Month: October 2021

Reserve Bank of India – Press Releases

Press Releases

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Reserve Bank of India announces the auction of Government of India Treasury Bills as per the following details:

Sr. No Treasury Bill Notified Amount
(in ₹ crore)		 Auction Date Settlement Date
1 91 Days 10,000 October 06, 2021
(Wednesday)		 October 07, 2021
(Thursday)
2 182 Days 3,000
3 364 Days 7,000
  Total 20,000    

The sale will be subject to the terms and conditions specified in the General Notification F.No.4(2)-W&M/2018 dated March 27, 2018 along with the Amendment Notification No.F.4(2)-W&M/2018 dated April 05, 2018, issued by Government of India, as amended from time to time. State Governments, eligible Provident Funds in India, designated Foreign Central Banks and any person or institution specified by the Bank in this regard, can participate on non-competitive basis, the allocation for which will be outside the notified amount. Individuals can also participate on non-competitive basis as retail investors. For retail investors, the allocation will be restricted to a maximum of 5 percent of the notified amount.

The auction will be Price based using multiple price method. Bids for the auction should be submitted in electronic format on the Reserve Bank of India’s Core Banking Solution (E-Kuber) system on Wednesday, October 06, 2021, during the below given timings:

Category Timing
Competitive bids 10:30 am – 11:30 am
Non-Competitive bids 10:30 am – 11:00 am

Results will be announced on the day of the auction.

Payment by successful bidders to be made on Thursday, October 07, 2021.

Only in the event of system failure, physical bids would be accepted. Such physical bids should be submitted to the Public Debt Office (email; Phone no: 022-22632527, 022-22701299) in the prescribed form obtainable from RBI website (https://www.rbi.org.in/Scripts/BS_ViewForms.aspx) before the auction timing ends. In case of technical difficulties, Core Banking Operations Team should be contacted (email; Phone no: 022-27595666, 022-27595415, 022-27523516). For other auction related difficulties, IDMD auction team can be contacted (email; Phone no: 022-22702431, 022-22705125).

Ajit Prasad
Director   

Press Release: 2021-2022/975

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HSBC, Bajaj Housing Finance reduce home loan rates

Banking & Finance

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HSBC India on Friday announced that it has reduced its home loan interest rates by 10 basis points from 6.55 per cent to 6.45 per cent per annum.

“This offer will be applicable for Balance Transfer Home Loans,” it said, adding that the special rate will be effective from October 1 to December 31. It is available across all loan amounts, and the bank has also waived off the processing fee for these loans, it added.

Also see: HSBC simplifies cross-border transactions

Bajaj Housing Finance also announced it has revised its home loan interest rate to 6.7 per cent per annum from 6.75 per cent per annum for salaried and professional applicants.

“Eligible applicants can transfer the balance amount on their home loan to Bajaj Housing Finance and avail the reduced interest rate,” it said.

The Home Loan Balance Transfer product comes with a top-up loan facility, where an applicant has the option to avail a sizeable top-up loan of ₹1 crore or more depending on eligibility.

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Indian Bank inks MoU with NBFCs for priority sector lending

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Indian Bank on Friday announced that it has entered into a memorandum of understanding with three leading non-banking finance companies (NBFCs) and housing finance companies (HFCs) for co-originate loans to the priority sectors.

The Chennai-based lender is partnering with Indiabulls Housing Finance, Indiabulls Commercial Credit and IIFL Home Finance on this co-lending arrangement.

In November 2020, the RBI had issued ‘Co-Lending Model’ guidelines allowing banks to co-lend with all registered NBFCs (including HFCs) to priority sector lending with an aim to improve the flow of credit to unserved and underserved sectors and make funds available to borrowers at an affordable cost.

“The arrangement entails joint contribution of credit at the facility level, by both lenders. It also involves sharing of risks and rewards between the bank and the NBFC for ensuring appropriate alignment of respective business objectives, as per the mutually decided agreement between the bank and the NBFCs,” Indian Bank said in a press release.

The bank expects to generate substantial business under the priority sector through co-Lending during the third quarter of the current fiscal.

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Stocks To Buy From Motilal Oswal & Sharekhan For Up To 35% Returns

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Buy Varun Beverages, says Motilal Oswal

Varun Beverages Limited is a key player in beverage industry and one of the largest franchisee of PepsiCo in the world (outside USA).

