Reserve Bank of India – Press Releases

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The Reserve Bank has undertaken various initiatives to realise India’s vision on payment systems by fostering an ecosystem that enables safe, quick and affordable digital payments. In this context, one of the challenges has been to minimise instances of financial frauds, which not only lead to apprehension among new users in adoption of digital payments but also make it difficult for the banks to retain customers who experience such frauds. There is also a lag between occurrence and detection of frauds.

2. FinTechs have the potential to play a pivotal role in strengthening fraud governance, reduce the response time to frauds and the lag between occurrence and detection of financial frauds. This is expected to safeguard consumer interests and minimise the losses from such frauds. As announced in the Statement of Developmental and Regulatory Policies on October 8, 2021, it has been decided to select ‘Prevention and Mitigation of Financial Frauds’ as the theme for the Fourth Cohort under Regulatory Sandbox, the window for which shall be announced in due course.

3. Further, based on the experience gained from the First and Second Cohorts and the feedback from stakeholders, the ‘Enabling Framework for Regulatory Sandbox’ has been updated to include ‘On Tap’ application facility for themes of closed cohorts. Accordingly, the theme ‘Retail Payments’ is now open for application. This ‘On Tap’ facility is expected to help in continuous innovation and engagement with innovators and proactively respond to the dynamics of rapidly evolving FinTech scenario.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2021-2022/1006

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7 High Dividend Paying Zero Debt Companies

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Majesco

Majesco Ltd. was founded in 2013 and is based in the United Kingdom. The current share price is 87.4. It currently has a market capitalization of Rs 249.65 crore. The company reported gross sales of Rs. 95.1 crore and total income of Rs. 532.5 crore in the most recent quarter.

For the first time in five years, the company is debt-free. The stock returned -80.51 percent over three years, compared to 86.64 percent for the Nifty Smallcap 100. Over a three-year period, the stock returned -80.51 percent, compared to Nifty IT, which returned 124.97 percent.

Dividend History

Since August 16, 2017, Majesco Ltd. has declared four dividends. Majesco Ltd. has issued an equity dividend of Rs 974.00 per share in the last 12 months. This equates to a dividend yield of 1122.12 percent at the current share price of Rs 86.80.

Dividend History of Elcid Investment

Dividend History of Elcid Investment

For the last five years, the company has had no debt. The company’s yearly revenue growth rate of 38.98% surpassed its three-year CAGR of 30.93%. The company Elcid Investments Ltd. was founded in 1981. Its stock is currently trading at a price of Rs 17. It now has a market capitalization of Rs 0.34 crore. The company reported gross sales of Rs. 557.98 crores and a total income of Rs. 557.98 crores in the most recent quarter.

Elcid Investment

At the current share price of Rs 17.00, this equates to an 88.24% dividend yield. Since September 1, 2003, Elcid Investments Ltd. has declared 20 dividends. Elcid Investments Ltd. has declared an equity dividend of Rs 15.00 per share in the last 12 months.

Clariant Chemicals Dividend History

Clariant Chemicals Dividend History

Clariant Chemicals (India) Ltd. began operations in 1956. Its share price presently is 608.85. It currently has a market capitalization of Rs 1406.95 crore. The company reported gross sales of Rs. 7733.4 crores and a total income of Rs. 7881.25 crores in the most recent quarter.

Dividend History

The stock returned 55.72 percent over three years, compared to 86.64 percent for the Nifty Smallcap 100. Over a three-year period, the stock returned 55.72 percent, compared to 99.43 percent for the S&P BSE Basic Materials index.

Goodyear India of Dividend History

Goodyear India of Dividend History

The company has enough cash on hand to cover its contingent liabilities. For the last five years, the company has had no debt. Goodyear India Ltd., founded in 1961, is a Small Cap company in the Tyres industry with a market capitalization of Rs 2,426.71 crore.

