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Know how banks, financials performed this week, BFSI News, ET BFSI

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The Indian market seems to be in roaring bull phase, with the BSE Sensex hitting 60,000 points for the first time ever on Friday. However, the market did face some volatility this week, but investors were prompt to take the corrections as a buying opportunity.

The Sensex completed a 10,000-point journey to the 60,000-mark within months, having hit 50,000 in intraday trade for the first time in January 2021.

This is almost a global phenomenon, with China, Hong Kong and a few other countries being among exceptions as they reel in the budding Evergrande crisis. The mother market US, is leading the bulls, dismissing tapering indications from the US Federal Reserve.

Stock-specific moves, developments around China’s economy, US Fed meeting, revival of activity in Europe, improving economic data, strong vaccination numbers and healthy pick up in daily inoculations were considered to be key driving factors this week.

Monday Closing bell: Dalal Street painted red, banks and financials highly underperform

The BSE Sensex closed the day 525 points lower at 58,491. During the day, it touched a high of 59,203 and a low of 58,390. Only six of the 30 Sensex stocks ended in the green, while the Nifty50 fell 1.07% to end below the 17,400-mark at 17,396.

Broader markets also languished in trade, ending the day with deep cuts. The BSE MidCap fell 1.79% and SmallCap was down 1.84%.

The Nifty PSU Bank index majorly underperformed, closing down 4.18%. Nifty Bank ended 1.76% lower at 37,175, while Nifty Financial services ended 1.61% lower at 18,177. Bajaj Finserv was among the top Sensex gainers while SBI, Induslnd Bank and HDFC were top laggards.

Tuesday Closing bell: Indices witness smart recovery, end in green

The Indian market witnessed a smart recovery after Monday’s fall on the back of a recovery in US futures and Europe markets. At close, the Sensex was up 0.88% at 59,005, and the Nifty50 was up 0.95% at 17,562. BSE MidCap index rose nearly 1%, while the SmallCap ended flat with a positive bias.

Nifty PSU Bank ended flat with a negative bias, down by 0.05%. Bank Nifty staged a recovery to end at 37,235, with gains of 0.24%, while Nifty Financial services ended 0.73% higher at 18,310. Bajaj Finance was the top Sensex gainer on closing, up 5%, followed by IndusInd Bank and Bajaj Finserv were top Nifty gainers.

Wednesday Closing bell : Indices end flat with negative bias, banks, financials underperform

Benchmark indices Sensex and Nifty50 witnessed a tug-of-war between bulls and bears on Wednesday before closing with marginal losses. On the closing bell, BSE Sensex settled at 58,927, down 0.13% while the NSE Nifty50 closed at 17,546, slipping 0.09%.

The Nifty PSU Bank finished the day with 0.48% gains. Bank Nifty slipped 0.78% giving up 37,000 mark at 36,944, while Nifty Financial Services closed 0.86% lower at 18,152. HDFC was the worst-performing Sensex constituent, falling 1.39%, followed by ICICI Bank, Kotak Mahindra Bank and HDFC Bank.

Weekly Market Wrap Up: Know how banks, financials performed this week

Thursday Closing bell: Indices end at all-time highs; banks, financials gain over 2% each

Indian benchmark indices extended early gains and hit record high levels with the Sensex closing at 59,885, up 1.63%, and Nifty50 at 17,823, up 1.57%. The broader market outperformed the benchmarks, as BSE MidCap and SmallCap indices rose 1% each.

Bank Nifty surged 2.24% to close at 37,771, while Nifty Financial Services closed 2.28% higher at 18,566. Nifty PSU Banks finished the day with 1.19% gains. Bajaj Finserv, HDFC, Axis Bank, IndusInd Bank, State Bank of India were top Sensex gainers

Friday Closing Bell: Fresh record closing highs; Nifty ends above 17,850, Sensex crosses 60K.

The BSE Sensex crossed 60,000 for the first time ever, while the Nifty50 closed above the 17,850 level. At close, the Sensex was up 0.27% at 60,048 and the Nifty50 was 0.17% higher at 17,853. BSE MidCap index fell 1%, while smallcap index was down 0.3%.

