Month: September 2021

2 Stocks Given A ‘Hold’ And ‘Buy’ Rating By ICICI Direct

Personal Finance

[ad_1]

Read More/Less


Buy Neogen Chemicals for gains of 19%

From the current price level of Rs. 1273.7 per share, brokerage firm sees an upside of close to 19 percent and has set a target price of Rs. 1515 to be realized in a short term of 12 months.

Neogen Chemicals is a specialty chemicals company into manufacturing of specialty organic bromine-based chemical compounds as well as specialty inorganic lithium-based chemicals compounds. The company’s products find usage in pharmaceutical intermediates, agrochemical intermediates, engineering fluids, polymers additives and water treatment chemicals among others.

Revenue visibility of Rs. 350 crore after commissioning of Dahej plant

The capital expenditure at the Dahej plant, both of the phases, catering to different businesses, is expected to provide for asset turn of 2.7x, which provides incremental revenue visibility of Rs. 350 crore. Since both these business verticals are margin accretive thus, incremental revenue share from both segments is expected to aid gross margins and thereby OPM. This should inch up return ratios and thereby valuations in medium term, adds the brokerage firm.

Target Price and Valuation: The brokerage values Neogen Chemicals at 40x P/E FY24E EPS to arrive at a revised target price of Rs. 1515/share (earlier Rs. 1095/share).

Key triggers for gains in the stock

• Phase 1 and Phase 2 capital expenditure at Dahej seems to be lucrative for both advance intermediates and custom synthesis revenue growth.

• Higher component of the value added portfolio to expand company’s margin.

• Increased allocation of free cash flow towards organic/inorganic growth likely to expand return ratios further.

2. Reliance Industries: Hold Rating

2. Reliance Industries: Hold Rating

The brokerage firm has recommended a ‘Hold’ rating on the scrip of the oil to telecom giant RIL having operations across varied segments including retail, digital services etc. The firm has set out the target price of Rs. 2480, i.e. an upside of 2.5 percent from the current price levels of Rs. 2420, with the target period of 12 months.

“On a consolidated basis, O2C and oil & gas contributed 62% to revenue, while retail, digital and others contributed 28%, 3% and 7%, respectively However, at the EBITDA level, O2C and oil & gas contributed 43% while retail, digital and others contributed 11%, 38% and 8%, respectively, says the brokerage report.

Triggers boosting the future price:

Reliance Jio valuations catch up:

Over the years of operation, Jio is fast collaborating with start-ups or niche companies with presence into digital technologies. The company has invested over US$1.9 billion over the last five years. We believe these investments provide an option value in the overall opportunity and complete the digital ecosystem creation objectives, as per the brokerage firm.

Aggressive Reliance retail footprint expansion:

The company has continued to maintain same store sales growth (SSSG) and also registered improvement in operating profitability, which has enabled it to demonstrate revenue and EBITDA CAGR of 50% and 58%, respectively, over FY16-21. Also, the steady free cash flow will enable the company to be low on debt as well as invest in future inorganic endeavour.

O2C hive off to unlock value:

The hive off of the company’s O2C business into a subsidiary is likely and the regulatory approval process is underway. Furthermore, the stake sale to global player will unlock value for the conglomerate company.

New energy initiatives:

The company plans to invest Rs. 60000 crore on new energy and materials over the next three years. Additionally, RIL is expected to invest Rs. 15000 crore in the value chain, partnerships and future technologies, including upstream and downstream industries leading to total investment of Rs. 75000 crore in the new energy business.

So, given the company’s leadership hold in each of its product and service portfolio together considering the long term prospects, ICICI Direct recommends a Hold on the scrip and values it at on an SOTP basis at Rs. 2480 per share.

Disclaimer:

Disclaimer:

The stocks listed in the report are taken from the brokerage report of ICICI Direct and is not a recommendation to buy into these stocks. Stock market investment pose financial risk. Please consult a financial advisor before betting on such risky investment avenues.

