 stood at 4.3 crore compared with 3.69 crore in the year-ago quarter. The NBFC acquired 5 lakh, new customers, during the June quarter.
At 12.13 pm, the scrip was trading 3.49 per cent higher at Rs 3,217.55 on BSE.
Motilal Oswal Securities said the sharp reduction in moratorium is a big positive. “Better performance in asset quality would result in a big delta to earnings via lower credit cost. While the sequential decline in AUM is in line with our expectation, a pickup in economic activities should lead to better AUM growth going forward,” the brokerage said.
The brokerage has upgraded …

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Neutral on Bajaj Finance, target price Rs 3,000: Motilal Oswal

neutral on bajaj finance, target price rs 3,000: motilal oswal

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Motilal Oswal has given neutral rating to Bajaj Finance with a target price of Rs 3,000. The share price moved up by 3.89 per cent from its previous close of Rs 3108.80. The stock’s last traded price is Rs 3229.60.
Given the lockdown, which lasted for most of the quarter, Bajaj Finance’s customer franchise grew a modest 1 per cent quarter on quarter to 43 million. Nevertheless, the company acquired 0.5 million new customers and disbursed 1.7 million loans during the quarter. The cross-sell ratio to existing customers stood at ~70 per cent (up from 66 per cent year on year).
As per ALM disclosures in its annual report, ~13 per cent of AUM was supposed to be repaid in the first quarter of FY21. However, due to moratorium, the repayment rate was expected to be lower at 8–9 per cent. With the full resumption of activity in June, the company was able to restrict consolidated AUM decline to 6 per cent quarter on quarter to Rs 1.38 trillion. With normalisation returning sooner than expected, the brokerage has upgraded growth estimates to 12 per cent in FY21 v/s 3 per cent earlier.
Investment Rationale
According to the brokerage, the sharp reduction in moratorium is a big positive in disclosures. Better performance in asset …

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Shriram Transport Finance rights issue of Rs 1,500 cr gets nod; check price, discount, ratio, details

shriram transport finance rights issue of rs 1,500 cr gets nod; check price, discount, ratio, details

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According to the rights entitlement ratio as decided by the company’s Securities Issuance Committee, eligible shareholders will be entitled to 3 shares for every 26 equity shares held.Shriram Transport Finance has approved raising up to Rs 1,500 crore via a rights issue of equity shares, weeks after S&P Global cut the non-banking finance company’s credit rating to the junk grade ‘BB-’. The move comes despite Shriram Transport’s reassurance that its liquidity position remains comfortable. The issue price for the rights issue has been fixed at Rs 570 per fully paid-up rights equity share; this includes a premium of Rs 560 over the face value. The issue price is at a significant discount to Monday’s closing price of Rs 697.50 per share.According to the rights entitlement ratio as decided by the company’s Securities Issuance Committee, eligible shareholders will be entitled to 3 shares for every 26 equity shares held. The cut-off date or the record date for the proposed rights issue is July 10. Shriram Transport Finance informed the stock exchanges that the full amount of the issue price will be paid on application. Shriram Capital Limited is the promoter of Shriram Transport Finance with 26.23% shareholding. The promoter group has said that …

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Stocks in the news: Bajaj Finance, STFC, Max Financial, Suzlon, TCS and Apollo Tyres

stocks in the news: bajaj finance, stfc, max financial, suzlon, tcs and apollo tyres

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Nifty futures on the Singapore Exchange traded 38.5 points, or 0.36 per cent lower at 10,727.50 in signs that Dalal Street was headed for a negative start on Tuesday. Here are a few stocks which may buzz the most in today’s trade:
Shriram Transport Finance Co: STFC said the company’s securities issuance committee has given its go-ahead to rights issue of equity shares to the promoters and promoter group to raise up to Rs 1,500 crore.
Suzlon Energy: The company posted a consolidated net loss of Rs 834.22 crore for the March quarter mainly due to lower revenues and high finance cost. The consolidated net loss of the company was Rs 294.64 crore in the quarter ended on March 31, 2019.
TCS: JP Morgan Funds on Monday bought TCS shares worth nearly Rs 247 crore through open market transaction. The block deal data on BSE showed that JP Morgan Funds bought over 11.23 lakh shares of TCS at an average price of Rs 2,199 apiece, and the total deal value stood at Rs 246.98 crore.
NBCC: The state-owned reported a 41 per cent decline in net profit at Rs 83.77 crore for the quarter ended March. Its net profit stood at Rs 142.45 crore in the year-ago period, the company said in a regulatory filing.

