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Edelweiss Recently Listed IPO Fund- A Unique Mutual Fund To Play With Recently Listed Companies

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Details of Edelweiss Recently Listed IPO fund:

-The scheme was launched in the year 2018 as a closed ended scheme but now has turned into an open ended one from June 29, 2021. Also, previously the fund was known by the name Edelweiss Maiden Opportunities Fund.

-One of its kind offering exclusive to Edelweiss Mutual fund house.

– NAV of the plan – 18.0812

-Expense ratio: 2.42%, for its direct plan – 1.27%

-Minimum Investment: Rs. 5000 in multiples of Re 1 thereafter

SIP in the fund can be started for Rs. 500

– AUM: Rs. 432 Cr. As on June 30, 2021

-Exit Load: Exit load of 2% if redeemed within 6 months.

– Benchmark-100 IPO TRI

– Return since inception: 17.84%

– Risk category- Very high

– Fund manager: Bharat Lahoti (Since Feb 02, 2018) and Bhavesh Jain (Since Feb 02, 2018).

Where does Edelweiss Recently Listed IPO fund invests?

Where does Edelweiss Recently Listed IPO fund invests?

As the name suggests the fund typically has exposure into newly listed companies (of last 5 years and 100 companies) or companies that are about to open their IPO issues. The exposure is as high as 92 percent as per the fund house.

Top holdings of the fund are Dixon Technologies, Avenue Supermarts, Metropolis Health care , Gland Pharma, ICICI Lombard and HDFC Life Insurance. Together the top 10 holdings account for over 47% portfolio of the fund.

The fund is also invested into debt (4.55%) and (2.65%) in cash & cash equivalents.

Blended investment style with exposure across market capitalisations and largely into large caps.

Why Edelweiss Recently Listed IPO fund?

Why Edelweiss Recently Listed IPO fund?

The IPOs are making their way on the Dalal Street in never before seen count and the valuations as seen by experts are also pretty decent. Hence even if you could not participate in the IPO story as and when the issue got listed or failed to get the shares, herein the fund offers the opportunity to tap in the prospects of these recently listed companies.

Experts are of the view that this can be a safer route to participate in recent IPOs and hence the returns shall not be of the scale that can be gained as in a IPO, implying modest gains for investors if they remain put for a longer term. Nonetheless, typically with concentration around IPOs, there is a higher risk as well. So, investors who have a special penchant for IPOs together with higher risk can certainly bet on this new fund type.

Returns:

Fund 1-year return 3-year return Since launch
Edelweiss Recently Listed IPO fund 76.25% 23.28% 18.63%

Taxation:

Taxation:

Short term gains in case the units are sold before 1-year are taxed at the rate of 15%. After a period of 1 year, gains of up to Rs. 1 lakh shall be tax exempt.

And long term gains amounting to more than Rs. 1 lakh will be taxed at the rate of 10%. In case of dividend income, the income shall be added to taxpayer’s other income and taxed as per his or her slab rate.

For dividend higher than Rs. 5000, there shall be deducted a TDS of 10% on such income by the AMC.

Conclusion:

Conclusion:

So, if you have an extraordinary liking for IPO market and can afford a high degree of risk as this fund is typically centered around recently listed firms or firms about to hit the primary market you can invest in atleast for three years in order for the returns to be more predictable as well as to reduce your risk element in the fund.

Disclaimer:

Disclaimer:

Mutual fund investments are risky, further the listed fund is a thematic fund type that is high in risk. So, you need to have to assess your risk profile before heading for such an investment. No investments listed out here, should be construed as investment advice.

GoodReturns.in



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Weekly Rupee view: INR might gain on dovish Fed

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The Federal Reserve completed its two-day meeting and announced its policy decision yesterday. While the Fed was not expected to announce a decisive timeline on tapering, some sort of signal was largely anticipated. However, there was no inkling of it whatsoever and the interest rates were kept untouched, as expected.

