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<ul><li>No changes, or announcements for the old tax regime</li><li>FMlowered the tax burden by increasing the standard deductions in the new regime </li><li>Tax slabs also revised under the new regime</li></ul> <keyword id="7706673" type="General" weightage="20" keywordseo="Finance-Minister-Nirmala-Sitharaman" source="Orion">Finance Minister Nirmala Sitharaman</keyword> presented the Union <keyword id="18656923" type="General" weightage="20" keywordseo="budget-2024-25" source="Orion">Budget 2024-25</keyword> in the parliament recently, unveiling the Narendra Modi-led government’s budget for the fiscal year 2024-25. While the government announced some changes to direct taxation, including revised tax slabs for the new tax regime, most experts called the budget lackluster. <br /><br /> Nitin Chaudhary, Founder of NC Financial Advisory Services highlights his disappointment, noting that this Budget has actually been not at all impactful as it was expected to be. <br /><br />"It is more of a Budget for Coalition rather than any common man and tax payer. Neither there was any major drastic change in allocation as such and nor there was any major relief and tax benefits that was passed on to the tax payer.<br />There is a slight change in the tax slab rate owing to which there will be a very limited benefit to the tax payer in terms of tax outflow", continued Chaudhary.<br /> <br /><h2>Changes in new tax regime</h2>In a bid to make the new tax regime more lucrative, the FM proposed to hike the standard deduction limit to Rs 75,000 from earlier Rs 50,000, exclusively under the new tax regime. Similarly, the deduction available for family pension is also proposed to be increased from Rs 15,000 to Rs 25,000.<br /><br />More than two-thirds of taxpayers have availed of the new <keyword id="6354751" type="General" weightage="20" keywordseo="income-tax" source="Orion">Income Tax</keyword> regime, as per <keyword id="129243" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="Orion">Nirmala Sitharaman</keyword>. The FM announced a review of the comprehensive tax regime. Per FM, under the new regime, taxpayers will be able to save up to Rs 17,500 as taxes, annually.<br /><br />The government has revised the tax rate structure for the new regime, which are now as follows -<br /><br /><h2>New income tax slab rates</h2><br /><table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:top;background-color:#000000;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Income slabs<br /><br /></td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:top;background-color:#000000;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tax rate<br /><br /></td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0 to 3L<br /><br /></td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nil<br /><br /></td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3 to 7L<br /><br /></td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5%<br /><br /></td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7 to 10L<br /><br /></td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10%<br /><br /></td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10 to 12L<br /><br /></td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">15%<br /><br /></td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">12 to 15L<br /><br /></td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">20%<br /><br /></td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Above 15L<br /><br /></td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">30%<br /><br /></td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table>Prior to the changes announced today, the new tax regime was structured as follows:<br /><br /><h2><table class="redcator-table-advance" style="border-width: initial; border-style: none; background-color: rgb(255, 255, 255); font-size: 16px; line-height: 1.6em; box-shadow: none; width: 850.594px; font-family: Merriweather; letter-spacing: 0.121826px; padding-bottom: 10px !important; background-image: inherit !important; background-position: inherit !important; background-size: inherit !important; background-repeat: inherit !important; background-attachment: inherit !important; background-origin: inherit !important; background-clip: inherit !important;"><tbody><tr><td style="border-width: 1px; border-style: solid; border-color: rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top;">Income Slab (In Rs)</td><td style="border-width: 1px; border-style: solid; border-color: rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top;">Tax Rate</td></tr><tr><td style="border-width: 1px; border-style: solid; border-color: rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top;"><strong>Up to 3,00,000</strong></td><td style="border-width: 1px; border-style: solid; border-color: rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top;"><strong>No Tax</strong></td></tr><tr><td style="border-width: 1px; border-style: solid; border-color: rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top;"><strong>3,00,001 - 6,00,000</strong></td><td style="border-width: 1px; border-style: solid; border-color: rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top;"><strong>5%</strong></td></tr><tr><td style="border-width: 1px; border-style: solid; border-color: rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top;"><strong>6,00,001 - 9,00,000<br /></strong></td><td style="border-width: 1px; border-style: