Category: Personal Finance

3 Stocks To Buy Today From Motilal Oswal

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SAIL

The firm is bullish on the stock of Steel Authority of India and sees good traction going ahead. It has suggested to buy the stock of SAIL for long term with a price target of Rs 185.

According to it, SAIL a government majority owned company continues to reap the benefits of higher steel prices as 4QFY21 and EBITDA grew 21% QoQ, despite a wage revision impact.

“In the absence of significant capex, net debt declined further to Rs 366 billion (v/s Rs 538 billion in March’20).

With steel prices at a record high, SAIL is poised to post its best ever EBITDA/t of Rs 20,000 in 1QFY22. We upgrade our FY22E/FY23E EBITDA estimate by 71%/33% to factor in higher steel prices, and estimate a further Rs 102 billion (Rs 25/share) fall in net debt to Rs 265 billion (1 times EBITDA) in FY22E. We expect dividend payout to be strong at Rs 10 per share in FY22E (7.5% yield), based on an expected 25% payout ratio. Reiterate Buy wih a target price of Rs 185 per share,” the brokerage firm has said. The shares of SAIL were last seen at Rs 136.35

SUN TV Network

SUN TV Network

SUN TV Network is another stock that broking firm Motilal Oswal has recommended to buy. The company is a leading player in programme and broadcasting.

The firms sees subscription revenue expected to grow in the double digits in FY22E, led by digitization trends, along with a rise in OTT subscriptions. Viewership trends are yet to see a steady uptick.

“Plans to launch new TV shows and movies and a Marathi channel in FY22 have been delayed given the second COVID wave. However, the most concerning factor is the delayed OTT investment – besides monetizing the existing library, the company has not made any material inroads in the space. Furthermore, it has curbed the dividend payout to just Rs 5 per share, the lowest since FY10. Sun TV trades at FY22E/FY23E P/E of 14.1x/12.9x. We value the stock at FY23E price to earnings of 15 times to arrive at target Price of Rs 620. Maintain Buy,” the broking firm has said.

Sun TV Network shares were last seen trading at Rs 517.50 on the NSE.

LUPIN – Motilal Adopts Neutral Stance

LUPIN – Motilal Adopts Neutral Stance

Lupin recently received a warning letter from the US health regulator for its Somerset facility in the US.

According to Motilal Oswal, although regulatory issues persist at select sites, we expect a 35% earnings CAGR over FY21-23E, led by a 19%/14% sales compounded annua growth rate in the US/Domestic Formulation (DF) market, supported by 400 basis points margin expansion.

“This is attributable to potential inhaler launches, increased traction in existing commercialized niche products, and a better outlook for the DF segment. We value LPC at 25 times 12 month forward earnings to arrive at our price target of Rs 1,32 per share. We maintain Neutral as the current valuation adequately factors in potential earnings growth over the next two years and thus provides a limited upside from current levels,” the brokerage has said.

LUPIN shares were last seen trading at Rs 1,189 today.

Disclaimer

Disclaimer

The above mentioned stocks have been picked from brokerage reports. The author, the brokerage or Greynium Information Technologies do not take any responsibility for losses that maybe incurred. The above article is for informational purposes only.



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IPO pie set to grow bigger as over a dozen financial services players line up Rs 55,000 crore issues, BFSI News, ET BFSI

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MUMBAI: With payments major Paytm‘s board reportedly approving a bumper share sale plan running north of Rs 22,000 crore, the IPO market is set for a big days as over a dozen financial services players, including fintechs, are set to mop up over Rs 55,000 crore this fiscal from the market, according to investment bankers.

With more than a dozen insurance, asset management, commercial banking, non-banks, microfinance, housing finance and payment bank players already filing draft documents with the market regulator Sebi for public offerings, the financial services sector is set to dominate the primary issues or initial public offerings (IPOs) over the coming months.

Some of those who have already filed the draft red herring prospectus (DRHPs) with the Sebi include Aadhar Housing Finance (Rs 7,500 crore), Policy Bazaar (Rs 4,000 crore), Aptus Housing Finance (Rs 3,000 crore), Star Health Insurance (Rs 2,000 crore), Aditya Birla Sun Life AMC (Rs 1,500-2,000 crore) Arohan Financial Services (Rs 1,800 crore), Fusion Microfinance (Rs 1,700 crore), Fincare Small Finance Bank (Rs 1,330 crore), Tamilnad Mercantile Bank (Rs 1,000-1,300 crore), Medi Assist (Rs 840 crore) and Jana Small Finance Bank (Rs 700 crore), among others.

And the board of the biggest payments bank Paytm has reportedly cleared an over Rs 22,000 crore IPO. Together, these financial services companies are set to garner around Rs 55,000 crore from the public.

