Month: October 2021

This Multibagger Penny Stock From The Packaging Space Gives 26175% Return In 1-Year

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Investment

oi-Roshni Agarwal

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This small cap company from the packaging industry has shed it penny stock status and has just hit 52-week high of Rs. 1286.95 per share in the previous week. The stock has made a remarkable rally from a price of just Rs. 4 to currently Rs. 1050.95. The stock in trade on October 21, 2021 has been locked in 5% lower circuit.

This Multibagger Penny Stock From The Packaging Space Gave 26175% Return In 1-Yr

This Penny Stock From The Packaging Space Gives 26175% Return In 1-Year

About Gopala Polyplast

Incorporated in 1984 by Somani Family, Gopala Polyplast started as a single unit of woven fabrics at Kadi. Later 10 years later, the company became public and also diversified into Garment accessories. Thereon the company’s both the units have been on an expansion and modernization plant. Also later it commissioned a natural gas based captive power plant.

The company manufactures woven label and PP woven bag in India. Woven sacks are the best and the most cost effective packaging solution for industries like cement, fertilizer, sugar, chemicals, foodgrains, etc. Apart from it there are Jumbo bags which are used to pack bulk quanitities. Woven fabric which is the first stage of woven sacks, is a preferred medium for bale wrapping and rain protection in the form of Tarpaulin.

Financials

The company’s financials have been improving and in the Fy 2021 its net profit surged to Rs. 63 crore, while for the last 2 years the company was incurring losses. Also, its debt to equity has been on a higher side at 1.44.

Gopala Polyplast peer companies

Among its peer companies’, the stock commands the highest m-cap of Rs. 1075 crore. While other peer companies’ including Kanpur Plast, RDB Rasayans, Rishi Techtex have a lower debt to equity ratio.

How the company made such substantial stock price rally?

After the company’s resolution plan as submitted by Plastene India has been approved by the Gujarat- NCLT bench. And now as major of the shareholding has been in the hands of promoters and very less number of stocks are traded on a daily basis, retail investors fail to pocket in these stocks and hence the reason behind the stock’s massive surge from just Rs. 4 a year back to Rs. 1550 per share now. So, the scare supply in the stock is one reason fuelling the price rise.

Thinking to bag such a stupendous stock, also note the company was booked last year owing to some large order fraud. Also, the company at one point because of the overdraft in the account and devolvement of LCs (letters of credit) led the account to become an NPA (non-performing asset). Hence low liquidity in a stock like Gopala Polyplast led it to witness a sharp rally similar to the case as seen in Ruchi Soya.

GoodReturns.in



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Reserve Bank of India – Press Releases

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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Reserve Bank of India – Tenders

Tenders

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The Reserve Bank of India intends to prepare a panel of reputed suppliers for undertaking supplies of a) Vegetables and Fruits b) Non – Vegetarian Items c) Milk and Dairy Items d) Groceries for its office situated at Nrupathunga Road, Bangalore – 560001.

2. The estimated cost of supplies per annum for each product to be supplied is as under:

Sl. No. Items Estimated Cost Rs.
(In Lakhs)
1 Vegetables and Fruits 15.00
2 Non-Vegetarian items 5.00
3 Milk and Dairy items 5.00
4 Groceries 15.00

3. Suppliers who are registered with the Government/ Semi-Government Undertaking/s or any other major institution/s as suppliers or have made similar supplies for 2 years during the last 5 years with the minimum supplies for each year costing at least 50% of the estimated cost of supplies are eligible to apply.

4. The validity of the empanelment of suppliers will be initially for a period of one year and the period is renewable for a further period of up to two years (one year at a time) at the discretion of the Bank subject to conditions that the Bank finds the service of the supplier satisfactory.

5. Application has to be submitted in MSTC portal. The applications will be received by the Bank up to 3.00 pm on November 12, 2021.

