<ul><li><keyword id="163007" type="COMPANY" weightage="20" keywordseo="Muthoot-Finance">Muthoot Finance</keyword> Managing Director <keyword id="266021" type="PERSON" weightage="20" keywordseo="George-Alexander-Muthoot">George Alexander Muthoot</keyword> told Business Insider that the company is likely to exceed its annual guidance of 15% growth.</li><li>The company’s share price has surged by 125% since the coronavirus lockdown happened on March 24.</li><li>With more people reluctant to leave the house, Muthoot’s new Loan@Home service has seen the average ticket sizes surge to around ₹3.5 lakh — six times the size of gold loans given out in branches.</li></ul>Banks may be worried about loans going bad, but India’s largest <keyword id="130134" type="PERSON" weightage="20" keywordseo="gold-loan">gold loan</keyword> company Muthoot Finance is sitting comfortable. During the pandemic, as small businesses look for fast and short-term funds, the surging gold prices have only made gold loans more attractive — offering borrowers a bigger bang for their buck. In fact, business is going so well that Muthoot Finance could be on track to beat its projected guidance for the year. The stock has gained 125% since the coronavirus lockdown happened on March 24. <div type="image" title="Muthoot Finance - share price (1)" msid="78159512" hostid="261" caption="&amp;lt;p&amp;gt;Muthoot Finance&amp;#39;s share price surges by over 125% since the nationwide coronavirus lockdown&amp;lt;/p&amp;gt;"></div> “We’ve given a modest guidance of 15% but I’m sure we’ll be able to do more,” the company’s Managing Director George Muthoot Alexander told Business Insider in an exclusive interview on the #HangoutwithBI Twitter Live. <div type="twitter" handle="BiIndia" handlename="Business Insider India🇮🇳" image="http://pbs.twimg.com/profile_images/1232926719016718336/sfffJHNV_normal.jpg" favoritecount="15" retweetcount="1" status="#HangoutwithBI | @BiIndia's @iyer_sriram in conversation with Muthoot Finance's (@TheMuthootGroup) Managing Directo… https://t.co/4TFeNsRBSC" createdat="1600162609000" id="1305802742187700224"></div> There was a dip in collections during the first quarter. “People were just waiting for the branches to open to take back their ornaments, so there was a rush of repayments,” explained Muthoot. <div type="image" title="muthoot finance (1)" msid="78159526" hostid="261" caption="&amp;lt;p&amp;gt;Muthoot Finance&amp;#39;s gold loans assets under management (AUM)&amp;lt;/p&amp;gt;"></div> As Muthoot Finance reopened its doors as the coronavirus lockdown was lifted, business has picked up. “We’ve seen tremendous growth in the gold loan portfolio,” he explained. With the focus solely on gold loans, he added that the company might not be looking to grow its non-gold loan portfolio over the next six to 12 months. The company has launched services like Loan@Home to help issue gold loans without people having to leave their house. The average ticket size of a gold loan under the 100-day old program has been around ₹3.5 lakh — six times the size of an average ticket from physical branches. Currently, Muthoot Finance has ₹8,000 crore cash in its coffers that cover 20% of their loan book, which Muthoot believes is a better safe than sorry strategy. It helps that the cost of incremental borrowing is down by about 100-150 basis points to near 8%, which is at par with borrowers looking for home loans. One hundred basis points form 1%. What is causing the jump in gold loans? After the lockdown, businesses are looking to restart. “Our customers are generally small traders, small businesses, shopkeepers, and MSMEs — small MSMEs. These are people who need quick and easy financing,” he said. Rather than go to banks, these short term loans are ideal for borrowers looking to stock up on goods for Diwali, make payments to suppliers or get their hands on some quick money for short-term needs. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"><colgroup></colgroup><col /><col /><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Growth in gold loans </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Muthoot Finance </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">32% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Manappuram Finance </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">33.40% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Overall bank credit growth </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5.50% </td></tr></tbody></table>Source: CARE Ratings report dated August 17 (Data as of July end, except for Manappuram, which is as of June end.) That said, big banks are also dipping their toes in the gold loan market. Even though their gold loan portfolio is hardly anything to write home about, their participation lends authority causing the overall market to expand, according to Muthoot. 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EXCLUSIVE: Muthoot Finance says this year's growth is likely to exceed guidance