If materialised, the Paytm issue will be the largest IPO ever in the country, eclipsing the hitherto largest issue — the Rs 15,000-crore share sale by the government in national miner Coal India in October 2010, says investment bankers seeking not to be quoted.

Investment bankers and analysts consider the IPO boom to be reflective of the ongoing bull run and thus advice retail investors to be cautious while parking money in new companies.

V K Vijayakumar, chief investment strategist at Geojit Financial Services in Kochi, said the performance of the IPO market usually has a strong correlation to the performance of the secondary market.

“If the stock market is bullish, it attracts a large number of investors into IPOs. Particularly, new investors lured by high potential profits, get attracted to new offers and the IPO market has always done well during market booms, Vijayakumar told .

Rupen Rajguru, head of equity investments and strategy at global wealth management firm Julius Baer in Mumbai, concurs and cautions retail investors to study the valuations very carefully before investing as the market is a but over-heated now.

“The current IPO market buoyancy is expected to continue into the next few quarters. IPOs are in fact playing on the financialisation of savings theme, which is a big structural shift in the country,” Rajguru told .

He said Julius Baer at the global level is “bullish on India as it considers it to be one of the preferred emerging markets after China”.

Though stating that the present bull market provides a favourable setting for IPOs, Vijayakumar also cautioned retail investors to be careful while applying for IPOs as some of the recent IPOs got listed at a huge discount to the tune of 30-40 per cent below the issue price. Kalyan Jewellers and Suryoday Small Finance Bank are even now quoting at a discount to the issue price, he said.

“Promoters and merchant bakers have a responsibility to price the issue reasonably to leave something on the table for retail investors. Aggressive pricing will be damaging to all,” Vijayakumar warned.

Pointing out that even good issues will be impacted by an adverse market, he said since markets are overvalued now, there is a possibility of a sharp correction. If IPOs are to sail through even under difficult market conditions, the pricing has to be right, he said.

Apart from traditional financial services players, several digital payment and fintech players are also planning to tap the IPO market.

Digital payments major Paytm’s board has approved a proposal to raise over Rs 22,000 crore from IPO, while online insurance platform Policy Bazaar is also looking to float a Rs 4,000-crore offering, industry sources said.

Two small finance banks — Jana SFB and Fincare SFB — have also filed their draft papers with the markets watchdog. While Fincare is planning to mop up Rs 1,330 crore through public offering, Jana is looking to raise around Rs 700 crore.

Aditya Birla Sun Life AMC, the largest non-bank sponsored AMC, is looking to go public with Rs 1,500-2,000 crore offering. With an AUM of Rs 2.7 lakh crore, this is among the top five asset managers and will become the fourth AMC to get traded on the domestic bourses.

From the insurance sector, there are two IPOs – Westbridge Capital and billionaire investor Rakesh Jhunjhunwala-backed Star Health & Allied Insurance, and the largest health benefits administrator Bengaluru-based Medi Assist TPA.

Medi Assist filed IPO papers last month to raise around Rs 840 crore and it will be the first IPO by an insurance TPA (third-party administrator), while Star Health is firming up a Rs 2,000 crore issue.

Private equity firm Blackstone-backed Aadhar Housing Finance and Chennai-based Aptus Housing Finance are also looking to raise Rs 7,500 crore and Rs 3,000 crore respectively through IPOs.

Microfinance players like Arohan Financial Services, Fusion Microfinance and digital debt platform Northern Arc are also looking to hit the IPO market.

The southern Tamil Nadu-based old generation private sector lender Tamilnad Mercantile Bank is also planning a Rs 1,000-crore issue before the end of the calendar year, according to sources.



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Wall Street asks if Bitcoin can ever replace fiat currencies, BFSI News, ET BFSI

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By Sydney Maki and Vildana Hajric

El Salvador’s bold move to accept Bitcoin as legal tender has Wall Street once again wondering whether a cryptocurrency could really ever replace the old-school dollar.

It’s a question that appeared, at least to some, to already be nearly answered after a handful of trailblazing companies — including Tesla Inc., MicroStrategy Inc. and Square Inc. — incorporated Bitcoin into their balance sheets without igniting a broader corporate revolution. Now, the focus is turning to governments.

El Salvador, which started using the U.S. dollar as its currency more than 20 years ago, last week became the first country in the world to pass legislation allowing use of Bitcoin in any transaction. President Nayib Bukele says the point is to counter the fact that relatively few citizens have bank accounts and to cut the cost of sending remittances, or money that workers ship back to their families in El Salvador from other countries.

Some observers wonder whether a bigger movement is afoot: replacing a conventional currency — the dollar, the titan of global commerce and finance — on a national scale and then beyond.

The answer, at least for Julian Sawyer, chief executive officer of Bitstamp, one of the world’s longest-running crypto exchanges, is not quite yet.

