Tag: share

CCI nod for HDFC Bank’s stake buy in HDFC ERGO

Banking & Finance

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The Competition Commission of India (CCI) has approved the acquisition of 4.99 per cent shareholding in HDFC ERGO General Insurance Company (HDFC ERGO) by HDFC Bank.

It maybe recalled that HDFC Bank had in June said that its Board had given approval to buy more than 3.55 crore shares in group firm HDFC ERGO General Insurance Company for over ₹1,906 crore from the parent company Housing Development Finance Corporation (HDFC).

“Commission approves acquisition of 4.99 per cent of the outstanding equity share capital of HDFC ERGO General Insurance Company by HDFC Bank,” said a tweet by the CCI.

Meanwhile, an official release said that the Acquirer is a public listed banking company registered with the Reserve Bank of India, which provides a wide range of banking services covering commercial and investment banking on the wholesale side and transactional/branch banking on the retail side.

As a part of the retail banking segment, the acquirer also engages in the distribution of life and general/non-life insurance products.

The Target is a joint venture between HDFC and ERGO International AG and is engaged in the business of general/non-life insurance in India and offers a complete range of general/non-life insurance products, the release added.

Parexel International

Meanwhile, the CCI has also approved the acquisition of Parexel International Corporation by Phoenix Parentco, Inc.

The proposed combination envisages acquisition of 100 per cent of the equity shareholding of Parexel International Corporation (Target) by Phoenix Parentco, Inc. (Acquirer). The Acquirer is jointly controlled by EQT Fund Management S.à r.l. (EQT) and the Goldman Sachs Group, Inc. (Goldman Sachs).

The Target is headquartered in Durham, USA. It provides biopharmaceutical outsourcing services to biopharmaceutical companies. The global activities of Target can be categorised into broad segments viz. clinical solutions and consulting, the release added.

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Profits of C$2.67 per share anticipated for the third quarter, BFSI News, ET BFSI

Banking & Finance

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Royal Bank of Canada is expected to show an increase in its third-quarter earnings to C$2.67 per share according to the mean Refinitiv estimate from nine analysts. Wall Street expects results to range from C$2.44 to C$2.89 per share.

The consensus recommendation for the company is “Buy”. This includes three “Strong Buy”, nine “Buy”, three “Hold”. The average consensus recommendation for the bank’s peer group is also “Buy”.

FORECAST CHANGES

Twelve analysts are currently providing Refinitiv with estimates. In the last week, there have been no earnings estimate revisions by analysts covering the company. There were no changes to the number of estimates. In the last four weeks, the earnings per share estimate has risen by 7.37 per cent from C$2.48. Estimates ranged from a high of C$2.75. There has been no change to the number of estimates.

The StarMine predicted earnings surprise is too low to be considered statistically significant. The predicted revenue surprise is too low to be significant. The average price target from the twelve analysts providing estimates is C$136.95.

The company is expected to report a fall in revenue to C$12.34 billion from C$12.92 billion in the same quarter last year. The current quarter consensus estimate of C$2.67 per share implies a gain of 19.63 per cent from the same quarter last year when the company reported C$2.23 per share.

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Private sector banks increased share in deposits, credit at the cost of PSBs in FY21: RBI

Banking & Finance

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Bank credit growth decelerated while aggregate deposit growth accelerated in March even as the share of private sector banks in total deposits and credit of scheduled commercial banks (SCBs) increased during 2020-21 at the cost of public sector banks, according to the Reserve Bank of India (RBI).

Bank credit growth decelerated to 5.6 per cent year-on-year (yoy) in March from 6.4 per cent a year ago, according to RBI’s ‘Quarterly Statistics on Deposits and Credit of SCBs: March 2021’.

Public sector and private sector banks credit growth slowed to 3.6 per cent (4.2 per cent in March 2020) and 9.1 per cent (9.3 per cent), respectively, during 2020-21. Lending by foreign banks contracted 3.3 per cent vs 7.2 per cent growth

Combined credit by bank branches in top six centres (Greater Mumbai, Delhi, Bengaluru, Chennai, Hyderabad and Kolkata, which together accounted for over 46 per cent of total bank credit) declined marginally during 2020-21, the RBI said.

Deposit growth picks up

According to RBI data, credit by bank branches in metropolitan areas (includes all centres with population of 10 lakh and above) declined to 1.7 per cent in March 2021 from 4.8 per cent in March 2020. Bank branches in urban, semi-urban and rural areas, on the other hand, recorded 9.4 per cent (8.8 per cent in March 2020), 14.3 per cent (8.4 per cent) and 14.5 per cent (11.5 per cent) credit growth, respectively, during the year.

Aggregate deposits growth accelerated to 12.3 per cent yoy in March 2021 from 9.5 per cent a year ago.

Metropolitan branches, which account for over half of total deposits, recorded nearly 15 per cent growth during 2020-21 from 6.9 per cent a year ago. However, aggregate deposits of branches in rural and semi-urban areas declined to 6.9 per cent (15.5 per cent) and 9.3 per cent (12.3 per cent), respectively.

Aggregate deposits of branches in urban areas increased to 11.4 per cent (10.5 per cent).

RBI said the share of current account and savings account (CASA) deposits in total deposits increased to 44.1 per cent in March from 42.1 per cent a year ago.

Lower growth in credit vis-à-vis deposits led to decline in the all-India credit-deposit (C-D) ratio to 71.5 per cent in March from 76.0 per cent a year ago.

The central bank did not specify the market share gained by private sector banks in deposits and credit.

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