Buy This Retail Stock With A Target Price of Rs 5120 Says ICICI Direct

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Q2FY22 results of V-Mart

According to the brokerage “The company exhibited strong revenue traction with V-Mart recording 100% revenue recovery on Q2FY20 base (excluding Unlimited format).”

“On a favourable base, revenue grew 93% YoY to Rs 338 crore. Newly acquired 74 Unlimited Stores in September contributed 6.9% to sales. Better gross margins and positive operating leverage resulted in V-Mart reporting EBITDA margins of 6.1% vs. a loss of Rs 0.4 crore in Q2FY21. The base quarter had a higher other income (Rs 15 crore in Q2FY21 vs. Rs 4 crore in Q2FY22) owing to rental waivers. Subsequently, net loss was at Rs 19.4 crore vs. Rs 25.6 crore in Q2FY21” said ICICI Direct in its research report.

Key triggers for future price performance of V-Mart according to ICICI Direct

Key triggers for future price performance of V-Mart according to ICICI Direct

  • We like V-Mart as a structural long term story to play the unorganised to modern retail shift. We pencil in revenue, EBITDA CAGR of 46%, 51%, respectively, in FY21-24E (on favourable base).
  • The recent acquisition of ‘Unlimited’ store brand (74 stores) will enable V-Mart to cater to the fashion needs in western and southern markets of India (where V-Mart has minimal presence).
  • We expect total retail space to increase at ~19% CAGR in FY21-24E with a total area of 3.8 million square feet by FY24E (excluding Unlimited stores).
  • Robust liquidity position (Rs 155 crore as on Q2FY22) to fund store capex requirements and set up new integrated warehousing facility.

Buy V-Mart with a target price of Rs 5120

Buy V-Mart with a target price of Rs 5120

According to the brokerage “V-Mart, having over the years built its fortress in non-tier I cities is well poised to capture market share in the growing ~| 2.5 trillion value fashion industry. The company, over the last two years, has expanded its reach in the interior parts of the country by opening stores in tier IV cities (~12% of total stores).”

ICICI Direct has said in its research report that “V-Mart has been a consistent compounder with stock price appreciating at 45% CAGR in the last five years. We maintain BUY recommendation on the stock. We value V-Mart at Rs 5120 i.e. 22x FY24E EV/EBITDA.”

Disclaimer

Disclaimer

The above stock is picked from the brokerage report of ICICI Direct. 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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NPCI Bharat BillPay on-boards ICICI Prudential Life Insurance on ClickPay

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NPCI Bharat BillPay has tied up with ICICI Prudential Life Insurance to provide ClickPay to the insurer’s customers.

ICICI Prudential Life Insurance is the first insurance company to offer this facility of ClickPay to its customers empowering them to make renewal premium payments with ease.

“To offer an automated and valuable insurance premium payment experience, ICICI Prudential Life Insurance will generate the ClickPay link and share it with the customers which will redirect them to the payment page comprising payment details,” said a statement on Thursday.

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CredAble launches UpScale app – The Hindu BusinessLine

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AI-powered technology platform CredAble has launched UpScale,a credit and cash flow management app enabling growth for SMEs in the country.

“UpScale connects with the existing accounting software of the business, syncs in transaction details, connects with bank accounts and credit bureaus and gives instant access to working capital with the help of partnering financial institutions,” it said in a statement.

Nirav Choksi, Co-founder and CEO, CredAble said, “Due to broken financial management, only 16 per cent of MSMEs have access to formal credit, creating a gap of $ 350 billion. It is important that MSMEs manage their finances better and scale faster.”

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FinMin convenes stakeholders’ meeting for ensuring seamless flow of credit

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The Finance Ministry has convened a stakeholders’ conference, involving participation of chiefs of major lenders, secretaries of various central ministries/ departments, and industry associations, on November 17 and 18 for building synergy for seamless flow of credit into different sectors of the economy.

Secretaries representing various ministries/ departments of the Government of India are expected to provide insights to lenders pertaining to initiatives or projects in pipeline of their respective ministries/ departments that may require funding support.

Industry representatives too will be sharing their perspective on the evolving demand-supply situation in the economy and their credit requirements.

Also read: Credit offtake pickes up over the last two fortnights

This meeting comes in the backdrop of degrowth in corporate credit that lenders have witnessed on a year-on-year basis.

However, banks have built a robust pipeline of loan sanctions and they expect disbursals to pick up steam either towards the end of the current quarter or from the beginning of next quarter.

The chiefs of all public sector banks, top six private sector banks, six large non-banking finance companies, four all India financial institutions, and IIFCL and IFCI have been invited to participate in the meeting.

Message to banks

In his recent meeting with the chiefs of public sector banks and certain private sector banks, Shaktikanta Das, Governor, Reserve Bank of India (RBI), emphasised the need for banks to continue providing necessary support in the revival of economic activity.

