Five stocks in the finance sector that investors should keep an eye on today!
Check out these finance companies making headlines in the morning trade session.
While the market sentiment remains gawkish in spillovers of the Russia-Ukraine war and soaring oil and commodity prices and inflation woes, the Financial Sector has not been spared. Today, the sectoral index S&P BSE Finance is trading in negative territory with a loss of 0.7% at 7818.65 at the time of writing.
Among the Finance companies Paisalo Digital, Shriram Transport Finance, Fino Payment Bank, Chola Financial Holdings and Can Fin Homes are among the stocks that are in the news on Thursday. Let us see why!
Paisalo Digital: The non-deposit taking non-banking financial company has entered into a Co-Lending Loan Agreement with Bank of Baroda. Paisalo uses Artificial Intelligence and Machine Learning to provide loans to the financially excluded using JAM Yojna – JanDhan Bank Account, Aadhar Card, and Mobile to process loans. Under the Co-originating Loan model, it ties up with banks to mutually benefit from the low cost of funds of banks and low cost of operation of Paisalo. In the morning trades on Monday, Paisalo Digital was trading at Rs 639.95, down 1.52% or 9.85 per share.
Shriram Transport Finance: The Allotment Committee has approved and allotted 500 senior secured rated, listed, redeemable NCDs of the face value of Rs 10 lakh each aggregating to Rs 50 crore on a private placement basis. The NCD will bear a fixed interest rate with a coupon rate of 7.4507% p.a. for a tenure of 3 years and 1 month, the date of allotment being March 23, 2022. The Proceeds of the issue will be utilized for financing of commercial vehicles, refinancing of existing debt and other general purposes of the company, as stated by the company.
In the morning trades on Monday, Shriram Transport Finance was trading at Rs 1095.10, down 0.11% or 1.25 per share.
Fino Payment Bank announced in a press release yesterday that it has been appointed as the official Digital Payments Partner of the Rajasthan Royals for Season 15 of the Indian Premier League. This partnership will allow Fino Bank to enhance its visibility to digitally savvy consumers who are associated with the Rajasthan Royals, the league and the sport of cricket as a whole. At the time of writing, shares of Fino Bank were trading Rs 282.65, up by 0.59% or 1.65 per share
Chola Financial Holdings has been given IND AA+/Stable rating on the Non -convertible debentures of the Company by India Ratings & Research Pvt Ltd. (Credit Rating Agency). The Non-convertible debentures of the Company aggregate to Rs 200 crore. At the time of writing, Chola Financial Holdings was trading at Rs 639.05, up 0.97% or 6.15 per share.
Can Fin Homes: The company informed in its exchange that its board will meet on March 29 to consider revalidation of approvals and authorizations for issuance of non-convertible redeemable debentures up to an amount of Rs 2,525 crore, on a private placement basis, in one or more tranches, for a period up to the date of the Annual General Meeting of the year 2021-22. In the morning trades, Can Fin Homes was down 0.78% or 4.70 per share.
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