Reserve Bank of India – Press Releases
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Author: root
2 Stocks To Buy That Can Yield Returns Of Upto 30%
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TCNS Clothing
Emkay Global has set a price target of Rs 1050 on the stock of TCNS Clothing as against the current market price of Rs 796, implying an upside of nearly 30% from the current levels.
“Sales recovered to 75% of pre-Covid levels vs. 45% recovery YoY. The recovery has been slower compared to western peers, due to a relatively slower pick-up in the ethnic category, focus on profitability and lower net-store additions (-2% vs. 20%+ for ABFRL-Lifestyle/Westside). However, festive sales trends are positive, with a 100% recovery and in line with western peers. EBO additions picked up pace with 8 net-new additions. TCNS retained its guidance of 60 net-new additions in FY22. Among channels, online led with 125% recovery, while physical retail channels saw 70% recovery.
Among new launches, footwear has been gaining strong traction and has contributed in double-digits to sales in 70 ‘W’ stores, where it has been launched,” Emkay Global has said in its report.
TCNS Stock: Upside target of nearly 30%
TCNS is a leader in the salwar-kameez industry with design-sourcing edge, 2x-3x penetration potential and strong online/ omni presence.
“We expect TCNS to deliver a healthy EBITDA CAGR of 34% over FY20-24E, led by 11% revenue growth and the rest contributed by full recovery of margins. Maintain Buy with a revised TP of Rs1,050 (Rs 860 earlier) on 42x Dec’23E EPS (40x Sep’23 earlier),” the brokerage has said.
Buy ONGC, says Emkay Global
Brokerage Emkay sees an upside of nearly 20% on the stock of ONGC from the current levels to a target price of Rs 185.
“The gas pricing formula has always been under deliberation, but ONGC does not believe that higher prices won’t be allowed next fiscal. It has not heard of any tinkering with formula. There have been delays in KG-DWN-98/2 production due to Covid and the company is currently reassessing timelines. Cyclone Tauktae has affected not just offshore but onshore
projects too.
ONGC expects FY22 SA crude production to be at 22.3-22.4mmt (incl JV) and gas at 22.5bcm. Covid reduced gas offtake, besides delays in crude installations at western offshore. With all FY22 original targets expected to be met, FY23 should be robust. OVL opex rose sequentially due to standby Mozambique charges as there is force majeure and hence being expensed. OVL is doing well now,” the brokerage has said.
Valuation and view on ONGC
“We value ONGC on a Dec’23 DCF-based SOTP, comprising standalone, KG 98/2, OVL and Mozambique upsides. Investments are valued at our target price or current market price and with a 30% hold co discount,” the brokerage has said. Shares in ONGC were last seen trading at Rs 158.
Disclaimer
The above stocks are picked from the brokerage report of Emkay Global. 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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2 Stocks To Buy From IDBI Capital For Good Returns of 35%
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Q2FY22 results of Rail Vikas Nigam (RVNL)
According to the brokerage “RVNL Q2FY22, PAT came in line with our estimate. PAT (up 49% YoY) is led by execution (revenue up 26% YoY) and improved performance from SPV which has benefited from an increase in the cargo movement. In Q2FY22, RVNL has received an order inflow of Rs15bn. Orders are won on competitive bidding which has a higher EBITDA margin. Post the result we have increased revenue by 4%/8% for FY22E/23E and PAT by 12%/15%.”
Key highlights and investment rationale for Rail Vikas Nigam (RVNL) according to IDBI Capital
Q2FY22 Snapshot: Led by improved execution, RVNL Q2FY22 revenue increased by 26% YoY to Rs40bn. EBITDA margin increased by 40bps YoY at 5.6% vs 5.2% YoY. Margin improvement is driven by operating leverage. Profit from Associates has increased by 278% at Rs568mn, this is led by improvement in cargo movement at SPVs particularly Kutch SPV. Q2FY22 PAT at Rs2.8bn (+49% YoY / +20% QoQ).
