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The stock of external debt at end-June 2021 as well as revised data for earlier quarters are set out in Statements I (old format) and II (IMF format)1. The major developments relating to India’s external debt as at end-June 2021 are presented below. Highlights
(Yogesh Dayal) Press Release: 2021-2022/962 |
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The Reserve Bank of India, in consultation with the State Governments/Union Territories (UTs), announces that the quantum of total market borrowings by the State Governments/UTs for the quarter October – December 2021, is expected to be ₹2,01,910.87 crore. The weekly schedule of auctions to be held during the quarter along with the name of States/UTs who have confirmed participation and tentative amounts indicated by them is as under:
The actual amount of borrowings and the details of the States/UTs participating would be intimated by way of press releases two/ three days prior to the actual auction day and would depend on the requirement of the State Governments/UTs, approval from the Government of India under Article 293(3) of the Constitution of India and the market conditions. RBI would endeavour to conduct the auctions in a non-disruptive manner, taking into account the market conditions and other relevant factors and distribute the borrowings evenly throughout the quarter. RBI reserves the right to modify the dates and the amount of auction in consultation with State Governments/UTs. (Yogesh Dayal) Press Release: 2021-2022/966 |
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The Reserve Bank of India, vide directive DCBS.CO.BSD-I/D-4/12.22.141/2016-17 dated August 31, 2016, had placed Maratha Sahakari Bank ltd, Mumbai under Directions from the close of business on August 31, 2016. The validity of the directions was extended from time-to-time, the last being up to September 30, 2021. 2. It is hereby notified for the information of the public that, the Reserve Bank of India, in exercise of powers vested in it under sub-section (1) of Section 35 A read with Section 56 of the Banking Regulation Act, 1949, hereby directs that the aforesaid Directions shall continue to apply to the bank till November 30, 2021 as per the directive DOR.MON/D-39/12.22.140/2021-22 dated September 30, 2021, subject to review. 3. All other terms and conditions of the Directives under reference shall remain unchanged. A copy of the directive dated September 30, 2021 notifying the above extension is displayed at the bank’s premises for the perusal of public 4. The aforesaid extension and /or modification by the Reserve Bank of India should not per-se be construed to imply that Reserve Bank of India is satisfied with the financial position of the bank. (Yogesh Dayal) Press Release: 2021-2022/965 |
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Data on sectoral deployment of bank credit collected from select 33 scheduled commercial banks, accounting for about 90 per cent of the total non-food credit deployed by all scheduled commercial banks, for the month of August 2021, are set out in Statements I and II. On a year-on-year (y-o-y) basis, non-food bank credit1 growth stood at 6.7 per cent in August 2021 as compared to 5.5 per cent in August 2020. Highlights of the sectoral deployment of bank credit are given below:
Ajit Prasad Press Release: 2021-2022/959 |
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Today, the Reserve Bank released its web publication entitled ‘Quarterly Basic Statistical Returns (BSR)-1: Outstanding Credit of Scheduled Commercial Banks (SCBs), June 2021’ on its Database on Indian Economy (DBIE) portal (web-link: https://dbie.rbi.org.in/DBIE/dbie.rbi?site=publications#!12). It captures various characteristics of bank credit such as occupation/activity and organisational sector of the borrower, type of account and interest rates. Data reported by 88 SCBs (excluding Regional Rural Banks) are presented for bank groups, population groups and states1. Highlights:
Ajit Prasad Press Release: 2021-2022/958 |
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Personal Finance
oi-Kuntala Sarkar
Today on September 30, Indian gold rates dropped significantly by Rs. 610/10 grams gold. The Indian Bullion Jewellers Association (IBJA) failed to keep gold prices up ahead of the festive season in India, as the rates in the international markets are falling. The 22 carat gold is quoted at Rs. 44,490 / 10 grams, while the 24 carat gold is quoted at Rs. 45,490 / 10 grams today. The international gold prices are also struggling hard to even maintain the $1725 level, which is a poor rate for this year. Ahead of the festive season in India, if you are planning to buy gold for marriage or any other auspicious purpose, it is certainly a good time.
