Indian non-bank lender Shriram Finance eyes 20-fold growth in green portfolio, exec says
MUMBAI, Feb 11 (Reuters) - Indian non-bank lender Shriram Finance (SHMF.NS), opens new tab aims to boost its green portfolio 20-fold over the next three years as it diversifies its loan book, a top official said on Tuesday.
"We are planning to add solar panels and similar sectors to our portfolio," Executive Vice Chairman Umesh Revankar said in an interview.
Shriram Finance aims for a green financing book of 50 billion rupees (about $576 million) against about 2.5 billion rupees to 3 billion rupees right now, which comprises small-ticket two-wheeler and three-wheeler vehicle loans.
Green finance, which is financing of businesses that support environmentally friendly and sustainable projects, has struggled to pick up in India due to limited awareness, high transaction costs, and limited access to affordable green technologies.
The government provides tax incentives and subsidies for renewable energy projects, which make them more attractive to lenders.
For Shriram Finance, the electric vehicle and battery segments are likely to grow given the new offerings in the market, Shriram Finance's Revankar said.
The non-bank finance company aims to double its overall loan book as well as its assets under management (AUM) by 2030, he said.
Shriram's total loans stood at 2.51 trillion rupees at December-end while the AUM was at 2.54 trillion rupees.
Assets under management should rise 15% in both the current and next financial years, the official said, as the firm focusses on medium and small enterprises while issuing more vehicle and tractor loans, Revankar said.
"We want to understand those (small) businesses, the ability to repay and how to manage collections," he said. "We want to grow this business at a minimum 20% next year onwards."
Small business loans made up nearly 14% of Shriram Finance's AUM in the October-to-December quarter, while commercial and passenger vehicle loans made up about 46% and 20%, respectively.
Shriram Finance may look to tap the dollar bond route for at least $750 million in the next fiscal year depending on market conditions, Revankar said.
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Reuters
30 minutes ago
- Reuters
Escalating Hormuz tensions drive up Middle East war risk insurance costs, sources say
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Scottish Sun
4 hours ago
- Scottish Sun
Brits urged to fill up tanks ahead of 'petrol price shock' at pumps following oil price high
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However, threats of the route being blocked led oil prices to surge to their highest price in six months when markets opened today. Brent crude, the international benchmark for oil prices, hit $81.40 (£60.41) a barrel when the market opened on Monday. But it later dropped to trade 0.3% lower on the day at $76.76 (£56.97) by early afternoon in London. When the price of crude oil rises, the amount punters pay for petrol also tends to increase. Fuel prices had been edging down, but prices have slightly increased since conflict between Israel and Iran intensified earlier this month. Susannah Streeter, head of money and markets, warned fuel prices could be "severely disrupted if the conflict is prolonged"/ She added: "If the Strait is closed there are fears it will lead to an oil price shock." Ben Perks, managing director at Orchard Financial Advisers also warned the "price of petrol will almost certainly rise". He explained: "The rise in this overhead can lead to price rises on everything that's transported. Warning over petrol station mistake which can cost £1,000s "It's a waiting game to see how markets will react, but as things in the Middle East heat up, it's likely to cause volatility." It is not the first time that punters have been warned of price hikes at the pump due to a global conflict. When Russia - one of the world's biggest producers of oil - invaded Ukraine fuel prices also shot up. But Simon Williams, RAC head of policy said the rise in oil costs might not be enough to "cause a major hike at the pumps". 'As retailer margins have been high for some time, the oil price rise has squeezed these to fairer levels for drivers. He added: "If, however, retailers are set on maintaining margins of around 12p a litre, we may well see the average price of fuel go up further." SHOULD YOU FILL YOUR TANK NOW? 