IDFC Ltd registers ₹262.55 cr consolidated net profit in Q2

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IDFC Ltd reported a turnaround performance, posting ₹262.55 crore consolidated net profit in the second quarter against a loss of ₹146.68 crore in the year-ago period.

The profitability was buoyed as the company received ₹200 crore as its share of profit from its associates and joint ventures. The company had incurred a loss of ₹169 crore under this head in the year-ago period. The consolidated profit before tax was higher at ₹84.57 crore (₹35.84 crore in the year-ago period).

IDFC Ltd is an investing company of the IDFC group. The company has its investments in subsidiaries and associates of the group.

Merger scheme approval

The Board of Directors of IDFC Ltd, as part of the simplification of the corporate structure, approved the merger scheme of IDFC Alternatives Ltd, IDFC Trustee Company Ltd and IDFC Projects Ltd (wholly-owned subsidiary companies) into IDFC Ltd – subject to regulatory approvals from various authorities as applicable.

RBI has, vide its letter dated July 20, 2021, clarified that after the expiry of the lock-in period of five years, IDFC Ltd can exit as the promoter of IDFC FIRST Bank, as per the notes to accounts.

The Board of Directors of IDFC and IDFC Financial Holding Company, at their respective meetings held on October 21, 2021, had appointed Citigroup Global Markets India Pvt Ltd as an investment banker for the disinvestment of IDFC Asset Management Company, according to the notes.

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KKR India appoints KV Kamath as senior advisor, BFSI News, ET BFSI

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KKR, a global investment firm, announced today the appointment of KV Kamath as a senior advisor. His appointment is effective immediately.

“KKR has consistently demonstrated its strong commitment to India, and the firm today stands out as one of the highest-caliber investors in innovative, market-leading companies in the country and worldwide. I am excited by the opportunity to work alongside Gaurav and the broader KKR team and welcome the chance to leverage my experience to help Indian businesses elevate and meet their full potential,” said KV Kamath.

KV Kamath brings more than five decades of experience leading large Indian businesses. He has served as the first President of the New Development Bank, established by the BRICS nations, from its founding in 2015 until 2020.

“We are pleased to welcome K.V. as a senior advisor to our team in India, and are excited to learn from his terrific insights as we continue to invest in the growth of India. KV has a truly outstanding track record of working with different stakeholders while building world-class businesses. He joins at an exciting time for KKR in India, and I am confident of the value that he will bring to our franchise and businesses,” says Gaurav Trehan, Partner & CEO of KKR India.

Kamath has also served as the chairman of ICICI Bank and Infosys Ltd. In October, he was appointed as the chairperson of National Bank for Financing Infrastructure and Development, which was created to support the development of long-term infrastructure financing in the country.



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Banks, ATM operators seek RBI to review penalty scheme for dry ATMs

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Banks and ATM operators are hopeful that the Reserve Bank of India (RBI) will soon review the penalty on ATMs that have run out of cash but many are on a wait-and-watch mode on the expansion of their ATM networks.

“With the penalty in place, it makes more sense to have ATMs on-site along with bank branches than to keep them off-site. This would ensure that the ATMs can be serviced easily and frequently,” noted a senior bank executive.

“We are hopeful that there will be some relief. Otherwise, the penalty could also impact expansion into semi-urban and rural areas as there are often logistical challenges in loading cash,” noted another banker.

The RBI had in August this year announced the scheme of penalty for non-replenishment of ATMs under which ATMs with no cash for more than ten hours in a month will attract a flat penalty of ₹10,000 each. The scheme has come into effect from October 1, 2021.

Scaling down

“The penalty may impact the deployment of ATMs in rural and remote locations. Withdrawals would become difficult in such a scenario, especially when there is a focus on financial inclusion,” said Radha Rama Dorai, Secretary, Confederation of ATM Industry (CATMi).

CATMi had recently also made a representation to the RBI pointing out that while it is supportive of the move that would help customers, the ATM industry is already under tremendous pressure due to Covid, will have no option but to scale down dramatically.

It estimates that about 70 to 80 per cent of semi-urban and rural ATMs and 20 to 30 per cent of urban ATMs will be liable for the penalty. The likely penalty on operators will be around ₹80-100 crore per month, it had said.

“We hope to get a positive response from the RBI on our representation,” said Dorai.

RBI Deputy Governor T Rabi Sankar had on October 8 also said the RBI is reviewing this penalty scheme after getting feedback from lenders.