“There’s been a lot of people who have sat in the crypto world who’ve said, ‘Oh, crypto is going to take over the world and traditional banks and central banks will go away,’” he said in a telephone interview from London. “That’s not going to happen.”

While the technology itself may be used increasingly in the behind-the-scenes plumbing of financial services, such as money being sent across borders, Sawyer said Bitcoin is still too volatile to fully replace the dollar, though it may become part of the mix.

“Will there still be the dollar? Yes,” he said. “Will there still be Visa and Mastercard? Absolutely. It will just be we’ll have alternatives for using plastic, or paper, or coins or checks.”

El Salvador’s central bank president also said on state television that Bitcoin would not replace the greenback in the nation.

The dollar is stable, especially when compared with Bitcoin’s explosive price moves. And whereas the dollar usually fluctuates for mundane reasons, crypto can be swayed by tweets, memes and Elon Musk — not a great fit for a national or global currency. Bitcoin quadrupled last year, while the Bloomberg Dollar Spot Index slipped 5.5% — a fairly big number for the greenback. Since mid-April, Bitcoin has lost nearly half of its value.

Bank of America Corp. research shows Bitcoin is about four times as volatile as the Brazilian real and Turkish lira — and neither of those is anyone’s model of stability.

“Bitcoin injects extra volatility,” which is counterproductive for countries looking for stability, said Marc Chandler, chief market strategist at Bannockburn Global Forex. “Why do countries peg their currency to another currency or have a currency board or have a dollarized economy? It’s because their currency has become too volatile or lost credence in the market and become out of control, very inflationary.”

Test Case
That doesn’t mean other countries won’t look to El Salvador as a test case for what can happen, especially those that benefit from remittance flows or have central banks already researching or piloting cryptocurrencies of their own.

“Countries can’t just look away from this option now,” said Valkyrie Investments CEO Leah Wald, who previously worked for the World Bank. “For the longevity and health and well-being of Bitcoin, and the Bitcoin network, this is the dawn of a new day.”

Nations from Haiti to Guatemala, South Sudan and Liberia could be next to adopt Bitcoin given their dependence on remittance inflows, high poverty and low financial inclusion, according to Rahul Shah, Tellimer Ltd.’s head of financials equity research.

Other dollarized economies — those, like El Salvador, that are based on the greenback — are also candidates to officially adopt Bitcoin and become less dependent on the Federal Reserve and U.S. policies.

“It potentially gives the ability to not be as beholden to the dollar over the long term, and be more independent of the existing financial system,” said Brad Bechtel, global head of currencies at Jefferies. “Once you see one country go that way, it wouldn’t surprise me to see more.”

Ecuador, which has been dollarized for two decades, could also consider Bitcoin, said Emily Weis, a global macro strategist at State Street Corp. Colombia and Mexico, meanwhile, would risk disrupting their local currencies, even if they have large remittances and crypto interest among the local populations, she said.

“Many EM populations already have an affinity for cryptocurrencies given capital controls, fragile local market dynamics, and volatility of local currencies,” Weis said.

There’s also the related business opportunities: El Salvador’s Bukele, for example, is using the new law as a way to stoke interest in mining Bitcoin in the coastal country. He ordered the president of the state-owned geothermal electric company to make plans to offer greener mining facilities.

“All it takes is one small domino and eventually it can create real change,” said Alex Tapscott of Ninepoint Partners LP, which has a Bitcoin ETF in Canada.



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More US finance giants tiptoe into crypto assets, BFSI News, ET BFSI

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NEW YORK: Investing in bitcoin and other digital currencies remains a risky game where the rules could change significantly, but the payoff could be big.

In response to this dilemma, several leading US financial heavyweights are staying on the sidelines, while an increasing number are proceeding cautiously into the growing world of crypto assets.

“My own personal advice to people: Stay away from it,” JPMorgan Chase Chief Executive Jamie Dimon said recently, before adding, “That does not mean the clients don’t want it.”

JPMorgan, the biggest US bank by assets, is currently assessing how it can help clients transact in cryptocurrency, Dimon said last month at the bank’s annual meeting.

Formerly something of an investment sideshow dominated by computer geeks, cryptocurrencies are sparking greater interest among mainstream investors after a big jump in bitcoin prices in 2020 and early 2021.

On Thursday, the venerable giant State Street announced the creation of a new digital finance division.

On Wednesday, the head of online trading firm Interactive Brokers vowed to establish online trading of cryptocurrencies on the platform by the end of the summer.

Like its rivals Charles Schwab and Fidelity, Interactive Brokers does not now offer bitcoin trading on its platform, although it does give clients the option to invest in some assets that include cryptocurrencies or bitcoin futures.