GoodReturns.in



[ad_2]

CLICK HERE TO APPLY

Leave a comment

Bank loans do not reflect credit risk adequately as RBI chases growth, BFSI News, ET BFSI

Banking & Finance

[ad_1]

Read More/Less


The period of extended surplus liquidity is already witnessing fierce pricing wars across banks, some of which may not reflect credit risk adequately.

“However there is the risk of an Asset Liability mismatch if the liquidity is withdrawn quickly. As of now, the inflation numbers may not warrant such a decision from RBI, but if core inflation persists in the current range of 6% or above, that might act as a hindrance to continued liquidity abundance,” according to the State Bank of India’s economic research report Ecowrap.

The industry is replacing its long-term debts by very low-priced CP/working capital demand loan (ECDL) and this will obviously act as an enabler once the investment cycle revives

Margin pressure

Banks are now facing significant margin pressures despite surfeit of liquidity in the banking system, it said.

A back of envelope estimate suggests that the core funding cost of the banking system that includes cost of deposits, negative carry on Statutory Liquidity Ration (SLR) and Cash Reserve Ratio (CRR) and Return on Assets is currently at 6 per cent, while the reverse repo rate is at 3.35 per cent. Additionally, if the cost of provisions is added to the core funding cost, the total cost comes to around 12 per cent, the report said.

Credit risk

The report cited the example of 15 years loans, which are being priced at even lower than 6 per cent, linking with repo / treasury bill rates. It said that 10-year Government Security (G-Sec) is currently trading at 6.2 per cent and by the current pricing trends this could even gravitate towards 6 per cent again.

This anomaly not only negates the concept of tenor premium but may create a material risk with regard to sustainability of such rates in long term, on which borrowers and banks are basing their financial calculations, it said, adding that the only good thing is that such pricing war is mostly restricted to AAA borrowers.

According to the report, three year term loans are being quoted at close to 4 per cent repo rate and seven year term loans for borrowers below AAA are also quoting a risk premium of 15-20 basis points over the 10 year rates. Working Capital Loans (WCL) are currently being quoted at a notch above reverse repo rate at 3.35 per cent.

The report said that the concept of normally permitted lending limit (NPLL) for specified borrowers, meant to nudge them to move towards corporate bonds market, may lose its importance.

CP market

Ghosh observed that the commercial paper (CP) market is also witnessing significant churn with banks now almost absent.

Non-Banking participants like mutual funds who do not have access to RBI Reverse Repo window are creating pricing pressure in CP market as they are sometimes quoting below RBI reverse repo rate.

The CP market reflects the huge pricing gap between better and lower rated borrowers, it said.



[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , , , , ,

Top 5 Banks Promising Up To 7.25% Interest On 5 Year Fixed Deposits

Personal Finance

[ad_1]

Read More/Less


Jana Small Finance Bank

Amid the low-interest rate regime on fixed deposits of banks, Jana Small Finance Bank is now the only bank that offers the highest interest rates on fixed deposits thus incomparable with leading private sector or public sector banks. The reason behind my take can be seen below.

Period Regular FD Interest Rate (p.a.) Senior Citizen FD Interest Rate (p.a.)
7-14 days 2.50% 3.00%
15-60 days 3.00% 3.50%
61-90 days 3.75% 4.25%
91-180 days 4.50% 5.00%
181-364 days 5.50% 6.00%
1 Year[365 Days] 6.25% 6.75%
> 1 Year – 2 Years 6.50% 7.00%
>2 Years-3 Years 6.50% 7.00%
> 3 Year- 6.75% 7.25%
5 Years[1825 Days] 6.50% 7.00%
> 5 Years – 10 Years 6.00% 6.50%
Source: Bank Website, W.e.f. 07/05/2021

Suryoday Small Finance Bank

Suryoday Small Finance Bank

Suryoday Small Finance Bank is second in our list that is now offering the best returns on 5 year fixed deposits after Jana Small Finance Bank. With effect from 9th September 2021, Suryoday SFB has revised its interest rates on fixed deposits which are as follows.

