Month: July 2021

4 Fundamentally Strong Small And Mid-Cap Stocks To Buy

Personal Finance

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Sterling & Wilson Solar

It’s a small-cap stock with a Market cap of Rs. 4604 crores. The Company is a global pure-play, end-to-end solar engineering, procurement and construction (EPC) solutions provider.

The stock price has gone from 185 to 345 levels during a year. It’s a prominent company in this sector and fundamentally the stocks look good as promoters have recently repaid Rs. 67 crores worth of ICD’s in the last quarter and they assured pending ICDs to be repaid back by Sept 2021. The further company expects to receive Rs. 500 cr as EPC Dues.

We expect the stock price near-term target around Rs. 360 to up Rs. 410 and have a buy on this small cap stock. The current share price of this stock is Rs 271.

Kiri Industries

Kiri Industries

It’s a small-cap stock with a market cap of Rs. 1992 crores. It is the fastest-growing Dyes, Intermediates & Chemicals company. In the last six months, the stock has gone up from 525 levels to 650 levels. It is a fundamentally good company and one can buy at current levels of Rs. 590 with a target price of Rs. 750 in the near term. The shares are currently trading at Rs 588.

Olectra Greentech

It’s a small-cap stock with a market cap of Rs. 1995 crores. This Company is a pioneer in electric bus manufacturing and insulators in India. The company is using new-age technology and has been a part of building the Power Transmission & distribution in India.

The stock has performed very well & gone up from 55 levels to 245 level in past one year. We recommend this stock to buy with a target price of 320-350 in the near term.

Poly Medicure

Poly Medicure

It’s a Mid-Cap stock with Market cap of Rs. 9612 crores. Poly Medicure Limited is one of the leading manufacturers of high-quality medical devices across the world. The stock price has given a super performance from Rs 293 to 1165 levels in one year period i.e upside 300% upside. We expect the price to go up further to 1400-1450 in the near term and can maintain a buy at current levels of Rs. 1000 on this stock.

Laxmi Organic

Laxmi Organic

It’s a Mid-Cap stock with a Market cap of Rs. 6346 crores. This company is manufacturer of Speciality Ingredients and solvents catering to various sectors like pharmaceuticals, agrochemicals, food packaging, pigments, and coatings. The stock has shown a brilliant performance from 145 to 250 levels in one year’s time. The stock is in full momentum and fundamentally we expect the price to reach 320-340 levels.

The author by Kapil Goenka is Director at C.M. Goenka Stock Brokers.

Disclaimer

Disclaimer

All of the above stocks are recommended by Kapil Goenka, Director at C.M. Goenka Stock Brokers. Investing in stocks is risky and investors should do their own research. The author, the brokerage firm or Greynium Information Technologies Pvt Ltd is not responsible for any losses incurred due to a decision based on the above article. Investors should hence exercise due caution as markets have run-up significantly.



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DBS Bank India grows profitability despite LVB merger impact

Banking & Finance

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LVB was amalgamated into DBIL in November 2020.

DBS Bank India (DBIL), the wholly-owned subsidiary of DBS Bank of Singapore, which has taken over the troubled Lakshmi Vilas Bank (LVB), on Thursday said it could grow profitability despite the impact from the amalgamation of LVB.

Post-amalgamation, DBIL has been focusing on unifying the LVB and DBS workforces and re-building the LVB business. While the integration of operating platforms and branches has been underway, the steady growth in LVB current and savings account balances as well as in the gold loans portfolio in 2021 was an early indicator of the success of the current strategy, it said. LVB was amalgamated into DBIL in November 2020.

Surojit Shome, MD & CEO, DBIL, said, “We have made considerable progress with the integration of Lakshmi Vilas Bank (LVB) since the amalgamation in November 2020 even with the dislocations due to the second wave of the pandemic. While, as expected, there has been an immediate impact on our financial results due to the high net NPAs and operating losses at LVB, we are confident of realising the long- term prospects of the combined franchise. In the erstwhile LVB operations, we have already been able revitalise the gold loans business and grow deposits. Our immediate priority is to integrate the operating systems and processes so that we can deliver best-in-class solutions to a wider customer franchise.”

