Reserve Bank of India – Press Releases
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Month: September 2021
2 Stocks ICICI Direct Gives A Buy For Quick Gains
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1. BSE Limited:
The brokerage is bullish on the exchange for a target price of Rs. 1345 that implies gains of over 8% considering current market price of Rs. 1250.7. The stop loss recommended for the stock is Rs. 1170. The buy on the scrip is suggested for 14 days.
Technical observations:
BSE’s share price has registered a break-out above the falling channel and limited last two month corrective pattern that signals resumption of up move and offers fresh entry opportunity. The brokerage expects the stock to continue with its positive momentum and head towards Rs. 1345 levels as it is the 80% retracement of recent decline (Rs. 1410-1024)
Also there is witnessed a slower retracement which signals a positive price structure and a higher base formation. The weekly stochastic has recently generated a bullish crossover above its three periods average thus validates positive bias in the stock.
2. Care Ratings:
The rating agency company has been a given ‘Buy’ for 7 days and suggested a target price of Rs. 760. The stock last traded at a price of Rs. 725 per share, implying gains of 4.83%.
Technical observations for the scrip by ICICI Direct
“The share price of Care Rating has rebounded after a higher base formation at the lower band of rising channel in place since March 2021 and 20 weeks EMA signaling resumption of the up move and offers fresh entry opportunity”, as per the brokerage. ICICI Direct sees the stock of CARE Rating to begin up move and head towards Rs. 760 levels as it is the 80% retracement of last decline (Rs. 791-640).
The major highlight to point out is that the stock of Care Ratings has witnessed shallow retracement as its has retraced just 38.2% in 10 weeks against an up move of preceding 12 weeks (Rs. 433-791), signaling inherent strength. The weekly RSI has generated a bullish crossover above its nine periods average thus validates positive bias in the stock”.
GoodReturns.in
Disclaimer:
The stocks are momentum picks of ICICI Direct for short term and not a recommendation for investments or trade in them.
GoodReturns.in
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2 Stocks From Sharekhan That Can Give Gains Of Up To 23%
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Stocks to buy from Sharekhan
| Name of the fund | Current market price, Sept 13 | Target price | Gains % |
|---|---|---|---|
| Petronet LNG | Rs 231 | Rs 285 | 23.39% |
| IPCA Labs | Rs 2,556 | Rs 2,850 | 11.00% |
Why to buy the stock of Petronet LNG?
According to Sharekhan, Petronet LNG’s Dahej terminal utilisation is likely to recover to near full utilisation in Q2FY22 as demand for contracted LNG (available at half of spot LNG price) is believed to have picked up and shift of volume from Dabhol LNG during the monsoon.
“Petronet LNG has a strong balance sheet with net cash position of Rs. 5,705 crore (or 16% of current market capitalisation) as on March 31, 2021, and we expect it to generate free cash flow (FCF) of Rs. 3,000 crore (yield of 9%) annually. In the absence of any significant capital expenditure (cumulative capex of Rs. 1,500 crore-1,700 crore over FY2022E-FY2023E), Petronet LNG may reward shareholders with higher dividend (FY2021 dividends per share of Rs. 11.5/share),” the brokerage has said. Hence, we maintain Buy on Petronet LNG with an unchanged price target of Rs. 285,” the brokerage has said.
Buy the stock of IPCA Laboratories, says Sharekhan
According to Sharekhan, IPCA laboratories domestic formulations business is on a strong footing and is expected to be a key growth driver with a likely double digit growth for FY22.
“Over the long term, IPCA’s API segment growth would be driven by easing capacity constraints due to the commissioning of Dewas greenfield, which would add on 25% of the capacity. The Ratlam expansion is expected to be ready by 2HFY22. IPCA has lined up a capex of Rs. 400 crores over next 2-3 years and this provides comfort on the future growth prospects,” the brokerage has said.
“IPCA’s presence in the fast growing therapies coupled with positive rub off effect of a strong IPM growth could be the key drivers for domestic formulations business. For the Active Pharma Ingredients segment, completion of Dewas greenfield (expected to add 25% of capacities) by FY2023 and a strong demand outlook would be the key drivers. At the current market price the stock trades at 27.2x /24.1x its FY22E and FY23E EPS. Strong earnings prospects, a sturdy balance sheet, and healthy return ratios augur well for IPCA Laboratories. We maintain Buy recommendation with a revised price target of Rs 2850,” Sharekhan has said in its research report.