Period Regular FD Interest Rate (p.a.) Senior Citizen FD Interest Rate (p.a.)
7 days to 14 days 3.25% 3.25%
15 days to 45 days 3.25% 3.25%
46 days to 90 days 4.25% 4.25%
91 days to 6 months 4.75% 4.75%
Above 6 months to 9 months 5.25% 5.25%
Above 9 months to less than 1 Year 5.75% 5.75%
1 Year to 1 Year 6 Months 6.50% 6.75%
Above 1 Year 6 Months to 2 Years 6.50% 6.75%
Above 2 Years to less than 3 Years 6.25% 6.50%
3 Years 7.00% 7.30%
Above 3 Years to less than 5 Years 6.50% 6.50%
5 Years 6.75% 7.00%
Above 5 years to 10 years 6.00% 6.00%
Source: Bank Website, ( Effective: From September 09, 2021 )

North East Small Finance Bank

North East Small Finance Bank

Among the small finance banks, North East Small Finance Bank is also promising good returns on fixed deposits of 5 years. For a deposit amount of less than Rs 2 Cr, North East Small Finance Bank is offering the following interest rates to both regular and senior citizens on deposits maturing in 5 years.

Tenure Regular FD Interest Rate (p.a.) Senior Citizen FD Interest Rate (p.a.)
7-14 Days 3 3.5
15-29 Days 3 3.5
30-45 Days 3 3.5
46-90 Days 3.5 4
91-180 Days 4 4.5
181-365 Days 5 5.5
366 days to 729 days 6.75 7.25
730 days to less than 1095 6.75 7.25
777 days 7 7.5
1096 days to less than 1825 days 6.5 7
1826 days to less than 3650 days 6.25 6.75
Source: Bank Website, Effective from 19th April 2021

Equitas Small Finance Bank

Equitas Small Finance Bank

For a deposit amount of less than Rs 2 Cr, Equitas Small Finance Bank has revised its interest rates with effect from 1st June 2021. Following are the bank’s most recent interest rates on fixed deposits.

Tenure Regular FD Interest Rate (p.a.) Senior Citizen FD Interest Rate (p.a.)
7 – 14 days 3.50% 4.00%
15 – 29 days 3.50% 4.00%
30 – 45 days 3.50% 4.00%
46 – 62 days 4.00% 4.50%
63 – 90 days 4.00% 4.50%
91 – 120 days 4.75% 5.25%
121 – 180 days 4.75% 5.25%
181 – 210 days 5.25% 5.75%
211 – 270 days 5.25% 5.75%
271 – 364 days 5.25% 5.75%
1 year to 18 months 6.35% 6.85%
18 months 1 day to 2 years 6.25% 6.75%
2 years 1 day to 887 days 6.35% 6.85%
888 days 6.50% 7.00%
889 days to 3 years 6.35% 6.85%
3 years 1 day to 4 years 6.25% 6.75%
4 years 1 day to 5 years 6.25% 6.75%
5 years 1 day to 10 years 6.50% 7.00%
Source: Bank Website, with effect from 1st June 2021

Ujjivan Small Finance Bank

Ujjivan Small Finance Bank

With a deposit safety of up to Rs 5 lakhs provided by DICGC, Ujjivan Small Finance Bank is currently promising pretty good interest rates on fixed deposits of 5 years of tax saving fixed deposits. For a deposit amount of less than Rs 2 Cr, the bank is currently offering the below-listed interest rates to both regular and senior citizens.