<ul><li>The scrip will be in the trade-for-trade segment for 10 trading days, says a BSE notice. </li><li>The financial services business of <keyword id="6355199" type="General" weightage="20" keywordseo="Reliance-Industries" source="Orion">Reliance Industries</keyword> was demerged in June. </li><li>One shareholder of RIl received one share of Jio Financial Services, as per the scheme</li></ul> The equity shares of Jio Financial Services shall be listed on the exchanges on August 21, said a notice on Bombay Stock Exchange on Friday. The scrip will be in the trade-for-trade segment for 10 trading days. “Members are requested to note that the above security will be a part of a special pre-open session for IPO and Other category of scrips as per SEBI circular,” BSE said in its notice. The company was demerged from the parent company <keyword id="10926" type="General" weightage="20" keywordseo="Reliance" source="Orion">Reliance</keyword> Industries in June. As per the scheme of arrangement, one paid-up <keyword id="109693" type="General" weightage="20" keywordseo="Equity-share" source="Orion">equity share</keyword> of ₹10 each of Jio Financial Services shall be issued and allotted for every one fully paid- up equity share of Reliance Industries. As many as 635 crore equity shares of ₹10 each have been allotted pursuant to scheme of arrangement, the notice said. The shares have been credited to the demat accounts of RIL shareholders last week, as per media reports. In a special price discovery session held on the record date, the stock's pre-listing price came out to be Rs 261.85 per share, valuing the company at Rs 1.66 lakh crore or about USD 20.3 billion. At this valuation, it is now the second-largest NBFC in India and the 32nd most valued company, bigger than giants like Tata Steel, Coal India, Indian Oil, and SBI Life. Bajaj Finance is the biggest NBFC with a market cap of Rs 4.15 lakh crore and JFSL will be second to it ahead of Bajaj Holdings, SBI Cards, Shriram Finance, Muthoot Finance and Paytm. The synergies of the parent Jio Financial Services can gain from the synergies of its parent Reliance Industries’ presence in telecom and retail business — giving it an edge over its competitors. It has access to low funding cost due to better access on the back of the group's high credit rating and ownership of 6.1% stake in RIL. “In the backdrop of the group's large presence in retail &amp; telecom segments that drive a customer base of 20 million as well as vendor partnerships, JFS' first port of call could be consumer lending (esp. electronics) &amp; merchant financing,” says a brokerage report by Jefferies. JFS has licenses in broking, asset management, NBFC, insurance, and mutual funds businesses. The consolidated gross revenue for financial services for FY23 stood at ₹890 crore (-57.8% YoY), with EBITDA margins at 56.8% for FY23, said a report by Bernstein. JFS also brought in former head of Europe at McLaren Strategic Ventures Hitesh Sethia as its CEO and MD. Moreover, former head of ICICI KV Kamath was appointed as its non-executive chairman. (With inputs from PTI)

