Author: root

Britain’s Lloyds to close another 44 branches, BFSI News, ET BFSI

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Britain’s Lloyds Banking Groups has announced its plans to further close 44 more branches in addition to its earlier announcements.

Earlier, the group moved to close 56 branches. A total of 100 branches will close over the next 12 months.

Under this phased closure program, 29 Lloyds Bank branches and 15 Halifax branches are to be closed in England and Wales.

The group has cited the consumer shift to online banking during the pandemic for this closure.

Vim Maru, retail director for Lloyds Banking Group, said, “ We’ve also seen our digital banking customers grow by over four million in five years, to almost 18 million, of which 13.6 million also choose to be active app users.”

“Like many businesses on the high street, we must change for a future where branches will be used in a different way and visited less often.” He added.

The Unite union has denounced the move saying the bank was “ Walking away from local communities.”

Unite national officer Caren Evans said, “ The decision to further erode its presence within our communities is baffling.”



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Paytm extends deadline for shareholders to submit documents for share sale to June 30

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Digital payments and financial services firm Paytm has extended the deadline for shareholders, employees and former employees to submit their documents by June 30, if they wish to sell their shares in the planned initial public offering of the company.

One97 Communications, which operates services under the Paytm brand name, is planning an initial public offering of its equity shares which is contemplated to include a fresh issue of equity shares by the company and an offer-for-sale of equity shares by the existing shareholders of the company.

Also read: Paytm loss narrows to ₹1,704 cr in FY21

In a notice to its shareholders Paytm said, “in the interest of providing additional time to our shareholders, due to the on-going situation, to process all the documentation shared and dispatch them to us, we are extending the last date to submit documents for participation in the Offer from June 22, 2021 to June 30, 2021.” The equity holders had expressed concern about inability to meet the timeline of June 22, for submission of requisite documents, as per the notice.

Ownership pattern

Paytm shareholders include Alibaba’s Ant Group (29.71 per cent), Softbank Vision Fund (19.63 per cent), Saif Partners (18.56 per cent), Vijay Shekhar Sharma (14.67 per cent). AGH Holding, T Rowe Price and Discovery Capital, Berkshire Hathaway hold less than 10 per cent stake in the company.

Paytm has plans to raise up to ₹12,000 crore by issuing fresh equity for which it will seek shareholder’s nod in an Extraordinary General Meeting (EGM) on July 12.

The company will also seek approval to declassify Paytm founder and managing director Vijay Shekhar as a promoter at the EGM.

Paytm will seek shareholders’ approval to authorise Sharma, Paytm president and group chief financial officer Madhur Deora, chief financial officer Vikas Garg and company secretary Amit Khera to be authorised to execute and deliver any and all other documents, papers or instruments, issue and provide certificates and carry out all activities required for the proposed offer.

According to a Bernstein report published on May 27, Paytm revenue may double by the financial year 2023 to over ₹7,000 crore with the non-payments segment contributing around 33 per cent to the overall kitty.

“With increased financial discipline and targeted strategic investments, Paytm is on track to break even in 12-18 months,” the report said.

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Buy Shares Of NMDC & BEL, Says Motilal Oswal

Personal Finance

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NMDC

NMDC is the largest iron ore mining company in India. The company is also a good profit making company and has been regularly paying dividends.

“NMDC is a play on strong iron ore prices and volumes. We expect a strong 14% volume CAGR to 43mt over FY21-23E, aided by the resumption of the Donimalai mines and increased volumes at Chhattisgarh. While the non-renewal of export contracts implies higher domestic volume sales – given the robust demand and iron ore shortage domestically – we expect NMDC would be able to increase volumes in the domestic market,” the brokerage firm has said. Recently, the prices of iron ore have been trending upwards, which is good for the company.

NMDC: Potential for a 20% upside

NMDC: Potential for a 20% upside

Motilal Oswal Institutional Equities has placed a target of Rs 215 on the shares, which is a solid 20% higher from the current levels.

