Category: Personal Finance

CSB Bank net soars 72% on lower provisioning

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The provision coverage is seen at 73.48% as on September 30, 2021, from 70.20% for Q1FY22 and 84.89% in the year-ago period.

CSB Bank on Monday reported a 72% year-on-year jump in its net profit to Rs 118.57 crore for the second quarter due to lower provisioning for bad loans. The Thrissur-based lender had reported a net profit of Rs 68.90 crore in the year-ago period and a net profit of Rs 61 crore in the first quarter of the current fiscal.

Provisions were written back for the quarter in review with recoveries and upgrades seen higher than slippages.

The asset quality improved, with gross non-performing assets (NPA) as a percentage of gross advances being reported at 4.11%, compared with 4.88% in the preceding quarter and 3.04% in the year -ago period. Net NPA as a percentage of gross advances stood at 2.63%, against 3.21% in the preceding quarter and 1.30% in the second quarter of FY21.

The provision coverage is seen at 73.48% as on September 30, 2021, from 70.20% for Q1FY22 and 84.89% in the year-ago period.

CVR Rajendran, managing director & CEO, said with the opening up of the economy, positive trends are visible on the asset quality front. “Out of the gross NPA of Rs 586.83 crore, Rs 287.52 crore is gold NPA where recovery is almost assured.”

“The uptick in demand is expected to be strengthened by the upcoming festive season, resilient agri sector, increased government capex and exports. Visible growth is also happening in gold loan portfolio. In terms of growth, we look forward for better traction and results in the third quarter. With both the product and process improvements being implemented/proposed, we intend to capture a better share of the retail segment and grow both retail liabilities and assets. So, we look forward to improve our performance in both the top line and bottom line parameters,” Rajendran said.

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WhatsApp may verify your documents to use Payments, BFSI News, ET BFSI

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Facebook-owned messaging platform WhatsApp may soon ask to verify your identity to access the payment feature. WhatsApp pay was launched in 2018 in India as a part of trail run and after getting approval from National Payments Corporation of India (NPCI), the service was officially rolled out to the public last year. Now as per a report by XDA-Developers, the strings in the latest WhatsApp beta indicate that the platform will need to share their verification documents to access the payments feature.

As of now, to use the WhatsApp Pay service in India, you just have to verify the phone number linked to your bank account for UPI transactions. Currently, the platform doesn’t ask for any verification documents from users for any service. According to a report, WhatsApp v2.21.22.6 beta gets new strings that suggest the above mentioned change.

The company has not yet officially made an announcement about this change. Several other popular UPI-based apps such as Google Pay, Phone Pe and others don’t ask users for verification documents. The report suggests that WhatsApp’s move may be limited to business account users only.

The company is constantly working to improvise the ecommerce experience on the platform. Recently, it started to roll out a new feature called ‘Collections’. The feature allows you to shop items from the messaging platform using categories. In simple words, the feature allows business account holders to organise products in their catalogs according to the category so users can easily find the desired item without scrolling through the long list of items.

If you have a WhatsApp business account, you can create a collection by following these steps. Tap on the three dots at the top right corner of the app > tap on Business Tools > select Catalog > tap on Add New Collection. Apart from this, the company released the ‘Carts’ feature that makes it easier for customers to buy multiple items.



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ESAF SFB, Paytm, Sapphire Foods among 7 firms to get Sebi’s nod for IPO, BFSI News, ET BFSI

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New Delhi: As many as seven companies, including ESAF Small Finance Bank, Sapphire Foods India and Anand Rathi Wealth, have received capital markets regulator Sebi’s nod to raise funds through initial public offerings (IPOs). In addition, PB Fintech, which operates an online insurance platform Policybazaar and credit comparison portal Paisabazaar, Paytm’s parent firm One97 Communications, life sciences company Tarsons Products and HP Adhesives too received Sebi’s clearance to float their IPOs.

These companies, which filed their draft papers with Sebi between July and August, obtained the regulator’s observations during October 18-22, an update with Sebi showed on Monday.

In Sebi’s parlance, the issuance of observation is equivalent to the regulator’s approval.