Investors who want to trade bitcoin can currently turn to Robinhood or the cryptocurrency specialist Coinbase.

ForUsAll, a platform that manages retirement accounts for small businesses, on Monday announced an agreement with Coinbase that allows clients to invest up to five percent of their balances in cryptocurrencies.

Investment bank Morgan Stanley in March said it would allow wealthier clients to invest in bitcoin funds, while Goldman Sachs recently established a team dedicated to trading cryptocurrencies.

The chief executives of Wells Fargo, Citigroup and Bank of America said at a congressional hearing in late May that they are approaching the cryptocurrency landscape with caution.

Fidelity Investments, which established a digital assets division in 2018 to execute cryptocurrency trades for hedge funds and other institutional investors, filed papers with US securities regulators for a bitcoin exchange traded fund (ETF).

The move could potentially expand cryptocurrency investments to a broader range of individual investors.

Tougher rules ahead?
Still, many financial players are reluctant to dive into an investment realm associated with black markets that has sparked interest from US and global regulators.

There is also remarkable volatility, with bitcoin beginning 2021 at around $30,000 and hitting $63,000 in April before falling back to $34,000 in June.

“Speculators and those suffering from FOMO (the ‘fear of missing out’) will surely continue to flock to cryptos in the hopes of achieving huge returns,” said Ian Gendler of research firm Value Line.

But Gendler urges clients to avoid cryptocurrency investments, citing the elevated risk and the lack of a tangible asset compared with putting money into commodities or a company. Bitcoin and other digital money is also not backed by governments, he noted.

“Cryptocurrencies are only worth what the next investor is willing to pay,” he said.

Still, many in finance do not see cryptocurrency as a transient phenomenon.

“We do believe bitcoin, and more broadly crypto assets, are a new and emerging asset class that will likely be here to stay,” said Chris Kuiper, vice president at CFRA Research.

CFRA expects “the large banks as well as smaller financial institutions to continue to adopt them, particularly as the infrastructure and legal/regulatory framework continues to be built out,” Kuiper added.

The Basel Committee, which coordinates regulation among central banks, this week proposed new rules that would require banks to set aside capital for cryptocurrency investments.

Gary Gensler, the new head of the Securities and Exchange Commission, has also said he wants to bolster protections for cryptocurrency investors, telling CNBC that such investors “don’t have full protections that they have in the equity markets or in the commodity futures market.”



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SBI, PNB Warn Customers Against Rising Cybercrime

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Personal Finance

oi-Roshni Agarwal

|

The country’s leading lenders State Bank of India and Punjab National Bank in a bid to caution their customers against increasing incidents of cybercrime or online banking theft time and again come up with precautionary steps they need to take to not fall prey to such frauds.

SBI, PNB Warn Customers Against Rising Cybercrime

SBI, PNB Warn Customers Against Rising Cybercrime

On its official twitter handle, State Bank of India @The Official SBI, the bank said “We advise our customers to be alert of fraudsters and not to share any sensitive details online or download any app from an unknown source”.

Further to this the largest PSB has shared some 5 tips to avoid such incidents wherein it has asked customers to not share their personal or financial or other data, not to get lured and respond to unsolicited offers received over email, SMS etc. among others.

Also, via another tweet the bank asked its customers to avoid cash transactions amid Covid 19 and instead switch to NFC or Near Field Communication to carry out contactless payments.

Likewise, PNB also via its twitter handle Punjab National Bank@ PNB India on June 9 tweeted that if the bank’s customers want to connect with its call center then they need to always search the official website of the bank for official contact numbers and stay safe.

Tapping and dialing directly from browser on any number can make you vulnerable to fraudulent activities.

Nonetheless if you confront or fall prey to such fraudulent incidents, immediate complaint should be filed with the National Cyber Crime Reporting Portal cybercrime.gov.in or the local police. Also, the incident has to be reported to the bank so that it knows the incident and can arrive at the best possible solution in the best interest of its customers.

GoodReturns.in

Story first published: Monday, June 14, 2021, 7:50 [IST]



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SBI & GAIL Stocks: Brokers Say “Buy” For Long Term Gains

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SBI Shares: Great investment for the long term

Brokerage firms are bullish on the share price of SBI following the quarterly numbers which were largely on expected lines. Lower gross non performing assets going forward and value in subsidiaries like SBI life Insurance and SBI Cards have led to renewed optimism on the stock.

Broking firms like Motilal Oswal, Kotak Securities and Emkay Global have recently upgraded the stock to a “buy”. Emkay has the most bullish stance on the stock of SBI, with a price target of Rs 600, which is almost a 40% upside from the current levels.

SBI: Solid on most parameters

SBI: Solid on most parameters

While FY 2021, was a year of covid-19 pandemic, SBI did not seem to be impacted too much. Retail credit growth grew at 16%, while current and savings account grew at a solid 16.3%. The Bank’s net profit grew by a robust 40%, when compared to the previous year at Rs 20,488 crores.

