Month: September 2021

5 Cement Stocks To Buy As Per This Leading Brokerage

Personal Finance

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Announcement of cement price hike

As per Emkay’s view, cement companies have announced a price hike of Rs 15-25 per bag in the South and Rs10-15 per bag month on month in other regions in September 21 in order to arrest any further price decline. The price hike is expected to be absorbed in the second half with a demand recovery and rising utilization levels.

“In Q2FY22 till date, average pan-India prices have likely declined 3% QoQ. Prices have declined 1-2% QoQ in the North and Central markets, 3% in the West and 4-6% in the South and East regions. Historically, cement prices correct seasonally by 2- 3% QoQ in the second quarter of the financial year,” the brokerage has said.

Margins under pressure in near term; likely to bounce back in H2

Margins under pressure in near term; likely to bounce back in H2

According to Emkay Global, the input cost inflation and seasonal correction in cement prices should keep margins under pressure in the near term. However, margins are likely to bounce back with demand/price recovery in H2FY22. Emkay Global maintains a positive view on the cement sector based on robust earnings compounding and a structural RoIC reset, with medium-term demand growth visibility and calibrated supply additions. Their top picks are Ultratech, Shree Cement, and Ambuja Cement.

Industry margins are likely to contract Quarter on Quarter in Q2FY22E, while EBITDA/ton may fall >10% Quartet On Quarter due to the seasonal price correction and cost headwinds. Average domestic petcoke prices have risen 55% YoY/21% quarter on quarter and average diesel prices have gained 23% YoY/7% QoQ. With an increase in international coal prices, companies are driving the fuel mix in favor of domestic coal and AFR usage.

Recent movement in cement price

Recent movement in cement price

The channel check conducted suggest that average pan-India prices declined 3% month on month in August 2021. The moderation in prices was primarily led by a 6% month on month decline in the East, while prices in other regions fell in the range of 2-3% month on month in August 21. On a year on year basis, prices were broadly flat in the North, West and Central regions, but they dropped 2-3% in the East and South regions.

Stocks to buy from Emkay Global from the cement space

Stocks to buy from Emkay Global from the cement space

Company name Current market price Target price
Ultratech Cement Rs 7956 Rs 8500
Shree Cement Rs 30,423 Rs 31,200
Ambuja Rs 437 Rs 445
Dalmia Rs 2269 Rs 2,470
ACC Rs 2,469 Rs 2,580

Disclaimer

Disclaimer

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 is picked from the brokerage report of Emkay Global. Be careful while investing as the Sensex has now crossed 58,000 points. Investors can invest small amounts and avoid putting lumpsum.



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MP HC stays RBI notification on urban cooperative banks, BFSI News, ET BFSI

Banking & Finance

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Jabalpur, Sep 6 (PTI) The Madhya Pradesh High Court has stayed an RBI notification related to appointment and removal of managing directors and whole-time directors in Urban Cooperative Banks (UCBs) operating in states.

A division bench comprising Chief Justice Mohammad Rafiq and Justice VK Shukla, while hearing a petition, on Friday (September 3) stayed the Reserve Bank of India (RBI) circular issued on June 25.

The HC has also issued notices to the RBI, the Centre and state governments on the petition filed by Bhopal-based Mahanagar Nagrik Sahkari Bank Maryadit, the petitioner bank’s counsel, Ajay Gupta, said. The court order said, “Issue notice to the respondents on payment of PF (processing fee) within seven days returnable within eight weeks.” “In the meanwhile, operation and effect of the impugned order dated 25.06.2021 qua ((with regard to) the petitioner shall remain stayed”, the HC said.

The Bhopal-based urban cooperative bank has challenged the constitutional validity of the RBI notification. Gupta said the RBI’s order has regulated appointment, re-appointment and removal of managing directors (MDs) and whole-time directors (WTD) of UCBs. Service conditions of MDs and/or Chief Executive Officers of UCBs is governed under the bye-laws of the MP State Cooperative Societies Act, the petitioner’s counsel said.

The cooperative as a subject falls under Entry 32 in List-II – State list – in the Seventh Schedule of the Constitution, whereas the banking falls under Entry 45 in List-I – Union list – of the Seventh Schedule, he said.

Therefore, the power to legislate and regulate UCBs falls exclusively with the state domain and does not lie in the purview of the Union, much less the RBI, Gupta said. “Thus, the RBI order is absolutely incompetent and lacks in authority,” he claimed. The court has granted eight weeks to the respondents to file their replies to the notices issued to them, Gupta added. PTI COR ADU RSY RSY



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Axis Bank introduces policies for employees and customers from LGBTQIA+ community, BFSI News, ET BFSI

Banking & Finance

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Private lender Axis Bank on Monday announced a charter of policies and practices for their employees and customers from the LGBTQIA+ community.

