Month: June 2021

2 Stock ‘Buy’ Recommendations By HDFC Securities For Gains In 3-4 Weeks

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Investment

oi-Roshni Agarwal

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In the previous day’s trade (June 9, 2021), Indian stock market saw sharp profit booking after scaling a fresh record high of 15800.45 level on the Nifty. After several trading sessions of range bound movement on the upside a long bear candle was seen on the daily chart. This formation suggests of the likely occurrence of profit booking from the new highs in the market.

2 Stock Buy Recommendations By HDFC Securities For Gains In 3-4 Weeks

2 Stock Buy Recommendations By HDFC Securities For Gains In 3-4 Weeks

Currently, the positive trend of higher highs and higher lows comes into focus and the existing weakness could indicate creation of new higher bottom. Furthermore, the long bear candle pattern at the new highs unlocks prospects of reversal pattern. Support levels that needs to be watched out for is 15,560 and a move below this level is likely to drag Nifty to 15,400 levels.

Here are 2 stock picks for short term gains by HDFC Securities

1. NTPC: Buy- TP- Rs. 130

For past few months, the stock price of NTPC is in constant uptrend as indicated by the positive chart pattern of higher tops and bottoms. This week, the broad-range movement has been broken on the upside and the stock has gained, while being positioned to form a new higher top. Volume in the counter has started to inch higher with breakout on the upside and weekly RSI also gained from close to 60 levels. This is a positive sign.

Buying in the scrip of NTPC is recommended at CMP of Rs.118 and one can add more on dips at a price to Rs. 114, for a upside target of Rs. 130 in the next 3-4 weeks. Stop loss of Rs. 111 is suggested.

2. Buy Mahindra Logistics Ltd: Buy- TP- Rs. 648

As per the weekly chart, the stock price of Mahindra Logistics has been moving in a consolidation pattern and is currently attempting to show upside breakout of the range of Rs. 280-285 recently. Therefore, this pattern could be deemed as an upside breakout of triangle type pattern. A sustainable upmove from here on could trigger a sharp upside for the stock of the logistics entity.

Weekly chart indicates bullish chart pattern such as higher highs and higher lows and the post consolidation upside breakout has been good in the earlier period.

Buying in the stock is recommended at a CMP of Rs. 588.15, further one can add more on dips to Rs. 565, for an upside target of Rs. 648 in the next 3-4 weeks. Stop loss of Rs. 550 is suggested.

GoodReturns.in



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BharatPe acquires PAYBACK India – The Hindu BusinessLine

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BharatPe on Thursday announced the acquisition of PAYBACK India from American Express and ICICI Investments Strategic Fund.

It did not disclose the transaction value.

Also read: BharatPe signs strategic partnership with ICC

“This is the first-ever acquisition by BharatPe and will make PAYBACK India, the country’s largest multi-brand loyalty program with over 10 crore members, a wholly-owned subsidiary of BharatPe,” it said in a statement.

The acquisition of PAYBACK India is in line with BharatPe’s strategy to build a robust and engaged network of over two crore small merchants by 2023, it further said.

The acquisition will help BharatPe enhance its value proposition for merchant partners and also help it build a lucrative set of offerings for end customers that will enhance footfalls at merchants and accelerate the growth of their businesses.

PAYBACK India will continue operating under its current name and there will be no impact on its existing customer and partner relationships. It will also continue to roll out initiatives to offer value for all customers.

All PAYBACK India employees will now become part of the BharatPe group.

Suhail Sameer and Gautam Kaushik, Group Presidents, BharatPe, along with Sumeet Singh, General Counsel, BharatPe, have joined the Board of PAYBACK India, the company said in the statement.

Further, the role of the senior leadership team at PAYBACK India will be expanded to include the loyalty program for the over 60 lakh merchants of BharatPe.

“With the acquisition of PAYBACK India, we will be able to add a whole new dimension to our merchant value proposition. In addition to the range of payment and credit products which BharatPe offers to help merchants scale their business, we will also be able to drive more consumers to their stores,” said Ashneer Grover, Co-Founder and CEO, BharatPe.

Also read: BharatPe raises ₹50 crore in debt from Northern Arc Capital

“It was our top priority to ensure that for the members of the successful PAYBACK India program there would be no changes and that the great customer experience would also be maintained: Users can collect points while shopping offline and online and benefit from exclusive offers in the usual way, now at even more merchants with BharatPe,” said Markus Knorr, CFO, PAYBACK Global.