solid; border-color: rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top;"><strong>10% (Tax Rebate up to Rs 7 lakh)</strong></td></tr><tr><td style="border-width: 1px; border-style: solid; border-color: rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top;"><strong>9,00,001 - 12,00,000</strong></td><td style="border-width: 1px; border-style: solid; border-color: rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top;"><strong>15%</strong></td></tr><tr><td class="se-table-selected-cell" style="border-width: 1px; border-style: solid; border-color: rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top;"><strong>12,00,001 - 15,00,000<br /></strong></td><td style="border-width: 1px; border-style: solid; border-color: rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top;"><strong>20%<br /></strong></td></tr><tr><td style="border-width: 1px; border-style: solid; border-color: rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top;"><strong>Above 15,00,000<br /></strong></td><td style="border-width: 1px; border-style: solid; border-color: rgb(221, 221, 221); padding: 5px; font-size: 16px; vertical-align: top;"><strong>30%</strong></td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table><br /></h2>Says T Manish, Research Analyst, SAMCO Securities, "FM announces revised tax rate under new tax regime, apart from the above slab revisions, the Standard deduction from 50,000 to 75,000 for individuals opting for new tax regime. This would result in savings of around Rs. 17500 in net taxes in the hands of individual. This would benefit directly to the companies in FMCG segment such as HUL, ITC, Dabur, Nestle and second order beneficiaries would be suppliers to these FMCG giants such as Polyplex, Uflex. Further, increased saving would also boost the inflow to wealth management (AMC’s)in the form of SIP's, and to Stock broking companies through brokerage".<br /><br /><h2>Capital gains simplified</h2>FM also moved to rationalise and simplify short-term capital gain (STCG) tax. Going ahead, STCG on specific financial assets will be charged at 20%, while the remaining financial and other non-financial assets will be charges as per applicable rates. This threshold was set at 15% previously.<br /><br />The long-term capital gains tax on financial and non financial assets was raised from its earlier threshold of 10% to 12.5%. However, the exemption limit under LTCG has been enhanced. This means that now, all long-term capital gains tax earned during the year to the tune of Rs 1,25,000 will be tax exempt. This limit was earlier set at Rs 1,00,000. Specified listed financial assets will be considered long-term provided they have been held for more than 12 months.<br /><br />As Anand Rathi, Co-founder of MIRA Money notes, the FM aims to send a clear message to the investors: avoid short term trading and leveraging. This is reflected in the increased security transaction taxes on futures and options,<br />which is a positive step. However, the increase in short term capital gains tax from 15% to 20% is a notable drawback for many traders.<br /><br />"Previously, if your capital gain was 2 lakh rupees, 1 lakh was exempted, and you had to pay 10% on the remaining 1 lakh, amounting to 10,000 rupees. Now, with the same 2 lakh rupees capital gain, you would pay<br />12.5% tax on the remaining 75,000 rupees after the exemption, which is beneficial", Rathi explained. <br /><br /><br />                        <div type="Article" hostid="261" msid="111946291" title="Union Budget 2024-25 key highlights: Angel tax to be scraped" mstype="2" mssubtype="0"></div><br /><h2>Higher tax on F&amp;O trading</h2>In a bid to stop fund inflows into speculative trading, the securities transaction tax (STT) on trading in futures and options was increased. While STT on options was increased from 0.062% to 0.1%, while the STT on futures was raised from 0.0125% to 0.02%. While this might seem as a  major setback to those trading in futures and options, experts opine that this is unlikely to significantly trading volumes in the segment. Note that this change is set to come into effect starting October 1, 2024. <br /><br />Says Deepak Ramaraju, Senior Fund Manager, Shriram AMC, "Hike in short-term capital gains and long-term capital gains have been sentimentally negative for the equity markets. This has resulted in short-term selling pressure. However, this can be the beginning of reforming the capital markets and curbing retail participation in the F&amp;O segment. We can expect more measures in the F&amp;O space in the days to come". <br /><br /><h2>Other tax changes</h2><ul><li>The TDS rate on e-commerce operators has been reduced from 1% to 0.1%</li><li>Angel tax, the tax levied on the capital raised via the issue of shares by unlisted companies has been abolished.</li><li>TDS payable on insurance commission reduced from 5% to 2%, starting 1st October, 2024.</li><li>TDS payable on rent paid over Rs 50,000 to be reduced from 5% to 2%. </li></ul><br /><strong>SEE ALSO:<br /></strong>        <br />          <div type="Article" hostid="261" msid="111953230" title="Union Budget 2024-25: Mobile Phones to get cheaper, as FM Nirmala Sitharaman reduces basic customs duty to 15%" mstype="2" mssubtype="0"><payload><![CDATA[seealso]]></payload></div>          <div type="Article" hostid="261" msid="111952160" title="Sitharaman announces cut in customs duty on gold, silver to 6%" mstype="2" mssubtype="0"><payload><![CDATA[seealso]]></payload></div><br />

