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Disprz raises $13 mn from Dallas Venture Capital, others

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Enterprise skilling start-up Disprz on Thursday said it has raised $13 million (about ₹96.4 crore) in funding, led by Dallas Venture Capital and Mars Growth Capital.

The Series-B round also saw participation from existing investors – Go1, Tara India Fund IV being managed by KOIS, Auctus Capital (Family office of Vikas Phadnis, Co-Founder of Eurokids) and Kae Capital, a statement said.

Disprz will use this investment further to scale up product and engineering teams, establish a sales and marketing division in the US, expand its existing presence in South East Asia and Middle East markets, and invest in building industry-specific product solutions, it added.

Founded in 2015 by Subramanian Viswanathan and Kuljit Chadha, Disprz is an AI-powered learning and skilling suite that empowers companies to right-skill their workforce to win in a digital-first world. The company now serves over 1.2 million users.

“We are excited to welcome Dallas Venture Capital into the mission of Disprz. DVC’s founding teams are former founders who have scaled and exited start-ups and their understanding of the SaaS space, coupled with their strong network in the US, make them a perfect partner for Disprz, as we look to establish ourselves in developed markets, particularly the US,” Disprz CEO Subramanian Viswanathan said.

Customer base

With over 225 employees and over 200 customers, including Wellness Forever, More Retail, Times Internet, Motilal Oswal Financial Services, Godrej Storage Solutions, Hindustan Coca Cola Beverages, KBZ MS General Insurance, Oman Oil, AIA Group and others.

“We are going deep into sectors such as banking, insurance, fin-tech, e-commerce and high-tech, where we have now developed deep expertise on skill recognition, skill measurement and skill impact. We aim to strengthen the efficient backbone of the brands that touch our daily lives.

“We already do this in India and emerging APACs and we expect to replicate this in major global economies,” Disprz co-founder and COO Kuljit Chadha said.

Disprz said it has consistently doubled in revenue year-on-year, and calendar year 2021 has seen them grow by 150 per cent. By 2025, the start-up aims to achieve the vision of reaching a topline of $100 million across the globe.

Unitus Capital acted as the financial advisor to the company for this transaction.

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CBDT Issues Refunds of Over Rs. 1,19,093 Cr: Here’s How To Check Refund Status

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Taxes

oi-Vipul Das

|

From April 1, 2021 to November 15, 2021, the Central Board of Direct Taxes (CBDT) granted refunds of over Rs. 1,19,093 crore to more than 1.02 crore taxpayers, according to the Income Tax Department of India. In 1,00,42,619 cases, income tax refunds of Rs. 38,034 crore were provided, while corporate tax refunds of Rs. 81,059 crore were provided in 1,80,407 cases. This includes 67.99 lakh refunds of AY 2021-22 amounting to Rs. 13,140.94 crore, the Income Tax Department has reported through a Tweet.

CBDT Issues Refunds of Over Rs. 1,19,093 Cr: Here’s How To Check Refund Status

The above announcement clearly states that it is the right time for the taxpayers to check their income tax refund status. For the same they can visit the Tax Information Network (TIN) of the Income Tax Department portal or they can also visit the official website of the Income Tax Department.

Through TIN-NSDL portal: To check their income tax refund status through TIN-NSDL portal, taxpayers can visit https://tin.tin.nsdl.com/oltas/refund-status-pan.html and enter PAN and Assessment Year. Taxpayers should bear in mind that they can check the status of their refund 10 days after the Assessing Officer has forwarded it to the Refund Banker.

Through e-Filing portal: Taxpayers can also visit the e-Filing portal of the Income Tax Department or else they can also click here https://www.incometax.gov.in/iec/foportal and then they need to login with User ID, Password, Date of Birth / Date of Incorporation and Captcha. Then they need to head to the ‘My Account’ section and click on “Refund/Demand Status”. They will now get this message on their screen:

Assessment Year
Status
Reason (For Refund Failure if any)
Mode of Payment is displayed.

Taxpayers can also remember that CBDT had issued refunds of over Rs. 1,15,917 crore to more than 98.90 lakh taxpayers from 1st April, 2021 to 8th November, 2021. Income tax refunds of Rs. 36,000 crore have been issued in 97,12,911 cases & corporate tax refunds of Rs. 79,917 crore have been issued in 1,77,184 cases. This includes 65.31 lakh refunds of AY 2021-22 amounting to Rs. 12,616.79 crore.

