Author: root

HDFC Bank ready with strategy on credit cards after RBI revokes ban

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Private sector lender HDFC Bank on Wednesday said it is ready with strategies to ‘come back with a bang’ in the credit card space.

“As stated earlier, all the preparations and strategies that we have put in place to ‘come back with a bang’ on credit cards will be rolled out in the coming time. We are happy that we will be able to serve our customers again with the same dedication and humility,” it said in a statement.

Noting that the restrictions on all new launches of the digital business generating activities planned under Digital 2.0 will continue till further review by the regulator, the bank said it will continue to engage with the regulator and ensure compliance on all parameters.

Also read:Reserve Bank allows HDFC Bank to sell new credit cards

The statement comes after the Reserve Bank of India (RBI) relaxed curbs on the private sector lender on sourcing new credit cards. “…the RBI vide its letter dated August 17, 2021 has relaxed the restriction placed on sourcing of new credit cards. The Board of Directors of the Bank has taken note of the said RBI letter,” HDFC Bank said in a stock exchange filing.

The RBI had in December last year directed HDFC Bank to temporarily halt sourcing of new credit card customers as well as launches of digital business generating activities planned under its proposed programme‐Digital 2.0.

HDFC Bank is the largest credit card issuer with 1.48 crore outstanding cards as of June 2021. The temporary halt on sourcing of cards had to some extent, impacted its business and also enabled competitors such as ICICI Bank and SBI to increase their market share.

Analysts said the RBI decision before the beginning of festive season is a positive development. “…lifting of RBI restrictions before the beginning of festive season is a positive development as HDFC Bank has usually been aggressive during festive season and offers various discounts on consumer products,” Motilal Oswal said in a research note.

Also read: New credit cards: RBI partially lifts curbs on HDFC Bank

It pointed out that HDFC Bank had nearly lost about 6 lakh cards since the date of embargo. On the other hand, ICICI Bank, SBI Cards and Axis Bank almost added 13 lakh, 7.5 lakh and 3 lakh cards respectively over the similar period.

“Other players such as ICICI Bank and SBI Cards have sharply ramped up their incremental market share at about 49 per cent and 28 per cent during this period,” it said.

During recent quarters HDFC Bank has reported moderation in fee income/NII, due to the RBI restriction on credit cards sourcing as this segment contributes about 25 per cent to 33 per cent of the total fee income for the bank. HDFC Bank scrip was up 1.83 per cent in morning trade at BSE.

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3 Stocks To Buy For Potential Gains Up To 52%, Says ICICI Securities

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3 Stocks To Buy For Potential Gains Up To 52%, Says ICICI Securities

Company Recommendation Target Price Upside Potential
Time Technoplast BUY Rs 100 25%
Sagar Cements BUY Rs 390 26%
Triveni Engineering BUY Rs 270 52%

Buy Time Technoplast with 25% potential gain

Buy Time Technoplast with 25% potential gain

ICICI Securities is bullish on the Time Technoplast for gains of 25% as it has set the target price of Rs 100. With 34 manufacturing locations in 11 countries, Time Technoplast is a prominent manufacturer of polymer-based packaging and composite products.

Revenue growth led by easing of lockdown restrictions

As per the brokerage, increased utilisation, incremental demand for composite goods, and better EBITDA margin are driving revenue and PAT CAGRs of 17 percent and 50 percent in FY21-23E, respectively. According to the company’s management, demand for type IV composite cylinders has surged, and revenue potential in this category might be as high as Rs 2,200 crore each year.

“Time Technoplast’s share price has grown by ~2.3x over the past year. We maintain our BUY rating on the stock Target Price & valuation: We roll over our valuation on FY23E and value Time Technoplast at Rs 100 i.e. 5x EV/EBITDA on FY23E EBITDA.

By FY25, the business intends to generate revenues of Rs 5000 crores. During the same period, the value-added product (20 percent of revenue) will witness a 16 percent CAGR”, the brokerage has said.

Buy Sagar Cements with potential upside of 26%

Buy Sagar Cements with potential upside of 26%

Sagar Cement‘s shares were divided on August 17, 2021 (ex-date) as a result of board and shareholder approvals issued on July 1, 2021, and July 28, 2021, respectively, for sub-division of shares.

