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It has been decided with the approval of competent authority to extend bid submission end date and bid opening date. Accordingly, Calendar of Events (Page 4 of Tender Document) stands modified/amended as under:
2. All other terms and conditions of the tender remain unchanged. 3. The above clarifications/modifications/amendments shall be part of the Bid document for all purposes. Regional Director |
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The Reserve Bank of India will conduct a Variable Rate Reverse Repo auction on September 09, 2021, Thursday, as under:
2. The operational guidelines for the auction as given in the Reserve Bank’s Press Release 2019-2020/1947 dated February 13, 2020 will remain the same. Ajit Prasad Press Release: 2021-2022/828 |
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Planning
oi-Sneha Kulkarni
In terms of transaction volume and value, PhonePe continues to lead the UPI ecosystem over competitors such as Google Pay and Paytm in August.
According to figures given by the National Payments Corporation of India, PhonePe processed 1,622.95 million or 1.6 billion transactions worth Rs 3,01,644.80 crore in August. During that time, Google Pay received 1234.75 million (Rs 2,44,453.05 crore) in payments.
In August, as United Payments Interface (UPI) transactions continued to rise, digital payments company PhonePe achieved a new high, surpassing Rs 3 lakh crore in transaction amounts for the first time.
With 1.62 billion transactions, PhonePe accounts for 45 percent of UPI volume and 47 percent of UPI value, with Rs. 3.01 lakh crore in transactions.
Transactions on Google Pay, the second-largest participant, increased from 1.11 billion in July to 1.24 billion in August. Google Pay’s value market share increased from 34.45 percent in July to 38 percent in August, with transactions totaling Rs 2.44 lakh crore. The app had a 35 percent volume market share.
Peer-to-peer (P2P) and peer-to-merchant (P2M) transactions totaled 1,945.80 million and 1609.74 million, respectively, in UPI’s 3.55 billion transactions valued Rs 6,39,116 crore.
In August, PhonePe had 45.64 percent of the UPI market share, while Google Pay had 34.72 percent. PhonePe and Google Pay had 45.94 percent and 34.45 percent market share in the UPI ecosystem, respectively, in the preceding month.
WhatsApp, a Facebook-owned app, registered 0.5 million transactions worth Rs 44.70 crore, indicating that new entrants in the UPI market are still underperforming. Because more people were allowed to join WhatsApp in the last few months, it was expected to grow.
It’s also worth mentioning that in August, PhonePe was India’s most popular fintech app. During the month, PhonePe had 9.5 million downloads across the Play Store and App Store, followed by Google Pay with 7 million and Paytm with 6.1 million, according to Sensor Tower data.
| UPI Apps | Transactions in Millions | Market Share |
| PhonePe | 1,622.95 | 45.64% |
| Google Pay | 1,234.75 | 34.72% |
| Paytm | 423.63 | 11.91% |
| Amazon pay | 60.67 | 1.7% |
| BHIM | 26.33 | 0.74% |
Story first published: Wednesday, September 8, 2021, 17:41 [IST]
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(E-tender No. RBI/Lucknow/HRMD/10/21-22/ET/118)
A pre-bid meeting regarding the E-tendering for Procurement of Medicines for Dispensaries of RBI, Lucknow was held on September 04, 2021 at 12:00 PM. The meeting was conducted online through Cisco Webex. The meeting was attended by following:
| Sr. No. | Name | Status |
| 1 | Soloman & Co. | Not present |
| 2 | K C Pharmaceuticals | Not present |
| 3 | Sheel Pharmaceuticals | Utkarsh Parolia |
| 4 | Sagar Distributors | Dr. Krishna Kumar |
| 5 | Truemed Chemists and Druggists | Varun Anand |
| 6 | Apollo Pharmacies Ltd. | Alok Singh and Amir Rai |
| 7 | Official from MSTC portal | V N Singh |
| 8 | Reserve Bank of India | Mohan Rawat (DGM, CES/ HRMD) Markandeya Chaturvedi (AGM, CES) Sonal Sinha (AM, CES) Anurag Srivastava (Sr. Asst., CES) Ravi Tripathi (Assistant, CES) |
Following discussions took place in the pre-bid meeting: –
1. Shri Markandeya Chaturvedi, AGM apprised the vendors about the possible instance/ situation that if all the vendors quote same discount rate, then the Vendor who has first quoted the said rate in the MSTC portal will be declared the H1 bidder. It was also explained to them that the decision to award the contract to any bidder in above situation rests with the Regional Director, Lucknow.