Tenure Interest Rate (p.a.)
7 Days to 29 Days 2.90%
30 Days to 89 Days 3.50%
90 Days to 179 Days 4.25%
180 Days to 364 Days 4.75%
1 Year to 2 Years 6.00%
2 Years and 1 Day to 3 years 6.50%
3 Years and 1 Day to 5 Years 6.25%
5 Years and 1 Day to 10 Years 6.00%
Additional Interest Rate for Senior Citizens 0.50%
Source: Bank Website, with effect from 16th August 2021



[ad_2]

CLICK HERE TO APPLY

Leave a comment

Depositors of scandal-hit PMC Bank, 20 others to get up to Rs 5 lakh within 90 days, BFSI News, ET BFSI

Banking & Finance

[ad_1]

Read More/Less


The Deposit Insurance and Credit Guarantee Corp will pay depositors of 21 insured banks, which includes scandal-hit PMC Bank, the amount equivalent to the deposits, up to a maximum of Rs 5 lakh, within 90 days.

Necessary instructions have been issued to the banks to submit the claims within 45 days after obtaining the approval from depositors to claim deposit insurance. The verification and settlement of the claims should be done by November 29, 2021, DICGC said in a a release.

These banks shall submit a claim list by October 15 and update the position as on November 29, with principal and interest, in a final updated list, which will enable DICGC to discharge its insurance liability in full as per norms.

Unpaid or the difference in amount of deposits up to Rs 5 lakh, as per final updated list, will be paid within 30 days of receipt, that is by December 29.

The Parliament in August passed the Deposit Insurance and Credit Guarantee Corporation (Amendment) Bill, 2021, ensuring account holders get up to Rs 5 lakh within 90 days of the RBI imposing a moratorium on the banks.

In 2019, the Reserve Bank of India imposed restrictions on PMC bank after observing financial irregularities, including under-reporting of bad loans. From the findings of the probe, it was discovered that Rs 250 crore worth of fake deposits were shown in the system, and that the bank had manipulated its net time and deposits using HDIL and DHFL cheques.

Here’s the list of the 21 banks:

> Adoor Co-Operative Urban Bank, Kerala
> Bidar Mahila Urban Co-Op Bank, Karnataka
> City Co-Op Bank, Maharashtra
> Hindu Co-Op Bank, Punjab
> Kapol Co-Op Bank, Maharashtra
> Maratha Sahakari Bank, Maharashtra
> Millath Co-Op Bank, Karnataka
> Needs of Life Co-Op Bank, Maharashtra
> Padmashree Dr. Vithal Rao Vikhe Patil, Maharashtra
> People’s Co-Op Bank, Kanpur, Uttar Pradesh
> Punjab & Maharashtra Co-Op Bank (PMC Bank), Maharashtra
> Rupee Co-Operative Bank, Maharashtra
> Shri Anand Coop Bank, Pune, Maharashtra
> Sikar Urban Co-Op Bank, Rajasthan
> Sri Gururaghvendra Sahakara Bank Niyamitha, Karnataka
> The Mudhol Co-Operative Bank, Karnataka
> Mantha Urban Cooperative Bank, Maharashtra
> Sarjeraodada Naik Shirala Sahakari Bank, Maharashtra
> Independence Cooperative Bank, Nashik, Maharashttra
> Deccan Urban Co-Operative Bank, Vijaypur, Karnataka
> Garha Co-Operative Bank, Guna, Madhya Pradesh

Click here to read more on banking



[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , , , , ,

Stocks To Buy From Broking Firm Sharekhan In The Auto And FMCG Space

Personal Finance

[ad_1]

Read More/Less


Britannia: Sustainable growth likely, says Sharekhan

Sharekhan has set a price target of Rs 4740 on the stock of Britannia Industries, as against the current market price of Rs 4068.

Britannia has its medium to long term growth strategies in place with growing the core biscuit portfolio by gaining market share through sustained innovation and distribution expansion (especially in the Hindi speaking belt) while growing the adjacencies such as dairy/bakery by investing across the value chain (setting up facilities, innovations and higher marketing spends), Sharekhan has said.

“This along with improved supply chain management and operating efficiencies would help to post better margins in the coming years (barring FY22 which is affected by higher input prices),” the brokerage has said.