Story first published: Thursday, November 18, 2021, 15:04 [IST]



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Zerodha faces investors’ flurry on technical glitch, BFSI News, ET BFSI

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New Delhi: Users of online brokerage Zerodha faced difficulty in trading on Wednesday due to a technical glitch on its trading platform. The brokerage house faced customers’ ire on microblogging site Twitter as they complained that prices and trading froze on its platform during the trading hours.

“Zerodha down, price not updating,” one user tweeted.

Another user mentioned, “Zerodha is not working at the peak time of trading. Prices are stuck.”

“Because of Zerodha, I suffer a loss of Rs 80,000 in ONGC. Zerodha app was stuck. I sold my holding for intraday and stock runs like a wild horse from 65 to 82 within 5 min & came down to 62. I was trying to exit my position but thanks to Zerodha, my stock was sold. Buying price 148,” a user tweeted.

On October 18, investors of several brokerage houses, including Zerodha and Paytm Money, had faced possible difficulty while selling shares due to “an issue” related to Central Depository Services India Limited (CDSL).

Founded in 2010, Zerodha Broking is a financial services company that offers retail as well as institutional broking, currencies and commodities trading, mutual funds, and bonds.

Over 7.5 million clients place millions of orders every day through its platform, contributing more than 15 per cent of all Indian retail trading volumes.



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Green Economy Stocks To Buy In 2022: Morgan Stanley

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GAIL India

GAIL India’s Current Market Price is ~ Rs. 141, till November 18, 1.38 PM IST. Morgan Stanley has given a Price target of Rs. 202 for the same company’s stock. The firm thinks that the company will work for hand in hand for the rising gas penetration in India. GAIL India will also help the central government to focus on expanding gas as one major energy transition fuel.

National Thermal Power Corporation Limited (NTPC)

National Thermal Power Corporation Limited (NTPC)

NTPC’s Current Market Price is ~ Rs. 136, till November 18, 1.38 PM IST. Morgan Stanley has given a Price target of Rs. 150 for the same company’s stock. The firm thinks that this public sector corporation will transform for becoming an integrated player in the diversified sectors in major segments like renewable energy, energy storage, energy distribution, and EV charging.

Reliance Industries Ltd.

Reliance Industries Ltd.

Reliance Industries’ Current Market Price is ~ Rs. 2484, till November 18, 1.43 PM IST. Morgan Stanley has given a Price target of Rs. 2,925 for the same company’s stock. The firm thinks that Reliance Industries is focused on the de-carbonization of its energy business including infrastructure in areas of hydrogen, integrated solar PV, and grid batteries.

Larsen & Toubro

Larsen & Toubro

Larsen & Toubro’s Current Market Price is ~ Rs. 1912, till November 18, 1.55 PM IST. Morgan Stanley has given a Price target of Rs. 2,216 for the same company’s stock. Morgan Stanley believes that Larsen & Toubro is well concerned about de-carbonization in multiple segments of its own and also focussed to increase the green hydrogen portfolio, which contributed 31% of its revenue in FY21.

Motherson Sumi

Motherson Sumi

Motherson Sumi’s Current Market Price is ~ Rs. 240, till November 18, 1.55 PM IST. Morgan Stanley has given a Price target of Rs. 255, for the same company’s stock. The firm thinks that Motherson Sumi’s “wiring harness business will benefit from the industry’s product mix shifting towards hybrid cars and electric vehicles from internal combustion engines.”

Conference of Parties (COP)

Conference of Parties (COP)

Recently the Conference of Parties – COP26, the climate change summit has been organized in Glasgow. The stakeholders of the summit sounded optimistic about the green energy side, globally. The energy transition from fossil fuels to green or environment-friendly sources is the most important investment target of the current and the next decade. Morgan Stanley in its report stated, “With COP26 wrapped up in November, we expect 2022 will be a year of implementation rather than seeing new policies and targets.”



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Modi exhorts banks to support wealth, job creators; increase country’s balance sheet, BFSI News, ET BFSI

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Prime Minister Narendra Modi on Thursday exhorted banks to support wealth and job creators, and work proactively to improve the country’s balance sheet. Addressing bankers at the symposium to ‘Build Synergy for Seamless Credit Flow and Economic Growth’, Modi said banks have to now adopt a partnership model to help businesses thrive and move away from the idea of being a loan “approver” to a loan “applicant”.