6. The Bank reserves the right to reject any or all the applications without assigning any reason thereof.

Regional Director

SCHEDULE OF TENDER (SOT)

a E-Tender Number Empanelment of suppliers for Officers’ Lounge and Dining Room, RBI, Bengaluru
b E-Tender No. RBI/Bengaluru/Estate/169/21-22/ET/228
c Mode of Tender e-Procurement System
(Online Part I – Technical Bid through www.mstcecommerce.com/eprochome/rbi)
d Date of NIT available to parties to download 10.00 am of October 21, 2021
e Pre-Bid meeting Offline Prebid meeting will be conducted at 11.00 am on October 28, 2021 at HRMD, 3rd Floor, Reserve Bank of India, Bengaluru.
f Earnest Money Deposit EMD as mentioned in page 20 for respective categories shall be submitted by each bidder in the from NEFT to the Bank (details under para “bidding in e-tender)

IFSC: RBIS0BGPA01 (Fifth and tenth digits are “zero” and not the English letter “o”)
Account No.: 186003001
g Last date of submission of EMD November 12, 2021 by 12.00 pm
h Date of Starting of e-Tender for submission of on line Techno-Commercial Bid and price Bid at www.mstcecommerce.com/eprochome/rbi October 21, 2021 by 11.00 am
i Date and time of closing of online e-tender for submission of Techno-Commercial Bid & Price Bid. 3.00 pm on November 12, 2021
j Date and Time of opening of the tender 3.30 pm on November 12, 2021
k Transaction Fee Payment of Transaction fee as mentioned in the MSTC portal through MSTC payment gateway /NEFT/RTGS in favour of MSTC LIMITED

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IDBI Bank Q2 net profit jumps 75% to ₹ 567 cr on NII growth

Banking & Finance

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IDBI Bank on Thursday reported a 75 per cent jump in its standalone profit after tax to ₹ 567 crore in the second quarter ended September 30, on higher interest income.

The LIC-owned bank had reported a standalone profit after tax of ₹ 324 crore in the year-ago quarter.

“Overall, there has been improvement in the bank’s performance parameters. The cost of deposits has come down to 3.60 per cent as of September 30, 2021, from 4.41 per cent last year. Similarly, cost of funds has also declined from 4.73 per cent to 3.88 per cent,” the bank’s Managing Director and CEO Rakesh Sharma told reporters.

The bank has managed to contain its operating expenses and maintain yield on advances almost at the same level, he added.

The lender’s Chief Financial Officer P Sitaram further said the rise in profit during the quarter was on account of higher net interest income, lower tax provisions and reduction in the employee cost.

Net interest income (NII) improved by 9 per cent to ₹ 1,854 crore against ₹ 1,694 crore.

Net interest margin (NIM) improved by 32 bps to 3.02 per cent compared to 2.70 per cent in the year-ago quarter.

NPAs and slippages

The lender also witnessed improvement in its asset quality, with the gross NPA ratio reducing to 20.92 per cent from 25.08 per cent.

Net NPAs improved to 1.62 per cent as of September 30, 2021, against 2.67 per cent a year ago.

Provision coverage ratio (including technical write-offs) improved to 97.27 per cent as of September 30, 2021, from 95.96 per cent in the same quarter of the previous fiscal.

Fresh slippages during the quarter stood at ₹ 1,438 crore.

Recovery during the quarter stood at ₹ 1,788 crore, which includes ₹ 1,436 crore of recovery in normal accounts.

Sharma said the lender recovered ₹ 200 crore from the resolution of DHFL.

The bank has an exposure of less than ₹ 400 crore to Srei Group, which has turned into NPA. It has made 100 per cent provision on the account, he said.

Capital to Risk (Weighted) Assets Ratio (CRAR) improved to 16.59 per cent as of September 30, 2021, compared to 13.67 per cent as of September 30 last year.

The lender is targeting its credit cost and net slippages ratio to be below 1.75 per cent and 3 per cent, respectively, during this fiscal.

Sharma said the bank has been able to meet its guidance on various financial parameters, except on growth, which it has targeted to be at eight to 10 per cent this year.

“Although we have started showing some increase, we are falling short of our eight to 10 per cent (growth) target. In the mid-corporate and large corporate, enough sanctions have been given, but the disbursements have not taken place so far,” he said.

Sharma, however, said he is quite hopeful that by the year-end, the bank will be able to achieve all the guidance it has given in the past.