The US monetary authority sees the inflation as transitory and, though the jobs market has strengthened, that there is room for ‘substantial’ progress, thereby maintaining a dovish stance. So, asset purchasing is set to continue at the current pace and this weighed on the greenback. The dollar (USD) initially bounced as the Fed sounded positive on the economy but gave away the gains and declined as there were no signs of tapering. This is positive for the rupee (INR) and it is likely to post gains in the forthcoming sessions. The current year-to-date loss of about 1.65 per cent is likely to reduce.

FPIs cut down on investments in the first six months of 2021

On the other hand, the price of crude oil, an important factor where the rupee is concerned, is likely to stabilise at the current levels in the short term — that is, the Brent crude is now hovering at $75 a barrel and if, at all, it moves it will most likely head south as the OPEC countries gradually increase supply. So, in that sense, the rupee is placed comfortably. However, sell-off by foreign portfolio investors (FPIs) can keep a check on the upside.

India joins trend to use strategic crude reserves to offset high oil prices

Net investment by FPIs has been minus ₹5,269 crore so far this month, as per National Securities and Depository Limited (NSDL) data. Of this, equities have witnessed a net outflow of ₹8,682 crore. Unless the stock market, which is broadly directionless now, shows positive signs, the fund flow to equity can remain negative. However, the debt segment, including VRR (voluntary retention route), has seen net inflow of ₹3,537 crore. There has been a net outflow of ₹123 crore in the hybrid segment, which includes real estate investment trusts (REITs) and infrastructure investment trusts (InvITs). On the whole, the net FPI flows is negative so far, and this can be a drag on the rupee.

Outlook

Supported by the dollar weakness and the bearish inclination in crude oil price, the rupee can be expected to gradually gain over the next week despite the recent FPI outflows. Technically, INR breached the hurdle at 74.40 after a period of consolidation. This has turned the outlook positive, and the rupee is likely to appreciate towards 74 in the short run. Above this, it can touch 73.60. But if the local currency weakens below 74.40, which is now a support, it can depreciate to 74.80.

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DICGC Act: Here’s What FD Investors Need To Know After Recent Changes Made By FM

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Key details of amendment in DICGC Act

  • The Union Cabinet has agreed that fixed deposit investors can claim or recover the money deposited within 90 days once a responsible bank goes under a moratorium.
  • The initial 45 days will be set aside for banks in bankruptcy to be handed over to the Deposit Insurance and Credit Guarantee Corporation. FM stated that the procedure will be finished without having to wait for a settlement within 90 days.
  • All commercial banks in India, including subsidiaries of overseas banks operating in India, would be subject to this law, which will also apply to institutions that are now subject to a moratorium.
  • Sitharaman further stated that the DICGC Act will insure 98.3 percent of all bank accounts, with above 50 percent coverage in respect of deposit amount.
  • She further added that “Each depositor’s deposit in a bank is insured up to a maximum of Rs 5 lakh, for both principal and interest. Now in India, with an increase in insurance amount from Rs 1 lakh to Rs 5 lakh, this insurance is going to cover 98.3% of all deposit accounts. This clearance now, therefore, is going to give relief to all those institutions which have already come under moratorium. It is not going retrospectively back, but if your bank has already been declared under moratorium, this will cover.”

Which deposits are covered under DICGC?

Which deposits are covered under DICGC?

Except for the deposits listed below, the DICGC protects all deposits, including savings, fixed, current, and recurring deposits.

  • Deposits of foreign Governments;
  • Deposits of Central/State Governments;
  • Inter-bank deposits;
  • Deposits of the State Land Development Banks with the State co-operative bank;
  • Any amount due on account of and deposit received outside India
  • Any amount, which has been specifically exempted by the corporation with the previous approval of the Reserve Bank of India.

How does DICGC insurance cover works?

How does DICGC insurance cover works?

By citing an example on its official website, DICGC has stated that “The DICGC insures principal and interest upto a maximum amount of five lakhs. For example, if an individual had an account with a principal amount of 4,95,000 plus accrued interest of 4,000, the total amount insured by the DICGC would be 4,99,000. If, however, the principal amount in that account was five lakhs, the accrued interest would not be insured, not because it was interest but because that was the amount over the insurance limit.” Before deposit insurance is computed, all deposits held in the same kind of possession at the same bank are summed together. According to the DICGC Act, if the funds are under various forms of possession or are placed in different banks, they will be individually insured.

