Month: August 2021

4 NSE PSE Stocks With High Dividend Yield Up To 10%

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Indian Oil Corporation

Indian Oil Corporation Limited, also known as IndianOil, is a government-owned company in India. It is owned by the Ministry of Petroleum and Natural Gas of the Government of India, which is based in New Delhi. As of 2021, the government firm is placed 212nd on Fortune’s Global 500 list of the world’s largest enterprises. With a net profit of $6.1 billion for the fiscal year 2020-21, it is the country’s largest government-owned oil firm.

Dividend History

Since August 27, 2001, Indian Oil Corporation Ltd. has declared 33 dividends. Indian Oil Corporation Ltd. has declared an equity dividend of Rs 12.00 per share in the last 12 months. At the current share price of Rs 106.35, this equates to an 11.28 percent dividend yield.

Coal India

Coal India

Coal India Limited (CIL) is a coal mining and refining company controlled by the Indian government. It is owned by the Ministry of Coal of the Government of India, which is based in Kolkata, West Bengal, India. It is the world’s largest coal producer and a Maharatna public sector initiative. India’s coal resources are estimated to be in excess of 326 billion tonnes. The reserves are sufficient to meet the demand for several centuries at the current rate of production.

Dividend History

Since February 18, 2011, Coal India Ltd. has issued 18 dividends. Coal India Ltd. has declared an equity dividend of Rs 12.50 per share in the last 12 months. This translates to a dividend yield of 9.0 percent at the current share price of Rs 138.85.

Power Finance Corporation

Power Finance Corporation

Power Finance Corporation is an Indian financial corporation that is owned by the Indian Ministry of Power. It is the financial backbone of the Indian power sector, having been established in 1986. The corporation, which was initially completely owned by the Indian government, became public in January 2007. The IPO was oversubscribed by more than 76 times, making it one of the largest for an Indian company’s initial public offering.

Since September 7, 2007, Power Finance Corporation Ltd. has declared 27 dividends.

Power Finance Corporation Ltd. has declared an equity dividend of Rs 10.00 per share in the last 12 months. This equates to a dividend yield of 7.95 percent at the current share price of Rs 125.85.

REC

REC

In India’s power industry, REC Limited, originally Rural Electrification Corporation Limited, is a public Infrastructure Finance Company. The firm is a government-owned corporation that finances and promotes power projects throughout India.

The company lends to the country’s Central/State Sector Power Utilities, State Electricity Boards, Rural Electric Cooperatives, Non-Governmental Organizations, and Private Power Developers.

Dividend History

Since September 8, 2008, REC has paid out 27 dividends. REC Ltd. distributed an equity dividend of Rs 13.00 per share in the previous 12 months. This amounts to a dividend yield of 8.95 percent at the current share price of Rs 145.25.

4 NSE Stocks With High Dividend Yield Up To 10%

4 NSE Stocks With High Dividend Yield Up To 10%

Company Last Traded Price Dividend Yield
IOC 106.35 11.28%
Coal India 138.85 9.0%
REC 145.25 8.95%
Power Finance Corporation 125.85 7.95%

Disclaimer

Disclaimer

Investing in stocks has the risk of financial loss. As a result, investors must proceed with prudence. Any losses incurred as a result of decisions based on the article are not the responsibility of Greynium Information Technologies, the author, or the brokerage houses. Due to the fact that Sensex has now crossed 55,500 points, investors should exercise caution.



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Reserve Bank of India – Tenders

Tenders

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E-Tenders are invited from eligible contractors / firms for the captioned work estimated to cost ₹20.93 lakh through the MSTC portal. The close bid date is 10.09.2021 at 1400 hrs.