Order inflow at the higher margin: RVNL has won orders of Rs15bn on competitive bidding in Q2FY22. We understand this is positive as lack of order inflow was one of the concerns for future growth with the company. Order inflow is won at improved margin vs current EBITDA margin at 5-6%. H1FY22 Order book at Rs650bn vs Rs750bn in FY21. RVNL has also commenced bidding for orders in the international market, this could improve order inflow traction for the company.
Introduce FY24E financials: RVNL current order book is at 3.5x FY22E revenue. We expect revenue to increase by 18-19% pa over FY22E-24E. EBITDA margin to improve to 6.1% in FY24E vs 5.7% in FY21. This will result in an EBITDA increase of 21-22% pa over FY22E-24E.
Buy Rail Vikas Nigam (RVNL) with a target price of Rs 52
The brokerage in its research report has said that “We have rolled forward TP (valued at 7x PER) to FY24E and has BUY rating on the stock with an upside of 35%. H1FY22 Order book at Rs650bn provides revenue visibility for the next 3-4 years. RVNL trades at 5x FY24E EPS and offers a dividend yield of 5-7%. Catalyst for the stock is new order win in competitive bidding.”
Q2FY22 results of Amara Raja Batteries
According to the research report of IDBI Capital “Amara Raja’s Q2FY22 result was a mixed bag as its sales were ahead of our estimate while EBITDA was lower than our forecast. Amara Raja’s sales increased by 17% YoY to Rs22 bn as automotive and industrial sales rebounded. However, the sharp increase in prices of raw material (lead) led to a sharp contraction in margins. Its EBITDA declined by 21% YoY to Rs2,689 mn; EBITDA margins fell by 570 bps YoY and 138 bps QoQ to 11.9%. Net profit increased 16% QoQ to Rs1.4 bn due to higher other income (59% QoQ to Rs264 mn).”
Key highlights and investment rationale for Amara Raja Batteries according to the brokerage
Automotive segment strong: During Q2FY22, Automotive revenues growth was led by robust demand from Aftermarket across all product segments. Industrial volume growth was stable across all segments and volume growth was higher in UPS. However, supply chain challenges continue to persist in select export markets and the firm raw material prices will have an adverse impact on margins in the near term.
Recovery likely in H2FY22: While the second wave of Covid-19 has impacted Amara Raja’s H1FY21 performance, we expect a strong recovery in battery sales from H2FY22 and expect further improvement in FY23 mainly led by improvement in demand from replacement/exports segments.
Outlook: We expect Amara Raja’s sales/EBITDA/net profit to grow at a CAGR of 12%/15%/19%, respectively over FY22-24E. The recent decline in stock price provides an attractive entry point in the stock in our view ad valuation at 13x FY24 EPS remains inexpensive in our view.
Buy Amara Raja Batteries with a target price of Rs 940
IDBI Capital in its research has claimed that “We broadly maintain our FY22/FY23 sales forecasts. However, we lower our FY22-FY23 EBITDA margin estimates by 110-120 bps to account for the higher price of raw materials. We introduce FY24 estimates in the report and expect sales/EBITDA to grow by 12%/13%, respectively. We now value the stock at a PER of 17x FY24E (earlier 20x FY23E) EPS to derive a target price of Rs940 (earlier Rs918).”
Disclaimer
The above stocks are picked from the brokerage report of IDBI Capital. 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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Gold steady as inflation woes offset firmer dollar, yields, BFSI News, ET BFSI
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Gold prices steadied on Tuesday, after rallying to a five-month peak in the previous session, as concerns over broadening inflationary risks kept bullion’s safe-haven appeal intact in the face of a stronger U.S. dollar and elevated bond yields.
FUNDAMENTALS
* Spot gold was flat at $1,862.81 per ounce, as of 0140 GMT. U.S. gold futures were also flat at $1,866.80.
* Richmond Federal Reserve President Thomas Barkin said on Monday the U.S. Fed will not hesitate to raise interest rates if it concludes high inflation threatens to persist, but that central bank should wait to gauge if inflation and labor shortages prove to be more long-lasting.