List of banks insured by the DICGC

List of banks insured by the DICGC

Except for primary cooperative societies, the following banks are DICGC-insured.

Sr No. Categories
1 Public Sector Banks
2 Private Sector Banks
3 Foreign Banks
4 Small Finance Banks
5 Payment Banks
6 Regional Rural Banks
7 Local Area Banks
8 State Co-operative banks
9 District Central Co-op banks
10 Urban Co-op banks
Source: DICGC

For more information, you can visit https://www.dicgc.org.in/FD_ListOfInsuredBanks.html



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Cabinet approves amendment in insurance law to push privatisation of one general insurance co

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The Union Cabinet has approved amendment in the General Insurance Business (Nationalisation) Act, 1972 to facilitate privatisation of one general insurance company in the public sector. A top Finance Ministry official confirmed to BusinessLine that Union Cabinet in its meeting on Wednesday has given its nod. Now, a bill will be moved in the Parliament. Although, the bill is not part of the indicative schedule of legislation for the monsoon session, it is not clear whether the Bill will be introduced during any of the remaining days of the session which is scheduled to end on August 13.

The amendment is follow-up to the budget announcement when Finance Minister Nirmala Sitharaman had said: “We propose to take up the privatization of two Public Sector Banks and one General Insurance company in the year 2021-22. This would require legislative amendments and I propose to introduce the amendments in this Session itself.” However, the bill could not be tabled during the budget session as it was curtailed on account of pandemic.

Four general insurance companies

As on date, there are four general insurance companies in the public sector – National Insurance Company Limited, New India Assurance Company Limited, Oriental Insurance Company Limited and the United India Insurance Company Limited. Now, one of these will be privatised for which the Government is yet to finalise the name.

The General insurance industry was nationalized in 1972 and 107 insurers were grouped and amalgamated into four Companies – National Insurance Co. Ltd., The New India Assurance Co. Ltd., The Oriental Insurance Co. Ltd. and United India Insurance Co. Ltd. The General Insurance Corporation (GIC) was incorporated in the year 1972 and the other four companies became its subsidiaries. In November 2000, GIC was notified as the Indian Reinsurer, and its supervisory role over its subsidiaries was brought to an end. From 21 March 2003, GIC’s role as a holding company of its subsidiaries also came to an end and the ownership of the subsidiaries was transferred to the Government of India.

Also read: In relief to depositors, Cabinet clears Bill to amend Deposit Insurance Act

It is believed that amendment will focus on two provisions of the General Insurance Business (Nationalisation) Act, 1972. One is section 10A which prescribes transfer to Central Government of shares vested in Corporation (General Insurance Corporation). It says “all the shares in the capital of the acquiring companies, being – the National Insurance Company Limited, the New India Assurance Company Limited, the Oriental Insurance Company Limited and the United India Insurance Company Limited and vested in the Corporation before the commencement of the General Insurance Business (Nationalisation) Amendment Act, 2002 shall, on such commencement, stand transferred to the Central Government.

Another important section is 10B. which says “the General Insurance Corporation and the insurance companies specified in section 10A may, raise their capital for increasing their business in rural and social sectors, to meet solvency margin and such other purposes, as the Central Government may empower in this behalf. However, the shareholding of the Central Government shall not be less than 51 per cent at any time.”

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Motilal Oswal Has A “Buy” On This Auto, Cement And Steel Stock As Economy Recovers

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Buy Ashok Leyland for a 28% Upside, says Motilal Oswal

Broking firm, Motilal Oswal has a buy call on the stock of Ashok Leyland, India’s second biggest commercial vehicle player. The firm believes that Ashok Leyland’s Electrical Vehicle Strategy is in line with the technological revolution seen globally.

“We expect electrification in commercial vehicles to play out earlier in intra-city Buses and LCVs. While Ashok Leyland’s strategy is exciting and leverages on the strengths of both Optare (Switch Mobility) and Ashok Leyland, details are awaited for a more concrete plan and timeline for their EV roadmap.

