October 2021 – Page 23 – IFSCCodeof.in

Banks dole out over Rs 11,000 crore loans under govt’s credit outreach programme, BFSI News, ET BFSI

October 26, 2021 root Banking & Finance

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State-owned banks and private banks have so far sanctioned loans worth over Rs 11,000 crore under the credit outreach programme. “As part of the government’s nationwide credit outreach programme that commenced on Oct 16, all PSU banks and private banks have sanctioned more than 193,000 loans totalling 111.68 bln rupees,” Finance Minister Nirmala Sitharaman‘s office tweeted.

Lenders sanctioned loans through 924 camps held in 405 districts from October 16-20.

The loan mela

Over 1 lakh borrowers availed business loans of about Rs 6,268 crore, followed by 62,616 borrowers availing agriculture loans of about Rs 1,874 crore.

Earlier this month, the finance ministry has asked PSU banks to start a nationwide loan outreach programme ahead of the festive season, and later.

Banks were asked to set targets of loans to be sanctioned during the district-wise outreach programme. They were also told to tie up with FinTech firms and non-banking financial companies to disburse loans to even small borrowers.

The banking system is bloated with liquidity, which has jumped from Rs 4.5 lakh crore in 2019 to over Rs 7.5 lakh crore currently, mainly due to weak credit demand.

The finance ministry feels that various sectors need credit support and asked banks to hold talks with exporters and various associations to support their loan needs.

FM announcement

Finance Minister Nirmala Sitharaman had announced a district-wise outreach to be undertaken by banks to help credit growth from October.

A push to credit growth from such outreach efforts will also help the momentum set by the stimulus packages, which have been extended by the government since the onset of the pandemic.

In late 2019, banks had conducted the “loan melas” in 400 districts to push up sagging credit growth. Even now, the credit growth is stuttering at around 6 per cent.

“I think it is too early to conclude whether there is a lack of demand… I don’t think it is time yet to conclude that there is no credit pick-up. Even without awaiting indications, we have taken steps to ramp up credit,” Sitharaman had said.

She noted that over Rs 4.94 lakh crore was disbursed by banks between October 2019 and March 2021 through the outreach initiatives.

Gross NPAs may rise

Gross non-performing assets (NPAs) of banks are expected to increase to 8-9 per cent in the current financial year, credit rating agency Crisil said in a report.

This will be well below the peak of 11.2 per cent seen at the end of fiscal 2018.

According to the agency, the COVID-19 relief measures such as the restructuring dispensation, and the Emergency Credit Line Guarantee Scheme (ECLGS) will help limit the rise in banks gross NPAs.

With around 2 per cent of bank credit expected under restructuring by the end of this fiscal, stressed assets comprising gross NPAs and loan book under restructuring should touch 10-11 per cent this fiscal, it said.

“The retail and MSME segments, which together form close to 40 per cent of bank credit, are expected to see higher accretion of NPAs and stressed assets this time around,” the agency’s senior director and deputy chief ratings officer Krishnan Sitaraman said in the report.

Stressed assets in these two segments are seen rising to 4-5 per cent and 17-18 per cent, respectively, by this fiscal end, he said.

The agency said the operationalisation of the National Asset Reconstruction Company Ltd (NARCL) by the end of this fiscal and the expected first-round sale of Rs 90,000 crore NPAs could lead to lower reported gross NPAs.

The report expects the corporate segment to be far more resilient. A large part of the stress in the corporate portfolio had already been recognised during the asset quality review initiated five years ago.

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Reserve Bank of India – Press Releases

October 26, 2021 root Press Releases

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April 14, 2015

Dear All

Welcome to the refurbished site of the Reserve Bank of India.

The two most important features of the site are: One, in addition to the default site, the refurbished site also has all the information bifurcated functionwise; two, a much improved search – well, at least we think so but you be the judge.

With this makeover, we also take a small step into social media. We will now use Twitter (albeit one way) to send out alerts on the announcements we make and YouTube to place in public domain our press conferences, interviews of our top management, events, such as, town halls and of course, some films aimed at consumer literacy.

The site can be accessed through most browsers and devices; it also meets accessibility standards.

Please save the url of the refurbished site in your favourites as we will give up the existing site shortly and register or re-register yourselves for receiving RSS feeds for uninterrupted alerts from the Reserve Bank.

