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Budget 2021: Bold And Beautiful But Needed Some Balancing
Budgetary allocation is directed towards reviving growth and government preferred growth over fiscal prudence. outlookindia.com 2021-02-04T13:27:12+05:30
Finance Minister (FM) Nirmala Sitharaman presented amid high expectations and speculations. This budget has been prepared under the shadow of Covid crisis and economic survey highlighted several issues which our economy is facing.
The budgetary allocation is directed towards reviving growth and government preferred growth over fiscal prudence. Capital expenditure has been increased by 34 per cent to Rs. 5.54 lakh crores which will give a much-needed push to infrastructure development. Expenditure on health sector was expected to be increased due to the unprecedented crisis witnessed last year and the increase in expenditure from Rs. 94,452 crores to Rs 223,846 crores (up by 137 per cent) should be used to build health infrastructure.
Shriram Transport Finance Company Ltd announces third quarter results
Posted On: 2021-01-28 08:57:58 (Time Zone: Arizona, USA)
The Board Meeting of Shriram Transport Finance Company Limited (STFC), was held today to consider the unaudited financial results for the Third quarter ended 31st December, 2020.
Financials (Standalone):
Third quarter ended 31st December, 2020:
The Net Interest Income for the Third quarter ended 31st December, 2020 was at Rs. 2,148.22 crores as against Rs. 2,113.75 crores in the same period of the previous year. The profit after tax was Rs. 727.72 crores as against Rs. 879.16 crores recorded in the same period of the previous year. The earning per share (basic) for the third quarter ended 31St December, 2020 stood at Rs. 29.54 as against Rs. 37.76 recorded in the same period of the previous year.
Non-Banking Financial Companies (NBFCs) are expecting higher credit loss as well as an increase in provision coverage rates, mainly due to the impact of the coronavirus pandemic, according to a study. The study by leading consultancy EY is based on an analysis of the standalone financial statements of 42 NBFCs, including 14 Housing Finance Companies (HFCs), for the year ended March 31, 2020. The companies have reported an increase in Expected Credit Loss (ECL) allowance by 33 per cent and an overall increase in provision coverage rate by 26 per cent as at 31 March 2020 compared to the year ended 31 March 2019 . Further, COVID-19 impact accounted for 19 per cent of the ECL allowance as on March 31 this year.
Synopsis
The report noted an increase in Expected Credit Loss (ECL) allowance by 33% and an overall increase in provision coverage rate by 26% as at 31 March 2020 compared to the year ended 31 March 2019. The EY Study, , ‘Expected credit loss analysis for non-banking financial companies’ also shows that companies reported a COVID-19 impact comprising 19% of the ECL allowance as at 31 March 2020.
Agencies
EY research team performed a review of the standalone financial statements for the year ended 31 March 2020, in comparison to year ended 31 March 2019 of 42 companies.
Mumbai: Some of the top non banking finance companies and housing finance companies have seen a jump in the way they provision for some of the future uncertainties due to Covid pandemic, an EY report said.