“We value the stock at Rs 215 per share on SOTP, valuing the Iron Ore business at 5.0x FY23E EV/EBITDA. We add the value of the steel plant at 25% of the book value. At current market price, the stock is trading at 4.0 times the core Iron Ore Mining business and provides an attractive dividend yield of 13%. Reiterate Buy,” the brokerage has said.

The shares of NMDC were last seen trading at Rs 175.60 on the NSE.

Bharat Electronics: Buy the stock with 16% potential upside

Bharat Electronics: Buy the stock with 16% potential upside

Motilal Oswal Institutional Equities has also placed a buy call on the stock of Bharat Electronics Ltd (BEL), which caters to the defence market.

According to the firm, the management of BEL aims to grow the non-Defense (Civil) part of the business, via categories like: a) medical equipment, b) metro projects, c) EV batteries, d) space systems, e) aerospace (sensors etc.), and f) smart city projects. It is aiming at an export growth of over 15% (over USD60m) in FY 2022.

“We forecast revenue/EBITDA/PAT CAGR of 11%/9%/11% over FY21-24E. We have built in a sufficient margin cushion as we assume an EBITDA margin of 21.7%/21.2% by FY22E/FY23E (v/s 22.6% reported in FY21). Our revised target price stands at Rs 195 per share (18 times FY23E EPS). At the current market price, the stock trades at 17x/16x FY22E/FY23E P/E, despite having an RoE/RoCE of 19%/20%, dividend yield of 3%, and FCF yield of 2-4%. Maintain Buy. Higher growth in the non-Defense business poses an upside risk to our EPS estimates, while working capital deterioration poses a key downside risk to valuations,” Motilal Oswal Institutional Equities has said.

Disclaimer

Disclaimer

Views mentioned herein are taken from the brokerage report of Motilal Oswal. Neither the author, nor the brokerage nor Greynium Information Technologies would be responsible for losses incurred based on the article. Please consult a professional advisor. Investing in stock markets is risky.



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Top Rated Small Cap Funds With 1-Year Returns Over 100%

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Kotak Small Cap Direct Fund

According to Value Research, the 1-year returns of Kotak Small Cap Fund Direct-Growth are 114.89 percent. Chemicals, Engineering, FMCG, Construction, and Metals make up the fund’s top holdings. Century Plyboards (India) Ltd., Carborundum Universal Ltd., Sheela Foam Ltd., Supreme Industries Ltd., and Persistent Systems Ltd. are the fund’s top five holdings. The fund has Rs 4,294 crore asset under management (AUM) and a current NAV of Rs 154.11 as of June 23, 2021. The fund’s expense ratio is 0.52% and the minimum SIP amount is capped at Rs 1000. As an exit load 1% will be charged by the fund if units in excess of 10% of the investment are withdrawn within 1 year of the initial deposit.

Nippon India Small Cap Direct Fund

Nippon India Small Cap Direct Fund

According to Value Research, the Nippon India Small Cap Fund Direct- Growth returns for the last year are 103.43 percent. Engineering, Chemicals, FMCG, Services, and Technology comprises the bulk of the fund’s holdings. Deepak Nitrite Ltd., TI Financial Holdings Ltd., Navin Fluorine International Ltd., Birla Corporation Ltd., and Bajaj Electricals Ltd. are the fund’s top five holdings. The fund’s expense ratio is 1.02 percent, which is higher than the other small cap funds in the category. The fund presently has Rs 14,318 Crore asset under management (AUM) and a NAV of Rs 76.29 as of June 23, 2021. The minimum SIP amount is Rs 100, and if redeemed within one year, an exit load of 1% is levied.