The bank’s scrip closed at ₹ 55.60 apiece on BSE, down 2.03 per cent from the previous close.

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Kotak Mahindra Bank partners Pine Labs to expand point-of-sale services

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Kotak Mahindra Bank has tied up with Pine Labs to expand its point-of-sale (PoS) services to more merchants, especially retailers.

“Through this tie-up, merchants in India will now be able to get the advantage of Kotak Mahindra Bank’s PoS payment solutions bundled with Pine Labs’ technology stack to help grow their business,” it said in a statement on Thursday.

Pine Labs has a network of over 2,45,000 merchants across Asia.

Strong growth in digital payments indicates a lasting shift in consumer payment behaviour

Noting that retail and large merchants as well as customers are moving towards digital payments, Shanti Ekambaram, Group President – Consumer Banking, Kotak Mahindra Bank, said, “Pine Labs is a leading player with customised solutions for retailers and B2C service providers, and this collaboration with them opens up a significant market opportunity for Kotak to onboard new merchants and offer them an integrated PoS-plus suite of digital payments and banking products proposition.”

PhonePe transactions grew 33.6% between July and September

Nitish Asthana, President and COO, Pine Labs, said, “We are delighted to partner a leading private sector bank like Kotak Mahindra Bank to offer an integrated PoS product that will help the bank acquire new merchants.”

The number of PoS terminals in the country before demonetisation was about 13 lakh and it had grown to nearly 47 lakh by August 2021.

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Kotak Mahindra Bank partners Pine Labs to expand point-of-sale services

Banking & Finance

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Kotak Mahindra Bank has tied up with Pine Labs to expand its point-of-sale (PoS) services to more merchants, especially retailers.

“Through this tie-up, merchants in India will now be able to get the advantage of Kotak Mahindra Bank’s PoS payment solutions bundled with Pine Labs’ technology stack to help grow their business,” it said in a statement on Thursday.

Pine Labs has a network of over 2,45,000 merchants across Asia.

Strong growth in digital payments indicates a lasting shift in consumer payment behaviour

Noting that retail and large merchants as well as customers are moving towards digital payments, Shanti Ekambaram, Group President – Consumer Banking, Kotak Mahindra Bank, said, “Pine Labs is a leading player with customised solutions for retailers and B2C service providers, and this collaboration with them opens up a significant market opportunity for Kotak to onboard new merchants and offer them an integrated PoS-plus suite of digital payments and banking products proposition.”

PhonePe transactions grew 33.6% between July and September

Nitish Asthana, President and COO, Pine Labs, said, “We are delighted to partner a leading private sector bank like Kotak Mahindra Bank to offer an integrated PoS product that will help the bank acquire new merchants.”

The number of PoS terminals in the country before demonetisation was about 13 lakh and it had grown to nearly 47 lakh by August 2021.

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Reserve Bank of India – Press Releases

