Month: June 2021

HDFC Bank mobile app down for 1 hour; issues resolved

Personal Finance

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Earlier, HDFC Bank’s MD and CEO Sashidhar Jagdishan had apologised to customers and promised to work on the deficiencies.

The mobile banking app of the largest private sector lender HDFC Bank was down again on Tuesday. The bank later informed consumers on Twitter that issues around mobile banking app were resolved and the customers could use net banking and the app for transactions.

The bank’s IT infrastructure is under the Reserve Bank of India (RBI) audit for a series of technical problems reported earlier.

“We are experiencing some issues on the MobileBanking App. We are looking into this on priority and will update shortly. Customers are requested to please use NetBanking to complete their transaction. Regret the inconvenience caused. Thank you,” HDFC Bank tweeted at 12:26 pm on Tuesday. Around an hour later, the bank once again tweeted that the issues were resolved.

RBI is conducting a special audit on the bank’s IT infrastructure due to several glitches reported in the past. Last year in December, RBI had temporarily barred HDFC Bank from launching new digital banking initiatives and issuing new credit cards after taking a serious view of service outages at the lender over the last two years. Later, RBI had appointed an external IT firm to carry out a special audit of its digital infrastructure.

RBI governor Shaktikanta Das had earlier said the regulator had some concerns about certain deficiencies and it was necessary that HDFC Bank strengthens its IT system before expanding further. Earlier, HDFC Bank’s MD and CEO Sashidhar Jagdishan had apologised to customers and promised to work on the deficiencies.

Jagdishan admitted that bank faced two outages in November 2018 and December 2019. He also said the bank had taken help of external expertise, and had substantially implemented the inputs to strengthen IT infrastructure and systems. Unexpectedly, another incident happened on November 21, 2020, and the primary reason for the same was the power outage in the bank’s primary data centre, Jagdishan had said.

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Reserve Bank of India – Tenders

Tenders

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E-Tender Notice No. – RBI/Lucknow/Estate/498/20-21/ET/771

Please refer to the notice corresponding to the captioned subject published on the Bank’s website www.rbi.org.in on May 24, 2021 inviting E-Tender for Design, Supply, Installation, Testing and Commissioning of Grid Interactive (through Net-Metering) 25 KWp SPV based Solar Plant for Bank’s Residential Colony, Aliganj, Lucknow. The last date for submission of tender was specified as June 15, 2021.

Extension of Date

It is advised that the last date for submission of tender for Design, Supply, Installation, Testing and Commissioning of Grid Interactive (through Net-Metering) 25 KWp SPV based Solar Plant for Bank’s Residential Colony, Aliganj, Lucknow has been extended to June 25, 2021. The tender will be opened at 15:00 PM on June 25, 2021.

All other terms and conditions mentioned in the tender remain unchanged.

Regional Director
Reserve Bank of India
Lucknow

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Minutes of Pre-Bid meeting – Annual Maintenance Contract of Gardens and Horticulture Services at Bank’s Offices and Residential Properties at Ahmedabad for the period from 2021-24

Tenders

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A pre-bid meeting was held on Friday, June 11, 2021 through Webex Portal at 3:00 pm with the intended bidders of the captioned e-tender (RBI/Ahmedabad/HRMD/83/20-21/ET/793) floated on June 9, 2021. The list of the participants is given in the following table:

S. No. Name of interested bidder and representative S. No. Name and Designation of RBI Official
1. Vinod Gupta, Proprietor of M/s Vrundavan Nursery and Plantation 1. Ashish Gogia, Assistant General Manager
2. Pramod Gupta, Director of M/s Vyom Greentech Management Services 2. G D Ninama, Manager
3. Rushal Bannore, Manager, Updater Services Private Limited, Ahmedabad 3. D J Patel, Assistant Manager

2. The following queries/doubts raised by the interested bidders were addressed/clarified during the meeting:

S. No. Query Reply
1. Whether the cost of fertilizer and pesticides are included in the estimated cost of the tender? Yes, the estimated cost stipulated in the tender is inclusive of all charges and taxes. The interested bidders were advised to refer to the Section V given in the tender document outlining the detailed scope of work and the format of price bid (Page 61) in which it is mentioned that no extra amount shall be paid for the items of work included in the scope of work.
2. Whether the cost of decoration to be done on National Holidays are included in the cost of tender? As above

3. The interested bidders were also advised to undertake site visit with prior permission before submitting their bid on MSTC portal.

