Month: September 2021

Stocks To Buy From The FMCG & Auto Space As Suggested By Sharekhan

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Buy the stock of Tata Consumer Products, says Sharekhan

Sharekhan has a buy call on the stock of Tata Consumer Products with a price target of Rs 960, as against the current market price of Rs 866.

“Domestic raw tea prices are stabilising and declined by 35% from their high in August-September 2020. Stable raw-material prices, price hikes in the beverages portfolio, and synergistic benefits from acquired companies would help in better margins from Q3.

Tata Consumer Products is progressing well on strategic priorities of increasing the direct coverage (targets 1mn outlets by Sept, 21), adding innovation on various platforms/markets (targets 3.5% of sales in FY22), and embed digitalisation across the value chain,” the brokerage has said.

Tata Consumer Products: Expanding its reach

Tata Consumer Products: Expanding its reach

According to Sharekhan, the company launched 14 products in FY2021 and targets to launch 50 new products in FY2022.

“Tata Consumer Products presence has expanded to 0.82 million outlets, rural feet on street grew by 3x, and contribution from e-commerce has gone upto 7.5%. Direct distribution reach is expected to reach 1 million outlets by September 2021 and will continue to increase in the coming quarters. TCPL targets to achieve high single digit volume growth in the domestic branded tea business and double-digit volume growth in the foods business in the medium term. Out-of-home businesses such as NourishCo and Tata Starbucks registered much better performance than the first wave in Q1FY2022,” the brokerage has said.

“We maintain Buy on Tata Consumer Products with a revised price target of Rs. 960. With strong growth prospects and sturdy cash flows (FCF/EBIDTA of 100%), TCPL is one of our top picks in the FMCG space,” Sharekhan has said.

Schaeffler India Ltd: Buy says Sharekhan

Schaeffler India Ltd: Buy says Sharekhan

From the auto space, Sharekhan has a buy on the stock of Schaeffler India Ltd. “We remain positive on Schaeffler India Limited, driven by a strong outlook for its automotive, industrial businesses, and an improvement in content per vehicle. The company’s management has given a cautious positive outlook during the Q1FY2022 conference call, as the company expects volumes to recover, as COVID-19 wave subsides and consumer sentiments improve. Schaeffler India Limited would benefit from the industrial and automobile aftermarket segments, strong growth traction in export markets, and better prospects for the bearings business,” the brokerage has said.

Schaeffler India Ltd: Price target of Rs 8,000

Schaeffler India Ltd: Price target of Rs 8,000

According to Sharekhan, Exports is a high-growth area for Schaeffler India Ltd, given the pedigree of its parent company. Increasing localisation and focus on market share gains would help revenue and EBITDA growth. We retain Buy on Schaeffler India Limited with a revised price target of Rs. 8,000, led by a strong outlook for its automotive and industrial businesses and an upgrade in earnings estimates,” the brokerage has said.

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 Sharekhan. Be careful while investing as the Sensex has now crossed 57,000 points mark, while Nifty is above 17,000 points. Investors can invest small amounts and avoid putting lumpsum.



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Gold steady on caution ahead of US jobs data, BFSI News, ET BFSI

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Gold prices held steady on Wednesday as investors awaited a key US jobs report for clues on when the Federal Reserve might start reducing its pandemic-era stimulus measures.

FUNDAMENTALS
Spot gold was steady at $1,813.93 per ounce by 0109 GMT.

US gold futures were down 0.2% to $1,815.10.

The dollar index clawed 0.1% higher, having hit a more than three-week low on Tuesday.

Friday’s US nonfarm payrolls data is expected to help shape the Fed’s stance on monetary policy.

Gold is considered a hedge against inflation and currency debasement, which can be caused by massive stimulus measures.

US consumer confidence fell to a six-month low in August as worries about soaring COVID-19 infections and higher inflation dimmed the outlook for the economy.

Euro zone inflation surged to a 10-year high this month with further rises still likely to come, challenging the European Central Bank‘s benign view on price growth and its commitment to look past what it deems a transient increase.