“We expect revenue and EBITDA CAGR of 30.8% and 27.3%, respectively, in FY21-23E. At the current market price of Rs 311/share, the stock is still trading at attractive valuations of 6.4x FY23E EV/EBITDA leaving decent scope for further upside. Hence, our target price has also been revised upwards to Rs390/share (i.e. by raising multiple to 8.0x FY23E EV/EBITDA) vs. earlier target price of Rs 340/share. Accordingly, we continue to reiterate our BUY rating on the stock,” the brokerage said in its research report.

ICICI Securities recommend a ‘BUY’ with a target price of Rs. 390, implying an upside of over 26%.

Buy Triveni Engineering with a upside potential of 52%

Buy Triveni Engineering with a upside potential of 52%

ICICI Securities recommends a ‘Buy’ on the stock of the Triveni Engineering company with a potential upside of 52%.

The company reported significant earnings growth. EBITDA was Rs. 149.6 crore, down 3.9 percent year on year, with 13.5 percent margins. With decreased tax provisioning, PAT was at Rs 92.3 crore, up 10.2 percent YoY.

Distillery expansion, surging sugar prices to drive PAT

“TEL’s share price has gone up 3.2x in the last five years. We expect 2.1x increase in distillery volumes to boost earnings with CAGR of 24.2% during FY21-24E. We continue to maintain our BUY rating on the stock Target Price and Valuation: We maintain our target price on the stock at Rs 270, valuing the business at 13x FY23 PE.

With distillery capex, TEL would be able to increase its ethanol volumes 2.1x to 22 crore litre by FY24. Distillery sales may witnessed 35% CAGR to Rs1248.6 crore in FY21-24E, which would be 25% of total revenues, the brokerage said in its research report.

Disclaimer

Disclaimer

The stocks listed in the article are taken from the brokerage report of ICICI Securities and need not be construed as investment advice. The company and the author will not be held responsible for any losses on any investment call taken based on this report.



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Reserve Bank allows HDFC Bank to sell new credit cards

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HDFC Bank on Wednesday said Reserve Bank of India (RBI) has relaxed the restrictions placed on the bank to issue new cards.

RBI had issued orders in December and February to HDFC Bank on certain incidents of outages in the internet banking /mobile banking/payment utilities of the bank over the past two years.

“As a further update to the above intimations, we wish to inform you that the RBI vide its letter dated August 17, 2021, has relaxed the restriction placed on sourcing of new credit cards,” it said in a regulatory filing.

Also read:New credit cards: RBI partially lifts curbs on HDFC Bank

The board of directors of the bank has taken note of the said RBI letter, it said. HDFC Bank said the restrictions on all new launches of the digital business generating activities planned under Digital 2.0 will continue till further review by RBI.

“We will continue to engage with RBI and ensure compliance on all parameters,” the bank said. Stock of HDFC Bank traded 2.06 per cent up at ₹1,546.00 apiece on BSE.

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WhatsApp brings new ‘payments backgrounds’ feature in India, BFSI News, ET BFSI

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Designed in partnership with the National Payments Corporation of India (NPCI), on the Unified Payment Interface (UPI), the payments feature on WhatsApp enables transactions with over 227 banks.

In a bid to strengthen its payment services offering in India, instant messaging platform WhatsApp has introduced ‘Payments Backgrounds feature on the platform.

“Built for India, this new feature is relevant, exciting, and memorable as it helps people easily convey a feeling along with sending money,” said a company statement on Tuesday.

Designed in partnership with the National Payments Corporation of India (NPCI), on the Unified Payment Interface (UPI), the payments feature on WhatsApp is an India-first, real-time payment system that enables transactions with over 227 banks, it said.

Manesh Mahatme, Director of WhatsApp Payments said: “WhatsApp is a safe space where people share their thoughts and feelings with their friends and family. With Payments Backgrounds, our effort is to bring excitement to everyday payments through WhatsApp and enable our users to express themselves if they wish, through a range of emotive themes denoting celebrations, affection, warmth or fun.”