2. The significance of negative sign in the discount rate column (price bid) of MSTC portal was apprised to the vendors by the Official from MSTC Shri V.N.Singh. He said that the MSTC portal is designed w.r.t. L1 bidders, so a negative sign is put in the discount column.
3. Shri Alok Singh from M/s Apollo Pharmacy and Dr. Krishna Kumar from M/s Sagar Distributors enquired whether list of medicines will be shared with them before placing the bid or not. AGM, CES informed that they will confirm with Central Office (CO) and share the details with vendors at the earliest.
4. Shri Utkarsh Parolia from M/S Sheel Pharmaceuticals enquired whether FDR can be taken in place of Bank Guarantee or not as mentioned in RFQ document. AGM, CES informed that as of now, there is no such provision.
5. Shri Varun Anand from Truemed Chemists and Druggists enquired about the helpline number of MSTC. The MSTC representative Shri V N Singh provided his contact details and MSTC, NRO helpline number.
6. Shri Alok Singh from Apollo Pharmacy enquired about the portal fees charged by RBI. In reply to the question, Shri V N Singh, MSTC, explained to the vendors that the fees required for E-tendering process is charged by MSTC portal and not by RBI.
7. Representative of M/S Sheel Pharmaceuticals enquired whether GST certificate will be provided by the end of financial year or not. AGM, CES replied that the same will be confirmed from the concerned section.
8. The representative from M/S Sagar Distributors enquired that in case they are not selected for the said contract whether EMD will be returned to them or not. AGM, CES responded whether the contract goes to the vendor or not, the EMD deposited by the vendors will be returned.
9. AGM, CES informed the vendors that they have been empanelled for the period April 2021 to March 2024 and advised them to comply to the guidelines and terms and conditions mentioned in the RFE and RFQ documents.
10. AGM, CES and MSTC representative advised all the vendors present at the meeting not to wait for the last date for quoting their respective price bids to avoid any last-minute issues.
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Investment
oi-Vipul Das
Axis Bank, one of the leading private sector banks of India has recently revised interest rates on its domestic fixed deposits and NRI fixed deposits. Axis Bank offers various types of deposit schemes to its customers such as Express FD, Fixed Deposits, Recurring Deposits, Tax Saver Fixed Deposit, Fixed Deposit Plus, and Auto Fixed Deposit. With a minimum deposit amount of Rs 5,000 online and Rs 10,000 via visiting the nearest bank branch, one can open a fixed deposit account at Axis Bank and can enjoy the benefits like flexible tenure ranging from 7 days to 10 years, online account opening service, competitive interest rates, automatic roll-out facility, premature withdrawal facility, reinvestment deposit option to earn more interest rates, transfer of deposit, additional interest rates for senior citizens and much more. Following the most recent adjustment as of date 03.09.2021, Axis Bank is offering the below-listed interest rates on FDs.
For an amount of less than Rs 2 Cr and after the most recent adjustment on interest rates on FD, Axis Bank is offering the following interest rates on fixed deposits to regular citizens.
| Tenure | Regular FD Rates In % |
|---|---|
| 7 days to 14 days | 2.50 |
| 15 days to 29 day | 2.50 |
| 30 days to 45 days | 3.00 |
| 46 days to 60 days | 3.00 |
| 61 days to less than 3 months | 3.00 |
| 3 months to less than 4 months | 3.50 |
| 4 months to less than 5 months | 3.50 |
| 5 months to less than 6 months | 3.50 |
| 6 months to less than 7 months | 4.40 |
| 7 months to less than 8 months | 4.40 |
| 8 months to less than 9 months | 4.40 |
| 9 months to less than 10 months | 4.40 |
| 10 months to less than 11 months | 4.40 |
| 11 months to less than 11 months 25 days | 4.40 |
| 11 months 25 days to less than 1 year | 4.40 |
| 1 year to less than 1 year 5 days | 5.10 |
| 1 year 5 days to less than 1 year 11 days | 5.15 |
| 1 year 11 days to less than 1 year 25 days | 5.10 |
| 1 year 25 days to less than 13 months | 5.10 |
| 13 months to less than 14 months | 5.10 |
| 14 months to less than 15 months | 5.10 |
| 15 months to less than 16 months | 5.10 |
| 16 months to less than 17 months | 5.10 |
| 17 months to less than 18 months | 5.10 |
| 18 months to less than 2 years | 5.25 |
| 2 years to less than 30 months | 5.40 |
| 30 months to less than 3 years | 5.40 |
| 3 years to less than 5 years | 5.40 |
| 5 years to 10 years | 5.75 |
| Source: Axis Bank, W.e.f. 03.09.2021 |
Upon the most recent adjustment made by the bank on its deposit schemes, Axis Bank offers the following interest rates to senior citizens for a deposit amount of less than Rs 2 Cr.
