Reserve Bank of India – Press Releases
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Ajit Prasad Press Release: 2021-2022/1102 |
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Exim Bank lists billion-dollar 10-year bond on AFRINEX
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Export-Import Bank of India has listed its $1-billion 10-year bond on the Mauritius-based pan-African exchange AFRINEX.
Pravind Kumar Jugnauth, Prime Minister of the Republic of Mauritius, K Nandini Singla, High Commissioner of India to Mauritius, and Harsha Bangari, Managing Director, Export-Import Bank of India, rang the digital bell on AFRINEX to mark the listing of Exim Bank’s bond.
Exim Bank’s 10-year bond, issued in January 2021 at a coupon of 2.25 per cent, was the bank’s fourth transaction in the 144A/Reg S format.
Axis Bank completes pricing of overseas AT-1 bonds
“This listing (on October 25, 2021) is India Exim Bank’s maiden foreign currency bond bell ringing on AFRINEX,” the bank said in a statement.
Exim Bank’s bonds are also listed on Singapore Exchange Securities Trading, London Stock Exchange’s International Securities Market, and India International Exchange (IFSC).
Bangari said AFRINEX will serve as a gateway for broadening the investor base of issuers in the African continent, along with that of the world.
Harsha Bangari takes charge as Exim Bank chief
AFRINEX is an initiative by the Government of Mauritius to set up a pan-Africa exchange and become an international financial centre, Exim Bank said. The initiative is supported by the Government of India. BSE Technologies Ltd is the technology and skill partner of the exchange.
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Sensex rises over 100 pts in early trade; Nifty near 18,300, BFSI News, ET BFSI
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Mumbai, Equity benchmark Sensex advanced over 100 points in early trade on Wednesday tracking gains in index heavyweights like Reliance Industries, ICICI Bank and Asian Paints. The 30-share index was trading 106.71 points or 0.17 per cent higher at 61,456.97 in initial deals. Similarly, the Nifty advanced 26.70 points or 0.15 per cent to 18,295.10.
Asian Paints was the top gainer in the Sensex pack, rallying around 6 per cent, followed by ICICI Bank, Sun Pharma, Nestle India, Dr Reddy’s and TCS.
On the other hand, Axis Bank, Bajaj Finance, Tech Mahindra and IndusInd Bank were among the laggards.
In the previous session, the 30-share index ended 383.21 points or 0.63 per cent higher at 61,350.26, while Nifty surged 143 points or 0.79 per cent to 18,268.40.
Foreign institutional investors (FIIs) were net sellers in the capital market, as they offloaded shares worth Rs 2,368.66 crore on Tuesday, as per exchange data.
High input costs have adversely impacted margins and profitability of select consumer and manufacturing companies despite steady volume and sales growth, said Binod Modi Head-Strategy at Reliance Securities.
This essentially raises concerns about sustainability of earnings rebound in subsequent quarters, which has weighed on sentiments recently, he noted.
However, “despite that overall performance so far has been good with sharp growth in revenue aiding double digit growth in earnings,” he said, adding “in our view, the market may remain volatile with downward bias in the near term and investors will track the pricing power of industries”.
Elsewhere in Asia, bourses in Shanghai, Hong Kong, Tokyo and Seoul were trading with losses in mid-session deals.
Stock exchanges in the US ended on a positive note in the overnight session.
Meanwhile, international oil benchmark Brent crude fell 0.47 per cent to USD 85.25 per barrel.
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5 Angel Broking Active Intra-Day Stock Buy Recommendations
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Investment
oi-Roshni Agarwal
|
Apart from investments, traders are suggested few intra-day calls to profit from short term trades. Likewise research backed brokerage firm Angel Broking that has the highest number of active clientele to its command given the positive momentum has suggested few buy calls:
1. DLF: Amid strength in the realty index, DLF- Delhi based realty firm is given a intra-day buy in between the range of Rs 419-419.5 for a target of Rs. 432. Stop loss recommended for the trade is Rs. 412.
2. Cholamandalam Financials: Murugappa group holding company is recommended a buy for Rs. 617-617.5 for a target of Rs. 638 and stop loss Rs. 609.
3. Apollo Hospitals: For the healthcare enterprise, the brokerage has suggested to buy the scrip in the price range of Rs. 4290-4295 for a price target of Rs. 4400 keeping a stop loss of Rs. 4203.
4. Hindustan Petroleum: For the OMC, the brokerage has suggested to hit a target price of Rs. 345 and recommended a buy at a price of Rs. 337-337.4, with a stop loss maintained at Rs. 333.
5. Sun Pharma Advanced Research: This stock is also given a buy for intra-day gains on October 27, 2021 and the suggested price for buying is between 282.5-283.5 with the stop loss of Rs. 277 and target price of Rs. 294.