Budget 2024-25: New tax regime sweetened by FM, hikes standard deduction to Rs 75,000

Bankers welcomed Finance Minister <keyword id="129243" type="General" weightage="80" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword>'s budget proposals as being growth accretive, and hailed the focus on capital expenditure while continuing with fiscal consolidation.<br /><br />On the critical question of revival in private capital expenditure, which has been lagging for several years now, private sector lender <keyword id="13918428" type="DOMAIN" weightage="20" keywordseo="kotak-mahindra-bank" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="kotak mahindra bank" meta.entityname="Kotak Mahindra Bank Ltd." meta.entityid="12161" meta.seoname="kotak-mahindra-bank-ltd">Kotak Mahindra Bank</keyword>'s whole time director <keyword id="818755" type="General" weightage="80" keywordseo="kvs-manian" source="Orion">KVS Manian</keyword> opined that it will take another 12 months to revive even though corporates have been investing off and on lately.<br /><br />“No bad news is good news. It is a fairly decent budget. The FM has maintained a fair balance on fiscal prudence, sustainability and ease of doing business,” Manian told PTI after the presentation of the budget.<br /><br /><keyword id="13222" type="DOMAIN" weightage="20" keywordseo="sbi" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="sbi" meta.entityname="State Bank of India" meta.entityid="11984" meta.seoname="state-bank-of-india">SBI</keyword> chairman <keyword id="2003868" type="General" weightage="80" keywordseo="dinesh-khara" source="Orion">Dinesh Khara</keyword> said the budget is growth accretive, fiscally prudent and consumption supportive.<br /><br />“The huge emphasis on capital expenditure could be the perfect recipe for a private investment cycle that is already visible. Support for MSME and Agriculture will broad base credit growth,” Khara added.<br /><br />He also said that the “reasonable Government borrowing numbers” will support lower interest rates and the move towards a clutter free new tax regime will significantly spur consumption.<br /><br />Banking industry's lobby grouping Indian Banks Association's chairman A K Goel said the increased capital expenditure could help in further increasing the demand for bank funds and the Agriculture Accelerator Fund woill also be helpful.<br /><br /><keyword id="686923" type="General" weightage="80" keywordseo="umesh-revankar" source="Orion">Umesh Revankar</keyword>, the executive vice chairman of <keyword id="12730794" type="DOMAIN" weightage="20" keywordseo="shriram-finance" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="shriram finance" meta.entityname="Shriram Finance Ltd." meta.entityid="13106" meta.seoname="shriram-finance-ltd">Shriram Finance</keyword> said the income tax benefits announced will boost purchasing power for middle-class consumers.<br /><br />"I believe the announcements made will trigger a pick-up in credit off take for small enterprises, the consumption-driven two-wheeler business and lending to transportation," he added.<br /><br />Non-bank lender Tata Capital's managing director and chief executive <keyword id="128186" type="General" weightage="80" keywordseo="rajiv-sabharwal" source="Orion">Rajiv Sabharwal</keyword> said the strong agricultural credit outlay, support measures, ease of doing business, and digitization drive across various sectors will improve multiple clusters within the economy.<br /><br />American lender Bank of America's country head Kaku Nakhate said allowing foreign banks to conduct acquisition financing from GIFT City is a welcome step and also hailed the dual budget proposal for a single window clearance for IFSCA, SEZ, <keyword id="30067" type="General" weightage="80" keywordseo="rbi" source="Orion">RBI</keyword>, SEBI and GSTN at GIFT City.<br /><br />KPMG's national head of tax, <keyword id="309284" type="General" weightage="80" keywordseo="rajeev-dimri" source="Orion">Rajeev Dimri</keyword>, also welcomed Finance Minister Nirmala Sitharaman's measures for ensuring that the relaxations given to common taxpayers have not derailed fiscal math, and the government has stayed on the path of fiscal consolidation.<br /><br />Pointing out to the Goods and Services Tax revenue accretion over the last few months, he said the taxpayers should be credited for the performance.<br /><br />The budget rightly “rewards” the taxpayers for their commitment, Dimri said.<br /><br />LuLu Financial Holdings Managing Director Adeeb Ahamed said the budget is focussed with equal focus on traditional and emerging sectors.<br /><br />Adeeb, who has significant investments in India's financial services sector through LuLu Forex and LuLu Finserv, said the move to ramp up the credit guarantee scheme for MSMEs will give a fillip to enabling faster access to financial services.<br /><br />SEE ALSO:<br /><a href="https://www.businessinsider.in/tech/news/first-impressions-samsung-galaxy-s23-s23-plus-and-s23-ultra-go-heavy-on-photography-and-gaming/articleshow/97532856.cms?utm_source=social_sticky_amp&amp;utm_medium=social_sharing&amp;utm_campaign=Click_through_social_share">First Impressions: Samsung Galaxy S23, S23 Plus, and S23 Ultra bet big on photography and gaming</a><br /><a href="https://www.businessinsider.in/tech/mobile/news/new-patent-suggests-that-apple-could-bring-a-foldable-iphone-with-a-self-healing-display-in-the-future/articleshow/97302738.cms">New patent suggests that Apple could bring a foldable iPhone with a self-healing display in the future</a><br />