Press Releases

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(Amount in Crore of ₹)
  SCHEDULED COMMERCIAL BANKS
(Including RRBs and SFBs)		 ALL SCHEDULED BANKS
09-Oct-20 24-SEP-2021* 08-OCT-2021* 09-Oct-20 24-SEP-2021* 08-OCT-2021*
I LIABILITIES TO THE BKG.SYSTEM (A)            
  a) Demand & Time deposits from bks. 210483.02 166914.25 166196.73 215493.1 171131.42 170498.54**
  b) Borrowings from banks 50311.7 42383.43 46502.71 50315.22 42446.8 46502.71
  c) Other demand & time liabilities 15439.08 18644.94 23553.2 15636.28 18934.46 23855.21
II LIABILITIES TO OTHERS (A)            
  a) Deposits (other than from banks) 14301947.24 15598947.56 15755752.56 14717968.33 16019389.27 16173790.94
  i) Demand 1469978.63 1823739.26 1786334.63 1505420.4 1862811.78 1825168.04
  ii) Time 12831968.61 13775208.3 13969417.96 13212547.93 14156577.5 14348622.93
  b) Borrowings @ 255244.75 245898.05 253398.88 259589.9 251043.48 258359.83
  c) Other demand & time liabilities 519762.29 583385.02 584167.2 531162.5 594425.5 594603.37
III BORROWINGS FROM R.B.I. (B) 117466.7 92381.81 94399.47 117466.7 92416.84 94399.47
  Against usance bills and / or prom. Notes            
IV CASH 82613.26 98702.51 99431.28 84485.16 100793.63 101529.89
V BALANCES WITH R.B.I. (B) 439497.31 638826.02 637545.1 452113.52 655608 654327.91
VI ASSETS WITH BANKING SYSTEM            
  a) Balances with other banks            
  i) In current accounts 14388.2 19142.45 22568.95 16444.84 21548.39 24720.39
  ii) In other accounts 136744.5 125448.37 134002.03 169058.24 158297.52 166861.67
  b) Money at call & short notice 11125.08 7061.71 12553.48 32926.97 21958.76 27848.59
  c) Advances to banks (i.e. due from bks.) 21807.4 24278.02 24221.52 22272.87 24659.76 24606.13£
  d) Other assets 31187.77 25078.13 25287.57 36042.08 27925.39 28195.35
VII INVESTMENTS (At book value) 4461110.04 4663318.47 4689311.87 4593312.8 4804691.03 4832607.41
  a) Central & State Govt. securities+ 4459740 4662056.11 4688228.98 4585563.33 4797270.5 4825456.94
  b) Other approved securities 1370.04 1262.36 1082.89 7749.47 7420.54 7150.47
VIII BANK CREDIT (Excluding Inter Bank Advance) 10343494.78 10956816.89 11013458.2 10677181.3 11295261.19 11354180.59
  a) Loans, cash credits & Overdrafts $ 10176002.4 10754999.37 10798780.2 10507675.23 11091410.21 11137509.12
  b) Inland Bills purchased 21602.67 31812.04 33686.51 21885.75 31826.34 33719.57
  c) Inland Bills discounted 98792.7 118694.29 127504.71 99823.88 120032.67 128810.63
  d) Foreign Bills purchased 18185.98 19844.06 20340.63 18436.84 20016.21 20494.9
  e) Foreign Bills discounted 28911.02 31467.11 33146.15 29359.62 31975.75 33646.37
NOTE
* Provisional figures incorporated in respect of such banks as have not been able to submit final figures.
(A) Demand and Time Liabilities do not include borrowings of any Scheduled State Co-operative Bank from State Government and any reserve fund deposits maintained with such banks by any co-operative society within the areas of operation of such banks.
** This excludes deposits of Co-operative Banks with Scheduled State Co-operative Banks. These are included under item II (a).
@ Other than from Reserve Bank, National Bank for Agriculture and Rural Development and Export Import Bank of India.
(B) The figures relating to Scheduled Commercial Banks’ Borrowings in India from Reserve Bank and balances with Reserve Bank are those shown in the statement of affairs of the Reserve Bank. Borrowings against usance bills and/ or promissory notes are under Section 17(4)(c) of the Reserve Bank of India Act, 1934. Following a change in the accounting practise for LAF transactions with effect from July 11, 2014, as per the recommendations of Malegam Committee formed to review the Format of Balance Sheet and the Profit and Loss Account of the Bank, the transactions in case of Repo/ Term Repo/MSF are reflected under “Borrowings from RBI”.
£ This excludes advances granted by Scheduled State Co-operative Banks to Co-operative banks. These are included under item VIII (a).
+ Includes Treasury Bills, Treasury Deposits, Treasury Savings Certificates and postal obligations.
$ Includes advances granted by Scheduled Commercial Banks and State Co-operative Banks to Public Food Procurement Agencies (viz. Food Corporation of India, State Government and their agencies under the Food consortium).

Food Credit Outstanding as on
(₹ in Crore)
Date 09-Oct-20 24-Sep-21 08-Oct-21
Scheduled Commercial Banks 63393.08 62341.83 62408.14
State Co-operative Banks 30402.9 35817.79 35817.5

The expression ‘ Banking System ‘ or ‘ Banks ‘ means the banks and any other financial institution referred to in sub-clauses (i) to (vi) of clause (d) of the explanation below Section 42(1) of the Reserve Bank of India Act, 1934.