Jio Financial Services will list on the bourses on August 21

<ul><li>The RBI is looking to beef up its gold reserves, and this may come as good news for shareholders of India’s largest gold lenders Muthoot Finance and Manappuram finance. </li><li>The share price of the private lenders Muthoot Finance and Manappuram Finance also reflected the same optimism as both the companies’ shares have rallied over 9% and 2% in the past one week.</li><li>According to Amit Jain from Ashika Wealth Advisors, “the increasing gold prices will be an advantage for the gold lenders as the collateral gets strong and they are more secure.”</li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Gold prices are soaring, the Reserve Bank of India is pushing for more cash in the system to increase lending, the government’s partial credit guarantee scheme has offered additional comfort, and to top it all up, there are reports that the Indian central bank may add more yellow metal to its reserves and that could lead another rally in gold prices. If Sima Taparia, the<a href="https://www.bbc.com/news/world-asia-india-53499195"> famed matchmaker from Mumbai </a>who hit stardom with Netflix’s Indian Matchmaking, were to describe the situation, she would say “the stars are aligned perfectly” for Muthoot Finance and Manappuram Finance, two companies whose primary business is to lend against gold mortgaged with them. The two companies give out 70% of all the gold loans in the country. “Movement in the gold price has a direct impact on gold lender business, an increase in gold prices improves the value of collateral thereby reducing the LTV ratio and possibility of principal loss,” Jaikishan Parmar, Sr. Equity Research Analyst, Angel Broking told Business Insider. LTV stands for loan-to-value. How rising gold prices help Muthoot and Manappuram? When someone borrows money against gold, he/she is giving jewellery (mostly) as collateral. If the market price of that jewellery goes up, it is good for the lender because the collateral would be worth a lot more in case the loan is defaulted. Assume the borrower wants to borrow more, he doesn’t need fresh collateral. The rising price of gold will allow him to get more loans for the same jewellery he had mortgaged in the first place. Gold prices have gone up 32% in 2020 so far, and that means for every ounce that Muthoot and Manappuram lent against is worth that much more i.e. better buffer and room to lend more resulting in higher revenue. “We were lending up 75%. But, people used to think that our average people borrowing is only about 65-68% like nobody takes 75% fully. In the last 6 months, the price of gold has gone up so much, the people who are having the gold can borrow much more. And, at today’s price, they have borrowed only 50%. So even out of that 75%, that 25% is still there for them to borrow,” <keyword id="266021" type="PERSON" weightage="20" keywordseo="George-Alexander-Muthoot">George Alexander Muthoot</keyword> explained in a recent conversation with Business Insider. Investors, mutual funds are cashing in on these hopes The share price of the private lenders Muthoot Finance and Manappuram Finance also reflected the same optimism as both the companies’ shares have rallied over 9% and 2% in the past one week. According to Amit Jain from Ashika Wealth Advisors, “the increasing gold prices will be an advantage for the gold lenders as the collateral gets strong and they are more secure.” <table style="border-width: initial; border-style: none;"><colgroup></colgroup><col /><col /><col /><tbody><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Period </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Muthoot </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Manappuram </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">One week </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">9% </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2% </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">One month </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2% </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-4% </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Three months </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7% </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5% </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Six months </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">44% </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-9% </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">This Year </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">65% </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-10.52% </td></tr></tbody></table> Both Muthoot and Manappuram are a play on the robust rally in gold prices. The second largest mutual fund house in India by assets, <a href="https://www.financialexpress.com/market/mutual-funds-sold-ril-shares-in-july-sbi-hdfc-icici-other-funds-bought-these-stocks-instead/2054879/">HDFC AMC recently added Muthoot Finance</a> to its portfolio in July. Why gold prices may rise further? Gold prices rise whenever there is a chance of a crisis or inflation. Between the pandemic and rising geopolitical tension in the South China Sea, a continuing trade war between US and China, there are enough reasons for a rally in gold prices. There is another way in which gold prices may rise, if the dollar weakens. When the currency weakens, you need more cash to buy the same amount of gold. The uncertainty around the US election has cast a shadow of doubt on the greenback. Given these rising risk factors, global central banks have been hoarding gold. The RBI too is likely to do the same as India faces an added threat of high inflation in the coming months. All of these may prop up gold prices, which are already trading at over ₹55,700 an ounce in India, even more. And as explained above, it bodes well for Muthoot and Manappuram. But that’s not all. The two companies are benefiting from additional government measures⁠— meant for the pandemic⁠— as well. Muthoot Fincorp has raised ₹1,475 crore under the partial credit guarantee scheme and RBI's special liquidity measures in the past four months, PTI reported on August 18. Therefore, the business growth for these two companies has been vastly better than the country’s overall credit growth that stood at a measly 5.5% at the end of July. <table style="border-width: initial; border-style: none;"><colgroup></colgroup><col /><col /><tbody><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Growth in gold loans </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Muthoot Finance </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">32% </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Manappuram Finance* </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">33.40% </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Overall bank credit growth </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5.50% </td></tr></tbody></table>*Data: As of July end except for Manappuram, which is as of June-end SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/sbi-yes-bank-indiabulls-ril-uflex-dilip-buildcon-and-zee-entertainment-among-top-stock-movers-on-dalal-street-today/articleshow/77626916.cms" data-type="tilCustomLink">Top stock movers on Dalal Street today —SBI, Yes Bank, Indiabulls, RIL, Uflex and more</a> <a href="https://www.businessinsider.in/business/ecommerce/news/walmart-ceo-defends-flipkart-valuation-says-learnings-from-india-helped-double-their-e-commerce-sales/articleshow/77626799.cms" data-type="tilCustomLink">Walmart CEO defends Flipkart's valuation, says learnings from India helped double their e-commerce sales</a>

As Sima Taparia would say, the stars are aligning perfectly for Muthoot and Manappuram shareholders