Disclaimer
The article is informational in nature, which is taken from the brokerage report of Sharekhan. Please do consult a professional advisor before you invest in equities. Greynium Information Technologies Pvt Ltd, its subsidiaries, associates, the brokerage house and the author do not accept culpability for losses and/or damages arising based on information in the article. Markets have run-up sharply and hence investors should exercise some caution.
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3 Dividend Stocks To Buy That Give Better Yields Than Bank Deposits
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Stocks with a good dividend yield based on last year
| Name of the fund | Dividends for 2020-21 | Yield at current market price |
|---|---|---|
| Coal India | Rs 12.5 per share | 8.44% |
| REC | Rs 11 per share | 7.00% |
| PFC | Rs 8 per share | 6.00% |
One must now forget that the dividends declared in 2020-21 was in a covid induced year. For example, Coal India was hit production cuts and yet managed a decent dividend.
Dividends could be enhanced, thus giving better yields
We believe that in the coming years, the dividends would be enhanced thus giving investors a better dividend yields. For example, brokerages are suggesting that Coal India could give a dividend of Rs 18.5 in 2022-23, thus taking the dividend yield to 12.65%.
“We see no risk to its E-auction volumes as power demand would start receding in October, seasonal increase in Coal India’s volume movement andmajor chunk of auction volumes are already dedicated for power utilities. In light of better operational performance and strong outlook on E-auction realisations, we maintain Accumulate with a target price of Rs 164 based on EV/EBITDA of 3 times FY23e,” Prabhudas Lilladher has said in its recent report on Coal India.
PFC, REC Too may declare better dividends
Both these companies are into infrastructure financing and we believe that they can enhance the dividends in the coming years, thus improving yields further. And, if the share price goes up it offers the investor and opportunity to see an increase in capital as well.
The only problem these days in recommending stocks as a buy, including dividend stocks is that the markets have gone-up a great deal. To that extent the risk of a fall remains. While we do recommend, investors should buy only in small quantities. Many brokerages these days are warning investors of highly priced markets. In fact, a recent report from a leading brokerage house clearly highlighted the fact that the markets are over priced, with the Sensex trading at a 18% premium to long-term averages.
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.
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4 Flexi Cap Mutual Fund Schemes To Start SIPs Rated 5-Star By Morningstar
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4-Flexi Cap Funds rated 5-star by Morning star to start SIPs
| Name of the fund | 3-year returns, annualized | Ratings by Morningstar |
| Axis Flexi Cap Fund | 20.81% | 5-star |
| Parag Parekh Flexi Cap | 22.35% | 5-star |
| PGIM India Flexi Cap Fund | 24.69% | 5-star |
| UTI Flexi Cap Fund | 20.60% | 5-star |
According to data from Morningstar, Axis Flexi Cap Fund, Parag Parekh Flexi Cap, PGIM India Flexi Cap Fund and UTI Flexi Cap Fund all have received a ratings of 5-star from the flexi cap category.
Should you start SIPs in these funds?
Ideally, we would believe that Flexi cap funds offer the fund manager the flexibility to switch in comparison to funds that are purely dedicated to a particular category. For example, a largecap fund has to stick to large cap stocks and so is the case with small cap stocks.
Most mutual funds offer SIPs at around the range of Rs 500 to Rs 1,000 every month, though some have SIPs have amounts that are even lesser. Those who have invested in SIPs in the past three years have received solid returns in the last 3 years and particularly returns have been scintillating in the last 1-year.
Lower your expectations of returns
If you are a mutual fund investor in general and are investing when the Sensex has crossed the 58,000 points mark, you need to lower your expectations, given the way the markets have run-up. Expecting whopping returns in the next 1-year from here onwards would be far fetched. We suggest that stick to Sips and stick to small amounts rather than big amounts.