ESAF Small Finance Bank’s Rs 997.78-crore public issue comprises a fresh issue of equity shares worth Rs 800 crore and an offer for sale of Rs 197.78 crore by existing shareholders, according to draft red herring prospectus (DRHP).

Under the offer for sale, the promoter will be selling shares worth Rs 150 crore, PNB MetLife would offload shares to the tune of Rs 21.33 crore, Bajaj Allianz Life will offer shares of Rs 17.46 crore, PI Ventures will sell Rs 8.73 crore worth shares and John Chakola will offer shares worth Rs 26 lakh.

The IPO of Sapphire Foods India Ltd, which operates KFC and Pizza Hut outlets, will be entirely an offer of sale (OFS) of 17,569,941 equity shares by promoters and existing shareholders.

As a part of the OFS, QSR Management Trust will sell 8.50 lakh shares, Sapphire Foods Mauritius Ltd will offload 55.69 lakh shares, WWD Ruby Ltd will divest 48.46 lakh shares and Amethyst will offer 39.62 lakh shares.

In addition, AAJV Investment Trust will sell 80,169 shares, Edelweiss Crossover Opportunities Fund will offload 16.15 lakh shares and Edelweiss Crossover Opportunities Fund-Series II will divest 6.46 lakh shares.

The initial share-sale of Anand Rathi Wealth Ltd, part of Mumbai-based financial services group Anand Rathi, is completely an offer for sale of 1.2 crore equity shares by promoters and existing shareholders.

Those offering shares in the offer for sale are — Anand Rathi Financial Services Limited, Anand Rathi, Pradeep Gupta, Amit Rathi, Priti Gupta, Supriya Rathi, Rawal Family Trust, Jugal Mantri and Feroze Azeez.

According to the draft papers, Paytm plans to raise Rs 8,300 crore through fresh issue of equity shares and another Rs 8,300 crore through the offer-for-sale route.

Paytm founder, managing director and chief executive Vijay Shekhar Sharma and Alibaba group firms will dilute some of their stake in the proposed offer-for-sale.

In addition, investors selling stake include Antfin (Netherlands) Holding BV, Alibaba.Com Singapore E-Commerce Private Ltd, Elevation Capital V FII Holdings Ltd, Elevation Capital V Ltd, SAIF III Mauritius Company Ltd, SAIF Partners India IV Ltd, SVF Panther (Cayman) Ltd and BH International Holdings.

The Rs 6,017.50 crore IPO of PB Fintech comprises a fresh issue of Rs 3,750 crore worth of equity shares and an offer for sale of Rs 2,267.50 crore by existing shareholders.

As part of the OFS, SVF Python II (Cayman) will sell shares worth Rs 1,875 crore, Yashish Dahiya will offer shares worth Rs 250 crore and some other selling shareholders will also divest shares.

Tarsons Products’ IPO comprises fresh issuance of equity shares worth Rs 150 crore and an offer for sale of 1.32 crore equity shares by promoters and an investor.

As a part of the OFS, promoters — Sanjive Sehgal will offload up to 3.9 lakh equity shares and Rohan Sehgal will sell up to 3.1 lakh equity shares — and investor Clear Vision Investment Holdings Pte Ltd will divest up to 1.25 crore equity shares.

HP Adhesives’ initial share-sale consists of fresh issuance of 41.40 lakh equity shares and an offer of sale of 4,57,200 equity shares by promoter Anjana Haresh Motwani.

The company manufactures a wide range of consumer adhesives and sealants products such as PVC, solvent cement, synthetic rubber adhesive, PVA adhesives, silicone sealant, acrylic sealant, gasket shellac, other sealants and PVC pipe lubricant.

The shares of these companies will be listed on the BSE and NSE.



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Bharti Airtel Confirms Accepting 4-Year Moratorium On Spectrum

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Investment

oi-Sneha Kulkarni

|

Bharti Airtel has notified the government that it will opt for a four-year payment freeze on AGR and spectrum dues, according to BSE Notification. As part of a recently announced rescue package for the telecom sector, the government granted telecoms the option of a dues moratorium.

