Month: October 2021

Extension of Last Date of Submission – Design, Supply, Installation, Testing & Commissioning of UVGI Assembly in the Air Handling Units (AHUs) for Bank’s Main Office Premises at Guwahati

Tenders

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e-Tender No. RBI/Guwahati/Guwahati/7/21-22/ET/144

The captioned tender was published on September 14, 2021 through RBI website (www.rbi.org.in). Last date for online submission of the tender through MSTC website (www.mstcecommerce.com) was specified on or before 14:00 hours on October 25, 2021. It is informed that the last date for submission has been extended to November 15, 2021 till 14:00 hours. All the terms and conditions mentioned in the tender remain unchanged.

DGM (O-i-C), North Eastern States

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NSE surpasses 5 crore registered investors, BFSI News, ET BFSI

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The number of registered investors on the National Stock Exchange of India (NSE) crossed five crore on Monday. While the journey from three crore registered investors to four crore registered investors took about 15 months, the next one crore investor registrations took less than seven months, the leading bourse said in a statement.

Total number of unique client codes registered with the exchange stand at 8.86 crore (clients could register with more than one trading member). “The milestone achieved today is the culmination of efforts put in by the government, the regulators, and all stakeholders to provide a bouquet of products, simplified client onboarding processes, investor education and awareness,” Vikram Limaye, MD and CEO, NSE said.

“I am sure with the focused efforts of all stakeholders; we should be looking at increasing penetration further and touching the 10 crore unique investors mark over the next 3-4 years,” he added. Total demat accounts in the country held with the two depositories — CDSL and NSDL– are at around 7.02 crore which include multiple demat accounts held by a single investor having a unique PAN. An investor can have more than one demat account or trading account with different depository participants and trading members which are linked to a single PAN. North Indian states contributed 36 per cent of the new investor registrations on the NSE. Western states accounted for 31 per cent, followed by southern and eastern states at 20 per cent and 13 per cent, respectively.

State wise, Maharashtra contributed 17 per cent followed by Uttar Pradesh with 10 per cent and Gujarat with 7 per cent of the new investor registrations.

The top 10 states accounted for 71 per cent of the new investor registrations. The growth in investor registrations has largely been driven from non-metro cities. The cities beyond the top 50 cities accounted for 57 per cent of the new investor registrations, while the cities beyond the top 100 cities, contributed to 43 per cent indicating that the growing interest in the equity markets is not restricted to the metros and a few tier-I cities.



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2 Stocks To Buy That Can Generate Returns Of Up To 46%

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Buy Orient Electric

Current market price Target price Gains%
Rs 344 Rs 500 46.00%

According to Motilal Oswal revenue grew 37% YoY and came in 19% above our estimate. “While the surge in commodity prices led to a 480 basis points YoY deterioration in gross margin, strong volume growth, led by operating leverage, cushioned the impact at the EBITDA margin level v/s our expectation.

“EBITDA grew 7% YoY and was 31% ahead of our expectation. Adjusted PAT grew by 7% and came in 46% ahead of our expectation,” the brokerage has said.

Target price of Rs 500 on the stock

Target price of Rs 500 on the stock

“With demand scaling back gradually and the upcoming festive season ahead, we believe Orient Electric is best placed to capture this trend, with its strong manufacturing and distribution capabilities. On account of its superior performance in 2QFY22, we increase our FY22-24E EPS by 5-6%. We forecast a revenue/EBITDA/adjusted PAT CAGR of 19%/21%/25% over FY21-24E. We value Orient Electric at 45x FY24E EPS, with a target price of Rs 500. At the current market price, the stock trades at a FY23E/FY24E P/E of 36x/30x. On a FY24E P/E multiple basis, Orient Electric is trading at a discount of 40%/15% v/s Havells and Crompton. On an EV/EBITDA basis, the discount stands at 48%/36%. We maintain our Buy rating,” the brokerage has said.