Under this policy all employees can list their partners for mediclaim benefits irrespective of gender, sex or marital status. It has also put in place a Human Rights Policy that offers redressal to challenges faced by employees from this community.

“We recognize that employees could have a gender or gender expression that’s different from their sex assigned at birth,” the bank said in a statement. “They can choose to dress in accordance with their gender/ gender expression.”

Employees can also choose to use the restroom of their choice in accordance with their gender expression or identity.

Axis Bank customers can now also open a Joint Savings Bank Account or a Term Deposit with their same sex partner.

“At Axis, we have put our focus on diversity, equity and inclusion that respects and recognizes the importance of distinctive life journeys and several identities that extend beyond the paradigms of gender,” said Rajesh Dahiya, Executive Director, Axis Bank. “This for us is as much about the invisible markers as it is about the visible ones. It is our belief that it fosters a culture of innovation and leverages the multiple talent pools that exist in a rich demography like ours.”



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India bank on team bonding in chess Olympiad, BFSI News, ET BFSI

Banking & Finance

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KOLKATA: Team India will get a chance to form a bonding when they sit for the Fide Chess Olympiad which begins on Wednesday. In spite of being an online event due to the pandemic situation prevailing at different parts of the world, the All India Chess Federation (AICF) has arranged for both staying and playing facilities for all the players at a hotel in Chennai.

All except three of the 12-member side for the tournament will be staying together and get the best of internet connection facilities which created a problem during last time. Only Pentala Harikrishna (from Prague), Koneru Humpy (from Vijayawada) and D. Harika (from Hyderabad) will be playing from their own places.

Skipper Viswanathan Anand thanked the federation for coming forward to provide them with such beautiful facilities. “I found it difficult playing at home last time. This time we are all together on the same floor (of the hotel) and the atmosphere is very positive,” said Anand. “I wanted to have some team atmosphere, it is very nice…”

A total of 15 teams have advanced from the Division Two to join 25 teams as the tournament will now see competition among 40 teams spread over four pools of 10 teams each.

India, the joint winners with Russia in August last year, have been placed in Pool ‘B’ of the Top Division in the second edition of the online Olympiad along with France, Belarus, Azerbaijan, Shenzhen China, Moldova, Slovenia, Egypt, Sweden and Hungary.

The top two teams from each of the four pools will advance to the play-off stage.

Multiple world champion Anand sounded confident about the side’s chances. “We have a good mix of experience and youth. We hope to do well,” Anand said at a press meet here ahead of the tournament. “We have an excellent team, very competitive on every board. We will take it round by round,” he added.

India will open their campaign against Egypt on Wednesday followed by matches against France and Sweden the same day. They will take on Shenzhen China, followed by Azerbaijan and Belarus the next day and will meet Hungary, Moldova and Slovenia the day after.

Anand is optimistic about a good show since the impact of Covid-19 lockdown has not affected their preparation much. “Especially, when we are comparing it with the Olympics and Paralympics…Our training schedules were not disrupted so severely,” he said.

The Indian team: Viswanathan Anand, Vidit Gujarati, P. Harikrishna, B. Adhiban, Nihal Sarin, Koneru Humpy, Dronavalli Harika, Tania Sachdev, Bhakti Kulkarni, R. Vaishali, R. Praggnandhaa and Savitha Shri.



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SBM Bank partners with OneCard to launch mobile-based credit card, BFSI News, ET BFSI

Banking & Finance

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New Delhi, Sep 6 (PTI) SBM Bank on Monday said it has partnered with fintech player OneCard to launch a mobile-based credit card. With this partnership, the bank said it aims to cater to the tech-savvy populace who have embraced digital as a natural way of life.

OneCard will leverage Visa‘s technology and global acceptance in this co-branded credit card offering through an app, SBM Bank said in a release.

“This partnership is in sync with our smart banking mission to build products that meet specific consumer need gaps and provide innovative solutions through state-of-the-art platforms,” Neeraj Sinha, Head – Retail and Consumer Banking, SBM Bank India, said.

The mobile-first, credit card is a significant step towards acknowledging and celebrating the expanding digital ecosystem of the country, he said.

Vibhav Hathi, Co-founder and CMO, OneCard said research shows that empowerment and transparency are the two main aspects that the digitally savvy young consumers are seeking nowadays.