ECB policymaker Robert Holzmann called for reducing the central bank’s emergency bond purchases as soon as next quarter, adding he expected a discussion on the matter next week.

SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings fell 0.2% to 1,000.26 tonnes on Tuesday, its lowest level since April 2020.

Silver was flat at $23.88 per ounce, while platinum rose 0.3% to $1,015.49. Palladium climbed 0.5% to $2,479.06.



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Sharekhan Has A Buy On This Construction Stock For 20% Gains

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KNR Constructions

According to Sharekhan, KNR Constructions is expected to benefit from the government’s continued focus on increasing investments in the road sector and significant deleveraging of its consolidated balance sheet, giving further headroom to improve its already strong order backlog.

“The company’s board approved the sale of three assets (KNR Srirangam Infra, KNR Tirumala and KNR Shankarampet) for which the company had signed share purchase agreements with Cube Highways during 2019. The three assets are valued at 1.1x P/B at an equity value of Rs. 466 crore to be received by the company,” the brokerage has said.

KNR Constructions: Massive road infra push to benefit company

KNR Constructions: Massive road infra push to benefit company

According to Sharekhan, the government’s Rs 111 lakh crore worth of investments envisaged over FY2020-FY2025 entails Rs 20.3 lakh crore (18% share) investments in the road sector.

According to it, the government has identified 104 national highways spanning 26,700 kms (22% of the total nation al highways estimated at 1,21,155 kms excluding private BOT projects) which will be monetized by FY2025 under the National Monetization plan.

“The asset divestment would reduce National Highways Authority of India leverage and increase project tendering in the sector, of which KNR constructions, with a strong balance sheet, is expected to be one of the key beneficiaries.

The roads sector saw project awards drop in July 2021 (by 28% y-o-y) after a healthy growth in June 2021 (which saw 12% y-o-y rise in awards at 1018 km). However, construction activities remained strong with road construction during FY2022 till July 2021 rising by 10% y-o-y to 2,927 km. Road project awards is expected to gather pace from as early as next month as per our interaction with industry players, while awarding pipeline for FY2022 remain robust,” the brokerage has said.

Strong order book

Strong order book

The company already has a strong order backlog of Rs 11,679 crore, translating to 4x TTM standalone revenues providing strong revenue visibility in the next two years. “Overall, we expect KNR Constructions to benefit from a better outlook for the road sector and strengthening KNR construction’s balance sheet. KNR Constructions currently trades at a P/E of 17x FY2024E standalone earnings with enough levers of earnings upgrade going ahead. Hence, we maintain our Buy rating on the stock with a revised price target of Rs 400 on the stock,” the brokerage has said.

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 Sharekhan. Be careful while investing as the Sensex has now crossed 57,000 points mark, while Nifty is above 17,000 points. Investors can invest small amounts and avoid putting lumpsum.



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RBL Bank Revises Interest Rates On Fixed Deposit: Check Latest Rates Here

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RBL Bank Regular Fixed Deposits Interest Rates

RBL Bank offers 3.25 percent on deposits maturing in 7 to 14 days, 3.75 percent on deposits maturing in 15 to 45 days, and 4.00 percent on deposits maturing in 46 to 90 days. Term deposits maturing in 91 days to 180 days will return you 4.50 percent interest, while those maturing in 181 days to 240 days would bring you 5.00 percent. RBL Bank currently offers a 5.25 percent interest rate on deposits maturing in 241 and 364 days.

For FDs maturing in 12 months to less than 36 months, the bank offers an interest rate of 6.00% whereas deposits maturing in 36 months to less than 60 months 1 day will offer an interest rate of 6.30%. Regular customers will get an interest rate of 5.75% on their deposits maturing in 60 months 2 days to less than 240 months. On tax-saving fixed deposits of 60 months (lock-in period), the general public will now get an interest rate of 6.30% on their deposits up to Rs 3 Cr after the most recent revision of the bank on interest rates.