Top Rated Small Cap Funds

Top Rated Small Cap Funds

Here are the top-rated small-cap funds according to the data of Value Research:

Funds NAV as of June 23, 2021 1-Year Returns in % 3-Year Returns in % 5-Year Returns in % Rating
Axis Small Cap Fund Dir 55.24 80.23% 25.09% 21.46% 5 star
Kotak Small Cap Fund Dir 154.11 114.89% 23.94% 21.63% 4 star
SBI Small Cap Fund 99.71 85.98% 21.48% 23.85% 4 star
Nippon India Small Cap Direct Fund 76.29 103.43% 19.61% 22.90% 4 star
DSP Small Cap Fund Dir 98.21 88.20% 17.22% 15.84% 3 star
HDFC Small Cap Fund Dir 70.08 99.02% 14.05% 20.01% 3 star
ICICI Prudential Small Cap Fund Dir 45.78 99.83% 20.06% 17.59% 3 star
IDBI Small Cap Fund Dir 15.27 89.45% 12.67% – 3 star
L&T Emerging Businesses Fund Dir 38.85 95.32% 12.74% 19.72% 3 star
UTI Small Cap Fund Dir 25.9 94.59% 18.37% 16.11% 3 star
ICICI Pru Small Cap Fund Dir 45.78 99.83% 20.06% 17.59% 3 star
Source: Value Research

Our take

Our take

Small-cap mutual funds, for instance, witnessed a strong surge in the fourth or last quarter of 2020, with good returns. According to the table above, several small-cap funds have generated returns of more than 100% in a year, while others have also performed well. The average returns of small-cap funds over the last 1-year is 95.3 per cent. Whereas, the average 3-year SIP returns are 37.75% and the average 5-year SIP returns are 22.02%, according to Value Research. As a matter of concern, small-cap funds are the ones that struggle the most when the stock market falls sharply. Small-cap funds can help you accomplish your long-term financial objectives if you are an investor with a high-risk appetite. To generate significant returns, stick with your purchases or hold them for a long time, but do not go with the past returns. But if you do not have much exposure to market behaviour or mutual fund investments and do not want to take a risk, it is better to avoid small-cap funds and stay invested or start investing in large, mid-cap or arbitrage funds.

Disclaimer

Disclaimer

The views and investment tips expressed by authors or employees of Greynium Information Technologies, should not be construed as investment advise to buy or sell stocks, gold, currency or other commodities. Investors should certainly not take any trading and investment decision based only on information discussed on GoodReturns.in We are not a qualified financial advisor and any information herein is not investment advice. It is informational in nature. All readers and investors should note that neither Greynium nor the author of the articles, would be responsible for any decision taken based on these articles. Please do consult a professional advisor. Greynium Information Technologies Pvt Ltd, its subsidiaries, associates and authors do not accept culpability for losses and/or damages arising based on information in GoodReturns.in



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China’s Ant highlights distinction between NFTs and cryptocurrencies, BFSI News, ET BFSI

Personal Finance

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Shanghai: China‘s Ant Group on Wednesday sought to draw a distinction between non-fungible tokens (NFTs) available on its platforms and cryptocurrencies currently subject to a crackdown by Beijing, after users expressed confusion.

Ant, the Jack Ma-controlled fintech group, put on sale two NFT-backed app images via its payment platform Alipay and all the items quickly sold out on Wednesday. This, when China has over the past month intensified a campaign against cryptocurrency trading and mining, part of efforts to fend off financial risks.

Ant’s adoption of non-fungible tokens caused confusion on social media where they were linked to virtual currencies such as bitcoin, which have the same underlying technology. “Alipay selling NFT products. Isn’t that illegal transaction?” one comment posted on Twitter-like Weibo said.

Ant, which is undergoing a government-ordered revamp restructuring after the collapse of its mega-IPO last year, on Wednesday said non-fungible tokens and cryptocurrencies were two different things. “NFT is not interchangeable, nor divisible, making it different by nature from cryptocurrencies such as bitcoin,” said a spokesperson at AntChain, the Ant unit that develops blockchain-based technology solutions.

He said that NFTs can be used to create a unique signature for digital assets.

Winston Ma, NYU Law School adjunct professor, also highlighted the confusion over the nature of NFTs.
“Are NFTs virtual currencies? Or, are NFTs certificates for virtual currencies? And more importantly, are NFTs securities? These are the questions that no major digital economy’s legislature has ever answered,” Ma said.

In addition to app images, NFT digital artworks are also auctioned on Ant’s Alipay platform. AntChain said in product agreements that it provides blockchain technologies to NFT products.