Bank Nifty gained 0.16% to end at 37,830, while Nifty Financial Services ended at 18,630, up 0.34%. HDFC Bank, ICICI Bank and HDFC were among the top index gainers. SBI, Axis Bank and Bajaj Finance were among top laggards. The Nifty PSU Bank index shed 1.62%, dragged by losses in shares of Bank of Baroda and Canara Bank.

Key Industry takeaways

Kotak Mahindra Bank forays into healthcare financing

 Weekly Market Wrap Up: Know how banks, financials performed this week

Kotak Mahindra Bank (KMBL) on Tuesday announced that it has launched healthcare financing solutions, ranging from healthcare infrastructure loans, medical equipment finance and unsecured healthcare loans, aiming to cater to key stakeholders.

KMBL has introduced the offerings at attractive interest rates, and includes lending facilities such as the Insta Programme for quick approval of loans up to Rs 50 lakh.

Retail depositors earning negative returns; equities boom gives leeway to raise rates: SBI

Weekly Market Wrap Up: Know how banks, financials performed this week

The current bull run in financial markets is possibly a break from the past as households and now the opportune time to revisit the taxation of interest on bank deposits, said SBI.

Economists believe that, Retail depositors are earning negative returns on their bank deposits and hence, there is a need for reviewing taxes on interest earned.

If not for all the depositors, the taxation review should be carried out for at least the deposits made by senior citizens who depend on the interest for their daily needs, the economists led by Soumya Kanti Ghosh said in a note, which pegged the overall retail deposits in the system at Rs 102 lakh crore.

IIFL Finance to raise up to Rs 1,000 crore via secured bonds

Weekly Market Wrap Up: Know how banks, financials performed this week

Fairfax-backed IIFL Finance plans to raise a Rs 1,000-crore public issue of secured bonds on September 27 for business growth and capital augmentation. The bonds offer up to 8.75% yield and are rated AA/Stable by Crisil and AA+/negative by Brickwork.

The size of the issue is Rs 100 crore, with a green-shoe option to retain over-subscription up to Rs 900 crore (aggregating to a total of Rs 1,000 crore).

“The funds raised will be used to meet the credit need of more such customers and accelerate our digital process transformation to enable a frictionless experience,” IIFL Finance CFO Rajesh Rajak said.

Govt may block Chinese investment in LIC IPO as company a ‘strategic asset’

Weekly Market Wrap Up: Know how banks, financials performed this week

The government wants to block Chinese investors from buying shares in Life Insurance Corp (LIC), underscoring tensions between the two nations. State-owned LIC is considered a strategic asset, commanding more than 60% of India’s life insurance market with assets of more than $500 billion.

India has sought to limit Chinese investment in sensitive companies and sectors, banned a raft of Chinese mobile apps and subjected imports of Chinese goods to extra scrutiny.

“With China after the border clashes it cannot be business as usual. The trust deficit has significantly widen(ed),” a government official said, adding that Chinese investment in companies like LIC could pose risks, according to a report.

Govt extends Uday Kotak’s term as IL&FS chairman by 6 months

Weekly Market Wrap Up: Know how banks, financials performed this week

The government on Wednesday extended the term of Uday Kotak as non-executive chairman of debt-ridden IL&FS group by another six months.

The government through a gazette notification extended the term of Kotak, who is also the managing director and chief executive officer of Kotak Mahindra Bank, till April 2, 2022.

The notification was issued by the department of financial services in the ministry of finance dated September 21, 2021.



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Bitcoin fever reaches Honduras with first cryptocurrency ATM, BFSI News, ET BFSI

Personal Finance

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The first cryptocurrency ATM in Honduras opened this week as bitcoin backers sought to spur demand for virtual assets after neighboring El Salvador became the first country to establish bitcoin as legal tender.

The machine, locally dubbed “la bitcoinera,” allows users to acquire bitcoin and ethereum using the local lempira currency and was installed in an office tower in the capital of Tegucigalpa by Honduran firm TGU Consulting Group.

Juan Mayen, 28, chief executive of TGU, led the effort to bring the ATM to Honduras in hopes of educating people about virtual assets through first-hand experience.