Period of deposit Interest Rates p.a.
7 days to 14 days 3.25%
15 days to 45 days 3.75%
46 days to 90 days 4.00%
91 days to 180 days 4.50%
181 days to 240 days 5.00%
241 days to 364 days 5.25%
12 months to less than 24 months 6.00%
24 months to less than 36 months 6.00%
36 months to less than 60 months 6.30%
60 months to 60 months 1 day 6.30%
60 months 2 days to less than 120 months 5.75%
120 months to 240 months 5.75%
Tax Savings Fixed Deposit (60 months) 6.30%
Source: Bank Website, W.e.f. September 01, 2021

RBL Bank Fixed Deposit Interest Rates For Senior Citizens

RBL Bank Fixed Deposit Interest Rates For Senior Citizens

Resident senior citizens who are 60 years and above will continue to get an additional interest rate of 0.5% p.a on their deposits. With effect from 01 September 2021, senior citizens will get the following interest rates on their deposits of less than Rs 3 Cr.

Period of deposit Interest Rates p.a.
7 days to 14 days 3.75%
15 days to 45 days 4.25%
46 days to 90 days 4.50%
91 days to 180 days 5.00%
181 days to 240 days 5.50%
241 days to 364 days 5.75%
12 months to less than 24 months 6.50%
24 months to less than 36 months 6.50%
36 months to less than 60 months 6.80%
60 months to 60 months 1 day 6.80%
60 months 2 days to less than 120 months 6.25%
120 months to 240 months 6.25%
Tax Savings Fixed Deposit (60 months) 6.80%
Source: Bank Website, W.e.f. September 01, 2021

RBL Bank Recurring Fixed Deposits Interest Rates

RBL Bank Recurring Fixed Deposits Interest Rates

For a deposit amount of less than Rs 3 Cr, both regular and senior citizens will get the following interest rates on their recurring deposits which are in force from September 01, 2021.

Period of deposit Interest Rates p.a. Senior Citizen Interest Rates p.a.
7 days to 14 days 3.25% 3.75%
15 days to 45 days 3.75% 4.25%
46 days to 90 days 4.00% 4.50%
91 days to 180 days 4.50% 5.00%
181 days to 240 days 5.00% 5.50%
241 days to 364 days 5.25% 5.75%
12 months to less than 24 months 6.00% 6.50%
24 months to less than 36 months 6.00% 6.50%
36 months to less than 60 months 6.30% 6.80%
60 months to 60 months 1 day 6.30% 6.80%
60 months 2 days to less than 120 months 5.75% 6.25%
120 months to 240 months 5.75% 6.25%
Source: Bank Website, W.e.f. September 01, 2021



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South Korea bans Google and Apple payment monopolies, BFSI News, ET BFSI

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SEOUL: South Korea’s National Assembly approved legislation on Tuesday that bans app store operators such as Google and Apple from forcing developers to use their inapp payment systems. South Korea is reportedly the first country in the world to pass such a bill, which becomes law when it is signed by the president, whose party has backed the legislation.

The tech giants have faced widespread criticism over their practice of requiring app developers to use in-app purchasing systems, for which the companies receive commissions of up to 30%. They say the commissions help pay for the cost of maintaining the app markets. The legislation prohibits the app market operators from using their monopolies to require such payment systems, which means they must allow alternative ways to pay.

It says the ban is aimed at promoting fairer competition. The bill aims to prevent any retaliation against developers by banning the companies from imposing any unreasonable delay in approving apps. The legislation also allows authorities to investigate the operations of app markets to uncover disputes and prevent actions that undermine fair competition.

Regulators in Europe, China and some other markets worry about the dominance of Apple, Google and other industry leaders in payments, online advertising and other fields. Chinese regulators have fined some companies for antimonopoly violations, while other governments are wrestling with how best to keep markets competitive. The Korea Internet Corporations Association, an industry lobby group that includes South Korea’s largest internet companies, welcomed the passage of the bill, which it said would create healthier competition.

Google said it is considering how to comply with the legislation. “Google Play provides far more than payment processing, and our service fee helps keep Android free, giving developers the tools and global platform to access billions of consumers around the world,” it said in a statement. Apple responded to an email reiterating a statement issued last week. “We believe user trust in App Store purchases will decrease as a result of this proposal — leading to fewer opportunities for the over 482,000 registered developers in Korea who have earned more than KRW8.55 trillion to date with Apple.”