4. This document (minutes of the Pre-Bid Meeting) shall form a part of the tender and a duly signed & stamped copy of the same shall be uploaded by the bidder along with Part-I of the tender.

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

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Lenders to take 60% haircut on Authum Infra’s ₹2,887-crore top bid for Reliance Home Fin

Banking & Finance

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Authum Infrastructure and Investment resolution plan for debt ridden Reliance Home Finance is set to be the successful bid and has received over 75 per cent of the voting by value and over 60 per cent by numbers.

Lenders to the housing finance company are expected to receive ₹2,887 crore of which about 90 per cent or ₹2,587 crore will be paid upfront. The balance 10 per cent amounting to ₹300 crore will be repaid within one year.

Sources indicated that about ₹1,800 crore of cash available with Reliance Home Finance will be distributed to lenders along with the proceeds from the resolution plan.

But with a debt of ₹11,200 crore, lenders would still face a haircut of about 60 per cent.

Bidders

Sources indicated the final voting for the successful plan for Reliance Home Finance will continue till June 19. Voting started on May 31 and was set to be completed on Tuesday (June 15).

But the rest of the voting will not have any impact on the outcome now, they added.

Authum Investment and Infrastructure is a registered NBFC involved in investments in shares and securities. Set up in 1982, it is listed on the BSE and has a networth of over ₹1,500 crore as on December 31, 2021.

The other three bidders for Reliance Home Finance included ARES SSG along with Assets Care and Reconstruction Enterprise, Authum Infrastructure and Investment, Avenue Capital along with ARCIL and Capri Global Capital.

Reliance Home Finance is a subsidiary of Anil Ambani controlled Reliance Capital. Its ₹11,200 crore debt resolution is expected to help Reliance Capital.

Bank of Baroda is the lead banker under the Inter Creditor Agreement for the resolution of debt ridden Reliance Home Finance. The lenders had in August last year proceeded with the resolution plan and had sought bids.

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BBB invites applications for PNB MD & CEO post

Banking & Finance

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The process of selection of the next Managing Director and CEO of Punjab National Bank (PNB), the country’s second largest public sector bank, has begun with the Banks Board Bureau (BBB) inviting applications for this post.

The incumbent MD & CEO Ch S.S. Mallikarjuna Rao’s term at the helm of PNB is due to end on September 18 this year. Prior to joining PNB as MD & CEO in September 2019, Rao was the MD & CEO of Allahabad Bank since September 2018.

The BBB has now stipulated that any applicant who wants to be considered for this top post at PNB should be in the age group of 45 to 57 years as on September 19, 2021.

Also, the BBB has, among other things, specified that the applicant should have a minimum experience of 15 years in mainstream banking, of which at least one year should be at the board level as on September 19, 2021.

The selected person would hold the office for a period of three years, subject to the age of superannuation as 60 years, according to BBB. The last date for submitting the online application for this post is July 17, 2020, the BBB has said.

The new person who will take over from Rao later this year will have to manage a much larger banking institution as PNB had from April 1 last year gone in for a three way amalgamation with Oriental Bank of Commerce and United Bank of India from April 1, 2020, paving way for the creation of India’s second largest public sector bank with business of over ₹18 lakh crore.

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Canara Bank to be lead sponsor of bad bank, to pick up 12% stake

Banking & Finance

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The Board of Canara Bank has given in-principle approval for participating in the National Asset Reconstruction Company Ltd (NARCL) as a sponsor by taking 12 per cent equity stake.

The Bengaluru-headquartered public sector bank has sought the Reserve Bank of India’s approval for the same, the Bank said in a regulatory filing.

