Reserve Bank of India – Press Releases
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Month: June 2021
3 Stocks To Buy For Long Term With Upside Up To 42%
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1. PVR
The stock until now suffered the jolt due to the pandemic led lockdown, nonetheless as the markets have begun to open, there is more upside seen in the scrip.
The rationale for investment given by Angel Broking in respect of the scrip is:
– PVR is the largest multiplex chain in India with 800 plus screens across the country.
– Share prices are corrected as most of the theaters are operating at low capacity utilization.
– Now as the Covid cases have taken a downturn it should mean substantial increase for the company’s business.
The Buy price recommended for the scrip is Rs. 1416.6 per share for a target price of Rs 1650.
Stock of PVR last closed on June 24 at a price of Rs. 1387.25. So, upside from the last traded price is 19%.
2. StoveKraft
This is another pick by Angel Broking for long term. The brokerage firm sees an upside of up to 26% from the largest stove manufacturing company that has in its kitty brands like Pigeon, Gilma etc.
Rationale for investment:
-In the last 2 years the company has outperformed its peers in the cookers segment.
-Also, the increase in penetration of cooking gas shall be conducive to the growth of StoveKraft.
-High quality stock is available at lower valuations.
-Healthy free cash flow and profitability.
Buy price recommended for Stovekraft is Rs. 577 and the target price of Rs. 752 is sought, i.e. an upside of 26% from the LTP of Rs. 597.6.
3. Jindal Steel
JSPL is a top company in the steel, power, oil and gas, mining and infrastructure sector in the country. Through backward integration, the company produces steel and power from its own captive iron ore and coal mines.
The brokerage firm has recommended the JSPL stock at a buy price of Rs. 420.4, for a run up targeted at Rs. 550 i.e. an upside of 42% from the current pricing.
Rationale in support of the ‘Buy’:
– Re-rating for the sector owing to strong global demand for steel.
– Good set of earnings posted for Q4Fy21.
– Deleveraging of balance sheet is positive. Aided by the rally in the steel prices the company has been able to reduce its debt substantially in the last ended FY.
– Stocks available at reasonable valuation despite the rally.
Disclaimer: The stock recommendations are taken from the research report of Angel Broking. Stock investments are risky, so do your own research before investments. Neither the author, nor the brokerage nor Greynium Information Technologies would be responsible for losses incurred based on the article. Please consult a professional advisor. Article here is listed only for informational purpose.
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EPF Withdrawal Made Before 5 Years Is Tax-Free In These Conditions
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Planning
oi-Vipul Das
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When it comes to retirement-oriented schemes or investments, Employees Provident Fund or EPF is considered as the most secure bet as it is backed by the government of India. For the fiscal year 2020-21, EPF is currently fetching an interest rate of 8.50% according to the Central Board of Trustees of Employees’ Provident Fund Organisation (EPFO). If compared to the prevailing interest rates of bank fixed deposits, Public Provident Fund (PPF), and other small savings schemes, the interest return of EPF is outstanding. Apart from the interest rate perk, you can also withdraw your EPF corpus according to your convenience. But there are some rules and conditions you need to follow if you are a subscriber of EPF and want to make a withdrawal based on your need.
According to EPFO, you can withdraw your EPF corpus before 5 years of completion of service or employment if you have lost or quit your job. However, an EPF subscriber can withdraw up to 75% of the accrued corpus after 1 month of becoming unemployed. That being said, such withdrawals are taxable under income tax laws. In case an employee is jobless for more than two months, then he or she can even withdraw the outstanding 25% corpus. This implies that after two months of being unemployed, the employee can withdraw his or her entire PF balance. The benefit of making a non-refundable advance is that with your active EPF account you can withdraw your pension corpus post-retirement and even your PF account subscription will not get terminated, and you can easily transfer your remaining or outstanding corpus to your new employer.
According to an EPFO rule, the two-month holding period does not apply to women who quit their employment in order to get married. However, employees over the age of 54 can withdraw up to 90% of their PF amount after turning 54, but no later than one year after retirement on superannuation, whichever comes first. Withdrawing from an EPF before five years of continuous employment is subject to taxation. If you withdraw your EPF post 5 years of continuous employment, the amount you withdraw, which includes both principal and interest is tax-free. However, withdrawals made before the fifth year are tax-free in the following circumstances:
- Due to serious illness of the employee or employer’s discontinuance of operation.
- Withdrawals undertaken for reasons that do not fall under the employer’s authority are also tax-free.
- The taxation rule is not levied on any advance made under the EPF Scheme.