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SGX Nifty up 10 points; here’s what changed for market while you were sleeping, BFSI News, ET BFSI

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After back-to-back record closings, domestic stocks may take a breather on Wednesday. Asian stocks were trading lower in early trade, tracking a fall in US stocks overnight. Dollar was hovering near a three-week low. At home, all eyes were on the two mainboard IPOs opening today. Here’s breaking down the pre-market actions:

STATE OF THE MARKETS

SGX Nifty signals a flat start
Nifty futures on the Singapore Exchange traded 12 points, or 0.07 per cent, higher at 17,137.50, signaling that Dalal Street was headed for a muted start on Wednesday.

  • Tech View: Nifty50 on Tuesday took out the 17,100 level in style but analysts said the index could take a breather near 17,000 level after seven days of relentless buying.
  • India VIX: The fear gauge jumped over 9 per cent to 14.52 level on Tuesday over its close at 13.32 on Monday.

Asian stocks mostly lower in early trade
Asian markets opened mostly lower Wednesday following falls on Wall Street overnight as investors shifted their focus to US employment data. Barring Japan, mostly Asian markets were trading in the red. MSCI’s broadest index of Asia-Pacific shares outside Japan was down by 0.39 per cent.

  • Japan’s Nikkei jumped 0.83%
  • Korea’s Kospi declined 0.20%
  • Australia’s ASX 200 shed 0.60%
  • China’s Shanghai slipped 0.03%
  • Hong Kong’s Hang Seng fell 0.32%

US stocks ended lower after choppy trade
Wall Street finished marginally lower on Tuesday, although the slightly subdued ending to August failed to detract from a strong monthly performance by its three main indexes, in what is traditionally regarded as a quiet period for equities.

  • Dow Jones shed 0.11% to 35,360.73
  • S&P 500 declined 0.13% to 4,522.68
  • Nasdaq retreated 0.04% to 15,259.24

Dollar nears three weeks low
The dollar traded near its lowest point in nearly three weeks versus major peers on Wednesday, with investors focused on a key US jobs report due on Friday for clues on when the Federal Reserve might begin paring stimulus.

  • Dollar index steady at 92.751
  • Euro gained to $1.18015
  • Pound edged up to $1.3756
  • Yen slipped to 110.18 per dollar
  • Yuan gained to 6.4626 against the greenback

FPIs buy shares worth Rs 3881 crore
Net-net, foreign portfolio investors (FPIs) turned buyers of domestic stocks to the tune of Rs 3881.16 crore, data available with NSE suggested. DIIs, turned sellers to the tune of 1872.4 crore, data suggests.

Two IPOs to open today
The Rs 1,895.04 crore IPO by diagnostics chain Vijaya Diagnostic Centre will be sold in Rs 522-531 price band while the Rs 570 crore IPO by speciality chemical maker Ami Organics will be sold in Rs 603-610 band. Both the issues will close on Friday, September 3.

MONEY MARKETS

Rupee: The rupee strengthened further by 29 paise to close at a nearly 12-week high of 73.00 against the US dollar on Tuesday, marking its fourth straight session of gain following a firm trend in domestic equities and foreign fund inflows.

10-year bond: India 10-year bond yield eased 0.16 per cent to 6.22 after trading in 6.21 – 6.23 range.

Call rates: The overnight call money rate weighted average stood at 3.21 per cent on Tuesday, according to RBI data. It moved in a range of 1.95-3.40 per cent.

DATA/EVENTS TO WATCH

  • IN Markit Manufacturing PMI AUG (10:30 am)
  • US Markit Manufacturing PMI Final AUG (7:15 am)
  • US Construction Spending MoM JUL (7:30 am)
  • EA Unemployment Rate JUL (2:30 pm)
  • EA Markit Manufacturing PMI Final AUG (1:30 pm)
  • GB Markit/CIPS Manufacturing PMI Final AUG (2 pm)
  • GB Nationwide Housing Prices AUG (11:30 am)
  • CN Caixin Manufacturing PMI AUG (7:15 am)
  • AU GDP Growth Rate QoQ Q2 (7 am)
  • AU GDP Capital Expenditure QoQ Q2 (7 am)

MACROS

Q1 GDP grows 20.1% on low base effect
India’s economy expanded at its fastest ever in the June quarter, helped by the low base of the year-earlier record contraction and a strong rebound in manufacturing and construction, data released on Tuesday showed.