NIT Number and Timeline is given below

S. No. Activity Tentative date
1. Date of Press-Web Advertisements 26.08.2021
2. e-Tender no. RBI/Patna/Estate/80/21-22/ET/109
3. Mode of Tender e-Procurement System
(Online Part I – Techno-Commercial Bid and Part II – Price Bid through
www.Mstcecommerce.com/eprochome/rbi)
4. Date of NIT (along with complete tender document) available to parties to download 12:00 Noon of 26.08.2021
5. Date of Pre-bid meeting at Estate Department ,RBI Main Building, Patna(offline) 12:00 Noon of 02.09.2021
6. Earnest Money Deposit ₹ 41,867/-
7. Start Bid date – Date of Starting of e-Tender for submission of online Techno-Commercial Bid and Price Bid at
www.mstcecommerce.com/eprochome/rbi– 		12:00 Noon of 26.08.2021
8. Close Bid date – Date of closing of online e–tender for submission of Techno-Commercial Bid & Price Bid 1400 hrs of 10.09.2021
9. Date & time of opening of Part–I
(i.e. Techno- Commercial Bid) :
Part–II (Price Bid) : Part–II (Price bid) shall be opened at a later date that will be intimated to vendors earlier.		 14:30 hrs of 10.09.2021
10. Transaction Fee Payment of transaction fee through MSTC payment gateway/NEFT/RTGS in favour of MSTC LIMITED

Any amendments / corrigendum to the tender, if any, issued in future will only be notified on the RBI Website / MSTC Website and will not be published in the newspaper.

Sanjiv Dayal
Regional Director
(Bihar)

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CBI files chargesheet in Rs 209 crore bank fraud, BFSI News, ET BFSI

Banking & Finance

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JAIPUR: The Central Bureau of Investigation (CB) filed a chargesheet against 18 accused for their alleged involvement in causing a loss of nearly Rs 209 crore to the Syndicate Bank.

In a statement released Wednesday, the agency said the chargesheet has beeen submitted before the court of special judge, CBI cases in Jaipur. The agency named 18 people which included a chartered accountant and former officials of the Syndicate Bank, among others.

The CBI said that it had registered a case back in 2017, following a complaint from the bank’s regional office located in Jaipur, which alleged that 118 loans were sanctioned and disbursed from three branches of the bank located in Jaipur and Udaipur.

“The 118 loans were housing loans, term loans for the purchase of commercial property in World Trade Park (WTP), among others,” the agency said in the statement.

As per the agency, an Udaipur-based CA, identified as Bharat Bomb, along with his employees and others hatched a conspiracy with bank officials in Jaipur and Udaipur to sanction various credit facilities.

“The accused thereby cheated the bank to the tune of Rs 209.93 crore (approximately) on the basis of forged and fabricated documents, bills, quotations, certificates, etc. It was also alleged that several of the borrowers were found to be ordinary employees in firms owned by the CA and others, and (they were) not eligible for such high-value loans,” the agency said.

During its investigation, the CBI found that the accused had allegedly approached the bank’s Jaipur branch located on MI Road, seeking term loans for purchasing commercial properties and units at the World Trade Park ltd, on the basis of forged income tax returns showing inflated income of the borrowers, forged quotations, invoices, purchase orders, work orders, and forged CA certificates along with audited financial statements.

It was also alleged that the then manager of the bank’s MI Road branch recommended and the then AGM/branch head to sanction various credit facilities by violating bank guidelines and without exercising due diligence. These bank officials allegedly sanctioned term loans for the purchase of commercial properties, housing properties, and working capital term loans to various individuals, firms, and companies linked to the accused.

“Searches were also conducted at various premises of (the) accused. Further investigation is will be done to look into the role of the other accused,” the agency said.



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CBI files chargesheet in Rs 209 crore bank fraud, BFSI News, ET BFSI

Banking & Finance

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JAIPUR: The Central Bureau of Investigation (CB) filed a chargesheet against 18 accused for their alleged involvement in causing a loss of nearly Rs 209 crore to the Syndicate Bank.

In a statement released Wednesday, the agency said the chargesheet has beeen submitted before the court of special judge, CBI cases in Jaipur. The agency named 18 people which included a chartered accountant and former officials of the Syndicate Bank, among others.

The CBI said that it had registered a case back in 2017, following a complaint from the bank’s regional office located in Jaipur, which alleged that 118 loans were sanctioned and disbursed from three branches of the bank located in Jaipur and Udaipur.