Buy Tata Consumer Products

Buy Tata Consumer Products

Broking firm, Motilal Oswal is also bullish on the stock of Tata Consumer Products and has set a price target of Rs 945 on the stock. According to the broking firm, the unlocking of sales and distribution synergies from the merger of group companies has started to yield results. This is evident from the market share increase in Tea (+190bp YoY) and Salt (+160bp YoY) in FY21 (it also increased in 1HFY22) on the back of an increase in numeric distribution. Tata Consumer Products doubled its direct reach to 1.1m by Sep’21. The company is establishing a strong S&D channel, which would act as a key growth driver.

“We maintain our earnings estimates (as performance in 2QFY22 was broadly in line) and arrive at our SoTP-based target price of Rs 945 per share. We maintain our Buy rating on the stock,” the brokerage 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.



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5 Stocks To Buy For Traders In The Short-Term

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Market consolidation to continue

“Market would continue to track rise in covid cases in China and Russia for further cues. Tomorrow two major banks viz Axis Bank and Kotak Bank would be declaring their results and hence Bank Nifty would continue to be in focus. This apart all eyes would be on two large IPOs upcoming this week with Nykaa and Fino Payments Bank cumulatively raising Rs7000 crore,” Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services Ltd.

On Monday markets were mixed bag with attention focusing on the latest COVID-19 outbreak in China. Sentiments were also muted on account of Euro zone inflation which surged to multi-year high. On the other hand, investors are cautiously awaiting ECB’s Governing Council meet and UK budget later in the week. Oil prices continue hitting multi-year highs, lifted by tight global supply and strengthening fuel demand as economies recover from pandemic-induced slumps.

Stocks to buy for traders

Stocks to buy for traders

1) Dr. Ravi Singh, Head of Research & Vice President, ShareIndia

ONGC: Buythe stock at Rs 160, Sell the stock at Rs 168, Stop Loss Rs 158

IGPL: Buy the stock at Rs 850, Sell the stock ast Rs 880, Stop Loss Rs 840

KEC International: BUY the stock at Rs 530, Target Rs 550, Stop Loss Rs 520

2) Manoj Dalmia, Founder and Director, Proficient Equities Private Limited

Bank of Baroda: BUY at Rs 96.50, Target Rs 102, Stop Loss at Rs 94

3) Ravi Singhal, Vice chairman, GCL Securities Limited

ONGC: BUY at Rs 161, Target Rs 170, Stop loss Rs 157

Disclaimer

Disclaimer

The above stocks are picked from various technical analysts. 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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Bajaj Finance Urges Customers to Stay Safe Against Online Frauds on Electronic Platform During Festive Season, BFSI News, ET BFSI

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Bajaj Finance Limited cautions its customers and the public at large to stay vigilant against online loan frauds and other types of frauds on electronic platform during this festive season. As a part of the Cybersecurity Awareness Month, the company issued an advisory to its customers over email and on their social media platforms, urging them to stay alert of the growing incidences of cyber frauds and how to stay safe online.

With festive season around, consumers are more prone to availing instant loans, shopping online, seeking various discounts and cashback offers which make them vulnerable to fall into the trap of cyber frauds. So, it’s critical that consumers remain alert and informed about frauds such as (including, but not limited to) fake ads on social media, website impersonation, identity theft, fake job offers, vishing, phishing, sim swapping, UPI frauds, fake loan approval letters, ‘too good to be true loan offers’, suspicious phone calls, phone calls by impersonators claiming to be representatives of Bajaj Finance Ltd., suspicious links received on SMS or on various messenger platforms etc. (“frauds on electronic platform”).

The awareness advisory is a part of the continuous efforts of the company towards educating customers about frauds on electronic platform, the modus operandi of fraudsters who target unsuspecting users to carry out loan frauds and cyber security scams and the necessary safety measures to follow to avoid getting duped.