Britannia, price target of Rs 4,740 on the stock

Britannia, price target of Rs 4,740 on the stock

“With sustained market share gain, new product launches and higher traction on new channels (including e-commerce), we expect Britannia’s core biscuit category to grow ahead of industry growth in the medium term. This along with scale-up in revenues of adjacent categories and efficiencies would help Britannia to achieve double digit earning growth over FY2021-24E (barring FY2022),” Sharekhan has said.

The stock is trading at 43.5x/37.6x its FY2023/24E EPS, which is at discount to its large peers. “Strong growth prospects across key categories, higher cash generation ability, discounted valuations and receding risk of inter-corporate deposits makes it a good investment pick in the FMCG space. We maintain our Buy recommendation on the stock with a revised price target of Rs. 4,740,” the brokerage has noted.

Buy, Sundram Fasteners, says Sharekhan

Buy, Sundram Fasteners, says Sharekhan

Sharekhan has set a price target of Rs 1100 on the stock of Sundram Fasteners as against the current market price of Rs 942.

“The company’s order book remains at healthy levels with sectors such as farm implements, printed circuit boards, and industrial power generation growing rapidly. Domestic original equipment orders have improved more than 90% of pre-COVID levels across segments with commercial vehicle segments showing strong signs of recovery,” it has said.

Major capex over, price target of Rs 1100 on the stock

Major capex over, price target of Rs 1100 on the stock

According to Sharekhan the company has completed major three-year capex plan in FY2020. The company had invested Rs. 1,000 crore during FY2017-FY2020 and had expanded capacity across segments. Currently, the company is operating at 80% capacity utilisation. The recent capex programme has enabled the company to increase revenue by 25-30% without any major investments and will improve its turnover at minimal cost.

“The stock is trading at a P/E multiple of 28 times and EV/EBITDA multiple of 17.2x its FY2023E estimates, which is trading at the higher end of its average multiples. The stock’s premium valuation is justified given strong pedigree of its promoter, revenue visibility and ability to pass on costs to its customers. We retain our Buy rating on the stock with a revised price of Rs. 1,100,” the brokerage has said.

Disclaimer

Disclaimer

The above stocks are picked from the brokerage report of Sharekhan. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution. Greynium Information Technologies, the author, and the brokerage house are not liable for any losses caused as a result of decisions based on the article.



[ad_2]

CLICK HERE TO APPLY

Leave a comment

Energy Stock To Buy From Motilal Oswal For A 36% Upside

Personal Finance

[ad_1]

Read More/Less


Target price of Rs 310 on the stock of Petronet LNG

According to Motilal Oswal, the Dahej expansion to 20mmtpa would be completed over the next three years, with further expansion to 22.5mmtpa expected within another year. The company has already placed an order for two tanks at Dahej (total ongoing capex of Rs 28-30 billion).

According to Motilal Oswal, the management highlighted that spot prices have risen to abnormal levels of USD24-25/mmbtu (i.e., 2x that of long-term contracts) on account of huge demand from China, Japan, and Europe.

“This has resulted in lower spot cargo orders being placed over the last few months. The company expects spot LNG prices to normalize over the next 5-6 months. That said, PLNG has tied-up contracts of 16.75mmtpa (i.e., 95% of the nameplate capacity of 17.5mmtpa in Dahej), which are cushioning its utilization rates,” the brokerage has said.

Diversification to help

Diversification to help

Petronet LNG is exploring an opportunity to set up an ethane/propane import facility at the Dahej terminal – on the back of probable demand from OPAL and GAIL (at the PATA plant). According to Motilal Oswal, the company has also planned a small petrochemical unit, which would be based on imported propane. The management highlighted that the feasibility study for the aforementioned

two projects is to be carried out, along with the probable internal rate of returns of the projects. “The stock trades at 9.2x FY23E EPS of Rs 23.3 and 5.3x Fy23E EV/EBITDA. We value Petronet LNG on DCF to arrive at fair value of Rs 310. Maintain Buy on the stock of Petronet LNG” the brokerage has said,” Motilal Oswal has said.