The brokerage believes that the company would benefit from an expansion of its revenue/profit pool by ramping-up in LCVs, Exports, Spares, and Defense. The stock trades at 18.3x FY23E EPS and 9.9x EV/EBITDA. We maintain our Buy rating,” the brokerage has said.

Ashok Leyland recently showcased growth opportunities in the electrical vehicles segment. Its latest strategic initiative, through Switch Mobility, is in shaping the commercial e-Mobility space in India and overseas. Shares of Ashok Leyland were last seen trading at Rs 123 on the NSE.

Dalmia Bharat

Dalmia Bharat

Motilal Oswal is also bullish on another economy play, cement. The brokerage has recommended buying the stock of Dalmia Bharat in its latest report. Among the positives that the firm sees include margins led growth and a gain in market share for the company.

“Led by expansions, Dalmia Bharat is well-placed to gain market share. We estimate a 14% volume CAGR over FY21-23E,” the brokerage has said.

The company aims to be a pan India pure play Cement company, having a significant presence in its operating geographies, and plans to grow capacity at 14-15% CAGR to 110-130mt by CY31. “Around Rs 50 billion has been allocated towards its new expansion plan, of which Rs 13 billion will be spent on clinker debottlenecking. We reiterate our Buy rating with a target price of Rs 2,480 per share on 12x Sep’23E EV/EBITDA, ” the brokerage has said.

JSW Steel

JSW Steel

Motilal Oswal has set a 16% higher target on the stock of JSW Steel. The firm believes that the high debt levels are not a concern, as growth capex improves outlook.

“The announcement of the 7.5mtpa capacity expansion at Vijayanagar – coupled with the acquisition of Bhushan Power and Steel Ltd (BPSL) and the completion of the 5mtpa Dolvi expansion – indicates the management’s focus to grow its market share and the comfort to manage its cash flows and leverage,” Motilal Oswal has said.

“We like JSW Steel given its strong project pipeline and cost reduction initiatives, which should support margins. Over FY21-23E, we expect an above-industry volume CAGR of 17%, driven by the Dolvi expansion. We value JSW Steel at 6x FY23E EV/EBITDA to arrive at target price of Rs 840. Maintain Buy,” the brokerage has said.

Disclaimer

Disclaimer

The stock recommendations mentioned above are from the report of Motilal Oswal. However, neither the author, nor Greynium Information Technologies Pvt Ltd would be responsible for the losses incurred based on a decision from the article. Investors are advised caution given that the Indian stock markets have rallied significantly from the lows of last year. Only investors who have the appetite to take risk should buy.



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Buy This Pharma Stock For 20% Gains, “All Is Well” Says This Brokerage

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Buy, the stock for an upside target of Rs 5,755

Emkay Global has a buy on the stock with a price target of Rs 5,755, which is almost 20% higher than the current market price of Rs 4,733.

According to Emkay Global, the management has guided for a meaningful profitability improvement from the second quarter of FY 2021-22 and also reiterated its long-term EBITDA guidance of 25%. “While higher SG&A expenses are expected to continue, increased investment in the branded markets will be more than offset by higher growth,” the brokerage has said.

The management of the company has also indicated that profitability will improve meaningfully from second quarter of FY 2021-22, driven by the ramp-up of recently launched products, higher growth in the branded markets and an increase in active pharmaceutical ingredients scale. According to Emkay Global, the management also reiterated its long-term EBITDA margin guidance of 25%.

Dr Reddy's: Long term value of the stock remains attractive

Dr Reddy’s: Long term value of the stock remains attractive

Emkay Global says that it continues to remain positive on the company as it believes Dr Reddy’s Labs has good US pipeline visibility. “In addition, the company’s steadfast focus on the India business continues and should drive 220 basis points growth outperformance relative to the India pharma market, along with margin expansion, as the sales force remains stable. The company’s strategy of leveraging the US portfolio for Europe and ROW is expected to drive growth and margin accretion in the medium term,” the brokerage has said.