Do feel free to give us your feedback by clicking on the feedback button on the right hand corner of the refurbished site.

Thank you for your continued support.

Department of Communication

Reserve Bank of India

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List Of Maharatna Company Stocks In India 2021

October 26, 2021 root Personal Finance

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To qualify as a Maharatna PSU, a CPSE must meet the following criteria: –

1. Navratna status should already be in place.

2. Listed on the Indian stock exchange with a minimum public shareholding requirement set by SEBI regulations.

3. Sales/turnover of more than Rs. 20,000 crore on an annual basis for the previous three years

4. A net worth of greater than Rs.10,000 crore on an annual basis for the past three years.

5. In the last three years, the company has made an average yearly net profit of more than Rs. 2,500 crore.

6. International businesses or a significant global presence

Maharatna Company: Bharat Heavy Electricals Limited

BHEL is one of India’s leading engineering and industrial conglomerates. It works on a wide range of products and services, including design, engineering, construction, testing, and maintenance. It has more than 180 product offerings to fulfil the ever-increasing demands of the economy’s major sectors.

Only 2.33 percent of trading sessions in the last 16 years had intraday drops of more than 5%. The stock returned 1.78 percent over three years, compared to 92.25 percent for the Nifty Midcap 100. Since August 27, 2001, Bharat Heavy Electricals Ltd. has issued 35 dividends.

Bharat Petroleum Corporation Limited

Maharatna is a government-owned oil and gas firm based in Mumbai, Maharashtra. It is India’s second-largest downstream oil company and ranks 342nd on Fortune’s list of the world’s largest corporations as of 2016. In Forbes’ 2018 list, BPCL was rated 672nd. After the ongoing up-gradation and expansion at several refineries are completed, the gross refining margins have the potential to improve.

In FY-20, BPCL added 1,447 outlets to its broad network of rural and urban locations, bringing the total number of outlets to 16,234. It has the highest throughput per outlet among PSU oil companies, while there is still room for improvement through outlet rationalization.

Maharatna Company: Coal India Limited

Coal India Limited (CIL), a Maharatna corporation, is an Indian state-controlled coal mining business with headquarters in Kolkata, West Bengal, India, and is the world’s largest coal producer. CIL produces coal through seven completely owned subsidiaries. It owns and runs 413 mines in 82 mining districts throughout the country. Coal India Africana Limited (CIAL), a wholly-owned subsidiary of CIL in Mozambique, is seeking coal mining potential in that country.

Any re-rating of the company faces tremendous hurdles as fossil fuels and climate change become a key issue with global investors. The stock returned -38.06 percent over three years, compared to 76.81 percent for the Nifty 100. Over a three-year period, the stock returned -38.06 percent, while the Nifty Metal returned 71.76 percent to investors.

Maharatna Company: GAIL Limited

GAIL (India) Limited, a Maharatna PSU and India’s flagship Natural Gas firm, integrates all components of the Natural Gas value chain and related services in India.

The stock returned -13.14 percent over three years, compared to 76.81 percent for the Nifty 100. GAIL (India) Ltd., founded in 1984, is a Large Cap company in the Gas & Petroleum sector with a market capitalization of Rs 66,183.94 crore.

GAIL is attempting to usher in a new era of clean fuel industrialization by constructing a quadrilateral of green energy corridors connecting India’s major consumption centres to major gas fields, LNG terminals, and other cross-border gas sourcing sites.

Maharatna Company: HPCL

Hindustan Petroleum Corporation Limited

Hindustan Petroleum Corporation Limited is a subsidiary of Oil and Natural Gas Corporation, which is owned by the Government of India’s Ministry of Petroleum and Natural Gas and is headquartered in Mumbai, Maharashtra. The stock returned 43.39 percent over three years, compared to 76.81 percent for the Nifty 100. Hindustan Petroleum Corporation Ltd., founded in 1952, is a Large Cap firm in the Gas & Petroleum sector with a market capitalization of Rs 46,287.23 crore.

Since July 27, 2000, Hindustan Petroleum Corporation Ltd. has announced 32 dividends.

Hindustan Petroleum Corporation Ltd. has declared an equity dividend of Rs 22.75 per share in the last 12 months.

This equates to a dividend yield of 7.04 percent at the current share price of Rs 323.05.