Current market price Target price Gains %
905 1150 27

According to Motilal Oswal, with an increase in vaccine distribution and revival in out-of-home consumption, CY21 is expected to record a volume growth of 8%/25% as compared to CY19/CY20 levels, lower than 24% volume CAGR over CY14-19, as the business was affected by the lockdowns across India, due to the second COVID wave, during its peak season (April to June).

In May 2019, Varun Beverages acquired the franchisee rights to seven states – Gujarat, parts of Maharashtra, parts of Karnataka, parts of Telangana, parts of Andhra Pradesh, Kerala, and Tamil Nadu – in South and West India from PepsiCo. Prior to the acquisition, PepsiCo’s market share had dropped over CY16-19 and penetration levels in the region were low.

Recent launches to build momentum for Varun Beverages

Recent launches to build momentum for Varun Beverages

Recent launches such as Sting and Mountain Dew – Ice are supporting volume growth and are expected to gain sizable mass in the medium-term.

“The company is expected to deliver strong volume growth across all the three product segments, with an increase in consumption patterns to pre-COVID levels. We expect strong demand traction over the next few years due to strong distribution network, rising penetration in the newly acquired region (south and west India), diversifying product portfolio, and growing refrigerator penetration in rural/and semi-rural areas per household and higher power availability hours. Our target price of Rs 1,150 implies a 27% upside. We maintain our Buy rating,” the brokerage has said.

Buy Inox Wind, says Sharekhan

Buy Inox Wind, says Sharekhan

According to Sharekhan, Inox Wind is expected to witness a turnaround in profitability, led by an improvement in order execution scale and better margins as the entire value chain in wind energy projects is expected to benefit from tariff stability and technological improvement (launch of 3.3 MW WTGs).

“Additionally, Inox Wind now focuses on improving the business mix to 75%/25% from wind turbine generator (WTG) equipment sale/turnkey projects by FY2023E-FY2024E. This would mean higher margins as well as a shorter working capital cycle. Overall, we expect EBITDA/PAT of Rs. 652 crore/Rs. 382 crore in FY2024E versus operating/net loss of Rs. 165 crore/Rs. 306 crore in FY2021,” the brokerage has said.

“We remain fairly confident on management’s strategy to turnaround the WTG business and monetisation of the O&M business, but any slippage on the same is key risk to our call, while early turnaround could further add to the upside potential. The stock is trading at 4.9x its FY2024E EV/EBITDA,” the brokerage has added. It has set a 35% upside target on the stock from the current market price of Rs 99.

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.



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Reserve Bank of India – Press Releases

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The following State Governments have offered to sell securities by way of auction, for an aggregate amount of ₹22,754 Cr. (Face Value).

Sr. No. State/UT Amount to be raised
(₹ Cr)		 Additional Borrowing (Greenshoe) Option (₹ Cr) Tenure (Yrs) Type of Auction
1 Andhra Pradesh 1000 – 13 Yield
1000 – 18 Yield
2 Assam 600 – 10 Yield
3 Bihar 2000 – 9 Yield
4 Chhattisgarh 1000 – 7 Yield
5 Goa 100 – 10 Yield
6 Gujarat 1000 500 10 Yield
7 Jharkhand 1000 – 12 Yield
8 Karnataka 1000 – 10 Yield
1000 – 11 Yield
9 Kerala 2000 – 15 Yield
10 Meghalaya 100 – Re-issue of 6.82% Meghalaya SDL 2031 Issued on April 16, 2021 Price
100 – Re-issue of 7.02% Meghalaya SDL 2041 Issued on September 08, 2021 Price
11 Mizoram 104 – 13 Yield
12 Punjab 750 – Re-issue of 6.84 % Punjab SDL 2031 Issued on September 29, 2021 Price
500 – Re-issue of 6.98 % Punjab SDL 2033 Issued on September 29, 2021 Price
13 Rajasthan 1000 – 5 Yield
1000 – 10 Yield
14 Tamil Nadu 1000 – 10 Yield
15 Telangana 1500 – 19 Yield
16 Uttar Pradesh 2500 – 10 Yield
17 West Bengal 2500 – 15 Yield
  TOTAL 22754      

The auction will be conducted on the Reserve Bank of India Core Banking Solution (E-Kuber) system on October 05, 2021 (Tuesday). The Government Stock up to 10% of the notified amount of the sale of each stock will be allotted to eligible individuals and institutions subject to a maximum limit of 1% of its notified amount for a single bid per stock as per the Scheme for Non-competitive Bidding Facility.