Fiscal deficit at 9-year low
Fiscal deficit narrowed to a nine-year low of 21.3% of annual budget estimate as of July end at Rs 3.21 lakh crore, helped by a rise in revenues and decline in non-interest revenue expenditure, official data showed on Tuesday.

13 million plus jabs given in a day
India administered a record 13.1 million Covid vaccines on Tuesday with Bihar alone inoculating over 2.3 million. This is the second instance of daily jabs crossing 10 million in August.

India’s valuation premium at decade-high
The valuation premium of Indian equities compared with emerging market counterparts has risen to a decade high. According to Bloomberg data, the MSCI India index, a measure used by global fund managers to gauge the performance of Indian equities denominated in dollar terms, trades at 80% premium to the MSCI EM index, which represents the emerging market (EM) equities.

Supply chains under stress
Discounts and consumer promotion offers on cars, smartphones, televisions, laptops and refrigerators will be among the lowest ever in the upcoming festive season. Manufacturers expect demand to outstrip supply as they scramble to improve inventory levels amid component shortages and skyrocketing freight rates. Executives of several leading brands said discounts have moderated since July-August and were low even during the Independence Day sales.

Maruti likely to make 60% fewer cars this month
The country’s largest carmaker Maruti Suzuki on Tuesday said production across the company’s facilities in Haryana and at contract manufacturing unit Suzuki Motor Gujarat (SMG) is likely to be 40% of normal levels in September due to chip shortage. Owing to a supply constraint of electronic components due to the shortage of semiconductors, the company expects an adverse impact on vehicle production in September, the company told the bourses.



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Shaktikanta Das, BFSI News, ET BFSI

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The Reserve Bank of India‘s (RBI) role as a full-service central bank – North Block’s debt manager, banking regulator, and monetary policy conductor – helped keep the financial markets stable during volatile times, said Governor Shaktikanta Das, blunting the debate to spin off government borrowing from the central bank.

“In the wake of the pandemic, when fiscal response resulted in a sharp increase in government borrowing, the market operations conducted by Reserve Bank not only ensured non-disruptive implementation of the borrowing programme, but also facilitated the stable and orderly evolution of the yield curve,” Das said. “Monetary policy, G-sec market regulation and public debt management, therefore, need to be conducted in close coordination, and the primary focus of such coordination is the G- sec market.”

The RBI’s role as the investment banker to the government and banking regulator came in handy when the state had to respond to extreme stress in the economy – unlike the US where balkanisation of regulations disrupted the market, he said.

“The Reserve Bank’s regulation of the G-sec market has also a strong synergy with its role as the banking regulator – as banks are the largest category of participants in these markets,’’ said Das. “The importance of this aspect is also highlighted in the recent G30 report, which identified the balkanized regulation of US Treasury markets where banking regulations seem to have adversely impacted market-making.’’

Governor Das said direct oversight of various markets and the obligations to keep the markets stable and expand the economy have synergies.

“The synergy between the Reserve Bank’s responsibility for key macro market variables – interest rates and exchange rates, which ensures overall financial market efficiency – and its obligation to ensure stability while keeping in mind the objective of growth is well-accepted,’’ Das said. “Indeed, its effectiveness in managing stress in foreign exchange and interest rate markets is made possible by direct access and oversight of the G-sec market.’’

Insurance and pension funds, among the largest holders of government bonds, should take the next step to be active in the securities lending market so that market liquidity is not concentrated and that during times of volatility, the yield curve moves in an orderly way, he said. Das said that discussions held by the Securities Lending and Borrowing Mechanism (SLBM) on augmenting secondary market liquidity, by incentivizing investors like insurance companies and pension funds, should be carried forward.

