Month: January 2021

5 Stock Ideas As Sensex Seen To Scale To 53000 In Next 3-6 Months

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Investment

oi-Roshni Agarwal

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Indices saw an over 1 percent correction in the last day of trade to January 15, 2021 and as seen by experts the current rally mirrors the trend between 2001 and 2009. And now, the indices could scale up to 10 times in the upcoming 7-8 years time. So, now by saying this we mean at the Covid 19 outbreak, while Nifty and Sensex were at 7500 and 25700, respectively, they have the potential to scale to 53000 on the Sensex and on Nifty to 15000.

5 Stock Ideas As Sensex Seen To Scale To 53000 In Next 3-6 Months

5 Stock Ideas As Sensex Seen To Scale To 53000 In Next 3-6 Months

And now, given the current run-up and overall market momentum, for the Nifty and Sensex, the levels seen for the next 3-6 months are 15,500 and 53,000 levels, respectively.

So, as is seen there has been witnessed sectoral rotational and FII investment has been consistent from June 2020 and this shall sustain and amid we will see strengthening in the Indian currency. Some of the sectors which didn’t do well in the last 10 years saw resilience such as the cement stocks.

Sensex’ move from 1992 to 2021

Time period Sensex (lowest levels during the period) Highest Levels

1992-2000 (Gradual upmoves and highly volatile) 2000 6000

2001-2008 (consistent with almost 10% gains) 2000 20000

2008-2020 (Again a gradual and highly volatile upmove) 7700 42000

Now, here are some of the stock recommendations by brokerage house Kotak Securities:

1. Ambuja Cements: Buy Target price: Rs. 290-300; LTP-264.1

On a weekly and monthly basis, there was been forming higher top and higher bottom and the stock recently surpassed consolidation triangle formation at 225 and recovered back sharply. And a buy is recommended in tranches with a stop loss at 225 as the stock is likely to move above its previous highs of 291.5 per share. And the target price for the Ambuja Cement is Rs. 290- Rs. 300

2. JINDAL STEEL & POWER (BUY): Target price of up to Rs. 550

The stock has provided a validation for the formation of a double bottom. And hence at the lower upside and highest levels, there is seen a jump to between Rs. 350- Rs. 550. And now as the metal index is just close to its all time high levels and may likely breach it. Buy at current levels and more on dips with a stop loss at Rs. 270.

3. Bharti Airtel- Buy Target price – Rs. 700

The stock on 100% FDI in subsidiaries has already broken multiyear resistance at 500. And now as it has scaled even past Rs. 600 in the current market euphoria, in the medium term, the stock price can go to Rs. 700.It is a buy at current and more on dips with a final stop loss at 530.

4. Balrampur Chini Mills- Buy

On the monthly chart, the stock show formation of rounding bottom and technically multiyear break out of the trading range helps the stock to move further higher. And as with other agricultural stock picks, the stock has already entered the long term breakout.

The strategy should be to buy at current levels and more on dips up to 170 with a final stop loss at 160. On the higher side 200 and 225 seems achievable.

5. TATA MOTORS (BUY):

On the monthly chart, the scrip is the pullback mode and now as it has crossed levels of Rs. 200 after dipping to lows of Rs. 63.5 per share, we see a vertical upmove. And after a substantial sales figure, there is seen levels of Rs. 330 levels even if we see 50% retracement from here, given the strong support to electric vehicle industry.

GoodReturns.in



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Design, Supply, Installation, Testing and Commissioning of Intelligent Analogue Addressable Fire Alarm System for the Bank's Office Building floors at Maker Tower, Mumbai

Tenders

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Tender No. : RBI/Central Office/Premises Department/14/20-21/ET/444