- TDS is not charged in withdrawal instances when the amount is less than Rs 50,000 or the employer is winding down the organization.
If the withdrawal amount exceeds Rs 50,000 and the term of service is shorter than five years, the member can file Form 15G/15H to avoid TDS of 10% if his or her income falls under the taxable threshold. TDS will be levied if you withdraw from EPF before reaching 5 years of continuous employment. Your former employer’s employment is also considered while determining 5 years of service. TDS is not levied if a subscriber transfers his or her EPF account from one employer to another and has worked for the same employer for 5 years or more.
In case of a job change and under your current employer if you withdraw your PF balance including the amount transferred from your PF account of your previous employer upon leaving that employer, the withdrawn amount will be exempted from tax.
Story first published: Friday, June 25, 2021, 10:10 [IST]
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Crypto honchos see miners fleeing China as crackdown deepens, BFSI News, ET BFSI
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By Joanna Ossinger and Tracy Alloway
The heads of some of the world’s biggest cryptocurrency exchanges say Bitcoin miners are shifting operations out of China as authorities intensify their crackdown on the space.
“We’re seeing a lot of those miners moving out of China to other places,” Changpeng “CZ” Zhao, the CEO of Binance Holdings Ltd., the world’s biggest crypto exchange by reported turnover, said in an interview at the Qatar Economic Forum on Tuesday. “Some of them are sending their mining equipment to overseas. There’s big shipments.”
Zhao said he’s seen movement by clients in Binance’s mining pool, which combines the computing power of number-crunching machines that verify cryptocurrency transactions.
China’s moves have injected uncertainty into the cryptocurrency market and helped pull Bitcoin down to the lower end of its recent trading range, with the coin briefly falling below $30,000 on Tuesday after having reached nearly $65,000 in mid-April. The hashrate, which measures the processing power used in Bitcoin mining and is used as a proxy for mining activity, has also dropped by about 40 per cent in the past couple of weeks, according to data from BTC.com.
While a lower hashrate is often portrayed as a negative for Bitcoin, a temporary disruption of mining power as rigs are moved out of China could also be embraced by some Bitcoin bulls who argue that a concentration of mining capacity has long been a vulnerability for an asset prized by proponents for its independence from governments and central banks.
“In the future you’ll have a different geographical distribution of hashpower,” Sam Bankman-Fried, the former Jane Street trader who now runs the crypto derivatives exchange FTX, said in an interview on Thursday. “It’s expensive to move rigs but it’s not impossible.”
The Global Times reported that multiple Bitcoin miners in China’s Sichuan province were closed on Sunday as authorities intensified their crackdown. On Tuesday, Bloomberg reported that China had summoned officials from its biggest banks to reiterate rules banning cryptocurrency services that were first issued in 2013.
China’s measures mean the country’s share of Bitcoin mining could fall from an estimated 65 per cent to less than 50 per cent by the end of the year, according to Dan Weiskopf, co-portfolio manager of the Amplify Transformational Data Sharing ETF, an actively-managed exchange-traded fund that’s composed of blockchain-related stocks, with about 20 per cent of its portfolio in crypto miners.
Alternate destinations for Chinese mining operations include Russia, Kazakhstan and Texas, according to market participants. Weiskopf cited Canada, Sweden and Argentina as other possibilities.
“The decline in hash is probably a short-term phenomenon and evidence of China miners coming offline,” he said in an e-mail. “It is a net positive for North America miners who are now expanding and scheduled to have a lot of hash come online later in 2021 and into 2022.”
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3 Stocks To Buy For Long-Term Investors From Broking Firm Sharekhan
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Bharat Electronics Ltd
Brokerage firm Sharekhan has a buy on the stock with an upside potential of around 10 to 15% from these levels.
Bharat Electronics Ltd (BEL) is a government majority owned enterprise that is into defence and electronics. Recently, the company declared its quarterly results and according to Sharekhan the net profits strongly beat estimates led by much higher-than expected Operating Profit Margins and better-than-expected execution.
“Management iterated its stand on investment in Research and Development and would invest 10% of revenues going ahead. Bharat Electronics Ltd remains our preferred pick in the defence sector on account of its strong manufacturing and Research and Development base, good cost control, growing indigenisation, and strong balance sheet with improving return ratios. The stock is trading at reasonable valuations of 13.9 times and 13.0 times its FY2023E and FY2024E earnings, respectively. With improving growth visibility, we retain our Buy rating on the stock with an unchanged target price of Rs. 196.”