While net NPA for FY 2021 was down to 1.50% from 2.22% in FY 2020. On most parameters SBI scored in terms of its numbers. Even going forward most analysts remain bullish on the shares of SBI.

“Its earnings in Financial Year 2120-21 have been more than the sum of what it did in the last five years (FY16-20). Overall, the bank is making strong progress on earnings normalization (FY21 Return On Equity of 9.3%). We expect it to deliver FY22E/FY23E RoE of 13.9%/15%. We maintain our BUY rating with a revised target price of Rs 530 per share(1.1 times FY23 estimated ABV+ Rs 187 per share from subsidiaries). State Bank of India continues to remain among our top Buys in the sector,” Motilal Oswal has stated.

The SBI stock was last quoting at Rs 429.55 on the Bombay Stock Exchange and broker suggestions look like there maybe long term gains on the stock.

GAIL

GAIL

Gas Authority of India (GAIL) is a government owned enterprise, which is into a host of businesses including natural gas, liquid hydrocarbons, LPG transmission, city gas distribution and exploration and production. The company commands a 50% share in gas transmission and 50% in gas trading.

Recently, brokerage firm Emkay Global had a buy rating on the stock of GAIL for long term investment. The brokerage firm has set a price target of Rs 190 on the shares. The firm believes that higher oil prices, strong marketing and petchem performance, will help in the future.

“We raise FY22/23E Earnings per Share by 19%/23%, building in higher gas marketing-petchem margins and Other Income. We increase target price to Rs 190 from Rs 160 earlier, valuing GAIL at a blended core FY23E EV/EBITDA multiple of 5.8 times. Retain Buy with an overweight stance,” the brokerage has stated.”

The shares of GAIL were last seen trading at Rs 163.70 on the National Stock Exchange.

Broking firm Motilal Oswal on the other hand believes that transmission volumes in Apr-May’21 were 10-15% lower, though they recovered to 110mmscmd in Jun’21.

“Around 80%/50% of US contracts are tied up for FY22/FY23. Valuing the core business at 10x FY23E adjusted EPS of Rs 16.5 and adding investments, we arrive at our target price of Rs 210 per share. We reiterate GAIL shares as our top pick in the largecap and oil and gas space,” Motilal Oswal has said.

Disclaimer

Disclaimer

The above stocks are picked from brokerage reports. Neither the broking firm, nor the author nor Greynium Information Technologies would be responsible for losses based on decisions taken based on the article.

The above article is for informational purposes only and stock market investing is risky. Investors should consider the risk before investing. Please do not buy stock based on the information provided above only do consult a registered advisor.



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5 Best Non Fungible Token (NFT) Crypto Coin Protocols By Market Capitalization 2021

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What is NFT?

A non-fungible token (NFT) is a data unit kept on a digital ledger known as a blockchain that certifies a digital asset as unique and thus non-transferable. When blockchains string records of cryptographic hashes, a collection of characters that certifies a collection of data as unique, onto previous records, a chain of identifiable data blocks is generated. The term “non-fungible token” refers to a token that is not fungible.

Non-fungible tokens are a step forward beyond the relatively straightforward concept of cryptocurrency. Modern financial systems include complex trading and lending systems for a variety of asset categories, including real estate, lending contracts, and artwork. NFTs are a step ahead in the reinvention of this infrastructure since they enable digital representations of physical assets.

How to Buy NFTs?

To begin, you’ll need a digital wallet that can hold both NFTs and cryptocurrencies. Depending on what currencies your NFT provider takes, you’ll probably need to buy some cryptocurrency, such as Ether. Coinbase, Kraken, eToro, and even PayPal and Robinhood now allow you to buy cryptocurrency with a credit card. After that, you’ll be able to transfer it from the exchange to your preferred wallet.

5 Best NFT By Market Capitalization 2021

5 Best NFT By Market Capitalization 2021

5 Best NFT By Market Capitalization 2021

NFT Symbol Price Market Cap
THETA THETA $8.01 $8,002,499,540
Tezos XTZ $3.07 $2,601,204,420
Chiliz CHZ $0.2788 $1,609,486,745
Decentraland MANA $0.6577 $1,039,441,428
Enjin Coin ENJ $1.25 $1,043,000,270

THETA

THETA

Users and an innovative new blockchain fuel Theta, a decentralised video delivery network. Theta is an open source protocol that will allow vertical decentralised programmes (DApps) to be created on top of the platform to enable esports, music, TV/movies, education, enterprise conferencing, peer-to-peer streaming, and more. Theta’s video streaming services are powered by a dispersed network of users who voluntarily donate their spare bandwidth and computer resources in exchange for Theta Fuel (Tfuel).