The RBI is also making efforts to enable international settlement of transactions in G-secs through International Central Securities Depositories (ICSDs), he said.

“Once operationalized, this will enhance access of non-residents to the G-secs market, as will the inclusion of Indian G-secs in global bond indices, for which efforts are ongoing,” Das said.

Separately, Das also said that the global economy is showing some signs of recovery but the problems aren’t over yet.

“While there are signs of recovery, we are not yet out of the woods,” he said “Many central banks also implemented measures targeting specific market segments that were witnessing heightened stress. These measures were, in many cases, complemented by regulatory relaxations (lower capital and liquidity requirement) aimed at supporting credit flow from banks and other financial intermediaries and at stabilizing the financial system and restoring confidence in financial markets,” Das said.



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Depositors of Madgaum Urban Bank asked to submit claims within 2 months, BFSI News, ET BFSI

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Depositors of the Madgaum Urban Co-operative Bank Ltd, Margao, which has been placed under liquidation, have been asked to submit their claims against the bank, if any, within two months.

A public notice to that effect has been issued under provisions contained in the Goa Cooperative Societies Rules 2003 by the liquidator appointed for the bank.

The claims for submission have to be duly filled in the ‘Depositor’s Claim’ forms at the respective branch of the bank, as per the notice.

“The claims received shall be investigated and decided on the basis of the account books of the said bank and as per Deposit Insurance and Credit Guarantee Corporation (DICGC) general terms and conditions,” the notice reads.

Also, through the same notice, all locker holders have been asked to arrange for the surrender of lockers and to take custody of their valuables on or before September 30.

The bank’s licence was cancelled by the Reserve Bank of India by an order dated July 27 following which it stopped functioning with effect from the close of business on July 29.



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Indians invest record sums in global debt, equities and bank deposits, BFSI News, ET BFSI

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Resident Indian individuals invested in overseas assets for a record sum since the central bank opened up the avenue through the Liberalised Remittance Scheme (LRS).

Indians have invested $1.53 billion in debt, equities and bank deposits through the LRS since the pandemic-induced lockdown in March 2020, the highest since 2004-05 when the window was introduced, data on outward remittances released by the central bank showed.

Investment advisors say this trend could accelerate with brokerages such as ICICI Direct and HDFC Securities facilitating direct investments, and mutual funds offering schemes that buy overseas stocks such as Facebook, Alphabet (Google) or Amazon.

“A combination of factors triggered interest among resident Indians to invest in global securities during the pandemic,” said Vijay Chandok, managing director at ICICI Securities. “While diversification of assets prompted them to look overseas, the growth story of new-age companies too was a draw-card. Moreover, investors drew comfort from the familiarity of investing into companies whose platforms they have been using or reading about – like Google, Facebook or Amazon.”

Under the LRS, all resident individuals, including minors, are allowed to freely remit up to $ 250,000 per financial year (April – March) for any permissible current or capital account transaction or a combination of both. These include capital account transactions such as investment in debt/equity instruments, deposits and purchase of properties. The permitted remittances also include most current account transactions like expenses on travel, studies, maintenance of relatives, gifts and donations.

“A lot of Indian brokers have started to offer the easy facility of investing abroad through tie-ups. The new class of investors post the pandemic beginning has seen the way tech stocks abroad (mainly US- Nasdaq) have performed and want to participate in that up-move,” said Deepak Jasani, head of retail research – HDFC Securities.

As global economic activity started picking up, so have the investments in equities and debt securities. They more than doubled to $171 million during April-June’21 compared to $84 million in the same period a year ago. Also, investments in deposits rose sharply during the period.

Financial players have launched technology initiatives to take outward remittance services to the country’s micro-markets. Emkay Global Financial Services recently tied up with Stockal – a global investment platform – to help its clients invest in US-listed stocks and securities.

“Diversification is critical as it reduces risk and helps optimise the gains,” said Ashish Ranawade, Head of Products, ‎Emkay Wealth Management. “The US markets, through equities and exchange-traded funds, offer one of the most interesting avenues to diversify.”



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