Month: July 2021

Canara Bank reports 190% net profit jump in Q1

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Canara Bank reported a 190 per cent jump in first quarter net profit at ₹1,177 crore on the back of a robust non-interest income and decline in loan loss provisions.

The Bengaluru-headquartered public sector bank had reported a net profit of ₹406 crore in the year ago period.

Net interest income (the difference between interest earned and interest expended) was a tad higher at ₹6,147 crore ( ₹6,096 crore in the year ago quarter) as the decline in interest expenses was much more than the reduction in interest earned.

Non-interest income, comprising fee-based income, trading income and recovery in written-off accounts rose 67 per cent year-on-year (y-o-y) to ₹4,438 crore ( ₹2,650 crore).

Fee-based income was boosted due to the sale of 1,20 lakh units under Priority Sector Lending Certificates (PSLCs), and earned the bank a commission income of ₹699 crore. Recovery in written-off accounts soared 132 per cent y-o-y to ₹600 crore ( ₹259 crore).

Fresh slippages in the reporting quarter were higher at ₹4,253 crore against ₹1,422 crore in the year ago quarter. However, slippages were lower vis-a-vis January-March 2021 quarter at ₹14,495 crore.

Net interest margin (net interest income/ average interest earning assets) was lower at 2.71 per cent as at June-end 2021 against 2.84 per cent as at June-end 2020.

Gross non-performing assets (GNPA) position improved to 8.50 per cent of gross advances against 8.84 per cent. Net NPA level also improved to 3.46 per cent of net advances against 3.95 per cent.

As at June-end 2021, global deposits increased by about 12 per cent y-o-y to ₹10,21,837 crore. Global advances were up 5 per cent y-o-y to ₹6,84,585 crore, with domestic advances growing but overseas advances shrinking.

For FY22, the bank has given a guidance of 8.20 per cent growth in global deposits and 7.50 per cent growth in global advances. It has guided for a GNPA (global) of 7.90 per cent, net NPA (global) of 2.80 per cent and NIM of 2.75 per cent.

The bank expects to raise ₹9,000 crore via qualified institutions placement ( ₹2,500 crore), Additional Tier-I Bonds ( ₹4,000 crore) and Tier-II Bonds ( ₹2,500 crore).

Canara Bank’s shares closed at ₹148.80 apiece, up 1.47 per cent over the previous close on BSE.

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IndusInd Bank’s net profit doubles to Rs 1,016 cr in Jun quarter, BFSI News, ET BFSI

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New Delhi, Jul 27 () Private sector lender IndusInd Bank on Tuesday reported doubling of its consolidated net profit to Rs 1,016.11 crore in the June 2021 quarter, aided by healthy growth in retail loans and lower NPA provisioning. The bank had posted a net profit of Rs 510.39 crore in the corresponding quarter of the previous financial year.

Its total income during April-June 2021 rose to Rs 9,362.76 crore from Rs 8,682.17 crore in the year-ago period, according to a regulatory filing by IndusInd Bank.

Interest income was up at Rs 7,574.70 crore, against Rs 7,161.73 crore a year ago.

Income from retail banking rose nearly 22 per cent to Rs 5,685.53 crore in the June 2021 quarter, from Rs 4,674.06 crore in the year-ago quarter.

The bank’s asset quality showed little impairment on a gross level, as the non-performing assets (NPAs) rose slightly to 2.88 per cent of the gross advances as of June 2021, as against 2.53 per cent by the year-ago period.

Net NPAs or bad loans, however, came down to 0.84 per cent from 0.86 per cent a year ago.

Provisioning for bad loans and contingencies for the reported quarter came down to Rs 1,844.02 crore, from the Rs 2,258.88 crore parked aside for same quarter of 2020-21.

The bank’s consolidated financial statement comprises statements of IndusInd Bank, Bharat Financial Inclusion Ltd (fully owned subsidiary), and IndusInd Marketing and Financial Services Pvt Ltd (associate company).

On a standalone basis, the lender’s net profit jumped over two times to Rs 974.95 crore in the June 2021 quarter, compared with Rs 460.64 crore in the year-ago period.

Income rose to Rs 9,355.77 crore, from Rs 8,680.92 crore a year ago, the bank said.