* Rate hikes tend to weigh on gold as higher interest rates raise the non-yielding metal’s opportunity cost.
* Bank of England Governor Andrew Bailey said he was very uneasy about the inflation outlook and that his vote to keep interest rates on hold earlier this month, which shocked financial markets, had been a very close call.
* Tightening monetary policy now to rein in inflation could choke off the euro zone’s recovery, European Central Bank President Christine Lagarde said on Monday, pushing back on calls and market bets for tighter policy.
* Pressuring bullion, the dollar index held close to a 16-month high and benchmark U.S. 10-year Treasury yields were near a three-week peak.
* A stronger dollar makes gold more expensive for buyers holding other currencies, while higher yields increase the metal’s opportunity cost.
* Speculators raised their net long gold futures and options positions to 146,319 in the week ended Nov. 9, the U.S. Commodity Futures Trading Commission (CFTC) said on Monday.
* Spot silver was steady at $25.04 per ounce. Platinum fell 0.1% to $1,085.54 and palladium dropped 0.6% to $2,142.19.
DATA/EVENTS (GMT) 0700 UK ILO Unemployment Rate Sept 1000 EU GDP Flash Estimate QQ, YY Q3 1330 US Retail Sales MM Oct 1415 US Industrial Production MM Oct
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Buy This Metal Stock For 42% Upside Says IDBI Capital
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Q2FY22 results of Tata Steel
According to the brokerage “Tata Steel’s Q2FY22 EBITDA was slightly below our estimate. India sales volumes increased by 11% QoQ to 4.58 mn tonnes and India operations EBITDA/t declined 10% QoQ to Rs29,256 due to rising coking coal costs.”
IDBI Capital has said that “Nevertheless, European operations EBITDA/t increased 136% QoQ to Rs15,609 led by inventory gain and higher prices despite lower deliveries. Consolidated net debt fell Rs51 bn QoQ to Rs689 bn ($2 bn deleveraging is likely in FY22 despite growth CAPEX given upswing in steel cycle).”
Key highlights and investment rationale for Tata Steel according to IDBI Capital
European business financial performance stellar: European EBITDA increased 2.2x QoQ to Rs33 bn despite flattish sales volumes of 2.1 mn tonnes. Tata Steel SEA registered an increase of 12% QoQ EBITDA to Rs4 bn (EBITDA/t of Rs7,244). However, Tata Steel Long Products EBITDA declined by 45% QoQ to Rs3 bn (EBITDA/t of Rs18,010) due to a sharp increase in raw material cost.
Free cash flows strong; expansion on track: Despite working capital increase of Rs38 bn and CAPEX of Rs21 bn, its free cash flow was strong at Rs39 bn in Q2FY22. Its 5 mtpa expansion continues to progress well while it has fast-tracked a 6 mtpa pellet plant. Total CAPEX outlay for FY22 is likely at Rs100-120 bn.
Outlook: After a strong profitability performance in H1FY22, we expect H2FY22 to be stronger for Tata Steel India operations as Chinese steel curbs are likely to keep steel prices firm. Also, we believe strong profitability and restructuring at its European operations will lead to a further fall in net debt over FY22-FY24 even though Tata Steel will continue to pursue growth CAPEX in India. Hence, we maintain our BUY rating on the stock.
Buy Tata Steel with a target price of Rs 1,825
IDBI Capital has said in its research report that “We introduce FY24 estimates in this report and roll over our valuation to FY24 estimates. We raise our FY22/FY23 EBITDA estimates by 10%/15% given firm steel prices which we expect to sustain over the coming one year. We raise our SOTP-based target price to Rs1,825 (earlier Rs1,735) and maintain our BUY rating on the stock.”
Disclaimer
This stock is picked from the brokerage report of IDBI Capital. 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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Bankers plan to seek safeguards against undue vigilance action, BFSI News, ET BFSI
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Bankers will seek a more robust framework for protecting them from any undue vigilance action in bona fide commercial decisions at a stakeholder conference on November 17-18 organised by the government to address issues relating to credit flow into different sectors of the economy.