The stock is trading at an attractive valuation of 24 times 1-year forward P/E vs. the historical average of 26 times, the brokerage has noted. “Our target price of Rs 5,755 represents a P/E of 21 times on FY24E core EPS (Rs246) and we have a buy on the stock,” the brokerage says. The stock of Dr Reddy’s was last seen trading at Rs 4744 on the BSE. The stock had plunged 10% earlier this week post the quarterly numbers that were declared, which were below street estimates. In fact, as we write the stock is also lower than the current market price mentioned in the brokerage report.

Disclaimer

Disclaimer

The stock recommendation mentioned above is from the report of Emkay Global. However, neither the author, nor Greynium Information Technologies Pvt Ltd would be responsible for the losses incurred based on a decision from the article. Investors are advised caution given that the Indian stock markets have rallied significantly from the lows of last year. Only investors who have the appetite to take risk should buy.



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Top green energy banker sees $150 billion in India deals by 2030

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For international investors seeking a piece of India’s renewables boom — and the bankers who sit across the table with them — all roads go through the country’s domestic energy players.

That’s the message from Bank of America Corp.’s Gaurav Singhal, who leads the busiest team in India’s green energy M&A sector in the past 12 months, according to data compiled by Bloomberg. The biggest of the deals saw the US bank advising SoftBank Group Corp on selling its renewables business in India to Adani Green Energy at an enterprise value of $3.5 billion earlier this year.

The green energy arm of local tycoon Gautam Adani’s empire announced the deal in May, following reports that negotiations with the Canada Pension Plan Investment Board had fallen apart.

Adani’s group was a late entrant in the SB Energy deal, though they were aware of it, Singhal said. “The group had many advantages, from being a local player to the fact that some of the SB Energy assets were next door to their own plants.”

The deal helped make India the most active market in the world for renewables M&A in the first six months of 2021 according to BloombergNEF, and Adani and his fellow billionaire, Mukesh Ambani, have unveiled ambitious plans in the sector.

Interest by foreign players

Foreign buyers will undoubtedly continue to compete for assets; Singhal expects more than $150 billion in equity investment into the sector by 2030. Yet most strategic investors from overseas are seeking to back local entrepreneurs, he said.

“Some of the issues of dealing with the Federal government can be handled by only the local partners,” he said. “Foreign investors cannot take that call solo.”

Singhal will soon be making that pitch in person. Bank of America is moving its top renewable energy investment banker in India to New York, as it tries to grab a bigger share of what he estimates is the roughly $500 billion needed to meet the country’s green energy targets.

He’ll bring with him a slew of roles on recent cross-border deals. Global Power Synergy Pcl, the listed power unit of Thailand’s PTT Group, purchased a $453 million stake in local company Avaada Energy earlier this month. In September, Japan’s Orix Corp agreed to buy a roughly 20 per cent stake in Greenko Energy Holdings for $980 million.

“The decade I spent on this sector, which wasn’t considered hot, initially gave BofA and me a first-mover advantage,” he said.

Wall Street is a long way from Agra, the northern town where two decades ago, Singhal used to have to line up for about two hours every month to pay the bill for electricity – which was frequently interrupted. Like Singhal, who has been based in Mumbai, India’s energy sector has moved on. Coal’s market share fell in 2020, the second year in a row, as wind and solar projects become more cost-efficient and the technology improves.

The Indian green bond market is expanding rapidly this year with a total of seven issues denominated in foreign currency. Sales jumped to an all-time high of $4.1 billion this year to date, data compiled by Bloomberg show. Despite its presence in renewables M&A, Bank of America is a laggard in arranging green bonds from Indian issuers, the data show. The US lender will work on “filling that gap” in the business, Singhal said.

Local regulations in the power sector are still in flux, making it hard for overseas investors to navigate, and several of them have left. Foreign firms will have a hard time achieving scale by taking part in fiercely fought bidding wars on tariffs, Singhal said. He expects overseas institutional players to invest only in larger companies with the prowess to absorb capital and demonstrate growth, which will quicken the consolidation, he said.

Singhal will start at the New York office next month, and will continue to oversee the bank’s renewable deals in India from there.