“The 118 loans were housing loans, term loans for the purchase of commercial property in World Trade Park (WTP), among others,” the agency said in the statement.

As per the agency, an Udaipur-based CA, identified as Bharat Bomb, along with his employees and others hatched a conspiracy with bank officials in Jaipur and Udaipur to sanction various credit facilities.

“The accused thereby cheated the bank to the tune of Rs 209.93 crore (approximately) on the basis of forged and fabricated documents, bills, quotations, certificates, etc. It was also alleged that several of the borrowers were found to be ordinary employees in firms owned by the CA and others, and (they were) not eligible for such high-value loans,” the agency said.

During its investigation, the CBI found that the accused had allegedly approached the bank’s Jaipur branch located on MI Road, seeking term loans for purchasing commercial properties and units at the World Trade Park ltd, on the basis of forged income tax returns showing inflated income of the borrowers, forged quotations, invoices, purchase orders, work orders, and forged CA certificates along with audited financial statements.

It was also alleged that the then manager of the bank’s MI Road branch recommended and the then AGM/branch head to sanction various credit facilities by violating bank guidelines and without exercising due diligence. These bank officials allegedly sanctioned term loans for the purchase of commercial properties, housing properties, and working capital term loans to various individuals, firms, and companies linked to the accused.

“Searches were also conducted at various premises of (the) accused. Further investigation is will be done to look into the role of the other accused,” the agency said.



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NSE directs its members to stop sale of digital gold by Sept 10, BFSI News, ET BFSI

Personal Finance

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New Delhi: National Stock Exchange (NSE) has directed its members, including stockbrokers, to discontinue the sale of digital gold on their platforms by September 10. The direction came after capital markets regulator Sebi said that certain members are providing a platform to their clients for buying and selling digital gold.

Securities and Exchange Board of India (Sebi), through a letter dated August 3, informed the exchange that the said activity is in contravention of Securities Contracts (Regulation) Rules (SCRR), 1957, and the members should refrain from undertaking any such activities.

The SCRR rules restrict all members from engaging, either as principal or employee, in any business, other than that of securities or commodity derivatives, except as a broker or agent, not involving any personal financial liability.

Accordingly, NSE directed members not to carry out such activity and comply with the regulatory requirements at all times.

“Members, currently engaging in the activity, shall cease to undertake all activities in this regard, within one month from the date of this circular during which necessary communications, regarding the discontinuation, shall be made to the respective clients,” NSE said in a circular dated August 10.

TradeSmart Chairman Vijay Singhania said digital gold units are not issued by any regulated entity. There is no method to check whether the digital gold certificate is backed with physical gold or not.

Some jeweller firms like Titan and banks were known for selling digital gold.

Digital gold does not come under the definition of securities as defined in the Securities Contract (Regulations) Act 1956.

“The circular prohibits the dealing/offering digital gold-selling via Sebi registered entities, as it is not a security as mentioned above. It may be continued to be sold by the unregulated entities, subject to RBI directions if any,” Singhania said.

Kishore Narne, Head of Commodities & Currencies, Motilal Oswal Financial Services, said, “We were distributors of the digital gold product of MMTC-PAMP, with the backdrop of exchange issuing the directives for such product to be not sold by all stockbrokers of the stock exchange; we shall be discontinuing distribution of this product”.

According to him, MMTC-PAMP will continue to be the owner of the product and retain all the holdings of gold on behalf of clients and shall be offering all the redemption and sell-back options for all the existing clients.



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Axis Bank to now raise up to $1 billion via overseas AT1 issue, BFSI News, ET BFSI

Banking & Finance

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MUMBAI: Axis Bank joins its bigger peer HDFC Bank in selling Additional Tier 1 (AT1) bonds overseas, seeking to garner up to $1 billion in ESG-compliant instruments that should help the Mumbai-based private sector lender reduce its financing costs.

The ‘ESG’ (Environment Social Green) tag should lower the coupon in this round of offering by about 15 basis points, compared with the usual AT1 sales by similarly rated entities, four people familiar with the matter told ET. ESG funds are deployed in green and sustainable projects.