“This corroborates our belief that they are hungry for credit cards which allow them to be in the driver’s seat, giving them full control,” Hathi said.

The company earlier launched the OneScore app in 2019 allowing people to monitor and manage their credit health.

The scoring platform is widely popular and has acquired more than 7 million users within just two years of its launch, said the release.

According to ResearchAndMarkets, the Indian credit card industry is expected to grow at a CAGR (Compound annual growth rate) of more than 25 per cent during 2020 – 2025 owing to the growing trend of ‘buy now pay later’, it said. PTI KPM SHW SHW



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Reserve Bank of India – Tenders

Tenders

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Tender No.- RBI/Bhubneswar/HRMD/6/21-22/ET/87

As per the Schedule, a Pre-Bid meeting for the captioned tender was held on September 3, 2021 at 11:00 AM in VC Room, 2nd Floor, RBI, Bhubaneswar to clarify the queries of the prospective bidders.

The pre-bid meeting was attended by the representatives of following vendors:

1. M/s Prince Facility Management Services
2. Maa Biraja Traders, Jajpur
3. U.Tech Services
4. Yatri Bhojan Pvt. Ltd.
5. Paradise Enterprise

On behalf of Reserve Bank of India, Bhubaneswar, the following officials were present:

1. Shri Priyaranjan, Deputy General Manager, HRMD
2. Shri T.K. Mahapatra, Assistant General Manager, HRMD
3. Shri Santosh Kumar Behera, Manager, HRMD
4. Shri Udit Jaiswal, Assistant Manager, HRMD
5. Shri Siddhanta Mohanty, Assistant, HRMD

The meeting was conducted to brief the bidders about the tender conditions, clarify any queries thereof and to sensitize them about how to submit e-Tenders on RBI portal of MSTC website. Further to the discussions held with the tenderers, clarifications arrived thereof are indicated as under.

Sl. No. Questions raised by firm’s representative Clarification given by the Bank
1. Vendor raised query regarding submission of Solvency certificate as indicated in Section 1.1.1 (f) under Eligibility/Pre-Qualification Criteria of Part-I. It was clarified that Solvency Certificate must be valid as on the last date of tender application.
2. EMD exemptions will be extended to MSME vendors or not? The EMD shall be submitted as per the tender provision, no exemptions are granted in this regard.
3. Participants raised a query about categorization of manpower (in terms of skilled / semi-skilled / unskilled) to be deployed and sought clarification on the same to enable prospective bidders to have clarity before quoting manpower charges in financial bid. Experience & qualification of manpower to be deployed is clearly mentioned at 1.1.1 (i) of the tender document, and manpower requirement is mentioned in para 2.4 (b) of the tender document.

Further, the cooking and serving staff must be different from the cleaning and maintenance staff.
4. The participants requested to change the requirement mentioned in para 1.1.1 (b) of carrying out “similar work” for minimum one-year duration in last 02 years to minimum one-year duration in last 03 years. Keeping in view the pandemic, the requirement under para 1.1.1 (b) of the tender document has been amended. Accordingly, “the bidder should have carried out similar works for minimum one-year duration in last three years”.
5. Query on EPF and ESI. EPF and ESI (%) should be applied on whole of basic wage amount.
6. Entries in the price bid. All entries in the price bid must be in whole number, not in decimal. The entries in price bid cannot be NIL. Bids having NIL entries are liable to be rejected.
7. Query raised on para 1.1.1 (d) and 1.1.1 (g) in connection with office within Odisha and Bank account in any scheduled bank branch in Odisha.

The bidder requested that in case they are awarded the tender, they will open a branch at Bhubaneswar and also a bank account in any scheduled bank branch in Odisha

 The Registered office or Branch office of the service provider must be located within the Jurisdictional area of Odisha. And the bidder should have Bank account in any scheduled bank branch in Odisha. The bidder not satisfying above criteria will be rejected.
8. Query on Experience certificate The authenticity of experience certificate will be verified by the Bank.
9. Query on OHSAS 18001 OHSAS 18001 or any updated equivalent safety standard certificate would be accepted.

• All above points are noted and agreed by the bidders.

  1. These minutes of pre-bid meeting shall form the part of tender document/Agreement.

  2. Rest of the terms and conditions and specifications of the tender document shall continue to remain same.

  3. The above amendments/ clarifications are issued for the information for all the intending bidders.

  4. The submission of bid by the firm shall be construed to be in conformity to the bid document and amendments/ clarifications given above.