Maharatna Company: Indian Oil Corporation Limited

Indian Oil Corporation Limited (IOCL) is an Indian state-owned oil and gas business with headquarters in New Delhi and a registered office in Mumbai. It’s usually referred to as Indian Oil. It is owned by the Ministry of Petroleum and Natural Gas of the Government of India, which is based in New Delhi. In the fiscal year ended March 31, 2021, the company delivered a ROE of 19.34 percent, surpassing its five-year average of 14.96 percent. Over a three-year period, the stock returned -5.23 percent, while Nifty Energy returned 78.38 percent to investors.

Since Aug. 27, 2001, Indian Oil Corporation Ltd. has declared 33 dividends. Indian Oil Corporation Ltd. declared an equity dividend of Rs 12.00 per share in the last year. This equates to a dividend yield of 9.16 percent at the current share price of Rs 131.00.

Maharatna Company: NTPC Limited

National Thermal Power Corporation Limited (NTPC) is a Maharatna company (public sector undertaking) that was established by the Indian government in 1975. The National Thermal Power Corporation (NTPC) is the world’s largest electric power generation corporation. With a total installed capacity of 63 GW, it is India’s only power major that generates electricity using coal, gas, liquid fuel, hydro, solar, nuclear, wind, and renewable energy.

The stock returned 8.4 percent over three years, compared to 76.81 percent for the Nifty 100. In comparison, the S&P BSE Power Index returned 8.4 percent during a three-year period, whereas the S&P 500 Index returned 78.92 percent. NTPC Ltd., founded in 1975, is a Large Cap firm in the Power sector with a market capitalization of Rs 140,456.21 crore.

Maharatna Company: Oil & Natural Gas Corporation Limited

One of India’s largest Maharatna enterprises is Oil & Natural Gas Corporation Limited (ONGC). The ONGC is India’s largest crude oil and natural gas company. It accounts for over 70% of Indian domestic output and is used by firms such as IOC, BPCL, and HPCL to make products such as gasoline, diesel, and cooking gas. Only 1.51 percent of trading sessions in the last 16 years saw intraday gains of more than 5%. The stock returned 6.32 percent over three years, compared to 76.81 percent for the Nifty 100.

Maharatna Company: Power Grid Corporation of India Limited

Power Grid Corporation of India Limited is an Indian statutory corporation that is governed by the Ministry of Power of the Indian government. With an 85% share of India’s ISTS (Inter-State Transmission System) and inter-regional power transfer capacity, the company is the largest power transmission company.

The stock returned 36.34 percent over three years, compared to 76.81 percent for the Nifty 100. Over a three-year period, the stock returned 36.34 percent, compared to 78.92 percent for the S&P BSE Power index.

Maharatna Company: Steel Authority of India Limited

Steel Authority of India Limited (SAIL) is India’s largest steel producer and one of the country’s seven Maharatna Central Public Sector Enterprises. Annual sales growth of 11.83 percent surpassed the company’s three-year CAGR of 6.4 percent. The stock returned 82.67 percent over three years, compared to 76.81 percent for the Nifty 100 index.

Disclaimer

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. This article is for educational purpose.

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CCI nod for HDFC Bank’s stake buy in HDFC ERGO

October 26, 2021 root Banking & Finance

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The Competition Commission of India (CCI) has approved the acquisition of 4.99 per cent shareholding in HDFC ERGO General Insurance Company (HDFC ERGO) by HDFC Bank.

It maybe recalled that HDFC Bank had in June said that its Board had given approval to buy more than 3.55 crore shares in group firm HDFC ERGO General Insurance Company for over ₹1,906 crore from the parent company Housing Development Finance Corporation (HDFC).

“Commission approves acquisition of 4.99 per cent of the outstanding equity share capital of HDFC ERGO General Insurance Company by HDFC Bank,” said a tweet by the CCI.

Meanwhile, an official release said that the Acquirer is a public listed banking company registered with the Reserve Bank of India, which provides a wide range of banking services covering commercial and investment banking on the wholesale side and transactional/branch banking on the retail side.

As a part of the retail banking segment, the acquirer also engages in the distribution of life and general/non-life insurance products.

The Target is a joint venture between HDFC and ERGO International AG and is engaged in the business of general/non-life insurance in India and offers a complete range of general/non-life insurance products, the release added.

Parexel International

Meanwhile, the CCI has also approved the acquisition of Parexel International Corporation by Phoenix Parentco, Inc.