Disclaimer

Disclaimer

The above stocks are picked from the brokerage report of Motilal Oswal. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution. Greynium Information Technologies, the author, and the brokerage house are not liable for any losses caused as a result of decisions based on the article.



[ad_2]

CLICK HERE TO APPLY

Leave a comment

Reserve Bank of India – Press Releases

Press Releases

[ad_1]

Read More/Less


(Amount in ₹ crore, Rate in Per cent)
  Volume
(One Leg)		 Weighted
Average Rate 		Range
A. Overnight Segment (I+II+III+IV) 404,933.69 3.30 1.95-5.15
     I. Call Money 7,726.10 3.18 1.95-3.45
     II. Triparty Repo 300,256.50 3.29 3.20-3.38
     III. Market Repo 96,821.09 3.32 2.00-3.45
     IV. Repo in Corporate Bond 130.00 5.15 5.15-5.15
B. Term Segment      
     I. Notice Money** 186.45 3.21 2.50-3.50
     II. Term Money@@ 75.00 – 3.25-3.45
     III. Triparty Repo 0.00 – –
     IV. Market Repo 321.37 3.39 3.35-3.45
     V. Repo in Corporate Bond 830.00 3.52 3.45-5.35
  Auction Date Tenor (Days) Maturity Date Amount Current Rate /
Cut off Rate
C. Liquidity Adjustment Facility (LAF) & Marginal Standing Facility (MSF)
I. Today’s Operations
1. Fixed Rate          
     (i) Repo          
    (ii) Reverse Repo Tue, 21/09/2021 1 Wed, 22/09/2021 277,396.00 3.35
    (iii) Special Reverse Repo~          
    (iv) Special Reverse Repoψ          
2. Variable Rate&          
  (I) Main Operation          
     (a) Reverse Repo          
  (II) Fine Tuning Operations          
     (a) Repo          
     (b) Reverse Repo Tue, 21/09/2021 3 Fri, 24/09/2021 50,006 3.40
  Tue, 21/09/2021 7 Tue, 28/09/2021 100,001 3.42
3. MSF Tue, 21/09/2021 1 Wed, 22/09/2021 0.00 4.25
4. Special Long-Term Repo Operations (SLTRO) for Small Finance Banks (SFBs)£          
5. Net liquidity injected from today’s operations
[injection (+)/absorption (-)]*		       -427,403.00  
II. Outstanding Operations
1. Fixed Rate          
    (i) Repo          
    (ii) Reverse Repo          
    (iii) Special Reverse Repo~ Thu, 09/09/2021 15 Fri, 24/09/2021 6,937.00 3.75
    (iv) Special Reverse Repoψ Thu, 09/09/2021 15 Fri, 24/09/2021 2,513.00 3.75
2. Variable Rate&          
  (I) Main Operation          
     (a) Reverse Repo Thu, 09/09/2021 15 Fri, 24/09/2021 350,015.00 3.41
  (II) Fine Tuning Operations          
     (a) Repo          
     (b) Reverse Repo          
3. MSF          
4. Long-Term Repo Operations# Mon, 17/02/2020 1095 Thu, 16/02/2023 499.00 5.15
  Mon, 02/03/2020 1094 Wed, 01/03/2023 253.00 5.15
  Mon, 09/03/2020 1093 Tue, 07/03/2023 484.00 5.15
  Wed, 18/03/2020 1094 Fri, 17/03/2023 294.00 5.15