One area where Singhal wasn’t ahead of the curve? His car, which is still gasoline-powered. When he moves to New York, he will go electric, he said.

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RBI imposes Rs 5 crore penalty on Axis Bank, BFSI News, ET BFSI

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The Reserve Bank of India (RBI) on Tuesday said it has imposed a penalty of Rs 5 crore on Axis Bank for contravention of certain provisions of directions issued by the RBI, including on cybersecurity framework. The penalty has been imposed for “contravention of/non-compliance” with certain provisions of directions issued by the RBI. They include ‘Strengthening the Controls of Payment Ecosystem between Sponsor Banks and SCBs/UCBs as a Corporate Customer’; ‘Cyber Security Framework in Banks’; and ‘Reserve Bank of India (Financial Services provided by Banks) Directions, 2016′.

They also include ‘Financial Inclusion-Access to Banking Services-Basic Savings Bank Deposit Account’; and ‘Frauds-Classification and Reporting’.

The RBI said the statutory inspections for supervisory evaluation (ISE) of the bank were conducted with reference to its financial position as on March 31, 2017, (ISE 2017), March 31, 2018, (ISE 2018), and March 31, 2019 (ISE 2019).

The contravention of/ non-compliance with the directions has been revealed by – the examination of the Risk Assessment Reports pertaining to ISE 2017, ISE 2018 and ISE 2019; the report of scrutiny carried out by RBI in the backdrop of the incident relating to a fraud and related correspondence thereto; and the incident report submitted by the bank in June 2020 related to a few suspected transactions and related correspondence.

Notices were issued to the bank advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the directions.

After considering the bank’s replies, oral submissions, and examination of additional submissions made by the bank, the RBI came to the conclusion that the charges of non-compliance with/contravention of the directions were substantiated and warranted imposition of monetary penalty, the central bank said.

The RBI, however, added the imposition of penalty is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.

Meanwhile, the RBI has also imposed a penalty of Rs 5 lakh on Alibag Co-operative Urban Bank Limited, Raigad, and Rs 1 lakh on The Mahabaleshwar Urban Cooperative Bank Limited, Mahabaleshwar, for deficiencies of regulatory compliance.



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Heavy rains shut 1,200 ATMs in five districts in Maharashtra, derail banking ops, BFSI News, ET BFSI

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Heavy rains that wreaked havoc in Maharashtra causing deaths and destruction of property have badly hit operations of banks in the affected districts.

Several bank branches and ATMs in the rain-hit areas have been submerged.

According to the information ETBFSI received from various sources, more than 1,200 ATMs are down in the five districts of Maharashtra — Ratnagiri, Raigad, Sindhudurg, Kolhapur and Satara. There are about 1,300 ATMs in these districts.

“Many branches and ATMs are impacted. As a result, there is an unavailability of currency. Roads are damaged so vehicle movement is also restricted. Also, a major challenge is that electricity is not yet restored in many parts,” a person who works with the company which refills cash into ATMs, said on the condition of anonymity.

Apart from the above regions, branches and ATMs in Sangli, Pune and Thane districts have also been affected.

The ATMs restoration may take some time as the rains are yet to recede.

“Once the power is restored there are high chances that many ATMs will have to be recalibrated if there is no major damage. But my sense is that around 300 ATMs will remain down for a long time since they were submerged during the flood,” said the person quoted above.

Maharashtra floods

Buses submerged in flood waters in Chiplun (PTI)

The intensity of rains was so high that several bus depots, main roads, and houses were submerged in floodwater.

According to the state government, about 210 people have lost their lives and 4,34,185 people have been evacuated from the flood-affected areas. Also, more than 1,000 villages have been affected and 58,722 animals killed due to incessant rains.

According to local administration, around 5,000 residents were stranded in Chiplun even as a red alert has been issued in the district along with adjoining areas due to the rains.

Chief Minister Uddhav Thackeray and Governor Bhagat Singh Koshyari have toured the flood-hit districts. Relief from the various departments of government, social workers and NGOs is reaching the affected areas but the damage is huge.



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