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The above information can be accessed on Internet at https://wss.rbi.org.in/ The concepts and methodologies for WSS are available in Handbook on WSS (https://rbi.org.in/scripts/PublicationsView.aspx?id=15762). Time series data are available at https://dbie.rbi.org.in Ajit Prasad Press Release: 2021-2022/804 |
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The Enforcement Directorate (ED) seized partly paid compulsorily convertible preference shares of HDIL group companies worth ₹233 crore in relation to the PMC Bank scam.
The PMC Bank scam came to light in September 2019. At least a dozen entities have been charge-sheeted so far for causing wrongful loss to the tune of ₹6,117.93 crore to PMC Bank, and a corresponding gain to themselves. HDIL Group’s promoters were considered to be the lead conspirators of the scam along with the bank’s then MD, Joy Thomas.
Also see: Enforcing contracts key to ‘ease of business’
Investigation under Prevention of Money Laundering Act 2002 (PMLA) revealed that in spite of default in payment, HDIL group companies availed loans from PMC from time to time. Now, the ED has attached partly paid Compulsorily Convertible Preference shares of HDIL group companies totalling to ₹233 crore under the provisions of Prevention of Money Laundering Act 2002 in PMC bank scam.
“On the strength of these shares, HDIL have right for allotment of under construction flats admeasuring 90,250 Square feet FSI in Ghatkopar, Mumbai of the developer M/s Aryaman Developers P Ltd. The developer has given an undertaking to ensure not to sell/transfer/alienate or create any third party rights thereon on completion of the project,” it said in a statement on Thursday.
The mode and manner of operation of bank accounts of HDIL clearly indicate the connivance of PMC Bank officials with the promoters of HDIL. There was misconduct on the part of PMC officials as they ignored all prevailing procedures to facilitate promoters of HDIL by extending unusual credit facility. Instead of declaring them as NPA for initiating actions for recovery, the PMC bank officials choose to accommodate the HDIL group.
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Internet major Google on Friday said it firmly sees itself as a partner to the existing financial ecosystem in India and that instances of partnerships being described as Google Pay’s offerings fuel misinterpretation.
While the company did not elaborate on any specific instances, the latest assertion comes against the backdrop of reports suggesting that Google Pay has launched fixed deposit offerings in partnership with a bank.
The company emphasised that in every geography where Google Pay is present, its stance is consistently one of partnering with the existing financial services and banking systems to help scale and enable frictionless delivery of financial products and services and contribute to financial inclusion.
In a blog post, Google India said a few instances where these offerings have been reported as ‘Google Pay’s offerings’, which “fuels misinterpretation”.
“To be clear, we have always looked at our role firmly as a partner to the existing financial ecosystem that brings unique skill sets and offerings to drive further adoption of digital payments in the country,” it said.
According to Google, several of its offerings are built on top of NPCI’s pioneering UPI payment network and infrastructure, “which has grown over 190X in the last 4 years, to processing over INR 6 trillion in value today”.
Furthering that objective, in 2019, “we had announced the launch of the Spot Platform on Google Pay, a surface for merchants of all types — offline or digital native, small or large, across use cases – to find payment-ready users,” it noted.
The internet major also noted that its spot platform works as an additional discovery channel for many businesses to build and offer users new experiences to drive their services’ adoption.
The use cases span across ticket purchase, food ordering, paying for essential services like utility bills, shopping and getting access to various financial products.
Providing a detailed explanation, Google said that many of these Spot experiences especially in the financial products/ service categories — be it insurance, wealth management, credit or other financial services — are regulated industries and each merchant is required to be duly authorised to provide those services before they are onboarded onto the platform.
“Today we have close to 400 merchant spots on Google Pay, and in this journey, we have seen that financial product offerings perform especially well, with offerings from spot experiences delivered by financial services players like CashE, Groww, 5paisa, Zest Money etc. seeing significant growth and engagement from users on Google Pay,” the blogpost said.
Also, the company noted that this engagement underscores that payments platforms are a great surface to deliver financial services to users across the country.
“As Google Pay, our role is firmly circumscribed to providing these merchants a surface where Google Pay users can discover and gain from these offerings — be it credit products, insurance or any others… We are committed to play our role by using technology as a means to level social inequalities and contribute to this vision operating within the purview of India’s legal and regulatory frameworks,” it stated.