Vodafone Idea has previously announced that its board of directors had decided to postpone AGR payments from October 2021 to September 2025.

Bharti Airtel Confirms Accepting 4-Year Moratorium On Spectrum

It’s the first operator to take a portion of the recently announced telecom relief package from the Department of Telecom.

:We wish to inform you that the Company has confirmed to avail the following options: a) deferment of the payment of spectrum auction instalments due upto four years; and b) deferment of AGR related dues by a period of four years with immediate effect. The other option offered in the aforesaid notification by DoT shall be considered by the Company within the stipulated timelines,” the company said in the BSE notification.

Sunil Mittal, chairman of Airtel, announced last month that the business would opt for a payment moratorium and redirect cashflow to rapidly construct networks.

As part of a recently announced rescue package for the telecom sector, the government granted telecoms the option of a dues moratorium.

The Department of Telecom (DoT) has also allowed operators 90 days to decide if they wish to convert the income earned during the moratorium period into equity.

Story first published: Monday, October 25, 2021, 18:27 [IST]



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Cryptocurrency News; Ethereum up 10%, Shiba Inu Dips From Record High

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oi-Sneha Kulkarni

|

The worldwide crypto market valuation is now $2.59 trillion, up 1.73 percent from the previous day. The overall crypto market volume over the last 24 hours has increased by 28.10 percent to $104.19 billion. The entire volume in DeFi is currently $11.60 billion, accounting for 11.13 percent of the overall 24-hour volume in the crypto market. The overall volume of all stable coins is now $82.59 billion, accounting for 79.27 percent of the total 24-hour volume of the crypto market.

Cryptocurrency News; Ethereum up 10%, Shiba Inu Dips From Record High

The price of Bitcoin is present $62,830.63. Bitcoin’s market share is now 45.63 percent, up 0.49 percent from the previous day.

Bitcoin, one of the most prominent cryptocurrencies in the world, has gained 2.83 percent in the previous 24 hours following a weekend loss. At the time of writing, the price of a single Bitcoin was $62,637.30. One Bitcoin reached an all-time high of about $66,900 on Wednesday.

Shib Inu (SHIB), a meme cryptocurrency, hit a new high on October 24, reaching $0.00003995 with a 24-hour trading volume of $8,585,097,334. Shiba Inu continues to lead the WazirX exchange in terms of volume on October 25 (today), with Tether, Dogecoin, and Bitcoin lagging in second and third place, respectively. Meanwhile, Shinu Inu was fluctuating from green to red.

Investing in the cryptocurrency market entails a variety of risks and problems. Trading should be done with caution and guidance. So, to make things easier for you, we’ll go over some cryptocurrencies that have consistently topped the market cap charts and could be ideal long-term investments.

While central bank digital currencies have been discussed for some years, few governments have actually taken the steps to issue one. Nigeria, on the other hand, is finally ready to introduce the eNaira after lengthy research and development.

Story first published: Monday, October 25, 2021, 17:48 [IST]



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Nykaa Rs. 5352 crore IPO To Launch On October 28: Should You Invest?

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1. Nykaa:

The company is a content led provider of fashion and lifestyle solution and is the profitable enterprise in the start up industry led by Nayyar. The company is also offering its own manufactured products under the brand. So, since inception in the year 2012, the company has quickly managed to be popular with the masses and offers an omni-channel experience.

As for its engagement, it extends its products both via offline and online channels and as of March 31, 2021 has in total 43.7 million downloads of its mobile app which speaks of its inclusiveness.

2. Positives of the company:

2. Positives of the company:

The company caters to the fast growing cosmetics industry that is expected to double to Rs. 2 trillion by 2025 from Rs. 1.1 trillion in Cy 2020.

In the current regime, cosmetic commands just 8% share while it is 12% for the personal care segment and this is highly low compared to other verticals and hence offering a higher room for disruption going ahead.

3. Financials:

3. Financials:

The company has benefited from the migration to online mode of shopping during the pandemic and during the period its revenue from operation has grown at a CAGR of 48 percent from Rs. 1111.4 crore in Fy 2019 to Rs. 2440 crore in Fy 21.EBIDTA has grown at a CAGR of 180 percent during the same period. In the Fy 21, the company reported a profit of Rs. 62 crore.