5. Targeted Long Term Repo Operations^ Fri, 27/03/2020 1092 Fri, 24/03/2023 12,236.00 4.40
  Fri, 03/04/2020 1095 Mon, 03/04/2023 16,925.00 4.40
  Thu, 09/04/2020 1093 Fri, 07/04/2023 18,042.00 4.40
  Fri, 17/04/2020 1091 Thu, 13/04/2023 20,399.00 4.40
6. Targeted Long Term Repo Operations 2.0^ Thu, 23/04/2020 1093 Fri, 21/04/2023 7,950.00 4.40
7. On Tap Targeted Long Term Repo Operations€ Mon, 22/03/2021 1095 Thu, 21/03/2024 5,000.00 4.00
  Mon, 14/06/2021 1096 Fri, 14/06/2024 320.00 4.00
  Mon, 30/08/2021 1095 Thu, 29/08/2024 50.00 4.00
  Mon, 13/09/2021 1095 Thu, 12/09/2024 200.00 4.00
8. Special Long-Term Repo Operations (SLTRO) for Small Finance Banks (SFBs)£ Mon, 17/05/2021 1095 Thu, 16/05/2024 400.00 4.00
Tue, 15/06/2021 1095 Fri, 14/06/2024 490.00 4.00
Thu, 15/07/2021 1093 Fri, 12/07/2024 750.00 4.00
Tue, 17/08/2021 1095 Fri, 16/08/2024 250.00 4.00
Wed, 15/09/2021 1094 Fri, 13/09/2024 150.00 4.00
D. Standing Liquidity Facility (SLF) Availed from RBI$       26,695.80  
E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     -248,077.20  
F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     -675,480.20  
G. Cash Reserves Position of Scheduled Commercial Banks
     (i) Cash balances with RBI as on 21/09/2021 618,390.36  
     (ii) Average daily cash reserve requirement for the fortnight ending 24/09/2021 625,660.00  
H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ 21/09/2021 0.00  
I. Net durable liquidity [surplus (+)/deficit (-)] as on 27/08/2021 1,140,445.00  
@ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).
– Not Applicable / No Transaction.
** Relates to uncollateralized transactions of 2 to 14 days tenor.
@@ Relates to uncollateralized transactions of 15 days to one year tenor.
$ Includes refinance facilities extended by RBI.
& As per the Press Release No. 2019-2020/1900 dated February 06, 2020.
* Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo.
# As per the Press Release No. 2020-2021/287 dated September 04, 2020.
^ As per the Press Release No. 2020-2021/605 dated November 06, 2020.
€ As per the Press Release No. 2020-2021/520 dated October 21, 2020, Press Release No. 2020-2021/763 dated December 11, 2020, Press Release No. 2020-2021/1057 dated February 05, 2021 and Press Release No. 2021-2022/695 dated August 13, 2021.
¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.
£ As per the Press Release No. 2021-2022/181 dated May 07, 2021.
~ As per the Press Release No. 2021-2022/177 dated May 07, 2021.
ψ As per the Press Release No. 2021-2022/323 dated June 04, 2021.
Ajit Prasad
Director   
Press Release: 2021-2022/901