Disclaimer:The stock mentioned herein is taken from the report of Angel Broking and investors need not construe the details given here as a suggestion to buy rather they should do their own study and analysis.
GoodReturns.in
Story first published: Wednesday, October 27, 2021, 12:31 [IST]
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Subscribe To The Nykaa IPO, Says Motilal Oswal Financial Services
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Leading specialty Beauty and Personal Care (BPC) platform in India
Nykaa is the largest Specialty BPC Platform in India and enjoys the highest Average Order Value (AOV) among its peers. It has the largest luxury BPC platform. It is one of the fastest growing fashion platforms in India based on GMV (Gross Merchandise Value) growth. Fashion started in 2018 and now contributes 16% to GMV, up from 10% in FY20.
Large market opportunity
The Indian BPC/Fashion market is expected to grow at 12.7%/18% p.a. over CY20-25. The online BPC/Fashion markets are growing at an even faster pace of 60%/25% CAGR over CY16-20. Nykaa enjoys ~35% of the online BPC market. With online BPC/Fashion penetration at just 8%/12% in India, Nykaa is well-placed to lead the online market growth with a proven business model. The company expects contribution of tier 2/3 cities (currently 64%) to go up significantly.
Inventory based business model with omni-channel approach: Nykaa’s key strengths lies in its inventory-led business model for BPC segment, which allows it to offer authentication for all its products and ensures availability and efficient distribution. Apart from the online channels, Nykaa also has 80 physical stores across 40 cities which helps in more robust distribution network and seamless experience. As per RedSeer, since FY21, Nykaa has one of the highest shares of mobile application-led transactions among the leading online retail platforms in India. Nykaa has a proprietary technology stack, through which it offers hyper personalized consumer experience.
Financials: Nykaa’s GMV/revenue/EBITDA has grown at a 57%/48%/ 181% CAGR over FY19-21, while it turned PAT positive in FY21. EBITDA margins too improved to 6.6% in FY21 with FCF turning positive. It has a capital efficient business model with asset turnover of 3x in FY21.
Issue Size
The Rs 53.5bn IPO consists of fresh issue of Rs 6.3 bn and OFS of INR47.2bn (from promoters and other investors) which would result in promoter’s stake reducing from 54.2% pre-IPO to 52.6% post-IPO. The funds raised will be utilized for setting up new retail stores/warehouses, debt repayment and marketing.
Valuation & View
We like Nykaa given its leadership position in online BPC market, customer centric approach, profitable tech platform and capital efficient business model. The issue is valued at 16.1x FY22 EV/Sales on a post issue and annualized basis, which seems to be similar to other Indian unicorns. We believe Nykaa is rightly placed to tap the high growth digital/online penetration in BPC/Fashion market. We recommend Subscribe. Investors with high risk appetite can Subscribe for Listing Gains given fancy for unique and first of its kind listing in the e-commerce space.
Disclaimer
The above is picked from the report of Motilal Oswal Financial Services. 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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Check Point, BFSI News, ET BFSI
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New Delhi, Data breaches and cyber attacks are expected to grow to large scale with the adoption of digitisation by both businesses as well as consumers, Israel-based cyber security firm Check Point said on Tuesday. The company expects cyber groups will continue to leverage fake news campaigns to execute various phishing attacks and scams.
“Going into 2022 we will see an increase in data breaches that will be on a larger scale. These breaches will also have the potential to cost organizations and governments more to recover. In May 2021, the US insurance giant paid USD 40 million in ransom to hackers. This was a record, and we can expect ransom demanded by attackers to increase in 2022,” Check Point said in its prediction report.
“We can expect ransom demand by attackers to increase in 2022. Going into 2022 we will see an increase in data breaches that will be larger scale. These breaches will also have the potential to cost organizations and governments more to recover,” the report said.
It said that mobile malware attacks are expected to increase with increase in use of mobile wallets and mobile payment platforms.
“The sophistication and scale of cyber-attacks will continue to break records and we can expect a huge increase in the number of ransomware and mobile attacks,” Maya Horowitz, VP Research, Check Point Software.
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Policybazaar IPO To Open Next Week; Check Price Band, Other Details
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Investment
oi-Sneha Kulkarni
|
The initial public offering (IPO) of Policybazaar parent firm PB Fintech is slated to begin next week. Policybazaar, an online insurance aggregator and fintech platform, plans to raise Rs 3,750 crore through a new equity share offering and more than Rs 1,900 crore through an offer for sale (OFS) by current shareholders.
PB Fintech is India’s most popular online insurance and loan platform. The company intends to raise awareness in India about the financial consequences of death, disease, and destruction by providing easy access to insurance, credit, and other financial goods.