The stock returned 16.18 percent over three years, compared to 86.64 percent for the Nifty Smallcap 100. Over a three-year period, the stock returned 16.18 percent, compared to 18.54 percent for the Nifty Auto Index.

Dividend History

Since May 30, 2007, Goodyear India Ltd. has issued 18 dividends. Goodyear India Ltd. has declared an equity dividend of Rs 178.00 per share in the last 12 months. This translates to a dividend yield of 17.14 percent at the current share price of Rs 1038.50.

Balmer Lawrie Investments Dividend History

Balmer Lawrie Investments Dividend History

Since the last five years, the company has had no debt. The stock returned 16.21% over the last three years, compared to 86.64 percent for the Nifty Smallcap 100. Balmer Lawrie Investments Ltd., founded in 2001, is a Small Cap business in the Holding Company category with a market capitalization of Rs 963.25 crore.

Dividend History

Since September 19, 2003, Balmer Lawrie Investments Ltd. has declared 20 dividends. Balmer Lawrie Investments Ltd. has declared an equity dividend of Rs 38.00 per share in the last 12 months. At the present share price of Rs 429.95, this equates to an 8.84 percent dividend yield.

Power Finance Corporation Dividend History

Power Finance Corporation Dividend History

Only 3.15 percent of trading sessions in the last 14 years had intraday gains of more than 5%. The stock returned 90.09 percent over three years, compared to 70.37 percent for the Nifty 100 index. Power Finance Corporation Ltd., founded in 1986, is a Large Cap firm in the Term Lending Institutions sector with a market cap of Rs 36,974.34 crore.

Since September 7, 2007, Power Finance Corporation Ltd. has declared 27 dividends. Power Finance Corporation Ltd. has declared an equity dividend of Rs 12.25 per share in the last 12 months. At the current share price of Rs 139.55, this translates to an 8.78 percent dividend yield.

Hindustan Zinc

Hindustan Zinc

Only 1.88 percent of trading sessions in the last 14 years had intraday drops of more than 5%. Annual sales growth of 19.29% surpassed the company’s three-year CAGR of 0.84 percent. Stock returned 15.81 percent over three years, compared to 70.37 percent for the Nifty 100 index. 100

Over a three-year period, the stock returned 15.81 percent, while the Nifty Metal returned 63.36 percent to investors.

Since June 28, 2001, Hindustan Zinc Ltd. has issued 35 dividends. Hindustan Zinc Ltd. has declared an equity dividend of Rs 21.30 per share in the last 12 months. This equates to a dividend yield of 6.74 percent at the current share price of Rs 316.15.

7 High Dividend Paying Zero Debt Companies

7 High Dividend Paying Zero Debt Companies

Company Dividend Yield
Majesco 1122.12%
Elcid Investment 88.24%
Clariant Chemicals 10.63%
Goodyear India 17.14%
Balmer Lawrie Investments 8.84%
Hindustan Zinc 6.74%
Power Finance Corporation 8.78%



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10 Midcap Stocks To Buy From Motilal Oswal’s India Strategy Report

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Nifty FY22E EPS estimates see minor tweaking

The India Strategy Report by Motilal Oswal Financial Services has tweaked the Nifty FY 2022 (E) EPS to Rs 730 from Rs 732 earlier and Rs 874 (prior: Rs 865) for FY22 and FY23, respectively.

FY22 earnings for Oil & Gas have seen upgrades on the back of higher crude and gas prices, offset by downgrades in Autos. Metals, BFSI, and Oil & Gas are likely to account for 34%, 25%, and 13% of the total incremental earnings, respectively, in FY22

Key model portfolio changes

Key model portfolio changes

Motilal Oswal Financial Services has maintained an overweight stance on BFSI, Information Technology, Metals, Cement, and Capital Goods. It has also raised Consumer from Neutral to Overweight given the improving underlying demand backdrop and retain Neutral positions in Auto and Healthcare.