The shares of Bharat Electronics Ltd were last seen trading at Rs 171 on the NSE.
Tata Consumer Products
The firm also suggests buying the shares of Tata Consumer Products at the current levels and sees an upside potential of 10 to 15% from the current levels. Tata Consumer Products is a top company with brands like Tata Tea, Tata Salt and Tetley to name just a few.
“Gaining market share in the branded tea and staples segment, scaling up the acquired ventures such as NourishCo and Soulfull, gradual improvement in out-of-home consumption and a foray into new categories through relevant launches remain key growth catalysts in the near term, besides acquisitions.
With consistent double-digit revenue growth, steady rise in margin and stable working capital management, Tata Consumer Products expects return ratios to consistently improve in the coming years. The stock is currently trading at 53 times its FY2023E earnings. We maintain a Buy recommendation on the stock with a revised price target of Rs. 875,” broking firm Sharekhan has said.
NMDC
This is another stock that Sharekhan is bullish on. The firm sees an upside potential to Rs 205 on the shares of NMDC from the current market price of Rs 175.55
“NMDC’s valuation of 3.8 times its FY2023E EV/EBITDA (excluding value of the steel plant at 0.5x CWIP) is attractive as it is at a steep discount of 28% to average EV/EBITDA multiple of 5.3x for global mining peers despite earnings visibility and strong return ratios (RoE/RoCE of 22.1%/24.5%).
Value unlocking from the demerger and potential strategic sales of the steel plant (could add Rs. 30-32/share to NMDC’s valuation as the street is ascribing only 50% value to CWIP of Rs. 18,560 crore). Hence, we maintain our Buy rating on NMDC with a revised target price of Rs. 205. We highlight here that likely stake dilution by the government through OFS could act as an overhang on NMDC’s stock price in the near term,” the broking firm has said.
Disclaimer
Views mentioned herein are taken from the brokerage report of Sharekhan. Neither the author, nor the brokerage nor Greynium Information Technologies would be responsible for losses incurred based on the article. Please consult a professional advisor. Investing in stock markets is risky.
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All PSBs, REC to buy stakes in bad bank; Indian Banks’ Association files application for incorporation of NARCL
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A top banker had last week said the cost to the exchequer won’t exceed Rs 30,600 crore, as estimated by the IBA, as the prospects of recovery from some of the bad loans looked promising.
The Indian Banks’ Association (IBA) has filed an application with the corporate affairs ministry for the incorporation of the National Asset Reconstruction Company (NARCL), which will pave the way for its swift operationalisation, banking sources told FE.
Not just large lenders but all public-sector banks (PSBs), barring Punjab & Sind Bank, have evinced interest in picking up stakes in the so-called bad bank, one of the sources said.
The IBA – which is spearheading the initiative to set up the NARCL – has also held talks with REC, seeking its contribution to equity, he added. “The discussions with REC (which finances rural electrification projects) have been moving towards a positive outcome,” the source said. No private bank has yet agreed to put in capital but talks are still on.
While Canara Bank has announced it would be the sponsor of the NARCL and hold a 12% equity, other large banks are expected to pick up just about 10% each. Punjab National Bank (PNB) managing director and chief executive SS Mallikarjun Rao has said his bank would hold under 10% in the bad bank, while Union Bank of India MD & CEO and IBA chairman Rajkiran Rao G has said the lender would buy 9%. PNB and Union Bank have identified bad loans worth about Rs 8,000 crore and Rs 7,800 crore, respectively, for transfer to the NARCL.
Meanwhile, the IBA has finalised the article of association as well as memorandum of association for the NARCL so that the asset reconstruction company takes off quickly.
Sources had earlier told FE that the finance ministry could soon seek Cabinet approval for a plan to offer sovereign guarantee on the security receipts (SRs) issued by the NARCL while acquiring bad loans from lenders. This would cost the government Rs 30,600 crore over five years.
A top banker had last week said the cost to the exchequer won’t exceed Rs 30,600 crore, as estimated by the IBA, as the prospects of recovery from some of the bad loans looked promising.
Though the government has backed the setting up of the NARCL, announced in the Budget for FY22, it wouldn’t infuse capital into it; instead, participating banks would put in the equity. Nevertheless, it is set to give guarantee on the SRs to make the bad loan resolution process more viable and attractive.
An asset management company, comprising professionals, will also be set up within the broader NARCL structure, which will work out the toxic assets and take appropriate decisions, including on selling them off to investors.