The bank has appointed about 10 investment bankers, including HSBC, Citi, MUFG, JP Morgan, Bank of America, Standard Chartered and Societe Generale.

Axis Bank did not reply to ET’s query. Investment banks couldn’t immediately be reached for comments.

Axis Bank is seeking to raise between $600 million and $1 billion depending on investor demand and pricing.

The initial price guidance could be in the range of 4-4.20 per cent, which would have been higher without the ESG tag, sources said. The ultimate pricing could be lower than the broad initial guidance.

The issue is expected to be launched in a week or two from Gujarat GIFT City depending on the outcome of the Jackson Hole policy meeting in the US, sources said.

“If Jackson Hole does not spring any negative surprise, roadshows are expected to begin from next week,” one of the persons cited above told ET.

The US Federal Reserve will hold its annual economic symposium in Jackson Hole, Wyoming, this Friday on August 27.

Earlier this month, HDFC Bank raised $1 billion amid overwhelming investor response.

Due to high demand, the pricing of those bonds was tightened by 43 basis points from the initial guidance to 3.70 per cent.

Axis Bank will have to offer more than this as the lender may be rated at least one notch lower than the HDFC Bank’s grade. Axis AT1 is expected to be graded as B+ or B, dealers said. The rating isn’t finalized yet.

Global rating company Moody’s rated them as Ba3 (or BB- in simple rating terminology), three notches below the deposit ratings.

A single notch by way of a lower rating can trigger a price differential of 50 basis points for a similar instrument, dealers said.

“The proposed ESG compliant papers will help cut the additional funding cost while creating space for expanding loans for sustainable projects,” said a senior executive involved in the deal.

AT-1 bonds are billed as quasi-equity securities that bear a higher risk of capital losses. Those are generally rated three-to-four notches lower than an issuer’s corporate credit rating.

Axis Bank’s overall capital adequacy ratio (CAR) was at 19.01 per cent in the June quarter with the CET1 (Common Equity) ratio at 15.2 per cent, much above the threshold limit.

Those gauges were at 17.47 per cent and 13.50 per cent, respectively, in the corresponding period a year ago.

The principal and any accrued interest would be written down, partially or in full, if Axis Bank’s CET1 ratio slips to 6.125 per cent later this year.



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Carol Furtado to take charge as Ujjivan SFB’s OSD from today

Banking & Finance

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The board of Ujjivan SFB, in parallel, will evaluate “suitable candidates” for the MD and CEO position, and submit two names to the RBI for approval, the filing said.

The board of directors of Ujjivan Small Finance Bank on Wednesday approved the appointment of Carol Furtado as the officer on special duty (OSD). Furtado, who will be handling day-to-day operations from August 26, will be serving as the OSD until outgoing MD & CEO Nitin Chugh is in office.

Furtado will take charge as the interim CEO, subject to RBI approval, after September 30. She was the CEO of Ujjivan Financial Services, the promoter of Ujjivan SFB. Talking to FE on August 20, Ujjivan founder Samit Ghosh had said Furtado is the top candidate to become the interim CEO of the bank.

In a stock exchange filing on Wednesday, the bank said its board “unanimously” approved the appointment of Furtado as the OSD. The board of Ujjivan SFB, in parallel, will evaluate “suitable candidates” for the MD and CEO position, and submit two names to the RBI for approval, the filing said.

Ghosh, the common director on Ujjivan SFB and Ujjivan Financial Services, said, “Carol has been our go to person during any major crisis. I am sure she will lead us out of this Covid crisis with flying colours. We do not foresee any near-term major issues in the portfolio quality of the bank. With the provision coverage ratio of 75%, the highest in the industry, we are very well positioned.”

Ghosh said the bank is undertaking an “independent” portfolio quality and process audit. “We look towards streamlining the provisioning policy. We are confident of strengthening the organisation and emerge as a stronger Ujjivan.”