“While Motilal Oswal Financial Services maintain underweight stance on Energy, they have reduced the extent of the under weight position. In BFSI, the company adds IndusInd Bank, which is showing strong traction in advances. In Consumer, added Jubilant FoodWorks. In Midcaps, Motilal Oswal Financial Services introduces APL Apollo Tubes.

10-midcap stocks to buy from the India strategy report

10-midcap stocks to buy from the India strategy report

According to the report the top stocks to buy from the midcap space include names like Max Financials, Steel Authority of India, Deepak Nitrite, L&T Technology, APL Apollo Tubes, Chola Finance, JK Cements, Indian Hotels, Orient Electric and Aditya Birla Retail.

While we at good returns do recommend stocks to buy based on brokerage reports, we would advise some bit of caution given where stocks are. Midcap stocks would also be slightly risky to buy, given that they have been extremely volatile. Also, the Sensex at 60,000 is expensive and its trading at significant premiums to long-term averages, which is one more reason why investing in stocks in lumpsum could be slightly risky.

Corporate earnings to be supported by recovery

Corporate earnings to be supported by recovery

According to Motilal Oswal Corporate earnings for 2QFY22 are likely to be supported by recovery in domestic demand as indeed the higher global commodity and energy prices.

“There remains a clear divergence in intra-sector earnings growth. Global cyclical plays such as O&G and Metals continue to support earnings growth on the back of high commodity prices, and Technology continues to see robust demand-led growth. On the flip side, Autos remains challenged with supply-side issues (semi- conductor chip shortage) as well as slower demand recovery (2W). Moreover, Healthcare appears to be impacted by pricing headwinds in the US Generics business,” the brokerage has said.

Disclaimer

Disclaimer

The above 10 stocks to buy are picked from the India Strategy report of Motilal Oswal Financial Services. Please note investing in stocks is subject to market risks and one needs to be cautious at this point of time as markets have gone-up sharply. Neither the author, nor Greynium Information technologies Pvt Ltd would be responsible for losses incurred based on a decision made from this article.



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RBI governor, BFSI News, ET BFSI

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Amid rising concerns over mispricing of credit risk by banks due to abundant liquidity, the Reserve Bank of India today said it was for the banks to do their own risk assessment and price their loans accordingly.

‘Banks should do own risk assessment and based on it should price their loans, action lines in the domain on banks,” said RBI governor Shaktikanta Das.

“I don’t think SBI has flagged this issue as a complaint, SBI has flagged it as a concern, which is for the banks to take note of, whatever be the liquidity situation,” he said.

Mispricing of loans

A few weeks ago, SBI, the country’s largest lender, has said that mispricing of risks is a cause of concern given the fact that there is ample liquidity in the system.

Since deposits are flowing into the system and credit offtake is yet to take place, bankers may be tempted to make investments in alternative avenues like T-Bills, SBI chairman Dinesh Kr Khara said.

“The depth of this alternative investment market is shallow. There is a chance of mispricing of risks. But I feel there will be no compromise on underwriting standards as the banking system has learned the hard way due to huge NPAs,” he said.

Striking a balance

The SBI chairman said there is a need to strike a balance and unless there is improvement in growth, it will be big challenge.

Regarding offtake of credit, the banker said some industrial sectors are showing improvement but it is not universal across sectors.

“I hope the Production Linked Incentive scheme will help a lot in offtake of liquidity, particularly in the MSME sector. Now some private sector investments are likely to take place besides PSUs. The road sector is looking promising,” he stated.

Khara said given the present macroeconomic conditions it is unlikely that the central bank will alter interest rates in the coming Monetary Policy Committee meeting.



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RBI extends three-year SLTRO facility to SFBs

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The Reserve Bank of India has extended the three-year special long-term repo operations facility for Small Finance Banks by two months till December-end 2021.

This facility, which is available at the repo rate of 4 per cent, aggregating ₹10,000 crore was announced by the central bank in May 2021 to help SFBs provide last mile credit to individuals and small businesses.

Liquidity drawn from this facility has to be deployed by SFBs for fresh lending of up to ₹10 lakh per borrower.