Chiliz CHZ

Chiliz CHZ

Chiliz (CHZ) is the world’s first blockchain-based fan interaction and rewards network, Socios.com, and is the premier digital currency for sports and entertainment. Fans can buy and sell branded Fan Tokens, as well as participate in, influence, and vote in club-related surveys and polls. The startup was founded in Malta in 2018 with the goal of bridging the gap between active and passive fans by giving millions of sports fans a Fan Token that works as a tokenized share of influence. Fans may buy these customised Fan Tokens with CHZ, the exclusive on-platform money, which gives users influential decision-making power by allowing them to vote on polls our partners broadcast within the Socios app.

Decentraland (MANA)

Decentraland (MANA)

Decentraland (MANA) is a virtual reality platform based on the Ethereum blockchain that allows users to create, experience, and monetise content and apps. Decentraland was founded in 2017 as a result of a $24 million initial coin offering (ICO). The virtual environment released to the public in February 2020 after a closed beta period in 2019. Users have since built a variety of interactive experiences on their LAND parcels, including interactive games, sprawling 3D scenes, and a number of other interactive activities.

Users acquire plots of land in this virtual environment, which they may then navigate, develop on, and monetize.

Enjin Coin (ENJ)

Enjin Coin (ENJ)

Enjin Coin is a project of Enjin, a corporation that offers a blockchain-based gaming environment with interconnected products. The Enjin Network is Enjin’s flagship product, a social gaming platform that allows users to build websites and clans, communicate, and run virtual item stores.

Enjin allows game producers to use the Ethereum blockchain to tokenize in-game assets. It backs digital assets issued on its platform with Enjin Coin, an ERC-20 token, allowing them to be purchased, sold, and exchanged with real-world money.

Tezos

Tezos

Tezos is a blockchain network that is similar to Ethereum in that it is based on smart contracts. However, there is a significant difference: Tezos seeks to provide more advanced infrastructure, which means it may evolve and improve over time without the risk of a hard fork. Since their inception, both Bitcoin and Ethereum have suffered from this problem. People who own XTZ can vote on protocol changes proposed by Tezos developers. Tezos’ underlying technology was first suggested in a white paper published in September 2014. The Tezos mainnet launched four years later, after a series of setbacks.



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10 Best Govt Schemes To Support Startups In India That Every Entrepreneur Should Know

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Start Up India

The government has already launched the I-MADE programme to assist Indian entrepreneurs in creating 10 lakh (1 million) mobile app start-ups, as well as the MUDRA Bank’s scheme (Pradhan Mantri Mudra Yojana) to provide micro-finance, low-interest rate loans to entrepreneurs from low socioeconomic backgrounds. [number four] This program has been allotted an initial capital of 20,000 crore (equal to 230 billion or US$3.2 billion in 2019).

ATAL Innovation Mission

ATAL Innovation Mission

The Atal Innovation Mission (AIM) is the Indian government’s flagship project to foster a culture of innovation and entrepreneurship throughout the country. Encouragement of entrepreneurship at universities and businesses. AIM is establishing world-class Atal Incubators (AICs) at the university, NGO, SME, and corporate industry levels to trigger and enable the successful growth of sustainable startups in every sector/state of the country, thereby promoting entrepreneurs and job creators in the country, addressing both commercial and social entrepreneurship opportunities in India and applicable globally.

AIC

AIC

The Atal Incubation Centres, which are led by the Atal Innovation Mission, give each AIC with a grant-in-aid of Rs. 10 crore. The funding will last for a maximum of 5 years. AICs, which are part of the NITI aayog, will provide financial and infrastructure support to startups in industries such as chemicals, technology hardware, healthcare & life sciences, aeronautics/aerospace & defence, agriculture, AI, AR/VR (augmented + virtual reality), automotive, telecommunication & networking, construction, design, non-renewable energy, and renewable energy.

eBiz Portal

eBiz Portal

This is the first government-to-business (G2B) internet platform. The portal’s major goal is to reform and establish a business-friendly atmosphere in the country. Infosys created the eBiz Portal as part of a public-private partnership. It serves as a communication hub for Indian investors and business communities. Andhra Pradesh, Delhi, Haryana, Maharashtra, and Tamil Nadu are among the five Indian states where the platform has launched 29 services. With time, the government will expand the scheme’s services.

Support for International Patent Protection in Electronics & Information Technology (SIP-EIT)

Support for International Patent Protection in Electronics & Information Technology (SIP-EIT)

SIP-EIT is a program that provides financial assistance to MSMEs and Technology Startups in order to foster innovation and recognize the value and capabilities of global IP while also exploiting growth potential in the ICTE sector. The Ministry of Electronics and Information Technology is implementing Support for International Patent Protection in Electronics and Information Technology (SIP-EIT). It is mandatory for businesses wishing to operate abroad to apply for intellectual property rights. Because innovations are constantly at risk of being copied or misappropriated, the government has put in place a number of efforts to safeguard them intellectually.