Until now, there was no automated way to buy crypto-currencies, he said.

“You had to do it peer-to-peer, look for someone who … was willing to do it, meet in person and carry X amount of cash, which is very inconvenient and dangerous given the environment in Honduras,” he said.

On Friday, one ethereum was trading at $3,237, and bitcoin; $48,140. If the service is popular, Mayen said he hoped to install more units.

To make a purchase, users have to scan official identification and input personal data such as a phone number.

Many software developers in Honduras are already paid in cryptocurrencies, Mayen said, adding that it will also be a cheaper option to send remittances.

In 2020, Hondurans living abroad – mainly the United States – sent $5.7 billion, about 20% of the country’s gross domestic product (GDP), in remittances.

The Congress of El Salvador approved in June a proposal by President Nayib Bukele to make the country the first in the world to adopt Bitcoin as legal tender.

Elsewhere in the region, lawmakers presented draft bills in Panama that regulate the use of bitcoin and its status as a legal tender.



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Analysts, BFSI News, ET BFSI

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HSBC and Standard Chartered could face spillover damage to their profits and balance sheets from the debt crisis enveloping China‘s Evergrande Group even though the two banks say they have limited their direct exposure, analysts have warned.

Other banks and insurers could also suffer indirect effects such as loss of fees or a devaluation of their investments.

HSBC and StanChart make a big chunk of their profits in China and Hong Kong and they have been the foreign banks most involved in underwriting syndicated loans for developers there.

That means they are likely to face the most immediate second-order impacts, analysts at JPMorgan said in a research report.

HSBC and Standard Chartered both declined to comment on the report.

Evergrande has left global investors guessing over whether it will make a key interest payment, adding to fears of big losses for bondholders and sending tremors through China’s property sector and economy.

Hong Kong and mainland China accounted for around 84% of HSBC’s profits in 2020 while Greater China and North Asia contributed 81% of StanChart’s profits last year, according to a Reuters analysis of filings by the two companies – underscoring the region’s importance to their overall businesses.

The two have the most direct lending exposure among foreign banks to China’s property sector – $17 billion or 1.5% of group assets for HSBC and $1.3 billion or 0.5% of group loans at StanChart, according to JPMorgan.

The property sector contributes 14% of China’s GDP or 25% if indirect contributions are included, JPMorgan said, and property loans are worth some 6.6% of total loans, meaning a hit to the sector could have significant wider economic impacts.

HSBC and Standard Chartered have both said they have no direct exposure to Evergrande, and that they have taken steps in recent years to carefully manage their exposures to any one sector.

HSBC has already sold all positions in its China bond or Asia credit portfolios with exposure to Evergrande, a source at the bank said.

Citing Dealogic data, JPMorgan said HSBC has been involved in underwriting 39 outstanding syndicated loans for Chinese developers while StanChart has worked on 18 such deals, which could come under pressure if there are wider property sector defaults.

In a syndicated loan banks typically underwrite the deal and then sell the debt to other investors, but may keep some of the exposure on their books.

“There is a risk that this is not an idiosyncratic event but an industry-wide problem which could result in significant spillover damage,” JPMorgan said.

The US bank said it estimates there could be a further 11 defaults worth some $30 billion this year across the Chinese high-yield property sector, amounting to a 23% default rate.

Market chill

Other European financial firms also face a negative impact on business lines such as capital markets, asset management and private banking, said Dierk Brandenburg, head of financial institutions at ratings agency Scope.

“These will impact the profit and loss figures of Europe’s globally active banks in the coming quarters, as could the ensuing regulatory crackdown by Chinese authorities,” he said.

Chinese real-estate companies have tapped the public US dollar bond market for $274 billion in the past five years, Scope analysts said, citing Bond Radar data, suggesting foreign banks could lose out on fees if such deals dwindle.

Insurers’ investment portfolios could also be affected, said Volker Kudszus, Sector Lead for EMEA Insurance at S&P Global Ratings.

“We are not concerned by direct exposure of European insurers to Evergrande, but indirect exposure, e.g. through investments in the Chinese equity or real estate market, might see some volatility,” Kudszus said.