Launched in 2010, PAYBACK India has a network of more than 100 offline and online partners. Customers can earn and redeem points on every transaction at its partner merchant outlets

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CBI files cases against Delhi based private firms, directors, BFSI News, ET BFSI

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The Central Bureau of Investigation (CBI) registered a case against two Delhi-based private firms, including their directors or promoters, for allegedly defrauding Yes Bank of Rs 466.51 crore.

Raghubir Kumar Sharma, Rajendra Kumar Mangal, Tapsi Mahajan, their companies Oyster Buildwell Pvt Ltd and Avantha Realty Pvt Ltd, and officials of Jhabua Power Ltd have also been booked by the CBI for allegedly defrauding Yes Bank of over Rs 466 crore in 2017-19.

The CBI alleged that the accused engaged in a criminal conspiracy, criminal breach of trust, cheating, and forgery for diversion of public funds to the tune of ₹466.15 crore.

After filing a FIR against Gautam Thapar, Avantha Realty, and others for alleged diversion of over ₹466 crore from Yes Bank, the investigating agency conducted searches in 14 places including Delhi-NCR, Secunderabad, and Kolkata.

The agency alleged that a loan of ₹400 crore was sanctioned to Avantha Realty in March 2016 for 10 years despite its poor financial condition.



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PSU banks headed for privatisation may get a major makeover, BFSI News, ET BFSI

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The government plans to spruce up public sector banks’ balance sheets through capital support and sale of non-core assets and trim their workforce before putting them on block.

It may also look at transferring bad loans of these lenders to the upcoming bad bank.

On the radar

The NITI Aayog, which has been entrusted with the job of identifyng suitable candidates for the privatisation, has recommended names to a high-level panel headed by Cabinet Secretary Rajiv Gauba.

Central Bank of India, Indian Overseas Bank, Bank of Maharashtra and Bank of India are some of the names that may be considered for privatisation by the Core Group of Secretaries on Disinvestment.

The other members of the high-level panel are Economic Affairs Secretary, Revenue Secretary, Expenditure Secretary, Corporate Affairs Secretary, Secretary Legal Affairs, Secretary Department of Public Enterprises, Secretary Department of Investment and Public Asset Management (DIPAM) and the Secretary of administrative department.

Following clearance from the Core Group of Secretaries, the finalised names will go to the Alternative Mechanism (AM) for its approval and eventually to the Cabinet headed by Prime Minister Narendra Modi for the final nod.

VRS scheme

Two state-owned banks being picked up for privatisation by the government are likely to come out with an attractive voluntary retirement scheme (VRS) to get rid of the extra flab.

An attractive VRS will make them lean and fit for takeover by the private sector entities that are keen to enter the banking space, the sources said.

VRS is not forced exit but an option for those who would like to take early retirement with a good financial package, the sources said adding that it has been done in the past before the consolidation of some of the PSBs.

Out of PCA?

State-owned UCO Bank is hopeful of coming out of the Prompt Corrective Action (PCA) framework very soon.

PCA is triggered when banks breach certain regulatory requirements such as return on asset, minimum capital, and quantum of the non-performing asset.

The bank had also met the other major criteria including net NPA norm, Goel said. Net NPA was at 3.4 per cent in March quarter against requirement of below six per cent. Return on Asset is also positive at Rs 167 crore and latest leverage ratio stood at 4.53 against a requirement of four per cent.

The government in the last round had infused Rs 14,500 crore of equity in Central Bank of India, Indian Overseas Bank, Bank of India, and UCO Bank by issuing non-interest-bearing, non-transferable bonds to these state-owned lenders.

Central Bank had narrowed its loss to Rs 888 crore in FY21, from Rs 1,121 crore in FY20. IOB, which is yet to declare its results for Q4 of FY21, posted a profit of Rs 482 crore for the nine months to December 2020, as against a loss of Rs 8,527 crore for FY20. gross non-performing asset (NPA) for Central Bank are 16.55 percent while for IOB they are 12.19 percent.



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Leading crypto exchanges scout entry into India despite potential ban

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Global digital currency exchanges are exploring ways to set up in India, following in the footsteps of market leader Binance, industry sources told Reuters, while the government in New Delhi dithers over introducing a law that could ban cryptocurrencies.

Opponents of the potential ban say it would stifle the economic power of a tech-savvy, young nation of 1.35 billion people. There is no official data, but industry analysts reckon there are 15 million crypto investors in India holding over 100billion rupees ($1.37 billion).