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ESAF Small Finance Bank, Anand Rathi Wealth among 7 cos to get Sebi’s nod for IPO, BFSI News, ET BFSI

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New Delhi, As many as seven companies, including ESAF Small Finance Bank, Sapphire Foods India and Anand Rathi Wealth, have received capital markets regulator Sebi‘s nod to raise funds through initial public offerings (IPOs). In addition, PB Fintech, which operates an online insurance platform Policybazaar and credit comparison portal Paisabazaar, Paytm‘s parent firm One97 Communications, life sciences company Tarsons Products and HP Adhesives too received Sebi’s clearance to float their IPOs.

These companies, which filed their draft papers with Sebi between July and August, obtained the regulator’s observations during October 18-22, an update with Sebi showed on Monday.

In Sebi’s parlance, the issuance of observation is equivalent to the regulator’s approval.

ESAF Small Finance Bank’s Rs 997.78-crore public issue comprises a fresh issue of equity shares worth Rs 800 crore and an offer for sale of Rs 197.78 crore by existing shareholders, according to draft red herring prospectus (DRHP).

Under the offer for sale, the promoter will be selling shares worth Rs 150 crore, PNB MetLife would offload shares to the tune of Rs 21.33 crore, Bajaj Allianz Life will offer shares of Rs 17.46 crore, PI Ventures will sell Rs 8.73 crore worth shares and John Chakola will offer shares worth Rs 26 lakh.

The IPO of Sapphire Foods India Ltd, which operates KFC and Pizza Hut outlets, will be entirely an offer of sale (OFS) of 17,569,941 equity shares by promoters and existing shareholders.

As a part of the OFS, QSR Management Trust will sell 8.50 lakh shares, Sapphire Foods Mauritius Ltd will offload 55.69 lakh shares, WWD Ruby Ltd will divest 48.46 lakh shares and Amethyst will offer 39.62 lakh shares.

In addition, AAJV Investment Trust will sell 80,169 shares, Edelweiss Crossover Opportunities Fund will offload 16.15 lakh shares and Edelweiss Crossover Opportunities Fund-Series II will divest 6.46 lakh shares.

The initial share-sale of Anand Rathi Wealth Ltd, part of Mumbai-based financial services group Anand Rathi, is completely an offer for sale of 1.2 crore equity shares by promoters and existing shareholders.

Those offering shares in the offer for sale are — Anand Rathi Financial Services Limited, Anand Rathi, Pradeep Gupta, Amit Rathi, Priti Gupta, Supriya Rathi, Rawal Family Trust, Jugal Mantri and Feroze Azee.

According to the draft papers, Paytm plans to raise Rs 8,300 crore through fresh issue of equity shares and another Rs 8,300 crore through the offer-for-sale route.

Paytm founder, managing director and chief executive Vijay Shekhar Sharma and Alibaba group firms will dilute some of their stake in the proposed offer-for-sale.

In addition, investors selling stake include Antfin (Netherlands) Holding BV, Alibaba.Com Singapore E-Commerce Private Ltd, Elevation Capital V FII Holdings Ltd, Elevation Capital V Ltd, SAIF III Mauritius Company Ltd, SAIF Partners India IV Ltd, SVF Panther (Cayman) Ltd and BH International Holdings.

The Rs 6,017.50 crore IPO of PB Fintech comprises a fresh issue of Rs 3,750 crore worth of equity shares and an offer for sale of Rs 2,267.50 crore by existing shareholders.

As part of the OFS, SVF Python II (Cayman) will sell shares worth Rs 1,875 crore, Yashish Dahiya will offer shares worth Rs 250 crore and some other selling shareholders will also divest shares.

Tarsons Products’ IPO comprises fresh issuance of equity shares worth Rs 150 crore and an offer for sale of 1.32 crore equity shares by promoters and an investor.

As a part of the OFS, promoters — Sanjive Sehgal will offload up to 3.9 lakh equity shares and Rohan Sehgal will sell up to 3.1 lakh equity shares — and investor Clear Vision Investment Holdings Pte Ltd will divest up to 1.25 crore equity shares.