<ul><li>Fedbank intends to raise ₹1,092 crore from the initial public offer.</li><li>Investors can bid for a minimum of 107 shares and in multiples thereafter.</li><li>It plans to use net proceeds to augment Tier-I capital base and others. </li></ul>The initial public offer (IPO) of Fedbank Financial Services will open for subscription on November 22 and close on November 24. Its price band has been fixed at ₹133-140 per equity share. Investors can bid for a minimum of 107 shares and in multiples thereafter. The company intends to raise as much as ₹1,092 crore via the IPO. The issue comprises a fresh issue aggregating up to ₹600 crore and an offer for sale by promoter Federal Bank, and selling shareholder of True North Fund VI LLP I. The Reserve Bank's circular increasing the risk weights on unsecured lending will increase the borrowing costs, but the negative market sentiment will not impact the offering, Managing Director and Chief Executive Officer Anil Kothuri told reporters at its IPO press conference. The non-banking financial company (NBFC) plans to utilize the net proceeds from the fresh issue towards augmenting its Tier – I capital base to meet future capital requirements, arising out of the growth of its business and assets. ICICI Securities, BNP Paribas, Equirus Capital Private and JM Financial are the book running lead managers to the Issue. The company &amp; financials It’s a retail focused non-banking finance company (NBFC) promoted by The Federal Bank. It has 584 branches, and is focussed on MSME loans, gold loan and more. It is one of the five private bank promoted NBFCs in the country. As on March 31, 2023, it has the third fastest assets under management (AUM) growth among NBFCs in the peer set in India. Its AUMs grew at 33% CAGR (compounded annual growth rate) between FY20 and FY23. Its AUMs stand at 94,34 crore as of end of June 2023. Its total revenues grew by 37% and 26% in FY23 and FY22 respectively. Its profit also grew by 74% and 67% during the same periods. As of June 30, 2023, its Gross non-performing assets (NPA) and Net NPA were at ₹189 crore and ₹147 crore, respectively. Its listed peers in the market are Aptus Value Housing, IIFL Finance, Five Star Business Finance, Manappuram Finance, Muthoot Finance and SBFC Finance. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"><colgroup></colgroup><col /><col /><col /><col /><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Particulars </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY23 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY22 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY21 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Revenue from operations </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,178 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹869 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹691 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Net profit </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹180 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹103 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹61.6 crore </td></tr></tbody><tbody></tbody></table>Source: RHP Risk factors As much as 93% of its gross AUMs are concentrated around six states and two union territories of Gujarat, Maharashtra, Telangana, Andhra Pradesh, Tamil Nadu, Karnataka, Puducherry and Delhi. Any adverse developments in these regions could have an adverse effect on its business. It has a concentration of loans to emerging self-employed individuals and MSMEs accounting to 45% and 64.7% of its loan profiles, respectively. The risk of non-payment or default by our borrowers may adversely affect our business, results of operations and financial condition, it says. Since it handles high volumes of cash and gold jewelry in a dispersed network of branches, it’s exposed to operational risks, including employee negligence, fraud, petty theft, burglary and embezzlement. Its inability to maintain capital adequacy ratio, meet its financial and other covenants under our debt financing arrangements; and deterioration in receivables may adversely impact its financial performance. The company has undertaken 1,625 criminal proceedings amounting to ₹363 crore. It has three criminal proceedings against it, along with three tax proceedings, and one regulatory proceeding amounting to ₹46 lakh. The promoter has undertaken 61 criminal cases against it, with two material civil litigations amounting to ₹1,601 crore. The promoter also has one criminal case, 12 tax cases, one disciplinary action by stock exchanges/SEBI and two material civil litigations amounting to ₹17,41 crore. (With PTI inputs) SEE ALSO <a href="https://www.businessinsider.in/stock-market/news/tata-technologies-ipo-to-open-on-november-22-price-band-fixed-at-475-500/articleshow/105261065.cms">Tata Technologies IPO to open on November 22, price band fixed at ₹475-500</a> <a href="https://www.businessinsider.in/stock-market/news/ireda-ipo-to-open-on-november-21-price-band-fixed-at-30-32/share/articleshow/105263776.cms">IREDA IPO to open on November 21, price band fixed at ₹30-32/share</a>

Fedbank Financial Services IPO to open on November 22; price band fixed at ₹133-140/sh