Earlier this week, Google Pay’s partnership with Equitas SFB was announced. Consumers can book fixed deposits fully digitally without opening a savings account with the lender through its ‘spot’ integrated with the Google Pay platform.
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The appointment of the brand ambassadors comes in line with the fifth year anniversary celebrations of Equitas Small Finance which falls on September 5.
“Rani and Smriti are two classic examples of a vibrant youth achieving their aspirations and we are proud to announce them as our brand ambassadors,” Equitas Small Finance Bank senior president and country head — branch banking (liabilities), products Murali Vaidyanathan said.
“Banking for women and empowering them is our key focus area…,” he added.
Rampal on her appointment said, “I am very happy and proud to be associated with a brand that is bringing about a positive change. A bank with a soul-this is what Equitas for me. What a remarkable journey has had and all their initiatives — be it banking or even beyond banking…”.
Mandhana said, “their (bank’s) sincere and single minded focus on making banking simpler even for the un-banked and under banked touched my heart…I am proud to be part of the Equitas family and look forward to a wonderful association”. PTI VIJ SS SS
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Sharekahn believes that, in Q1FY2022, the second wave of COVID-19 had an impact on CGD companies’ gas sales volume, but EBITDA margin (excluding IGL) surprised positively and increased sharply, supported by lower gas costs. In reality, GGAS earnings increased by 36% q-o-q, while MGL earnings decreased by only 4% q-o-q, exceeding both our and consensus projections. Given the excellent volume-led profits growth visibility, high RoE, and solid FCF generation, we continue our positive outlook on CGD participants. The privatization of BPCL has the potential to re-rate OMCs and create long-term value for investors.
According to Sharekhan, higher crude oil/gas prices are good for upstream PSUs, and the privatization of BPCL is a big deal for OMCs: The impact of the second wave of COVID-19 was substantially lower than the severe demand impact witnessed in the first wave, and the government took proactive measures to ease lockdowns standards. As a result, volume recovery for CGD enterprises has been much faster.
“Our optimism on volume growth stems from; 1) the government’s thrust to increase the share of gas in India’s overall energy mix to 15% by 2030 (from just 6% currently), 2) a crackdown on polluting cities (the NGT has identified over 100 cities in India to reduce pollution) and 3) most importantly; potential inclusion of natural gas under the GST regime, the brokerage has said.
“We believe that the street would start appreciating CGDs high volume growth potential, sustained high margin/RoE and strong FCF generation and thus high valuation is justified and likely to sustain as the green fuel wave could further boost the gas consumption theme. All three CGD companies are our preferred picks, with the pecking order being – G-GAS, MGL, and IGL. We prefer RIL among downstream players as the potential materialization of a likely minority stake sale in the oil-to-chemical (O2C) business and a cyclical GRM recovery could be key near-term catalysts and further value unlocking in the digital and retail businesses would add to shareholders’ returns over the coming years, the brokerage has said.
We prefer GSPL among gas utilities, as it is direct play on rising gas demand (exposure to gas transmission and CGD business) and is available at attractive valuations, says the brokerage.
1) Lower-than-expected gas sales volume as demand slows due to COVID-19.
2) A significant increase in domestic and imported gas prices, as well as a delay in the creation of new GAs.
Favorable policies for electric vehicles (albeit EV adoption has been gradual in India) may have an impact on CGD enterprises’ growth prospects.
Leaders for Q1FY2022: Gujarat Gas, MGL, GAIL, GSPL, Petronet LNG and Oil India.
Laggards for Q1FY2022: BPCL and HPCL.
