Tag: BSE

Anand Rathi Wealth IPO subscribed 1.60 times on Day 1 of offer, BFSI News, ET BFSI

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New Delhi, The initial public offer of Anand Rathi Wealth Limited, part of Mumbai-based financial services group Anand Rathi, was fully subscribed on the first day of subscription on Thursday. The Rs 660-crore initial share-sale received bids for 1,36,00,818 shares against 84,75,000 shares on offer, translating into 1.60 times subscription, according to NSE data.

The category for Retail Individual Investors (RIIs) received 2.45 times subscription, non-institutional investors portion garnered 1.93 times subscription and Qualified Institutional Buyers (QIBs) 1 per cent.

The company’s initial public offer is of up to 1,20,00,000 equity shares and is in a price range of Rs 530-550 a share.

Anand Rathi Wealth Ltd on Wednesday said it has raised Rs 194 crore from anchor investors.

Anand Rathi Wealth operates in the financial services industry with a focus on mutual fund distribution and the sale of financial products.

The offer will conclude on December 6.

The equity shares of the company will be listed on BSE and NSE.

Equirus Capital Private Limited, BNP Paribas, IIFL Securities Limited, Anand Rathi Advisors Limited are the book running lead managers to the offer. PTI SUM SUM SHW SHW



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Dhanlaxmi Bank Part-Time Chairman G Subramonia Iyer resigns, BFSI News, ET BFSI

Banking & Finance

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Dhanlaxmi Bank on Thursday said its Part-Time Chairman G Subramonia Iyer has resigned, on personal grounds. “G Subramonia Iyer, part-time chairman and independent director of the bank, has submitted his resignation from the board of directors of the bank vide his letter dated December 2, 2021,” the bank said in a regulatory filing.

His resignation is to be effective from December 31, 2021, it added.

“G Subramonia Iyer has informed that he was tendering his resignation owing to certain urgent and emergent domestic and personal reasons and there were no other material reasons for his resignation,” it added.

Shares of Dhanlaxmi Bank on Thursday closed at Rs 14.14 apiece on the BSE, down by 0.42 per cent from the previous close.

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Canara Bank raises Rs 1,500 crore via Basel-III compliant bond, BFSI News, ET BFSI

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New Delhi, State-owned Canara Bank on Thursday said it has raised Rs 1,500 crore by issuing Basel-III compliant bonds. “Our bank came out with issuance of Rs 1,500 crore of additional tier I bonds on 30th November 2021.

“The bank received total bid amount of Rs 4,699 crore, out of which full issuance of Rs 1,500 crore was accepted at 8.05 per cent,” Canara Bank said in a regulatory filing.

To comply with Basel-III capital regulations, banks globally need to improve and strengthen their capital planning processes.

These norms are being implemented to mitigate concerns on potential stresses on asset quality and consequential impact on performance and profitability of banks.

Shares of Canara Bank closed at Rs 207.10 apiece on BSE, up 0.15 per cent from the previous close.

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Indian Bank reports fraud of over Rs 33cr to RBI, BFSI News, ET BFSI

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State-owned Indian Bank has reported a fraud of more than Rs 33 crore to the Reserve Bank, involving two of its accounts that turned into NPAs.

Two non-performing loan accounts, Raj Events and Entertainment and Capricorn Food Products India, have been declared as fraud and reported to the RBI as per regulatory requirement, the bank said in a stock exchange filing on Tuesday.

Both the companies caused fraud in the nature of ‘diversion of funds’.

In the case of Capricorn Food Products, the amount involved is of Rs 22.36 crore, while in the case of Raj Events and Entertainment, the fraud amount involved is of Rs 10.97 crore.

Provision held against Capricorn Food as of September 30, 2021 stood at Rs 8.54 crore and of Rs 1.65 crore in the case of Raj Events and Entertainment, the bank said.

Indian Bank shares closed at Rs 142.75 apiece on BSE, down 0.94 per cent from the previous close.