<ul><li>India’s benchmark indices <keyword id="6484188" type="General" weightage="20" keywordseo="sensex" source="Orion">Sensex</keyword> and <keyword id="2931774" type="General" weightage="20" keywordseo="nifty50" source="Orion">Nifty50</keyword> edged lower in morning trade on Friday amid positive cues in global markets. </li><li>Energy and FMCG stocks emerged as the major drags. </li><li>While the 30-stock Sensex was down 0.12% or 72 points to 61,359, the 50-stock Nifty50 was down 0.2% or 34 points to 18,095.</li></ul>India’s benchmark indices Sensex and Nifty50 edged lower in morning trade on Friday amid positive cues in global markets. Energy and FMCG stocks emerged as the major drags. While the 30-stock Sensex was down 0.12% or 72 points to 61,359, the 50-stock Nifty50 was down 0.2% or 34 points to 18,095. Top gainers and losers on Nifty50 <table style="border-width: initial; border-style: none;"><colgroup></colgroup><col /><col /><col /><col /><tbody><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top gainers </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Change </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top losers </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Change </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tech Mahindra </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2.05% </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tata Consumer </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-2.21% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HCL Tech </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.67% </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Britannia </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.64% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Infosys </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.59% </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">UPL </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.59% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Wipro </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.01% </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hero MotoCorp </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.46% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">TCS </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.63% </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">JSW Steel </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.18% </td></tr></tbody></table> Source: NSE, as on May 19, 2023 Earlier on Thursday, markets lost their initial gains and closed the day in the red dragged down by auto, pharma and FMCG stocks. Gold prices edged lower to ₹59,700 per 10 grams while silver was hovering at ₹72,100 per kilogram. Crude oil prices edged up, with Brent crude hovering at $76 per barrel. <cmsannotation type="cmsannotation" annotationid="Debt ceiling progress pushes markets up" comment="subhead" text="Debt ceiling progress pushes markets up">Debt ceiling progress pushes markets up</cmsannotation> Progress on the debt ceiling issue drove the US markets up on Thursday. While the Dow Jones closed 0.34% up, S&amp;P 500 gained 0.94%. The tech-heavy Nasdaq rallied 1.51%. Markets in Asia were largely positive, with Nikkei 225 gaining 1.03%, followed by KOSPI which was up 0.79% on Friday morning, while Taiwan Weighted gained 0.33%. On the other hand, Hang Seng fell 1.07% while Shanghai Composite was down 0.1%. <cmsannotation type="cmsannotation" annotationid="Stocks to watch" comment="subhead" text="Stocks to watch"><keyword id="73648" type="General" weightage="20" keywordseo="stocks-to-watch" source="Orion">Stocks to watch</keyword></cmsannotation> State Bank of India: The lender reported its highest ever standalone quarterly net profit of ₹16,695 crore in Q4 registering a growth of 83% on year beating analysts estimates. Its net interest income (NII) grew 29% on year to ₹40,393 crore. <keyword id="6357073" type="General" weightage="20" keywordseo="itc" source="Orion">ITC</keyword>: The cigarette to FMCG player reported a 22.66% on year jump in consolidated net profit at ₹5,225 crore for March quarter while revenue from operations rose more than 7% to ₹19,058 crore. InterGlobe Aviation: <keyword id="6354706" type="General" weightage="20" keywordseo="indigo" source="Orion">IndiGo</keyword> reported a net profit of ₹919 crore in March quarter, which is the second consecutive profitable quarter for India’s largest airline. Last year it posted a loss of ₹1,682 crore. Its revenue came in line with analysts estimates at 14,161 crore, growing by 76% on year. Reliance Industries: Chinese fashion giant Shein will be back in India as reports say it is in the process of a partnership with Reliance Retail. The Chinese company’s app was banned two years ago by the Indian government amid escalating border conflicts. Nazara Technologies: The company’s subsidiary Nodwin Gaming has signed definitive and binding agreements with existing investors Nazara, Krafton and JetSynthesys and new ones to raise ₹232 crore. Earnings today: Power Grid Corporation of India, JSW Steel, Punjab National Bank, <keyword id="830092" type="General" weightage="20" keywordseo="zomato" source="Orion">Zomato</keyword>, Delhivery, Glenmark Pharmaceuticals, Bandhan Bank, Muthoot Finance, Alkem Laboratories, JK Lakshmi, Motherson Sumi Wiring India, Route India, Star Cement, Vinati Organics, Hindustan Copper, TAJGVK Hotels &amp; Resorts among companies to report their quarterly earnings today. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/indigo-reports-a-net-profit-of-919-crore-in-q4-revenue-soars-76-yoy/articleshow/100331520.cms">IndiGo reports a net profit of ₹919 crore in Q4, revenue soars 76% YoY</a> <a href="https://www.businessinsider.in/business/news/cheese-burst-quick-service-restaurants-see-muted-growth-ahead/articleshow/100332394.cms">Cheese burst: Quick service restaurants see muted growth ahead</a>

