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Time of India
8 hours ago
- Business
- Time of India
Spandana Sphoorty to raise Rs 400 crore via rights issue for FY26 plans
Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel Microfinance company Spandana Sphoorty Financial is planning to raise up to Rs 400 crore from existing shareholders through rights issue of shares. The company board approved the plan board will meet again on Friday to fix the price of the issue and other related matters such as related payment mechanism, rights entitlement ratio, the record date and timing of the issue, Spandana said after Tuesday's board meeting in regulatory filings to the stock rights issue is a part of the microfinance company's plan to raise up to Rs 750 crore in equity in FY26.A board committee was earlier formed to oversee the capital raising exercise. Interim chief executive Ashish Damani had earlier said that the promoter Kedaara Capital is expected to participate in the rights Sphoorty suffered a Rs 1035 crore annual net loss in FY25 while its gross bad loan ratio jumped to 5.63% of the total portfolio. It faced another jolt when chief executive Shalabh Saxena abruptly stepped down in April amid suspicion of unreported frauds at the branch level and cash balance company however denied all the allegations.
Economic Times
10 hours ago
- Business
- Economic Times
SK Finance loan book jumps 27 pc to Rs 13,261 cr in FY25; eyes Rs 2,200 cr via IPO
Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel Jaipur-based SK Finance Ltd, a non-banking financial company, on Tuesday reported 27 per cent rise in its loan book to Rs 13,261 crore for FY25, compared to Rs 10,476 crore in the previous weathering industry headwinds in FY25, SK Finance stayed resilient, delivering an impressive performance backed by robust demand and focused expansion, the company said in a NBFC saw its profit after tax increase by 21.72 per cent year-on-year to Rs 380 crore, while total income rose 32.7 per cent to Rs 2,386 during the year stood at Rs 8,398 crore, marking a 16 per cent rise, driven by growth in car, tractor and MSME vehicle loans comprised the largest share of the company's assets under management (AUM) at 37.9 per cent, followed by MSME loans at 23.1 per cent and car loans at 20.4 per cent. SK Finance maintained a strong capital adequacy ratio of 29.51 per cent, comfortably above regulatory requirements, the company in 1994 by Rajendra Kumar Setia to address the lack of institutional credit for small traders and transporters in Rajasthan, the company has focused on rural and semi-urban segments, targeting underserved borrowers in Tier-II and Tier-III September last year, SK Finance got Sebi's clearance to float Rs 2,200 crore initial public offering (IPO). The IPO is a combination of a fresh issue of equity shares worth Rs 500 crore and an offer-for-sale (OFS) of up to Rs 1,700 crore by promoters and investor a part of the OFS, Norwest Venture Partners X-Mauritius and TPG Growth IV SF PTE Ltd will offload shares worth Rs 700 crore each, Evolvence Coinvest I will divest shares to the tune of Rs 75 crore and Evolvence India Fund III Ltd will sell shares worth Rs 25 promoters -- Rajendra Kumar Setia and Rajendra Kumar Setia HUF -- will offload shares aggregating to Rs 180 crore and Rs 20 crore, Finance plans to utilise proceeds from the fresh issue for augmenting the capital base to meet future business requirements of the company towards onward lending and for general corporate purposes.
Economic Times
12 hours ago
- Business
- Economic Times
Dolly Khanna, Mukul Agrawal raise stakes in multibagger small-cap stock in June quarter
Live Events Prakash Industries Q4 Results (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel Ace investors Dolly Khanna and Mukul Mahavir Agrawal have increased their stakes in small-cap multibagger Prakash Industries during the June 2025 quarter, according to the latest shareholding Khanna raised her stake by 0.2%, now holding 2.27% or 40,56,674 shares in the company. Mukul Agrawal also increased his stake by 0.3%, taking his total holding to 1.72% or 30,27,554 known for identifying multibaggers, publicly holds 62 stocks with a combined net worth of over Rs 6,896 crore as of the June quarter. His top holdings include Neuland Laboratories , BSE, Radico Khaitan , Nuvama Wealth, Deepak Fertilisers Intellect Design , and PTC Industries In the June quarter, Agrawal also added SME stock Monolithisch India to his portfolio, purchasing 5 lakh shares or a 2.30% stake. Additionally, he acquired a 1.27% stake in Jammu & Kashmir Dolly Khanna publicly holds 16 stocks with a total net worth of over Rs 458.6 crore. Her top holdings include Som Distilleries Prakash Pipes , and Stove Kraft In Tuesday's trade, shares of Prakash Industries closed 2.6% higher at Rs 163 on the BSE. The stock has delivered multibagger returns—rising 106% in the last two years and 222% over three years. However, it is down 16% in the past one Prakash Industries reported a 5.14% year-on-year (YoY) decline in net sales to Rs 844.64 crore, net profit rose 2.32% to Rs 90.83 crore from Rs 88.77 crore in the same quarter last for the quarter stood at Rs 138.43 crore, up 3.33% from Rs 133.97 crore in the March 2024 quarter. Earnings per share (EPS) also improved to Rs 5.07 from Rs 4.96 a year ago.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
Economic Times
12 hours ago
- Business
- Economic Times
Market Wrap: Sensex jumps 317 points, Nifty reclaims 25,150 as cooling inflation breaks 4-day D-Street slide