“Recognising the persisting uneven impact of the pandemic on small business units, micro and small industries, and other unorganised sector entities, it has been decided to extend this facility till December 31, 2021.

“Further, this will now be available on tap to ensure extended support to these entities,” RBI Governor Shaktikanta Das said.

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Multibagger Stocks: 5 Specialty Chemical Stocks That Delivered Upto 468% In 1-Year

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Reasons for optimism in the specialty chemicals space:

1. Brokerages are of the belief that India’s share in the global specialty chemicals space will likely double over the next 5-years.

2. Over the past one year, companies’ in the space have logged substantial improvement in earnings and profitability.

3. Companies in the space are seeing increased demand from clientele who were earlier procuring products from China. In fact India’s specialty chemicals industry has emerged as the biggest beneficiary of the shift in global supply chain from China

4. On a more recent basis, the power crisis in China is also auguring well for India’s chemical manufacturers.

Privi Specialty Chemicals:

Privi Specialty Chemicals:

Formerly called Fairchem Speciality Limited, the company is one of India’s leading bulk manufacturer, supplier and exporter of aroma chemicals. The company’s state of the art

manufacturing facilities are based out of Mahad in Maharashtra and at Jhagadia in Gujarat.

The company on a recent basis entered into a JV with Fortune 500, Swiss multinational- Givaudan SA to set up a Greenfield production unit that will be established at Mahad.

The stock is mainly trending higher on account of growing demand from the fragrance industry.

The stock is categorized within the small cap scrips and has a market cap of Rs. 7304 crore. Over the last 1-year the stock has gained by 233 percent. The next earnings for the scrip will be announced on November 10, 2021.

Deepak Nitrite:

Deepak Nitrite:

The Gujarat-based company manufactures chemical intermediates to cater to the domestic and international markets. As per the company’s website, it draws 35 percent of its revenue through exports and has as many as 50 Fortune 500 companies’ as its partners.

On a more recent basis, specialty chemical companies’ including Deepak Nitrite has been witnessing a surge in stock price as there is expected that the chemical industry stocks will outperform in the short to middle term and reflect in the companies’ earnings in the coming quarter. Also, as the company is not dependent on China for the raw materials augurs well for the company in the current situation.

The stock is a mid-cap scrip with a market capitalization of Rs. 39,249 crore.

Balaji Amines:

Balaji Amines:

The company is an ISO 9001: 2015 certified company that specialises in manufacturing Methylamines, Ethylamines, Derivatives of Specialty Chemicals and Pharma Excipients. The company also is into manufacturing of derivatives, which are downstream products for various Pharma /Pesticide industries apart from user specific requirements.

Established in 1988, the company is the leading manufacturer of Aliphatic Amines, catering to the demand of value based Specialty Chemicals.

This is again a small cap scrip with market cap of Rs. 14,645 crore.

Alkyl Amines Chemicals:

Alkyl Amines Chemicals:

Set up in the year 1979, this company manufactures amines, amine derivatives, speciality chemicals that cater to the pharmaceutical, agrochemical, rubber chemicals, paints and dye and water treatment industries, among others.

In late September this year, the scrip saw one on the promoter trimming stake in the entity through open market sale. In the quarter ended June of Fy 22, the company’s net profit jumped 49 percent to Rs. 78.5 crore.

The company is also an almost debt free entity with debt to equity at 0.03 in 2021.

Gujarat Fluorochemicals:

Gujarat Fluorochemicals:

Gujarat Fluorochemicals Limited (GFL) is an Indian Chemicals Company with over 3 decades of expertise in Fluorine Chemistry. GFL holds expertise in Fluoropolymers, Fluorospecialities, Refrigerants and Chemicals. The various industries’ to which the company caters include automotive, aerospace, semiconductors, electronics, common household appliances, telecommunications, healthcare and architecture.

The company on a recent basis has filed for Lithium Hexafluoro Phosphate (LiPH6) as one of its products. With the rising impetus on EVs, there is expected a surge in demand for LiPH6.