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Saudi Arabia’s STC Pay gains digital banking licence, BFSI News, ET BFSI

Banking & Finance

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Saudi Telecom‘s STC Pay business will be converted into a digital bank with paid-up capital of 2.5 billion riyals ($666.7 million) after Saudi Arabia‘s cabinet approved licenses for two digital banks, it said on Wednesday.

The company will inject additional 802 million riyals to retain 85% of STC Pay’s share capital, with Western Union investing 750 million riyals for the remaining 15%.

A consortium led by Abdul Rahman bin Saad al-Rashed and Sons Company was also granted permission to establish a local digital bank with capital of 1.5 billion riyals.

Saudi Arabia’s central bank has licensed 16 Saudi fintech companies in recent months to provide payment services, microfinance and digital insurance brokerage.

In addition, there are 32 fintech companies operating under the regulatory sandbox environment designed for testing innovative services and products in the kingdom, a central bank statement said.

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Family offices, HNIs latch on to cryptocurrencies as ride turns more volatile, BFSI News, ET BFSI

Personal Finance

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It’s not just about small investors and millennials who are hoping on to the crypto bandwagon.

Serious investors, including family offices and high net worth individuals, are putting huge money as cryptocurrencies touch high levels.

Many investors in crypto hedge funds are either high net worth individuals (54%) or family offices (30%), according to Annual Global Crypto Hedge Fund Report 2021.

This comes as institutional investors are rotating out of cryptocurrencies and investing into gold. The recent crackdown by China has seen cryptocurrencies give up the gains of this year.

The median investment ticket size by family offices and HNIs is $0.4 million, while the average ticket size is $1.1 million.

The total assets under management of crypto hedge funds increased by 90% in 2020 globally, with the vast majority of investors in funds being either HNIs or family offices.

Personalised services

Cryptocurrency exchanges are tripping over each other to grab the high-value pie.

Crypto exchanges and funds have seen an uptick in investments of upwards of Rs 1 crore by family offices and wealthy individuals.

WazirX, India‘s largest crypto exchange by volume, recently created a dedicated over-the-counter team that executes high-value bulk trades to meet increased demand from high net-worth individuals. The platform has seen a 30x increase in user sign-ups by HNIs and family offices who trade over $25 million a month or want to buy crypto worth over $100,000. These funds get specialised services, including customised trading reports and support with taxation and compliance.

ZebPay, another crypto exchange, started offering OTC services last year. It offers “personalised service to institutions and individuals” looking to purchase a minimum of 5 bitcoins, which at current rates cost $150,000 or over Rs 1 crore. The exchange executes trades amounting to several million dollars every month.

Family offices

Family offices are also looking to diversify into crypto, mainly bitcoins. ZebPay wants to offer full-service wealth management for wealthy

clients to help build a diverse digital asset portfolio, including nonfungible token art collectibles.

Licensed advisers and wealth managers are shying away from offering formal guidance to clients in the absence of cryptocurrency regulations in India, which make it a legal grey area.

Most of the exchanges onboarding such clients are offering round-the-clock support, a dedicated relationship manager and personal involvement and guidance from top leadership at these exchanges.



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Northern Arc’s AltiFi.ai to allow individuals to tap debt investment opportunities, BFSI News, ET BFSI

Personal Finance

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Northern Arc has launched an alternative investment platform ‘AltiFi.ai’ allowing individual investors to invest in debt instruments.

‘AltiFi, stands for both “Alternative Financial Investments” and “Alternative Fixed Income”.
Investors will get access to debt capital markets and a range of debt instruments across bonds, securitised instruments and alternative investment funds’ units.

Investors can invest as low as Rs. 10,000 in debt papers.

Northern Arc said, it targets to bridge the gap of access to alternative investment assets and enable individual investors across the country to make direct debt investments at the click of a button.

Currently, individual investors have limited avenues to invest directly in debt instruments of small and mid-sized institutions. Northern Arc said it will bring together its 12 years of experience and well-tested proprietary risk models to create curated and pre-screened assets on the platform. It will also deploy AI and data analytics at scale to gather market intelligence and help investors make the most profitable and risk-adjusted investment calls.