The proposed combination envisages acquisition of 100 per cent of the equity shareholding of Parexel International Corporation (Target) by Phoenix Parentco, Inc. (Acquirer). The Acquirer is jointly controlled by EQT Fund Management S.à r.l. (EQT) and the Goldman Sachs Group, Inc. (Goldman Sachs).

The Target is headquartered in Durham, USA. It provides biopharmaceutical outsourcing services to biopharmaceutical companies. The global activities of Target can be categorised into broad segments viz. clinical solutions and consulting, the release added.

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S&P upgrades Manappuram Finance’s credit rating to ‘BB-’

October 26, 2021 root Banking & Finance

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S&P Global Ratings has upgraded its long-term issuer credit rating for Manappuram Finance Ltd to ‘BB-’ from ‘B+’ as it expects the company to perform better than its non-banking finance company (NBFC) peers over the next 12 months.

This would be reflected in the company’s lower credit costs, above-average profitability, and strong capitalisation, the credit rating agency said in a statement.

S&P said the outlook is stable, reflecting its view that the company will largely maintain its financial profile over the next 12 months, supported by improved economic conditions in India.

The agency also affirmed the ‘B’ short-term issuer credit rating for the NBFC.

“Manappuram’s gold-based lending model with a three-month tenor allows it to recognise asset quality stress early,” the agency said.

S&P underscored that it could downgrade Manappuram if the company’s credit costs increase substantially, particularly in microfinance loans.

“We see limited rating upside for Manappuram over the next 12 months. We would upgrade the company if we believe its funding profile has become more stable,” it said.

Gold auctions

S&P observed that gold prices had fallen significantly till April 2021, from a peak in August 2020.

What’s next for gold loans after the pandemic?

“The stress in the economy owing to the second wave of Covid-19 infections during April-June 2021 and the decline in gold prices led to increased auctions of higher loan-to-value (LTV) loans in the first quarter of fiscal 2022 (ending March 31, 2022).

“The company’s gold auctions are likely to gradually return to their normal level as economic conditions improve,” S&P said.

The rise in auctions have, in part, lowered Manappuram’s average LTV ratio to about 65 per cent as of June 30, 2021, from about 71 per cent as of end-March 2021, providing the company some buffer to absorb price fluctuations, S&P said.

Banks may set up central repository to tackle gold loan frauds

The agency observed that gold price movements play an important role in the cushion available to lenders like Manappuram, which is predominantly in the collateral-based gold lending business.

Gold loans account for close to 70 per cent of the company’s total loans, with microfinance loans accounting for about 25 per cent, and vehicle finance and affordable housing contributing much of the rest.

Non-gold portfolio

S&P noted that stress will likely remain high in Manappuram’s non-gold portfolio, especially in the microfinance business.

“The asset quality of the non-gold loan portfolio has deteriorated sharply over the past two years.

“However, billing and collection efficiency are increasing close to pre-Covid-19 levels, hinting at improving asset quality trends,” the agency said.

Also, the company has pre-provisioned for the microfinance business. Therefore, S&P believes any residual impact can be largely absorbed by the company’s earnings.

The agency has forecast that Manappuram’s risk-adjusted capital ratio will stay above 30 per cent over the next 12 months.

“The company’s core earnings are likely to remain at more than 5 per cent of its average managed assets during this period. This ratio is one of the highest among rated peers.

“Manappuram’s funding profile is also improving with a shift toward longer tenor debt. However, the company still has material exposure to short-term wholesale funding,” S&P said.

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DBS Bank completes active loan switch ahead of LIBOR transition, BFSI News, ET BFSI

October 26, 2021 root Banking & Finance

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DBS Bank India has announced active transitioning of an existing loan and derivative to new reference rates. This is part of the bank’s benchmark transition plan to adopt new Alternative Reference Rates (ARR) as Interbank Offered Rates (IBORs) are phased out.

DBS Bank has transitioned some of the existing loan and derivative contracts with two companies – Power Finance Corporation Ltd and REC Ltd – to the new reference rates. Existing contracts were benchmarked to Swap Offer Rate (SOR), and post this transition, all loans and derivatives have now moved to Singapore Overnight Rate Average (SORA), the new risk-free rate.

As legacy interest rate benchmarks SOR and Singapore Interbank Offered Rate (SIBOR) are systematically phasing out, SORA is the recommended SGD interest rate benchmark, which is expected to replace them. Banks across countries, including India, are also moving towards ARR benchmarks equivalent to SORA.

