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NEWS

Posted On:
05-03-2024

IIFL Finance slumps 20% post RBI ban on sanctioning, disbursing gold loans

Shares of IIFL Finance slumped 20 per cent to the lower circuit on BSE at Rs 479 in Tuesday's intra-day trade after the Reserve Bank of India (RBI) barred the NBFC from sanctioning or disbursing gold loans or assigning/ securitising/ selling any of its gold loans. The regulator has, however, allowed IIFL to service its existing gold loan portfolio through the usual collection and recovery processes. A combined 196,914 equity shares changed hands and there were pending sell orders for 20.08 million shares on the NSE and BSE, as of 9:45 am. Following an inspection of IIFL Finance with reference to its financial position as on March 31, 2023, the RBI observed deviations in assaying and certifying purity and net weight of the gold at the time of sanctioning loans and at the time of auction upon default. The regulator also found breaches in the loan-to-value ratio, significant disbursements and collections of loan amount in cash far in excess of the statutory limit, non-adherence to the standard auction process, and lack of transparency in charges on customers.
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Posted On:
05-03-2024

Bajaj Finance tumbles 5%, hits 10-month low; extends YTD weakness to 15%

Shares of Bajaj Finance saw a sharp downturn in the second half of the session on Tuesday, falling 4.9 per cent to an intraday low of Rs 6,275 per share. With this, the stock hit a 10-month low, falling to its lowest level since May 3, 2023. At 2:45 PM, the stock was down 3.8 per cent at Rs 6,347 apiece as against 0.15 per cent dip in the benchmark S&P BSE Sensex. The stock was the top laggard on the index, along with its peer stock Bajaj Finserv which was also down 4 per cent.
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Posted On:
05-03-2024

Flipkart UPI: Flipkart Launches UPI Service For Online And Offline Payments

Flipkart introduces its Unified Payments Interface (UPI) service in collaboration with Axis Bank, targeting online and offline payments. The service, available for Android users via the Flipkart app, allows creation of new UPI IDs for fund transfers and in-app payments. With 500 million registered users and 1.4 million sellers, Flipkart aims to tap into a vast user base. Ecommerce company Flipkart on Sunday launched its UPI services, Flipkart UPI, in partnership with Axis Bank. Flipkart UPI will initially be available for Android users, the company said. Loyalty features such as Supercoins, cashback, milestone benefits and brand vouchers will be made available after the UPI launch, it added. Flipkart has been testing its UPI offering since last year. The service will allow its users to make UPI payments without switching to other applications. Consumer internet companies introducing their own UPI offerings is significant in the context of the National Payments Corporation of India (NPCI) trying to reduce UPI’s over-reliance on a few players.
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Posted On:
06-03-2024

Indiabulls Real Estate shares tank 10% on 'unlawful' order.

Indiabulls Real Estate shares fell 10.48 per cent to hit a low of Rs 105.45. Despite this, the stock is up 21.62 per cent in 2024 so far. Shares of Indiabulls Real Estate Ltd took a beating, falling over 10 per cent in Wednesday's trade after Maharashtra Industrial Development Corporation (MIDC) issued a vacation order, directing an Indiabulls arm to vacate the land area admeasuring 5,12,068 hectors in processing zone of such SEZ at Sinnar, Nashik district, Maharashtra, within one month of receipt of order. Calling the order 'unlawful', Indiabulls Real Estate said it is evaluating legal options to defend itself/seek redressal against the said order, including filing of an appeal before appropriate authorities or court. It said the realtor would take all desirable actions in the matter. Indiabulls Real Estate shares fell 10.48 per cent to hit a low of Rs 105.45. Despite this, the stock is up 21.62 per cent in 2024 so far.
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Posted On:
06-03-2024

Zomato shares fall 4% as Ant likely sells Rs 3,000 crore worth stake in block deal

Shares of online food delivery platform Zomato on Wednesday fell 3.6% to the day's low at Rs 160.10 on BSE after 2.2% equity worth over Rs 3,000 crore changed hands in a block deal in which Ant Financial could be the likely seller. Last evening, it was reported that China's Alibaba-affiliate Ant Financial is looking to sell a 2% stake at a floor price of Rs 159.4, a discount of nearly 5% from Tuesday's market price.
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