The Comex gold future hiked by 0.08% at $1724, while the spot gold market dropped by 0.12% at $1725/oz today till 4.38 PM IST. On the other hand, the US dollar index in the spot market gained by 0.15% same time today, as the US treasury yield is rising now. In India, the Mumbai MCX gold in October future fell by 0.08% at Rs. 45,733/10 grams till today 4.39 PM IST. Indian gold prices now are on the path of falling which is expected to worsen in the future. This year and the upcoming year, both are going to be a tough time for gold rates globally.
Indian gold rates started to fall largely since August, but even in that month, the lowest rate did not slip below Rs. The lowest rate for 22 carat gold was Rs. 45,280 on August 9, and for 24 carat gold, it was Rs. 46,280 on the same date. Overall performance in the last month of 22 carat gold was a fall by 2.11%. This month the data has been worse.
Gold rates in different Indian cities are quoted differently, daily. Today’s gold rates in major Indian cities follow:
| City | 22 carat (INR/10 Grams) | 24 carat (INR/10 Grams) |
|---|---|---|
| Mumbai | 44,490/- | 45,490/- |
| Delhi | 45,200/- | 49,310/- |
| Bangalore | 43,050/- | 46,960/- |
| Hyderabad | 43,050/- | 46,960/- |
| Chennai | 43,360/- | 47,300/- |
| Kerala | 43,050/- | 46,960/- |
| Kolkata | 45,550/- | 48,250/- |
A Kitco report mentioned today, “Starting off in the UK, quarter on quarter GDP rose 5.5% vs economist expectations of 4.8% and a previous reading of -1.6%. Later in the session, the market will get the latest US GDP data which is expected to hit 6.6%, and more comments from Fed Chair Powell.” Already the market is expecting US Fed tapering from December and thus the gold rates are being impacted negatively globally, reflecting the same trend in India.
Story first published: Thursday, September 30, 2021, 18:05 [IST]
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The pre-bid meeting was held on 27.09.2021 at 12 PM. The Queries/doubts raised by vendor and the Bank’s reply is as under:
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ICICI Securities is positive on the scrip of Bharat Electronics and has set a target price of Rs. 250 i.e. an upside of 22 percent from the last traded price of Rs. 205 per share.
According to ICICI Securities, Over the next two to three years, non-defense revenue contribution is predicted to rise from 10% to 20% to 25%, a capex of Rs 1800 crore is planned. Over the next two to three years, focus on maintaining just R&D and IT and outsourcing other requirements to cut human costs from 14% to 12-13%.
What should investors do?
“Overall, expected double digit revenue, order inflow growth, sustained margins and strong order book to ensure a better performance. We remain long term positive and retain our BUY rating on the stock Target Price and Valuation: We value BEL at Rs 250 i.e. 22x P/E on FY23E EPS,” the brokerage has said.
Alternate Stock Idea
The brokerage is also positive on Siemens Ltd in our coverage. Further penetration of value added automation and digitisation products & suggested a buy with a target price of Rs 2550.
ICICI Securities is positive on the scrip of VST Tillers Tractors and has set a target price of Rs. 3,180 i.e. an upside of 20 percent from the last traded price of Rs. 2,650 per share.
VST Tillers Tractors (VST) is the biggest agricultural mechanization company in the United States, with a 54 percent market dominance in the power tiller category and a 10% market share in the small tractor segment.
According to brokerage, power tiller sales were 6,729 units, up 30% year over year, while tractor sales totaled 2,048 units, up 16% year over year. Sales for the quarter totaled Rs 194 crore, increasing 32 percent year over year and essentially flat quarter over quarter. EBITDA for the quarter was $ 25 crore, with EBITDA margins of 13.1 percent, up 190 basis points year on year.
“VST’s share price has grown at ~7% CAGR from Rs 1,900 levels as of September 2016 to Rs 2,650 levels prevailing now. We retain BUY rating amid healthy growth prospects over FY21-23E.
Target Price and Valuation: We value the company at a revised target price of Rs 3,180 i.e. 25x P/E on FY23E EPS of Rs 127.3,” the brokerage has said.
Key triggers for future price-performance:
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 investors should exercise some discretion, given that the Sensex is near the 60,000 points level.