Sr. No. Item Description
1 Date of NIT available to parties to download 10:00 hours of 16.01.2021
2 Last date of receiving communication in writing in mail for off line pre-bid queries/clarifications regarding tender terms and conditions/specifications 12:00 hours of 22.01.2021
3 Bid start date:- Date of starting of e-tender for submission of online Techno-Commercial bid and price bid at www.mstcecommerce.com/eprochome/rbi 16:00 hours on 27.01.2021
4 Bid close date:- Date of closing of online e-tender for submission of Techno-Commercial bid and Price bid 12:00 hours on 02.02.2021
5 Tender open date :- Date and time of opening of Part-I (i.e. Techno commercial bid) 15:00 hours on 02.02.2021

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NPS Partial Withdrawal Now Made Online Via Self Declaration

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Personal Finance

oi-Roshni Agarwal

|

To provide better services and reduce turnaround time for its subscribers, PFRDA during the past one year has taken several initiatives and now in its latest move to extend digital solution to its NPS customers, the department has made the partial withdrawal process also completely online and paperless.

NPS Partial Withdrawal Now Made Online Via Self Declaration

NPS Partial Withdrawal Now Made Online Via Self Declaration

NPS partial withdrawal rules:

After 3 years of joining the scheme, NPS subscribers can apply for partial withdrawal for 25% of their contribution for meeting their certain specific needs as allowed by the PFRDA. And in the current regime, they need to submit their partial withdrawal application to their respective nodal officers or PoPs along with other documents in order to support their requirements of the funds held in their NPS account.

Now subscribers can get this amount early as the department has allowed self declaration for the purpose The partial withdrawal requests received online shall be directly processed in Central Record Keeping Agency (CRA) system. And now as the online for NPS partial withdrawal shall kick-off, offline process will still be available.

Here’s how to make partial withdrawal request from NPS via self declaration:

1. Investors in NPS can apply for partial withdrawal from NPS account either online or offline to CRA/Nodal Office/PoPs, as the case may be.

2. For online withdrawal-you need to login to CRA system using login credentials.

3. Select Partial Withdrawal and the eligible amount of partial withdrawal displayed.

Select the reasons for partial withdrawal in drop down option.

4.Now you need to submit Self Declaration: ” I submit the request for partial withdrawal and the amount thus withdrawn shall be utilized for the purpose of declared reasons as specified by PFRDA exit regulations. I am fully responsible and accountable to spend the amount thus withdrawn for the stated reason”.

5. You need to verify the provided Bank Account Number which is non-editable mode.

6. Submit the request and authorize by using OTPs/ e Sign.

7. Email and Mobile number need to be updated to authenticate using OTPs in case of online mode.

8. CRA executes partial withdrawal post ” Instant Bank Account Verification”.

9. The amount will be received by the Subscriber on T+4th working day. T being the date of online submission by Subscriber / authorization by Nodal Office/POP (in offline mode)

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NPS Partial Withdrawal Now Made Online Via Self Declaration

Personal Finance

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Read More/Less


Personal Finance

oi-Roshni Agarwal

|

To provide better services and reduce turnaround time for its subscribers, PFRDA during the past one year has taken several initiatives and now in its latest move to extend digital solution to its NPS customers, the department has made the partial withdrawal process also completely online and paperless.

NPS Partial Withdrawal Now Made Online Via Self Declaration

NPS Partial Withdrawal Now Made Online Via Self Declaration

NPS partial withdrawal rules:

After 3 years of joining the scheme, NPS subscribers can apply for partial withdrawal for 25% of their contribution for meeting their certain specific needs as allowed by the PFRDA. And in the current regime, they need to submit their partial withdrawal application to their respective nodal officers or PoPs along with other documents in order to support their requirements of the funds held in their NPS account.

Now subscribers can get this amount early as the department has allowed self declaration for the purpose The partial withdrawal requests received online shall be directly processed in Central Record Keeping Agency (CRA) system. And now as the online for NPS partial withdrawal shall kick-off, offline process will still be available.

Here’s how to make partial withdrawal request from NPS via self declaration:

1. Investors in NPS can apply for partial withdrawal from NPS account either online or offline to CRA/Nodal Office/PoPs, as the case may be.

2. For online withdrawal-you need to login to CRA system using login credentials.

3. Select Partial Withdrawal and the eligible amount of partial withdrawal displayed.

Select the reasons for partial withdrawal in drop down option.