Industry chambers and financial institutions, including non-banking financial companies (NBFCs), have been invited to the conference.
A senior bank executive told ET that a representation had been made to the finance ministry on this count.
Besides the finance ministry, senior officials from other ministries will also be a part of this stakeholder conference and provide insights to projects in the pipeline in their respective areas. Finance minister Nirmala Sitharaman will meet bankers, including from the private sector, financial institutions and other stakeholders at the two-day meeting.
“We want bankers to be protected under Section 197 of The Code of Criminal Procedure (CrPC) and bring them on a par with other government officials,” the bank executive said. “We will bring this to the attention of the finance minister.”
Under Section 197, a court cannot take cognisance of a criminal charge against a public servant unless there is prior sanction from the competent authority to prosecute him.
The move comes in the backdrop of Rajasthan police arresting former State Bank of India chairman Pratip Chaudhuri in relation to a complaint by a loan defaulter.
The government had, recently, issued a circular that laid down the standard operating procedure for processing cases under Section 17A of the Prevention of Corruption Act. As per the guidelines, any police inquiry on decisions taken by public servants in discharge of their duties need prior nod from the competent authority.
“These guidelines were flouted and hence it is necessary that a more robust framework should be put in place,” said another bank executive.
Last month, the finance ministry had advised state-run lenders to adopt broad guidelines on ‘Staff Accountability Framework for NPA Accounts up to ₹50 crore (Other than Fraud Cases)’. The new guidelines are aimed to protect bank staff taking commercial decisions as well as to ensure faster dispensation of vigilance cases while taking into account employees’ past track record.
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World Bank and ADB launches ‘WePOWER India’ to increase women workforce in energy sector, BFSI News, ET BFSI
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The WePOWER India Partnership Forum, held through a virtual platform on November 9, 2021, launched the efforts to scale up the South Asia Women in Power Sector Professional Network (WePOWER) in India.
This important initiative was attended by 168 key energy sector stakeholders. The event was organized by the World Bank and Asian Development Bank in association with the India Smart Grid Forum (ISGF).
India is significantly investing in clean energy, grid modernization, and digitalisation of its utilities. Consequently, job profiles in the Indian energy sector are evolving with more emphasis on Information and Communications Technology (ICT) and renewable energy solutions. There is a growing demand for skilled human resources to fill these new green jobs. Women can help to fill this skills gap required for the energy transition. However, the participation of women in the energy sector remains very low. To address this, the energy sector must attract, develop and retain talented women professionals.
The World Bank is committed to promoting gender equality in the Indian electricity sector. Towards this goal, the World Bank, in collaboration with the Asian Development Bank, launched the WePOWER in February 2019. WePOWER is a network of 28 energy sector utilities and organizations committed to implementing systematic and incremental gender activities to support workforce participation of women in energy projects and utilities, and promote normative change for women and girls in Science Technology, Engineering, and Math (STEM) education.
The launch ceremony was preceded over by the Vishal Kapoor, Joint Secretary – Distribution, Ministry of Power, Govt of India; Junaid Kamal Ahmad, Country Director, World Bank; and Reji Kumar Pillai, President, India Smart Grid Forum (ISGF); Among other dignitaries were Guangzhe Chen, Regional Director for Infrastructure, South Asia, World Bank; Takeo Konishi, Country Director, ADB; and Reena Suri, Executive Director, ISGF.
Vishal Kapoor, Joint Secretary – Distribution, Ministry of Power, Govt of India mentioned that the Ministry of Power recognises that “Women will be needed to fill the increasing talent demand in the power sector, and their participation in technical and professional roles can contribute greatly to the sector’s effectiveness” and “Indian power sector has made progresses in terms of diversifying the work place and increasing women’s participations, including in leadership positions.”