In July 2021, RBI issued an advisory to banks and financial institutions to cease entering into new financial contracts referencing London Interbank Offered Rate (LIBOR). Since the advisory, banks have executed transactions linked to the Secured Overnight Financing Rate (SOFR) benchmark.

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Mastercard expands cryptocurrency services with wallets, loyalty rewards, BFSI News, ET BFSI

October 26, 2021 root Personal Finance

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Mastercard Inc said on Monday it would allow partners on its network to enable their consumers to buy, sell and hold cryptocurrency using a digital wallet, as well as reward them with digital currencies under loyalty programs.

The credit card giant said it would offer these services in partnership with Bakkt Holdings Inc, the digital assets platform founded by NYSE-owner Intercontinental Exchange.

Founded in 2018, Bakkt went public earlier this year through a $2.1 billion merger with a blank-check company. Shares of the company were up 77% at $16.19 on Monday.

Mastercard said its partners can also allow customers earn and spend rewards in cryptocurrency instead of loyalty points.

The company had said in February https://www.reuters.com/article/us-crypto-currency-mastercard-idUSKBN2AA2WF it would begin offering support for some cryptocurrencies on its network this year.

Last year, rival Visa Inc had partnered https://www.reuters.com/article/us-blockfi-crypto-currency-visa-idUSKBN28B603 with cryptocurrency startup BlockFi to offer a credit card that lets users earn bitcoin on purchases.

Bitcoin, the world’s largest cryptocurrency, touched a record high of $67,016 last week after the debut of the first U.S. bitcoin futures-based exchange traded fund. It has more than doubled in value this year.

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How To Check ITR-V Receipt Status Online?

October 26, 2021 root Personal Finance

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Taxes

oi-Vipul Das

|

Published: Tuesday, October 26, 2021, 10:58 [IST]

Upon e-filing the Income Tax Return (ITR) whether offline or online it is an important task to check or verify your Income Tax Return. As a consequence, a taxpayer can authenticate his or her Income Tax Return using a Digital Signature Certificate (DSC), Aadhaar OTP, EVC using Prevalidated Bank Account Details, and EVC using Prevalidated Demat Account Details. However, taxpayers who do not wish to e-verify their Income Tax Returns must send a signed ITR-V to “Centralized Processing Center, Income Tax Department, Bengaluru – 560500” through regular or speed post within 120 days from the date of filing.

This signifies that the filed ITR should be e-Verified later using the ‘My Account > e-Verify Return’ option online, or the verified ITR-V should be forwarded to CPC, Bengaluru. Unverified ITRs are not regarded legitimate and will not be processed by the department, according to income tax regulations and additionally, if you are eligible for an income tax refund, you are required to verify your ITR by sending it to the Income Tax Department and upon successful verification by the department, the applicable refund amount will be granted. As the tax department allows a time frame of 120 days, you must ensure that your ITR-V is received by the income tax department in a timely manner. Here’s how you can check or verify the status of ITR-V on the new income tax portal.

How To Check ITR-V Receipt Status Online?

Steps to verify ITR-V receipt status online

Visit https://www.incometax.gov.in/iec/foportal and under the ‘Our Services’ section click on ‘Income Tax Return (ITR) Status’.
Now you will be redirected to this page https://eportal.incometax.gov.in/iec/foservices/#/pre-login/itrStatus where you need to enter the acknowledgment number and registered mobile number.
Click on ‘Continue’ and you will get a one-time password (OTP) on your registered mobile number.
Enter the OTP and click on ‘Submit’ for verification.
Upon successful verification of the submitted OTP, you can track the status of your ITR submitted and the status will be displayed as ‘ITR verified’ if your ITR-V has been reviewed and verified by the Income Tax Department.
If the ITR-V has not yet been reviewed and verified by the tax department, the status will be displayed as ‘Pending for e-verification.’
Furthermore, you will get a confirmation email or SMS once the ITR-V has been acknowledged by the Income Tax Department.
Only once your ITR has been approved, it will be processed further by the department and an intimation notice under section 143(1) will be issued on behalf of you once the ITR has been effectively verified.

Points to note while sending a signed ITR-V to the Income Tax Department

There are a few things to keep in mind which are as follows while sending a signed ITR-V to the Income Tax Department.

