{"id":5232,"date":"2019-05-22T07:12:03","date_gmt":"2019-05-22T07:12:03","guid":{"rendered":"http:\/\/financeintellect.com\/home-page\/home\/?p=5232"},"modified":"2019-05-22T07:14:15","modified_gmt":"2019-05-22T07:14:15","slug":"dhfl-shares-drop-18-after-the-nbfc-struggles-with-liquidity-and-project-finance-loans","status":"publish","type":"post","link":"https:\/\/financeintellect.com\/home-page\/home\/dhfl-shares-drop-18-after-the-nbfc-struggles-with-liquidity-and-project-finance-loans\/","title":{"rendered":"DHFL shares drop 18% after the NBFC struggles with liquidity and project finance loans"},"content":{"rendered":"<p style=\"text-align: justify;\">Dewan Housing Finance Corporation (DHFL) went down 18 per cent to Rs 107 in the early trade on Wednesday on the BSE after the non-banking finance company (NBFC) stopped accepting fresh public deposits and renewals of existing deposits.<\/p>\n<div style=\"text-align: justify;\">The company has stalled premature withdrawals of its deposits, with immediate effect, in order to work on its liability management.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">Previously, most rating agencies including Brickwork, CARE Ratings, Icra and\u00a0Crisil\u00a0downgraded the company\u2019s credit ranking and put them on credit watch with &#8216;negative implications&#8217;.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">The downgrade resulted in limited progress in enhancing liquidity, selling\/exiting riskier construction finance loans and delay in announcement of a strategic investor for the company.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">The company has only raised around Rs 950 crore through assignment of retail loan portfolio in the month of April 2019 which is lower than the amount predicted. Furthermore, there has been no progress on selling or exiting project finance loans. Company has not been able to raise funds through traditional bank lines and debt market instruments either, Brickwork\u00a0had said in its rating rational.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">Ratings agency\u00a0Crisil\u00a0too said downgrade is the reason for the greater-than-expected reduction in the company&#8217;s liquidity position on the back of delayed fundraising from sell down of project finance loans and lower inflows from securitisation of non-housing loans.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">As a strategic decision, the\u00a0NBFC\u00a0did not resort to securitisation of readily available housing loans to prop up the liquidity levels. It also has higher-than-scheduled liability repayments, the agency said.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">The board of\u00a0Reserve Bank of India\u00a0(RBI), on Tuesday, refused to extend a special line of credit for the NBFC.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">In the recent trading days, however, the stock outperformed the market by gaining 21 per cent from level of Rs 107 on May 16 to Rs 130 on Tuesday.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">DHFL\u00a0was trading 14 per cent lower at Rs 112 on the BSE, as compared to 0.23 per cent rise in the S&amp;P BSE Sensex. A combined 23 million shares changed hands on the counter on the BSE and NSE so far. The stock was trading close to its 52-week low of Rs 97 reached on February 4, 2019 in intra-day trade.<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Dewan Housing Finance Corporation (DHFL) went down 18 per cent to Rs 107 in the early trade on Wednesday on the BSE after the non-banking finance company (NBFC) stopped accepting fresh public deposits and renewals of existing deposits. The company has stalled premature withdrawals of its deposits, with immediate effect, in order to work on [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":2511,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8],"tags":[37,3918,544],"class_list":["post-5232","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-india-inc","tag-bse","tag-dhfl","tag-nbfc"],"aioseo_notices":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>DHFL shares drop 18% after the NBFC struggles with liquidity and project finance loans - Finance Intellect<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/financeintellect.com\/home-page\/home\/dhfl-shares-drop-18-after-the-nbfc-struggles-with-liquidity-and-project-finance-loans\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"DHFL shares drop 18% after the NBFC struggles with liquidity and project finance loans - Finance Intellect\" \/>\n<meta property=\"og:description\" content=\"Dewan Housing Finance Corporation (DHFL) went down 18 per cent to Rs 107 in the early trade on Wednesday on the BSE after the non-banking finance company (NBFC) stopped accepting fresh public deposits and renewals of existing deposits. 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