He added, “In a survey of 28 Indian DISCOMs it was found that 4/5th of them have at least one female at top positions. This represents the growth of women’s participation in power sector”
A panel discussion on Expanding Job Opportunities in India’s Clean Energy Transition’ was moderated by Simon J Stolp, Practice Manager, South Asia Energy, World Bank, with eminent panelists from the Indian power sector such as Dr Tripta Thakur, Director General, National Power Training Institute; Sanjay Banga, President, The Tata Power Company Limited; Dr Praveen Saxena, Chief Executive Officer, Skill Council for Green Jobs; Gargi Chatterjea, Executive Director, CESC Limited; and Dr Rashi Gupta, Founder & Managing Director, Vision Mechatronics Pvt. Ltd; The panel of eminent speakers shared their views on how a diverse talent pool can be mobilized to accelerate India’s clean energy transition.
Pradeep Perera, Officer-in-Charge, Energy Division, South Asia Regional Department provided the key takeaways and concluding remarks.
Tripta Thakur, Director General, NPTI said that the government and NPTI recognises the need to bring more skilled women into the power sector, and NPTI is working with various stakeholders on developing training modules best suited to achieve this goal.
Rashi Gupta, Founder & Managing Director, Vision Mechatronics Pvt. Ltd mentioned that “Not only Electricity but Human Energy needs to capitalised for women empowerment and transformation”.
Overall, the stakeholders agreed that initiatives like WePOWER are important to attracting and retaining more women in the energy sector. The initiative received a lot of appreciation, positive feedback, and interest from the participating energy sector professionals. In the coming months, WePOWER will host in-depth meetings with prominent stakeholders from the sector to take forward the agenda of increasing women’s participation in the power sector.
This story is provided by PRNewswire. will not be responsible in any way for the content of this article. (ANI/PRNewswire)
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Deutsche Bank CEO calls on central banks to fight inflation, BFSI News, ET BFSI
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Central bankers must change course to fight accelerating inflation, Deutsche Bank Chief Executive Officer Christian Sewing said on Monday.
Sewing, speaking at a banking conference, said he didn’t share the opinion of central bankers that inflation increases were temporary.
“I think monetary policy must take countermeasures here – and sooner rather than later,” Sewing said.
“The supposed panacea of recent years – low interest rates with seemingly stable prices – has lost its effect, and now we are struggling with the side effects,” he said.
(Reporting by Tom Sims and Frank Siebelt Editing by Paul Carrel)
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Reserve Bank of India – Press Releases
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As announced in the ‘Statement on Developmental and Regulatory Policies’ issued as part of the Monetary Policy statement dated October 8, 2021, the Reserve Bank, in exercise of the powers conferred under Section 45 (L) read with 45 (M) of the Reserve Bank of India Act, 1934, has directed Deposit-taking NBFCs (NBFCs-D) with 10 or more branches and Non-Deposit taking NBFCs (NBFCs-ND) with asset size of Rs.5,000 crore and above having public customer interface to appoint Internal Ombudsman (IO) at the apex of their internal grievance redress mechanism within a period of six months from the date of issue of the direction, except for certain type of NBFCs as mentioned in para 2. The direction covers, inter-alia, the appointment/tenure, role and responsibilities, procedural guidelines, and oversight mechanism for the IO. All complaints that are partly or wholly rejected by the NBFC will be reviewed by the IO before the final decision of the NBFC is conveyed to the complainant. The IO will not entertain any complainants directly from members of public. 2. NBFCs not having public customer interface and certain types of NBFCs, viz., stand-alone Primary Dealers (PDs), NBFC – Infrastructure Finance Companies (NBFC-IFCs), Core Investment Companies (CICs), Infrastructure Debt Fund – Non-Banking Financial Companies (IDF-NBFCs), Non-Banking Financial Company – Account Aggregators (NBFC-AAs), NBFCs under Corporate Insolvency Resolution Process, NBFCs in liquidation and NBFCs having only captive customers have been excluded from the requirement to appoint IOs. 3. The implementation of the IO mechanism will be monitored by the NBFC’s internal audit system apart from regulatory oversight by RBI. (Yogesh Dayal) Press Release: 2021-2022/1198 |
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