Bankers say private capex will take one more year to revive

New Delhi, Feb 28 () Shriram Transport Finance Company on Friday said that its planning to raise funds through the issuance of debt securities.<p> "The company is considering raising of funds through various options of borrowings including by way of issue of debt securities in onshore/offshore market by public issue and/or private placement basis and commercial papers," Shriram Transport Finance company said in a filing to BSE.</p><p> However, the company did not specify the amount that it is planning to raise.</p><p> "Based on the market conditions the meeting(s) of banking and finance committee/debt issuance committee-Public NCDs/Bond Issuance Committee will be held during the month ending March 31, 2020 to consider and approve the terms and conditions including the issue price of debt securities," the filing said.</p> Shares of Shriram Transport Finance Company were trading at Rs 1,234.15 a piece on BSE, down 2 per cent from its previous close.  SID  DRR

Shriram Transport Finance to raise funds via debt securities

Mumbai, Jun 22 () Shriram Housing Finance Ltd (SHFL) on Monday said it has raised long-term debt of Rs 290 crore from banks. <p>The mortgage financier raised Rs 250 crore long-term loan from a state-run bank at 8.50 per cent, repayable in 5 years, and also raised Rs 40 crore through non-convertible debentures (NCDs) under the Reserve Bank of India's (RBI) targeted long-term repo operations (TLTRO 2) at an annualised coupon of 8.55 per cent, a release said. </p><p>"Besides the debt raised so far, we also have NCDs in the pipeline. This only strengthens our belief that there is sufficient liquidity available for well-managed companies," SHFL Managing Director and CEO Ravi Subramanian said in the release. </p><p>In the current calendar year, the company has raised over Rs 700 crore. </p><p>In the financial year ended March 31, 2020, the housing finance company's profit after tax grew to Rs 46.6 crore from Rs 16.6 crore in 2018-19. </p><p>It made an additional provision of Rs 10 crore for coronavirus-related impact on its portfolio. </p><p>Its gross non-performing assets (NPAs) stood at 2.4 per cent and net NPA at 2.1 per cent. </p>The company reported a 25 per cent growth in its asset under management to Rs 2,305 crore by clocking disbursal of Rs 1,127 crore for the year. HV HRS