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CRE Financing Gets Harder To Obtain, More Expensive

cre financing gets harder to obtain, more expensive

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Before the coronavirus pandemic struck in March, Colliers’ Bob Beckman would provide lenders with copies of financial statements and tax returns when he was seeking financing.
That’s no longer enough.
“I have had to go an extra step in underwriting, getting bank statements from my sponsors and circling and showing rent payments that have been received since COVID started,” Beckman, a senior finance director based in Philadelphia, said in an interview.
Lenders want property owners to have more skin in the game as they look to limit their risks. As a result, the cost of capital is going up. Beckman estimates that loan-to-value ratios have fallen about 5% while debt service coverage ratios are on the rise. Average LTVs now are about 75%-80% in multifamily, 70%-75% in industrial and 65%-70% in retail and office, he said. Moreover, appraisers are making adjustments to their valuations, adding more hurdles for property owners to clear.
“Underwriters are much, much less apt to take a flyer on any kind of deal with any hair on it,” Beckman said. “Certainly, the fundamental of any loan request has to be pretty strong.”
The Green Street Commercial Property Price Index is down 11% this year, led by declines in …

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Special ACFCS/GFI Webinar Series: Inside the Illicit Gold Trade – Using Financial Tools and Public Policy to Fight Money Laundering – CFCS | Association of Certified Financial Crime Specialists | A BARBRI, Inc. Company

special acfcs/gfi webinar series: inside the illicit gold trade – using financial tools and public policy to fight money laundering – cfcs | association of certified financial crime specialists | a barbri, inc. company

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The Skinny: ACFCS and trade and transparency watchdog Global Financial Integrity (GFI) are presenting a special webinar series on the Illicit Gold Trade. This two-part series taking place this month, July 8 and July 21 at 1 p.m., will explore using financial tools and public policy to fight money laundering using gold, itself a part […]

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What New Zealand’s Extraordinary Financial Track Record Can Teach the World: 6 Numbers to Know

what new zealand’s extraordinary financial track record can teach the world: 6 numbers to know

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WASHINGTON, D.C., July 6, 2020 /PRNewswire/ — The Kazarian Center for Public Financial Management (KCPFM) today commenced a public education campaign titled “What New Zealand’s Extraordinary Financial Track Record Can Teach the World: 6 Numbers to Know”.  New Zealand’s extraordinary financial track record can teach the world how to advance solid financial security and greater prosperity for all people. 
The public education campaign will sponsor one billion media impressions between July 2020 and July 2021.  Over 20 digital media outlets are part of the campaign, including Barron’s, BBC, Bloomberg, Der Spiegel, Financial News, FT, Handelsblatt, National Business Review (NZ), NYT, NZ Herald, Politico, Times (UK), and WSJ.  Educating the public and other key stakeholders on how to improve public financial management is a core mission and core competency of KCPFM.
New Zealand’s extraordinary government financial track record is a tribute to both their citizens and their world leading culture of public financial management.  At the same time, New Zealand has achieved top rankings on the most widely recognized quality of institutions and quality of life indices.
The public education campaign compares New Zealand and five AAA-rated countries on three of the most important government financial performance indicators over the past nine years (2011 to 2019). Below are …

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LabCorp to Announce Second Quarter Financial Results on July 28, 2020

Information Access and Management (IAM) Platform powers IAM Network - 60,000 + engaged information professionals worldwide.

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LabCorp (NYSE: LH) will release its second quarter of 2020 financial results before the market opens on Tuesday, July 28, 2020, and then will host a conference call and webcast beginning at 9:00 a.m. EDT to discuss the results. The earnings release and accompanying financial information will be posted on the LabCorp Investor Relations website.Interested parties can access the conference call by dialing 1-877-898-8036 within the U.S. and Canada, or 1-720-634-2811 internationally, using the passcode 2597361. In addition, a real-time webcast of the conference call will be available on the LabCorp Investor Relations website.An audio replay of the conference call will be available from 1:00 p.m. EDT on July 28, 2020, until 11:30 a.m. EDT on August 11, 2020, by dialing 1-855-859-2056 within the U.S. and Canada, or 1-404-537-3406 internationally, using the passcode 2597361. The webcast of the conference call will be archived and accessible through July 14, 2021, on the LabCorp Investor Relations website.About LabCorpLabCorp (NYSE: LH), an S&P 500 company, is a leading global life sciences company that is deeply integrated in guiding patient care, providing comprehensive clinical laboratory and end-to-end drug development services. With a mission to improve health and improve lives, LabCorp delivers world-class …

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