NewsClues | Read the latest business economy and financial news in short. Business and financial news aggregator with news summary.
Swipe through the latest business and wealth clues with our android app
Clues by NC Team • 14 Feb 2019, Thursday

Shares of Dewan Housing Finance Corporation Limited (DHFL) jumped 18% from the intra-day lows to Rs 123 apiece. The stock opened 6% lower at Rs 105 after DHFL’s Joint MD and CEO Harshil Mehta resigned on Wednesday with immediate effect. However, the company clarified that Harhil Mehta would continue to be associated with the company and shall hold the designation of Executive President- Retail Business with effect from 14th February 2019. The Wadhawans, promoters of DHFL are also planning to rope in a strategic investor to infuse fresh equity into the company.

Read More at Business Standard
Clues by NC Team • 14 Feb 2019, Thursday

Shares of Dewan Housing Finance Corporation (DHFL) plunged 6% in early trade on Thursday, a day after the company said its CEO Harshil Mehta has resigned. The board of directors of the company accepted Mehta's resignation. The board has recommended the appointment of Sunjoy Joshi as an Independent Director and Srinath Sridharan as a Non-Executive Director. The stock has corrected more than 80% from its highs of Rs 691. It is currently trading around Rs 107.

Read More at The Economic Times
Clues by NC Team • 11 Feb 2019, Monday

Shares of Dewan Housing Finance Ltd (DHFL) fell nearly 6% on reports of receiving notice from the Mumbai division of the Income Tax department. According to a CNBC-TV18 report, the income tax department sent a notice to DHFL under Section 131 of I-T Act to furnish books of accounts explaining certain suspicious transactions. Section 131 of the I-T Act empowers the income tax authorities to conduct inquiries. It provides powers to summon persons/witnesses, examine them under oath, compel production of books of account and documents, and issue commissions.

Read More at CNBC TV18
Clues by NC Team • 5 Feb 2019, Tuesday

Crisis-ridden Dewan Housing Finance Ltd (DHFL) and US-based financial services major Prudential Financial are looking to sell their respective stakes in the domestic life insurance joint venture, DHFL Pramerica Life Insurance Company. DHFL is selling its 51% stake in the insurance JV as part of its promoter’s efforts to exit non-core businesses and ease the liquidity crisis in the group’s flagship housing finance business. Shares of DHFL have tanked on liquidity concerns and rising debt costs.

Read More at The Economic Times
Clues by NC Team • 5 Feb 2019, Tuesday

Dewan Housing Finance Ltd (DHFL) shares rose on Monday following five consecutive sessions of decline, after the housing finance company said it was keen to sell assets and some of its businesses to improve liquidity. The stock rose as management tried to assuage liquidity concerns on a conference call with investors, media and analysts. The company also plans to rope in a strategic partner. The stock had hit a 6-year low on Monday trade. It jumped over 5% to touch an intra-day high of Rs 121.85 on NSE in early trade on Tuesday.

Read More at The Economic Times
Clues by NC Team • 4 Feb 2019, Monday

Bank of India has exposure worth Rs 3,800 crore to DHFL, said Dinabandhu Mohapatra, MD and CEO of the state-owned bank, adding that the lender will take necessary steps regarding the same. The RBI recently dropped Bank of India (BoI), Bank of Maharashtra (BoM) and Oriental Bank of Commerce from the prompt corrective action (PCA) framework. However, the RBI will continue to regularly monitor the performance of these banks.

Read More at CNBC TV18
Clues by NC Team • 4 Feb 2019, Monday

Rajnish Kumar, chairman of SBI, said that the country’s largest lender has an exposure of Rs 11,000 crore in Dewan Housing Finance Limited (DHFL). He, however, assured that the exposure is secured, it is serviceable, and the cash flows are positive.

Read More at CNBC TV18
Clues by NC Team • 4 Feb 2019, Monday

Private equity major, Blackstone, has entered into a definitive agreement to buy a nearly 80% stake in Aadhar Housing Finance from the financially embattled Wadhawan group for an undisclosed sum. The group's holding company Wadhawan Global Capital (WGC) will be selling its 70% stake in the company, while its listed mortgage lender subsidiary DHFL will also be offloading its stake, pegged at around 9%, as per a company statement Saturday. Aadhar Housing Finance is focussed on affordable housing and had posted a net profit of Rs 99.72 crore in FY18.