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On recurring deposits, Kotak Mahindra Bank is offering the below-mentioned interest rates to resident individuals and HUF only.
| Tenure | Interest Rate p.a. (%) | Senior Citizen Rates p.a. (%) |
|---|---|---|
| 6 Months | 4.25% | 4.75% |
| 9 Months | 4.40% | 4.90% |
| 12 Months | 4.50% | 5.00% |
| 15 Months | 4.75% | 5.25% |
| 18 Months | 4.75% | 5.25% |
| 21 Months | 4.75% | 5.25% |
| 24 Months | 5.00% | 5.50% |
| 27 Months | 5.00% | 5.50% |
| 30 Months | 5.00% | 5.50% |
| 33 Months | 5.00% | 5.50% |
| 3 years – less than 4 years | 5.20% | 5.70% |
| 4 years – less than 5 years | 5.20% | 5.70% |
| 5 years – 10years | 5.25% | 5.75% |
| Source: Bank Website, Recurring Deposit rates effective from 30th September-2021 |
For a deposit amount of less than Rs 2 Cr with a premature withdrawal option, Kotak Mahindra Bank is now promising the below-listed interest rates on fixed deposits.
| Tenure | Interest Rate p.a. (%) | Annualised Yield | Senior Citizen Rates p.a. (%) | Annualised Yield |
|---|---|---|---|---|
| 7 – 14 Days | 2.50% | 2.50% | 3.00% | 3.00% |
| 15 – 30 Days | 2.50% | 2.50% | 3.00% | 3.00% |
| 31 – 45 Days | 2.75% | 2.75% | 3.25% | 3.25% |
| 46 – 90 Days | 2.75% | 2.75% | 3.25% | 3.25% |
| 91 – 120 Days | 3.00% | 3.00% | 3.50% | 3.50% |
| 121 – 179 days | 3.20% | 3.20% | 3.70% | 3.70% |
| 180 Days | 4.20% | 4.20% | 4.70% | 4.70% |
| 181 Days to 269 Days | 4.25% | 4.30% | 4.75% | 4.81% |
| 270 Days | 4.40% | 4.45% | 4.90% | 4.96% |
| 271 Days to 363 Days | 4.40% | 4.45% | 4.90% | 4.96% |
| 364 Days | 4.40% | 4.45% | 4.90% | 4.96% |
| 365 Days to 389 Days | 4.50% | 4.58% | 5.00% | 5.09% |
| 390 Days (12 months 25 days) | 4.75% | 4.84% | 5.25% | 5.35% |
| 391 Days – Less than 23 Months | 4.75% | 4.84% | 5.25% | 5.35% |
| 23 Months | 4.90% | 4.99% | 5.40% | 5.51% |
| 23 months 1 Day- less than 2 years | 4.90% | 4.99% | 5.40% | 5.51% |
| 2 years- less than 3 years | 5.00% | 5.09% | 5.50% | 5.61% |
| 3 years and above but less than 4 years | 5.20% | 5.30% | 5.70% | 5.82% |
| 4 years and above but less than 5 years | 5.20% | 5.30% | 5.70% | 5.82% |
| 5 years and above upto and inclusive of 10 years | 5.25% | 5.35% | 5.75% | 5.88% |
| Source: Bank Website, INTEREST RATES FOR Domestic / NRO / NRE FIXED DEPOSITS effective from 30th September 2021 |
Daily balances in Savings Accounts up to Rs. 1 lakh will fetch 3.50 percent p.a. interest as of September 20, 2021. The interest rate on daily savings account balances above Rs. 1 lakh has been raised to 3.50 percent per annum. Only Resident Accounts are eligible for these interest rates.
| Nature | Normal | Senior Citizen |
|---|---|---|
| A. Domestic (W.e.f. Sep 20, 2021) | 3.50% p.a. | 3.50% p.a. |
| B. Basic Savings Bank Deposit Account/Small Account (W.e.f. Sep 20, 2021) | 3.50% p.a. | 3.50% p.a. |
| C. Non Resident (NRE/NRO) | 3.50% p.a. | 3.50% p.a. |
| Source: Bank Website, (W.e.f. Sep 20, 2021) |
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