Shriram Housing Finance raises Rs 290 cr debt from banks

New Delhi, Mar 10 () Shriram Transport Finance Company (STFC) on Tuesday said a penalty of Rs 5 crore has been imposed on the company through an Enforcement Directorate order in relation to an old case of issuing warrants.<p> The company said it had received a show cause notice (SCN) from the Enforcement Directorate (ED) in relation to issue of warrants by erstwhile Shriram Holdings (Madras) Pvt Ltd (SHMPL), which was amalgamated with STFC in April 2012, to a person resident outside India in 2006.</p><p> The company represented itself with relevant information and facts that it was of the bona fide view that it had not contravened any of the provisions of the Foreign Exchange Management Act (FEMA).</p><p> "However, the company received an order dated March 4, 2020, from ED yesterday (March 9, 2020). The order imposes on the company a penalty of Rs 5 crore in connection with the matter citing contravention of provisions of Section 6(3)(b) of FEMA, 1999, read with Regulation 4 of Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2000," it said in a regulatory filing.</p><p> In this regard, the ED has also levied the penalty of Rs 50 lakh each on three persons, the then directors of the erstwhile SHMPL, it added.</p><p> STFC said the company continues to believe and hold the view that SHMPL had the relevant approval for foreign equity participation of up to 74 per cent by way of investment through subscription and/or subsequent acquisition of up to 74 per cent of the equity shares of SHMPL.</p><p> SHMPL had issued warrants to the extent of Rs 243.60 crore in 2006 which were converted into equity shares within the stipulated limit.</p><p> "The company's view was further strengthened based on the clarifications obtained from the Department of Economic Affairs.</p><p> "The company is currently examining the order and examining all options to take the matter to closure, including the option to contest the same with the relevant authorities," it said further.</p><p> On Monday, STFC had clarified that it does not hold any additional tier-I bonds of cash-strapped Yes Bank.</p><p> Clarifying to a media report, Shriram Transport Finance in a regulatory filing said that the "company does not hold any additional tier I bonds of Yes Bank Ltd".</p><p> "The company had invested in Upper Tier II Bonds of Yes Bank Ltd of Rs 50 crore in the year 2010 and the same are outstanding as on date," it said on Monday.</p><p> One of the biggest losers in case the RBI's restructuring scheme for Yes Bank goes through will be the additional tier-I bond holders who have bets totalling to Rs 10,800 crore on the lender.</p><p> The Reserve Bank of India on Thursday imposed a moratorium on Yes Bank, capping withdrawals at Rs 50,000 per account, and superseded the private sector lender's board with immediate effect.</p> Yes Bank will not be able to grant or renew any loan or advance, make any investment, incur any liability or agree to disburse any payment.  KPM  ANZ HRS

ED slaps Rs 5 cr penalty on Shriram Transport Finance

New Delhi, Feb 26 () Shriram Transport Finance Company (STFC) has raised up to Rs 500 crore by issuing bonds on private placement basis.<p> "The Allotment Committee - NCDs of the company in its meeting held today approved and allotted rated, listed, secured, redeemable, non-convertible debentures (NCD) of face value of Rs 10 lakh each on private placement basis," the company said in a regulatory filing.</p><p> STFC has offered rated, listed, secured, redeemable, non-convertible debentures on private placement basis for an issue size up to Rs 500 crore, it said.</p><p> While 3,000 debentures worth Rs 300 crore with tenure of 3 years and 1 day will carry coupon rate of 9.50 per cent, 2,000 debentures worth Rs 200 crore with 2 years and 2 days tenure will have rate of 9.25 per cent per annum, it added.</p> Shares of the company on Wednesday closed 3.38 per cent lower at Rs 1,276.75 on the BSE.  KPM  RVK

Shriram Transport Finance raises Rs 500 cr through bonds

New Delhi, Feb 10 () Shriram Transport Finance Company (STFC) on Monday said it has raised Rs 500 crore by issuing bonds on private placement basis.<p> The company has allotted rated, listed, secured, redeemable, non-convertible debentures on private placement basis for an issue size of Rs 500 crore, STFC said in a regulatory filing.</p><p> The coupon rate for the bonds is 9.47 per cent per annum, while the tenure is 13 months from the date of allotment.</p><p> The date of maturity is fixed for March 10, 2021.</p> Shares of STFC on Monday closed 1.73 per cent lower at Rs 1,201.50 on the BSE.  KPM  RVK

New Delhi, Feb 4 () Shares of Shriram Transport Finance Company (STFC) on Tuesday zoomed over 7 per cent, a day after the firm reported a 38.4 per cent rise in consolidated net profit for the third quarter ended December.
<p> The scrip jumped 6.15 per cent to close at Rs 1,047.40 on the BSE. During the day, it advanced 12.84 per cent to Rs 1,113.40.
</p><p> On the NSE, it climbed 7.29 per cent to close at Rs 1,060.
</p><p> In terms of traded volume, 2.13 lakh shares of STFC were traded on the BSE and over 61 lakh on the NSE.
</p><p> The company on Monday reported a 38.4 per cent rise in consolidated net profit at Rs 879.16 crore for the third quarter ended December.
</p><p> The non-banking financial company (NBFC) had posted a net profit of Rs 635.45 crore in December quarter of 2018-19.
</p><p>Total income during the quarter under review rose to Rs 4,288.26 crore from Rs 3,993.40 crore in the year-ago quarter.
</p><p> STFC is the flagship company of Shriram Group.  SUM
</p>  
   RUJ