| Tenure | Senior Citizen FD Rates In % |
|---|---|
| 7 days to 14 days | 2.50 |
| 15 days to 29 day | 2.50 |
| 30 days to 45 days | 3.00 |
| 46 days to 60 days | 3.00 |
| 61 days to less than 3 months | 3.00 |
| 3 months to less than 4 months | 3.50 |
| 4 months to less than 5 months | 3.50 |
| 5 months to less than 6 months | 3.50 |
| 6 months to less than 7 months | 4.65 |
| 7 months to less than 8 months | 4.65 |
| 8 months to less than 9 months | 4.65 |
| 9 months to less than 10 months | 4.65 |
| 10 months to less than 11 months | 4.65 |
| 11 months to less than 11 months 25 days | 4.65 |
| 11 months 25 days to less than 1 year | 4.65 |
| 1 year to less than 1 year 5 days | 5.75 |
| 1 year 5 days to less than 1 year 11 days | 5.80 |
| 1 year 11 days to less than 1 year 25 days | 5.75 |
| 1 year 25 days to less than 13 months | 5.75 |
| 13 months to less than 14 months | 5.75 |
| 14 months to less than 15 months | 5.75 |
| 15 months to less than 16 months | 5.75 |
| 16 months to less than 17 months | 5.75 |
| 17 months to less than 18 months | 5.75 |
| 18 months to less than 2 years | 5.90 |
| 2 years to less than 30 months | 6.05 |
| 30 months to less than 3 years | 6.05 |
| 3 years to less than 5 years | 6.05 |
| 5 years to 10 years | 6.50 |
| Source: Axis Bank, W.e.f. 03.09.2021 |
For a deposit amount of less than Rs 2 Cr, the below-listed are the interest rates on Non-Resident External (NRE) deposits of Axis Bank which are in force from 03.09.2021.
| Sr No. | Period | Interest Rates In % (p.a.) |
|---|---|---|
| 1 | 1 year to less than 1 year 5 days | 5.10 |
| 2 | 1 year 5 days to less than 1 year 11 days | 5.15 |
| 3 | 1 year 11 days to less than 1 year 25 days | 5.10 |
| 4 | 1 year 25 days to less than 13 months | 5.10 |
| 5 | 13 months to less than 14 months | 5.10 |
| 6 | 14 months to less than 15 months | 5.10 |
| 7 | 15 months to less than 16 months | 5.10 |
| 8 | 16 months to less than 17 months | 5.10 |
| 9 | 17 months to less than 18 months | 5.10 |
| 10 | 18 months to less than 2 years | 5.25 |
| 11 | 2 years to less than 30 months | 5.40 |
| 12 | 30 months to less than 3 years | 5.40 |
| 13 | 3 years to less than 5 years | 5.40 |
| 14 | 5 years to 10 years | 5.75 |
| Source: Axis Bank, W.e.f. 03.09.2021 |
Story first published: Wednesday, September 8, 2021, 17:25 [IST]
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Sharekhan expects IndusInd Bank to address challenges through a combination of better strategy and execution and prudent disclosure with focus on reducing risk, etc.
“While for the near term, asset quality will be a monitorable, we expect pessimism to gradually ease over the medium term. Factors such as the bank’s willingness to recognise stress upfront in any loan segment before it becomes challenging to manage and its strategy to build adequate provisions or counter cyclical buffers if the business is risky will be cushions for the long term,” says the brokerage.
“Our constructive view on IndusInd Back is backed by its demonstrated strong asset-quality performance (for most period in recent years, except in the near past), along with improved capital levels (Tier-1 at 16.9%). Near term challenges continue, but we expect advances growth and credit cost to normalise in FY2023E, given improving macro conditions and the bank’s stated stance to front-load provisions. We expect net interest margins to be at 4.0-4.1% for the medium term, supported by its improving liability franchise,” the brokerage has said,
According to Sharekhan, IndusInd Bank IB currently trades at 1.6x/1.4x/1.3x its FY2022E/FY2023E/FY2024 book value, which is reasonable. The bank’s well-capitalised balance sheet and provision buffer are cushions for profitability.