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Bank employees’ pension pay-out hiked to 30% of last-drawn pay, BFSI News, ET BFSI

Personal Finance

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Finance minister Nirmala Sitharaman detailed the way ahead for India’s public sector banks as part of her government’s EASE 4.0 policy. EASE 4.0 or Enhanced Access and Service Excellence is the Centre’s reform agenda of public banks aimed at institutionalising clean and smart banking.

Sitharaman met heads of PSBs to review financial performance of the lenders and progress made by them to support the economy battered by COVID-19 pandemic.

At the presser post launch in Mumbai, Finance Secretary Debashish Panda announced changes to the pension pay-outs of Public Sector Banks.

The changes instituted are set to increase the pension pay-out to bank employees, with all of them set to get an even 30% of their pay. The Centre has also asked banks to increase the employer contribution to the pension corpus to 14%, from the current 10%.

“Pension pay-outs to bank employees could increase to Rs 30,000-Rs 35,000 from the earlier cap of Rs 9284,” Panda said.

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RBI extends scope of tokenisation to laptops, wearable devices, BFSI News, ET BFSI

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The Reserve Bank on Wednesday extended the scope of ‘tokenisation‘ to several consumer devices, including laptops, desktops, wearables like wristwatches and bands, as well as Internet of Things (IoT) devices. Tokenisation, which aims at improving the safety and security of the payment system, refers to the replacement of actual card details with a unique alternate code called the ‘token’, which is unique for a combination of card, token requestor and identified device.

The RBI had earlier permitted ‘tokenisation’ services, under which a unique alternate code is generated for transaction purposes, on mobile phones and tablets of cardholders.

“On a review of the framework and keeping in view stakeholder feedback, it has been decided to extend the scope of tokenisation to include consumer devices — laptops, desktops, wearables (wristwatches, bands, etc.), Internet of Things (IoT) devices, etc,” the RBI said in a circular.

The initiative is expected to make card transactions more safe, secure and convenient for the users, it added.

In January, 2019 the RBI had issued guidelines on “Tokenisation – Card transactions”, permitting authorised card networks to offer card tokenisation services to any token requestor, subject to conditions.

Prior to the latest circular, the facility was available only for mobile phones and tablets of interested cardholders.

RBI also noted that there has been an uptake in the volume of tokenised card transactions during recent months.



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Finance minister, BFSI News, ET BFSI

Personal Finance

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MUMBAI: Union finance minister Nirmala Sitharaman on Wednesday said it is too early to say if there is a lack of demand for credit and announced a district-wise outreach to be undertaken by banks to help credit growth from October.

A push to credit growth from such outreach efforts will also help the momentum set by the stimulus packages, which have been extended by the government since the onset of the pandemic.

It can be noted that in late 2019, banks had conducted the “loan melas” in 400 districts to push up sagging credit growth. Even now, the credit growth is stuttering at around 6 per cent.

“I think it is too early to conclude whether there is a lack of demand… I don’t think it is time yet to conclude that there is no credit pick-up. Even without awaiting indications, we have taken steps to ramp up credit,” Sitharaman told reporters here.

She noted that over Rs 4.94 lakh crore was disbursed by the banks between October 2019 and March 2021 through the outreach initiatives undertaken by them.

“This year too sometime in October, there will be a credit outreach in every district of the country,” she said.

Sitharaman added that the government had announced that credit up to Rs 1.5 lakh will be given to borrowers through NBFC-MFIs.

“In order to keep up the momentum of stimulus that we are periodically giving, we have also asked banks to go out and give credit,” she said.

Meanwhile, Sitharaman said there is a need to ramp up credit growth in the eastern pockets of the country in states like Jharkhand, West Bengal, and Odisha, where the populations are displaying a higher propensity to deposit money in current and savings accounts.

Banks have also been asked to create state-wise plans for northeastern states to help the logistics sector and exporters.

Apart from that, Sitharaman, who took a review meeting with the chiefs of all the 12 state-run lenders, said banks have been asked to reach out to exporters at the district level to help push the “one district, one export” message of Prime Minister Narendra Modi.

Besides, the finance minister said banks have also been asked to look into the demands of the fintech sector.



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