The print-out of the ITR-V must be filled and signed out completely in blue ink only and it must be sent through normal or speed post to the tax department.
The bar code, as well as the numbers specified in the ITR-V form, should be clearly visible hence do not write anything over it.
Multiple ITR-V can be sent to the department at a time, hence you can send more than one ITR-V form if any.
The signature on your ITR V should be the same as the signature on your PAN Card.
ITR-Vs submitted by courier will be rejected, and despite the fact that it is an official document, do not write anything on the front or backside of the form.
There are no additional documents required to send with the ITR-V, but make sure that you have printed it out before sending it.

Story first published: Tuesday, October 26, 2021, 10:58 [IST]

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4 Stocks To Buy For Long Term According To ICICI Securities

October 26, 2021 root Personal Finance

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Crompton Greaves Consumer- Strong margin amid challenging scenario

Crompton Greaves Consumer (CGCEL) is a leading fast-moving electrical goods (FMEG) company in India, with a strong presence in electrical consumer durables (78 percent of revenue) and lighting (22 percent of revenue).

Crompton Greaves Consumer stock has a target price of Rs. 525, which represents a 17 percent increase from current levels.

Q2FY22 Results of Crompton Greaves Consumer

Revenue was in line with expectations, with a positive margin surprise.

The ECD segment had an 18% increase in revenue year over year, bringing total revenue to Rs 1385 crore. In Q2, price increases ranged from 3% to 4% year over year.

Price increases, a stronger product mix (a 45 percent YoY increase in the premium fan), and cost-cutting efforts all helped to keep the EBITDA margin at 15.5 percent in the second quarter.

PAT increased by 12% year on year to Rs 159 crore, owing to improved margins and topline growth.

Target and Valuation

“GCEL’s share price has grown by 2.5x in the past five years (from ~Rs 184 in October 2016 to ~Rs 450 levels in October 2021). We maintain our BUY rating on the stock Target Price and Valuation: We introduce FY24E estimates and roll overvaluation at FY24 valuing the company at Rs 525 i.e. 40x P/E on FY23E EPS,” the brokerage has said.

TCI Express- Focus on pan-India presence, newer service offerings

TCI Express is a leading asset-light B2B express logistics provider with 28 sorting centres and 800+ owned pan-India centres spanning 40000 pick-up and delivery points.

TCI Express stock has a target price of Rs. 1950, which represents a 19 percent increase from current levels.

Q2FY22 Results of TCI Express

Sorting centers are on schedule for commissioning, and the results are on target.

Revenues increased by 28% year on year to $ 273 crore.

Due to lower higher utilisation and better cost control initiatives, EBITDA climbed 39 percent YoY to $ 45 crore, with margins of 16.6 percent (vs. 15.3 percent in Q2FY21).

Due to good operating performance, PAT increased by 45 percent to Rs 34 crore.

Target and Valuation

“Building pan-India owned branches and sorting centres in every major city supported by IT enabled transportation infrastructure is expected to build a strong entry barrier in the B2B division. We remain positive on the stock and maintain our BUY recommendation. Target Price & Valuation: We value the stock at Rs 1950 i.e. 37x P/E on FY23E EPS,” the brokerage has said.

According to ICICI Direct, TCI Express’s newer asset-light B2B products, such as Rail express, Pharma Cold Chain, and C2C express, are expected to contribute 25% of the topline, up from 15% currently. These operations are expected to boost consolidated EBITDA margins to 20% or higher.

Bata India- Change in product mix to boost revenue growth

Bata India is a key player in the Indian footwear market, with a presence in the men’s, women’s, and children’s categories.

Bata India stock has a target price of Rs. 2380, which represents a 21 percent increase from current levels.

“Bata has, over the last one year, delivered ~48% return whereas Relaxo delivered 101% returns owing to increased market share due to enhanced consumer preference towards open footwear. Strong revenue growth coupled with recovery in margin profile would enable Bata to reduce the valuation gap with Relaxo. Target Price and Valuation: We maintain our BUY recommendation on the stock and value Bata at Rs 2380 i.e. 50x FY24E EPS,” the brokerage has said.

According to brokerage, on a net basis, we anticipate the company adding 240 locations in FY22-24E, bringing the total number of outlets to 1765. Bata is also expanding its franchise network in Tier III-V cities, with 64 new franchise stores added in FY21, bringing the total number of franchise stores to 234. It plans to grow the franchisee store share to 30% during the following two years.

