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The Reserve Bank of India today released the data showing daily merchant and inter-bank transactions in foreign exchange for the period October 04 – October 08, 2021.
Ajit Prasad Press Release: 2021-2022/1157 |
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The Reserve Bank of India today released the data showing daily merchant and inter-bank transactions in foreign exchange for the period September 27 – October 01, 2021.
Ajit Prasad Press Release: 2021-2022/1156 |
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The Reserve Bank of India today released the data showing daily merchant and inter-bank transactions in foreign exchange for the period September 20 – September 24, 2021.
Ajit Prasad Press Release: 2021-2022/1155 |
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The Reserve Bank of India today released the data showing daily merchant and inter-bank transactions in foreign exchange for the period September 13 – September 17, 2021.
Ajit Prasad Press Release: 2021-2022/1154 |
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Indo Count is among India’s top end-to-end bedding companies, engaged as a global authority and pre-eminent manufacturer of bedsheets. The brokerage expects ICIL’s shares to rise to a target price of Rs 411 from current levels, representing a 62 percent gain. At the time when the brokerage recommended the stock to buy the market price was Rs 254, however, it is today trading at Rs 252.
According to the brokerage “ICIL reported volumes of 18.9mn meters during the quarter (decline of 17% YoY). Owing to supply chain issues, the company lost out on booking 2mn meters volume during the quarter. Realisation was up by a staggering 27% YoY and stood at ~INR388/meter (usual run-rate INR315-320/meter), translating into a revenue of INR761cr (5% YoY growth over a low base), thereby compensating for lower volumes. Revenue came in-line with our estimates of INR 789cr.”
The brokerage in its research report has stated that “Owing to higher realization and better product mix, gross margin of ICIL for the quarter grew 327bps YoY to 52.9%. However, normalization of expenses in the form of higher employee spends (up by 130bps) and other overheads (up by 200bps) negated the positive impact of gross margins, as EBITDA margins remained flat at 17.5% during the quarter, in-line with our estimates. PAT declined by 3% YoY to INR 88cr, higher than our expectations of INR 80cr due to higher other income.”
The brokerage has said “ICIL has maintained its volume guidance of 85-90mn meters for FY22E with revenue of INR 3,200 cr. With a ~25% increase in average realization and still room for improvement in realizations on the back of better product mix and expected price hikes, we believe ICIL is well placed to surpass its FY22E revenue guidance. Hence, we have revised our revenue/EBITDA/PAT estimates upwards by 11%/16%/9% for FY22E and 12%/15%/16% for FY23E. Also, the company has started receiving export incentives amount from the government and would be realizing larger amounts of export incentives in the subsequent quarters, which would help improve its W.C. position. With this background, we have revised upwards our target price to INR411/share (previous TP: 394/share) at P/E of 18x on FY23E earnings estimates.”
Aegis Logistics Limited (AGIS), is India’s leading oil, gas, and chemical logistics company and AGIS’ shares are expected to grow 44 percent to a target price of Rs 320 from current levels, according to the brokerage. The market price of the stock when the brokerage suggested buying was Rs 223, but it is now trading at Rs 210.70.
According to the research report of the brokerage “Aegis Logistics’ (AGIS) Q2FY22 performance was above expectations with revival in LPG volumes driven by opening-up of travel and eateries. PAT for the quarter came in at INR94cr (v/s consensus expectation of INR80cr).”
Edelweiss has reported that “AGIS Q2FY22 numbers were above expectations as EBITDA of Gas and Liquid segment increased by 19% YoY and 18% YoY, respectively. This was driven by a 10% YoY increase in LPG distribution volumes as Autogas and restaurants’ demand recovered. However, the LPG terminal at Kandla with 4mt throughput capacity has been further delayed with commissioning now expected in H2FY22. We are no longer modelling any volume contribution from Kandla in FY22 and taking only 0.7mt in FY23.”
Edelweiss has said that “AGIS is trading at FY23E EV/EBITDA of 10x, lower than the ‘cheap’ 11x multiple paid by Vopak for strategic partnership through a 51:49 JV. We believe these levels do not account for the growth optionality available with AGIS post Vopak deal. It announced that the JV will add a total of 175,000 KL of liquid and 100,000 t of gas storage capacity at Pipavav, Haldia, Mangalore and Kochi for INR1,250cr. We maintain ‘BUY’ on the stock with a target price of INR320/share, valuing at 15x FY23E EV/EBITDA multiple.”
The above 2 stock picks are from Edelweiss Wealth Research report, investors need to do their own analysis and research before betting on any of the stocks. Herein the brokerage recommendation should not be construed for investment advice.