Bama Balakrishnan, COO, Northern Arc said, “AltiFi is our attempt to offer unique debt investment opportunities to individual investors and family offices. Through AltiFi, investors will have access to a diverse range of debt products, in emerging sectors, that were hitherto available only to institutions so far. In India, debt investment opportunities are not accessible like the way listed equity is, and many investors who can potentially subscribe to these debt papers are either not aware of it or don’t know where to buy it from. We aim to change that with AltiFi.”



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Reserve Bank of India – Press Releases

Press Releases

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(Amount in ₹ crore, Rate in Per cent)
  Volume
(One Leg)		 Weighted
Average Rate 		Range
A. Overnight Segment (I+II+III+IV) 4,04,477.67 3.26 0.01-3.50
     I. Call Money 8,203.95 3.17 1.90-3.50
     II. Triparty Repo 2,96,689.20 3.25 3.20-3.44
     III. Market Repo 99,584.52 3.29 0.01-3.45
     IV. Repo in Corporate Bond 0.00   –
B. Term Segment      
     I. Notice Money** 283.05 3.15 2.60-3.30
     II. Term Money@@ 301.00 – 3.10-3.40
     III. Triparty Repo 250.00 3.25 3.25-3.25
     IV. Market Repo 0.00 – –
     V. Repo in Corporate Bond 0.00 – –
  Auction Date Tenor (Days) Maturity Date Amount Current Rate /
Cut off Rate
C. Liquidity Adjustment Facility (LAF) & Marginal Standing Facility (MSF)
I. Today’s Operations
1. Fixed Rate          
     (i) Repo          
     (ii) Reverse Repo Wed, 23/06/2021 1 Thu, 24/06/2021 3,49,005.00 3.35
     (iii) Special Reverse Repo~          
     (iv) Special Reverse Repoψ          
2. Variable Rate&          
  (I) Main Operation          
     (a) Reverse Repo          
  (II) Fine Tuning Operations          
     (a) Repo          
     (b) Reverse Repo          
3. MSF Wed, 23/06/2021 1 Thu, 24/06/2021 0.00 4.25
4. Special Long-Term Repo Operations (SLTRO) for Small Finance Banks (SFBs)£          
5. Net liquidity injected from today’s operations
[injection (+)/absorption (-)]*		       -3,49,005.00  
II. Outstanding Operations
1. Fixed Rate          
     (i) Repo          
     (ii) Reverse Repo          
     (iii) Special Reverse Repo~ Fri, 18/06/2021 14 Fri, 02/07/2021 960.00 3.75
     (iv) Special Reverse Repoψ Fri, 18/06/2021 14 Fri, 02/07/2021 40.00 3.75
2. Variable Rate&          
  (I) Main Operation          
     (a) Reverse Repo Fri, 18/06/2021 14 Fri, 02/07/2021 2,00,009.00 3.50
  (II) Fine Tuning Operations          
     (a) Repo          
     (b) Reverse Repo          
3. MSF          
4. Long-Term Repo Operations# Mon, 17/02/2020 1095 Thu, 16/02/2023 499.00 5.15
  Mon, 02/03/2020 1094 Wed, 01/03/2023 253.00 5.15
  Mon, 09/03/2020 1093 Tue, 07/03/2023 484.00 5.15
  Wed, 18/03/2020 1094 Fri, 17/03/2023 294.00 5.15
5. Targeted Long Term Repo Operations^ Fri, 27/03/2020 1092 Fri, 24/03/2023 12,236.00 4.40
  Fri, 03/04/2020 1095 Mon, 03/04/2023 16,925.00 4.40
  Thu, 09/04/2020 1093 Fri, 07/04/2023 18,042.00 4.40
  Fri, 17/04/2020 1091 Thu, 13/04/2023 20,399.00 4.40
6. Targeted Long Term Repo Operations 2.0^ Thu, 23/04/2020 1093 Fri, 21/04/2023 7,950.00 4.40
7. On Tap Targeted Long Term Repo Operations€ Mon, 22/03/2021 1095 Thu, 21/03/2024 5,000.00 4.00
  Mon, 14/06/2021 1096 Fri, 14/06/2024 320.00 4.00
8. Special Long-Term Repo Operations (SLTRO) for Small Finance Banks (SFBs)£ Mon, 17/05/2021 1095 Thu, 16/05/2024 400.00 4.00
  Tue, 15/06/2021 1095 Fri, 14/06/2024 490.00 4.00
D. Standing Liquidity Facility (SLF) Availed from RBI$       15,776.80  
E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     -1,01,940.20  
F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     -4,50,945.20  
G. Cash Reserves Position of Scheduled Commercial Banks
     (i) Cash balances with RBI as on 23/06/2021 6,10,922.44  
     (ii) Average daily cash reserve requirement for the fortnight ending 02/07/2021 6,19,074.00  
H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ 23/06/2021 0.00  
I. Net durable liquidity [surplus (+)/deficit (-)] as on 04/06/2021 8,57,660.00  
@ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).
– Not Applicable / No Transaction.
** Relates to uncollateralized transactions of 2 to 14 days tenor.
@@ Relates to uncollateralized transactions of 15 days to one year tenor.
$ Includes refinance facilities extended by RBI.
& As per the Press Release No. 2019-2020/1900 dated February 06, 2020.
* Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo.
# As per the Press Release No. 2020-2021/287 dated September 04, 2020.
^ As per the Press Release No. 2020-2021/605 dated November 06, 2020.
€ As per the Press Release No. 2020-2021/520 dated October 21, 2020, Press Release No. 2020-2021/763 dated December 11, 2020 and Press Release No. 2020-2021/1057 dated February 05, 2021.
¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.
£ As per the Press Release No. 2021-2022/181 dated May 07, 2021.
~ As per the Press Release No. 2021-2022/177 dated May 07, 2021.
ψ As per the Press Release No. 2021-2022/323 dated June 04, 2021.
Ajit Prasad
Director   
Press Release: 2021-2022/418