Das had also advised the banks to remain vigilant to any emerging signs of vulnerabilities and take timely remedial measures to mitigate the risks and maintain the stability of not only the institutions themselves but also of the overall financial system.

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Reserve Bank of India – Press Releases

Press Releases

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Government of India has announced the sale (re-issue) of Government Stock detailed below through auctions to be held on November 12, 2021

As per the extant scheme of underwriting notified on November 14, 2007, the amounts of Minimum Underwriting Commitment (MUC) and the minimum bidding commitment under Additional Competitive Underwriting (ACU) for the underwriting auction, applicable to each Primary Dealer (PD), are as under:

(₹ crore)
Security Notified Amount Minimum Underwriting Commitment (MUC) amount per PD Minimum bidding commitment per PD under ACU auction
4.26% GS 2023 2,000 48 48
New GS 2026 6,000 143 143
6.67% GS 2035 9,000 215 215
New GS 2051 7,000 167 167

The underwriting auction will be conducted through multiple price-based method on November 12, 2021 (Friday). PDs may submit their bids for ACU auction electronically through Core Banking Solution (E- Kuber) System between 9:00 A.M. and 9:30 A.M. on the date of underwriting auction.

The underwriting commission will be credited to the current account of the respective PDs with RBI on the date of issue of securities.

Ajit Prasad          
Director (Communications)

Press Release: 2021-2022/1177

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Banks, auto stocks drag Indian shares as inflation fears weigh, BFSI News, ET BFSI

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BENGALURU – Indian shares ended lower on Thursday, weighed down by losses in banking and automobile stocks, with investor sentiment also soured by broad worries about inflation triggered by a big jump in U.S. consumer prices.

The blue chip NSE Nifty 50 index closed down 0.80% at 17,873.60, while the benchmark S&P BSE Sensex lost 0.72% to end at 59,919.69.

The markets have struggled to build on momentum from a slight festival-led rebound seen last week following October’s correction, with the main indexes on track to end lower for the current week.

Data on Wednesday showing U.S. consumer prices surged at the fastest pace since 1990 last month reverberated across global markets, driving a slide in both Asian and European shares.

On investors’ radar is India’s October retail inflation reading on Friday, with a Reuters poll of 43 economists forecasting inflation likely hovered near a six-month low.

In Mumbai trading, the Nifty Bank Index fell 1.19% to record its fourth straight session of losses. State-run lender State Bank of India was down 2.8% and was among the top percentage losers on the Nifty 50.

The Nifty Auto Index ended 1.18% lower, snapping a four-session streak of gains. Eicher Motors and Tata Motors shed more than 1.4% each.

Among individual stocks, shares of Zomato added 3.6% after the company posted quarterly revenue that more than doubled as orders on its food delivery business zoomed.

Consumer goods maker Godrej Consumer Products fell as much as 3.2% after missing September-quarter profit estimates.

Conglomerate Piramal Enterprises was down 3.9% after its quarterly profit, revenue fell.



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Shriram Capital appoints Ajay Thomas John as Chief Digital Officer, BFSI News, ET BFSI

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Shriram Capital Ltd, a financial conglomerate, today appointed Ajay Thomas John as their Chief Digital Officer.

D V Ravi, MD & CEO, Shriram Capital said, “ As we lay special focus on creating value through the smart use of digital tools, platforms, AI / ML, and other emerging technologies, I believe this will lead to an overall robust digital ecosystem across the companies”

Ajay, an MBA in Finance from Anna University, has 17 years of experience in the financial services industry. Before joining Shriram, he worked at Bajaj Finance Ltd, HDFC Bank, CitiFinancial and fintech startups.

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UCO Bank enters co-lending agreement with Aadhar Housing Finance, BFSI News, ET BFSI

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KOLKATA: Kolkata-based UCO Bank on Wednesday entered into a co-lending agreement with Aadhar Housing Finance to offer home loans at competitive rates, a bank spokesman said.

The partnership aims at providing easy and convenient home finance solutions to customers from the economically weaker sections of society, he said.

The co-lending framework of the Reserve Bank of India provides a tool for banks and non-banks to collaborate, leverage on their respective strengths to give an affordable solution to the unserved and underserved sections.

Speaking on the occasion, UCO Bank MD and CEO Atul Kumar Goel said, “Home loan penetration in India at around 10 per cent is one of the lowest globally.”

Pandemic induced demographic changes, initiatives taken by central and state governments such as Pradhan Mantri Awas Yojana, reduction in GST on affordable housing and stamp duty cuts are expected to give a fillip to the affordable housing sector especially in Tier-2 and smaller centres, he said.