For its first public offering, PB Fintech Ltd, the owner of online platforms Policybazaar and Paisabazaar, has set a price range of Rs 940-980 per share. Earlier on Tuesday, the company announced that its initial public offering (IPO) will begin on November 1 and end on November 3. The firm intends to go public on November 15th.
The company plans to raise Rs 5,709.72 crore via its IPO, which would include a fresh issue of 3,750 crore and a 19,59.72 crore offer for sale (OFS).
A fresh issue of equity shares worth Rs 3,750 crore will be part of the total issue, while an offer for sale by existing shareholders would be worth more than Rs 1,900 crore.
The investor selling shareholder is SVF Python II (Cayman) Limited, which is selling shares for Rs 1,875 crore.
Alok Bansal would sell a stake worth Rs 12.75 crore, while Yashish Dahiya will sell a stake worth Rs 30 crore.
Shikha Dahiya will also sell Rs 12.25 crore worth of shares, while Rajendra Singh Kuhar, the other selling stakeholder, would sell Rs 3.5 crore worth of shares.
On the top end of the pricing range, Founder United Trust would sell 2,67,500 equity shares worth Rs 26.21 crore.
The company intends to use the Rs 1,500 crore obtained from the new issue to increase brand recognition and awareness. In the RHP, PB Fintech stated that it will invest Rs 375 crore to investigate new growth prospects, Rs 600 crore to fund strategic investments and acquisitions, and another Rs 375 crore to expand the company outside of India.
Qualified Institutional Buyers (QIB) will be allowed to buy for 75% of the offer, while non-institutional investors will be eligible to bid for 15%. Retail investors will be eligible to bid for just 10% of the issue.
The book-running lead managers for the IPO are Morgan Stanley, Kotak Mahindra Capital, ICICI Securities, HDFC Bank, IIFL Securities, Citigroup Global Markets, and Jefferies India.
| IPO Opening Date | Nov 1, 2021 |
|---|---|
| IPO Closing Date | Nov 3, 2021 |
| Issue Type | Book Built Issue IPO |
| Face Value | ₹2 per equity share |
| IPO Price | ₹940 to ₹980 per equity share |
| Market Lot | 15 Shares |
| Min Order Quantity | 15 Shares |
| Listing At | BSE, NSE |
| Basis of Allotment Date | Nov 10, 2021 |
| Initiation of Refunds | Nov 11, 2021 |
| Credit of Shares to Demat Account | Nov 12, 2021 |
| IPO Listing Date | Nov 15, 2021 |
Story first published: Wednesday, October 27, 2021, 10:51 [IST]
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RAI, BFSI News, ET BFSI
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New Delhi, Consumers are more excited about the festive season shopping this year compared to the last, making retailers hopeful that the third wave of COVID-19 pandemic will not eclipse the Diwali glow, Retailers Association of India (RAI) said on Tuesday. As per the annual Festive Shopping Index conducted by RAI and LitmusWorld, capturing consumer sentiment on several aspects influencing purchase decisions during the festive season, apparel topped the shopping list followed by home appliances.
As per the survey that covered 1,000 customers across tier I, II and III cities in India, 63 per cent of the respondents had apparel on top of their shopping list, followed by home appliances and electronics with 50 per cent each and 36 per cent preferred mobile phones.
“Jewellery is back among the top things to buy this festive season for 27 per cent of respondents this year, as against a mere 9 per cent last year,” RAI said in a statement.
When it comes to spending, the survey found that about 43 per cent of respondents were willing to spend in the range of Rs 15,000 to Rs 1 lakh and 9 per cent are looking at spending above Rs 1 lakh during the ongoing festive season. Last year only 5 per cent of respondents were willing to splurge over Rs 1 lakh. RAI CEO Kumar Rajagopalan said,
“Consumers have indicated an overwhelming eagerness to shop in this year’s consumer survey as more than half of the respondents plan to shop for themselves as well as for their loved ones”.
Stating that this augurs well for retail businesses and may lead to a turnaround, he said, “Retailers are hopeful that the positive sentiment continues and are hoping that a third wave of the pandemic doesn’t eclipse the Diwali glow”.
In terms of mode of payments, non-cash continues to be the trend this year as well, with credit cards (59 per cent) being the mode of choice, followed by debit cards (51 per cent) and UPI (40 per cent), RAI said.
As many as 21 per cent of respondents indicated that they would opt for EMI or pay later schemes when shopping, indicating the emergence of a new trend, it added.
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6 Best Performing Stocks From Hospitality Sector To Consider During Decreasing Covid Levels
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Indian Hotels
The Indian Hotels Company Limited runs a range of hotels, resorts, jungle safaris, palaces, spas, and in-flight culinary services. It is a wholly-owned subsidiary of the Tata Group.