HP Adhesives’ initial share-sale consists of fresh issuance of 41.40 lakh equity shares and an offer of sale of 4,57,200 equity shares by promoter Anjana Haresh Motwani.

The company manufactures a wide range of consumer adhesives and sealants products such as PVC, solvent cement, synthetic rubber adhesive, PVA adhesives, silicone sealant, acrylic sealant, gasket shellac, other sealants and PVC pipe lubricant.

The shares of these companies will be listed on the BSE and NSE. PTI SP BAL BAL



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Canara Bank raises Rs 1,500 cr through bonds, BFSI News, ET BFSI

Banking & Finance

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New Delhi, State-owned Canara Bank on Monday said it has raised Rs 1,500 crore by issuing Basel-III compliant bonds. The bank has issued and allotted Basel-III compliant additional tier I bonds amounting to Rs 1,500 crore, Canara Bank said in a regulatory filing.

The bank said as many as 16 allottees have been issued the non-convertible, perpetual, taxable, subordinated bonds bearing a coupon of 8.40 per cent, it said.

Stock of Canara Bank closed 1.71 per cent up at Rs 201.95 on BSE. PTI KPM RUJ RUJ

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IndiGo, Kotak Mahindra Bank tie up for co-branded credit card, BFSI News, ET BFSI

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Mumbai, Budget carrier IndiGo and private sector lender Kotak Mahindra Bank on Monday announced a strategic partnership for a co-branded credit card, Ka-ching, under the 6E Rewards programme. Managed and operated by IndiGo, the Rewards Programme is linked to a co-branded card wherein members can earn rewards by using such card on IndiGo and other merchants and redeem them for availing the benefits.

6E is the airline code for IndiGo.

Scheduled to be launched next month, the co-branded card will be available in two variants– 6E Rewards and 6E Rewards XL — offering exclusive travel benefits to the cardholders keen on domestic or international travel, IndiGo said in a release.

This collaboration will create value for customers in the form of a powerful product proposition offering a premium rewards experience to customers, it said.

Customer research reveals that travel has emerged as the most sought-after redemption category in terms of reward programmes. Customers prefer to receive travel-associated offers and benefits such as free flights while redeeming their reward points – a trend that is expected to accelerate as air travel reaches pre-pandemic levels, the airline said.

The credit card will allow customers to accrue accelerated 6E Rewards on their spends and redeem these points for airline tickets anytime with no blackout dates on redemptions.

Furthermore, customers will have access to other special benefits on IndiGo including complimentary air ticket, discounted convenience fee, priority check-in, choice of seat and a complimentary meal, the airline said.

“We are excited to indulge our customers with 6E Rewards on flight bookings, dining, entertainment and other spends that can be redeemed for IndiGo flight tickets and on other products and categories with our commitment to provide a great engagement to our members,” said William Boulter, Chief Commercial Officer, IndiGo, on the collaboration.

“We have immense conviction in our partner Kotak Mahindra Bank, with its vast reach to complement IndiGo’s network within the country, while offering unique experiences to our customers. It’s a perfect partnership as we believe in consistently enhancing our engagement to deliver great customer experience,” he said.

The cardholders will also be able to earn additional 6E Rewards on dining, shopping, transport, medical bill spends, utilities, fuel and other major categories with Feature Partners of 6E Rewards Programme, IndiGo said. PTI IAS ANU ANU



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Gold inches lower on dollar uptick; focus on key central bank meetings, BFSI News, ET BFSI

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– Gold prices edged lower on Tuesday, weighed down by an uptick in the dollar as investors eye upcoming key central bank meetings this week.

FUNDAMENTALS

* Spot gold fell 0.1% to $1,805.96 per ounce by 0116 GMT. U.S. gold futures was flat at $1,806.60.