According to leading brokers stock markets are overvalued at these levels and hence investors need to be careful. If markets fall, your returns from mutual funds are also likely to get hit though for Systematic Investment Plans it tends to be safer as returns get averaged out. There is a crazy inflow right now into mutual funds and the markets are being pushed higher by liquidity. As long as interest rates are lower the markets will be heading higher and we believe at some stage markets would fall, which would be a good time to increase your SIP amounts. However, for the time being just stick to small amounts whether it is lump sum investments or whether it is Systematic Investment Plans.
Disclaimer
The returns and ratings from the mutual funds mentioned in this story are taken from Morningstar. Please do consult a professional advisor before you invest in mutual funds. Greynium Information Technologies Pvt Ltd, its subsidiaries, associates and authors do not accept culpability for losses and/or damages arising based on information in the article. Caution needs to be exercised as mutual funds are subject to risks associated with the stock markets.
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SGX Nifty down 80 points; here’s what changed for market while you were sleeping, BFSI News, ET BFSI
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Domestic stocks look set to kick off the week on a negative note, tracking negative cues from other Asian markets. Dollar strengthened against major currencies while crude prices added to the recent gains. All eyes were on the domestic CPI inflation data scheduled for later in the day. Here’s breaking down the pre-market actions:
STATE OF THE MARKETS
SGX Nifty signals a negative start
Nifty futures on Singapore Exchange traded 83 points, or 0.48 per cent, lower at 17,357.50, signaling that Dalal Street was headed for a negative start on Monday.
- Tech View: Nifty50 on Thursday formed a small bullish candle on the daily scale and an indecisive Doji on the weekly scale, suggesting a pause in the ongoing trend.
- India VIX: The fear gauge eased over 3 per cent to 13.94 level on Thursday over its close at 14.41 on Wednesday.
Asian stocks drop in early trade
Asian markets opened mostly lower on Monday as investors sought to lock in profits following recent rallies, with losses on Wall Street also weighing on the market. MSCI’s broadest index of Asia-Pacific shares outside Japan was down by 0.977 per cent.
- Japan’s Nikkei dropped 0.22%
- Korea’s Kospi declined 0.19%
- Australia’s ASX 200 gained 0.18%
- China’s Shanghai added 0.20%
- Hong Kong’s Hang Seng tanked 1.6%
US stocks settled lower on Friday
Wall Street ended sharply lower on Friday as investors weighed signs of higher inflation, while Apple Inc tumbled following an unfavorable court ruling related to its app store. US producer prices rose solidly in August.
- Dow Jones tanked 0.78% to 34,607.72
- S&P 500 declined 0.77% to 4,458.58
- Nasdaq plunged 0.87% to 15,115.49
Dollar finds footing ahead of inflation data
The dollar began a week full of big economic data on a firm footing, with investors wary of the Federal Reserve beginning its exit from super-supportive policy even as cases of the coronavirus surge.
- Dollar index gained to 92.662
- Euro steady at $1.1810
- Pound stands at $1.3834
- Yen little changed to 109.91 per dollar
- Yuan moved to 6.4424 against the greenback
Oil climbs to one-week high
Oil prices climbed on Monday to a one-week high as concerns over US supplies following damage from Hurricane Ida supported the market, with expectations for high demand. Brent crude rose 48 cents, or 0.7 per cent to $73.40 a barrel, and US West Texas Intermediate (WTI) crude added 49 cents, or 0.7 per cent, to $70.21 a barrel.FPIs sell shares worth Rs 423 crore
Net-net, foreign portfolio investors (FPIs) turned buyers of domestic stocks to the tune of Rs 423.44 crore, data available with NSE suggested. DIIs were buyers to the tune of 704.21 crore, data suggests. FPIs pumped in a net sum of Rs 7,605 crore in September so far.
MONEY MARKETS
Rupee: The rupee snapped its three-day losing streak to close 10 paise higher at 73.50 against the US dollar on Thursday following recovery in the domestic equities and losses in the dollar in overseas markets ahead of the European Central Bank’s policy meeting.
10-year bond: India 10-year bond yield eased 0.16 per cent to 6.17 after trading in 6.16 – 6.18 range.