Sensex, Nifty50 edge lower in morning trade as energy and FMCG stocks drag

<ul><li>India’s equity markets edged up in morning trade on Monday amid mixed global cues. </li><li><keyword id="42747" type="General" weightage="20" keywordseo="tata-motors" source="Orion">Tata Motors</keyword>’ shares rallied nearly 8% riding on a strong set of numbers from its subsidiary JLR. </li><li><keyword id="90570" type="General" weightage="20" keywordseo="sgx-nifty" source="Orion">SGX Nifty</keyword>, an early indicator of how the markets may perform, was down 0.07% or 12 points early in the morning today.</li></ul>India’s equity markets edged up in morning trade on Monday amid mixed global cues. Tata Motors’ shares rallied nearly 8% riding on a strong set of numbers from its subsidiary JLR. SGX <keyword id="6354813" type="General" weightage="20" keywordseo="nifty" source="Orion">Nifty</keyword>, an early indicator of how the markets may perform, was down 0.07% or 12 points early in the morning today. While the 30-stock <keyword id="6484188" type="General" weightage="20" keywordseo="sensex" source="Orion">Sensex</keyword> was up 0.12% or 77 points to 59,909, the 50-stock <keyword id="2931774" type="General" weightage="20" keywordseo="nifty50" source="Orion">Nifty50</keyword> was up 0.2% or 36 points to 17,635. Realty, auto and oil &amp; gas indices led the gains, while FMCG and bank indices declined. Top gainers and losers on Nifty50 <table style="border-width: initial; border-style: none;"><colgroup></colgroup><col /><col /><col /><col /><tbody><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top gainers </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Change </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top losers </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Change </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tata Motors </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7.70% </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Asian Paints </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.68% </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ONGC </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3.00% </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bajaj Finance </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.20% </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Adani Enterprises </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2.00% </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Maruti Suzuki </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.13% </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Adani Ports &amp; SEZ </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.84% </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tata Consumer </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.03% </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">L&amp;T </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.75% </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IndusInd Bank </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.86% </td></tr></tbody></table> Source: NSE, April 10, 2023 Earlier last week, both Sensex and Nifty50 rallied 3.5% on the back of robust buying across IT, financial services and other sectors. This has also helped both the indices trim some of their losses in 2023 so far – while Sensex is now down 2.2% in this year so far, Nifty50 is down 3.3%. Earlier, both the indices were down nearly 5%. <cmsannotation type="cmsannotation" annotationid="Global markets mixed" comment="subhead" text="Global markets mixed">Global markets mixed</cmsannotation> Rising geopolitical tensions amid China encircling Taiwan and concerns around economic slowdown resulted in mixed sentiments in global markets. In the US, markets closed in the green on Friday – while Dow Jones ended flat, S&amp;P 500 gained 0.36%. The tech-heavy Nasdaq rallied 0.76%. Asian markets opened the week on a mixed note – while KOSPI was up 1%, Nikkei 225 gained 0.42% and Hang Seng edged up 0.28%. Taiwan Weighted witnessed volatility and was up 0.2%, while Shanghai Composite was down 0.2%. Gold prices cooled down a bit from their rally last week, to $1,992 per ounce. Crude oil prices continued to maintain their gains of the last week, with Brent crude hovering around $85 per barrel. <cmsannotation type="cmsannotation" annotationid="Stocks to watch" comment="subhead" text="Stocks to watch"><keyword id="73648" type="General" weightage="20" keywordseo="stocks-to-watch" source="Orion">Stocks to watch</keyword></cmsannotation> Tata Motors: The automaker’s global wholesale vehicle sales has recorded 8% growth in March quarter, more than analysts expectations, despite high inflation and rising borrowing costs. <keyword id="6359357" type="General" weightage="20" keywordseo="titan" source="Orion">Titan</keyword> Company: The company has recorded double digit growth across all of its key businesses with revenues growing by 25% on year led by strong growth in watches and wearables segment and emerging businesses. Jewellery business clocked 23% growth in Q4, watches and wearables segment saw 41% growth, eyecare 22% and emerging businesses 84% on year growth. <keyword id="236770" type="General" weightage="20" keywordseo="adani-wilmar" source="Orion">Adani Wilmar</keyword>: The FMCG player’s revenues grew 14% on year in FY23 at ₹55,000 crore from ₹54,213 crore in FY22. Food and FMCG business grew 55% on year to ₹3,800 crore in FY23. Godrej Consumer Products: The FMCG player will invest ₹100 crore in a new early stage consumer fund being set up by Spring Marketing Capital. Muthoot Finance: The gold loan financier has announced an interim dividend of ₹22 per share for FY23. Nazara Technologies: The gaming company’s subsidiary Sportskeeda has completed an acquisition of 73.27% in Pro Football Network in an all cash deal worth $1.82 million. SEE ALSO: <a href="https://www.businessinsider.in/business/telecom/news/telecom-companies-q4-revenue-likely-to-moderate-due-to-lack-of-significant-tariff-hikes/articleshow/99368163.cms">Telecom companies’ Q4 revenue likely to moderate due to lack of significant tariff hikes</a> <a href="https://www.businessinsider.in/finance/news/rbi-revises-indias-fy24-growth-outlook-expects-softer-inflation-on-the-back-of-lower-commodity-prices/articleshow/99290005.cms">RBI revises India’s FY24 growth outlook, expects softer inflation on the back of lower commodity prices</a> <a href="https://www.businessinsider.in/business/corporates/news/banks-to-drive-earnings-growth-in-q4-while-it-services-to-report-muted-numbers/articleshow/99263724.cms">Banks to drive earnings growth in Q4 while IT services to report muted numbers</a>

Sensex, Nifty50 edge up in morning trade: Tata Motors rallies nearly 8% riding on strong JLR Q4 numbers