Three cos scouting market

According to four sources, who declined to be identified as they were not authorised to comment on private discussions,U.S.-based Kraken, British Virgin Islands-based Bitfinex and rival KuCoin are actively scouting the market, which analysts say would only get bigger if it was given a free rein. “These companies have already begun talks to understand the Indian market and the entry points better,” said one source directly involved with an exchange that had begun due diligence for an Indian firm it was considering acquiring.

Also read: The cryptocurrency game: India and the world

The other two exchanges, he said, were in the initial stages of deciding whether to enter India and weighing their options,which effectively come down to a choice between setting up asub sidiary or buying an Indian firm, as Binance, the world’s biggest exchange, did two years ago.

Bitfinex declined to comment while Kraken and KuCoin did not respond to an email seeking comment.

All three exchanges are ranked in the world’s top ten by data platform Coin Market Cap, based on their traffic, liquidity and trustworthiness of their reported trading volumes. “The Indian market is huge and it is only starting to grow, if there was more policy certainty by now Indian consumers would have been spoilt for choice in terms of exchanges, because everyone wants to be here,” said Kumar Gaurav, founder of digital bank Cashaa.

Proponents of cryptocurrencies say they would be the most cost-efficient way for Indians abroad to remit funds home.

But authorities worry that rich people and criminals could hide their wealth in the digital world, and speculative flows of funds through digital channels, ungoverned by India’s strict exchange controls, could destabilise the financial system.

Bill delayed, fate unknown

Hitherto, India has had no rules specifically for cryptocurrency exchanges wishing to set up in the country. Instead they could register themselves as tech companies to obtain a relatively easy entry path.

In 2019, Binance acquired WazirX, an Indian cryptocurrency startup which has allowed users to buy and sell crypto with rupees on the Binance Fiat Gateway.

U.S. based exchange, Coinbase, has announced plans for a back office in India.

But with the regulatory environment for cryptocurrencies taking a turn for worse globally, Indian authorities are exercising greater scrutiny.

In China, authorities have forbidden banks and online payment companies from providing services related to cryptocurrency transactions.

And the Indian government was set to present a bill to parliament by March that proposed a ban on cryptocurrencies, making trading and holding them illegal. But the government has held it back, and conflicting statements since have fuelled uncertainty over the bill’s fate.

Meantime, major Indian banks have begun to sever ties with cryptocurrency exchanges and traders, amid Reserve Bank of India’s concerns about the financial stability risks posed by the volatile asset.

The RBI is looking at launching its own digital currency,but Governor Shaktikanta Das in February described those plans as a “work in progress”.

For all the uncertainty over what India will end up doing, some digital currency exchanges clearly reckon it would be better to gain entry rather than miss out. “It’s clear that the rewards outweigh the perceived risks,which is luring these global firms to the Indian market,” said Darshan Bathija, chief executive officer of Vauld, a foreign crypto exchange with a presence in India.

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DBS tops Forbes ‘World’s Best Banks’ list in India, BFSI News, ET BFSI

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DBS has been named by Forbes in their list of World’s Best Banks 2021. DBS was ranked #1 out of 30 domestic and international banks in India for the second consecutive year. This is the third edition of the ‘World’s Best Banks’ list by Forbes, conducted in partnership with market research firm Statista. Over 43,000 banking customers across the globe were surveyed on their current and former banking relationships. The customer survey rated banks on general satisfaction and key attributes like trust, digital services, financial advice, and fees.

“This year’s list includes a record number of award winners, reflecting consumers’ increasing confidence in their banks,” revealed Forbes in its official announcement. Commenting on the recognition, Surojit Shome, Managing Director and CEO, DBS Bank India, said, “We are humbled and proud to be featured on the ‘World’s Best Banks’ list for the second consecutive year. Over the years, we have built a strong customer-centric franchise, and this recognition shines the light on the resilience and a strong sense of purpose demonstrated by our employees to support customers amid the global crisis. We will continue to deepen customer relationships and build journeys that proactively address their needs.”

Felix Kapel, Lead Analyst at Statista for the World’s Best Banks project, said, “DBS India excels in multiple sub-dimensions. The general satisfaction and customer recommendation of DBS is great. These factors have helped DBS retain the No.1 spot in India.”