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EU watchdog tells banks to have a 10-year climate plan, BFSI News, ET BFSI

Banking & Finance

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Banks in the European Union must have a 10-year plan spelling out how they will deal with environmental, social and governance (ESG) risks to their bottom line, the bloc’s banking watchdog said on Wednesday.

Increasing volumes of money are going into climate-friendly investments and regulators want investors to have a reliable snapshot of a company’s green credentials.

A report from the European Banking Authority (EBA) on Wednesday set out recommendations for banks and their supervisors for approaching ESG risks and help the EU meet its goals of cutting carbon emissions by 2050.

Banks should plan strategically over a period of at least 10 years to show their resilience to different scenarios, disclose strategic ESG objectives, and assess the need to develop sustainable products, EBA said.

Climate risks can include “physical” or weather-related events like floods, and “transition” risks from sudden changes in asset values.

The EBA report looks at the second pillar of core banking rules that assess how risks at a lender are managed.

It is expected to set out detailed guidance for the third pillar relating to disclosures of risks later in the year. Work on pillar one or whether actual capital requirements need changing to reflect ESG risks, is expected at a later date.

EBA ESG Graphic https://fingfx.thomsonreuters.com/gfx/mkt/rlgpddrqjpo/EBA%20ESG%20Graphic.PNG

The report builds on existing EU initiatives such as a taxonomy that defines a sustainable product, and disclosure rules for all types of companies.

The European Central Bank which regulates top euro zone lenders will use the report from the end of 2022 for updating its annual “SREP” review of whether banks hold enough capital to cover risks on their books.

All EU banking supervisors will be required to apply the report or explain any gaps.

“We are putting an initial emphasis on climate-related risks as data is more advanced, but banks should also advance their identification and understanding of social and governance risks,” said Fabien Le Tennier, a policy expert in EBA’s ESG Risks unit.

Banks typically plan strategically for up to five years ahead at present.

“Most of our recommendations will not come as a surprise for banks, but there will probably be a challenge for banks to meet all of them, at least in the near term,” Le Tennier said.



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