4.Now you need to submit Self Declaration: ” I submit the request for partial withdrawal and the amount thus withdrawn shall be utilized for the purpose of declared reasons as specified by PFRDA exit regulations. I am fully responsible and accountable to spend the amount thus withdrawn for the stated reason”.

5. You need to verify the provided Bank Account Number which is non-editable mode.

6. Submit the request and authorize by using OTPs/ e Sign.

7. Email and Mobile number need to be updated to authenticate using OTPs in case of online mode.

8. CRA executes partial withdrawal post ” Instant Bank Account Verification”.

9. The amount will be received by the Subscriber on T+4th working day. T being the date of online submission by Subscriber / authorization by Nodal Office/POP (in offline mode)

GoodReturns.in



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JPMorgan’s profits jump as economy, investment bank recovers, BFSI News, ET BFSI

Banking & Finance

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JPMorgan Chase & Co, the nation’s largest bank by assets, said its fourth quarter profits jumped by 42 per cent from a year earlier, as the firm’s investment banking division had a stellar quarter and its balance sheet improved despite the pandemic.

The New York-based bank said it earned a profit of USD 12.14 billion, or USD 3.79 per share, up from a profit of USD 8.52 billion, or USD 2.57 per share, in the same period a year ago. Excluding one-time items, the bank earned USD 3.07 a share, which is well above the USD 2.62 per share forecast analysts had for the bank.

The one-time item was JPMorgan “releasing” some of the funds it had set aside last year to cover potential loan losses caused by the coronavirus pandemic and subsequent recession. Banks had set aside tens of billions of dollars to cover potentially bad loans, and JPMorgan had been particularly aggressive in setting aside funds early in the pandemic.

Releasing those funds goes straight to a bank’s bottom line when it reports its results, but it’s not money that the bank generated from loans, customers or borrowers. It’s just funds that were effectively put into escrow and are no longer in escrow.

The USD 1.9 billion release is only a fraction of what JPMorgan set aside last year, and with the pandemic raging across the globe and particularly here in the U.S., it’s uncertain how much more the bank will release in the upcoming quarter.

“While positive vaccine and stimulus developments contributed to these reserve releases this quarter, our credit reserves of over USD 30 billion continue to reflect significant near-term economic uncertainty,” said JPMorgan CEO Jamie Dimon in a statement.

The driver of JPMorgan’s profits this quarter was the investment banking business. The corporate and investment bank posted a profit of USD 5.35 billion compared with USD 2.94 billion in the same period a year earlier. JPMorgan said it saw higher investment banking fees – money banks collect to advise companies on going public or buying other companies – as well as higher fees from its trading desks.



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Non-food credit growth at eight-month high of 6.53%

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Most large banks have been saying that they are seeing a pick-up in economic activity and expect that to translate into higher loan growth, largely on the back of housing loans.

The growth in non-food credit rose to an eight-month high of 6.53% year-on-year (y-o-y) during the fortnight ended January 1, from 6.03% in the previous fortnight. The last time non-food credit grew faster was during the fortnight ended April 24, 2020.

As on January 1, outstanding non-food credit stood at Rs 106.12 lakh crore, showed data released by the Reserve Bank of India (RBI). Deposits with banks stood at Rs 147.27 lakh crore, up 11.48% y-o-y. The credit-deposit ratio was 72.06%.

Most large banks have been saying that they are seeing a pick-up in economic activity and expect that to translate into higher loan growth, largely on the back of housing loans. Some private banks have also reported a strong growth in advances during Q3 ahead of their financial results.

After State Bank of India’s (SBI) Q2FY21 results, chairman Dinesh Kumar Khara had said that the bank was expecting an 8-9% credit growth in FY21 because economic activity had gathered pace. “We have already seen the growth as far as our book is concerned. We have seen growth of about 6% till September 30. Hopefully, with the unlocking happening, we should be in a position to reach better than 8%,” he observed.