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In its report Mission 2070: A Green New Deal for a Net Zero India, the WEF in collaboration with Kearney and Observer Research Foundation has said that $1 trillion of the opportunity can materialise within this decade if ‘concerted action’ is put in place. In its white paper, the WEF argues that if the drivers and enablers of growth it outlines are kept in mind, India can leverage green growth to add $1 trillion to GDP by 2030 – and as much as $15 trillion by 2070.
The paper notes that in India, the current per capita emissions are low even as its growing population, which is projected to surpass that of China’s in 2025, is projected to contribute considerably greater towards emissions in the future. As per some projections, India’s GDP may grow well above the world average between 2013 and 2040, at about 6.5% per annum. The paper says that energy consumption and emissions may see a spike if this growth is powered by an increased manufacturing base as well as higher demand in consumption.
India has a once-in-a-generation chance to emerge as a global green innovation hub, given the nascent stages of the green industrial revolution. This may be achieved via incentives and R&D subsidies for the private sector along with the development of green tech business incubators and R&D centres, attracting innovative foreign businesses to establish or expand their presence in India.
This, the paper says, might lead to the creation of jobs in high-growth sectors, and support for the emergence of a domestic market for low-carbon, high-value added products, and services.
Transition to a low-carbon economy can foster material net job creation as it tends to be more capital- and labour-intensive compared with traditional fossil fuel energy developments, paper notes. Kearney estimates suggest that India’s path towards a net-zero economy can create over 50 million jobs by 2070, with the largest source of employment creation coming from the transition to sustainable energy ecosystems.
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Investment
oi-Vipul Das
The public sector bank Punjab National Bank (PNB) has lowered interest rates on savings account deposits. The bank has stated that the interest rate on savings account deposits has been reduced by 10 basis points (bps) for balances of less than Rs. 10 lakh and by 5 basis points (bps) for balances of Rs. 10 lakh and above from the earlier rate of 2.90% respectively. From December 1, 2021, the revised Domestic and NRI Savings Account Interest Rates will apply to both existing and new savings account customers.
From December 1, 2021, the bank will pay an interest rate of 2.80 percent p.a. on Saving Fund Account Balance of less than Rs. 10 lakh, and 2.85 percent p.a. on Saving Fund Account Balance of more than Rs. 10 lakh.
| Deposit balance | Rate Of Interest |
|---|---|
| Saving Fund Account Balance below Rs. 10 Lakh | 2.80% p.a. |
| Saving Fund Account Balance of Rs. 10 Lakh & above | 2.85% p.a. |
| Source: Bank Website. W.E.F. 1st December 2021 |
Customers may choose from three different sorts of debit cards from PNB: Platinum, Classic, and Gold. The cash withdrawal limit per day on PNB Platinum debit card is Rs 50,000, the daily cash withdrawal limit on PNB Classic debit card is Rs 25,000 and the daily cash withdrawal limit on PNB gold debit card is Rs 50,000, according to the official website of the bank.
Platinum
| CASH WITHDRAW LIMIT PER DAY | 50000 |
|---|---|
| CASH WITHDRAW LIMIT ONE TIME | 20000 |
| ECOM/POS CONSOLIDATED LIMIT | 125000 |
CLASSIC
Personalized and non-personalised debit cards can be provided with the following withdrawal limitations, according to the bank:
| CASH WITHDRAW LIMIT PER DAY | 25000 |
|---|---|
| CASH WITHDRAW LIMIT ONE TIME | 20000 |
| ECOM/POS CONSOLIDATED LIMIT | 60000 |
Gold
Personalised and non-personalised debit cards can be provided with the following withdrawal limitations, according to the bank:
| CASH WITHDRAW LIMIT PER DAY | 50000 |
|---|---|
| CASH WITHDRAW LIMIT ONE TIME | 20000 |
| ECOM/POS CONSOLIDATED LIMIT | 125000 |
Story first published: Monday, November 8, 2021, 15:14 [IST]
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It is available across all loan amounts and is linked to a borrower’s credit profile.
Further, applicants who have received a home loan sanction letter from the bank by today can lock in the earlier rate starting at 6.50% p.a. if the loan is disbursed in the next seven days i.e. by November 15.
Earlier in September, the bank had introduced home loan interest rates beginning 6.50% p.a. – a festive season offer that ends today.
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The Swiss-based bank last week said Asia Pacific would no longer be a stand alone division and its wealth management and investment banking units would be absorbed into global divisions as part of a paring back of the bank .
The decision has stoked worries from local bankers who fear a loss of autonomy could contribute to the bank’s already declining market share in key investment banking divisions in Asia, two sources said.
“We have always worked together with our global colleagues, whether they are in Europe or the U.S., for example on deals that have required a global solution for clients, and the collaboration across APAC will also continue. Nothing will change on that front,” Helman Sitohang, Credit Suisse’s Asia Pacific chief executive told Reuters on Monday.