The bank’s shares on Tuesday closed 0.58 per cent lower at Rs 975.65 apiece on the BSE. KPM HRS hrs



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Gold Rates In Indian Cities Fall Marginally On July 27, Check Rates Here

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Investment

oi-Sunil Fernandes

|

Gold rates in the major Indian cities of Mumbai, Delhi, Chennai, Kolkata, Bangalore and Hyderabad fell marginally today. Below is the rates quoted by jewellers in the key Indian cities on July 27, 2021.

22 karats rate in the key Indian cities

City 22 karats gold price in Indian rupees
Mumbai Rs 46,660
Delhi Rs 46,750
Kolkata Rs 46,880
Chennai Rs 45,040
Bangalore Rs 44,600
Hyderabad Rs 44,600

Gold to take cues from the US Fed statement

Gold prices in India would now take cues from global prices, which in turn would largely depend on how the US Fed sees inflation and interest rates in the near future. The US Fed will release its policy statement and if it sounds hawkish, we might see fresh selling pressure in the precious metal. On the MCX, gold prices dropped a tad bit with gold Futures for August delivery trading at Rs 47,394, down about Rs 67 over the previous day’s closing.

Gold Rates In Indian Cities Fall Marginally On July 27, Check Rates Here

According to Sandeep Matta, Founder, TRADEIT Investment Advisor, the global markets, gold prices, which were holding firm above the $1800 an ounce mark, fell and were last see trading at $1793 an ounce.

According to him, the US Federal Reserve’s meeting holds significance in the coming days on the direction, in which gold would move. Gold prices on MCX are also trading weaker and closed below the Rs 47500 on Monday and exactly matching the global price action, he said.

“From past few days we are regularly advising to avoid long trade due to waning bullish momentum and further anticipate that precious metal is going to break 47000 very soon,” Matta says. According to him the key level for GOLD AUG Contract – would be as follows.

Sell Zone Below – 47560 for the target of 47326-47175

Buy Zone Above – 47575 for the target of 47690-47850

Slight dip in international prices

In the global markets, spot gold futures fell below the $1800 an ounce mark to $ 1798 an ounce. Earlier, in the day the precious metal fell to as low as $1793 an ounce, before clawing back a tad bit.

The outcome of Wednesday’s US Fed meet would be crucial for gold in the coming days.

GoodReturns.in

Story first published: Tuesday, July 27, 2021, 18:30 [IST]



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Dogecoin, Polkadot, Cardano shed up to 12%, BFSI News, ET BFSI

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New Delhi: Major cryptocurrencies took a brief pause on Tuesday, thanks to profit booking. Barring dollar-pegged tokens, top crypto tokens were trading lower at 9:30 hours IST. Musk’s favorite Dogecoin declined over 12 per cent, leading the pack of losers.

The global crypto market cap jumped to $1.45 trillion, a 4.26 per cent increase over the last day. However, the total crypto market volume gained 26 per cent to $113.12 billion.

The euphoria over a major push by Elon Musk and speculation over Amazon’s involvement in the crypto industry fizzled out and investors decided to take some profit off the table.

Chartists see the overall outlook as still bearish. The next few days remain very crucial, they said.

“Bitcoin broke free after months, skyrocketed to $39,400 mark, before investors booked some profits. Buyers were quite active over the weekend and it is trending towards the $40,000 mark,” said ZebPay Trade Desk.

“BTC has had a spillover effect on some altcoins too, as Aave, Bitcoin Cash and Chainlink have also witnessed significant double-digit growth in the last two days. Ethereum, too, has seen a decent appreciation, which can fuel a rally in other assets too,” it added.

South Korea will look to tighten a crackdown on tax evasion by cryptocurrency investors and high-income earners as it seeks fresh revenue to cover rising welfare costs, its finance ministry said. The regulation may come next year.


Tech View by Giottus Cryptocurrency Exchange
Ethereum Classic (ETC) is the soft fork of the Ethereum network. Its prices have multiplied throughout its lifecycle and is currently among top 20 cryptocurrencies by market capitalization. Many investors are bullish on ETC with considerable buying during the consolidation phase in recent weeks.

ETC enjoys high volumes right now as it trades in the $46-$50 range. ETC has been in an ascending channel for more than a week now. An ascending channel is a temporary bullish pattern, but the price action in the ascending channel usually breaks down.