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Lysto raises $3 m funding from BEENEXT, others

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NFT start-up Lysto on Thursday said it has raised $3 million (about ₹22.3 crore) from various entities, including BEENEXT, Better Capital and Cloud Capital.

The seed round saw participation from angel investors and entrepreneurs, including Binny Bansal (Flipkart co-founder), Sandeep Nailwal and Jaynti Kanani (Polygon co-founders), Pradyumna Agarwal (Temasek Managing Director), Nitish Mittersain (Nazara Games founder) and Kunal Shah (Cred founder).

Besides, Ashish Hemrajani and Parikshit Dhar (BookMyShow co-founders), Anupam Mittal (Shaadi.com), Ashish Gupta (Helion Ventures founder), Kumar Sudarsan (Qwikcilver founder) and others also participated in the funding round, according to a statement. The funding will help with product development and allow Lysto to invest in the expansion of team that will help achieve its mission of furthering and simplifying the adoption of NFTs, it added.

NFTs

An NFT (Non-fungible token) is a unit of data stored on a digital ledger, called a blockchain, that certifies a digital asset to be unique and therefore, not interchangeable. NFTs can be used to represent items such as photos, videos, audio, and other types of digital files.

In an increasingly digital world, businesses and consumers are turning to NFTs as a means of establishing unique ownership of digital assets on the blockchain.

Lysto, which was founded in 2021, has offices in Bengaluru and Singapore. It aims to take NFTs to more than 4 billion internet users through millions of use cases.

“NFTs are becoming an integral part of business and culture. With its applications across industries, it is a multi-billion dollar industry, which is largely restricted to digital art and collectibles currently.”

“As the market expands, we see that every e-commerce player, every production (entertainment, gaming, animation), and every brand would want to launch NFTs to raise funds and monetise their offerings,” Sadiq Ahamed, founder and CEO of Lysto, said.

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3 Top Rated Balanced Advantage Funds By Morning Star For SIP Investment

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1. Edelweiss Balanced Advantage Fund:

The fund has over 70 percent investment into Indian stocks and has over 20 percent investment into debt securities. In comparison to the Nifty benchmark, the fund over a 1-year period has outperformed with returns of 33 percent return.

The top stocks in its portfolio include ICICI Bank, HDFC Bank, Infosys, RIL, Bharti Airtel among others.

Notably, the scheme has been rated 5-star by Value Research also. Rs. 6 lakh worth of investment via the monthly SIP of Rs. 10000 in 5 years has grown in value to Rs. 9.43 lakh. SIP in the scheme can be started for Rs. 500.

2. Nippon India Balanced Advantage Fund Direct Plan

2. Nippon India Balanced Advantage Fund Direct Plan

This fund has 65 percent exposure into equities and 25 percent into Debt. Over a 1-year period, the stock has underperformed the Nifty index with return to the tune of 28.5 percent versus Nifty returns of 32 percent.

The mutual fund’s top stock holdings include ICICI Bank, HDFC Bank, Infosys, RIL, HUL, SBI and ITC among others.

With Rs. 10000 per month SIP, the investment in 5 years time has grown to Rs. 8.55 lakh. SIP into the scheme can be started for as less as just Rs. 100.

3. Union Balanced Advantage Fund Direct Growth:

3. Union Balanced Advantage Fund Direct Growth:

The fund’s 66 percent corpus is deployed into stocks while close to 20 percent is put into debt. The fund’s 1-year return has been at 18 percent. Top stock holdings of the fund include HDFC Bank, ICICI Bank, RIL, Infosys, TCS, HDFC, Bharti Airtel among others.

The mutual fund scheme is also ranked by Value Research Online as 4-star rated scheme. Minimum SIP amount is Rs. 2000.

In 3 years time, Rs. 10000 SIP on a per month basis i.e. Rs. 3.6 lakh has grown to Rs. 4.71 lakh.

Balanced Advantage schemes 1-Yr. SIP Annualised return 3-Yr. SIP Annualised return 5-Yr. SIP Annualised return
Edelweiss Balanced Advantage Fund 27.41% 24.62% 18.39%
Nippon India Balanced Advantage Fund Direct Plan
23.18% 18.96% 14.34%
Union Balanced Advantage Fund Direct Growth (note here SIP returns are not given)
18% 15.57%

Should you be investing in Balanced Advantage schemes?

Should you be investing in Balanced Advantage schemes?

The dynamic asset or balanced advantage scheme can be the best way out for those facing the tricky situation of redeeming funds at current market highs. Instead to resorting to such a take, investors shall be better off investing in balanced advantage schemes. The allocation herein to stocks is based on the market conditions i.e. exposure to stocks is increased when markets trend higher while it is cut down in an otherwise situation. So, with exposure to both debt and stocks, downside risk as well as volatility over the longer tenure is curtailed to just half.

GoodReturns.in



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