No. of Scheduled Commercial Banks as on Current Fortnight:135

Ajit Prasad
Director   

Press Release: 2021-2022/1073

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Citibank Today Revised Its Interest Rates On FD: Here’s What You Can Get Now

Personal Finance

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Investment

oi-Vipul Das

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Citibank India or Citi India has updated its fixed deposit interest rates today. Following the bank’s latest interest rate adjustment, the general public will now get the highest rate of 3.50 percent, while senior citizens will receive the highest rate of 4.00 percent on deposits maturing in 732 days to less than 1096 days. On deposits of less than Rs 2 crore, the interest rate on tax saver deposits maturing in five years would be 3.50 percent for the general public and 4.00 percent for senior citizens. Following the modification made today, Citi Bank is now providing an interest rate of 2.75 percent on recurring deposits of less than Rs 2 crore maturing in 365 days to less than 540 days and 3.00 percent on deposits maturing in 541 to 731 days to the general public. Here are the latest interest rates on fixed deposits, recurring deposits, and senior citizens’ deposits of Citi Bank for a deposit amount of less than Rs 2 Cr.

Citibank Time Deposit Interest Rates

Citibank Time Deposit Interest Rates

For a deposit amount of less than Rs 2 Cr, here are the latest interest rates on fixed deposits for the regular depositors.

Period (In Days) Interest Rate Per Annum Annualised Yield
7-10 Days 1.85% –
11-14 Days 1.85% –
15-25 Days 1.90% –
26-35 Days 1.90% –
36-45 Days 2.55% –
46-60 Days 2.55% –
61-90 Days 2.55% –
91-120 Days 2.55% 2.55%
121-150 Days 2.55% 2.55%
151-180 Days 2.55% 2.56%
181-270 Days 2.60% 2.61%
271-364 Days 2.75% 2.77%
365-400 Days 2.75% 2.78%
401-540 Days 2.75% 2.78%
541-731 Days 3.00% 3.06%
732 – 1095 Days 3.50% 3.61%
>=1096 days 3.50% 3.67%
Source: Bank Website, effective from October 21, 2021

Citibank Recurring Deposits Interest Rates

Citibank Recurring Deposits Interest Rates

Citibank is providing the following interest rates to the general public on recurring deposits of less than Rs 2 Cr maturing in 365 to 731 days.

Tenure Interest Rate Per Annum Annualised Yield
365 – 400 Days 2.75% 2.78%
401 – 540 Days 2.75% 2.78%
541 – 731 Days 3.00% 3.06%
Source: Bank Website, effective from October 21, 2021

Citibank Senior Citizens Deposits Rates

Citibank Senior Citizens Deposits Rates

Citibank is currently offering elderly people the following interest rates on fixed deposits of less than Rs 2 crore.

Tenure Interest Rate Per Annum Annualised Yield
7-10 Days 2.35% –
11-14 Days 2.35% –
15-25 Days 2.40% –
26-35 Days 2.40% –
36-45 Days 3.05% –
46-60 Days 3.05% –
61-90 Days 3.05% –
91-120 Days 3.05% 3.05%
121-150 Days 3.05% 3.05%
151-180 Days 3.05% 3.06%
181-270 Days 3.10% 3.11%
271-364 Days 3.25% 3.28%
365-400 Days 3.25% 3.29%
401-540 Days 3.25% 3.30%
541-731 Days 3.50% 3.58%
732 – 1095 Days 4.00% 4.14%
>=1096 days 4.00% 4.23%
Source: Bank Website, effective from October 21, 2021

Story first published: Thursday, October 21, 2021, 17:46 [IST]



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Trade credit insurance: Firms likely to be ready by early next year

Banking & Finance

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Companies are gearing up for trade credit insurance covers, the guidelines for which will come into effect from November 1, and believe that this will improve liquidity for micro, small and medium enterprises.

A number of insurance companies are understood to be already working on draft agreements and products and they are expected to be fully prepared by early 2022.

“Acting on the regulatory changes governing credit insurance, we are making revisions to conventional credit insurance to further enhance our trade credit insurance (TCI) solution. By early next year, we will also be ready to offer digital solutions for credit platforms and support MSME needs with new insurance features. The security of insurance will be available from Tata AIG for banks, financial institutions, factoring companies and TReDS platforms,” said Sushant Sarin, President and Head – Commercial Lines, Tata AIG General Insurance.

