ARKA FINCAP
Kirloskar's NBFC turns focus to MSME loans to reduce risks
Arka Fincap, a Kirloskar Group-owned NBFC, is shifting its focus towards MSME loans to reduce wholesale credit risk. They aim for MSME loans to constitute 70% of their total portfolio, up from the current 50%, with a target to increase this to 75%. The NBFC, which has doubled its total loan book to ₹5,300 crore, plans to grow it further to ₹7,500 crore by FY25, with a significant portion from MSME lending.
Kirloskar co Arka Fincap eyes Rs 300 crore from NCD sale
The NCDs, available in three tenures - 24 months, 36 months and 60 months - offer interest rates ranging from 9.29% to 9.99%. The company, part of the Kirloskar Group, has reserved 25% of the issue each to institutional buyers, companies, high-net-worth individuals and retail investors.
Wockhardt to reduce debt against share pledge to 26% from 65% now in FY24
Khorakiwala-owned Humuza Consultants has pledged its entire 65.46% shares of Wockhardt with private lenders as of March 31, 2023, according to a stock exchange disclosure. The promoter intends to reduce the share pledge to 26% by the end of this fiscal year, the people cited above said.
Indian NBFCs double fundraising via bonds in five days as bank rate gap widens
Indian non-banking financial companies (NBFC) have raised around INR 100bn ($1.21bn) in the past five days from bond issues, double that of the preceding work week. More issues are expected as interest rates in the debt market continue to be low, leading to demand picking up as lending rates drop. Meanwhile, the Reserve Bank of India’s recent move to withdraw INR 2,000 notes is expected to boost liquidity and lead to shorter tenor yields improving.
Stocks in the news: RIL, GR Infra, HCL Tech, Clean Science and Just Dial
HCL Tech, HDFC Life, ACC, Nippon Life India AMC, Indian Bank, Alok Industries, City Union Bank and Supreme Petrochem will announce quarterly earnings today.
Kirloskar group companies to focus on consumer-centric businesses, adopt a new logo
The plan entails “significant” investment in the group’s two consumer-facing businesses which are Arka Fincap, a non-bank financial company (NBFC) and Avante Spaces, a real-estate company, said Atul Kirsloskar, chairman of Kirloskar Oil Engines Ltd (KOEL). The investments will be funded through internal accruals.
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NBFCs push for parity with banks, seek access to credit repository of large borrowers
Non-bank lenders that are mandated to report the relevant credit information every quarter don’t have access to the data on their own customers, or prospective customers, through the CRILC portal.
View: India needs to raise government revenue to ensure equalisation and growth
A coordinated effort across taxes and levels of government is necessary to eliminate the tax gap, make the tax system more effective, equitable and efficient, and build fiscal federalism.
Kirloskars now spar over trademark of family name
Bengaluru-based Vijay Kirloskar sues his Pune nephews for allowing seven entities they control to use the trademarks ‘Kirloskar’ and ‘Kirloskar Enriching Lives’.
Loan restructuring plan shows India's financial sector is short on capital and truth
Whether the loan relief succeeds or fails, one thing is certain: India’s $1.4 trillion credit machine will be in stall mode until next March as restructuring “sucks up bankers’ bandwidth,” and the “scope for new credit creation dwindles,” says Nachiket Naik, head of corporate lending at Arka Fincap Ltd., a Mumbai-based financier.
Non-AAA rated NBFCs queue up for half of the government’s Special Liquidity Scheme
Many nonbank lenders including Piramal Capital, Indiabulls Consumer Finance, IIFL Home Finance and Tata Motors Finance, have applied for loans worth nearly ₹15,000 crore under the government’s Special Liquidity Scheme (SLS).
Kirloskar's NBFC arm raises over Rs 100 crore
The debt securities, known non-convertible debentures in market parlance will be up to three-year maturities. These papers will be listed on the BSE.
Can new CEO Sumant Kathpalia steer IndusInd in a storm?
Romesh Sobti tried to ensure IndusInd Bank had a wider retail depositor base before he retired. But the current stress will test the bank as well as his successor Sumant Kathpalia.
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