Regional Director
Reserve Bank of India
Bhubaneswar

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Reserve Bank of India – Press Releases

Press Releases

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Today, the Reserve Bank released data on the performance of the private corporate sector during the first quarter of 2021-22 drawn from abridged quarterly financial results of 2,610 listed non-government non-financial (NGNF) companies. Data pertaining to Q1:2020-21 and Q4:2020-21 are also presented in the tables to enable comparison. The data can be accessed at the web-link https://dbie.rbi.org.in/DBIE/dbie.rbi?site=statistics#!2_42.

Highlights

Sales

  • Sales of 1,647 manufacturing companies recorded extraordinarily high growth (y-o-y) of 75.0 per cent in Q1:2021-22, which was aided by very low base {(-) 41.1 per cent decline in Q1:2020-21}, reflecting the COVID-19 pandemic impact on operations; all the major sectors recorded high growth during the quarter (Table 2A and Table 5A).

  • Sales growth (y-o-y) of information technology (IT) sector companies, which remained in positive terrain throughout the pandemic, accelerated to 17.5 per cent in Q1:2021-22 from 6.4 per cent in the previous quarter (Table 2A).

  • Sales of non-IT services companies also surged (y-o-y) in Q1:2021-22, but the revenues of telecom companies within this group declined (Table 2A and Table 5A).

Expenditure

  • Manufacturing companies increased their expenditure on raw materials during Q1:2021-22 in tandem with the rise in sales (Table 2A).

  • Staff cost growth (y-o-y) accelerated for all sectors during Q1:2021-22 (Table 2A).

Operating profit

  • Operating profits of manufacturing as well as services sector companies (both IT and non-IT) recorded high growth in Q1:2021-22 in line with the rise in sales (Table 2A).

Interest

  • Interest coverage ratio (ICR)1 of manufacturing companies remained steady at 7.5 in Q1:2021-22 (7.3 in the previous quarter); the ICR of non-IT services companies remained below unity (Table 2B).

Pricing power

  • Operating profit margin remained stable for manufacturing and IT companies during the quarter, but it moderated for the non-IT services companies (Table 2B).
List of Tables
Table No. Title
1 A Performance of Listed Non-Government Non-Financial Companies Growth Rates
B Select Ratios
2 A Performance of Listed Non-Government Non-Financial Companies – Sector-wise Growth Rates
B Select Ratios
3 A Performance of Listed Non-Government Non-Financial Companies according to Size of Paid-up-Capital Growth Rates
B Select Ratios
4 A Performance of Listed Non-Government Non-Financial Companies according to Size of Sales Growth Rates
B Select Ratios
5 A Performance of Listed Non-Government Non-Financial Companies according to Industry Growth Rates
B Select Ratios
Explanatory Notes
Glossary

Notes:

  • The coverage of companies in different quarters varies, depending on the date of declaration of results; this is, however, not expected to significantly alter the aggregate position.

  • Explanatory notes detailing the compilation methodology, and the glossary (including revised definitions and calculations that differ from previous releases) are appended.

Ajit Prasad
Director   

Press Release: 2021-2022/817

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Reserve Bank of India – Press Releases

Press Releases

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The Reserve Bank of India (RBI) has imposed, by an order dated September 06, 2021, a monetary penalty of ₹2.00 lakh (Rupees two lakh only) on Sarvodaya Co-operative Bank Ltd., Bhandup (W), Mumbai (the bank) for contravention of/non-compliance with directions issued by RBI on Know Your Customers (KYC). This penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47 A (1) (c) read with Section 46 (4) (i) and Section 56 of the Banking Regulation Act, 1949, taking into account the failure of the bank to adhere to the aforesaid directions issued by RBI.

The action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.

Background

The inspection report of the bank based on its financial position as on March 31, 2019, revealed, inter alia, that the bank had not put in place the system of periodic review of risk categorization of accounts. Based on the same, a Notice was issued to the bank advising it to show cause as to why penalty should not be imposed for non-compliance with the aforesaid directions.

After considering the bank’s reply to the Notice, RBI came to the conclusion that the aforesaid charge of non-compliance with RBI directions was substantiated and warranted imposition of monetary penalty.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2021-2022/816

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DHFL: SC asks NCLAT to wrap up 63 Moons’ appeal against Piramal Group in 2 months

Banking & Finance

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The Supreme Court has directed the National Company Law Appellate Tribunal (NCLAT) to complete the hearing of the appeal filed by 63 Moons Technologies against the Piramal Group’s resolution plan for mortgage financier Dewan Housing Finance Corporation Ltd (DHFL), within two months.

