Author: root

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

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

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

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?

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Taxes

oi-Vipul Das

|

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

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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- 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- 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

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

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

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 Repoψ          
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 Repoψ 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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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

Personal Finance

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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%

Personal Finance

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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

Personal Finance

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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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