Banks such as State Bank of India, Bank of Baroda, Bank of India and IDBI Bank are expected to take up to 10 per cent stake in NARCL.

Stressed consortium loans (₹500 crore and above) will be transferred to NARCL. Banks have so far identified 22 stressed assets aggregating about ₹89,000 crore for transfer to NARCL.

Overall, stressed loans aggregating up to ₹2 lakh crore are expected to be transferred by Banks to the company.

Padmakumar Madhavan Nair (Chief General Manager with SBI’s Stressed Assets Resolution Group) has been appointed as MD & CEO of NARCL.

In her Union Budget speech on February 1, 2021, Finance Minister Nirmala Sitharaman said that an Asset Reconstruction Company (ARC) and an Asset Management Company (AMC) would be set up to consolidate and take over the existing stressed debt and then manage and dispose of the assets to Alternate Investment Funds and other potential investors for eventual value realisation.

Indian Banks Association (IBA) is the Nodal Agency for constituting the ARC and AMC, designated as National Asset Reconstruction Company Ltd (NARCL) and India Debt Management Company Ltd (IDMCL), respectively.

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Spike in May retail inflation leads to drop in G-Sec prices

Banking & Finance

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Government Securities (G-Sec) prices dropped on Tuesday as the retail inflation reading for May 2021 spiked above the monetary policy committee’s upper tolerance threshold of 6-6.30 per cent against 4.2 per cent in April.

Given that MPC tracks the retail (consumer price index/ CPI-based) inflation gauge closely, if the reading sustains above the 6 per cent mark for another month or two, it will have to do a hard re-think on its ultra-loose monetary policy to tamp down inflation.

Price of the 10-year G-Sec (coupon rate: 5.85 per cent) came down by about 26 paise to close at ₹98.64 (previous close: ₹98.895), with its yield rising 4 basis points to 6.04 per cent (previous close: 6.00 per cent).

Price and yield of bonds are inversely related and move in opposite directions.

‘Double whammy’

Madan Sabnavis, Chief Economist, CARE Ratings, said, “The CPI inflation number at 6.3 per cent is higher than our expectation of 4.9 per cent and is a kind of double whammy for the economy coming as it does over a sharp increase in WPI (wholesale price index-based inflation) by 12.9 per cent.”

He emphasised that high CPI inflation will be a concern for the Reserve Bank of India (RBI) as it is higher than their estimate of 5 per cent.

“Though the stated policy is that growth is more important, which means that repo rate will not be touched, it will be a nagging issue nevertheless especially if inflation remains in this region. We expect it to be around 5.5-6 per cent in next couple of months,” Sabnavis said.

Price of the G-Sec maturing in 2026 (coupon rate: 5.63 per cent) fell 42 paise to close at ₹99.94 ( ₹100.36), with its yield rising about 10 basis points to 5.64 per cent (5.54 per cent).

Price of the G-Sec maturing in 2035 (coupon rate: 6.64 per cent) too declined 42 paise to close at ₹99.94 (₹100.36), with its yield rising about 4 basis points to 6.64 per cent (6.60 per cent).

Suyash Choudhary, Head – Fixed Income, IDFC AMC, observed that the May CPI print will likely on the margin push up the importance of inflation in the growth versus inflation trade-off for RBI.

“This doesn’t necessarily mean that the central bank will start to respond to this right-away. However, the bond market may step up speculation with respect to the shelf-life for RBI’s current ultra-dovishness.

“This may make the task of dictating yields to the market that much more difficult for the central bank. At any rate, in our base case view, RBI would have started to dial back on its level of intervention at some point and we were budgeting for a gradual rise in yields overtime,” he said.

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Bharti AXA General Insurance back in black in FY21; reports ₹120 crore PAT

Banking & Finance

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Bharti AXA General Insurance recorded a net profit of ₹120 crore on a gross written premium of ₹3,183 crore during financial year 2020-21.

The private general insurer had recorded a net loss of ₹243.63 crore on a gross written premium of ₹3,157 crore in FY20.