Sources said Credit Suisse’s standalone Asia private bank was a differentiator for both customers and bankers.
Under that structure, senior managers usually had leeway to take decisions such as balance sheet lending and staff promotions, unlike many private banks in the region that relied a lot on their headquarters for key approvals.
One source said that despite assurances by management, there were worries that risk taking would be curtailed and the speed of decision making might slow down.
“As a region, we continue to be empowered to make decisions such as those related to market presence, key clients and HR-related matters, and at the same time maintain our speed of decision-making and connectivity to the global infrastructure that certain deals require,” Sitohang said.
For years, Credit Suisse has been one of the most active investment banks in developing markets such as Indonesia and Vietnam, as it won mandates from entrepreneurs and business families, often backed by financing.
Asia Pacific contributes about 20% of Credit Suisse’s global revenue, according to its most recent financial results. Its investment banking market share in Asia Pacific, including Japan, has fallen so far in 2021, according to Refinitiv data.
The bank sits tenth on the announced mergers and acquisition league table with a market share of 3.1%, down from 4.9% for the full year in 2020.
In equity capital markets – a key driver of fee revenue in Asia – it has a 2% market share, down from 3.1%, the figures showed.
Sitohang said Credit Suisse’s Asian investment banking performance had been “difficult because of the various headwinds we have had as a firm globally”, pointing to scandals involving hedge fund Archegos and supply chain financier Greensill.
But he was confident the business could rebound.
“The intent is to come back strongly and regain our market position,” he said.
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Housing Finance Companies’ (HFCs) growth is expected to pick up in the rest of FY2022 despite headwinds in the first quarter (Q1) of FY2022, but weak asset quality is likely to keep their profitability subdued, according to ICRA.
The credit rating agency estimated that HFCs’ portfolio is likely to grow by 8-10 per cent in FY2022 against 6 per cent in FY2021.
ICRA expects gross non-performing assets (GNPAs) to improve marginally from June 2021 level (of 3.6 per cent), but to stay elevated and higher by 40-70 basis points as on March 31, 2022, as compared to March 31, 2021 (of 2.9 per cent).
The agency opined that though the portfolio growth is expected to drive an improvement in revenue, the expected elevated credit costs are likely to keep the profitability subdued in FY2022.
Growth agenda back on the table: Ravi Subramanian, MD and CEO of Shriram Housing
ICRA observed that healthy demand in the industry, increasing level of economic activity and increasing vaccination in the country are expected to result in a steady growth in disbursements and improvement in collection efficiency (CE) in FY2022.
Sachin Sachdeva, Vice-President and Sector Head, Financial Sector Ratings, ICRA, said: “Overall on-book portfolio of HFCs in India is estimated at ₹11.0 lakh crore as on June 30, 2021, with exposures across home loans (HLs), loan against property (LAP), construction finance (CF), and lease rental discounting (LRD).
“The Covid-19-induced disruptions moderated the portfolio growth to 6 per cent in FY2021. Nevertheless, despite nil sequential growth in Q1 FY2022, aforementioned favourable factors provide hope for better growth prospects in FY2022 with an estimated growth rate of 8-10 per cent.”
FinMin allows small HFCs to take recourse to SARFAESI law
The agency noted that HFCs’ asset quality metrics weakened quite sharply in Q1 FY2022 because of the localised lockdowns imposed by various States/Union Territories (UTs) on account of the second wave, which impacted the borrowers’ cash flows and hence the CE.
“The jump in overdues was the sharpest in the recent past, as borrower-level liquidity got stretched in the absence of loan moratorium. The marginal borrowers, therefore, slipped into the NPA (non-performing asset)/overdue category in Q1 FY2022,” ICRA said.
Consequently, the Gross NPAs increased to 3.6 per cent as on June 30, 2021, from 2.9 per cent as on March 31, 2021 (2.3 per cent as on March 31, 2020).
Per the agency’s assessment, though the asset quality deteriorated across segments, CF was worst hit followed by LAP and HL. Thus, entities with high exposure to CF witnessed a higher impact than the industry average.
The headline asset quality numbers are expected to moderate slightly from current level as the trend in the CE continues to remain encouraging.
Nevertheless, ICRA expects a 40-70 basis points (bps) increase (net of recoveries and write-offs) in GNPAs by March 31, 2022, from GNPAs as on March 31, 2021, assuming there are no further Covid-19 induced lockdowns. One basis point is equal to one-hundredth of a percentage point.
Sachdeva said the pre-tax return on average managed assets (profit before tax/PBT per cent) for FY2022 is likely to remain similar to FY2021 level (1.9-2.0 per cent). Optimistically, if the collection efficiency trends post a steady and healthy revival and if slippages remain contained, then PBT per cent may also benefit from reversals in provisions.
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