“We believe that sending and receiving money is so much more than just a transaction. Often, it’s the stories behind the exchanges that are priceless. We look forward to creating more features and functionalities and continue making payments on WhatsApp an interesting and interactive experience,” he added.

Conversations around payments

Conversations involving payments are often imagined to be simply transactional. WhatsApp has created this thematic range of artful expressions to complement sending payments on birthdays, holidays, or for gifts and travel, the company said.

As per WhatsApp, the core idea of this feature update is to create a more personalised experience for the sender as well as the receiver by adding an element of expression when friends and family exchange money.

“Whether it is friends splitting the bill after a meal, sending money to near and dear ones as a token of your love or gifting your sister on the occasion of Rakshabandhan, payment backgrounds make sending money personal and brings alive the story behind every payment,” the statement said.

WhatsApp has been trying hard to make a mark in the already crowded online payments segment in India with strong incumbents including Paytm, Google Pay, PhonePe, Amazon Pay already having consolidated their position.



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RBI lauds Paytm IPO, says 2021 may turn out to be India’s year of IPO, BFSI News, ET BFSI

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The $ 2.2 billion proposed listing by a payment and financial services app symbolises investor excitement surrounding India’s digitalisation – digital payment solutions; e-commerce; logistics, says an RBI article.

The year 2021 could turn out to be India’s year of IPO with the domestic unicorns through their public issues setting “domestic stock markets on fire and global investors in a frenzy”, an RBI article said on Tuesday.

The successful Initial Public Offerings (IPOs) by new age companies in the recent months are a reflection of bullishness about Indian technology, it said.

“…growth impulse is igniting financial markets. 2021 could well turn out to be India’s year of the IPO. Debut offerings by Indian unicorns – unlisted start-ups – kicked off by a food delivery app’s stellar IPO that was oversubscribed 38 times, have set domestic stock markets on fire and global investors in a frenzy,” the central bank said in an article on the ‘State of Economy’.

The article has been authored by a team lead by RBI Deputy Governor Michael Debabrata Patra. The central bank said views expressed in the article are those of the authors and do not necessarily represent the views of the Reserve Bank.

The RBI article was referring to the IPO of Zomato which got oversubscribed 38 times.

Paytm IPO

The article further said that “the $ 2.2 billion proposed listing by a payment and financial services app symbolises investor excitement surrounding India’s digitalisation – digital payment solutions; e-commerce; logistics”.

Noting that the IPO of a specialty chemical manufacturing exporter was subscribed 180 times, the RBI said “these IPOs of new age companies arrive as bullishness about India mounts, especially around Indian tech”.

India’s tech boom, it added, has been long awaited, with strong global and domestic appetite for what are widely believed to be world class businesses in the pipeline, notwithstanding initial losses that have largely stemmed from the deep discount business models adopted by them.

These listings coincide with a broader rush by Indian companies to tap the market and the fomo (fear of missing out) factor driving investors, which have taken the benchmark indices to records, the RBI article said.

“A new era has clearly begun. It is estimated that India has 100 unicorns (Credit Suisse, 2021), with 10 new ones created in 2019, 13 in 2020 in spite of the pandemic and 3 a month in 2021 so far. They do not rely on inherited wealth or dependence on bank loans or extra-business connections, but on talent and innovative ideas. These are the children of liberalisation, not of the wealthy,” it said.

Maharaja Mac

Referring to the recent update by the UK-based The Economist of its Big Mac Index, an informal guide to currency valuation, the RBI article said that in terms of Maharaja Mac, India is currently the fourth-largest economy in the world.

“…we decided to give the Big Mac’s currency valuation powers a go by and turned it on its head. Looking at affordability or how many burgers can a currency buy relative to the US dollar, we measure how much a country’s GDP is valued in purchasing power terms,” the article said.

“Voila! The results uphold conventional wisdom – in terms of the Maharaja Mac, India is currently the fourth-largest economy in the world after China, the US and Japan.”



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RBI partially lifts ban on HDFC Bank, allows it to sell new credit cards, BFSI News, ET BFSI

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Eight months after barring the country’s largest private sector lender HDFC Bank from selling new credit cards, the Reserve Bank of India (RBI) has lifted the ban.