5 Multibagger Specialty Chemicals Stocks in the last 1-year

5 Multibagger Specialty Chemicals Stocks in the last 1-year

Specialty chemical stock LTP % gain in the last one year
Privi Speciality Chemicals Rs. 1867.9 233%
Deepak Nitrite Rs. 2878 260%
Balaji Amines Rs. 4519 468%
Alkyl Amines Chemicals Rs. 4074 220%
Gujarat Fluorochemicals Rs. 2007.4 314%

Disclaimer:

Disclaimer:

The list of these chemicals stocks is collated to provide a general outlook on the industry and is not a recommendation to buy in these listed stocks.

GoodReturns.in



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Reserve Bank of India – Press Releases

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In the underwriting auctions conducted on October 08, 2021 for Additional Competitive Underwriting (ACU) of the undernoted Government securities, the Reserve Bank of India has set the cut-off rates for underwriting commission payable to Primary Dealers as given below:

(₹ crore)
Nomenclature of the Security Notified Amount Minimum Underwriting Commitment (MUC) Amount Additional Competitive Underwriting Amount Accepted Total Amount underwritten ACU Commission Cut-off rate
(paise per ₹100)
4.26% GS 2023 2,000 1,008 992 2,000 0.75
5.63% GS 2026 6,000 3,003 2,997 6,000 0.88
6.67% GS 2035 9,000 4,515 4,485 9,000 2.44
6.67% GS 2050 7,000 3,507 3,493 7,000 3.27
Auction for the sale of securities will be held on October 08, 2021.

Ajit Prasad
Director   

Press Release: 2021-2022/1004

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Monetary Policy Committee revises FY22 retail inflation projection to 5.3%

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The Monetary Policy Committee (MPC) revised its retail inflation projection for FY22 downwards to 5.3 per cent against the earlier 5.7 per cent even as it retained its projection for real GDP growth at 9.5 per cent.

If the downward revision in retail inflation projection materialises “and growth gathers further momentum”, it could set the stage for a hike in the policy repo rate, say economists.

RBI Governor Shaktikanta Das observed that consumer price inflation softened during July-August, moving back into the tolerance band with an easing of food inflation, corroborating the MPC’s assessment of the spike in inflation in May as transitory.

“Improvement in monsoon in September, the expected higher Kharif production, an adequate buffer stock of foodgrains and lower seasonal pickup in vegetable prices are likely to keep food price pressures muted,” he said.

Also read: RBI Gov hints on ‘gradual’ unwinding of exceptional liquidity measures

The Governor noted, “Core inflation, however, remains sticky. Elevated global crude oil and other commodity prices, combined with an acute shortage of key industrial components and high logistics costs, are adding to input cost pressures. Pass-through to output prices has, however, been restrained by weak demand conditions. The evolving situation requires close vigilance.”

Das opined that overall, the aggregate demand is improving but slack still remains; output is still below the pre-pandemic level and the recovery remains uneven and dependent upon continued policy support. Contact intensive services, which contribute about 40 per cent of economic activity in India, are still lagging.

Supply-side and cost-push pressures are impinging upon inflation and these are expected to ameliorate with the ongoing normalisation of supply chains. Das felt that efforts to contain cost-push pressures through a calibrated reversal of the indirect taxes on fuel could contribute to a more sustained lowering of inflation and anchoring of inflation expectations.

GDP growth

The MPC retained its projection for real GDP growth at 9.5 per cent in 2021- 22. In this regard, the Governor said, “Recovery in aggregate demand gathered pace in August-September… The ebbing of infections, together with improving consumer confidence, has been supporting private consumption. The pent-up demand and the festival season should give further fillip to urban demand in the second half of the financial year.”

Also read: RBI proposes framework for offline digital retail payments

Das observed that rural demand is expected to get impetus from continued resilience of the agricultural sector and record production of kharif foodgrains in 2021-22 as per the first advance estimates. Further, the improved level in reservoirs and early announcement of the minimum support prices for rabi crops boost the prospects for rabi production.