Multi Commodity Exchange; Market leadership, options volume to aid earnings

With a market share of 93 percent in commodity futures turnover, MCX is the market leader in India’s commodity derivatives exchanges.

MCX stock has a target price of Rs. 2000, which represents a 19 percent increase from current levels.

Results

The drop in ADTO at MCX had an impact on revenue and earnings.

Due to increased margin requirements, average daily futures turnover (ADTO) fell 32% YoY to | 25797 crore.

Option ADTO grew from Rs 1900 crore to Rs 6023 crore in the last quarter.

Operational revenue is down 30% year over year, while other income is down 10%.

Earnings of 33.2 crore, down 16.8% quarter-on-quarter and 43 percent year-on-year.

Target and Valuation

“MCX’s share price has grown by ~1.7x over the past five years (from ~| 1054 in July 2016 to ~| 1,798 levels in October 2021). Being a market leader in commodities exchange and a beneficiary of the increase in options volume, we retain our BUY rating on the stock. Target Price and Valuation: We value MCX at ~46x core FY23E EPS and net cash and maintain our target price at Rs 2000,” the brokerage has said.

Disclaimer

The above stocks are picked from the brokerage report of ICICI Direct. 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

October 26, 2021 root Press Releases

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(Amount in ₹ crore, Rate in Per cent)

Volume
(One Leg) Weighted
Average Rate Range

A. Overnight Segment (I+II+III+IV) 493,295.61 3.41 2.00-3.65

     I. Call Money 10,104.72 3.31 2.00-3.50

     II. Triparty Repo 370,667.95 3.41 3.11-3.50

     III. Market Repo 111,698.94 3.40 2.25-3.60

     IV. Repo in Corporate Bond 824.00 3.65 3.65-3.65

B. Term Segment

     I. Notice Money** 354.20 3.25 2.50-3.40

     II. Term Money^@@ 62.50 – 3.20-3.30

     III. Triparty Repo 250.00 3.44 3.44-3.44

     IV. Market Repo 356.24 3.39 2.90-3.75

     V. Repo in Corporate Bond 1,600.00 3.82 3.80-3.85

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 Mon, 25/10/2021 1 Tue, 26/10/2021 139,644.00 3.35

    (iii) Special Reverse Repo^~

    (iv) Special Reverse Repo^ψ

2. Variable Rate^&

  (I) Main Operation

     (a) Reverse Repo

  (II) Fine Tuning Operations

     (a) Repo

     (b) Reverse Repo

3. MSF Mon, 25/10/2021 1 Tue, 26/10/2021 400.00 4.25

4. Special Long-Term Repo Operations (SLTRO) for Small Finance Banks (SFBs)^£

5. Net liquidity injected from today’s operations
[injection (+)/absorption (-)]* -139,244.00

II. Outstanding Operations

1. Fixed Rate

  (i) Repo

    (ii) Reverse Repo

    (iii) Special Reverse Repo^~ Fri, 22/10/2021 12 Wed, 03/11/2021 5,465.00 3.75

    (iv) Special Reverse Repo^ψ Fri, 22/10/2021 12 Wed, 03/11/2021 2,900.00 3.75

2. Variable Rate^&

  (I) Main Operation

     (a) Reverse Repo Fri, 22/10/2021 12 Wed, 03/11/2021 418,395.00 3.99

  (II) Fine Tuning Operations

     (a) Repo

     (b) Reverse Repo Wed, 20/10/2021 6 Tue, 26/10/2021 200,008.00 3.95

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

Mon, 27/09/2021 1095 Thu, 26/09/2024 600.00 4.00

Mon, 04/10/2021 1095 Thu, 03/10/2024 350.00 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^$ 24,195.80

E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]* -516,930.2

F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]* -656,174.2

G. Cash Reserves Position of Scheduled Commercial Banks

     (i) Cash balances with RBI as on 25/10/2021 621,710.28

     (ii) Average daily cash reserve requirement for the fortnight ending 05/11/2021 636,507.00

H. Government of India Surplus Cash Balance Reckoned for Auction as on^¥ 25/10/2021 0.00

I. Net durable liquidity [surplus (+)/deficit (-)] as on 08/10/2021 1,192,495.00

^@ 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 and Press Release No. 2021-2022/1023 dated October 11, 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: 2021-2022/1095

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