Both competitive and non-competitive bids for the auction should be submitted in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber) system on October 05, 2021 (Tuesday). The non-competitive bids should be submitted between 10.30 A.M. and 11.00 A.M. and the competitive bids should be submitted between 10.30 A.M. and 11.30 A.M.

In case of technical difficulties, Core Banking Operations Team (email; Phone no: 022-27595666, 022-27595415, 022-27523516) may be contacted.

For other auction related difficulties, IDMD auction team can be contacted (email; Phone no: 022-22702431, 022-22705125).

Only in the event of system failure, physical bids would be accepted. Such physical bids should be submitted to the Public Debt Office (email; Phone no: 022-22632527, 022-22701299) in the prescribed form obtainable from RBI website (https://www.rbi.org.in/Scripts/BS_ViewForms.aspx) before the auction timing ends.

The yield percent per annum expected by the bidder should be expressed up to two decimal points. An investor can submit more than one competitive bid at same/different rates of yield or prices in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber) system. However, the aggregate amount of bids submitted by a bidder should not exceed the notified amount for each State.

The Reserve Bank of India will determine the maximum yield /minimum price at which bids will be accepted. Securities will be issued for a minimum nominal amount of ₹10,000.00 and multiples of ₹10,000.00 thereafter.

The results of the auction will be announced on October 05, 2021 (Tuesday) and payment by successful bidders will be made during banking hours on October 06, 2021 (Wednesday) at Mumbai and at respective Regional Offices of RBI.

The State Government Stocks will bear interest at the rates determined by RBI at the auctions. For the new securities, interest will be paid half yearly on April 06 and October 06 of each year till maturity. The Stocks will be governed by the provisions of the Government Securities Act, 2006 and Government Securities Regulations, 2007.

The investment in State Government Stocks will be reckoned as an eligible investment in Government Securities by banks for the purpose of Statutory Liquidity Ratio (SLR) under Section 24 of the Banking Regulation Act, 1949. The stocks will qualify for the ready forward facility.

Ajit Prasad
Director   

Press Release: 2021-2022/973

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Karur Vysya Bank donates Rs 3.14 crore to PM Cares Fund, BFSI News, ET BFSI

Banking & Finance

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Private sector Karur Vysya Bank on Friday said it donated Rs 3.14 crore to the Prime Minister Cares Fund from its corporate social responsibility funds. The Bank’s MD and CEO B Ramesh Babu handed over the demand draft to Finance Minister Nirmala Sitharaman in New Delhi recently, the Tamil Nadu-based bank said in a press release.

Karur Vysya Bank said it had donated Rs 1 crore to the Tamil Nadu State Disaster Management Authority while it handed over oxygen concentrators and multi-parameter monitors to the Karur Medical College Hospital totalling to Rs 1.60 crore, the release said.

Babu stated that the bank was committed to give back to the society in a big way through the corporate social responsibility initiatives, the released added.

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HDFC Bank’s additional masala bonds get listed on NSE IFSC’s platform, BFSI News, ET BFSI

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NSE International Exchange (NSE IFSC) on Friday said it has listed HDFC Bank‘s additional masala bonds on its debt securities market platform. NSE IFSC is a wholly-owned subsidiary of the National Stock Exchange (NSE).

The private lender’s additional Tier 1 (AT1) masala bonds got listed on the debt securities market platform.

“HDFC Bank has raised Rs 739 crores under USD 3 Billion Medium Term Note Programme,” NSE IFSC said in a release.

Since the launch of NSE IFSC Debt Securities Market (DSM), it has listed total aggregate medium-term notes worth over USD 31 billion and listed bonds worth more than USD 17 billion, it added.

This also includes USD 1.75 billion worth of green and sustainable bonds.

NSE IFSC launched DSM for listing and trading of debt securities in multiple foreign currency bonds, green bonds, masala bonds, notes, among others, on March 16, 2018. PTI SRS BAL BAL



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HC refuses to grant interim relief to Shiv Sena’s Anandrao Adsul, BFSI News, ET BFSI

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The Bombay High Court on Friday refused to pass any order granting interim protection from coercive action to Shiv Sena leader and former MP Anandrao Adsul in connection with an alleged Rs 980 crore fraud at the City Co-operative Bank. Adsul had moved HC this week challenging the case and the summons issued by the ED directing him to appear before it for questioning.