Insurers Prudential, Ageas and Swiss Re were likely to have the most exposure to Chinese real estate, Morningstar analysts said this week.

Ageas said its Chinese joint venture company had no direct exposure to Evergrande but around 2% of the corporate bond portfolio was invested in highly-rated Chinese real estate debt.

“Only further widespread spillover to the general stock markets would have an impact on our results,” an Ageas spokesperson said.

Prudential Chief Executive Mike Wells told CNBC this week that the insurer’s exposure to Evergrande was “de minimis”, and that less than 5% of the insurer’s bond holdings were in Chinese real estate.

Prudential also has a joint venture in China.

Swiss Re did not have direct investments in Chinese property in its real estate portfolio, a spokesperson said.



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Banking And IT Stocks To Buy As Recommended By Top Brokerages

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Buy Federal Bank for a price target of Rs 100

Axis Direct has put a price target of Rs 100 on the stock of Federal Bank, as against the current market price of Rs 80.85.

According to Axis Direct, Federal Bank’s transformation journey has begun with a steady franchise of granular deposits and a healthy NRI base in place. The brokerage believes that the new initiatives undertaken in the past have been gathering pace in the areas of neo-banking and higher-yielding product segments which will drive margin improvement and lead to better ROAs

“It is gradually adding new avenues viz. FinTech partnerships and high-ROA businesses such as CVs, micro finance institutions and Credit Cards. The bank has invested and revamped its high margin product portfolios such as Business Banking and select Retail lending segments (CVs, Micro Finance, and Credit Cards). Key positives are a) Improved business mix, b) Adequate CAR, c) Granular Liability franchise, and d) Incremental lending to better-rated borrowers. New focus segments will gradually boost margin improvement which will lead to sustainable high returns on assets. We maintain a Buy with a price target of Rs 100 (1.1x FY23E ABV),” the brokerage has said.

Tech Mahindra

Tech Mahindra

Edelweiss Wealth Research sees a target price of Rs 1,670 on the stock of Tech Mahindra as against the current market price of Rs 1515.

“We expect Tech Mahindra to deliver 13% revenue CAGR over FY21-23E. Improved execution engine for managing costs, targeting large deals, talent management, and cash conversion should help margins and further reduce finance cost, resulting in 17% PAT CAGR over the same period,” the brokerage has said.

According to Edelweiss Wealth Research tech Mahindra’s R&D lab (Makers Lab) along with partners has applied for Covid-19 drug patent, which will undergo trials and development process over the next 1.5 years. If successful, earnings upside may flow in from FY24E.

“Improved execution engine for targeting large deals, managing costs, and receivables should garner 17% PAT CAGR over the same period. Hence, we rate the company ‘Tactical Buy’ with target price of Rs 1,670,” Edelweiss Wealth Research has said.

Disclaimer

Disclaimer

Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution. Greynium Information Technologies, the author, and the brokerage houses are not liable for any losses caused as a result of decisions based on the article. The above article is for informational purposes only.



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RBI allows banks to sell fraud NPAs to ARCs, BFSI News, ET BFSI

Banking & Finance

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In a move that will help banks unload a major chunk of their non-performing assets (NPAs) to the bad bank, RBI has allowed the sale of loan accounts classified as fraud to asset reconstruction companies (ARCs). Earlier, banks were barred from selling NPAs classified as fraud, which had left them saddled with a resolution of several large accounts.

Banks are targeting to sell Rs 2 lakh crore worth of NPAs to the bad bank or the National Asset Reconstruction Company (NARCL) for recovery. However, they have hit a roadblock in respect of accounts that have been classified as fraud, as they were not allowed to sell them. RBI has now allowed banks to sell fraud accounts, provided the transferee is not connected to the borrower.

RBI has also said that responsibilities of the transferor with respect to continuous reporting, monitoring, filing of complaints with law enforcement agencies and proceedings related to such complaints shall also be transferred to the ARC. “The transfer of such loan exposures to an ARC, however, does not absolve the transferor from fixing the staff accountability as required under the extant instructions on frauds,” RBI said.