Hence, investors can probably find better entries than current prices. Grayscale Investments has recently offloaded more than 28,000 ETC from its portfolio, signaling a bearish sentiment.

On the longer timeframe, ETC is making a wedge and should follow pivot support and resistance.

Major Levels:
Support: $38, $41
Resistance: $55.8, $61

Time is in UTC and the daily time frame is 12:00 AM – 12: 00 PM UTC

(Views and recommendations given in this section are the analysts’ own and do not represent those of ETMarkets.com. Please consult your financial adviser before taking any position in the asset/s mentioned.)



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Dogecoin, Polkadot, Cardano shed up to 12%, BFSI News, ET BFSI

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New Delhi: Major cryptocurrencies took a brief pause on Tuesday, thanks to profit booking. Barring dollar-pegged tokens, top crypto tokens were trading lower at 9:30 hours IST. Musk’s favorite Dogecoin declined over 12 per cent, leading the pack of losers.

The global crypto market cap jumped to $1.45 trillion, a 4.26 per cent increase over the last day. However, the total crypto market volume gained 26 per cent to $113.12 billion.

The euphoria over a major push by Elon Musk and speculation over Amazon’s involvement in the crypto industry fizzled out and investors decided to take some profit off the table.

Chartists see the overall outlook as still bearish. The next few days remain very crucial, they said.

“Bitcoin broke free after months, skyrocketed to $39,400 mark, before investors booked some profits. Buyers were quite active over the weekend and it is trending towards the $40,000 mark,” said ZebPay Trade Desk.

“BTC has had a spillover effect on some altcoins too, as Aave, Bitcoin Cash and Chainlink have also witnessed significant double-digit growth in the last two days. Ethereum, too, has seen a decent appreciation, which can fuel a rally in other assets too,” it added.

South Korea will look to tighten a crackdown on tax evasion by cryptocurrency investors and high-income earners as it seeks fresh revenue to cover rising welfare costs, its finance ministry said. The regulation may come next year.


Tech View by Giottus Cryptocurrency Exchange
Ethereum Classic (ETC) is the soft fork of the Ethereum network. Its prices have multiplied throughout its lifecycle and is currently among top 20 cryptocurrencies by market capitalization. Many investors are bullish on ETC with considerable buying during the consolidation phase in recent weeks.

ETC enjoys high volumes right now as it trades in the $46-$50 range. ETC has been in an ascending channel for more than a week now. An ascending channel is a temporary bullish pattern, but the price action in the ascending channel usually breaks down.

Top cryptocurrency prices today: Dogecoin, Polkadot, Cardano shed up to 12%
Hence, investors can probably find better entries than current prices. Grayscale Investments has recently offloaded more than 28,000 ETC from its portfolio, signaling a bearish sentiment.

On the longer timeframe, ETC is making a wedge and should follow pivot support and resistance.

Major Levels:
Support: $38, $41
Resistance: $55.8, $61

Time is in UTC and the daily time frame is 12:00 AM – 12: 00 PM UTC

(Views and recommendations given in this section are the analysts’ own and do not represent those of ETMarkets.com. Please consult your financial adviser before taking any position in the asset/s mentioned.)



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Canara Bank Q1 profit rises nearly three-fold to Rs 1,177 cr, BFSI News, ET BFSI

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New Delhi, Jul 27 () Canara Bank on Tuesday reported nearly three-fold jump in standalone net profit at Rs 1,177.47 crore for the quarter ended June 30, helped by reduction in bad loans. The public sector lender had logged a net profit of Rs 406.24 crore in the same quarter of the previous financial year.

During the June quarter last year, Canara Bank had amalgamated Syndicate Bank into itself with effect from April 1, 2020.

Total income in the April-June increased marginally to Rs 21,210.06 crore, from Rs 20,685.91 crore in the year-ago period, Canara Bank said in a regulatory filing.

The bank’s gross non-performing assets (NPAs) declined slightly at 8.50 per cent of the gross advances as on June 30, 2021 as against 8.84 per cent at June-end last year.

Net NPA ratio too fell to 3.46 per cent, from 3.95 per cent in the same quarter a year ago.

As a result, provisions and contingencies for the first quarter came down to Rs 3,728.52 crore as compared to Rs 3,826.34 crore in the year-ago period.

