June 2021 – Page 87 – IFSCCodeof.in

DHFL reports net profit of Rs 96.75 crore in Q4

June 6, 2021 root Banking & Finance

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Dewan Housing Finance Corporation Ltd reported a consolidated net profit of Rs 96.75 crore for the fourth quarter of 2020-21 as against a net loss of Rs 7,507.01 crore a year ago.

For the full fiscal 2020-21, it had a consolidated net loss of Rs 15,051.17 crore compared to a net loss of Rs 13,455.81 crore in 2019-20.

For the quarter ended March 31, 2021, DHFL reported a 22.4 per cent drop in its total revenue from operations at Rs 2,034.53 crore versus Rs 2,623.40 crore a year ago.

Total income also declined to Rs 2,060.57 crore for the fourth quarter last fiscal from Rs 2,160.98 crore a year ago.

“…the company has not made any provision for interest on borrowings amounting to Rs 1,91,213 lakh and Rs 7,65,155 lakh for the quarter and year ended on March 31, 2021, respectively, in view of the company’s current Corporate Insolvency Resolution Process (CIRP),” said the results.

Had the interest was accrued on borrowings and provided for, the profit for the quarter ended March 31, 2021 would have been lower by Rs 1,42,205 lakh (net of taxes) and the loss for year ended March 31, 2021 would have been higher by Rs 5,69,046 lakh respectively (net of tax), it further said.

As on March 31, 2021, it had a negative net worth of Rs 20,645.31 crore. Total assets amounted to Rs 70,358.66 crore while total liabilities stood at Rs 91,003.97 crore.

The investments and advance by way of unsecured Inter Corporate Deposit (ICD) including interest receivable aggregating Rs 4,109.24 crore are outstanding as on March 31, 2021. The provision for the entire ICD amount has been made due to lack of security.

Noting that DHFL has accumulated losses due to which its net worth has been fully eroded, the auditor’s note said that its ability to remain as a “going concern” depends on the outcome of the ongoing CIRP.

“During this quarter ended on March 31, 2021, additional transactions amounting Rs 12,73,574 lakh have been identified and reported by the company to Stock Exchanges and National Housing Bank and RBI as fraudulent, undervalued and preferential in nature,” it further said.

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10 Best Blockchain Startups In India TO Watch Out For In 2021

June 6, 2021 root Personal Finance

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Signzy

Signzy company was founded in 2015 and is headquartered in Bangalore. Ankit Ratan, Arpit Ratan, and Ankur Pandey launched Signzy to merge AI and blockchain to create products that are user-friendly, compliant, and, most importantly, safe. Signzy’s major products are RealKYC, Digital Contracts, and ARI. Signzy received over &dollar;3.6 million in Series A funding from Stellaris and Kalaari in 2018. This has been one of the finest blockchain startups since 2015, and it will continue to be one of the finest in 2020.

InstaDapp

Hyderabad, India-based On Ethereum, Instadapp is one of the most well-known decentralized finance platforms. InstaDapp promises to facilitate app creation by promoting interoperability between multiple DeFi blockchain protocols, allowing developers to fully exploit the technology’s potential. InstaDApp is a DeFi site that uses a smart wallet layer and bridge contracts to aggregate the key protocols. For the Jain brothers, the hackathon proved to be a watershed occasion. They came up with the name Instadapp for their hack. They were discussing Decentralised finance (or DeFi for short) – a blockchain-based finance network that allows people to lend and borrow money from others, as well as earn interest in savings accounts.

KoineArth

Using a programmable state machine for digital assets, KoineArth’s Nash platform provides solution frameworks that can be customized to provide a wide range of real-world blockchain use cases. Nash creates a set of incentive structures that make token-based economics easier to integrate into blockchain applications. In a game theory environment, these incentive systems can regulate asset access and ownership.

Koinearth’s marketsN is an ERP-compatible Blockchain and AI-based solution enabling enterprises to collaborate.

Close collaboration among suppliers, logistics, service providers, distributors, and others is required for a successful value supply chain. MarketsN dismantles silos by establishing a trusted source of data and contracts that spans enterprises and divisions. With only a few clicks, you can construct a digital twin of your value chain, giving you a cost edge over competitors that rely on traditional IT.

Matic Network

Jayanti Kanani, Sandeep Nailwal, and Anurag Arjun created Matic Network, a Bengaluru-based firm. It was launched with a public Token Sale in April 2019, during which the company raised &dollar;5,600,000.