For both public-sector banks (PSBs) and private banks, much of the fresh lending in the last few quarters has been in the government segment as also in gold loans. The emergency credit line guarantee scheme (ECLGS) has also helped step up loan sanctions to small enterprises. The RBI’s trend and progress report said that credit expansion was at a higher pace among PSBs during March, June and September, 2020 quarters, after three consecutive quarters of deceleration. Lending in rural areas has been a bright spot for banks in FY21. “Although the share of rural credit in the total has been hovering between 8 and 9%, its growth surpassed that of other categories in 2019-20, after a gap of four years,” the central bank said.

Analysts also expect loan growth in Q3 to have been robust on the back of festive demand and the government’s credit guarantee scheme for small businesses.

In a results preview, analysts at Axis Securities said, “Overall, we estimate business growth to recover, aided by pent up demand, a good festive season, and expect systemic loan growth for FY21 to pick-up from its lows.” At the same time, whether the recovery in credit demand sustains through Q4FY21 remains to be seen.

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Wall Street drops as big banks fall after results, BFSI News, ET BFSI

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By Devik Jain and Medha Singh

– Wall Street‘s main indexes dropped on Friday, weighed down by losses in major U.S. lenders after their earnings reports, while incoming President Joe Biden’s $1.9 trillion stimulus plan also sparked fears of an increase in corporate taxes.

Shares of JPMorgan Chase & Co, Citigroup Inc and Wells Fargo & Co, which had seen a strong rally in the run-up to earnings, were all down even as the banks posted better-than-expected fourth-quarter profits.

JPMorgan fell 2.2% following a seven-day winning streak that had pushed the stock about 12% higher.

The S&P 500 banks index shed 3.3%.

Wall Street’s main indexes are set to wrap up the week lower after climbing to record highs recently on bets of a hefty fiscal package and optimism about vaccine distribution.

Also weighing on markets was a Washington Post report that said COVID-19 vaccine reserve was already exhausted when the Donald Trump administration vowed to release it this week, dashing hopes of expanded access. (https://wapo.st/2MZoiwa)

“It’s a concern of the vaccine and maybe, to a lesser extent, the Biden spending plan that he outlined last night,” said Paul Nolte, portfolio manager at Kingsview Investment Management in Chicago.

“It’s more of a healthy correction to some of the advances that we’ve seen in the market.”

Biden’s stimulus proposal, unveiled on Thursday, includes some $1 trillion in direct relief to households and has sparked fears that the government would need to hike corporate taxes to fund the spending.

“Biden’s concern is not the stock market, his concern is Main Street and that’s a good thing … but that tells you there’s going to be an increase in corporate taxes,” said Dennis Dick, proprietary trader at Bright Trading LLC in Las Vegas.

Meanwhile, data showed a further decline in U.S. retail sales in December – the latest sign the economy lost considerable speed at the end of 2020.

Nine of the 11 major S&P sectors fell, with energy, financials and industrials posting the steepest declines after leading markets higher in the recent rally.

The defensive utilities and real estate were the only sectors trading higher.

At 11:39 a.m. ET, the Dow Jones Industrial Average fell 135.21 points, or 0.44%, to 30,856.31, the S&P 500 lost 18.40 points, or 0.48%, to 3,777.14 and the Nasdaq Composite lost 60.55 points, or 0.46%, to 13,052.08.

Earnings for S&P 500 companies are expected to decline 9.5% in the final quarter of 2020 from a year ago, but are expected to rebound in 2021, with a gain of 16.4% projected for the first quarter, according to IBES data from Refinitiv.

Exxon Mobil Corp fell 3.6% after a report said the U.S. Securities and Exchange Commission launched an investigation of the oil major, following a whistleblower’s complaint that the company overvalued a key asset in the prolific Permian shale oil basin.

Spotify Technology SA dropped about 5% after Citigroup downgraded its shares to “sell”.

Hewlett Packard Enterprise Co rose 1% after J.P. Morgan upgraded the enterprise software maker’s stock to “overweight”.