DBIL, releasing its FY21 results which included the LVB’s performance since amalgamation, said its net revenues grew by 85% to Rs 2,673 crore (includes Rs 134 crore from LVB) from Rs 1,444 crore in FY20. Its profit before tax (PBT) rose to Rs 679 crore from Rs 170 crore, despite absorbing LVB’s pre-tax losses of Rs 341 crore from November 2020 to March 2021. DBIL’s net profit rose to Rs 312 crore from Rs 111 crore.

Total deposits of DBIL increased by 44% to Rs 51,501 crore (includes Rs 18,823 crore from LVB). Savings account balances grew by 207%, and current account balances grew by 98% y-o-y, including growth on account of the amalgamation. Overall, CASA ratio improved to 31% from 19%, said DBIL. Net advances of the bank grew to Rs 36,973 crore (includes Rs 10,685 crore from LVB).

Gross NPA remained moderate at 1.83% for DBIL excluding the LVB portfolio. While gross NPA deteriorated to 12.93% after the amalgamation of LVB, the net NPA, on a combined basis, stood at 2.83%, given 84% provision coverage. Capital adequacy ratio stood at 15.13%, with CET1 at 12.34%. During the year, DBS Bank infused Rs 2,500 crore into DBIL to support the amalgamation. The bank adopted the concessional tax regime, resulting in an additional charge of Rs 184 crore, on account of one-time adjustment.

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Reserve Bank of India – Notifications

Notifications

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April 14, 2015




Dear All




Welcome to the refurbished site of the Reserve Bank of India.





The two most important features of the site are: One, in addition to the default site, the refurbished site also has all the information bifurcated functionwise; two, a much improved search – well, at least we think so but you be the judge.




With this makeover, we also take a small step into social media. We will now use Twitter (albeit one way) to send out alerts on the announcements we make and YouTube to place in public domain our press conferences, interviews of our top management, events, such as, town halls and of course, some films aimed at consumer literacy.




The site can be accessed through most browsers and devices; it also meets accessibility standards.



Please save the url of the refurbished site in your favourites as we will give up the existing site shortly and register or re-register yourselves for receiving RSS feeds for uninterrupted alerts from the Reserve Bank.



Do feel free to give us your feedback by clicking on the feedback button on the right hand corner of the refurbished site.



Thank you for your continued support.




Department of Communication

Reserve Bank of India


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‘Inflation spike seems transitory’ – The Hindu BusinessLine

Banking & Finance

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Government Securities’ (G-Sec) prices rallied on Thursday despite inflationary concerns from rising prices of petrol and diesel as the Reserve Bank of India Governor Shaktikanta Das observed that the inflation spike appears to be transitory.

The price of the widely traded 2035 G-Sec/GS (coupon rate: 6.64 per cent) rose 51 paise to close at ₹99.21 (previous close: ₹98.70) with its yield declining about 6 basis points to 6.73 per cent (6.79 per cent).

Bond prices and yields are inversely related and move in opposite directions. The price of the 5.63 per cent GS 2026 increased by 40 paise to close at ₹99.70 (₹99.30) with its yield declining about 10 basis points to 5.70 per cent (5.80 per cent).

Das, in an interview to a financial daily, said the current inflation spike appears to be transitory, driven largely by supply-side factors, and it is expected to moderate in the third quarter.

Financial stability report

The central bank’s latest financial stability report has cautioned that hasty withdrawal of policy stimulus to support growth before sufficient coverage of the vaccination drive can sap macro-financial resilience and have adverse unintended consequences. CARE Ratings Chief Economist Madan Sabnavis emphasised that the rising prices of petrol and fuel has spooked the market, which sees inflation climbing. This in turn has affected the bond market as the RBI has held on to the yield curve.