Read More at CNBC TV18
Clues by NC Team • 4 Feb 2019, Monday

Shares of DHFL jumped up over 5% on BSE in Monday’s trade to hit a high of Rs 117 after the company said the promoters intend to sell a stake and rope in a strategic partner. quoted Chairman and MD Kapil Wadhawan told ET Now that allegations of financial irregularities levelled against the companies are false and were aimed to bring down the prices of DHFL in the marketplace. Meanwhile, rating company CARE has downgraded Bonds, deposits and loans worth Rs 1.20 lakh crore raised by DHFL from banks, mutual funds, insurers and superannuation funds.

Read More at The Economic Times
Clues by NC Team • 1 Feb 2019, Friday

Shares of home loan provider Dewan Housing Finance Corp Ltd (DHFL) fell for the fifth straight session on Friday, a day after it appointed an "independent" auditor to investigate allegations of financial mismanagement against the company. DHFL shares fell as much as 18.5% to Rs 110.65 per share, its lowest level since May 2014. The Mumbai-headquartered company was the second most heavily traded stock on the NSE. 

Read More at CNBC TV18
Clues by NC Team • 31 Jan 2019, Thursday

Shares of Dewan Housing Finance Corporation Ltd slumped nearly 20% to Rs 129.60 after a report claimed that the government has ordered a probe into allegations of financial irregularities by the promoters of the company. The Ministry of Corporate Affairs will investigate allegations against DHFL after a report by investigative news portal Cobrapost alleged that the mortgage lender's promoters siphoned off about Rs 35,000 crore, reported Reuters. Cobrapost alleged that as many as 32 Indian and foreign banks lent Rs 97,000 crore to DHFL Group companies with many borrower companies having the same addresses, directors, and auditors. 

Read More at CNBC TV18
Clues by NC Team • 30 Jan 2019, Wednesday

The Ministry of Corporate Affairs (MCA) has taken a "very serious note" of allegations of financial mismanagement against Dewan Housing Finance Corp Ltd (DHFL), a government source said. Media reports on Tuesday alleged that the housing finance company had diverted funds to shell companies to buy assets, and that firms linked to Dewan's controlling shareholders, the Wadhawan group, made political donations beyond mandated levels. The company on Wednesday had denied the charges. The government will likely inspect the records of Dewan Housing.

Read More at Livemint
Clues by NC Team • 30 Jan 2019, Wednesday

Housing finance company, DHFL, on Tuesday said it has raised Rs 1,375 crore by selling a portfolio of loans to Oaktree Capital Management, a global alternative investment management firm with $124 billion of assets under management (AUM). The transaction, structured using RBI’s securitization norms, represents one of the largest investments in Indian residential real estate by an institutional investor. DHFL is looking to reduce its real estate project finance exposure through more such transactions in the future.

Read More at The Economic Times
Clues by NC Team • 30 Jan 2019, Wednesday

DHFL shares were trading 4% lower on Wednesday as the company denied allegations by Cobrapost that it has siphoned off about Rs 31,000 crore. "Company has denied all the allegations and has filed complaint against the accuser who is neither a shareholder nor borrower. Though they have accepted that funds have been transferred to certain companies mentioned but nature of them being shell companies is not correct," said Sameer Kalra, Research Analyst at Target Investing. Kapil Wadhawan, CMD at DHFL, on Wednesday said the company in advanced stages of selling its non-core assets to raise Rs 4,000-5,000 crore.
 

Read More at The Economic Times
Clues by NC Team • 29 Jan 2019, Tuesday

Shares of Dewan Housing Finance (DHFL) fell 8 percent as investors turned wary after a media report claimed the company was involved in a Rs 31,000-crore scam. Terming it India’s biggest financial scam, the report by Cobrapost alleged that DHFL siphoned off Rs 31,000 crore into promoter companies to create private wealth through a network of shell companies. Around Rs 21,477 crore of DHFL’s funds were transferred into various shell companies as loans and investments without any terms, Coprapost claimed.

Read More at Moneycontrol
1


Top
©2019 TheNewsClues