Matic achieves scale by utilizing side chains for off-chain processing, as well as the Plasma framework and a decentralized network of Proof-of-Stake (PoS) validators to ensure asset security. This allows a single Matic sidechain to process up to 65k transactions per second, compared to only 20TPS on Ethereum.

WazirX

WaziX has set itself apart from other cryptocurrency exchanges and trading platforms. It was, for example, the first Indian exchange to launch a native token, the WazirX token (WRX), which helped to accelerate user growth and community participation on the site. The platform also introduced the Smart Token Fund (STF), a community-driven effort that allows cryptocurrency fans to connect with smart traders and expand their cryptocurrency portfolios on WazirX. WazirX was recently bought by Binance, the world’s largest cryptocurrency exchange and blockchain ecosystem by total volume traded, with over 180 countries represented among its users.

CoinDCX

CoinDCX is an Indian cryptocurrency exchange platform. As a base currency, it accepts BTC, ETH, and USDT. CoinDCX was launched on April 8th, 2018 with the goal of providing a user-friendly experience where users can access a wide selection of financial goods and services, all of which are backed by industry-leading security and insurance protection. CoinDCX is an ISO-certified organization that offers the industry’s best liquidity and the quickest onboarding process. Capital, Coinbase Ventures, Bain Capital Ventures, and HDR Group have invested a total of 5.5 million dollars in CoinDCX.

Most of the Cryptocurrency exchanges are backed by blockchain technology. BUt there are other startups that use blockchain technology use cases to make the process easy and hassle free.

MindDeft

Ahmedabad-based MindDeft, since its inception in 2015, this startup has focused on producing blockchain apps for efficient corporate processes. Krunal Soni founded MindDeft to assist businesses in selecting Dapps and smart contracts that meet their needs. Cryptocurrency creation, smart contracts, token sales, private blockchain, distributed ledger, and legal contracts are among their offerings. For its numerous projects, this startup has used platforms like as Ethereum, Hyperledger, Stellar, Quorum, EOS, Tron, and R3 Corda.

Somish

Somish, which was founded in 2006, is one of India’s fastest-growing IT startups. It began exploring Blockchain Technology in 2016 and has since had the opportunity to collaborate with Fortune 500 companies, governments, and startups all around the world to develop award-winning, proven products. Building on the investments, Indian state governments are considering using the Blockchain governance model to develop proactive e-Government frameworks to drastically improve the service delivery model inside their states – where individuals obtain services and entitlements proactively.

Primechain

Primechain is a blockchain ecosystem that comes complete with a working web application, a mobile Progressive Web App, and a Blockchain REST API service in 6 minutes (or less). Primechain is for you if you need to build a strong blockchain-powered solution, whether you’re a one-person company or a multinational corporation. Primechain Technologies, founded in 2016 by Rohas Nagpal and Shinam Arora, creates blockchain-based solutions for India’s banking sector.

PSI PHI Blockchain Lab

Psi Phi Blockchain Labs is a startup that develops blockchain-based document storage solutions. Crypto Locker, which can be used to store and distribute documents on blockchain via APIs, is one of the company’s two products. As of December 2016, Digi Rail is still in development as a multi-party shared database to optimise supply chain data flow. The company claims to be concentrating on the healthcare and supply chain industries, and to be developing blockchain-based products in these fields.

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IndusInd Bank to raise climate financing to 3.5% in 2 years, BFSI News, ET BFSI

June 6, 2021 root Banking & Finance

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NEW DELHI: Private sector IndusInd Bank on Saturday said it will reduce carbon emissions to 50 per cent in next four years and raise climate financing to 3.5 per cent in two years.

The bank will be increasing the allocation of capital towards climate finance to 3.5 per cent of its loan book over the next two years, which is currently at 2.7 per cent, IndusInd Bank said on the occasion of the World Environment Day.

The bank has also committed to reducing its specific carbon emission by 50 per cent over the next four years, it said in a release.

The bank promoted by the Hinduja group also said it has made it to the Carbon Disclosure Project (CDP) list for the sixth consecutive time, making it the only Indian bank to get featured in this prestigious list.

Among others, IndusInd Bank Managing Director and CEO Sumant Kathpalia said the bank is transforming all its pioneer branches /lobbies into green and plastic free zones and getting them LEED certified.

The bank is also supporting tree plantation drive under which 50,000 trees will be planted in cities with high pollution index.