‘Bond market edgy’

“It (rising fuel price) enters transport costs which get embedded in the final prices of all commodities. The fact that fuel is not in the GST (goods and service tax) gives freedom to the government to increase taxes without any constraint.

“But allowing prices to increase has distorted inflation which in turn has kept the bond market edgy,” he said.

Sabnavis opined that the RBI’s resolve to manage the yield curve has caused a disconnection between monetary policy action and interest rate action.

Meanwhile, the first tranche of G-sec Acquisition Programme (G-SAP 2.0), entailing open market purchase of five G-Secs aggregating ₹20,000 crore, sailed through.

This sets the stage for banks and primary dealers to bid at Friday’s auction of three G-Secs, including a new 10-year GS.

The Government will be raising ₹26,000 crore via sale of these G-Secs. It will also have the option to retain additional subscription up to ₹6,000 crore against the securities being auctioned.

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Reserve Bank of India – Speeches

Speeches

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April 14, 2015




Dear All




Welcome to the refurbished site of the Reserve Bank of India.





The two most important features of the site are: One, in addition to the default site, the refurbished site also has all the information bifurcated functionwise; two, a much improved search – well, at least we think so but you be the judge.




With this makeover, we also take a small step into social media. We will now use Twitter (albeit one way) to send out alerts on the announcements we make and YouTube to place in public domain our press conferences, interviews of our top management, events, such as, town halls and of course, some films aimed at consumer literacy.




The site can be accessed through most browsers and devices; it also meets accessibility standards.



Please save the url of the refurbished site in your favourites as we will give up the existing site shortly and register or re-register yourselves for receiving RSS feeds for uninterrupted alerts from the Reserve Bank.



Do feel free to give us your feedback by clicking on the feedback button on the right hand corner of the refurbished site.



Thank you for your continued support.




Department of Communication

Reserve Bank of India


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Reserve Bank of India – Notifications

Notifications

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April 14, 2015




Dear All




Welcome to the refurbished site of the Reserve Bank of India.





The two most important features of the site are: One, in addition to the default site, the refurbished site also has all the information bifurcated functionwise; two, a much improved search – well, at least we think so but you be the judge.




With this makeover, we also take a small step into social media. We will now use Twitter (albeit one way) to send out alerts on the announcements we make and YouTube to place in public domain our press conferences, interviews of our top management, events, such as, town halls and of course, some films aimed at consumer literacy.




The site can be accessed through most browsers and devices; it also meets accessibility standards.



Please save the url of the refurbished site in your favourites as we will give up the existing site shortly and register or re-register yourselves for receiving RSS feeds for uninterrupted alerts from the Reserve Bank.



Do feel free to give us your feedback by clicking on the feedback button on the right hand corner of the refurbished site.



Thank you for your continued support.




Department of Communication

Reserve Bank of India


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Reserve Bank of India – Tenders

Tenders

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Corrigendum

A Pre-Bid Meeting In connection with tender No.RBI/Ahmedabad/HRMD/84/20-21/ET/808, which was floated on both MSTC and RBI’s website on June 24, 2021 for the captioned work, was conducted at 11.00 AM on July 02, 2021 at Conference Room, 5th floor, Main Office Building, Reserve Bank of India, Ahmedabad Regional Office. The said meeting was held by following COVID appropriate behaviour by all the members. List of participants is as below.

