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MobiKwik collaborates with Poonawalla Fincorp to provide instant personal loans

MobiKwik has partnered with Poonawalla Fincorp to provide instant personal loans to customers. This collaboration aims to enhance financial accessibility and streamline the loan application process for users seeking quick funding solutions.

Poonawalla Fincorp Plans Major Expansion Amidst Slowing Credit Growth

Poonawalla Fincorp plans to double its workforce and expand its branch network from around 100 to nearly 400 by next year, focusing on loans for gold purchases, used cars, shopkeepers, and education. Despite a slowdown in credit growth and increased scrutiny from the Reserve Bank of India, the company aims to leverage digital and physical offerings in smaller cities. However, its stock faced a decline following reports of higher provisions for bad loans and rising operating costs.

NSE adds 45 new stocks to futures and options trading segment

The National Stock Exchange (NSE) has expanded its futures and options (F&O) segment by adding 45 new stocks, effective November 29, 2024, increasing the total to 223. This inclusion, following SEBI’s revised criteria, aims to enhance liquidity and market participation, featuring notable stocks like LIC, Jio Financial Services, and Zomato. Analysts anticipate that this move will boost trading volumes and improve price discovery for these stocks.

Q2 2024 earnings season gains momentum with major companies reporting results

Major companies including Coal India, JSW Steel, DLF, and Interglobe Aviation are set to release their Q2 earnings reports today, joining a wave of firms that have already reported results. Notable performances include Reliance Industries with a profit decline of 4.8%, while HCL Technologies and TCS reported profit increases of 10.5% and 5.0%, respectively. ICRA's profit rose by 15.6% to Rs 36.72 crore, and Oracle Financial Services Software saw a significant profit increase of 38.4% to Rs 577.70 crore.

Poonawalla Fincorp reports 471 crore loss shares drop 14 percent

Poonawalla Fincorp Ltd reported a loss of Rs 471 crore for Q2 FY25, a stark contrast to the net profit of Rs 1,259 crore in the same quarter last year. Despite a 34% increase in revenue from operations to Rs 989 crore, shares fell 14% to Rs 309 apiece. The company's net interest income rose by 17.5% to Rs 558.4 crore.
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