Tata AIG is the largest private sector credit insurer in the country and it plans to provide insurance for specialised risks such as long term projects, buyer rejection (pre and post-delivery) with the ability to customise terms based on clients’ needs.

Previously, Receivables Exchange of India (RXIL) had initiated a TCI-backed transaction with Tata AIG General Insurance as the insurer and ICICI Bank and Yes Bank as the financiers in a sandbox environment.

“The new TCI guidelines have come at the right time. The Factoring Regulation (Amendment) Act, 2021 allows NBFC as Factors. Once RBI amends TReDS guidelines to allow NBFCs as financier on the platform, it will increase the liquidity on the platform and the financiers will have a risk-sharing partner,” said Ketan Gaikwad, Managing Director and CEO, RXIL.

Gaikwad said that RXIL has already applied to the Reserve Bank of India for approval and will also take board approval soon.

IRDAI guidelines

The Insurance Regulatory and Development Authority of India, in September, had announced guidelines for trade credit insurance cover to enable general insurance companies to offer these covers to suppliers as well as licensed banks and other financial institutions to help businesses manage country risk, open up access to new markets and to manage non-payment risk associated with trade financing portfolio.

General insurers can also offer trade credit insurance with customised covers to improve businesses for SMEs and MSMEs, considering the evolving insurance risk needs of these sectors.

Arun Poojari, CEO, Cashinvoice, which is a digital supply chain finance marketplace, noted that a lot of pilots are taking place on these covers.

“There is a testing which is happening with an insurance company on the Cashinvoice platform. By nature this is a very powerful proposition and is bound to be accepted in a big way in the coming days,” he said.

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RBI may be looking at changing its reserve management strategy, BFSI News, ET BFSI

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RBI may be internally exploring shedding its traditional approach to foreign exchange reserve management amidst falling global yields adding to the fiscal costs of managing the reserves. A research paper by RBI economists suggests that the central bank should be more active in its forex assets management including looking beyond SDR currencies and active management of its gold reserves.

Global interest rates which have been on declining over the last four decades in advanced economies, touched their historic lows in 2020. “This low yield environment has made it an arduous task for the reserve managers to generate reasonable returns on their foreign assets” said a paper by Ashish Saurabh and Nitin Madan of RBI’s department of External Investments and Operations.

” Reserve managers can deal with the low yield environment by increasing the duration of their portfolios, investing in new asset classes, new markets and more active management of their gold stocks” they said adding that the choice of strategy, however, would require to be tailored to suit the risk appetite, investment priorities, skill sets and operational capabilities of individual institutions.

In its latest annual report, the central bank said that its agenda for 2021-22 was to “Continue to explore new asset classes, new jurisdictions/ markets for deployment of foreign currency assets (FCA) for portfolio diversification and in the process tap advice from external experts, if required”

RBI is fast accumulating dollars during the pandemic which is $639 billion dollars as of October 08 and more than $100 billion piled up since the pandemic, which adds to the challenge of foreign exchange reserves management.

Low returns on reserve deployment impacts RBI’s income . The surplus or profits that RBI makes in year is transferred to the government, which in to helps it to manage fiscal deficit. But at the same time the foreign investor from whom RBI buys the dollar ends up earning much more from the local investments. Also, a pile of reserves adds to the liquidity management challenge for the central bank. Income from foreign sources dipped 47 per cent in FY’20-21 to Rs 25, 469 crore, despite a strong pile-up in reserves. The central bank managed higher surplus transfer to the government on account of lower provisioning during the year, though it was a truncated accounting year for the central bank.

According to a survey by central banking portal ” Centralbanking.com”, reserve managers have found the reduction in yields since March 2020 as the most challenging aspect of their work. Most of the participants in this survey conducted in February-March’21 accepted that the low yield environment, notably in major reserve currencies, has changed the reserve management policies and practices in favour of investments in new markets, investments in new asset classes, investment in more currencies and changes in minimum credit rating accepted.



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