Multiplier Grants Scheme (MGS)

Multiplier Grants Scheme (MGS)

MGS was established by the Department of Electronics and Information Technology (DeitY) to “promote collaborative R&D between industry and academics/ R&D institutes for product and package development.”

This startup scheme is valid through March 31, 2020, and it has a fund of Rs 36 crore for startups, incubators, universities, and accelerators in the electronics and information technology industry. Artificial Intelligence, Technology, Hardware, Internet of Things, IT Services, Enterprise Software, and Analytics are all applicable industries.

Credit Guarantee Fund Trust for Micro and Small Entreprises (CGTMSE)

Credit Guarantee Fund Trust for Micro and Small Entreprises (CGTMSE)

The availability of bank finance without the hassles of collateral or third-party guarantees would be a huge help to first-generation entrepreneurs in realising their dream of starting their own Micro and Small Business (MSE). In order to strengthen the credit delivery system and facilitate loan flow to the MSE sector, the Ministry of Micro, Small & Medium Enterprises (MSME) of the Government of India developed the Credit Guarantee Scheme (CGS). The Credit Guarantee Fund Trust for Micro and Small Enterprises was established by the Government of India and SIDBI to put the programme into action (CGTMSE).

Software Technology Park (STP)

Software Technology Park (STP)

The Software Technology Park (STP) Scheme is a 100% export-oriented scheme for the development and export of computer software, as well as professional services via communication links or physical media.

This program is one-of-a-kind in that it concentrates on a single product or industry, namely computer software. The project combines the government’s concept of 100 percent Export Oriented Units (EOU) and Export Processing Zones (EPZ) with the notion of Science Parks/Technology Parks, which are already in use around the world.

Loan For Rooftop Solar Pv Power Projects

Over the next five years, the Indian government has set a lofty goal of 40,000 MWp of Grid-Interactive Rooftop Solar PV Plants. Rooftop solar PV plants with capacities ranging from 1 kWp to 500 kWp will be installed in the residential, commercial, industrial, and institutional sectors around the country. Rooftop solar plants have become commercially viable because they produce clean electricity for around Rs. 7.0 per kWh without any subsidies. The government is subsidizing these plants by 15% for the recipients, making them even more appealing and viable.

NewGen Innovation and Entrepreneurship Development Centre (NewGen IEDC)

The National Science and Technology Entrepreneurship Development Board (NSTEDB), Department of Science and Technology (DST), Government of India, has inaugurated the New Generation Innovation and Entrepreneurship Development Centre (NewGen IEDC).

Through advice, mentorship, and assistance, NewGen IEDC hopes to instil the spirit of innovation and entrepreneurship in young S&T students, as well as inspire and assist start-up creation. Academic institutions will be involved in the program’s implementation. Students will be encouraged to pursue new initiatives that have the potential to be commercialised.



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4 Stocks Sharekhan Is Suggesting To Buy For Long Term Investors

Personal Finance

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Bank of India

Bank of India is currently traded at around Rs 80 levels and Sharekhan has a target of Rs 100 on the stock. Recently, the stock was in the news on hopes of a privatisation move by the government.

The brokerage firm notes that the performance of the bank has been steady on the other income stream, which stood at Rs. 2,053 crore for Q4FY2021, steady from Q3FY2021 but up 21.6% y-o-y. It also noted that the provision coverage ratio has been healthy at 86.24% as of Q4FY2021, which has improved from 83.75% in Q4FY2020 and provides cushion to profitability.

“We expect the bank to post RoA/RoE of 0.36%/6.6% by FY2023E, led by stable balance sheet growth along with higher provision coverage ratio and stable asset quality. However, we expect asset-quality performance to still be a key monitorable during the medium term. We have fine tuned our estimates and target multiples. We upgrade the stock to Buy rating with a revised target price of Rs. 100,” the brokerage has said. The shares of Bank of India were last seen trading at Rs 80 on the NSE.

MOIL

MOIL

Sharekhan has also recommended buying the stock of government owned MOIL. The company has 11 mines, largely engaged in mining manganese.

The brokerage believes that MOIL has under performed the metal index in the last few quarters.

“MOIL’s valuation is attractive at 4 times its FY2023E EV/EBITDA (12% discount to its historical average one-year forward EV/EBITDA multiple of 4.5 times) and its high cash & cash equivalents of Rs. 1,905 crore (Rs. 80 per share or 42% of market capitalization) provides room for share buyback (last buyback announced in November 2019 at a price of Rs. 152 per share) and high dividend payout. Hence, we maintain a Buy rating on MOIL with a revised target price of Rs. 225 (increase reflects upward revision in earnings and higher EV/EBITDA multiple),” the brokerage has said.