Call rates: The overnight call money rate weighted average stood at 3.08 per cent on Thursday, according to RBI data. It moved in a range of 1.95-3.40 per cent.
DATA/EVENTS TO WATCH
- IN Inflation Rate YoY AUG (5:30 pm)
- AU Consumer Inflation Expectations SEP (6:30 am)
- US Consumer Inflation Expectations AUG (8:30 pm)
- US 3-Month Bill Auction (9 pm)
- US 6-Month Bill Auction (9 pm)
- US Monthly Budget Statement AUG (11:30 pm)
MACROS
New RBI rules on foreign investment irks HNIs
Wealthy Indians will find it virtually impossible to bet on foreign startups, fintech firms, overseas venture capital funds and similar offshore unlisted entities once a new rule proposed by the Reserve Bank of India (RBI) comes into force. Since more than a decade, local high net worth individuals (HNIs) and ultra-HNIs have been buying properties, securities — listed as well as unlisted — and units of global funds by transferring funds under the central bank’s liberalised remittance scheme (LRS) which allows a person to invest a maximum of $250,000 a year.
Zomato scrapped grocery plans for 2nd time
Food delivery platform Zomato has scrapped its grocery delivery plans for the second time in two years, saying that it expects its investment in Grofers to generate better outcomes for shareholders than an inhouse grocery business. Zomato had launched a pilot in July for 45-minute grocery delivery service in a few markets, starting with the National Capital Region. It operated on a marketplace model, allowing users to order directly from local stores. The pilot will end on September 17.
Exchanges plan ad blitz for festival crypto gold rush
In this festive season, crypto exchanges will woo users to invest in bitcoin as an alternative to gold. To tap into the festive season that began with Ganesh Chaturthi on Friday, Indian crypto exchanges are ramping up hiring, and planning product launches and large-scale advertising campaigns to add new retail investors.
Retro tax settlement: Government may issue rules this week
The government is likely to issue rules on settling retrospective tax cases this week after evaluating feedback from companies on the draft norms, a senior official said. The Centre is hopeful of a quick settlement of cases as the companies have indicated a willingness to indemnify the government against any future claims.
India Inc doling out higher increments
India Inc employers who have their appraisal cycle payouts in the June-August period have given out significantly higher increments to employees in 2021, compared to what they did last year during the first Covid-19 wave.
Relief for account holders at banks under moratorium
About Rs 10,000 crore of depositors’ money in banks under Reserve Bank of India (RBI) moratorium — such as the Punjab and Maharashtra Cooperative (PMC) Bank and Guru Raghavendra Sahakara Bank — will be payable to eligible customers by November end, under the recently-notified Deposit Insurance and Credit Guarantee Corporation (Amendment) Act.
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Tamilnad Mercantile Bank launches initiatives to celebrate 100th anniversary, BFSI News, ET BFSI
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Chennai, Sep 12 (PTI) Tamilnad Mercantile Bank on Sunday rolled out a host of initiatives to mark its centennial, including doorstep banking services for the convenience of customers besides an awareness campaign on Covid-19 vaccination. Earlier in the day, Finance Minister Nirmala Sitharaman kicked off the centenary celebrations of the bank in Tuticorin, by launching a postal stamp and a specialised ‘postal card’. The bank’s managing director and CEO, K V Rama Moorthy said the bank has stood the test of time and witnessed various historical events like the country’s independence, emergency situation and liberalization of the economy. “To help borrowers overcome the impact of Covid-19, the bank has covered 13,753 beneficiaries by disbursing Rs 1,567.62 crore. We were the first bank to introduce Robotics in currency chest to sort and bundle currencies in order to provide quality service to customers”, Moorthy said in a press release.
“As part of our Centenary celebrations, we are kick-starting multiple initiatives, starting with special postage stamp and postal cards. We are also launching the TMB Mobile DigiLobby and a Mobile Vaccination Drive to support our communities. “, he said.
The disbursement of loans to pharmaceuticals and health care facilities would be at the heart of year-long series of events and initiatives, he added.
Tamil Nadu based TMB has 509 branches across the country. In FY 2020-21, the bank’s net profit stood at Rs 603 crore as against Rs 408 crore in FY 2019-20.
