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Shares of state-owned banks, non-banking finance companies (NBFCs) and infrastructure firms plunged as much as 10% on Monday following the Reserve Bank of India's tougher draft guidelines on the financing and accounting of project loans.
The proposed stricter lending criteria, with additional provisioning, are aimed at preventing accounting shocks but could potentially hurt balance sheets of these entities and exert pressure on their valuation multiples, analysts and economists said.
POONAWALLA FINCORP LIMITED Q4 FY2023-24 RESULTS CONFERENCE CALL APRIL 29, 2024 MANAGEMENT: MR. ABHAY BHUTADA -...
The private sector lender reported a healthy performance in Q4, with 17% year-on-year (YoY) growth in profit amid contained opex and provisions. The pace of NIM contraction decelerated, down 3 bps quarter-on-quarter (QoQ) at 4.4%.
HDFC Bank reported fairly strong quarterly results over the weekend, but shares of the country's largest private sector lender declined over 1 per cent on Monday afternoon. This even as the broader BSE Sensex was up 0.5 per cent.