MOIL shares were last seen trading at Rs 190. A good pick for the long term, according to brokerage.

Birlasoft

Birlasoft

Birlasoft is an Enterprise Digital and IT company that is recommended by Sharekhan. The brokerage sees good CAGR in revenues for Birlasoft at 15/27% over 21-23.

“At current market price, the stock trades at 25.5x/20.8x/17.6x its FY2022E/FY2023E/FY2024E earnings. We continue to remain positive on the stock considering strong net cash of Rs. 1,119 crore (11% of market capitalisation), healthy FCF generation and improving pay-out ratio. Hence, we maintain a Buy rating on Birlasoft with a revised price target of Rs. 450,” the brokerage has said.

According to it, key risks for the company would be the deterioration in demand for IT services in the wake of second wave of COVID-19 and stiff competition.

Emami

Emami

Sharekhan also has a buy call on the stock of Emami. The company owns brand such as Boro Plus, Navratna, Fair and Handsome, Zandu balm, Mentho Plus balm and Kesh King.

According to the brokerage the shares are currently trading at a 25 times its FY2023E earnings, which is at a discount to some close peers.

“We maintain a Buy recommendation on the stock with a revised price target of Rs. 635,” the brokerage has said. The shares of Emami were last seen trading at Rs 542 on the National Stock Exchange and compared to some of its peers the valuation in terms of p/e is far lower.

Disclaimer

Disclaimer

The above stocks are picked from brokerage reports. Neither the broking firm, nor the author nor Greynium Information Technologies would be responsible for losses based on decisions taken based on the article. The above article is for informational purposes only and stock market investing is risky. Investors should consider the risk before investing. Please do not buy stock based on the information provided above do consult a registered advisor.



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Tax Query: Does a mother pay tax on money received from NRI son?

Personal Finance

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My son is working in the Netherlands and sends me €300 every month. My son pays income tax on his salary there. I used to send him €2,400 from India every month during his higher education in the Netherlands for almost two years. Is the money I receive from my son every month taxable in India? My existing income falls under 20 per cent tax bracket.

Manjula

As per provisions of section 56 (2)(x) of the Income-tax Act, 1961 (‘the Act’), income tax is payable on any sum of money (if aggregate value exceeds ₹50,000) received by an individual without consideration. However, any receipts from specified relatives (includes lineal ascendant or descendant of the individual), would not be considered as taxable. Hence, a gift of money from your son (who is your lineal descendant) will not be subject to tax in your hands in India.

I got only one folio with Sundaram MF i.e. Diversified Equity Fund. The fund had declared a dividend of ₹725 and deducted tax at the rate of 20.8 per cent. On taking up the matter with them they stated that timings and frequency and amount of dividend declared is not known in advance. They also said that the investment horizon of the investor is unknown and actual dividend income accrued for such TDS cannot be assessed. The fund-house also said the threshold limit of ₹5,000 has been aggregated at PAN level across all AMCs and Sundaram MF does not have investor level data of dividends being declared for each PAN during a year. So, they will deduct TDS from each dividend declared even without reaching the ₹5,000 threshold. In case of total TDS exceeding the actual tax liability of any investor, he/she can claim refund while filing income tax returns. I feel the explanation given by Sundaram is patently absurd. If all MFs take this stand, and deduct tax irrespective of the amount of dividend, what is the sanctity of the threshold limit of ₹5,000. In my view, they should aggregate the dividend under their schemes alone and deduct tax if it exceeds ₹5,000 and not otherwise. Please give your considered opinion on this subject.

Cyril Dsouza

As per provisions of section 194K of the Income-tax Act, 1961 (‘the Act’), payers (MF house in this case) are required to deduct tax at source (TDS) at 10 per cent for payments made to resident individuals. However, if the amount of such income paid during financial year (FY) to the payee does not exceed ₹5000, tax is not required to be deducted at source. Literal reading of the section suggests that no TDS is to be deducted by the payer if amount paid by them during a FY does not exceed ₹5,000. However, practically some payers take a view that the threshold limit of ₹5,000 is to be considered qua the individual (i.e. at PAN level) and necessary TDS to be done. In such a scenario, individual would have to claim credit of such TDS in the return of income. Also it is important to note that, as per provisions of section 206AA of the Act, in case you do not provide your PAN to the payor, then tax is required to be deducted at a rate of 20.8 per cent (including applicable cess). If this holds true for your case, this may be reason for the MF house to deduct tax at the rate of 20.8 per cent.

The writer is a practising chartered accountant

Send your queries to taxtalk@thehindu.co.in

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