“Banks have to support wealth creators and job creators… It is time that banks, along with their own balance sheets, help increase the balance sheet of the country,” Modi said.

He nudged bankers to offer “customised solutions” to businesses and micro, small and medium enterprises (MSMEs). “Don’t wait for customers to come to banks. You have to go to them,” he said.

Stating that banks have adequate liquidity and non-performing loans are lowest in five years, he said despite the COVID-19 pandemic, the banking sector has remained strong in the first half (April-September) in current fiscal. This has led to an upgrade in sector outlook by international agencies.

He also said that the recently set up National Asset Reconstruction Co (NARCL) would help resolve Rs 2 lakh crore of stressed assets.

“Reforms in last six-seven years have led to banking sector in a strong position today… We have addressed non-performing assets (NPAs) of banks, recapitalised banks, brought bankruptcy laws and strengthened debt recovery tribunal,” Modi added. PTI JD CS ANZ ANS ANS



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RBI authorises RBL Bank to collect direct taxes

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Private sector lender RBL Bank has been authorised by the Reserve Bank of India to collect direct taxes on behalf of the Central Board of Direct Taxes.

“After technical integration, RBL Bank’s corporate and individual customers will be able to pay their direct taxes through RBL Bank’s mobile banking or net banking platforms as well as through the branch banking network, resulting in ease and convenience for customers,” it said in a statement on Thursday.

Parool Seth, Head, Financial Institutions and Government Banking, RBL Bank, said, “We are pleased to be entrusted with this important mandate, which will help us enhance our bouquet of services and open up multiple convenient channels for our customers to pay taxes.”

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Paytm’s Sharma goes from ‘ineligible’ bachelor to billionaire

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At 27, Vijay Shekhar Sharmawas making ₹10,000 ($134.30) a month, a modest salary that did not help his marriage prospects.

“In 2004-05, my father asked me to shut my company and take up a job even if it was for ₹30,000,” Sharma, who went onto found digital payments firm Paytm in 2010, told Reuters.

At the time, the trained engineer sold mobile content via a small company.

“Families of prospective brides would never call us back after finding out that I earn around ₹10,000 a month,” Sharma said. “I had become an ineligible bachelor for my family.”

Last week, the 43-year-old Sharma led Paytm’s $2.5 billion initial public offering (IPO). The fintech firm has become the toast of a new India, where the first-generation of the country’s start-ups are making stellar stock market debuts and minting new millionaires.

Born to a school teacher father and a home-maker mother in a small city in India’s most populous Uttar Pradesh state, Sharma, who became India’s youngest billionaire in 2017, still loves having tea at a roadside cart and often takes short morning walks to buy milk and bread.

“For a long time my parents had no idea what their son was doing,” Sharma said of the time China’s Ant Group first invested in Paytm in 2015. “Once my mother read about my net worth in a Hindi newspaper and asked me, ‘Vijay do you really have the kind of money they say you have?'”

Forbes puts Sharma’s net worth at $2.4 billion.

“What are my odds?”

Paytm began just over a decade ago as a mobile recharge company and grew quickly after ride-hailing firm Uber listed it as a quick payment option in India. Its use leap-frogged in 2016 when India’s shock ban on high-value currency notes boosted digital payments.

Paytm, which also counts SoftBank and Berkshire Hathaway as its backers, has since branched out into services including insurance and gold sales, movie and flight-ticketing, and bank deposits and remittances.

While Paytm pioneered digital payments in India, the space soon became crowded as Google, Amazon,WhatsApp and Walmart’s PhonePe launched payment services to grab a slice of a market expected to grow to more than $95.29 trillion by the end of March 2025, according to EY.

That push by global giants gave Sharma a rare moment of doubt, which he raised with SoftBank’s tycoon billionaire founder Masayoshi Son.

“I called up Masa and said – now everyone’s here, what doyou think are my odds?”

Son, an early investor in Yahoo! and Alibaba, told Sharma to “raise more money, double down and go all in” and focus all his energy on building payments, unlike rivals which had other primary businesses.

Sharma, who is married and has a son, said he has never looked backed since.

While some market analysts have concerns over when Paytm will turn profitable, Sharma is confident of his company’s success.

In 2017, Paytm launched a bill payments app in Canada and a year later entered Japan with a mobile wallet.

“My dream is to take the Paytm flag to San Francisco, NewYork, London, Hong Kong and Tokyo. And when people see it they say – you know what, that’s an Indian company,” Sharma said.