Shriram Transport Finance stock jumps over 7 pc post Q3 earnings

New Delhi, Feb 4 () Shares of Shriram Transport Finance Company (STFC) on Tuesday zoomed nearly 13 per cent after the company reported 38.4 per cent rise in consolidated net profit for the third quarter ended December.
<p>The scrip jumped 12.84 per cent to Rs 1,113.40 on the BSE.
</p><p>At the NSE, it climbed 12.85 per cent to Rs 1,114.95.
</p><p>Shriram Transport Finance on Monday reported 38.4 per cent rise in consolidated net profit at Rs 879.16 crore for the third quarter ended December.
</p><p> The non-banking financial company (NBFC) had posted a net profit of Rs 635.45 crore in October-December 2018-19.
</p><p>Total income during the quarter under review rose to Rs 4,288.26 crore from Rs 3,993.40 crore in the year-ago quarter.
</p><p> STFC is the flagship company of Shriram Group. 
</p><p> 
</p>   SUM ANU
ANU

Shriram Transport Finance stock zooms nearly 13 pc post Q3 earnings

New Delhi, Feb 3 () Shriram Transport Finance Company Limited on Monday reported a 38.4 per cent rise in consolidated net profit at Rs 879.16 crore for the third quarter ended December.<p> 
</p><p> The non-banking financial company (NBFC) had posted a net profit of Rs 635.45 crore in the October-December quarter of the previous fiscal.
</p><p> Net interest income during the quarter increased 1.36 per cent to Rs 2,055.42 crore as against Rs 2,027.87 crore in the same period of previous year, it said in a regulatory filing.
</p><p> Total income during the quarter under review rose to Rs 4,288.26 crore from Rs 3,993.40 crore in the year-ago quarter.
</p><p> The company's assets under management (AUM) as on 31 December, 2019 stood at Rs 1,08,931.38 crore as compared with Rs 1,03,817.94 crore a year ago, it said.
</p><p> Shriram Transport Finance Company (STFC) is the flagship company of the Shriram Group. It mainly caters to finance for commercial vehicle industry and seeks to partner small truck owners for their funding needs.
</p> Shares of the company on Friday closed almost flat at Rs 986.70 on the BSE.  KPM  RVK

Shriram Transport Finance Q3 net rises 38 pc to Rs 879 cr

Mumbai, Jan 10 () Non-banking lender Shriram Transport Finance (STFC) on Friday said it has raised USD 500 million (approximately Rs 3,556 crore) through dollar bond, making it the first international public social bond issuance from the country.
<p> The money was raised through issuance of 144A/Reg S bonds having a tenor of three-and-a-half years and offering a coupon of 5.1 per cent from investors.
</p><p> It received interest from marquee social bond investors including those from Hong Kong, Singapore, London and the US.
</p><p> "The proceeds from the bond would be used for employment generation including through MSME financing and microfinance," the company said in a statement.
</p><p> The bond was initially priced at 5.375 per cent, but owing to good demand from investors, the company fixed the price at 27.5 basis points lower to 5.1 per cent.
</p><p> The bond got overwhelming response from investors with the final order book in excess of USD 2.20 billion and oversubscription of over four times.
</p><p> The transaction witnessed 50 per cent participation from the US, 37 per cent from Asia and 13 per cent from Europe, Middle East, and Africa (EMEA) with 85 per cent investment from asset managers and five per cent each from banks and insurance, and 5 per cent from private banks among others.
</p><p> "Social impact continues to remain a focus area for the company and we are pleased to have received significant interest for our inaugural social bond," STFC's managing director and CEO, Umesh Revankar, said.
</p><p> The joint book-runners and joint lead managers to the issue were Barclays, BNP Paribas, Citigroup, Credit Suisse, Deutsche Bank, Emirates NBD Capital, HSBC, ING, J P Morgan and Standard Chartered Bank.
</p><p> With this issuance, the company has raised USD 1.65 billion through dollar bonds since 2019.
</p><p> It had raised USD 400 million in February, USD 500 million in April and USD 250 million in July.
</p><p> Besides, it also raised USD 145 million in November 2019 and USD 90 million in January 2020, through loan route from multilateral agencies.
</p><p> The company raised these funds under its USD 2,000 million global medium term note programme (GMTN).
</p><p> STFC, through its 1,669 branches, provides finance to commercial vehicle industry.
</p><p> As of September 2019, its total assets under management stood at Rs 1,08,120.24 crore as compared to Rs 1,04,379.83 crore in the year-ago period.
</p> Its net profit increased by 25.50 per cent to Rs 765.05 crore in the second quarter of the current fiscal from Rs 609.58 crore in the same period of the previous year.  HV  ANS
ANS