However, the ban on launching new technology initiatives remains.

In December last year, the RBI had come out with an unprecedented action implementing both the bans, after repeated instances of technological outages at the lender, which is the market leader in the credit cards segment.

Rivals ICICI Bank and SBI Cards seized the opportunity to narrow the gap with HDFC Bank.

The bank’s existing users were not impacted by the ban and it had 1.48 crore credit card customers as of June.

The impact

On July 17, the bank’s Chief Executive and Managing Director Sashidhar Jagdishan had said it has complied with 85 per cent of the RBI’s requirements on the improvements desired, and the ball is now in the regulator’s court to re-allow the bank.

Earlier, its technology and credit card vertical had said the time off the market has been utilised to re-draw processes and the teams are raring to go.

Jagdishan had said a technology audit is also over and the RBI will now be “independently” taking a view on when to lift the penal actions taken against the bank.

“We have given a milestone to the regulator in terms of what are the things we are doing on technology, complying with their advisories and directives.

The progress

“We have covered a significant portion as we speak. Almost 85 per cent of what we had to do has been covered,” Jagdsihan, who has been with the lender for over two decades and worked as the ‘change agent’ in the years leading to his elevation, said.

He added that the ball is in the regulator’s court. “As they deem fit, as they see that we are on the right track, I am sure at some point of time, they will lift the embargo.”

Acknowledging that the bank has lost market share in the credit card segment due to the ban, Jagdsihan said tech outages are a global phenomenon but it is the time taken to recover from a setback where the bank erred, leading to the “rap on the knuckles” from the regulator.

The action against HDFC Bank has been followed with a ban on card companies Mastercard and American Express from selling any new cards because of a failure to adhere to data localisation rules.

Also read : HDFC Bank episode shows that digital banking is not easy



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4 Stocks To Buy Now In August From Angel Broking For Potential Upside Of Up To 42%

Personal Finance

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1. Dalmia Bharat:

Angel Broking is bullish on the country’s leading cement company for gains of 42% as it has set the target price of Rs. 2650. As per the brokerage, the company is a play on the ramp up in volumes owing to its new additional capacities in East and West. The company is in the process of augmenting its capacity by approximately ~8MTPA (~5.4MTPA in FY22E and ~2.6MTPA in FY23E, mostly in East & Murli) which would drive volume growth going forward.

Well defined capital allocation policy, robust demand environment will aid future price performance

“Moreover, the company has laid out a clear capital allocation policy and has plans to grow its capacity by 15% CAGR and reach 110-130MTPA by FY30”, said the brokerage report. The brokerage is of the view that the demand environment is likely to remain strong given the impetus on infrastructure spend. “We expect cement volume CAGR of around 12% over FY21- 23E on the back of strong demand and capacity absorption”, added the report.

2. Safari Industries:

2. Safari Industries:

Brokerage firm gives a ‘Buy’ rating on the leading luggage company, Safari Industries. The company commands a leadership position in the mass segment and the transition from unorganized sectors to organized space would be advantageous for the luggage maker.

Wide distribution network, focused product strategy and diversified product mix to aid growth:

The company’s distribution reach is commendable and to complement it, Safari has a focused product strategy and diversified product mix that will facilitate and strengthen growth going forward. Angel Broking believes “Safari will report strong top-line as well as bottom-line growth on the back of strong growth in the organized sector, wide distribution network, strong brand & promoter initiatives”, said the brokerage in its report.

3. Galaxy Surfactants:

3. Galaxy Surfactants:

The brokerage firm Angel Broking bets on Oleo-chemical-based surfactants market leader, Galaxy Surfactants and recommend a ‘BUY’ with a target price of Rs. 3594, implying an upside of over 18% from the last traded price as on august 17, 2021.

Focus on Increasing its share of high margin specialty care products, strong association with MNCs to drive growth

The company has been gearing up to increase the share of its high margin specialty care products that now accounts for around 40% of the company’s revenues while the remaining is contributed by the performance surfactant business. Further it caters to global MNCs not only in India but also supplies raw material to them in the US, EU and MENA region. “We expect revenues to register a strong growth from FY22 onwards given the company’s exposure to the personal and home care segment and recovery in the specialty segment”, noted the broking major.