“We have received various feedback — some positive and some raising concerns. There are issues specific to locations. We are trying to take all the feedback and have a review and see how best it can be implemented,” he had told reporters.

There are about 2.13 lakh ATMs in the country as of September 30, 2021, of which 1.15 lakh are on-site and the balance 97,383 are off-site.

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Karnataka Bank Modifies Interest Rates On FD: Check Latest Rates Here

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Karnataka Bank FD Rates

For a deposit amount of less than Rs 2 Cr, the bank is now offering an interest rate of 3.40% to 5.50% on deposits maturing in 7 days to less than 10 years. With effect from 1st November 2021, Karnataka Bank is offering the following interest rates on fixed deposits to the general public.

Tenure Interest Rate (% p.a)
7 days to 45 days 3.4
46 days to 90 days 4.9
91 days to 364 days 5
1 year to 2 Years 5.1
Above 2 Years to 5 years 5.4
Above 5 years to 10 years 5.5
Source: Bank Website. W.e.f. 01st November 2021

Karnataka Bank FD Rates For Senior Citizens

Karnataka Bank FD Rates For Senior Citizens

Senior citizens will continue to get an additional rate of 0.40% on their deposits maturing in 1 to 5 years and 0.50% extra over the general rate for the tenure of 5 to 10 years. With effect from 1st November 2021, Karnataka Bank is offering the following interest rates on fixed deposits to senior citizens.

Tenure Interest Rate (% p.a)
1 year to 2 Years 5.5
Above 2 Years to 5 years 5.8
Above 5 Years to 10 years 6
Source: Bank Website. W.e.f. 01st November 2021

Karnataka Bank NRE Rupee Term Deposits Interest Rates

Karnataka Bank NRE Rupee Term Deposits Interest Rates

On NRE Rupee Term Deposits of less than Rs 2 Cr, the bank has also revised its interest rates on 01.11.2021 which are as follows.

Tenure Interest Rate (% p.a)
1 to 2 Years 5.1
Above 2 Year to 5 Years 5.4
Above 5 Year to 10 Years 5.5
Source: Bank Website. W.e.f. 01st November 2021



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10 Pharma Stocks With Zero Debt And RoE Over 20 Per cent

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What is RoE and how is it important?

Return of equity calculates the net profit realized as a percentage of shareholder’s equity. The financial ratio is arrived at by dividing net profit by net worth which can be equity plus reserves and retained earnings.

Low or high RoE which is good for investors

High RoE signifies that the company is able to deploy the shareholders’ capital and can provide substantial returns and as per analysts stocks offering an RoE of over 20 percent can be considered as good investments. So now as we know as stock picking can be done employing this technique, here are the pharma names with RoE over 20 percent and zero debt.

1. IOL Chemicals:

1. IOL Chemicals:

This company is innovation focused bulk drug, intermediates as well as specialty chemicals company. The company has over 3 decades experience and is an API based pharma company. The company’s API portfolio comprisestherapeutic categories, such as Pain Management, Anti-diabetic, Anti-hypertensive, and Anti-convulsant, amongst others.

The company’s market cap is at Rs. 3257 crore and last quotes at a price of Rs. 555 per share.

The company’s RoE is at a staggering 43 percent and a net zero debt.

2. Abbott:

2. Abbott:

The company’s RoE stands at 27.89 percent while its debt to equity has been zero. Abbott India is a healthcare entity discovering, developing, manufacturing and marketing several products in areas including Anesthesia, Animal Health, Anti-Infectives, Cardiovascular, Diabetes Care, Hematology, Immunodiagnostics and Clinical Chemistry, Immunology, Metabolics, Molecular, Neuroscience, Nutrition, Oncology, Pain Care, Point of Care, Renal Care, Vascular, Virology.

Abbott for the period ending June of FY22 posted Rs. 195.76 crore net profit as against Rs. 152 crore in the March quarter.

3. Eris Lifescience:

3. Eris Lifescience:

The company has been consistent in maintaining itself a zero debt company since the year 2019, while its RoE is at 24.78 percent.

This is the only publicly listed Indian pharmaceutical company with a pure-play domestic branded formulations business model. The company since inception in 2007 has primarily focused on chronic and sub chronic lifestyle related therapies. The company’s revenues exceeded Rs. 1,200 crore for the year ended March 2021.

The stock’s latest market capitalization is at Rs. 10,786 crore.