It has also launched an employee awareness drive, helped install solar solutions of 675 KW capacity which has reduced carbon emission worth 8,278 tonnes and created water harvesting capacity of about 70 million cubic meters and also restored 15 lakes and two drainage systems.

Roopa Satish, Head – Corporate & Investment Banking, CSR & Sustainable Banking, IndusInd Bank said, “The Bank is determined to take a leadership position in mitigating the impact of climate change through committing long term targets and deploying a strategy to invest in clean energy and energy efficient projects.”

She said IndusInd Bank is also one among 21 Indian companies and the only Indian bank to be featured in the Dow Jones Sustainability Index Yearbook 2021.

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Punjab National Bank posts ₹586 crore profit in Q4, BFSI News, ET BFSI

June 6, 2021 root Banking & Finance

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MUMBAI: Punjab National Bank reported a net profit of Rs 586 crore for quarter ended March 2021 as compared to a loss of Rs 697 crore in the corresponding quarter last year. For the full year, the bank reported a net profit of Rs 2,022 crore compared to Rs 336 crore in corresponding quarter last year.

The amalgamation of Oriental Bank of Commerce and United Bank of India came into effect on 1st April 2020 and figures are not comparable. If the audited numbers of three banks were aggregated the loss for the third quarter in the previous year would stand at Rs 10,127 crore while the full-year loss would have been Rs 8,311 crore.

Announcing the results, the bank’s MD CH SS Mallikarjuna Rao said the bank ended the year with a deposit of Rs 11,06,332 crore while advances rose to 6,74,.230 crore.

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PNB expects to triple FY22 net profit, identifies Rs 8,000 crore NPAs for NARCL

June 5, 2021 root Personal Finance

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On loan growth, Rao said, “At the conservative-level, we would like to show a growth rate of 8% if the economy moves on expected lines where the GDP growth is 9.5% and the Covid-19 impact is reduced or eliminated by June.”

India’s second-largest lender Punjab National Bank (PNB) expects to triple its net profit during the current financial year to Rs 6,000 crore, compared to Rs 2,022 crore during FY21, MD and CEO SS Mallikarjuna Rao said on Saturday.

The lender also expects to grow its loan book by 8% during FY22, despite Covid-related impacts. However, the domestic advances of the lender had declined 3% year on year (YoY) to Rs 7.19 lakh crore during the March quarter (Q4FY21).

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This Stock Has An Upside Target Of 61% From Current Levels

June 5, 2021 root Personal Finance

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Investment

oi-Roshni Agarwal

|

Published: Saturday, June 5, 2021, 22:48 [IST]

The stock of Oil and Natural Gas Corporation Ltd. (ONGC) in early trade on June 4 hit a new 52-week high of Rs. 126.7 per share, surging over 3 percent against the previous closing price of Rs. 122.5 per share on the NSE.

On the headline indices, the scrip of oil drilling and exploration major was among the top gainers this week.

This Stock Has An Upside Target Of 61% From Current Levels

JP Morgan bullish on ONGC scrip

This is after global brokerage firm JP Morgan maintained its bullish outlook on the company, considering its favourable risk-reward ratio. In its Asia Pacific Equity Research dated June 3, 2021, JP Morgan is overweight on the scrip of ONGC and has given a price target of Rs. 190 to be achieved by December 2021

With complete pass-through of $70 per barrel, discount to brent should narrow, said JPMorgan.

” While ONGC’s stock price is at the highest level since February 2020, we believe the discount to Brent prices has widened materially given the rally in crude prices. With India’s retail fuel prices reflecting nearly $70/bbl Brent, we believe subsidy worries are misplaced. While on consensus earning the stock is trading at 6 xFY 23 P/E, we believe this reflects-$50/bbl oil, and on spot $70/bbl, ONGC is trading at 3x P/E, said JP Morgan.

With oil prices outlook firmly biased towards the upside, we see a large consensus earnings upgrade cycle ahead and believe the stock is positioned similarly to metals last year with pessimism on the outlook of underlying commodity (oil prices), material under-ownership and hence risk reward is attractive at current prices, it added.

GoodReturns.in

Story first published: Saturday, June 5, 2021, 22:48 [IST]

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Here is a good recurring deposit option

June 5, 2021 root Personal Finance

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As with fitness, in investing too, consistent small steps over time can make a big difference. So if you find setting aside large sums for investment tough, recurring deposits (RDs) offered by banks can be a good alternative.