4. Jindal Steel & Power:

4. Jindal Steel & Power:

Angel Broking recommends a ‘Buy’ on the stock of the country’s largest iron and steel company, Jindal Steel & Power. The global steel cycle like other commodities has seen a turnaround owing to demand normalization in developed countries as economies there have opened up after the Covid threat. Now with the huge demand surge, prices of steel in the international markets have scaled to record highs.

Deleveraging by Jindal Steel makes the company a ‘Re-rating’ candidate

The company posted good set of numbers for the June ended quarter of FY22 owing to firm steel prices in the local markets. This is even when the company has exhausted all-low cost iron ore from Sarda mines. The company’s debt is expected to significantly come to around Rs. 8000 crore by FY2022 which should lead to a rerating in the stock. “At current levels the stock is trading at EV/EBIDTA of 4.0xFY2022 EBIDTA and offers value given the upturn in global steel cycle”, said the brokerage report.

Disclaimer:

Disclaimer:

The stocks listed in the article are taken from the brokerage report of Angel Broking and need not be construed as investment advice. The company and the author will not be held responsible for any losses on any investment call taken based on this report.

GoodReturns.in



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RBI article, BFSI News, ET BFSI

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The year 2021 could turn out to be India’s year of IPO with the domestic unicorns through their public issues setting “domestic stock markets on fire and global investors in a frenzy”, an RBI article said on Tuesday. The successful Initial Public Offerings (IPOs) by new age companies in the recent months are a reflection of bullishness about Indian technology, it said.

“…growth impulse is igniting financial markets. 2021 could well turn out to be India’s year of the IPO. Debut offerings by Indian unicorns – unlisted start-ups – kicked off by a food delivery app’s stellar IPO that was oversubscribed 38 times, have set domestic stock markets on fire and global investors in a frenzy,” the central bank said in an article on the ‘State of Economy’.

The article has been authored by a team lead by RBI Deputy Governor Michael Debabrata Patra. The central bank said views expressed in the article are those of the authors and do not necessarily represent the views of the Reserve Bank.

The RBI article was referring to the IPO of Zomato which got oversubscribed 38 times.

The article further said that “the USD 2.2 billion proposed listing by a payment and financial services app symbolises investor excitement surrounding India’s digitalisation – digital payment solutions; e-commerce; logistics”.

Noting that the IPO of a specialty chemical manufacturing exporter was subscribed 180 times, the RBI said “these IPOs of new age companies arrive as bullishness about India mounts, especially around Indian tech”.

India’s tech boom, it added, has been long awaited, with strong global and domestic appetite for what are widely believed to be world class businesses in the pipeline, notwithstanding initial losses that have largely stemmed from the deep discount business models adopted by them.

These listings coincide with a broader rush by Indian companies to tap the market and the fomo (fear of missing out) factor driving investors, which have taken the benchmark indices to records, the RBI article said.

“A new era has clearly begun. It is estimated that India has 100 unicorns (Credit Suisse, 2021), with 10 new ones created in 2019, 13 in 2020 in spite of the pandemic and 3 a month in 2021 so far. They do not rely on inherited wealth or dependence on bank loans or extra-business connections, but on talent and innovative ideas. These are the children of liberalisation, not of the wealthy,” it said.

Referring to the recent update by the UK-based The Economist of its Big Mac Index, an informal guide to currency valuation, the RBI article said that in terms of Maharaja Mac, India is currently the fourth-largest economy in the world.

“…we decided to give the Big Mac’s currency valuation powers a go by and turned it on its head. Looking at affordability or how many burgers can a currency buy relative to the US dollar, we measure how much a country’s GDP is valued in purchasing power terms,” the article said.

“Voila! The results uphold conventional wisdom – in terms of the Maharaja Mac, India is currently the fourth-largest economy in the world after China, the US and Japan.”