Declining issues outnumbered advancers by a 2.8-to-1 ratio on the NYSE and by a 2.9-to-1 ratio on the Nasdaq.

The S&P 500 posted 5 new 52-week highs and no new lows, while the Nasdaq recorded 180 new highs and eight new lows.



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Reserve Bank of India – Tenders

Tenders

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RBI/AHMEDABAD/ESTATE/274/20-21/ET/383

Please refer to the tender notice for the captioned tender published on the Bank’s website www.rbi.org.in on December 24, 2020 inviting application from eligible vendors for the said work through e-tender route on MSTC website (https://www.mstcecommerce.com/eprochome/rbi/). The last date of submission of bids online through MSTC website was specified as 02:00 PM on January 15, 2021.

Extension of Time:

It is advised that the time for submission of bids has been extended to 12:30 PM on January 19, 2021. The part – I of the tender will be opened on January 19, 2021 at 02:30 PM. All other terms and conditions mentioned in the tender remain unchanged.

Regional Director
Gujarat, Daman & Diu and Dadra & Nagar Haveli

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Piramal wins race to acquire DHFL

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After multiple rounds of bidding and counter bids, Piramal Capital and Housing Finance Ltd has won the race to acquire Dewan Housing Finance Corporation Ltd. The voting by the Committee of Creditors ended today.

The debt resolution proposal submitted by Piramal received 94 per cent of the lenders’ votes, according to banking industry sources. The proposal submitted by Oaktree Capital is understood to have secured around 45 per cent of the votes. The official numbers will be disclosed by the DHFL administrator over the weekend.

“Total recovery comes to about 42 per cent (of the total creditors claim of about ₹81,000 crore). This recovery is very good under IBC process compared to many other accounts. The winning bidder is giving ₹12,700 crore upfront cash. Balance recovery is in the form of non-convertible debentures (NCDs), with a moratorium in the first two years and payable from the third year,” said a banker.

Twists & turns

The resolution process has gone through multiple twists and turns over the last few months. In the first round of bidding, Oaktree had emerged the highest bidder in terms of value, but the Adani group submitted an out-of-turn offer that was higher. This forced the bidders to call for another round of bidding.

As reported by BusinessLine earlier, Piramal had scored higher on the evaluation parameters of the CoC though both Oaktree and Piramal had submitted bids in the range of a little over ₹38,000 crore. However, Piramal’s overall score was 94 while Oaktree’s bid was given 85 points in the evaluation metrics scored by DHFL administrator. Oaktree had then questioned the evaluation metrics and had threatened to take legal recourse if the lenders did not give adequate consideration to its bid. On Friday, Oaktree did not comment on its future course of action as the official results of the voting are yet to be made public.

If Oaktree challenges the outcome, the actual recovery will take time. The bid resolution by Piramal will have to be ratified by the Reserve Bank of India and the National Company Law Tribunal.

This process could take 90 days under normal circumstances. However, there could be further delays if Oaktree challenges the lenders’ decision.

The case may then go to the Supreme Court. This will be another test case under IBC as DHFL is the first finance company to be referred to the NCLT by the Reserve Bank of India.

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Reserve Bank of India – Tenders