“We believe the growth outlook is improving. Moreover, improving corporate exposure and low expected restructuring pipeline indicate that credit cost is manageable, and business normalcy is expected to resume in FY2022E. We opine the bank is in an improved position vis-à-vis its balance sheet and valuations are reasonable. While near-term asset quality will be a key monitorable, we believe the outlook is improving for the bank. We maintain Buy on the stock with an unchanged PT of Rs. 1,340,” the brokerage has said.
Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution. Greynium Information Technologies, the author, and the brokerage houses are not liable for any losses caused as a result of decisions based on the article. The above article is for informational purposes only and has been taken from the report of Sharekhan. Be careful while investing as the Sensex has now crossed 58,000 points.
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“Government has finalised the book running lead managers and some other advisors for the IPO of LIC,” DIPAM Secretary Tuhin Kanta Pandey tweeted.
The disinvestment department had invited applications for the appointment of merchant bankers on July 15. Following this, 16 merchant bankers made presentations for managing listing and partial disinvestment of Life Insurance Corporation (LIC).
The Department of Investment and Public Asset Management (DIPAM) is also in the process of appointing a legal adviser for the stake sale and the last date for putting bids is September 16.
Actuarial firm Milliman Advisors LLP India has already been appointed to assess the embedded value of LIC ahead of the IPO, which is likely in the January-March quarter of 2022.
The government is also mulling allowing foreign investors to pick up stakes in the country’s largest insurer LIC. As per Sebi (Securities and Exchange Board of India) rules, foreign portfolio investors (FPI) are permitted to buy shares in a public offer.
However, since the LIC Act has no provision for foreign investments, there is a need to align the proposed LIC IPO with Sebi norms regarding foreign investor participation.
The Cabinet Committee on Economic Affairs had last month cleared the initial public offering proposal of Life Insurance Corp of India.
The ministerial panel known as the Alternative Mechanism on strategic disinvestment will now decide on the quantum of stake to be divested by the government.
“The potential size of the IPO is expected to be far larger than any precedent in Indian markets,” the department had said.
The listing of LIC will be crucial for the government in meeting its disinvestment target of Rs 1.75 lakh crore for 2021-22 (April-March).
So far this financial year, Rs 8,368 crore has been mopped up through minority stake sales in PSU and the sale of SUUTI (Specified Undertaking of the Unit Trust of India) stake in Axis Bank.
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This is the Gladiator stock recommendation of ICICI Direct which is seen to hit the target in next 3 months. The current scrip price is Rs. 261.75, while the price target set out by the brokerage is Rs. 302, implying an upside of 15%.
About the company: The company is a leading electrical appliance company and largest indeed in Kerala. The company’s product line includes voltage stabilizers, electrical cable, electric pumps, electric motors, geysers, solar water heaters, electric fans and UPSs.
Technical observations: There is improved sentiment in the consumer discretionary space ahead of the festivities, with this scrip not being an exception. There is seen elevated high demand in the counter. Only in this week, the chart formation was of a falling channel breakout that provides for a primary uptrend.
“The stock has taken 10 weeks to retrace 80% of its preceding three weeks rally (Rs. 219-285) signalling slower pace of retracement and highlighting strength. The weekly 14 periods RSI has generated a buy signal moving above its nine period’s average, thus validating the positive bias”, said the report.
Fundamentals which support the set target price
Electronics contribute approximately 28% to their topline while electricals contribute 45% and consumer durables 27%. South contributes a major chunk of their revenue with 60% coming from that region.
Better Q1Fy22
The company reported better-than-expected numbers in Q1FY22 despite lockdown led restrictions in key selling markets. Net sales were up 39% YoY. Gross margins were up 408 bps due to a better product mix and passing on of price hikes.
Dealer inclusion, expanded product mix, technology leverage and healthy balance sheet will all come as help
“Going forward, dealer additions, new product launches and market share gains from unorganised/regional players will drive revenue growth. The management has also indicated distribution expansion in non-south regions to capture a wider market. V-Guard also plans to improve its product mix by launching premium products through in-house manufacturing. The company also has plans to leverage technology benefit from its recent investment in battery startup “Gegadyne Energy” to launch new products going forward. A healthy balance sheet with a strong brand recall will help”, said the report.
| Stock | Current price | Price target | Potential Upside | Time horizon set out for the target |
| V-Guard | Rs. 261.75 | Rs. 302 | 15% | 3 months |
This is the Momentum stock recommendation of ICICI Direct wherein the brokerage firm has set out a target price of Rs. 168. The company has recommended the stop loss of Rs. 149. The target is to be realized in a short term of 7 days.