[ad_2]

CLICK HERE TO APPLY

Leave a comment

MobiKwik, BFSI News, ET BFSI

Personal Finance

[ad_1]

Read More/Less


Fintech major MobiKwik, which has filed its draft red herring prospectus (DRHP), on Tuesday said the listing should provide a bountiful rewards to its employees through the ESOPs issued to them. The company, under its ESOP 2014 Scheme, has reserved 4.5 million equity shares for creating a pool of ESOPs for the benefit of the eligible employees.

MobiKwik Chairperson, co-founder and COO Upasana Taku said the number of equity shares that would arise from the full exercise of options granted implies 7 per cent of the fully diluted outstanding shares.

“This 7 per cent compares to less than 2 per cent holding for most other internet companies that are coming up for listing… Over the last decade, MobiKwik has grown on the strength of its employees to become a leading fintech player in India. As we cement our presence and leadership further, we wanted to acknowledge and reward our employees for their efforts,” she added.

The Gurgaon-based company – which has about 470 employees – had filed its DRHP with Securities and Exchange Board of India (Sebi) in July.

The company plans to offer shares aggregating to Rs 1,900 crore in its IPO, of which Rs 1,500 crore is a fresh issue while the remaining Rs 400 crore is an offer for sale by existing shareholders.

MobiKwik – which offers solutions like mobile wallet and Buy Now Pay Later (BNPL) – had raised a series G round of USD 20 million from Abu Dhabi Investment Authority (ADIA) at a per-share value of Rs 895.80 per share. This implies a 600 per cent gain on average for the employees on their ESOPs, Taku said.

“This six-fold increase in the ESOP value has created generational wealth for the employees. It is the result of both the trust shown by employees in the company’s vision and the partnership-like approach taken by the company in sharing the rewards of value generation over time with the employees,” she added.

At the series G funding round valuation of USD 720 million, seven employees are worth more than Rs 10 crore and 31 are worth more than Rs 1 crore each.

Also, 118 current employees (almost one-fourth of the overall employee base) have become rupee millionaires, highlighting the company’s philosophy of ensuring equitable participation as opposed to just focusing on the leadership team, Taku said.

“The cumulative wealth creation for the employees currently stands at Rs 3 billion. With the company’s upcoming IPO, these employees are set to reap in a windfall,” she added.



[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , ,

Union Bank of India bags pension disbursal mandate from NDMC, BFSI News, ET BFSI

Banking & Finance

[ad_1]

Read More/Less


New Delhi, Union Bank of India on Tuesday said it has bagged pension disbursement mandate from North Delhi Municipal Corporation. Union Bank of India has entered into an agreement with North Delhi Municipal Corporation (NDMC) for pension disbursal of their retired employees, the lender said in a release.

A memorandum of understanding was signed at the Civic Centre, the headquarters of NDMC.

The agreement will come into effect immediately.

“Union Bank of India is committed to ensure timely, accurate and reliable disbursement of monthly pension to the pensioners of North Delhi Municipal Corporation (NDMC), along with serving the pensioners in a better manner.

“Our collaboration is a step forward in our relationship with NDMC and going to benefit Union Bank of India, NDMC and people at large,” R K Jaglan, GM, Government Business said.

Follow and connect with us on , Facebook, Linkedin



[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , ,

Kotak Mahindra Bank forays into healthcare lending; not to use RBI’s liquidity window, BFSI News, ET BFSI

Banking & Finance

[ad_1]

Read More/Less


Kotak Mahindra Bank on Tuesday announced its foray into the healthcare lending space, where it will be taking exposures of up to Rs 15 crore apiece. The private sector lender, however, will not be seeking funds from the Reserve Bank’s on-tap liquidity scheme for the sector, as its cost of funds is very low, its President and Head of Business Banking Assets, Sunil Daga, said.

In May this year, the RBI had announced an on-tap liquidity window of Rs 50,000 crore for on-lending by banks to the healthcare sector, where they can take exposures of up to three years and access funding at the repo rate.

Daga said the bank’s cost of funds is “very competitive” and hence, it will not be accessing the RBI window. Even without the central bank’s special window, the business is exciting, he added.

Till now, Kotak Mahindra Bank had been providing funds to the healthcare sector but now it has a focused offering, Daga said, adding that the business will be part of its consumer segment.

Daga declined to specify the size of its current healthcare book, but added that it was miniscule. Now, the bank has created a dedicated pan-India team to cater to this business.

It will take exposures ranging from healthcare-related loans for an individual, to long-term project lending for doctors building healthcare infrastructure, he said, adding that single exposure can go up to Rs 15 crore.

The bank is targeting to start with signing up 100 customers a month and will be aiming to take it up to 500 a month, Daga said.

The loans will be both secured as well as unsecured, and also include a quick approval for exposures up to Rs 50 lakh, the bank said in a statement.

The loan tenure will be between 12 to 84 months, while the loan to value ratio can go up to 85 per cent, as per its website.

Click here to read more stories on banking



[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , , , ,
1 … 43 44 45 46 47 … 133