4. Issue details:

4. Issue details:

Issue period- October 28- November 1

Retail quota -10 percent

The company has filed issuance for fresh equity issuance of Rs. 525 crore and an OFS of 4.3 crore shares. The price band for the issue has been kept at Rs. 1085-1125 per share. The company looks at hitting a valuation of US$4 billion. This gives the company a valuation over $7 billion.

5. Issue objective:

5. Issue objective:

Rs. 40 crore for brand positioning as well as offline expansion. The company has over 70 outlets in different formats spanning across the country. Also, the company is foraying to go international.

Capex for Rs. 42 crore for warehouse

Payment of outside borrowings: Rs. 156 crore

Rs. 234 crore for acquiring customers, brand visibility etc.

6. Brokerage take:

6. Brokerage take:

The company is sensed to be well positioned to take on the exponential growth expected for the sector as a whole and as it’s a profitable unicorn in the country it is seen as a good investment. Nonetheless even as the valuations remain stretched, considering its profits the aspect can be given a miss.

GoodReturns.in



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This Small Finance Bank Revises Interest Rates On FD: Now Get Up To 7.25%

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oi-Vipul Das

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Fincare Small Finance Bank provides a variety of fixed deposit options with interest rates as high as 6.75 percent. This small finance bank offers a variety of fixed deposit benefits, including flexible preclosure terms, flexible interest payout options of monthly, quarterly, or cumulative FDs, flexible maturity terms ranging from 7 days to 10 years, additional interest rates for senior citizens, along with other factors. Fincare Small Finance Bank allows 4 types of deposit schemes from its customers which are Smart Fixed Deposit, Priority Plus Fixed Deposit, Tax Saver Fixed Deposit, and Recurring Deposits. The bank has adjusted its interest rates on fixed and recurring deposits, and in addition to the higher rates, the bank also offers deposit insurance of up to Rs 5 lakhs through the Deposit Insurance and Credit Guarantee Corporation (DICGC). For a deposit amount of less than Rs 2 Cr, Fincare Small Finance Bank is now offering the following interest rates on term deposits.

Fincare Small Finance Bank Resident Term Deposit Rates (Less than Rs 2 Cr)

Fincare Small Finance Bank Resident Term Deposit Rates (Less than Rs 2 Cr)

Fincare Small Finance Bank is currently delivering the following interest rates to both regular and elderly people with an alternative of premature withdrawal for deposits of less than Rs 2 Cr. Regular customers and senior citizens will now receive the maximum interest rate of 6.75 percent and 7.25% on deposits maturing in 59 months 1 day to 66 months, as the bank today has amended its interest rates on fixed deposits, which are in effect from October 25, 2021.

Tenure Interest rates for regular customers Interest rates for senior citizens
7 days to 45 days 3.00% 3.50%
46 days to 90 days 3.25% 3.75%
91 days to 180 days 3.50% 4.00%
181 days to 364 days 5.00% 5.50%
12 months to 15 months 6.00% 6.50%
15 months 1 day to 18 months 6.00% 6.50%
18 months 1 day to 21 months 6.00% 6.50%
21 months 1 day to 24 months 6.00% 6.50%
24 months 1 day to 30 months 6.50% 7.00%
30 months 1 day to 36 months 6.25% 6.75%
36 months 1 day to 42 months 6.50% 7.00%
42 months 1 day to 48 months 6.25% 6.75%
48 months 1 day to 59 months 6.25% 6.75%
59 months 1 day to 66 months 6.75% 7.25%
66 months 1 day to 84 months 5.50% 6.00%
Source: Bank Website, w.e.f. 25th October 2021

Fincare Small Finance Bank Resident Term Deposit Rates (For amount Rs 1 Cr to less than Rs 2 Cr)

Fincare Small Finance Bank Resident Term Deposit Rates (For amount Rs 1 Cr to less than Rs 2 Cr)

Fincare Small Finance Bank is currently delivering the following interest rates on fixed deposits of Rs 1 Cr to Rs 2 Cr without the option of premature withdrawal, effective from October 25, 2021.