* On Monday, the metal rose nearly 1% to a high of $1,809.66, only about $4 shy of an over one-month peak scaled last week.

* The dollar rose 0.1% on Tuesday, recovering from a near one-month trough hit during the previous session. A stronger greenback makes gold more expensive for buyers holding other currencies. [USD/]

* Benchmark 10-year U.S. Treasury yields were also a tad higher at 1.6431%, raising non-interest bearing gold’s opportunity cost. [US/]

* Market participants eye meetings from the Bank of Japan and the European Central Bank (ECB) on Thursday. Neither of the central bank is likely to announce a change in policy, though the ECB might address how inflationary pressures could affect policy.

* The U.S. Federal Reserve and the Bank of England are also set to meet next week.

* Bank of England interest rate-setter Silvana Tenreyro said she needed more time to judge how the end of the government’s job-saving furlough scheme was affecting the labour market, adding to signs that she sees no urgency to raise rates.

* Gold is often considered an inflation hedge, though reduced stimulus and interest rate hikes push government bond yields up, translating into a higher opportunity cost for holding bullion which pays no interest.

* Spot silver fell 0.1% to $24.53 per ounce. Platinum edged 0.1% down to $1,056.35 and palladium gained 0.2% to $2,055.16.

DATA/EVENTS (GMT)

1400 US Consumer Confidence Oct

1400 US New Home Sales-Units Sept

(Reporting by Nakul Iyer in Bengaluru; Editing by Rashmi Aich)



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Gold loans shine the brightest in banks’ loan portfolio, BFSI News, ET BFSI

Banking & Finance

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Gold loans have emerged as the fastest-growing major loan segment as people have pawned their jewellery and lenders look at avenues of low-risk growth. Outstanding loans against gold jewellery stood at Rs 62,926 crore as on August 27, up 66% on a year-on-year basis, according to the Reserve Bank of India (RBI) data.

Gold loans are often used to finance consumption spending, such as children’s education, weddings, illnesses or to meet household expenses during distress.

Public sector banks have also entered the segment to further grow their retail business. Despite regulatory arbitrage of higher loan-to-value lending in March 2021, banks have continued aggressively disburse gold loans.

Gold loans were up 1% on month in August 2021 as restrictions during COVID-19 eased and economic activities grew.

Loan demand picked up from the beginning of July as COVID-19 cases started declining. Gold loans via non-banking finance companies (NBFCs) had reported higher customer walk-ins.

LTV impact

However, gold loans have grown a mere 3.6% YTD, which is in contrast with the 54% CAGR seen in gold loan growth over the past two years.

RBI had raised the LTV of 90% on gold loans, which allowed banks to lend up to 90% of the value of the collateral.

However, it withdrew special allowance for banks from April 2021, impacting loan growth.

The average ticket size of loans that customers are opting for is Rs 55,000-60,000, which are rising for many lenders, showed growing signs of distress.

Gold loan NBFCs saw higher competition in the gold loan business last fiscal as banks grew their portfolio taking advantage of the special LIV allowance given to them by the RBI.

The expansion

With growth returning, gold financiers are now gearing up to tap the expected surge in gold loans.

Muthoot FinCorp has expanded its physical network by more than 100 new branches, mainly in the north, east and west regions of India, most of which were in rural and semi-urban areas. The NBFC had opened 70 branches in FY20.

Muthoot’s gold asset under management (AUM) grew at a compound annual growth rate of 12% between FY15 and FY20. In FY21, the portfolio grew 27%.

Pune-based Bajaj Finance has increased its gold loan branches from 480 to 700 in the last financial year and plans to add 100 plus branches this fiscal.

Its loan book grew 52% last year to Rs 2,300 crore, while it saw an increase in ticket sizes from Rs 75,000 to Rs 85,000 last year.

Shriram City Union Finance is also looking to ramp up its gold financing business this financial year, changing its strategy of focusing on other loan portfolios.



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