Tenders

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1. Tenders by e- tendering process are invited from the vendors empanelled at its Bhubaneswar Office for the “Annual Maintenance Contract for Carpentry Work in Bank’s Main Office premises & 3 residential colonies at Bhubaneswar, Odisha”. The tender will be applicable for initial period of 1-year w.e.f. April 01, 2021 to March 31, 2022. However, the contract can be extended for further period of two years (one year at a time) subject to satisfactory performance of the successful bidder and adherence to contractual obligations by the service provider. 1.(a) Interested tenderers may like to go through the entire tender document before taking part in the tendering process. The tenderers may obtain for themselves on their own responsibility and at their own expenses all the information which may be necessary for the purpose of making tender and for entering into a contract and acquaint themselves with all local conditions, means of access to the work, nature of the work and all matters pertaining thereto. 2. All pre-Qualification documents shall be uploaded with Techno-commercial bid (Part-I) on MSTC portal. Those who do not upload the Pre-qualification documents would not be considered for this tender process. Further, the contractor should submit the original of the documents to the Bank when demanded to qualify for further tendering process. 2.(a) Registration Certificate – Shram Suvidha portal The tenderers are required to upload the copies of EPF/ESIC registration Certificates issued on Shram Suvidha Portal. 2.(b) Proof of submission of EPF/ESIC The tenderers are required to upload at least 2 months of ECR & Combined challan for EPF and Challan for ESIC to the Bank along with their tender. 3. Interested tenderers have to upload applicable documents satisfying all the points as stated above along with techno-commercial (Part-I) bid of tender. The same Eligibility documents should be uploaded with Techno Commercial Bid (Part-I) on the MSTC portal. 4. Tenders form will be available for downloading w.e.f January 15, 2021 from 6:00 pm. A pre-bid meeting will be held on February 12, 2021 at 11:00 am in the Estate Department, RBI Bhubaneswar.
Tender form can be downloaded for viewing from RBI website www.rbi.org.in or www.mstcecommerce.com/eprochome/rbi. The applicable pre-Qualification papers should be uploaded with Techno Commercial Bid (Part-I) on the MSTC portal. 5. Interested vendors/firms can participate in e–Tender after getting registration with www.Mstcecommerce.com/eprocurement/rbi). Online Part I – Techno-Commercial Bid and Part II – Price Bid shall be opened through www.mstcecommerce.com/eprocurement/rbi and applicable transaction charges have to be paid by the firm. 6. Tender in prescribed format shall be uploaded on MSTC website. Part-I of tender will contain the Bank’s standard technical and commercial conditions for the proposed work & tenderers’ covering letter.
The EMD of ₹ 13,060/- (for each premise) should be submitted by each successful bidder through NEFT transfer to A/C No-186004001, Reserve Bank of India, IFSC Code-RBIS0BBPA01, Branch Name – Bhubaneswar Or by a demand draft issued by a Scheduled Bank in favor of ‘Reserve Bank of India, Bhubaneswar’ Or in the form of an irrevocable bank guarantee issued by a scheduled bank in the Bank’s standard proforma which is available in the tender-form along with pre-Qualification documents. 7. The schedule of the tender is as follows: Activity Tentative date i. e -Tender no. RBI/Bhubaneswar/Estate/313/20-21/ET/438 ii. Mode of Tender e- Procurement System
(Online Part I – Techno-Commercial Bid and Part II – Price Bid through www.mstcecommerce.com/eprochome/rbi) iii. Estimated Cost ₹ 6,53,000 /- (for each premise) iv. Date of NIT (along with complete tender) available to parties to download- Tender activation on portal-Tender ‘Live’ for all January 15, 2021 @ 6:00 pm onwards v. Date & time for start of Off-line Pre-bid meeting February 12, 2021 @ 11:00 am vi. Earnest Money Deposit ₹ 13,060/- (for each premise) (for successful bidder only) vii. Tender Fees Nil viii. Transaction Fee
Please note that the vendors will have the access to online e-tender only after payment of transaction fees online. Payment of Transaction fee through MSTC Gateway/NEFT/RTGS in favor of MSTC Limited, as advised by M/s MSTC Ltd. ix. Last date of submission of EMD in the Estate Department of RBI, Bhubaneswar 10 days after issue of work order x. Start Bid date – Date of Starting of e- Tender for submission of online Techno- Commercial Bid and Price Bid at www.mstcecommerce.com/eprochome/rbi February 13, 2021 @ 02:00 pm xi. Close Bid date – Date of closing of online e – tender for submission of Techno- Commercial Bid & Price Bid February 22, 2021 @ 02:00 pm xii. Part I Bid opening date February 22, 2021 @ 03:00 pm xiii. Part II Bid opening date Shall be informed separately to parties 8. The Bank is not bound to accept the lowest tender and reserves the right to accept either in full or in part of any tender. The Bank also reserves the right to reject all the tenders without assigning any reason thereof.

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