Tenure Interest rates in %
181 days to 270 days 5.10%
271 days to 330 days 5.10%
331 days to 364 days 5.80%
12 months to 15 months 6.15%
15 months 1 day to 18 months 6.15%
18 months 1 day to 21 months 6.15%
21 months 1 day to 24 months 6.15%
24 months 1 day to 30 months 6.15%
30 months 1 day to 36 months 6.15%
Source: Bank Website, w.e.f. 25th October 2021

Fincare Small Finance Bank Recurring Deposit Rates

Fincare Small Finance Bank Recurring Deposit Rates

Fincare Small Finance Bank offers recurring deposits with terms ranging from 7 days to 84 months, and customers will now receive a maximum rate of 6.75 percent on recurring deposits maturing in 59 months 1 day to 66 months, according to the bank’s interest rate adjustment. Fincare Small Finance Bank’s current interest rates on recurring deposits, effective from October 25, 2021, are listed below.

Tenure Interest rates in %
7 days to 45 days 3.00%
46 days to 90 days 3.25%
91 days to 180 days 3.50%
181 days to 364 days 5.00%
12 months to 15 months 6.00%
15 months 1 day to 18 months 6.00%
18 months 1 day to 21 months 6.00%
21 months 1 day to 24 months 6.00%
24 months 1 day to 30 months 6.50%
30 months 1 day to 36 months 6.25%
36 months 1 day to 42 months 6.50%
42 months 1 day to 48 months 6.25%
48 months 1 day to 59 months 6.25%
59 months 1 day to 66 months 6.75%
66 months 1 day to 84 months 5.50%
Source: Bank Website, w.e.f. 25th October 2021

Story first published: Monday, October 25, 2021, 16:05 [IST]



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IPO: This Payment Bank To Raise Around Rs 1300 crore, Public Issue Opens On Oct 29

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oi-Sneha Kulkarni

|

The capital markets regulator, the Securities and Exchange Board of India (SEBI), has approved Fino Payments Bank’s Rs 1,300-crore initial public offering (IPO). Fino Paytech Ltd, which owns 100 percent of the company, will issue a fresh issue of Rs 300 crore and sell up to 15.60 million shares in the IPO.

IPO: This Payment Bank To Raise Around Rs 1300 crore, Issue Opens On Oct 29

After Nykaa’s Rs 5,352-crore IPO, the Fino Payment initial public offering (IPO) will be the second to open for subscription this week. On November 12th, the company intends to list on stock exchanges.

The offer will be closed on November 2 by the company, which employs an asset-light business model that primarily relies on fee and commission-based income produced by its merchant network and key commercial connections.

Fino Payments Bank intends to use the proceeds from its new offering to boost its Tier-I capital base in order to meet future capital needs.

Fino Payment Bank is supported by major investors such as Blackstone, ICICI Group, Bharat Petroleum, and the International Finance Corporation (IFC).

The issue’s book running lead managers are Axis Capital, CLSA Capital, ICICI Securities, and Nomura Financial Advisory and Securities.

The fresh issue’s net proceeds will be utilized to supplement the company’s tier I capital base in order to meet future capital requirements. It is tier 1 capital ratio was 56.25 percent in FY 21.

There are roughly 17,269 active BCs in India right now. As of March 2021, it also had 54 branches and 143 customer service points.

The lender earned Rs 791.03 crore in the fiscal year 2021, up from Rs 691.40 crore the previous year. The net income for the period was Rs 20.47 crore, compared to a loss of Rs 32.04 crore the previous year.

IPO Open Date Oct 29, 2021
IPO Close Date Nov 2, 2021
Basis of Allotment Date Nov 9, 2021
Initiation of Refunds Nov 10, 2021
Credit of Shares to Demat Account Nov 11, 2021
IPO Listing Date Nov 12, 2021

Story first published: Monday, October 25, 2021, 14:30 [IST]



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Punjab a preferred investment destination for companies, says industry minister, BFSI News, ET BFSI

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Chandigarh, Punjab has become a preferred investment destination for the global firms in the last few years because of strong ecosystem and business friendly policies, state industries minister Gurkirat Singh Kotli said on Sunday. In the last four-and-a-half years, investors from across the globe as well as those from different regions in the country have shown their confidence in Punjab, which has resulted in securing investments worth Rs 99,000 crore in various sectors, he further said.