This is especially so for conservative investors in the lower income tax brackets. Interest income from bank RDs, as from fixed deposits (FDs), is taxed at an individual’s income tax slab rate.

What’s on offer

A regular bank RD enables you to deposit a fixed sum of money every month over the chosen tenure of the deposit. Banks usually offer the same rate on their RDs as on their FDs of equal tenure. But your overall return is higher in an FD as you deposit the entire amount in one go.

You can start a regular RD with a fixed monthly deposit of as low as ₹100 or ₹500, and in multiples thereof (up to a total amount of under ₹2 crore). The monthly instalment is fixed at the time of opening the RD account and cannot be changed later. You can set an ECS (electronic clearing system) mandate for an automatic debit from your bank account.

Note that any delayed monthly instalments attract penalty. Few consecutive months of skipped instalments can also result in the RD account being closed. Premature closure of an RD by a customer is also penalised.

Some banks also offer flexi RDs, which as the name suggests, come with a few flexibilities compared to the regular RDs. Flexi RDs give you the flexibility to make multiple deposits several times each month if you so wish. Though, in many cases there is an overall upper limit. For instance, you can deposit up to ₹50,000 per financial year and up to ₹10,000 per month, respectively in SBI’s and Bank of Baroda’s flexi deposits.

In many, though not all cases, customers are not even penalised for skipping any monthly deposit instalment of a flexi RD.

While this feature offers relief when you are short of money, it also fails to enforce disciplined investing. On this count, regular RDs score over flexi ones. Most banks offer the same rate of interest rate on their regular and flexi deposits.

What to pick

Investors can consider the one-year regular RD from Equitas Small Finance Bank (SFB) which offers 6.35 per cent per annum. Senior citizens get an additional 0.50 per cent. Given the current low interest rates, investors are better off not locking into longer-tenure deposits.

The rate offered by Equitas SFB is higher than the 4.9 – 5.4 per cent and 4.9 – 5.75 per cent offered by many public and private sector banks, respectively on their one-to-two-year RDs. A few private sector banks such as RBL Bank and DCB Bank too offer attractive rates but Equitas SFB Bank fares better than these banks on metrics such as CRAR (capital to risk weighted assets ratio), gross NPA (non-performing assets) and net interest margin.

You can open an RD account with Equitas SFB starting with a minimum deposit of only ₹100. While the bank imposes no penalty for missing the monthly fixed instalment, three such instances will result in closure of the account. Pre-mature closure of the RD by the customer attracts a 1 per cent penalty.

Equitas SFB, which commenced operations as a small finance bank in September 2016, has a diversified loan portfolio with secured loans comprising 81 per cent of this. As of March 2021, the bank’s gross NPAs were at 3.59 per cent, down from 4.16 per cent (proforma) in the preceding quarter. The bank’s higher-than-mandated CRAR of 24.18 per cent too offers comfort.

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Do shareholders gain from Britannia’s bonus debentures?

June 5, 2021 root Personal Finance

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Sujoy and Minnie, two working professionals met up over Teams, to share notes on their investments.

Sujoy: Hi Minnie! How are you spending your time?

Minnie: Mostly on the Cowin app, trying to get a slot. And, there’s my first love – playing the markets.

Sujoy: Nowadays it’s easier to make money on the markets than book vaccine slots, I must say. I called for a very specific thing, Minnie. I read somewhere that Britannia, the cake and biscuit company is issuing bonus debentures. I know it’s a solid company, so how do I invest in them?

Minnie: A bonus debenture issue, unlike a normal one from a company, isn’t open to the public. Britannia is issuing these debentures to its existing shareholders only. For every Britannia share, they’ll get one free bonus debenture.

Sujoy: Oh, the free part sounds good, but how is this different from dividends or bonus shares?

Minnie: When a company pays out a dividend, it simply distributes a part of its retained profits to its shareholders. In bonus issues, it issues free shares against equity already held. In the case of bonus debentures, the company issues free bonds to its shareholders. It promises to pay regular interest and the principal at maturity. In Britannia’s case, if you held 10 shares, you will get 10 debentures of face value of ₹29 each. You will get interest at 5.5 per cent (of ₹29). At the end of 3 years, you will get ₹290.

Sujoy: But in a normal bonus issue, I would get Britannia shares which add to my long-term portfolio and returns!