The support to aggregate demand from government consumption is also gathering pace. “Improvement in government capex, together with congenial financial conditions, could bring about an upturn in the much-awaited virtuous investment cycle… Recovery in the services sector is also gaining traction,” the Governor said.

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What’s behind the demand for Indian high-yield dollar bonds?, BFSI News, ET BFSI

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There are no takers in India for corporate notes with even a whiff of credit risk. But such is the fear among global investors around China’s overleveraged property developers that money can’t stop pouring into Indian high-yield dollar bonds.

Domestic debt issuances by all except the top-rated borrowers have shrunk since the collapse of the IL&FS Group, a major infrastructure financier, in September 2018. Firms rated below AA have managed to garner just 382 billion rupees ($5.2 billion) this year, a far cry from their 2017 haul of 2.1 trillion rupees.

The situation in the international market is the exact opposite. Junk-rated nonfinancial firms from India have scooped up a record $9 billion this year, almost three times the year-earlier period. JSW Steel Ltd. alone raised $1 billon last month. Tycoon Gautam Adani has pipped even historically trusted public-sector issuers, such as Power Finance Corp. and Export-Import Bank of India. Firms linked to Asia’s second-richest man have raised $9 billion in the past five years, more than any other Indian borrower.

For investors wary of China, looking at India makes sense. At more than $300 billion, China Evergrande Group’s liabilities alone are more than twice the size of India’s entire corporate bond market. While nobody knows which sector or private business in the People’s Republic will get punished next by Xi Jinping’s “common prosperity” campaign, overseas investors have a fair idea which Indian corporate groups have a good relationship with Prime Minister Narendra Modi’s government.

Still, policy makers in New Delhi and Mumbai would prefer fund-raising to take place locally, in their home currency. After all, they’re running a fully stocked liquidity bar, with the surplus in the banking system ranging between $90 billion and $130 billion since end-June. It’s a risky ploy. With the Federal Reserve close to reining in generous monetary support for the pandemic-hit U.S. economy, India’s happy hours can’t go on indefinitely. To boost anemic investment and jobs, the authorities want credit to perk up. But how long can they wait when easy money is only going into overpriced equities? Leaving aside the local bond market, even bank lending to the corporate sector is refusing to budge.

The central bank can point to 5.3% inflation, within its target range, to postpone the inevitable tightening in its monetary-policy meeting today. Granted, soaring global oil prices will bring discomfort to a country that imports most of its energy. An acute coal shortage at power plants may push inflation higher as steelmakers pay more for the commodity. It may also add to the record September trade deficit of nearly $23 billion. The reassuring news is that India isn’t living hand to mouth, having nearly $650 billion in foreign-exchange reserves, and an overall balance-of-payments that HSBC Holdings Plc expects to remain in surplus for years. Knowing they’re unlikely to lose money from a sudden rupee depreciation, foreigners may keep coming for India’s stocks and bonds.

But the extra dollars arrive with a cost. A rupee that’s too strong compared with trading partners’ inflation-adjusted currencies leads to a loss of competitiveness. That’s probably what’s going on in India. “In a version of the Dutch disease, an overvalued rupee could impede growth in domestic manufacturing and jobs,” says Observatory Group analyst Ananth Narayan.

Surging gold imports often signal nervousness. Some of the heightened demand can be attributed to jewelers. With the virus in retreat, they’re stocking up for the Hindu festive season, which has just begun. But could it also be that having made their money in stocks, rich Indians are buying the yellow metal and Bitcoin because they know that the ultimate source of demand in the economy is weak, and that the currency is artificially high?

As long as the rupee doesn’t roll over, India will get some of the capital fleeing China. But love in the time of Evergrande isn’t forever. The local credit market needs to turn a little less grumpy. Once the Fed starts tapering its balance sheet, the moment may be lost.



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