Recently, DBS Bank India was recognised as ‘India’s Best International Bank 2021’ by Asiamoney. DBS was named ‘Safest Bank in Asia’ for the 12th consecutive year by New York-based trade publication Global Finance in 2020. The bank was also Global Finance’s pick for ‘Best Bank in the World’ in the same year, making it the third consecutive global Best Bank accolade received by DBS. Previously, DBS was named ‘World’s Best Bank’ by leading financial publication Euromoney in 2019. DBS Bank has been present in India for 26 years and has grown consistently by strengthening its small and medium-sized enterprise business and consumer lending operations to build scale and become a full-service bank. Further, it has showcased a long-term commitment to India with the establishment of its local wholly-owned subsidiary, DBS Bank India Limited (DBIL) and the recent acquisition of Lakshmi Vilas Bank.

The amalgamation of Lakshmi Vilas Bank with DBIL in November 2020 bolstered the bank’s physical presence in the country. DBS now has a network of nearly 600 branches across 19 states in India. To view the complete Forbes list, visit https://www.forbes.com/worlds-best-banks/#5c1a16312951 About DBS DBS is a leading financial services group in Asia with a presence in 18 markets. Recognised for its global leadership, DBS has been named “World’s Best Bank” by Euromoney, “Global Banks of the Year” by The Banker and “Best Bank in the World” by Global Finance.

DBS was also ranked No 1 in India by Forbes in its 2020 list of the World’s Best Banks. DBS Bank has been present in India for 26 years, having opened its first office in Mumbai in 1994. DBS Bank India Limited is the first among the large foreign banks in India to start operating as a wholly-owned, locally incorporated subsidiary of a leading global bank. DBS provides an entire range of banking services for large, medium and small enterprises and individual consumers in India. In 2016, DBS launched India’s first mobile-only bank – digibank, which now has ~1 million savings accounts. In November 2020, Lakshmi Vilas Bank was amalgamated with DBS Bank India Limited.

The bank now has a network of nearly 600 branches across 19 states in India. DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets. DBS is committed to building lasting relationships with customers and positively impacting communities through supporting social enterprises as it banks the Asian way. It has also established an SGD 50 million foundation to strengthen its corporate social responsibility efforts in Singapore and across Asia. In 2020, DBS introduced the “Towards Zero Food Waste” initiative as part of a global sustainability practice to encourage a shift in behaviours and mindsets to reduce food waste. With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. The bank acknowledges the passion, commitment and can-do spirit in all our 30,000+ staff representing over 40 nationalities.



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With just 24% recovery rate, IBC lags other mechanisms, BFSI News, ET BFSI

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The Videocon resolution, which yielded less than 10% for lenders, has brought back recovery woes in the Insolvency and Bankruptcy Code mechanism in the spotlight.

Bankers have lost over Rs 40,000 crore in the Videocon account, as Anil Agarwal’s Twin Star snapped the company for less than Rs 3,000 crore.

While RBI has pointed to a recovery rate of 45% in IBC so far, barring the recovery rates in the top nine accounts, recoveries in other accounts average 24%. The top nine accounts were from the steel sector which led to good recoveries, while accounts in the power and infrastructure sectors struggle for buyers.

Recoveries from earlier resolution mechanisms resulted in a loss of nearly 70%.

Fiscal 2021 drop

The realisation for financial creditors from IBC declined significantly in FY2021 with a total resolution amount of around Rs 26,000 crore, almost a quarter of the realisations in fiscal 2020.

The pandemic has increased operational challenges for the various parties involved in a CIRP, which resulted in limited cases yielding a resolution plan. The suspension of new proceedings under the IBC for the entire FY21 resulted in a sharp slowdown in the resolution process.

Out of the total 4,300 cases that have been admitted to bankruptcy courts since FY17, only 8% has been resolved and nearly 40% of the cases are still pending. About 30% of the cases have seen liquidation.

From its commencement in December 2016, 4,376 CIRPs have been admitted, of which 2,653 were closed till March 2021,

About 40% of the cases admitted by the NCLT were closed on appeal or settled or withdrawn under Section 12A which highlights that at least some promoters have been more willing to pay their dues to keep the IBC proceedings at bay. The extent of cases being referred to liquidation remains high at about 40% and only a quarter of such cases have seen the liquidation process come to a conclusion. The average realisation through liquidation has been a mere 3% of the claim amount.

Fiscal 2022 hopes

Although rating agency ICRA estimates that financial creditors could realise about Rs 55,000 crore to Rs 60,000 crore in FY2022 through successful resolution plans from the IBC. The higher realisation by the financial creditors would depend on the successful resolution of 8-9 big-ticket accounts, as more than 20% of ICRA’s estimated realisation for the year could be from these alone.