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Indian Bank reports fraud of over Rs 33cr to RBI, BFSI News, ET BFSI

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State-owned Indian Bank has reported a fraud of more than Rs 33 crore to the Reserve Bank, involving two of its accounts that turned into NPAs.

Two non-performing loan accounts, Raj Events and Entertainment and Capricorn Food Products India, have been declared as fraud and reported to the RBI as per regulatory requirement, the bank said in a stock exchange filing on Tuesday.

Both the companies caused fraud in the nature of ‘diversion of funds’.

In the case of Capricorn Food Products, the amount involved is of Rs 22.36 crore, while in the case of Raj Events and Entertainment, the fraud amount involved is of Rs 10.97 crore.

Provision held against Capricorn Food as of September 30, 2021 stood at Rs 8.54 crore and of Rs 1.65 crore in the case of Raj Events and Entertainment, the bank said.

Indian Bank shares closed at Rs 142.75 apiece on BSE, down 0.94 per cent from the previous close.



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Edelweiss Financial Services to raise up to ₹500 crore

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Edelweiss Financial Services Ltd (EFSL) has decided to raise up to ₹500 crore via public issue of secured, redeemable, non-convertible debentures of face value ₹1,000 each.

The base size of the public issue is for an amount up to ₹200 crore with an option to retain oversubscription up to ₹300 crore. The issue is within the shelf limit of ₹1,000 crore.

The minimum subscription amount is ₹10,000 (10 NCDs) across all 10 series of NCDs. Investment thereafter will be in multiples of ₹1,000 (one NCD).

Depending on the tenor, the effective yield per annum ranges from 8.75 per cent to 9.70 per cent, as per EFSL’s exchange filing.

The NCDs are proposed to be listed on BSE.

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Punjab & Sind Bank adjusts net loss for FY21 at Rs 2,750 cr after divergence in asset classification, BFSI News, ET BFSI

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Public sector Punjab & Sind Bank (P&SB) on Wednesday said it has adjusted the net loss for fiscal ended March 2021 slightly higher at Rs 2,750 crore due to divergence in asset classification. The bank had reported a net loss of Rs 2,733 crore in 2020-21.

Whereas the bank reported gross non-performing assets (NPAs) at Rs 9,334 crore, the Reserve Bank assessed it at Rs 9,363 crore, thus leading to a divergence of Rs 29 crore.

Similarly, the net NPAs too had a divergence of Rs 29 crore.

Based on the difference of the provisions for NPAs reported by the bank and that assessed by the RBI, the divergence in provisioning for the financial year 2020-21 stood at Rs 17 crore.

The adjusted (notional) net profit after tax (PAT) for the year ended March 31, 2021, after taking into account the divergence in provisioning stood at Rs 2,750 crore, the bank said in a regulatory filing.

The bank published the divergence in asset classification and provisioning in accordance with RBI’s Risk Assessment Report as on March 31, 2021.

P&SB stock closed at Rs 17.25 apiece on BSE, down 1.43 per cent from previous close. PTI KPM SHW SHW



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Fino Payments Bank reports 74pc jump in Jul-Sept profit, BFSI News, ET BFSI

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Recently listed Fino Payments Bank on Saturday reported a 74 per cent jump in its net profit to Rs 7.89 crore in the quarter ended in September 2021. The bank had posted a net profit of Rs 4.52 crore in the year ago same period.

Revenue of the bank grew by 35 per cent year-on-year to Rs 242.15 crore on the back of a growth of 32 per cent in transaction revenue, 43 per cent in subscription income and 35 per cent in open banking, Fino Payments Bank said in a regulatory filing.

The bank completed its initial public offer (IPO) and listed its shares on November 12, 2021 on NSE and BSE.

Current account and savings account (CASA) subscription revenue grew by 78.3 per cent on the year while subscription yield increased from Rs 402 per account in Q2FY21 to Rs 481 per account in Q2FY22, it said.

“Our growth momentum in transaction volumes and throughput continues to be strong. Consumer behaviour towards convenience banking is gaining impetus,” Rishi Gupta, CEO & Managing Director said.

