Non-banking finance companies, or NBFCs, did exceptionally well in 2012. While stocks of nearly 20 NBFCs more than doubled during the year, more than 30 NBFC stocks listed on the Bombay Stock Exchange, or BSE, beat the Sensex, which rose 25% during the year.
　　The top performers were Shree Nath Commercial Finance, which rose 744%, followed by Indus Finance Corporation (284% to Rs 113), Premier Capital Services(280% to Rs 261), GFL Financial Services (274% to Rs 78), Esaar (India) (236% to Rs 58) and Kwality Credit & Leasing (140.6% to Rs 94).
　　The reasons for the rally were the buzz that some NBFCs may get bank licences and proposal to increase the cap on loans NBFCs can give against pledged gold.
　　“NBFCs, especially with retail focus, have been reporting healthy profits with steady asset quality. Valuations have also been boosted by clearance to the banking Bill, which paves the way for new bank licences that some NBFCs expect to get,” says Dinesh Shukla, senior research analyst, Sharekhan.
　　Experts say this year will also be positive for those who invest in NBFCs due to the expected easing of regulations and fall in interest rates. “The year should be good for NBFCs due to revival of credit demand, lowering of funding cost leading to better margins and easing of regulatory overhang,” says Bhavesh Kanani, analyst(financials), Centrum Broking.
　　India Ratings says falling interest rates and uptick in economic growth will ease cyclical pressures. However, the continued harsh environment around some asset classes, including heavy and medium commercial vehicles and construction equipment, and building pressure points in the fast-growing light commercial vehicles will keep the asset quality under pressure.
　　 BANKING LICENCE
　　The list of contenders for bank licences includes LIC Housing Finance, L&T Finance Holdings, Mahindra & Mahindra Financial Services, Shriram City Union Finance, Bajaj Finserv, Aditya Birla Nuvo and Reliance Capital.
　　Stocks of NBFCs that are expected to apply for bank licences rose in the last quarter of 2012 after Parliament passed the banking Bill. These were L&T Finance Holdings(84% to Rs 89) Mahindra & Mahindra Financial Services Ltd(23% to Rs 1,104), Shriram City Union Finance (28% to Rs 98.65) and Reliance Capital(11.27% to Rs 479.8).
　　Then, on January 2, a committee appointed by the Reserve Bank of India, or RBI, on gold-loan companies proposed an increase in the loan-to-value, or LTV, ratio for gold loans offered by NBFCs from 60% to 75%. The ratio measures how much loan the lender can give compared to the value of the pledged asset. This boosted shares of NBFCs that give gold loans. Muthoot Finance and Manappuram Finance stocks rose 8% and 29% to Rs 227 and Rs 43, respectively, in the first five trading days of 2013.

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