Sectoral Watch Live Events Expert Views Global Markets Crude Impact Rupee vs Dollar (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel Indian benchmark Sensex and Nifty indices rebounded on Tuesday, snapping a four-day losing streak, as a softer-than-expected domestic inflation print buoyed market sentiment. Gains were seen across most sectors, although a weak margin outlook from HCL Tech tempered the overall Sensex rose 317.45 points, or 0.39%, to close at 82,570.91 while the Nifty 50 gained 113.50 points, or 0.45%, to settle at 25,195.80. The rebound follows a sharp pullback over the previous four sessions, during which both indices had shed nearly 1.7%.The market capitalization of all listed companies on the BSE increased by Rs 1.77 lakh crore to Rs 460.37 lakh of Sun Pharma Bajaj Finserv , Mahindra & Mahindra, and Bajaj Finance were among the top gainers on the Sensex, rising between 1% and 2.7%.All key sectoral indices ended higher on the day, with broad-based participation extending to the broader markets, both the Nifty Midcap 100 and Nifty Smallcap 100 indices advanced around 1% annual retail inflation eased to a more than six-year low of 2.10% in June, hovering near the lower end of the Reserve Bank of India's target range. The sharp decline, driven by softening food prices, has strengthened the case for potential interest rate are now focused on the U.S. inflation data, due later in the day, for cues on the Federal Reserve's rate individual stocks, Sun Pharma jumped 2.7% following expectations that its newly launched anti-baldness drug, Leqselvi, in the U.S. would support sales growth. Yes Bank surged 2.4% after Bloomberg reported that Japan's Sumitomo Mitsui Financial Group is in talks to invest $1.1 billion in the lender for an additional 5% the downside, HCL Tech slipped 3.3%, making it the worst performer on both the Nifty 50 and among IT peers, after the company posted weaker-than-expected quarterly earnings and cut its full-year margin sentiment is showing signs of improvement, supported by a blend of global and domestic developments and optimism is growing around the possibility of an interim trade agreement with the U.S., which could lead to a moderation in tariff-related risks, said Vinod Nair, Head of Research, Geojit drew comfort from the further easing of CPI inflation, which triggered notable buying in rate-sensitive sectors in hopes of a potential rate cut, said Ajit Mishra, SVP, Research at Religare Broking."However, continued disappointment from the IT space, following HCL Technologies' results, capped overall momentum. With the hurdle at the short-term moving average (20 DEMA) near 25,250 still intact, we suggest maintaining a cautious stance on the index and adopting a selective approach on the sectoral front," said equities advanced on Tuesday as investors entered a pivotal week for U.S. earnings, inflation data, and trade developments with cautious optimism.U.S. President Donald Trump over the weekend threatened to impose 30% tariffs on the EU and Mexico from August 1, up from the 20% proposed in April. However, markets found some relief after Trump signaled openness to further negotiations before the levies take world share index edged up 0.16%, nearing last week's record highs. Europe's STOXX 600 rose 0.2%, lagging behind Asia-Pacific markets, where MSCI's ex-Japan index climbed 1%. Nasdaq futures gained 0.6% after Nvidia announced plans to resume sales of its H20 chips in Asia, China's economy showed better-than-expected resilience in Q2 despite U.S. trade commodities, gold rose 0.5% to $3,361 per ounce, while silver added 0.3% to $38.25 after hitting its highest level since September prices held steady on Tuesday as U.S. President Donald Trump's 50-day ultimatum for Russia to end the war in Ukraine and avoid further sanctions helped ease immediate concerns over supply crude inched up 8 cents, or 0.12%, to $69.29 a barrel by 0931 GMT, while U.S. West Texas Intermediate (WTI) rose 3 cents, or 0.04%, to $ Indian rupee strengthened 0.2% on Tuesday to close at 85.81 against the U.S. dollar, supported by gains in most Asian currencies as the dollar weakened ahead of a key U.S. inflation report expected to offer clues on the Federal Reserve's policy dollar index, which measures the greenback against six major currencies, slipped 0.11% to 97.97.(With inputs from agencies)
Time of India
15 hours ago
- Business
- Time of India
Japan's Nikkei rises as Nvidia's AI China news lifts chip-related shares
Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel Japan's Nikkei ended higher on Tuesday as chip stocks rallied after Nvidia's plan to resume AI chip sales in China, with the benchmark shrugging off early caution over U.S. price data and the election Nikkei closed 0.55% higher at 39,678.02, after falling as much as 0.2% earlier in the session."Investors weighed U.S. price data due later in the day and the national election outcome earlier in the session," said Seiichi Suzuki, chief equity market analyst at Tokai Tokyo Intelligence Laboratory."But the news on Nvidia lifted Japan's chip-related stocks, which boosted the Nikkei."AI chip giant Nvidia said it will resume sales of its H20 graphics processing unit (GPU) chips to China and expects to get U.S. government licence of chip-making equipment maker Tokyo Electron rose 3.49% to become the biggest source for the Nikkei's equipment maker Advantest reversed course to end 1.78% makers, which are the gauge for the data centre investments, jumped, with Furukawa Electric climbing 6.49% to become the top percentage gainer. Fujikura gained 3.95%.The broader Topix edged 0.09% higher to 2, investors also await U.S. consumer price data for June, due later in the day, and will monitor for any upward pressure on prices from Japan, markets are wary of a potential defeat for the Liberal Democratic Party and its coalition partner Komeito in the upcoming upper house election on July 20.A defeat could empower opposition parties that have pledged in their campaign platforms to cut or abolish the sales maker Daikin Industries lost 2.6%, becoming the biggest drag on the Nikkei.