Minnie: When you get bonus shares, their value may go up or down over the years. But here, you are getting an assured return. I agree that the benefit however, is much smaller. Against a Britannia share of over ₹3400 apiece, you are getting a bonus debenture worth ₹29 and an even smaller interest on it.

Sujoy: Why do companies do this?

Minnie: Britannia’s intent is to reward shareholders. Instead of paying dividend at one go, it now gets to retain the money for a few years and use it for expansion or to repay debt. In a normal debenture, Britannia would pay interest to outsiders. Here, it converts part of its retained profits into debt and pay interest to its own shareholders. Plus, interest is tax deductible.

Sujoy: Then why don’t more companies do it?

Minnie: Well, a few have – HUL, NTPC and Britannia. But the issue of bonus debentures is complicated requiring a scheme of arrangement, NCLT approval etc.

Sujoy: So net-net I can’t buy these debentures?

Minnie: These will be listed on the bourses. If some shareholder sells, you can grab them!

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Can you afford home-based medical care?

June 5, 2021 root Personal Finance

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There is no denying the fact that it takes some effort to care for old people or those recovering from illness. In normal times, assisted care facilities or clinics were a choice to support care-givers who may not be able to manage things at home. But now, with Covid infection worries and the pressures on availability of medical facility, the need for home-based care is surging.

While the availability of services may be limited in smaller town, those in cities are increasingly finding more options for home-based, light medical support needs of patients. This apart, services for wellness, food and essentials as well as help with activities associated with daily living, available now – can be a good value-addition for those recovering well. For instance, apart from health services, with lockdowns causing difficulty in getting basics such as grocery, you can sign up for various subscription services that offer home management packages for ₹7,500 per month.

Available health services

The primary requests are for Covid-19 patient care. Also, data shows that majority of patients experience only mild symptoms and can recover at home, with some level of remote medical monitoring and care. Likewise, patients are also increasingly being discharged from hospitals once they are on the path to recovery, to free-up beds ; But they may often continue to require monitoring post hospitalization to avoid a relapse.

Towards this, many hospitals and clinics offer home quarantine services and stay-at-home recovery programs. The plans include consultations with doctors, remote monitoring of vitals by nurses, expert counsellor, nutritionist, and physiotherapist. The service period may be for two weeks. The plans are priced around ₹20,000, but costs vary based on city and the services . If the symptoms are mild, you can take a lower support package – that does not come with regular monitoring and nurse helpline – for a lower cost of about ₹10,000.

If the patient was hospitalized, many hospitals now offer their own service offerings for post-discharge monitoring and recovery care. This may include not just tele-consult, but also home-visits for testing, nursing and care-takers. These services are also made available to all patients, not just limited to Covid ones. Costs vary from ₹1600 to 8000 for 24-hour care, based on the level of care (for example, skill level of nurse, based on patient’s need), agreement period (daily, weekly or longer-term) and location (metros vs smaller cities). Care-taker charges could be ₹600-4,000 per day, based on whether food is included, stay is required and requirement of activities such as cooking.

There are also private clinics and other providers in major cities who are bringing various medical services – including X-rays, special medical equipment on rent and procedures such as dialysis – to your home. The costs of some of these may be higher than doing it at a facility. A doctor visit may cost ₹500-1,000 and a nurse visit about ₹200-500. Typically, service providers do not charge additional fees, but those who take a subscription fee act as a relationship manager and offer curated set of service provider options.

Comparing options

The benefits of homecare are clear and the good thing is that is is also cheaper than full hospitalisation or stay at assisted homes. For example, your hospital bill, even if the patient does not get specialized procedures, will be a few thousand rupees a day and a week’s stay may set you back by upto one lakh rupees. Likewise, stay at assisted living homes may cost you over ₹1 lakh a month, while care at home with a nurse and expenses for food may only cost half as much. The choice however must not be made on cost economics – homecare without reliable caretaker and nurse plus a family or friend nearby to provide emergency assistance, can be risky. The home must also be safe and suitable – wheel-chair use, design to avoid slips and falls, hand-rails must be added to meet the needs of people requiring assistance.

The author is an independent financial consultant

(This is a free article from the BusinessLine premium Portfolio segment. For more such content, please subscribe to The Hindu BusinessLine online.)

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6 Best Buy Now, Pay Later Apps (2021) In India To Manage Cash Crunch During Covid

June 5, 2021 root Personal Finance

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At its most basic level, a buy now, and pay later app allows you to use it to pay for a product or service without having to spend any money out of your own pocket immediately. You can choose to pay

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