ICICI Direct lists down the technical observations for the scrip as follows:
The stock of Jindal Stainless has placed a strong demand from the support price of Rs. 130 and this coincides with the major breakout area, which provides for an indication of the uptrend and fresh opportunity to enter the scrip.
Breakout in the stock was seen that again points to strength going forward.
Now this upmove looks sustainable and we may see the scrip to again move to its July 2021 high of Rs. 168 in the coming weeks.
Other positive technical indicators
-Scrip held above its 50 day SMA since April 2021
– Good volume of 2.6 times its average 200 day
volume of 27 lacs share per day
-Positive bias indicated by the daily 14 periods RSI that has generated bullish crossover above its 9-periods average.
| Stock | Current price | Target price | Upside | Time horizon for the recommendation |
| Jindal Stainless | Rs. 159.4 | Rs. 168 | > 5% | 7 days |
The above two stocks listed here are taken from ICICI Direct research report and should not be construed as investment advice. Please seek professional help before making any risky bets.
GoodReturns.in
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Karnataka Bank, in collaboration with Mswipe Technologies Pvt Ltd, has launched ‘WisePOSGo’ — a PoS (point-of-sales) device that processes business payments — for the bank’s merchant customers.
Launching the new product, Mahabaleshwara MS, Managing Director and Chief Executive Officer of the bank, said this user-friendly device will be a game changer and transform the digital payment ecosystem associated with PoS machines. This device is an all-in-one swiping machine loaded with advanced features such as contactless payment, mobile phone, QR code, pay by link, magstripe and barcode scanner.
Also read: Karnataka Bank targets 15% credit growth for 2021-22
He said the device will support 4G, Wi-Fi, Bluetooth and micro-USB. This connected payment solutions device lets the merchants make calls as well as process payments and is designed keeping in mind the specific cost-centric needs of bank’s MSME (micro, small and medium enterprises) customers.
By integrating payments with business applications in one single device, small business establishments will benefit by having an agile and conducive platform to source business. The device is available at an affordable cost without any monthly rental charges, he said. The ease of processing transactions through ‘WisePOSGo’ will help the bank’s retail and MSME customers augment their businesses by providing their consumers a convenient and flexible way of shopping, Mahabaleshwara said.
Speaking on the occasion, Ketan Patel, Chief Executive Officer of Mswipe Technologies Pvt Ltd, said his company is happy to develop this product for Karnataka Bank’s MSME customers that will simplify their payment process. The introduction of ‘WisePOSGo’ is yet another step in the direction of expanding the digital payment infrastructure in the country and promote a cashless economy, he added.
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The Kerala-based lender South Indian Bank, in association with OneCard, launched the SIB – OneCard Credit Card.
The premium metal card, the SIB – OneCard has a unique app-based onboarding process, which is in line with the bank’s vision of digital transformation. The internationally valid credit card on the Visa Signature platform can be controlled through the OneCard App.
The SIB – OneCard comes with features such as lifetime validity with zero joining and annual fees, 100 per cent digital customer onboarding process, instant virtual card issuance, instant issuance of reward points and easy redemption within the app, etc. The card with NFC facility offers contactless easy management of EMIs from the EMI dashboard in the app. It has the lowest forex fee in the market at just 1 per cent.
“Digital Banking being one of the focus areas for South Indian Bank, this next generation credit card is the best product to offer to India’s young population. More tie-ups with fintech companies are on the anvil and we are happy to associate with OneCard to launch a truly next generation credit card”, said Murali Ramakrishnan, MD & CEO, South Indian Bank.
OneCard has been launched by FPL Technologies – a fintech start-up which aims to digitally revolutionise credit and payments.
Anurag Sinha, Co-founder & CEO, OneCard said, “Our partnership with South Indian Bank fits perfectly with our vision to drive ‘smart banking’ through a mobile-first approach among the tech-savvy Indians. At OneCard, besides offering flexibility and visibility on spends, we offer the customer full control of every aspect involved in credit and payments.”
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