“Due to forensic audit in all big NPAs, in last three years, advances amounting Rs 3.83 lakh crore were declared as fraud accounts. This chunk of NPAs will be available for sale to ARCs,” Hari Hara Mishra, director, UV ARC, said.



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RBI allows banks to sell fraud loans to asset reconstruction companies

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The guidelines said that lenders must put in place a comprehensive board-approved policy for transfer and acquisition of all loan exposures.The guidelines said that lenders must put in place a comprehensive board-approved policy for transfer and acquisition of all loan exposures.

The Reserve Bank of India (RBI) on Friday allowed banks to sell fraud loan exposures to asset reconstruction companies (ARCs). Banks will now be able to transfer to ARCs loan exposures classified as fraud as on the date of transfer, provided that the responsibilities of the bank with respect to continuous reporting, monitoring, filing of complaints with law enforcement agencies and proceedings related to such complaints shall also be transferred to the ARC.

“The transfer of such loan exposures to an ARC, however, does not absolve the transferor from fixing the staff accountability as required under the extant instructions on frauds,” the RBI said in its master direction on transfer of loan exposures.

The guidelines said that lenders must put in place a comprehensive board-approved policy for transfer and acquisition of all loan exposures. These guidelines must lay down the minimum quantitative and qualitative standards relating to due diligence, valuation, requisite IT systems for capture, storage and management of data, risk management and periodic board-level oversight.

The board-approved policies of every lender on transfer or acquisition of stressed loans shall cover the norms and procedure for transfer, the valuation methodology to be followed, delegation of powers to various functionaries for taking decisions on the transfer of loans, stated objectives for acquiring stressed assets and the risk premium to be applied.

When negotiated on a bilateral basis, the negotiations must necessarily be followed by an auction through the Swiss challenge method if the aggregate exposure of lenders to the relevant borrower is `100 crore or more. In all other cases, the bilateral negotiations shall be subject to the price discovery and value maximisation approaches adopted by the transferor as part of the board-approved policy, the RBI said.

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RBI allows banks to sell fraud loans to asset reconstruction companies

Personal Finance

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The guidelines said that lenders must put in place a comprehensive board-approved policy for transfer and acquisition of all loan exposures.

The Reserve Bank of India (RBI) on Friday allowed banks to sell fraud loan exposures to asset reconstruction companies (ARCs). Banks will now be able to transfer to ARCs loan exposures classified as fraud as on the date of transfer, provided that the responsibilities of the bank with respect to continuous reporting, monitoring, filing of complaints with law enforcement agencies and proceedings related to such complaints shall also be transferred to the ARC.

“The transfer of such loan exposures to an ARC, however, does not absolve the transferor from fixing the staff accountability as required under the extant instructions on frauds,” the RBI said in its master direction on transfer of loan exposures.

The guidelines said that lenders must put in place a comprehensive board-approved policy for transfer and acquisition of all loan exposures. These guidelines must lay down the minimum quantitative and qualitative standards relating to due diligence, valuation, requisite IT systems for capture, storage and management of data, risk management and periodic board-level oversight.

The board-approved policies of every lender on transfer or acquisition of stressed loans shall cover the norms and procedure for transfer, the valuation methodology to be followed, delegation of powers to various functionaries for taking decisions on the transfer of loans, stated objectives for acquiring stressed assets and the risk premium to be applied.

When negotiated on a bilateral basis, the negotiations must necessarily be followed by an auction through the Swiss challenge method if the aggregate exposure of lenders to the relevant borrower is `100 crore or more. In all other cases, the bilateral negotiations shall be subject to the price discovery and value maximisation approaches adopted by the transferor as part of the board-approved policy, the RBI said.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

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Mispricing of risks cause for concern: SBI chairman Dinesh Kumar Khara

Banking & Finance

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Khara said there are “green shoots” visible in certain sectors, including commodities, iron & steel and aluminium. (File image)

State Bank of India chairman Dinesh Kumar Khara on Friday said mispricing of risks by banks is a reality of the banking sector and it is a cause for concern.