Shriram Transport Finance raises around Rs 3,556 cr via bond issue

New Delhi, Mar 30 () Shares of Shriram Transport Finance Company Limited (STFC) on Monday plunged 16 per cent after Fitch Ratings downgraded long-term issuer default ratings of the NBFC alongwith two others on increasing macro-economic challenges following the coronavirus pandemic.<p> These non-banking financial companies are Shriram Transport Finance Company Limited (STFC), Muthoot Finance Limited (MFL) and India Infoline Finance Limited (IIFL). </p><p> Scrip of Shriram Transport declined 15.92 per cent to close at Rs 609.10 on the BSE. During the day, it dropped 17.73 per cent to Rs 596.</p><p> Muthoot Finance fell by 1.01 per cent to close the trade at Rs 612 after falling 4.73 per cent to Rs 589 in intra-day.</p><p> The long-term issuer default ratings (IDRs) of STFC and MFL have been downgraded to BB from BB+, while that of IIFL to B+ from BB+.</p><p> "The rating actions reflect increasing macro-economic challenges for the Indian non-bank financial institution (NBFI) sector. These include the growing effects from measures to contain the COVID-19 pandemic, which will compound the tightening in funding conditions for NBFIs in recent weeks," it added.</p><p> The RBI's recent liquidity and regulatory support measures should help to improve the funding environment in near-term, but it also underlines the severity of the situation and Fitch sees continued uncertainty in the coming months nonetheless, the global ratings agency said.</p> Meanwhile, the broader market also depicted a weak trend as the BSE benchmark tumbled 1,375.27 points to close at 28,440.32.  SUM   SHWSHW

Shriram Transport shares tank 16 pc after ratings downgrade '

<keyword id="273154" type="PERSON" weightage="20" keywordseo="Arun-Duggal">Arun Duggal</keyword>, the 68 year old chairman of financial services major, <keyword id="4745298" type="COMPANY" weightage="20" keywordseo="Shriram-Capital">Shriram Capital</keyword> has resigned from the directorship of the company on November 15, 2014. Duggal was a non executive and non independent director as well as the chairman of the Board of Directors of the company.<br />
<br />
“ We are not aware of the reason behind his resignation. However, we know that he has resigned,” a senior official from the company told BI India on the condition of anonymity.<br />
<br /> Duggal has also resigned from Board of Directors from other Shriram group ventures which include <keyword id="6355662" type="COMPANY" weightage="20" keywordseo="Shriram-Transport-Finance-Company">Shriram Transport Finance Company</keyword> and <keyword id="6474478" type="COMPANY" weightage="20" keywordseo="Shriram-City-Union-Finance">Shriram City Union Finance</keyword>.<br />
<br />
The company spokesperson confirmed the news.<br />
<br /> It should be noted that Duggal is also the chairman of Shriram Properties and Shriram <keyword id="129822" type="ORGANIZATION" weightage="20" keywordseo="EPC">EPC</keyword>, and Bellwether Microfinance, a company which provides equity capital to micro finance organisations.<br />
<br /> According to the website of the company, Duggal also serves as a senior advisor to the global private equity firm <keyword id="124318" type="COMPANY" weightage="20" keywordseo="TPG-Capital">TPG Capital</keyword>. His expertise includes financial strategy, merger and acquisition and capital raising.<br />
<br /> At present, he is the vice chairman of International Asset Reconstruction Company and Indian Venture Capital Association. Previously, he has also been the chairman of the American <keyword id="6693414" type="ORGANIZATION" weightage="20" keywordseo="chamber-of-commerce">Chamber of Commerce</keyword>, India and was on the Board of Governors of the <keyword id="520714" type="ORGANIZATION" weightage="20" keywordseo="National-Institute-of-Bank-Management">National Institute of Bank Management</keyword>. <br />

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