4. Divis Lab:

4. Divis Lab:

The stock’s RoE is 23.90 percent with debt to equity continuing to be zero for the last two years. The company is a large cap scrip with 1,31,307 crore.

The Hyderabad based company is into manufacturing of Generic APIs, Nutraceutical Ingredients and offers Custom Synthesis of APIs to Big Pharma. The company leads in APIs, Intermediates and Registered starting materials offering high quality products with the highest level of compliance and integrity to over 95 countries.

The company has recently been recognized as the third top manufacturer of APIs globally.

Other than the above, Astrazeneca, Gland Pharma, Glaxo Pharma, Ajanta Pharma, Sanofi, Procter and Gamble Health are all debt free pharma firms with zero debt.

Disclaimer:

Disclaimer:

These are two metrics based on a company’s fundamentals can be decided upon and can offer an opportune avenue of investment, nonetheless, readers should not consider it to be an investment advice into the above listed pharma scrips.

GoodReturns.in



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IIFL Asset Management launches IIFL Quant Fund, BFSI News, ET BFSI

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IIFL Asset Management has announced the launch of IIFL Quant Fund. This fund is an actively-reviewed, quantitative rule-based fund. The New Fund Offer (NFO) opened on 8 November and closes on 22 November. The fund will be managed by Parijat Garg and it will be benchmarked against S&P BSE 200 TRI.

According to the press release, the fund aims to invest in stocks that show growth or defensive characteristics. The IIFL Quant Fund will have periodic rebalancing and review. The investment objective of the fund is to generate long term capital appreciation for investors from a portfolio of equity and equity-related securities based on Quant theme. Quality stocks will be screened, based on quantitative portfolio construction methods and techniques.

The fund house also says that as this fund is based on quantitative rules, it is mainly driven by investment process over discretion, thereby avoiding market cap and behavioural biases. Further, the methodology and portfolio construction of the fund are back-tested across time periods and validated.

“The Passive+ approach that the fund follows is based on multiple quantitative factors that have been back-tested and historically proven to improve stock selection capabilities. The model has a fundamental basis with parameters clearly laid out and relies on a defined process while applying the same across a set of comparable stocks,” says Manoj Shenoy, CEO, IIFL AMC.

“Based on a quantitative model, the strategies of the IIFL Quant Fund are fully systematic and rule-based and would have additional filters for selecting quality momentum stocks. The fund universe will include the Top 200 stocks by market cap and liquidity,” says Parijat Garg, Fund Manager, IIFL AMC.



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SoftBank shares jump 11% on $9 billion buyback, BFSI News, ET BFSI

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TOKYO – SoftBank Group Corp shares jumped 10.5% on Tuesday, the first trading session after the Japanese conglomerate said it would spend up to 1 trillion yen ($8.8 billion) buying back almost 15% of its shares.

The company announced the buyback, long speculated about by the market, after it revealed its quarterly earnings crashed to a loss amid a decline in the share prices of its portfolio companies and a regulatory crackdown in China.

SoftBank‘s shares closed at 6,808 yen in its biggest daily rise in 11 months, lifting the group’s market capitalization above $100 billion. Tuesday’s trading volume was more than twice the 30-day average.

The buyback is SoftBank’s second largest after a record 2.5 trillion yen buyback launched during the depths of the COVID-19 pandemic last year. Shares of the tech group quadrupled during that buyback, but have since fallen 40% from a peak in May.

“Our analysis of buyback history indicates that SBG stock performs (and outperforms indices or BABA) during buybacks,” wrote Jefferies analyst Atul Goyal in a note, referring to Alibaba, the group’s largest asset. SoftBank owns about a quarter of Alibaba’s shares.

The slide in the Chinese e-commerce giant’s shares and the broader regulatory backlash in China contributed to a $57 billion fall in SoftBank’s net assets to $187 billion, a metric that Chief Executive Masayoshi Son has said is the primary measure of SoftBank’s success.

(For graphic on Buyback dependence Buyback dependence: https://graphics.reuters.com/SOFTBANKGROUP-SHARES/byprjkkkdpe/chart.png)

The repurchase period for the latest buyback runs to Nov. 8 next year, with the group signalling the programme could take longer than the fast-paced purchases last year.

The buyback “is nice support, but it isn’t rocket fuel,” wrote LightStream Research analyst Mio Kato on the Smartkarma platform, adding “there are material downside risks if broader tech, especially unprofitable tech, falters.”

Speculation that SoftBank could launch a buyback has been raging for months as the discount – the gap between the value of its assets and its share price – has lingered to the frustration of executives and as investors push for repurchases.