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Bandhan Bank Revises Savings Account Interest Rates, Check New Rates Here

Personal Finance

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Investment

oi-Vipul Das

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The private sector lender Bandhan Bank has recently revised interest rates on savings accounts which are in force from June 7, 2021. Based on the daily balance limit, the bank is now offering savings account interest rates ranging from 3% to 6% after the most recent adjustment. As per the Bandhan Bank’s official website, the private lender is giving a 3% savings account interest rate on a daily balance of up to Rs 1 lakh. The bank is giving 4% savings account interest on a daily balance ranging from Rs 1 lakh to Rs 10 lakh. Bandhan Bank is providing customers with a 6% interest on a daily balance of over Rs 10 lakh. Check the revised interest rates on the savings account of Bandhan Bank here.

Bandhan Bank Revises Savings Account Interest Rates, Check New Rates Here

Minimum balance limit on Bandhan Bank savings account

Check the monthly average limit on different savings accounts of Bandhan Bank below:

Savings Account Type Monthly Average Balance
Neo+ Digital Savings Account Rs 5,000
Elite Savings Account Rs 5 lakhs
Premium Savings Account Rs 1 lakh
Advantage Savings Account Rs 25,000
Standard Savings Account Rs 5,000
Special Savings Account Rs 5,000
Sanchay Savings Account Rs 2,000

Bandhan Bank Savings Account Interest Rates

With effect from June 7, 2021, Bandhan Bank revises interest rates on its savings accounts, check new rates below:

Daily Balance Interest Rates In %
Daily Balance up to Rs 1 lakh 3.00%
b. Daily Balance above Rs 1 lakh to Rs 10 lakh 4.00%
c. Daily Balance above Rs 10 lakh to Rs 10 crore 6.00%
Source: Bandhan Bank, W.e.f. June 7, 2021

Note

  • The interest rate will be determined daily depending on the account’s end-of-day total balance.
  • Interest will be charged at a rate of 3% per year on an amount up to Rs 1 lakh, 4% per year on incremental balance above Rs 1 lakh up to Rs 10 lakh, and 6% per year on incremental balance beyond Rs 10 lakh up to Rs 10 crore.
  • You need to contact the branch office for rates on an amount of Rs 10 Crores and beyond.
  • Interest is paid on a quarterly basis, i.e. on June 30, September 30, December 31 and March 31 respectively, according to the bank’s website.

Story first published: Thursday, June 10, 2021, 11:24 [IST]



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As Covid 2.0 wanes, equity MFs net ₹10,000 cr in May

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Net inflows into equity mutual fund schemes hit a 14-month high in May at ₹10,083 crore crore compared to ₹3,437 crore logged in April, reflecting growing investor confidence in the recent market rally. This is the third straight month of net inflows.

Except for equity linked saving scheme, which recorded an outflow of ₹290 crore, all categories of equity funds registered net inflows, with multi-cap funds topping the table attracting investments of ₹1,954 crore, according to data released by the Association of Mutual Funds in India. Coincidentally, Aditya Birla Sun Life Multi Cap had raised ₹1,900 crore through its New Fund Offer in May.

While mid-cap and focussed equity funds received investment of ₹1,368 crore and ₹1,169 crore, thematic and small-cap funds got ₹1,137 crore and ₹1,081 crore, respectively.

Himanshu Srivastava, Associate Director, Morningstar India, said the significant dip in Covid cases over the last few weeks has provided comfort to investors while good positive earnings growth outlook and waning concern on the second wave will prompt investors to again allocate assets towards equities.

Redemption in equity schemes in May dipped compared to April suggesting that investors are gaining confidence on the market outlook and are willing to invest substantially.

NS Venkatesh, Chief Executive, AMFI, said retail equity-oriented contribution continues to be on the upward trend, while smart investors diversified to Fund of Fund schemes that invest in foreign equities.

Investment through systematic investment plans was up at ₹8,818 crore against ₹8,596 crorein April.

Debt funds recorded a net outflow of ₹44,512 crore largely due to withdrawal of ₹45,447 crore and ₹11,573 crore from liquid and overnight funds, respectively.

Inflows in Fund of Funds investing overseas jumped sharply by ₹2,424 crore largely due to two NFOs raising ₹1,704 crore.

Overall, the mutual funds industry’s AUM was up at ₹33.05-lakh crore in May against ₹32.37-lakh crorein April.

Akhil Chaturvedi, Head of Sales and Distribution, Motilal Oswal Asset Management Company, said it is broadly understood that the waves of Covid are short lived and eventually economic activities will revive giving boost to market sentiments.

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