Total advances were Rs 31,541 crore during the period as compared to Rs 28,236 crore recorded in same period last year, while total deposits grew to Rs 40,970 crore during the period under review from Rs 36,825 crore registered previous year. the release added. PTI VIJ ROH ROH
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Stabilising Ujjivan Small Finance Bank first priority for new management, other future plans on slow lane, BFSI News, ET BFSI
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The future strategy of Ujjivan Small Finance Bank detailed in the annual report has just turned irrelevant.
While the bank had listed a slew of digital-centric innovations to increase product suite and improve customer outreach in its latest annual report signed by outgoing chief executive Nitin Chugh, the new management has put stability as its foremost priority, pushing everything else to the backburner for the time being.
The annual report said the bank plans to enhance its payments and ecommerce presence through fintech partners and scale up business segments such as gold loans, farm loans and loans to small and medium enterprises in FY22.
“Forget all that, our first focus is to stabilise the portfolio and the organisation,” a senior executive close to the current management told ET, in what could well be a reflection of the alleged conflict between the previous and current management.
Ujjivan founder and former managing director Samit Ghosh, who has been brought back on the bank’s board as an additional director, declined to comment.
Chugh resigned last month citing personal reasons. It is widely viewed that Ujjivan Financial Services, the holding firm for the bank, was unhappy with Chugh’s handling of asset quality following the pandemic-led stress. The promoter also expressed concerns over high attrition with several senior and middle-level executives leaving the bank.
The bank’s gross non-performing assets jumped to 9.5% at the end of June from merely 1% as of March 31, 2020. Attrition rate was nearly 20%.
Following Chugh’s exit, the group selected Carol Furtado, who was a founding member of Ujjivan Financial Services, as its interim chief executive. Chugh will officially leave the bank on September 30.
“We expect FY22 to be a year of reasonable growth and stabilisation as we retain our sharp focus on improving our earnings, maintaining a healthy portfolio quality with emphasis on digitisation that would enhance our diverse product offerings,” Chugh said in the annual report for FY21.
The bank’s digitalisation process gained steam during his two-year stint.
“Going forward, we aim to strengthen our end-to-end process digitalisation efforts and use the power of digital as a new customer acquisition and service channel,” the bank said in the annual document for shareholders. “We will also leverage the power of analytics for actionable insights for data-driven decision making. We will continue to leverage our full-stack API banking platform to partner with the fintech ecosystem for faster time to market and innovative products and solutions for our customers,” it said.
While the first half of the financial year for Ujjivan went by navigating through the pandemic-led crisis compounded by the second wave, the next three-to-four months would be invested in bringing stability at the board and the management level. Several board members including chairman B Mahapatra Mona Kachhwaha, Ittira Davis and Harish Devarajan had left over the past few months.
The new management would also focus on an imminent reverse merger in the next few months. The bank, which completes five years of operations on January 31, 2022, is allowed by the Reserve Bank of India to reverse merge itself with the holding company.
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Bank loans to NBFCs grow slower as credit to small lenders dries up
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Both banks and non-bank lenders reported a deterioration in asset quality during the April-June quarter in loan categories. (Representational image)
The growth in outstanding bank loans to non-banking financial companies (NBFCs) has slowed down significantly on a year-on-year (y-o-y) basis in 2021, according to data released by the Reserve Bank of India (RBI). Industry executives said that the phenomenon is a result of credit to smaller NBFCs drying up amid heightened caution on the part of banks.
Credit outstanding to non-bank lenders has been growing in the low single digits through much of the current year, with banks’ NBFC book actually shrinking 2.2% y-o-y in June 2021. The growth rate moved back into positive territory in July, though it remained at a muted 0.5%. This is in contrast to the 20-36% growth rates seen every month during the comparable period of 2020, when the pandemic first broke out in India.
NBFC industry executives said that liquidity is not a problem for the larger players, but smaller lenders have been finding it difficult to access bank loans. Ramesh Iyer, vice-chairman and managing director, Mahindra & Mahindra Financial Services, told FE that there is a need to look at the situation of smaller NBFCs to put things in perspective. “I’ve been hearing that small NBFCs are not able to get money from banks. That could be one reason (why credit growth is slower),” he said.