Of this, provisions for NPAs significantly reduced to Rs 2,334.88 crore, as against Rs 3,549.99 crore a year ago.

The Provision Coverage Ratio (PCR) improved to 81.18 per cent as at June 2021, from 78.95 per cent as at June 2020, the bank said in a statement.

Capital adequacy ratio of the bank stood at 13.36 per cent as at June 2021. Out of which Tier-I is 10.34 per cent and Tier-II is 3.02 per cent, it said.

The bank said it plans to raise Rs 9,000 crore through a mix of debt and equity to enhance capital base to fund its business growth during the current fiscal. DP DRR DRR



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IndusInd Bank net profit surges 111.7% in Q1

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Private sector lender IndusInd Bank’s standalone net profit more than doubled and surged by 111.7 per cent in the first quarter of 2021-22 led by lower provisions and robust growth in net interest income.

For the quarter ended June 30, 2021, the lender reported standalone net profit of ₹ 974.95 crore as compared to ₹ 460.64 crore in the corresponding quarter of last fiscal.

Total income grew by 7.8 per cent in the first quarter of the fiscal to ₹ 9,355.77 crore as against ₹ 8,680.92 crore a year ago.

IndusInd Bank to raise ₹30,000 cr

Net interest income

Net interest income also increased by a similar 7.7 per cent to ₹3,563.71 crore in the April to June 2021 quarter from ₹ 3,309.19 crore in the same period last fiscal.

Net interest margin was lower at 4.06 per cent as on June 30, 2021 from 4.28 per cent a year ago. In a statement on Tuesday, the bank said this was due to lower credit offtake and surplus liquidity placed under repo with RBI

Other income jumped up by 17.2 per cent on a year-on-year basis to ₹ 1,781.07 crore during the quarter.

The bank’s provisions declined by 18.4 per cent to ₹ 1,844.02 crore in the first quarter of the fiscal from ₹ 2,258.88 crore a year ago.

However, asset quality deteriorated amidst the second wave of the Covid-19 pandemic.

IndusInd Bank net profit surges 190 per cent in Q4

NPAs

Gross non-performing assets rose to ₹ 6,185.76 crore or 2.88 per cent of gross advances as on June 30, 2021 from 2.53 per cent a year ago and 2.67 per cent as on March 31, 2021.

Net NPAs were at almost the same level at 0.84 per cent of net advances as on June 30, 2021 from 0.86 per cent a year ago. However, on a sequential basis it was much higher compared to 0.69 per cent as on March 31, 2021.

Restructured book was 2.7 per cent as on June 30, 2021.

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Top 5 Savings Accounts With Good Returns Up To 7%

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Investment

oi-Vipul Das

|

When it comes to saving for short-term needs or funding any financial crisis, opening a savings account is a smart bet. For investors who are going to start their investment journey as a beginner can open a savings account with any bank or post office which not only allows them to earn interest, make hassle-free cash withdrawals and deposits, apply for a loan, apply for a credit or debit card but also their deposits are insured up to Rs 5 lakhs by the Deposit Insurance and Credit Guarantee Corporation (DICGC) which is a subsidiary of RBI.

Although it is a fact that savings accounts offer lower interest rates than that of fixed deposits or recurring deposits, there are still some banks that are currently promising higher interest rates than fixed deposits of leading banks such as SBI on savings accounts. By keeping all these benefits and liquidity factors in mind here we have compiled the top 5 small finance banks that are now promising the best interest rates on savings accounts in 2021.

Utkarsh Small Finance Bank

Utkarsh Small Finance Bank

Here are the most recent interest rates on savings accounts of Utkarsh Small Finance Bank which are in force from July 1, 2021.

Balance In Rs Rate of interest
Balance up to 1 Lakh 5.00% p.a.
Incremental balance Above 1 Lakh up to 25 Lakhs 6.00% p.a.
Incremental Balance Above 25 Lakhs up to 10 Crores 7.00% p.a.
Incremental Balance Above 10 Crores 6.75% p.a.
Source: Bank Website

Ujjivan Small Finance Bank

Ujjivan Small Finance Bank

Below are the current interest rates on savings accounts provided by Ujjivan Small Finance Bank. These rates are in force from 5th March 2021.