Financial services secretary Debasish Panda had earlier said banks would have the option to transfer several large stressed assets (of at least Rs 500 crore each) worth Rs 2.25 lakh crore to NARCL initially. The IBA is also working out an “exit strategy” for those accounts that remain unresolved even after five years.
Of the 101 non-performing assets (NPAs) initially reviewed, banks have zeroed in on 22 accounts amounting to roughly Rs 89,000 crore for transfer to NARCL in the first phase.
NARCL is expected to acquire stressed assets at net book value by offering 15% of it upfront (in cash), and the rest (85%) in SRs. Once the bad loan is resolved, realisation for the relevant bank would be in sync with its SR interest in that asset.
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Maharashtra State Cooperative Bank reports Rs 369-crore net in FY21
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The bank’s operating profit stood at Rs 758 crore, same as the previous year. Last year, the operating profit increased due to receipt of government guarantee of Rs 304 crore towards interest.
Maharashtra State Cooperative Bank (MSC) Bank has reported a net profit of Rs 369 crore for the financial year 2021, a rise of 14% over the previous year.
The bank’s total income dropped 30% to Rs 2,427 crore, from Rs 3,485 crore. The bank had made provision of Rs 1,012 crore towards NPA loan write-off and Rs 455 crore general reserves write-off, according to senior officials.
The gross profit of the bank fell to Rs 776 crore, compared with Rs 1,345 crore for the previous year, down 42%. In FY20, general reserves of Rs 455 crore, Rs 62-crore IDR (investment depreciation reserve) and Rs 75-crore old IR (overdue interest reserve) were written back (total Rs 592 crore).
The bank’s operating profit stood at Rs 758 crore, same as the previous year. Last year, the operating profit increased due to receipt of government guarantee of Rs 304 crore towards interest.
Vidyadhar Anaskar, chairman of the board of administrators of the bank, said during FY21, the operating profit was the result of pure business operations. The net NPA ratio increased to 1.21% from nil in FY20 due to the Covid-19 impact. Advances increased 12% to Rs 23,295 crore, from Rs 20,817 crore in the previous fiscal.
The MSC Bank is the apex cooperative bank in the state and lends mostly to agricultural enterprises like sugar mills and agri-processing units. Anaskar said the total exposure to the sector is Rs 22,000 crore, of which Rs 10,000 crore is earmarked for the sugar sector as pledged loan. The bank’s proposal to foray into retail lending, however, has been rejected by the Reserve Bank of India, he said.
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HDFC Bank CEO Sashidhar Jagdishan identifies 5 key businesses for future growth
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In December, RBI a had stopped HDFC Bank from issuing fresh credit cards and announcing new digital initiatives following multiple outages the bank witnessed over the past few years. The regulator also called for a third-party audit of the bank’s IT infrastructure.
HDFC Bank’s CEO Sashidhar Jagdishan said that bank was betting big on five key businesses, even as he acknowledged technical glitches that have impacted consumers.
In the annual report for the financial year 2021, Jagdishan said that the bank had identified corporate banking, lending to micro, small and medium enterprises (MSME), government banking, retail assets and payments as key focus areas going ahead and the growth strategy would be aided by digital channels. He also said that the last 28 months, the bank has been in the spotlight for the wrong reasons when it comes to technology. “As a bank we are certainly sorry for what has happened. And have taken this as an opportunity to improve and redouble our efforts to fix this problem for good,” Jagdishan said in a message to shareholders.
The bank is awaiting directions from the regulator on the temporary halt on sourcing of new credit card customers and digital launches. In an interaction with media on June 17, chief information officer of the bank, Ramesh Lakshminarayanan, had said that the lender was hopeful of coming out of the restrictions imposed by the regulator soon.
In December, RBI a had stopped HDFC Bank from issuing fresh credit cards and announcing new digital initiatives following multiple outages the bank witnessed over the past few years. The regulator also called for a third-party audit of the bank’s IT infrastructure.
In the annual report, HDFC Bank CEO confirmed that audit was over and the report has been submitted to the regulator.
Alluding to the issue of GPS device bundling with auto loans, HDFC Bank’s chief executive Sashidhar Jagdishan said unscrupulous practices of a few people have made everyone resolve for far greater process controls. “I am personally determined to fix this,” he said, while assuring shareholders in the annual report.
On May 28, RBI had a imposed a penalty of Rs 10 crore on HDFC Bank due to deficiencies in regulatory compliance in the GPS case. The case pertains to marketing and sale of third-party non-financial products along with auto loan to bank customers.