Bharti AXA General Insurance achieved a lower combined ratio at 110.5 per cent during FY21 compared to 120.7 per cent in FY20 on account of improved profitability. Market ranking of the company in the private General Insurance sector also improved to 10th from 11th position in previous year despite the pandemic.

Sanjeev Srinivasan, Managing Director and CEO, Bharti AXA General Insurance, said in a statement, “Owing to the Covid-19 pandemic, FY21 has been a challenging year for the industry and especially for us at Bharti AXA General Insurance.

While the overall demand for goods and services across the economy has been relatively low, consumers felt an evident need of insurance on the back of the uncertainty the pandemic has brought.This changing consumer behaviour helped us respond with required solutions and agility through tech advancements. Further, the year demanded realignment with focus on the health and commercial lines segment, and we managed to drive growth in these lines of business on account of increased awareness and launch of new products.”

While the health segment saw a 11 per cent growth at ₹457 crore in FY2020-21 against ₹410 crore last year, Retail health grew by 48 per cent driven by launch of new products and increased awareness due to the pandemic.

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3 Banking Stocks To Buy Today By Angel Broking

Personal Finance

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1. Federal Bank:

Kochi-based Federal Bank is a leading commercial bank in the private space. The bank also has international presence in Abu Dhabi, Dubai, Oman, Kuwait etc. Total assets at the bank at the end of FY21 stood at Rs. 1.9 lakh crore, deposits had been at Rs. 1.56 lakh crore while the bank’s loan book was at Rs. 1.2 lakh crore.

For the Q4 quarter of FY21, the company’s loan book registered 7.9% YoY growth owing to strengthening of the retail portfolio. NIM as well as NII too registered an increase, with NII growing by a strong 16.8% YoY to Rs. 1437 crore.

“NPA’s have remained steady for the bank over the past few years with GNPA for Q4FY21 at 3.41% while NNPA ratio stood at 1.19%. PCR at the end of FY21 stood at ~65% which we believe is adequate. Total restructured book stood at Rs. 1409 crore at the end of Q4FY21. This is against earlier expectations of total restructuring of Rs. 3,000-3,500 crore”, added the report.

Key financials for FY2022E

NII- Rs. 7156 crore

NIM – 3.3%

PAT- Rs. 2311 crore

EPS- Rs. 11.6

ROE- 13.4%

P/E- 7.6x

2. IDFC First Bank:

2. IDFC First Bank:

This is the new age private banking firm in the country that other than offering basic banking services including deposits and loan is also into offering investments such as mutual fund, gold bonds etc.

“IDFC Fist Bank, Post management change has clearly outperformed in building liability franchise and retail lending. Since new management took charge, every qtr. liability franchise has been strengthened. CASA ratio improved from 10.4% in Q3FY19 to ~43% In Q4FY21. NIM’s have also been stable for the bank despite interest reversals in Q4FY21”, said the report.

Now as banks will see less of inflow coming from the asset side, the ability to raise funds at low cost shall be the key parameter that will drive banking space from here on. In April this year, the bank raised fresh equity worth Rs. 3000 crore.

For the last quarter ended March 2021, the bank posted a 78% jump in its net profit at Rs. 128 crore. In the corresponding quarter in the year ago period, the profit stood at Rs. 72 crore. For the full year 2021, the profit stood at Rs. 452 crore versus loss of Rs. 2864 crore in the previous fiscal. The stock last traded at a price of Rs. 59.85 per share on the NSE.

Key financial metrics for FY22E

NII- Rs. 8488 crore

NIM- 4.9%

EPS- Rs. 2.5

PAT- Rs. 1425.8 crore

ROE- 7.7%

P/E- 22.7x

3. Shriram City Union

3. Shriram City Union

The leading NBFC from the house of Shriram Group offers specialized services in MSME and retail lending. The major portion of the company’s loan book comprises small business accounts as of FY 2020 end. Also, the company extends 2-wheeler, auto, personal and gold loans.