Enabling the implementation of the resolution process of DHFL to continue, the Supreme Court also refused to grant a stay on it.

“63 Moons appeal in NCLAT questioned the legality of Piramal’s Resolution Plan for DHFL, where Piramal may be able to potentially pocket ₹45,000 crore that may be recovered from the Wadhawans and their associates,” 63 Moons said in a statement, adding that the NCLAT, while issuing the notice, did not stay the implementation of the resolution plan.

63 Moons holds non-convertible debentures worth over ₹200 crore issued by DHFL.

It had moved the Supreme Court last month against the NCLAT’s order that refused to stay the resolution plan for DHFL. The next hearing of 63 Moon’s petition in the NCLAT is on September 15.

NCLAT to hear FD holders’ plea in DHFL resolution case on Sept 16

It has issued notices to the Committee of Creditors, the administrator of DHFL and Piramal Capital and Housing Finance Ltd (PCHFL).

The financial services company had approached the NCLAT soon after the NCLT approved (June 7) the Piramal Group’s ₹37,250-crore resolution plan for mortgage financier DHFL, subject to certain conditions.

Steep haircut

The company had termed the resolution plan as disappointing for NCD holders as they have to take a steep haircut.

“The Supreme Court order today is a win-win for both parties. It ensures that the implementation of the resolution plan of DHFL will continue even while the NCLAT will hear the petition of 63 Moons in a time-bound manner and gives clarity to NCD holders,” said an expert.

However, whether 63 Moons will appeal the order of the NCLAT if it is not in its favour remains to be seen.

“The order passed by the Supreme Court has come as a set back to the creditors holding NCDs in DHFL. Though the apex court has directed the NCLAT to expeditiously decide the issue of undue enrichment raised by 63 Moons Technologies Ltd. within two months, the refusal to stay the implementation of the Resolution Plan may cause discontent in the NCD holders, as at present, they stand to bear the maximum loss as opposed to any other creditor of DHFL,” said Ruby Singh Ahuja, Senior Partner, Karanjawala & Co.

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Reserve Bank of India – Tenders

Tenders

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Reserve Bank of India, Thiruvananthapuram invites e-Tender for the captioned work from Bank’s empaneled vendors/contractors under the applicable category of the work costing between ₹ 25 Lakh and ₹ 50 lakh. The tendering would be done through the e-Tendering portal of MSTC Ltd (https://www.mstcecommerce.com/eprochome/rbi). All interested empaneled vendors /contractors must register themselves with MSTC Ltd through the above-mentioned website to participate in the tendering process. The Schedule of e-Tender is as follows:

a. Name of Work Construction of MS Lift shaft at Amenities block, Main Office Premises, Reserve Bank of India, Thiruvananthapuram
b. e-Tender no RBI/Thiruvananthapuram/Estate/98/21-22/ET/132
c. Estimated Cost ₹ 38.00 lakh inclusive of all taxes
d. Mode of Tender e-Procurement System

(Online Part I – Techno-Commercial Bid and Part II – Price Bid through https://www.mstcecommerce.com/eprochome/rbi)

e. Earnest Money Deposit (EMD) ₹ 76,000.00 (Seventy-six thousand only) in the form of DD or BG, in favor of Reserve Bank of India, Thiruvananthapuram to be delivered in physical form at Estate Dept., Reserve Bank of India, Bakery Junction, Thiruvananthapuram – 695033

OR

Through NEFT
₹ 76,000.00 (Seventy-six thousand Only) towards
Beneficiary Name: ESTLIFTCIVL
Beneficiary Ac No: 8614038
IFSC Code : RBIS0THPA01 (5th and 10th character: zero)
f. Date of NIT available to parties to download September 06, 2021 from 5:00 PM
g. Date of Pre-Bid Meeting September 15, 2021 at 3:00 PM
h. Date of starting of e-Tender for submission of Techno-Commercial Bid and price Bid in MSTC Portal September 17, 2021 from 5:00 PM
i. Date of closing of e-Tender for submission of Techno-Commercial Bid & Price Bid in MSTC Portal September 27, 2021 at 2:00 PM
j. Last date of submission of EMD September 27, 2021 by 1:00 PM
k. Date & time of opening of tender September 27, 2021 at 3:00 PM
l. Transaction Fee As charged by MSTC Ltd.

Amendments / Corrigendum to the Tender, if any, issued in future will only be notified on the RBI Website and MSTC Website and will not be published in the newspaper.

Regional Director
(Kerala and Lakshadweep)

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