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Worldline launches cross-border solution for online businesses, BFSI News, ET BFSI

Personal Finance

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Worldline has launched a cross-border solution designed for international online businesses to expand their e-commerce presence in India.

The solution suite enables processes in India, without requirement for a local entity, and will be available early next year.

Ramesh Narasimhan, Head of Digital Commerce India at Worldline says, “India is a crucial market for Worldline alongside other BRIC economies. Worldline is best placed to make that digital transformation opportunity as seamless as possible.”

The solution will provide access to mandated and popular local payment methods namely: RuPay, UPI and UPI QR and Netbanking. Merchants can list their services in INR to consumers via these payment methods.

It will also repatriate funds, specifically enabling cross-border settlement of funds in the merchant’s preferred currency.

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‘Buy’ This Infra Stock For 52.4% Upside With A CMP Of Rs. 103: HDFC Securities

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Company performance

Ashoka Buildcon (ASBL)’s revenue was Rs. 9.2bn (+5%/-9% YoY/QoQ), EBITDA stood at Rs. 1.05bn (-19% YoY, -12% QoQ), with an EBITDA margin at 11.5% (-244/-265 bps YoY/QoQ). The company additionally reported a PAT of Rs. 0.9bn. The company’s execution was subdued, largely on account of the monsoon. Including the recently-won orders, the order book (OB) stands at Rs. 120bn. The company has reduced its FY22 revenue growth guidance from 25% to 20%. The SBI Macquarie deal was renegotiated earlier in Oct-21 for consideration of a minimum of Rs. 11bn, with Dec-21 as the deadline for completion.

Comments by HDFC Securities

Comments by HDFC Securities

According to HDFC Securities, the company had a “Subdued quarter. We maintain BUY and cut our EPS along with TP to Rs. 157 (9x Sep-23E EPS), given the cut in guidance and higher share in the mix from EPC orders vs HAM. This may lower the EBITDA margin as HAM projects have higher margins.”

About the company

About the company

Ashoka Buildcon is a leading construction and highway developer in India. Ashoka Buildcon is an integrated EPC, BOT & HAM player in the country, with a portfolio of a major 39 PPP projects. The company has operated in more than 20 states across India, completing projects for Central and State Governments.

Disclaimer

Disclaimer

The above stock was picked from the brokerage report of HDFC Securities. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution. Greynium Information Technologies, the author, and the brokerage house are not liable for any losses caused as a result of decisions based on the article.



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HDFC Securities Recommends To ‘Buy’ This Stock For 15% Return

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Target Price

The Current Market Price (CMP) of Ahluwalia Contracts is Rs. 450. The brokerage firm, HDFC Securities has estimated a Target Price for the stock at Rs. 519. Hence the stock is expected to give a 15% return, in a Target Period of 1 year.

Stock Outlook
Current Market Price (CMP) Rs. 450
Target Price Rs. 519
1 year return 15.00%

Company performance

Company performance

“Ahluwalia Contracts (AHLU) reported a revenue/EBITDA/APAT beat of 24/(1.1)/(1.4)%. Whilst execution normalized since the start of Q2FY22, commodity price volatility negatively impacted margins,” the brokerage firm informs. Given robust execution, AHLU has increased the earlier 15-20% revenue growth guidance for FY22 to 20-25% and, given benign commodity prices, it lowered 11-12% EBITDA margin guidance to ~10%. The NWC days reduced to 91, from 107 in Q1FY22.

Comments by HDFC Securities

Comments by HDFC Securities

According to HDFC Securities, “Given robust order book (OB) and execution, we have increased our estimates for FY22/23/24. We maintain Buy with an increased TP of Rs. 519 (13x multiple; Sep-23E EPS), given the robust OB, net cash balance sheet, and better RoE/RoCE than peers. We expect the uptick in growth and margin expansion to continue through H2 FY22 as Covid-19 headwinds recede.”

About the company

About the company

With specialized experience in the Construction Industry for more than 40 years, Ahluwalia Contracts, have carved a niche in the industry. Their turnover was over Rs. 1982.19 Crores for the FY 2020-21. they have worked for some of the most recognized commercial and institutional projects. They are also associated with ITC hotels and AIMS hospitals for construction.

Disclaimer

Disclaimer

The above stock has been picked from the brokerage report of HDFC Securities. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution. Greynium Information Technologies, the author, and the brokerage house are not liable for any losses caused as a result of decisions based on the article.



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