<ul><li>Indian markets might open slightly higher as <keyword id="90570" type="General" weightage="20" keywordseo="sgx-nifty" source="Orion">SGX Nifty</keyword>, an early indicator of the market, was up 0.05%.</li><li>India’s retail inflation data is scheduled to be released today by the Ministry of Statistics and Programme Implementation at 5.30 pm.</li><li>Adani Enterprises, Bharat Forge, Jet Airways are among stocks to watch out today.</li></ul>Markets are expected to open slightly higher mirroring indicator SGX Nifty and as most <keyword id="35189" type="General" weightage="20" keywordseo="asian-markets" source="Orion">Asian markets</keyword> were trading higher. The US indices ended in the red on Thursday following a jump in treasury yields while investors expected a slowing pace of hike in interest rates by the US Fed after the inflation data came in better than expected. India’s retail inflation data is scheduled to be released today by the Ministry of Statistics and Programme Implementation at 5.30 pm. In June, the consumer price index decelerated to 7.01% from 7.04% in May. On Wednesday, <keyword id="6484188" type="General" weightage="20" keywordseo="sensex" source="Orion">Sensex</keyword> closed 515 points higher at 59,332 and <keyword id="2931774" type="General" weightage="20" keywordseo="nifty50" source="Orion">Nifty50</keyword> ended 124 points higher at 17,659. Meanwhile, markets may witness less action due to the long weekend. According to Sorbh Gupta, equity fund manager at Quantum Mutual Fund, many factors like — geopolitical challenges, inflation, rising interest rates and social media hullabaloo on an possible US recession next year can make investors nervous to sell into the current rally. “These are times for investors to stay the course in their investment journey to achieve their long-term financial goals. Equity investors should stagger their allocation to equity over a period and move the asset allocation to the optimum level as defined by their asset allocation plan,” said Gupta. Here are some of the stocks that will remain in focus: Adani Enterprises The Adani Group plans to invest ₹57,575 crore to set up an alumina refinery in Odisha. It will set up a 4-million tonnes a year alumina refinery near bauxite mines as well as an iron ore project. Bharat Forge The auto components maker’s net profit rose 7% to ₹160 crore in June quarter as compared to ₹152 crore last year. Aurobindo Pharma The pharmaceutical company’s net profit slipped 32% to ₹520 crore in June quarter while revenues rose 9% to ₹6,235 crore. Bata India The shoemaker has posted a 71% increase in net profit at ₹119 crore and declared the quarter sales, as its ‘highest ever quarterly sales’. Jet Airways (India) The airline’s net loss widened to ₹390 crore for the quarter ended June from ₹129 crore last year. Earnings today Hero Motocorp, Grasim Industries, ONGC, Zee Entertainment Enterprises, Info Edge (India), Muthoot Finance, Apollo Tyres, Hindustan Aeronautics, Power Finance Corporation, Bajaj Electricals among companies to report quarterly earnings. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/rbi-cancels-license-of-pune-based-rupee-cooperative-bank-says-99-depositors-will-receive-full-refund/articleshow/93480997.cms">RBI cancels license of Pune-based Rupee Cooperative Bank, says 99% depositors will receive full refund</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/videos/business/bollywoods-flops-pose-a-big-risk-to-multiplexes/videoshow/93480304.cms">Bollywood’s flops pose a big risk to multiplexes</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/thelife/personalities/news/a-startup-founder-was-asked-to-do-a-coffee-run-on-her-first-pitch-now-shes-among-indias-richest-women/articleshow/93480578.cms">A startup founder was asked to do a coffee run on her first pitch, now she's among India's richest women</a>

Markets may open slightly higher as they await Indian inflation data

<ul><li>The share price of Happiest Minds Technologies gained nearly 10% in minutes after listing debut. </li><li>The company issued the IPO at a price band of ₹166, but it listed at ₹351, with an upside of 130%. </li><li>The issue was oversubscribed nearly 151 times, making it the<a href="https://www.businesstoday.in/markets/ipo-corner/happiest-minds-8th-most-successful-ipo-in-a-decade/story/415741.html"> 8th most successful IPO</a> in the past decade.</li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>The Ashok Soota backed Happiest Minds Technologies had a bumper listing today. The share price of the Bengaluru-based IT speciality company gained nearly 10% in minutes after listing debut and was trading at ₹387 a piece at 10:00am. However, the weakness in the market weighed on the shares and it was trading 4% higher at ₹364 a piece at 10:20 am. Investors who subscribed to the IPO are being rewarded with hefty gains. The company issued the IPO at a price band of ₹166, but it listed at ₹351, with an upside of 130%. <div type="image" title="Happiest Minds" msid="78160353" hostid="261"></div> The company's total market cap rose to ₹5,595.50 crore at 10:05am. A total traded quantity of 25.17 lakh shares changed hands on BSE amounting to a turnover of ₹95.13 crore. The company will trade with the symbol of ‘HAPPSTMNDS’ on the Indian stock exchanges. The bumper listing was already on the cards! The IPO garnered a massive response from investors and was oversubscribed nearly 151 times— making it the<a href="https://www.businesstoday.in/markets/ipo-corner/happiest-minds-8th-most-successful-ipo-in-a-decade/story/415741.html"> 8th most successful IPO</a> in the past decade. And, there are a lot of reasons driving the company's bumper listing. The company is backed by the promoter Ashok Soota, who has vast experience in the IT field— which is deemed to grow in the tech-driven society. According to the Axis Capital report, the company made 96.9% of its revenue from digital services in the fiscal year 2020, which is one of the highest among Indian IT companies— and makes it a tough competitor against its listed peers. And, the strong balance sheet with robust revenue growth makes it attractive to investors. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/muthoot-finance-says-this-years-growth-is-likely-to-exceed-guidance/articleshow/78159469.cms">EXCLUSIVE: Muthoot Finance says this year's growth is likely to exceed guidance</a> <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-hcl-infosys-happiest-minds-tech-indigo-spicejet-bharat-petroleum-hindustan-petroleum-and-more/articleshow/78158942.cms">Top stocks to watch— HCL, Infosys, Happiest Minds Tech, IndiGo, SpiceJet, Bharat Petroleum, Hindustan Petroleum, and more</a>