Adsul’s counsel Abhinav Chandrachud told a division bench of Justices S S Shinde and Justice N J Jamadar that proceedings initiated by ED were at the instance of political rivals with the support of the ruling party at the Centre.

“Proceedings initiated by ED against Adsul clearly smack of political vendetta being settled through enforcement agencies, which are armed with powers of civil court during investigation and have been elevated to the status of court,” Adsul said in his plea.

Chandrachud told the court the proceedings before the ED had been initiated based on the complaint of Ravi Rana, husband of Amravati Lok Sabha MP Navneet Kaur.

He added that Adsul had filed a petition against Kaur’s caste certificate, and the HC had, earlier this year, cancelled the caste certificate.

Chandrachud argued that Rana had complained as retaliation to Adsul challenging the validity of Kaur’s caste certificate.

He further told the court Adsul was the original complainant in the case registered by the city police’s Economic Offences Wing in the alleged bank fraud case.

Opposing the relief sought, Additional Solicitor General Anil Singh, appearing for ED, asked the court to consider Adsul’s conduct when the summons were issued to him.

“When ED went to serve the summons, he (Adsul) created a scene. Got himself an ambulance and went to a hospital. There he was found to be fine, so he went to another hospital and got himself admitted. This conduct has to be looked into,” Singh argued.

He further argued that a person may or not be an accused in a case but the ED has to question every party involved to trace the proceeds of crime in a money laundering case.

The court, after hearing the matter briefly, said it was not inclined to pass any order granting relief to the petitioner at this stage.

“It is not uncommon for informant to become accused. We are not inclined to grant any relief today,” the bench said, and posted the matter for further hearing on October 8.

The ED case against Adsul pertains to alleged irregularities of Rs 980 crore in the City Cooperative Bank, of which he was former chairman.

The money laundering case is based on a First Information Report (FIR) of Mumbai Police Economic Offences Wing (EOW) into the alleged irregularities in disbursement of loan funds and other financial transactions of the bank.



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Reserve Bank of India – Press Releases

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Auction Results New GOI FRB 2028 6.10% GS 2031 6.76% GS 2061
I. Notified Amount ₹4000 Crore ₹13000 Crore ₹7000 Crore
II. Underwriting Notified Amount ₹4000 Crore ₹13000 Crore ₹7000 Crore
III. Competitive Bids Received      
(i) Number 115 208 126
(ii) Amount ₹21293 Crore ₹33548.812 Crore ₹18118 Crore
IV. Cut-off price / Yield   99.03 96.93
4.0400% (YTM: 6.2324%) (YTM: 6.9892%)
V. Competitive Bids Accepted      
(i) Number 25 59 37
(ii) Amount ₹3999.950 Crore ₹12995.323 Crore ₹6985.484 Crore
VI. Partial Allotment Percentage of Competitive Bids 53.79% 94.21% 99.40%
(3 Bids) (10 Bids) (6 Bids)
VII. Weighted Average Price/Yield 100 99.03 97.04
(WAY: 4.0400%) (WAY: 6.2324%) (WAY: 6.9807%)
VIII. Non-Competitive Bids Received      
(i) Number 2 4 5
(ii) Amount ₹0.050 Crore ₹4.677 Crore ₹14.516 Crore
IX. Non-Competitive Bids Accepted      
(i) Number 2 4 5
(ii) Amount ₹0.050 Crore ₹4.677 Crore ₹14.516 Crore
(iii) Partial Allotment Percentage 100% (0 Bids) 100% (0 Bids) 100% (0 Bids)
X. Amount of Underwriting accepted from primary dealers ₹4000 Crore ₹13000 Crore ₹7000 Crore
XI. Devolvement on Primary Dealers 0 0 0

Ajit Prasad
Director   

Press Release: 2021-2022/972

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Reserve Bank of India – Press Releases

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    NEW GOI FRB 2028 6.10% GS 2031 6.76% GS 2061
I. Notified Amount ₹4,000 cr ₹13,000 cr ₹7,000 cr
II. Cut off Price / Implicit Yield at cut-off 4.0400% 99.03/6.2324% 96.93/6.9892%
III. Amount accepted in the auction ₹4,000 cr ₹13,000 cr ₹7,000 cr
IV. Devolvement on Primary Dealers Nil Nil Nil

Ajit Prasad
Director   

Press Release: 2021-2022/971

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