Amount Interest Rates In % p.a.
Up to 1 lakh 4.00%
Above 1 Lakh to 25 Lakhs 7.00%
Above 25 lakhs to 10 Crores 6.00%
More than 10 crores 6.75%
Source: Bank Website

ESAF Small Finance Bank

ESAF Small Finance Bank

The current interest rates on savings accounts offered by ESAF Small Finance Bank are listed below. These rates are effective from 1st August 2020.

Day end balance ROI p.a.
Up to and including Rs.1 lakh 4.00%
Above Rs.1 lakh up to and including Rs.10 lakhs (i.e for incremental amount above Rs.1 lakh) 5.50%
Above Rs.10 lakhs (i.e for incremental amount above Rs.10 lakhs) 6.50%
Source: Bank Website

Suryoday Small Finance Bank

Suryoday Small Finance Bank

With effect from June 1 2020, Suryoday Small Finance Bank is offering the following interest rates on savings accounts.

Daily Closing Balance Slabs (Domestic) % rate per annum
Up to and including Rs. 1 Lakh 4.00%
Above Rs. 1 Lakh up to & including Rs. 10 Lakhs 6.25%
Above Rs. 10 Lakhs 6.00%
Source: Bank Website

North East Small Finance Bank

North East Small Finance Bank

North East Small Finance Bank is now offering the following savings account interest rates as of April 19, 2021.

Balance ROI in % p.a.
Rs 0 – upto 4.99 Lacs 4
5 Lacs – upto 25 Lacs 5
25 lacs- Upto 10 Crores 5.5
Above 10 Crores to 25 Crores 5.75
More than 25 Crores and above 6
Source: Bank Website

Story first published: Tuesday, July 27, 2021, 17:37 [IST]



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Zomato Shares Crash 7%, Should You Buy The Stock?

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Investors uncertain on “buy” or “sell” for the stock of Zomato

Nobody is sure whether one should buy the stock of Zomato or just sell into the same. “As one of the two leading players in the rapidly growing food delivery market in India, we expect Zomato to deliver over 40 per cent revenue Compounded Annual Growth Rate making it one of the fastest-growing internet companies in the region,” UBS Securities said in a recent note.

While the foreign brokerage remain bullish, some other renowned investors are not. Some veteran investors like Rakesh Jhujhunwala have stayed away from the stock. It is a tight call between brand value and fundamentals according to most analysts. In fact, the company is yet to turn profitable.

Post the listing of the stock, Sneha Poddar, Research Analyst, Broking & Distribution, Motilal Oswal Financial Services Ltd, said, despite the large size of IPO at Rs 9,375 crore and rich valuations, the company saw healthy overall subscription of 38 times.

“There is lot of fancy for such unique and first of its kind listing in the market. Zomato with first mover advantage is placed in a sweet spot as the online food delivery market is at the cusp of evolution,” she observed.

At the time of the IPO, most brokerages had subscribe and they got it right. However, the IPO was at Rs 76 and the share is now at Rs 130. So, what does happen is that with a solid movement already happened in the stock, the room for upside maybe limited.

However, stock markets and investors can show over exuberance for a long period of time. This is when stock valuations go for a toss. Simply put valuations of Zomato are stretched and we all know that. However, there is no telling how liquidity can drive stocks as is currently happening.

So, in the game of brand vs fundamentals, brand seems to be winning. Nobody can precisely put a finger and say for how long. Those who have made profits may do well to book the same, as for long term investors, wait for declines, you never know, you may get it much cheaper than where it is now.

What's Zomato into?

What’s Zomato into?

According to a recent note by renowned broking firm Sharekhan, the Zomato technology platform connects customers, restaurant partners and delivery partners, serving their multiple needs.

Customers use its platform to search and discover restaurants, read and write customer-generated reviews and view and upload photos, order food delivery, book a table and make payments while dining-out at restaurants.

According to RedSeer, the company is one of the leading Food Services platforms in India in terms of value of food sold, as of March 31, 2021. During Fiscal 2021, 32.1 million average monthly average users visited its platform in India.

Disclaimer

Disclaimer

Investing in stock markets is extremely risky and investors should exercise caution. Invest only if you have an appetite for risk. Neither the author, nor Greynium Information Technologies Pvt Ltd would be responsible for losses incurred based on the above article.



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