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ONE way to save is by signing up for major supermarket loyalty schemes, which can give you discounts of up to 5p per litre. Esso has partnered with Nectar, allowing you to get 5p off per litre when you redeem 300 Nectar points. BP drivers can use the BPme rewards card to earn one point for every £1 spent in-store or on a litre of regular fuel, with £1 off fuel or shopping for every 200 points. Loyalty schemes from Texaco, Shell, Sainsbury's, and Tesco also offer savings on fuel and shopping bills. You can further reduce fuel costs by driving more efficiently by: Accelerating gradually without over-revving. Driving in the highest gear possible. Allowing your car to slow down naturally instead of braking unnecessarily. Don't forget about clutter in your car. Extra weight from tools, toys, or rubbish can increase fuel consumption by as much as 12%. Clearing out unnecessary items can make a noticeable difference to your costs. How can I find the cheapest petrol stations? Websites like can help you find the cheapest petrol stations near you. The site covers over 3,800 petrol stations using CMA data, providing daily price updates for unleaded, diesel, super unleaded, and premium diesel. To use it, simply register, enter your postcode, choose how far you're willing to travel (up to 20 miles), and select your fuel type. Keep in mind, you can only search the website five times a day, but downloading the app gives you unlimited searches. Your savings will depend on how often you fill up, which varies based on how frequently you use your car. Prices also differ by location and change week to week, so it's always worth checking to make sure you're getting the best deal. isn't the only option for comparing fuel costs. Fleet News and Allstar also offer tools to check petrol prices across different counties, letting you see how your area compares to the UK average. Plus, has a petrol price checker for registered users, allowing them to find fuel prices within a 5, 10, or 25-mile radius. Do you have a money problem that needs sorting? Get in touch by emailing money-sm@ Plus, you can join our Sun Money Chats and Tips Facebook group to share your tips and stories
Reuters
8 hours ago
- Reuters
Morning Bid: Oil keeps calm, MidEast conflict carries on
LONDON, June 23 (Reuters) - What matters in U.S. and global markets today I'm excited to announce that I'm now part of Reuters Open Interest (ROI), opens new tab, an essential new source for data-driven, expert commentary on market and economic trends. You can find ROI on the Reuters website, opens new tab, and you can follow us on LinkedIn, opens new tab and X., opens new tab In this latest round of Middle East violence, the oil price has been remarkable as much for what it hasn't done as for what it has. Oil prices initially rose this morning following the U.S. strike on Iran over the weekend, but crude has since given back all these gains. I'll discuss this and the rest of the market news below, and then in today's column, I ask why markets are remaining surprisingly calm despite mounting U.S. debt concerns. Today's Market Minute * Iran said on Monday that the U.S. attack on its nuclear sites expanded the range of legitimate targets for its armed forces and called U.S. President Donald Trump a "gambler" for joining Israel's military campaign against the Islamic Republic. * The U.S. bombing injected fresh uncertainty into the outlook for inflation and economic activity at the start of a week chock full of new economic data and central banker commentary, including two days of Congressional testimony from Federal Reserve Chair Jerome Powell. * Utilities in the developed world are stressing over how to keep up with demand from data centres and artificial intelligence searches. But globally, keeping people cool is likely to be a much bigger drain on electricity grids and a more pressing power sector challenge. Read the latest from ROI global energy transition columnist Gavin Maguire. * The escalation of the Middle East conflict could lead Tehran to disrupt vital exports of oil and gas from the region, sparking a surge in energy prices. But as ROI energy columnist Ron Bousso says, history tells us that any disruption would likely be short-lived. * Several recent global developments have sparked some of the highest levels of uncertainty in decades. ROI outside contributor Joachim Klement claims equity investors seeking clarity should be careful what they wish for. Oil keeps calm, MidEast conflict carries on With global stock and bond markets using crude as a lodestar for how they react to the Iran crisis, the remarkably quick reverse and decline in U.S. oil prices on Monday have seen U.S. and European equities rally following the weekend events. Wall Street futures were up about 0.25% ahead of Monday's bell. European (.STOXXE), opens new tab and Chinese (.CSI300), opens new tab, (.HSI), opens new tab were higher too, with Japan's Nikkei (.N225), opens new tab bucking the trend even as the yen weakened. Mostly due to the yen slide, the dollar index (.DXY), opens new tab was firmer. U.S. President Donald Trump said he had "obliterated" Iran's main nuclear sites in strikes over the weekend, joining an Israeli