Bankers admit in private conversations that they are being cautious while lending to some NBFCs, especially those who have faced difficulties with respect to collections during the pandemic. “Last year banks were being cautious because of Covid, but later we saw that NBFCs were able to manage well. The second wave has again made things difficult because collections were affected badly,” said a senior executive with a public-sector bank.
Both banks and non-bank lenders reported a deterioration in asset quality during the April-June quarter in loan categories where cash collections predominate. Gold loans, commercial vehicle (CV) loans and microfinance saw slippages rise in Q1FY22 as the second wave of Covid-19 hurt the collection effort. There was also no moratorium on repayments, unlike in 2020, which made the stress more evident on lenders’ books.
In a recent presentation, analysts at India Ratings and Research said that a trend of consolidation and polarisation is emerging in the NBFC segment, with AA+ and above-rated NBFCs growing their assets under management (AUMs) much faster than A+, A and A- rated non-banks. In terms of asset classes, NBFCs focused on real estate have seen their AUMs stagnating as a result of a funding crunch and other sector-specific challenges. In the first quarter of FY22, retail NBFCs also saw a drop in AUMs largely due to the second wave of Covid.
The rating agency also expects the funding environment for smaller microfinance institutions (MFIs) to remain challenging. “For most large MFIs (assets under management above Rs 5,000 crore or large sponsor backed), bank funding lines could continue and hence they may not face immediate liquidity stress. That being said, small and mid-size MFIs would need to conserve liquidity and hence their disbursements could be constrained, this could lead to lag in their performance,” India Ratings analysts said.
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Restored normalcy in PSU banks hamstrung by sticky bad assets: Finance minister Nirmala Sitharaman
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She said there are lot of changes happening in the banking sector at a fast pace through digitisation. (File)
Union finance minister Nirmala Sitharaman on Sunday said the government was able to bring back normalcy with regards to mounting non-performing assets (NPAs) in most of the public sector banks that have been a cause of concern since 2014.
The Centre, apart from infusing required capital, monitored the PSU banks with regular assessment and reviews while taking prompt corrective actions.
Inaugurating the centenary celebrations of Tamilnad Mercantile Bank (TMB) at Tuticorin, Sitharaman said the problems in banking sector are major problems that concern the entire country which also made everyone feel concerned about the sector.
“Post 2014, we had witnessed major NPA problems in the PSU banks, it took five to six years to reverse the trend and bring back normalcy in most of the banks. While the banks spent energy in the recovery process, even as trying to grow their businesses,” she said.
While speaking on bringing about the efficiency in the banking system, she said the way forward for any bank was to adopt complete technology-enabled solutions.
“Today financial technology is the biggest area and using that we could cross-populate data into forms. Auto-populating data of a consumer has been very useful and it can be done only through digitisation and the management of TMB should think of greater use of digitisation. Digitisation cannot be avoided for your own good and for the sake of customers,” she said.
She said there are lot of changes happening in the banking sector at a fast pace through digitisation. “There is no necessity to open a branch in a place which does not have a bank. To reach a customer’s bank account of the people who live there, all kind of technologies are available today. Even sitting from Tuticorin one can serve the banking requirements of people living in small villages through technology”, she said.
Sitharaman said even during Covid-19 pandemic with the use of digitisation through banking correspondents, the government’s financial disbursements were distributed to the needy after verifying their details.
“Prime Minister Narendra Modi was clearly aware that banking is important and did not hesitate that there can be zero balance accounts if they were opened under the Jandhan Yojana scheme, launched in 2014. He ensured that every one must hold a bank account and be able to transact,” she said.
K V Rama Moorthy, MD & CEO, TMB, said, “To help borrowers to overcome the adverse impact of Covid-19, till date, the bank has covered 13,753 beneficiaries and the exposure to the tune of Rs 1,567.62 crore. In the era of digital banking, we were the first bank to introduce robotics in currency chest to sort and bundling of currencies in order to provide quality service to the customers. Disbursement of loans to pharma and health care units will be at the heart of a year- long series of events and initiatives from us.”
Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.
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