“The company posted a good set of numbers for the quarter due to positive surprise on the asset quality front. NII for Q4FY21 was up by 3.2% YoY to Rs. 928.5 crore while PPOP was up by 7.2% YoY to Rs. 551 crores. Provision during the quarter was down by 47.4% yoy to Rs. 163.8 crore while profits were up by 84% yoy to Rs. 282 crores. Shriram City Union reported a strong 6.0% sequential growth in disbursement for the quarter which led to a 3.9% qoq growth in AUM to ~ Rs. 29,571 crore”, said the report.

“SCUF surprised positively on the asset quality front Gross stage 3 loans decreased by 9bps qoq to 6.37% in Q4FY21. Net stage 3 for the quarter declined to 3.08% while PCR ratio stood at 51.6%”, added the report.

Key metrics FY2022E

NII- Rs. 4295 crore

NIM- 12%

PAT- Rs. 1343.8 crore

EPS- Rs. 203.6

ROE- 15.3

P/E- 7.8%

GoodReturns.in



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This Stock Gave Multibagger Returns Of 887% In The Last One Year

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Investment

oi-Roshni Agarwal

|

This company shares skyrocketed in price in the last one year and comparing its closing price as on June 15, 2020 of Rs. 157 per share on the NSE, the stock after exactly a year today settled at a price of Rs. 1431.9. In the intra-day trade the company from the steel-sponge iron space touched a new 52-week high price of Rs. 1550.05, a remarkable rally of 887 percent. On the BSE, the stock hit a 52-week high of Rs. 1561.95. This is also the stock’s all-time high price.

This Stock Gave Multibagger Returns Of 887% In The Last One Year

This Stock Gave Multibagger Returns Of 887% In The Last One Year

Which is this company that has delivered multibagger returns and why it is rallying?

The company is none other than Chhattisgarh based integrated steel manufacturer, Godawari Power & Ispat Ltd. (GPIL) Before going to the details of why the stock is rallying here are the few key points of the stock:

1. Number of FII/FPI holding in the stock has increased from 8 to 17 in the quarter ended March, though stake has been reduced to 0.62% from 0.65%.

2. MFs have increased holdings from 0.42% to 0.46%

3. Bullish momentum -As the stock is trading above its short, medium and long term moving averages.

4. M-cap of the firm stood at Rs. 5041 crore after the market closing hours as on June 15, 2021

Why Godawari Power stock rallied phenomenally in the last one year?

The firm’s encouraging financial performance is one main factor that is fuelling the stock price rally. For the March ended quarter, the firm recorded a sharp 879% growth in profit at Rs. 326.95 crore versus Rs. 33.37 crore in the same quarter during the year ago period. Operating profit (excluding other income) also registered an increase of 214.73% to Rs. 489.63 crore versus Rs 155.57 crore profit in the same quarter of the last fiscal year.

For the FY ending 2021, the net profit at the firm climbed 282.77 percent to Rs. 638.39 crore. Also, net sales at the firm edged higher by 23.82% to Rs. 4071 crore versus Rs. 3288 crore for the FY ending March 2020.
Other developments that triggered price rally in Godawari Power and Ispat include:

1. Shareholders of the company gave an approval to pare its stake/ holding in Godawari Green Energy (GGEL) i.e. an important subsidiary of the steel manufacturing company. GGEL is a SPV, with GPIL as the promoter entity and having an equity holding of 77.82 percent on a fully diluted basis.

2. At its meeting on May 25, the board of Directors of the company approved the plan of setting up a captive Solar PV Power Plant of 250 MW capacity in Raigarh District of Chhattisgarh with a cost outlay of Rs. 750 crores.

3. Furthermore, in March this year, the company got clearance from the Chhattisgarh Environment Conservation Board, Raipur in respect of ‘consent to operate’ the augmented capacity of iron ore pellet plant as well as consent with regard to setting up manufacturing facilities in other divisions.

GoodReturns.in

Story first published: Tuesday, June 15, 2021, 20:19 [IST]



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