assault in an escalation of conflict in the Middle East as Tehran vowed to defend itself. Trump then openly hinted at 'regime change' in his social media posts on Sunday. U.S. crude prices initially jumped above $78 per barrel to their highest since January, but quickly fell back below Friday's close to trade below $74 - more than $6 below the high for this year and down 11% on levels seen a year ago. Brent prices are down on the day too. While the escalating conflict surrounding Iran has turned unpredictable, it happens in a market where global space oil production capacity is running in excess of 4 million barrels a day - an oversupply expected to persist through the end of next year at least. What's more, outsize bets on the direction for oil linked to the outcome of the Iran war are frustrated by numerous binary outcomes - including both the survival of the Tehran government and even possible mining of the Straits of Hormuz. While the latter could stymie shipping in the region for a bit, it's not clear how long it could be enforced. With global demand set to ebb later this year, due in part due to the growth-dampening effects of U.S. trade tariffs, and U.S. production set to increase, speculative oil price punts are very risky. With oil prices still largely under wraps, the fallout for U.S. Treasuries is similarly limited. With one eye on Federal Reserve chief Jerome Powell's semi-annual Congressional testimony on Tuesday and series of debt auctions during the week, 10-year yields remained stuck in recent ranges about 4.4%. Trump on Friday again floated the idea of firing Powell. "I don't know why the Board doesn't override (Powell)," Trump wrote in a lengthy post on Truth Social criticizing Fed policy. "Maybe, just maybe, I'll have to change my mind about firing him? But regardless, his Term ends shortly." San Francisco Fed President Mary Daly said on Sunday that U.S. central bank should consider giving less forward guidance about its monetary policy intentions, particularly in uncertain times. "Words have power, which is a great tool. But words can be harder to reverse than the interest rate," she said. The economic data calendar homes in on June business surveys, with the flash versions of U.S. soundings from S&P Global due out later in the day. Overall euro zone business activity expanded only modestly in June, with a small improvement in the dominant services industry offsetting more downbeat manufacturing. The services PMI nudged up to sit right on the break-even 50 mark up from May's final reading of 49.7. Optimism among services firms increased and the business expectations index bounced to a four-month high of 57.9 from 56.2. European Central Bank boss Christine Lagarde testifies at the European Parliament later in the day. Economic surprise indexes, capturing how incoming economic readings are above or below expectations overall, show a sharp divergence between Europe and the United States - with the euro zone index at its most positive since May and the U.S. equivalent at its most negative in nine months. Elsewhere, Bitcoin was sharply lower over the weekend, while gold prices also fell back early on Monday. Chart of the day Relatively quick reversals of oil price spikes were largely thanks to the ample spare production capacity - and also due to the fact that any rapid oil price increase curbs demand in turn. The current global oil market certainly has spare capacity. OPEC+, an alliance of producing nations, today holds around 5.7 million barrels per day in excess capacity, of which Saudi Arabia and the United Arab Emirates hold 4.2 million bpd. Although there are concerns about closing of the key Straits of Hormuz waterway, the two Gulf powers could bypass it by oil pipelines. Saudi produces around 9 million bpd and has a crude pipeline that runs from the Abqaiq oilfield on the Gulf coast in the east to the Red Sea port city of Yanbu in the west. The UAE, which produced 3.3 million bpd of crude oil in April, has a 1.5 million bpd pipeline linking its onshore oilfields to the Fujairah oil terminal that is east of the Strait of Hormuz. Today's events to watch * Flash U.S. June business surveys from S&PGlobal (0945EDT) May existing home sales (1000EDT) * Federal Reserve Board Governor Christopher Waller, Fed Board Governor Adriana Kugler, Fed Vice Chair for Supervision Michelle Bowman, and Chicago Fed President Austan Goolsbee all speak. European Central Bank President Christine Lagarde speaks to European Parliament (0800EDT) * EU-Canada summit takes place in Brussels * U.S. Treasury sells $58 billion of 3-year notes Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, opens new tab, is committed to integrity, independence, and freedom from bias. Want to receive the Morning Bid in your inbox every weekday morning? Sign up for the newsletter here.