Ketan Merchant, Chief Financial Officer said the bank’s investment in technology and operating leverage is beginning to yield results.

“Alongside growth in our existing businesses, our digital journey in Fino 2.0 will help us tap a massive potential of cross sell in the near future,” Merchant said. PTI KPM MR MR



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Fino Payments Bank makes a tepid debut

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The shares of Fino Payments Bank made a tepid debut on the bourses on Friday, listing at over 5 per cent discount.

It listed at a discount of over 5 per cent at ₹544.35 apiece on the NSE as compared to its issue price.

The shares listed at ₹548 on the BSE against its issue price of ₹577.

The shares slipped further to record a low of ₹527.00 on the BSE, post listing. At 10:31 am, it was trading at a 7.51 per cent discount at ₹533.65.

On the NSE, it was trading at ₹534.80.

“Fino payment debuted in secondary market on a tepid note as per our expectations and I think it may continue to remain under pressure post listing because of valuations concerns, competition, and regulatory challenges,” said Parth Nyati, Founder, Tradingo.

“However Fino Payment is a fast-growing fintech company and it is one of its kind company to list on the stock exchanges where its unique DTP network and new edge business model provide it an edge,” added Nyati.

Also read:Fino Payments Bank IPO to open on October 29

The ₹1,200 initial public offering of Fino Payments Bank comprised a fresh issue of ₹300 crore and an offer for sale (OFS) of 1.56 crore equity shares by promoter Fino Paytech.

The IPO was subscribed 2.03 times on the third and the final day with strong interest from retail investors.

According to data available on the BSE, bids were received for 2.32 crore shares as against 1.14 crore shares offered in the IPO.

The portion set aside for non-institutional investors (widely known as HNIs) saw a subscription of 0.21 times, and that of QIB witnessed a subscription of 1.65 times. The portion for retail investors was oversubscribed 5.92 times and the employee quota by 0.93 times.

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Equity benchmark indices close in green, BFSI News, ET BFSI

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Mumbai (Maharashtra) [India], November 4 (ANI): The special session of Muhurat Trading ended with the key indices including the auto sector and consumer discretionary goods and services gaining substantially.

The special trading window marks the beginning of Samvat 2078. It is the Hindu calendar that starts on Diwali.

At the closing bell, the BSE S&P Sensex was up by 295.70 points or 0.49 per cent, while the Nifty 50 gained by 87.60 points or 0.49 per cent.

In BSE Sensex all the sectors gained. The sectors that saw maximum gain were the auto sector that was up by 1.54 per cent, the telecom sector that was up by 1.19 per cent, the capital goods that was up by 1.16 and industrials was up by 1.13 per cent.

Among stocks, the top contributor was Mahindra and Mahindra, which surged 2.87 per cent to Rs 872.95 per share, followed by ITC which surged 1.82 per cent to Rs 226.55 per share. Bajaj Auto, Larsen and Kotak Mahindra too traded with a positive bias.

However, ICICI Bank cracked by 0.43 per cent, followed by Ultra TechCement by 0.34 per cent and Asian Paints by 0.13 per cent.

The stock market will remain closed on November 5 due to Diwali Balipratipada.

Actor Bhagyashree rang the opening bell along with the Managing Director and Chief Executive Officer of the BSE Ashish Chauhan.

“Bollywood Actress Bhagyashree with Ashish Chauhan, MD & CEO BSE India and others Ringing the Opening Bell to mark the Deepavali Muhurat Trading,” BSE India tweeted.

Before the opening, a Laxmi puja was also performed here in Mumbai.

Ashish Chauhan performed the puja along with his family members at BSE office located at Dalal Street in Mumbai’s Kala Ghoda. Bhagyashree was also present during the puja and offered prayers to Goddess Laxmi.

With the completion of this Puja, the special one-hour long Mahurat Trading session commences in BSE. The market closed at 7.15 pm. (ANI)



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