Preferred Picks: RIL, GGAS, MGL, IGL and GSPL
| Stocks | Current Market Price | Recommendations | Target Price |
| RIL | Rs 2,389 | Buy | Rs 2,400 |
| Petronet LNG | Rs 230 | Buy | Rs 285 |
| Mahanagar Gas | Rs 1,171 | Buy | Rs 1,450 |
| IOCL | Rs 112.95 | Buy | Rs 125 |
| BPCL | Rs 491.05 | Buy | Rs 520 |
| HPCL | Rs 276.10 | Buy | Rs 340 |
| GAIL (India) | Rs 147.40 | Buy | Rs 196 |
| GSPL | Rs 349 | Buy | Rs 410 |
| Gujarat Gas | Rs 700 | Buy | Rs 890 |
| Indraprastha Gas | Rs 558 | Buy | Rs 650 |
The above stocks are based on the report of Sharekhan. Investing in stocks is risky and investors should do their own research. The author, the brokerage firms or Greynium Information Technologies are not responsible for any losses incurred due to a decision based on the above article. Investors should hence exercise due caution as are at record peaks. Please consult a professional advisor.
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In an order passed late on Thursday, Sebi said the findings in the order are “prima facie” and that a detailed investigation in the matter is in progress.
In its interim order passed in January, Sebi had noted that Hemant Ghai had advance information about the recommendations to be made on the ”Stock 20-20” show, co-hosted by him, and he directly or indirectly used it to his advantage.
The show featured recommendations on certain stocks to be bought and sold during the day.
His wife Jaya Hemant Ghai and mother Shyam Mohini Ghai had undertaken a large number of buy-today-sell-tomorrow (BTST) trades during January 2019-May 2020, in synchronization with the recommendations made in the show, Sebi observed.
They generated the proceeds of Rs 2,95,18,680 by carrying out fraudulent trading in respect of recommended stocks.
The individuals were restrained from buying, selling or dealing in securities, either directly or indirectly, in any manner whatsoever till further directions.
Besides, Hemant had been directed to cease and desist from undertaking any activity related to giving investment advice or publishing of research reports related to the securities market, till further directions.
In addition, the capital markets watchdog had directed in the interim order to impound the proceeds of Rs 2.95 crore generated by fraudulent trades.
Their conduct was in violation of PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) Regulations.
“The prima facie findings in the interim order dated January 13, 2021, that Mr. Hemant Ghai, Ms. Jaya Hemant Ghai and Ms. Shyam Mohini Ghai have prima facie indulged in unfair trade practice and have prima facie employed a fraudulent scheme to execute the impugned trades, resulting in the prima facie contravention of the provisions of Section 12A (b) of SEBI Act and …. of PFUTP Regulations, stand confirmed,” Sebi said.
Considering their submissions, Sebi said that the submissions /explanations “cannot be accepted.”
Thursday’s order came as Sebi considered if the directions issued against the individuals through the interim order need to be confirmed, revoked or modified during the pendency of investigation in the matter, in light of the findings of the interim order and the individuals’ submission.
Following Sebi’s interim order of January 2021, the Network18 Group had terminated Ghai with immediate effect.
CNBC Awaaz is the Hindi business channel of the Network18 Group.
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The exuberant retail investors have been buying on every dip. This ‘buy on dips’ strategy has been rewarding retail investors and, therefore, they can be expected to continue with that strategy until there is a sharp correction and negative signals in the market, said an analyst.
“Sensex achieved another milestone of 58k and it is surprising the street by its ferocious move and creating new history almost every day. This bull run has more legs to go and it is just a matter of time when Sensex will cross the 60,000 mark,” said Santosh Meena, Head of Research, Swastika Investmart.
“Technically, 58700 is an immediate target level while 57500 is immediate support whereas 56300-56000 will be a strong demand zone at any correction.”
How are the bluechips doing?
After opening in the green, benchmark indices maintained their lead. At 1.38 pm, BSE flagship Sensex was up 274 points or 0.47 per cent to 58,126. NSE benchmark Nifty rose 70 points or 0.41 per cent to 17,304.
In the 50-share pack Nifty, Eicher Motors was the biggest gainer, up 3.10 per cent. Titan, ONGC, Kotak Mahindra Bank, Hero MotoCorps and Reliance Industries were among other gainers.
HDFC Life Insurance was the top loser in the pack, down 2.31 per cent. Cipla, HCL Tech, Shree Cement, HUL, Hindalco, Tech Mahindra and UltraTech Cements were among those that traded in the red.
FACTORS DRIVING MARKETS
Yields, dollar flat: US treasuries have been cautious ahead of the data release, and in Asian hours on Friday the yield on benchmark 10-year Treasury notes was 1.2919 per cent compared with its US close of 1.294 per cent on Thursday. The dollar stayed pinned at month lows against a basket of currencies with the euro doing a fair amount of the work.