“Mispricing of risks is still a reality of the system and that is essentially when the credit-deposit ratio comes at a certain number, it becomes an anxiety on part of the lenders on how to deal with the stakeholders. So, I think this is where the real life situation is,” Khara said at an event organised by the Bengal Chamber of Commerce and Industry.

He said though banks have tightened the underwriting standards, the surplus liquidity in the system may push them to a situation where they end up mispricing the risk. “There is temptation on bankers to go down the risk curve and misprice the risk… we are starting to see this.”

He, however, does not feel that there is any concern regarding the underwriting standards, as most banks have tightened norms following the previous experience of the decline in the asset quality and high bad loans.

Khara said there are “green shoots” visible in certain sectors, including commodities, iron & steel and aluminium. There is lot of export opportunities in these sectors and people are cashing in on that. The credit demand is expected to start picking up once investments start flowing into these sectors through either brownfield or greenfield projects, he said.

“We have started seeing traction (in credit demand) from public sector enterprises and some private sectors are also coming for fresh investment,” he said.

On the retail portfolio of the banks, Khara said there was some stress at the end of the first quarter on account of regional lockdowns. “However, things have been improving since the beginning of the second quarter.”

On some major banks slashing interest rates on new home loans, Khara said the mortgage market has started showing signs of growth and banks are trying to capture the same.

According to Khara, the Reseve Bank of India is likely to maintain a status quo on interest rates during the monetary policy review in October. As there are some green shoots visible on the growth front, the RBI might refrain from increasing rates.

“Inflation is mainly on account of supply-side disruptions and once that is addressed, inflation may not raise its head as much as it was seen in last policy decision. So, if at all inflation gets addressed by supply chain readjustment, perhaps we may have elbow room for keeping the rates at current level and wait for growth to come back in full force. At that point of time, the central bank might think of recalibrating interest rates. But at this point of time, it looks like interest rates should remain as they are,” Khara said.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

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Reserve Bank of India – Press Releases

Press Releases

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Auction Results 5.63% GS 2026 GOI FRB 2034 6.67% GS 2035 6.67% GS 2050
I. Notified Amount ₹11000 Crore ₹3000 Crore ₹10000 Crore ₹7000 Crore
II. Underwriting Notified Amount ₹11000 Crore ₹3000 Crore ₹10000 Crore ₹7000 Crore
III. Competitive Bids Received        
(i) Number 180 72 177 149
(ii) Amount ₹24858.05 Crore ₹9426.355 Crore ₹21359.017 Crore ₹19227.022 Crore
IV. Cut-off price / Yield 99.93 99.83 99.95 96.79
(YTM: 5.6469%) (YTM: 4.4673%) (YTM: 6.6757%) (YTM: 6.9264%)
V. Competitive Bids Accepted        
(i) Number 87 19 122 22
(ii) Amount ₹10995.228 Crore ₹2999.954 Crore ₹9988.735 Crore ₹6987.247 Crore
VI. Partial Allotment Percentage of Competitive Bids 5.89% 25.73% 42.65% 28.38%
(11 Bids) (1 Bid) (11 Bids) (2 Bids)
VII. Weighted Average Price/Yield 99.93 99.83 99.95 96.89
(WAY: 5.6469%) (WAY: 4.4673%) (WAY: 6.6757%) (WAY: 6.9182%)
VIII. Non-Competitive Bids Received        
(i) Number 5 1 6 6
(ii) Amount ₹4.772 Crore ₹0.046 Crore ₹11.265 Crore ₹12.753 Crore
IX. Non-Competitive Bids Accepted        
(i) Number 5 1 6 6
(ii) Amount ₹4.772 Crore ₹0.046 Crore ₹11.265 Crore ₹12.753 Crore
(iii) Partial Allotment Percentage 100% (0 Bids) 100% (0 Bids) 100% (0 Bids) 100% (0 Bids)
X. Amount of Underwriting accepted from primary dealers ₹11000 Crore ₹3000 Crore ₹10000 Crore ₹7000 Crore
XI. Devolvement on Primary Dealers 0 0 0 0

Ajit Prasad
Director   

Press Release: 2021-2022/930

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