Happiest Minds Tech makes a lot of money for its IPO investors — shares list at over double the issue price

<ul><li>HCL Technologies is now the 10th most valued company in India, joining the leagues of Reliance Industries, HDFC Bank and its IT services peer Tata Consultancy Services (TCS).</li><li>Today, the company’s share price hit an all-time high of ₹817.8.</li><li>The rally in HCL Technologies’ stock comes after it announced a guidance of 3.5% revenue for the second quarter and new partnership with Google Cloud. </li></ul>The Indian IT tech giant HCL Technologies is now the 10th most valued company in India after its share price hit an all-time high of ₹817.8 today. <div type="image" title="HCL tech share price" msid="78165303" hostid="261" caption="&amp;lt;p&amp;gt;HCL Tech share price since the nationwide coronavirus lockdown was announced in March&amp;lt;/p&amp;gt;"></div> <keyword id="141968" type="CITY" weightage="20" keywordseo="HCL-Tech">HCL Tech</keyword>’s share price has gained 52.23% in the last 365 days and 41.49% since January. The lockdown may have tested its grit, but since then, the stock has recuperated 93.3% of its value. Entering the top 10 companies club by market value, puts HCL Tech in the league of Mukesh Ambani’s Reliance Industries, HDFC Bank and its own IT services peer — Tata Consultancy Services (TCS), which recently crossed the ₹9 lakh crore mark. The company’s current market valuation stands at ₹ 219,725.46 crore, just a hair's breadth away from ITC at the 11th position. <div type="Article" hostid="261" msid="78103743" title="HCL Tech's mid-quarter guidance optimism sparks rally in TCS, Infosys, Wipro, and Tech Mahindra too" mstype="2" mssubtype="0"></div> What’s driving the HCL Tech rally? This week’s rally was led by the company announcing its mid-quarter review and issuing a guidance of 3.5% revenue growth in the second quarter earlier this week. The momentum was only compounded by the HCL Technologies’ new partnership with Google Cloud announced yesterday. It will bring HCL Tech’s Actian portfolio, starting with Actian Avalanche — a hybrid cloud data warehouse — to the Google Cloud servers. The company already has three dedicated Google Cloud Native Labs in New York, London and New Delhi. The <keyword id="9954188" type="UNKNOWN" weightage="20" keywordseo="top-10-most-valued-companies-in-india">top 10 most valued companies in India</keyword>: <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"><colgroup></colgroup><col /><col /><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Companies </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Market capitalisation </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Reliance </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,483,010 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">TCS </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹923,743 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HDFC Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹595,190 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HUL </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹499,821 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Infosys </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹432,328 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HDFC </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 311,894 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bharti Airtel </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 260,693 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kotak Mahindra Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 258,029.32 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ICICI Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 254,048 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HCL Tech </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 219,725 crore </td></tr></tbody></table>Source: BSE SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/muthoot-finance-says-this-years-growth-is-likely-to-exceed-guidance/articleshow/78159469.cms">EXCLUSIVE: Muthoot Finance says this year's growth is likely to exceed guidance</a> <a href="https://www.businessinsider.in/defense/news/latest-updates-on-india-china-border-issue/articleshow/78162853.cms">India will take necessary steps against China — 'We will not back down,' asserts Rajnath Singh</a> <a href="https://www.businessinsider.in/business/news/indias-50-billion-wedding-industry-is-gearing-up-for-a-busy-winter/articleshow/78163437.cms">India’s $50 billion wedding industry is gearing up for a busy winter — business may have shrunk in size but it has not lost its sheen</a>

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EXCLUSIVE: Muthoot Finance says this year's growth is likely to exceed guidance

Prabhjote Gill

Jio Financial Services will list on the bourses on August 21

Katya Naidu

As Sima Taparia would say, the stars are aligning perfectly for Muthoot and Manappuram shareholders

Navdeep Yadav