The sectors include bicycle, agri and food processing, logistics, pharmaceuticals, chemicals, textiles, alloy and steel and engineering.

“The investments are coming into the state from companies from diverse countries including the US, the UK, the UAE, Denmark, Germany, France, Spain, Italy, Japan, South Korea, New Zealand and Singapore,” said Kotli.

He said Punjab has not only witnessed global firms investing in the state for the first time but also the existing players have expressed their satisfaction and enthusiasm by expanding their presence and operations in the state.

“The investors’ confidence in the growth story of Punjab, even in the times of the COVID-19 crisis, is a testimony to the state’s strong infrastructural and policy framework,” said the minister in an official statement.

Pertinently, the state government has made consistent efforts in the last four and a half years to develop an ecosystem where both the domestic and global businesses can thrive competitively.

Ahead of a two-day Progressive Punjab Investors Summit-2021 on October 26 and 27, Punjab Chief Minister Charanjit Singh Channi on Saturday met a delegation of German companies operating in the state.

The chief minister said the state actively promotes business, trade and infrastructure development in partnership with the industry.

Channi said the investments of over Rs 99,000 crore reflects the enormous confidence and trust in the conducive and sustainable ecosystem in the state to boost industrial activity and create humongous entrepreneurial opportunities and jobs for the state’s youth.

He impressed upon the industry from the length and breadth of the world to choose Punjab as a progressive partner being the most preferred destination to realise their dreams.

Channi further said that these consultations with industry would go a long way in improving the delivery of governance thus ensuring ease of doing business in the state. PTI CHS VSD MR MR



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With Stock Markets At Record Highs, Here’s What Investors Should Now Do!

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Here’s what investors should now do with markets at record jighs

Alpha Strategist by Motilal Oswal Private Wealth has suggested that the strategy for Equity is to invest 50% in lump sum and 50% in a staggered manner over the next 3 months in Multicap strategies and select Mid & Small Cap strategies (MFs, PMS, AIF).

According to the report, 70% – 80% of the Fixed Income portfolio should be biased towards high quality short to medium term accrual strategies with minimum investment horizon of 3 years.

“Within the above allocation, 20-30% can be allocated towards long maturity and high quality roll-down strategies,” the report has said.

Outlook for equity markets

Outlook for equity markets

According to Motilal Oswal Private Wealth Equity markets continued the strong uptrend on both absolute and relative basis to global peers in September.

“In CYTD’21 Nifty is the best performer globally with 26% return in INR terms. In the month of September broader markets made a comeback too with Nifty Mid cap/Nifty Small Cap closing 6.9%/6.1% higher outperforming Nifty which closed 2.8% higher.

Global equities ended mostly lower on the back of rising bond yields amid rising prices, and China’s power and realty sector crisis. MSCI World Indices/EM closed -4.5% and -5.6% lower respectively,” it has noted.

Markets look expensive

Markets look expensive

Equity Market looks expensive on a trailing basis compare to historical average, however, on forward basis it seems to be near slightly above its historical average. Nifty’s 12-month trailing P/E of 27.7x and P/B of 3.7 is at a 35% and 28% premium to its LPA of 20.4x & 2.8x respectively. While Nifty’s 12-month forward P/E is 15% above LPA.

Motilal Oswal Private Wealth Equity markets has crafted a unique model, Temperature Gauge, based on the Motilal Oswal Valuation Index. MOVI is basically an index which is calculated based on the Price to Earnings (PE), Price to Book Value (PB) and Dividend Yield (DY) on the components of Nifty 50.

Using FY22 projected EPS for Nifty 50, the temperature gauge index is in the range of 120-125. Whenever Temperature Gauge Index has been at the levels of 120-125, the forward returns shows a higher probability of positive returns.

Disclaimer

Disclaimer

The above stocks are picked from the brokerage report of Motilal Oswal Institutional Equities. 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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