2. After welcoming all the members, Shri Sagar Malali, AM explained all point of tender documents to the participants and requested them to clarify doubts, if any. Following queries / doubts were clarified during the meeting:

Sr. No. Query Clarification
1. Is estimated cost of ₹30 lakh per annum fixed or can it vary? The estimated cost mentioned in the tender document is based on the average expenditure incurred in previous years and may vary as per consumption requirements.
2. Is Weekly Preventive Maintenance mandatory? Personnel deployed at each vending machines are required to do preventive maintenance of the machines on a daily basis.
3. To deploy one supervisor in addition to seven employees. In terms of para 2 & 3 of Section-II (Scope of work and terms and conditions governing contract), one person amongst above (07 personnel) shall also act as supervisor for coordinating the work and overall supervision.
4. Can subsidiary/ channel distributor submit documents like work experience, annual turnover etc. of its parent company and bid for the tender? Only capable and reputed companies, who meet eligibility criteria mentioned in the tender document, may submit their bid directly and not through any channel distributor / subsidiaries. Sub letting of contract is not permitted.

3. The meeting ended with vote of thanks to all the participants.

List of participants

Sr No Name Designation
1 Shri Prakash Darji Manager (P), HRMD
2 Shri Nagesh Uppal Manager (Catering). HRMD
3 Shri Sagar Malali Assistant Manager (OLDR), HRMD
4 Shri Anand Dodia Senior Assistant (OLDR), HRMD
5 Shri Vasu Jain Representative from M/s Coffee Day Beverages
6 Shri Satish Sikhwal Representative from M/s Coffee Day Beverages
7 Shri Abhishek Govekar Representative from M/s Waghbakari
8 Shri Anurag Bhamidipaty Representative from M/s Roastea
9 Shri Shantanu Lal Representative from M/s Chaipoint

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CDSL becomes the first depository to open 4- crore active Demat accounts, BFSI News, ET BFSI

Personal Finance

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Central Depository Services (India) Limited (CDSL), India’s leading and only listed depository, has announced the first depository to open Four crores plus (40 million) active Demat accounts.

CDSL is currently the largest depository in the country in terms of active Demat accounts.

CDSL facilitates holding and transacting in securities in the electronic form and facilitates settlement of trades on stock exchanges.

CDSL has an objective of delivering quality services and innovative products. Since the financial services industry has become increasingly IT-reliant, CDSL is adopting technology as a part of its strategic vision. Major shareholders of CDSL include BSE, Canara Bank, HDFC Bank, LIC and Standard Chartered Bank.

Nehal Vora, CEO of CDSL said “I will firstly congratulate SEBI – the capital market regulator for being the visionary leader that guided us to this digital growth and safe ecosystem. It is their foresight that transited the long Demat account opening procedure into an easy digital experience without compromising on the necessary controls. Our milestones are a result of the hard work and coordination of all the market infrastructure institutions and the market intermediaries. I wish to thank the investors for choosing CDSL to be their depository. I would like to thank all the participants of the capital market for their contribution in accelerating the digital and financial growth of India.”

This journey of financial inclusion has to enhance to engage with a higher number of persons to foray into the securities market to achieve the objective to make India a capital market hub that is highly focused on corporate governance, technology, investor protection, transparency, and sustainability.

Further, CDSL will continue to provide services for the progress of the securities markets, for the valued investors in line with our vision of “Empowering the Atma-nirbhar Niveshak” through our digital services.”



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Reserve Bank of India – Press Releases

Press Releases

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Today on July 08, 2021, the Reserve Bank of India (RBI) issued an advisory to banks and other RBI-regulated entities emphasizing the need for preparedness for the transition away from London Interbank Offered Rate (LIBOR). The key steps to be taken in this regard include:

  1. Banks and financial institutions are encouraged to cease entering into new financial contracts that reference LIBOR as a benchmark and instead use any widely accepted alternative reference rate (ARR), as soon as practicable and in any case by December 31, 2021.

  2. Banks and financial institutions are urged to incorporate robust fallback clauses in all financial contracts that reference LIBOR and the maturity of which is after the announced cessation date of the LIBOR settings.

  3. Banks and financial institutions are encouraged to ensure that new contracts entered into before December 31, 2021 that reference LIBOR and the maturity of which is after the date on which LIBOR ceases or becomes non-representative include fallback clauses.