US jobs data: There is some caution ahead of the upcoming jobs data on Friday. The Labor Department will release the non-farm payrolls report for August at 1230 GMT. Solid jobs recovery is an important criteria for the US central bank to start paring pandemic-era stimulus measures.
Broader markets
Broader market indices were trading higher, outperforming their headline peers. Nifty Smallcap was up 0.56 per cent, while Nifty Midcap added 0.62 per cent. Broadest index on NSE, Nifty 500 was up 0.43 per cent.
Trident, Vakrangee, IRB Infra Developers, Exide Industries, Prestige Estates, L&T Tech Services were gainers from the space while Adani Total Gas, JSW Energy, Crompton Greaves, CAMS, Rites and Affle India were under selling pressure.
Global markets
MSCI’s broadest index of Asia-Pacific shares outside Japan was broadly flat in early trading in Asia having posted gains in eight of the last nine sessions as the benchmark edges back towards its position in mid July before Chinese regulatory crackdowns sent shares tumbling.
Japan’s Nikkei rose 0.38 per cent, and MSCI’s all-country world index edged higher having ended the previous session at its fifth consecutive closing high.
Australia was up 0.3 per cent and Korea rose 0.61 per cent while Chinese blue chips fell 0.27 per cent and Hong Kong dropped 0.6 per cent right after the bell, as traders try to balance weaker economic data out of China against the potential for future stimulus.
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Despite challenging times, he said, the bank has consistently expanded its balance sheet and reduced non-performing assets (NPAs).
Going forward, he said, the bank is well poised to cross the business mix of Rs 3 lakh crore soon as economic activity gathered pace with moderation in COVID-19 cases.
The total business (deposits and advances) of BoM increased by 14.17 per cent to Rs 2.85 lakh crore at the end of June 2021.
To further mobilise low-cost deposits, Rajeev said the bank has opened a dedicated branch to manage government business.
This specialised branch, inaugurated by Minister of State for Finance Bhagwat K Karad on Thursday, will provide better service to the government departments and Central Public Sector Enterprises (CPSEs).
Along with MD and CEO, other senior officials of the bank — including general manager Chitra Datar and Deputy General Manager Nayana Sahasrabuddhe — were also present at the inauguration of the new branch.
He said expansion in the government business would provide access to low-cost deposits and a reduction in the cost of funds, leading to a lower rate for the borrowers.
Rajeev also said that the bank has launched special offers for the retail segment, including housing and auto.
The bank has already started a loan outreach programme, and all the field functionaries have been sensitised, he said, adding this should give a good dividend.
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Ajit Prasad Press Release: 2021-2022/803 |
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State-owned Bank of Maharashtra (BoM) is well poised to cross ₹3 lakh crore in total business soon on the back of improved economic sentiment, a top official said.
The bank has been a performer in various key parameters, including deposit mobilisation, credit growth, recovery and risk management, BoM Managing Director and CEO, AS Rajeev, told PTI.
Despite challenging times, he said, the bank has consistently expanded its balance sheet and reduced non-performing assets (NPAs).
Going forward, the bank is well poised to cross the business mix of ₹3 lakh crore as economic activity gathers pace with moderation in Covid-19 cases, he added.
The total business (deposits and advances) of BoM increased by 14.17 per cent to ₹2.85 lakh crore at the end of June 2021.
To further mobilise low-cost deposits, Rajeev said the bank opened a dedicated branch to manage government business.
This specialised branch, inaugurated by Minister of State for Finance, Bhagwat K Karad, on Thursday, will provide better service to government departments and central public sector enterprises.
Other senior officials of the bank – including general manager Chitra Datar and Deputy General Manager Nayana Sahasrabuddhe – were also present at the inauguration of the new branch.
Also see: It’s defining times for Urban Cooperative Banks
Expansion in the government business would provide access to low-cost deposits and a reduction in the cost of funds, leading to a lower rate for the borrowers, Rajeev said.
The bank has launched special offers for the retail segment, including housing and auto, he added.
The bank has already started a loan outreach programme, and all field functionaries have been sensitised, he said, adding that this should give a good dividend.
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