Only 2.88 percent of trading sessions in the last 16 years had intraday gains of more than 5%. The stock returned 61.31 percent over three years, compared to 87.94 percent for the Nifty Midcap 100. Indian Hotels Company Ltd., founded in 1902, is a Mid Cap company in the Tourism & Hospitality sector with a market capitalization of Rs 24,671.17 crore.
Chalet Hotels
Chalet Hotels Limited is a leader in the hospitality industry when it comes to asset management and development. The Company’s hospitality platform has seven operating hotels, including one with a serviced apartment, in the important Indian cities of Mumbai, Hyderabad, Bengaluru, and Pune, totaling 2,554 rooms.
Chalet Hotels Ltd., founded in 1986, is a Mid Cap business in the Tourism & Hospitality sector with a market capitalization of Rs 4,884.69 crore. In the quarter ending June 30, 2021, the company reported a total income of Rs 75.28 crore. Although there was a YoY growth of 27.71 percent, there was a -26.26 percent drop in QoQ. In the fiscal year ended March 31, 2021, the company spent 51.63 percent of its operational revenues on interest charges and 30.8 percent on labour costs.
Byke Hospitality
In the last five years, the company’s ROE has been steadily falling. The majority of profits were distributed as dividends to stockholders last year. The stock returned -50.3 percent over three years, compared to 86.43 percent for the Nifty Smallcap 100. The Byke Hospitality Ltd., founded in 1990, is a Small Cap company in the Tourism & Hospitality sector with a market capitalization of Rs 148.56 crore.
Mac Charles (India) Ltd
In the fiscal year ended March 31, 2021, the company spent 37.4 percent of its operating revenues on interest charges and 10.16 percent on labor costs. The stock returned 47.57 percent over three years, compared to 86.43 percent for the Nifty Smallcap 100. In the quarter ending June 30, 2021, the company reported a total income of Rs 7.8 crore. Although there was a YoY growth of 21.91 percent, there was a -24.61 percent drop in QoQ.
Mac Charles (India) Ltd., founded in 1979, is a Small Worth company in the Tourism & Hospitality sector with a market cap of Rs 605.33 crore.
EI Hotels
Only 2.5 percent of trading sessions in the last 16 years had intraday drops of more than 5%. Stock returned -11.68 percent over three years, compared to 87.94 percent for the Nifty Midcap 100. For the fourth quarter in a row, the company has lost Rs 113.23 crore. In a recent research report, ICICI Direct gave the stock a buy recommendation.
Indian Tourism
India Tourism Development Corporation Ltd., founded in 1965, is a Mid Cap company in the Tourism & Hospitality sector with a market capitalization of Rs 3,361.30 crore. The stock returned 42.12 percent over three years, compared to 86.43 percent for the Nifty Smallcap 100. In the quarter ending June 30, 2021, the company reported a total income of Rs 47.6 crore. Although there was a YoY growth of 48.31 percent, there was a -43.54 percent decrease in QoQ.
Best Performing Stocks From Hospitality Sector
| Hotel Stocks | Price in Rs. | Market cap in Rs. | 1-Y return |
| Indian Hotels | 207.70 | 24.70TCr | 113.24% |
| Chalet | 241.65 | 4.95TCr | 74.48% |
| Byke Hospitality | 37.05 | 148.56Cr | 177.53% |
| Mac Charles | 462.05 | 605.33Cr | 95.87% |
| EI Hotels | 142.75 | 8.93TCr | 85.03% |
| India Tourism Development | 393.80 | 3.38TCr | 75.45% |
Disclaimer
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. This article is for educational purpose.
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Healthy growth in home loans, may consider extending festive offer: Kotak Mahindra Bank
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Private sector lender Kotak Mahindra Bank has seen robust growth in home loan demand and said it may consider extending the festive season rates depending on the interest rates and demand.
The bank had with effect from September 10 reduced home loan rates by 15 basis points to 6.5 per cent per annum. The offer is scheduled to end on November 8.
“Overall, growth has been healthy in the home loan segment. If the demand momentum continues and depending on how the interest rates behave, we may consider extending it,” said Dipak Gupta, Joint Managing Director, Kotak Mahindra Bank on Tuesday in a media call after the lender’s second quarter results.
Gupta said a third of the portfolio is from balance transfer.
“It is difficult to say how much is coming from rate cut and how much is organic. In general, the demand for homes and home loans have gone up. There is an element of balance transfer also in this, which probably is driven by 6.5 per cent interest rate,” he said.
The bank’s home loans and loan against property segment grew by 28.8 per cent to ₹61,479 crore in the second quarter of the fiscal from ₹47,732 crore a year ago. On a sequential basis, it grew by 10.5 per cent from ₹55,623 crore as on June 30, 2021.
Overall, the bank’s customer assets, which includes advances and credit substitutes, increased by 17 per cent to ₹2,56,353 crore as at September 30, 2021 from ₹2,18,790 crore as at September 30, 2020.
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