During FY21, the net profit of the bank increased by 18.5% year-on-year (y-o-y) to Rs 31,116.5 crore and balance sheet size grew by 14.1% y-o-y to Rs 1,746,871 crore. Gross NPAs, however, increased to 1.32% in FY21 from 1.26% in the previous year (FY20).
Net interest income (NII), an indication of the difference between interest earned and interest paid. grew by 15.5% year-on-year to Rs 64,879.6 crore in FY21.
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RBI issues norms for dividend distribution by NBFCs
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The board will have to keep in mind long-term growth plans of the NBFC while declaring dividend. NFBCs will also have to report details of dividend declared during the financial year to the RBI.
The Reserve Bank of India (RBI) on Thursday came out with dividend distribution guidelines for non-banking finance companies (NBFCs) in order to infuse greater transparency and uniformity in the practice. The regulator has mandated that net NPA ratio of the NBFC concerned should be less than 6% in each of the last three years for declaring dividend.
Similarly, the RBI has prescribed applicable regulatory capital requirement in different types of NBFCs. For example, a deposit taking NBFCs will need to have a minimum capital adequacy ratio of 15%. However, for housing finance companies, the tier-I and tier-II capital should not be less than 13% as on March 2020, 14% as on March 2021 and 15% as on March 2022 for declaring dividend.
The guidelines also prescribe ceilings on dividend payout ratios for NBFCs. The maximum dividend payout ratio could be 60% for an NBFC which is a core investment company. However, there is no ceiling specified for NBFCs that do not accept public funds and do not have any customer interface. The proposed dividend should include both dividend on equity shares and compulsorily convertible preference shares eligible for inclusion in Tier 1 capital, the RBI said.
The board will have to keep in mind long-term growth plans of the NBFC while declaring dividend. NFBCs will also have to report details of dividend declared during the financial year to the RBI. The board of directors of the NBFC, while considering the proposals for dividend, will take into account supervisory findings of the RBI on divergence in classification and provisioning for NPAs.
In December 2020, the RBI had invited suggestions on draft guidelines on dividend payout for NBFCs. The guidelines issued on Thursday shall be effective for declaration of dividend from the profits of the financial year ending March 31, 2022, and onwards.
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Pandemic won’t deliver a big shock to banking system: Principal economic advisor Sanjeev Sanyal
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“The IBC (Indian Bankruptcy Code) process related cases are getting solved. The NCLT system has continued to function. The banking channels mostly remained muted for financing. Some NPAs will pop up but the shock will be smaller than feared,” Sanyal said at a session of the Merchants’ Chamber of Commerce and Industry.
The Indian banking system would not be hit by the pandemic as much as feared by many Sanjeev Sanyal, principal economic advisor, said.
“The IBC (Indian Bankruptcy Code) process related cases are getting solved. The NCLT system has continued to function. The banking channels mostly remained muted for financing. Some NPAs will pop up but the shock will be smaller than feared,” Sanyal said at a session of the Merchants’ Chamber of Commerce and Industry.
He said as the government was opening up more and more avenues for private investments. The booming stock markets could be a source for meeting the financing needs through more equity participation.
The capital expenditure, which the government started ramping up from October last year onwards to create more assets, has resulted in a strong economic recovery for the January-March quarter last fiscal. Sanyal said the FY22 Budget focussed on expanding the economy and that’s what the government is implementing.
The second wave of Covid has a deeper psychological impact on people with the number of deaths being significantly higher than the first wave. But a national lockdown would have been “blunt and costlier and so lockdown by the states have given a headroom to deal with the economy more efficiently”. Response to the situation was more adequate through faster creation of the required health infrastructure, though the country is still dealing with a lot of uncertainties, Sanyal said.
While he refrained from commenting on the preparedness of a probable third wave, he said a better surveillance and a situational awareness was required rather than prejudging how the economy would behave in case of a third wave. Though there could be many possibilities, the government at present was viewing three possibilities depending on which the economy would behave.
The first possibility would be to remove all restrictions and lockdown and get into economic activities. But this may not be sustainable while pumping up the economy a little and then again slowing it down. The second possibility is of the economy coming back roaring since exports, agriculture, construction, non-contract services and others alike are doing well and growing. But concern would shift from growth to inflation. The third possibility is some parts of the economy would become red hot and inflationary, and some parts like the hospitality industry and tourism may not recover.
“The government would be required to give a targeted response to the third possibility, while the second possibility would require a generalised response,” Sanyal said, adding that avoiding switching off and switching on the economy was the need of the hour and faster vaccination would pave the way to a quicker economic recovery.
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