Ongoing uncertainties include the prospect of gaining regulatory approval for the $40 billion sale of chip designer Arm to Nvidia.

Delays to the sale “may have given Softbank the flexibility to announce a buyback now with expectations of ramping up share purchases later,” Redex Research analyst Kirk Boodry wrote in a note.

SoftBank is ramping up investing via Vision Fund 2, which has $40 billion in committed capital from the group and Son himself, even as it winds down activity at trading arm SB Northstar.

“Even if the company manages its finances with a certain amount of discipline, share buybacks would likely erode the financial buffer if executed,” S&P Global Ratings analysts wrote in a note.

The conglomerate held more than 5 trillion yen in cash and cash equivalents at the end of September, an increase of 9% compared to six months earlier.

($1 = 113.3500 yen)



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This Private Sector Bank Revises Interest Rates On FD & Savings Account

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CSB Bank FD Rates

CSB Bank offers multiple fixed deposit schemes to its customers and under the regular fixed deposit scheme the bank allows a minimum deposit amount of Rs 1000 up to Rs 2 Cr for a maturity period of 7 days to 10 years. The bank is currently offering the highest interest rate of 5.50 percent on domestic term deposits maturing in over 5 years up to and including 10 years. Check out the bank’s current fixed deposit interest rates for regular customers for a deposit amount of less than Rs 2 Cr.

Deposit Tenor Interest rates
7 days to 90 days 3.00%
91 days to 179 days 3.50%
180 days to less than 1 year 4.25%
1 year to less than 3 Years 5.00%
3 years to less than 5 years 5.25%
Over 5 years upto and including 10 Years 5.50%
Source: Bank Website. With effect from 02-11-2021

CSB Bank Interest Rates On Acharya Deposits

CSB Bank Interest Rates On Acharya Deposits

CSB Bank provides the Acharya Deposit Scheme to elderly persons, which allows them to make a minimum deposit of Rs 5,000/- for a minimum period of 6 months to earn an additional 0.50 percent over the card rate. Senior citizens will now get the following interest rates on their Acharya deposits.

Deposit Tenor Below Rs 2 Crore Rs 2 Crore and above
180 days to less than 1 year 4.75% 4.75%
1 year to less than 3 Years 5.50% 5.50%
3 years to less than 5 years 5.75% 5.75%
Above 5 years to 10 years 6.00% 6.00%
Source: Bank Website. With effect from 02-11-2021

CSB Bank Savings Account Interest Rates

CSB Bank Savings Account Interest Rates

The bank has also revised its interest rates on savings bank deposits on 2nd November 2021 and now savings account holders will get the following interest rates on their end-of-the-day balance.

  • On the end of the day balance of up to and including Rs 1 lakh, the bank offers an interest rate of 2.10%.
  • On the end of the day balance of up to and including Rs 25 lakh, the bank offers 2.10% for amount upto Rs 1 lakh, 2.75% for amount above Rs 1 lakh & up to 25 lakh.
  • On the end of the day balance of up to and including Rs 50 lakh, the bank offers 2.10% for amount upto Rs 1 lakh, 2.75% for amount above Rs 1 lakh & up to 25 lakh, 3.00% for amount above Rs. 25 lakh and up to Rs. 50 lakh.
  • On the end of the day balance of above Rs 50 lakh, CSB Bank offers an interest rate of 2.10% for amount upto Rs 1 lakh, 2.75 % for amount above Rs 1 lakh & up to 25 lakh, 3.00% for amount above Rs. 25 lakh and up to Rs. 50 lakh, 3.50% for the remaining balance (of above Rs 50 Lakh).



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Reserve Bank of India – Press Releases

Press Releases

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Sr. No. State Amount to be raised
(₹ Cr)		 Amount Accepted
(₹ Cr)		 Cut off Price(₹)/Yield (%) Tenure
(Yrs)
1 Andhra Pradesh 500 500 7.00 17
500 500 7.00 18
2 Assam 500 500 5.25 3
500 500 6.94 10
3 Rajasthan 500 500 6.92 10
4 Tamil Nadu 1000 1000 99.53/7.0100 Re-issue of 6.97% Tamil Nadu SDL 2046 Issued on May 25, 2021
5 Uttar Pradesh 2500 2500 6.93 10
  TOTAL 6000 6000    

Ajit Prasad         
Director (Communications)

Press Release: 2021-2022/1165

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