  4. Banks have also been advised to cease using the Mumbai Interbank Forward Outright Rate (MIFOR), a benchmark which references the LIBOR, as soon as practicable and in any event by December 31, 2021. In this context, Financial Benchmarks India Pvt Ltd (FBIL) has started publishing daily adjusted MIFOR rates from June 15, 2021 and modified MIFOR rates from June 30, 2021 which can be used for legacy contracts and fresh contracts respectively.

  5. Contracts referencing LIBOR / MIFOR may generally be undertaken after December 31, 2021 only for the purpose of managing risks arising out of LIBOR / MIFOR referenced contracts undertaken on or before December 31, 2021.

Reserve Bank will continue to monitor the evolving global and domestic situation with regard to the transition away from LIBOR and proactively take steps, as necessary, to mitigate associated risks in order to ensure a smooth transition.

Background

The Financial Conduct Authority (FCA), UK, in a press statement dated March 05, 2021 announced that all LIBOR settings will either cease to be provided by any administrator or no longer be representative:

  • Immediately after December 31, 2021, in the case of all Pound sterling, Euro, Swiss franc and Japanese yen settings, and the 1-week and 2-month US dollar settings; and

  • Immediately after June 30, 2023, in the case of the remaining US dollar settings.

The transition away from LIBOR and the adoption of ARRs developed in various jurisdictions is a significant event which needs to be carefully prepared for in order to manage potential customer protection, reputational and litigation risks as well as avoid disruptions to the safety and resilience of financial institutions and overall financial stability of the economy. In August 2020, the Reserve Bank had advised banks and financial institutions to assess their LIBOR exposures which will mature after the cessation of the LIBOR as also frame a Board-approved plan for the steps to be taken to address the risks arising from the LIBOR transition.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2021-2022/505

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Insurtech InsuranceDekho eyes $40-50 million capital raise in Series A round

Banking & Finance

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InsuranceDekho, an insurtech startup, plans to do a Series A capital raise of $ 40-50 million, Ankit Agrawal, CEO and Co-Founder has said.

“We will hit the market soon..in a couple of weeks. This will be one of the biggest Series A capital raise round for a company in this insurtech space”, Agarwal told BusinessLine.

Launched in 2017, InsuranceDekho had in 2020-21 clocked ₹1,200 crore premium and sourced 1 million policies and plans to grow 3X in 2021-22.

To further expand its reach in Tier 3 and beyond cities, InsuranceDekho has come up with a new initiative, ‘InsuranceDekho Saathi’ under which users would be able to evaluate and buy insurance products from their trusted local offline stores. For this initiative, this insurtech proposes to partner with 50,000 micro-entrepreneurs by the end of FY’22 across 500+ Tier 3 cities to further deepen its reach and give more choice to its customers. These micro-entrepreneurs are engaged as Point of Sales Persons (PoSPs) of InsuranceDekho.

All InsuranceDekho Saathi partners will create awareness about and cross-sell insurance products as allowed under IRDAI guidelines like life insurance, health and motor insurance to their network and assist local customers with policy support and claim settlement on the field.

“Insurance penetration in India is ~4% currently, and this number further dwindles as we move to Tier 3 and beyond cities. We believe that there is an imminent need for us to create awareness about and expand the distribution of insurance products in the country. Backed with this vision, we launched the InsuranceDekho Saathi program earlier this year and have observed high traction from both partners and customers. The initiative is a true win-win for the ecosystem as it helps our Saathi partners to find social standing and increase their income opportunities while at the same time enabling customers to buy an insurance product from their trusted local retail partner,” Agrawal said.

This startup is keen to position itself as the trusted advisor for insurance buyers across the country, online or offline. “I am not saying no to digitization when we talk offline. We are completely aligned towards digitization and online movement. But we have to understand that insurance is high touch and feel product. People want to look at somebody when they are buying insurance. So we need micro entrepreneurs to get the (offline) distribution “, he said when asked why the startup wants to focus on offline when there is so much traction in online platforms.

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