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RBI says inflation is on track to meet projections, BFSI News, ET BFSI

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Inflation is likely to remain within the Reserve Bank of India‘s (RBI) projected levels for the rest of the year, it said on Tuesday while highlighting that inflation containment comes at the cost of economic growth.

Earlier this month the RBI raised its 2021/22 inflation forecast to 5.7% from 5.1% and reiterated that it will continue to keep monetary policy accommodative as long as necessary to revive and sustain growth on a durable basis.

The retained stance and increased inflation forecast started a debate over whether monetary policy has forsaken its primary mandate of price stability in the face of the continuing COVID-19 pandemic.

The RBI is mandated to bring down retail inflation to 4% over the medium term while keeping it within a range of 2-6%, a band it has breached twice this year.

Inflation is on the central bank’s envisaged trajectory and likely to stabilise over the rest of the year, the RBI said of what it described in Tuesday’s bulletin as “a credible forward-looking mission statement for the path of inflation”.

“The MPC demonstrated its commitment and ability to anchor inflation expectations around the target of 4% during 2016-2020. The once-in-a-century pandemic ratcheted up inflation all over the world and India was not immune,” it added.

“Our MPC is India-focused; it has to be. It must choose what is right for India, emulating none, not emerging nor advanced peer,” the bulletin said.

A reduction in the rate of inflation can be achieved only by reduction in growth; an increase in growth is only possible by paying the price of an increase in inflation, always and everywhere, the RBI said.

Easing of pandemic-related restrictions and ongoing vaccination programme has helped to boost demand conditions while improving monsoon and rising agricultural sowing activity is improving supply conditions in the economy.

“The MPC voted to give growth a chance to claw its way back into the sunlight,” the RBI said.



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RBI, BFSI News, ET BFSI

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Mumbai: The economy is gaining traction with gradual pick up in manufacturing activity and moderation in contraction of services, spurred by comfortable liquidity conditions, an RBI article on Tuesday said.

Observing that the retreat of the second wave of coronavirus pandemic has been slow, the RBI in an article on the ‘State of Economy’ said, the aggregate demand conditions are buoyed by the release of pent-up demand post unlock, while the supply situation is improving with the monsoon catching up to its normal levels and sowing activity gaining pace.

“Reaffirming the traction that the economy is gaining, the manufacturing activity is gradually turning around, while contraction in services has moderated. Spurred by comfortable liquidity conditions, financial conditions stay benign and supportive of the recovery,” it said.

The article notes that with the cautious unwinding of restrictions by states, human mobility has risen to levels last seen in February 2021, prior to the onset of the second wave. Electricity generation readings, too, have recovered to peak levels seen in April 2021 and are closing on to the pre-pandemic level (July 2019).

It has been authored by team lead by RBI deputy governor Michael Debabrata Patra. The central bank said views expressed in the article are those of the authors and do not necessarily represent the views of the RBI. E-way bill collections rose to their highest level in the last four months, clocking a growth of 17.3% sequentially over June 2021. Normalised to February 2020 levels, E-way bills, both intra-state and interstate, surpassed pre-pandemic levels. In August so far (up to August 8, 2021), daily average E-way bills declined sequentially by 5.8%, with implications for GST collections going forward.

Also toll collections rebounded in July, nearing the March 2021 record when Fastag was made mandatory. As per the article, fuel consumption recorded an uptick in July 2021. While the consumption of petrol reached pre-pandemic levels and aviation turbine fuel (ATF) recorded a sequential improvement, diesel consumption slipped marginally.

On the price rise front, the article said the headline CPI inflation for July 2021 came in at 5.6%, down 70 bps from 6.3% a month ago and “reinforcing the view that the recent upsurge has peaked and the worst would be behind us”. Further, high frequency food price data from the department of consumer affairs indicate an uptick in cereal prices in August so far. Prices of pulses, on the other hand, continue to soften. Edible oil prices are seeing some pressures. Among key vegetables, prices of potatoes, onions and tomatoes saw some seasonal increase in prices, it said. On the the recent enactment of amendments to the Deposit Insurance and Credit Guarantee Corporation (DICGC) Act, the article said it is a major step towards ameliorating depositor distress. agencies



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