Blockchain-based platform SportZchain raises $4,00,000

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Blockchain-based fan engagement platform SportZchain has raised $4,00,000 in a pre-seed funding round led by Darq Capital. Jagadeesh Atukuri, Director of Comply Dot, and SHISAN Investments (co-founded by EX-COO of Goldman Sachs) among others also participated in the round.

The funds will be utilised to build the platform’s alpha version of an interactive blockchain-based web app and implementing branding & marketing initiatives to drive awareness around its unique offerings.

Also read: Bollywood stars, Indian celebrities launch NFTs amid global craze

Ideated in March 2021, the Singapore-based SportZchain was founded by Siddharth Jaiswal with the belief that sports fans deserve a basic right to be heard by their favourite sports teams, help them make the right decisions by voting on official binding polls, and reap financial gains by owning branded sports token.

The company is backed by Ajeet Khurana (Ex-CEO of Zebpay and Head of Blockchain & Crypto Committee, India), Suhail Chandok (Star Sports TV Presenter, Analyst & Commentator – IPL, ICC Cricket, World Cups, Pro Kabaddi, Wimbledon, etc.), Oksana Belousova (CEO of Fenix Technology), to name a few.

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ICICI Lombard launches BeFit – cashless OPD and wellness combination to customers

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ICICI Lombard General Insurance on Tuesday launched the BeFit solution, which will offer customers coverage for their complete OPD requirements, on a cashless basis. “Customers can avail an array of coverage across physical and virtual consultation by general, specialist and super-specialist doctors as well as physiotherapy sessions,” it said in a statement.

Also read: ICICI Lombard Q2 net rises 7.4%

Catering to the other out-of-pocket expenses, the BeFit offering covers pharmacy and diagnostics services related expenses as also those related to minor procedures that do not need hospitalisation. ICICI Lombard’s BeFit benefit along with the standard health insurance policy will provide the policyholder with 360-degree support that they require, it further said.

“This comprehensive offering provides a digitally enabled health ecosystem which is integrated to bring more than 11,000+ doctors across cities. The pharmacy service provides with it express service, that is medicine delivered at home within 60 minutes and lab tests both at home and centre visit. The product also offers 24×7 consultations (tele and virtual) by our panel of expert panel of doctors,” said Sanjeev Mantri, Executive Director, ICICI Lombard General Insurance.

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India Post Payments Bank and HDFC Ltd partner to offer home loans

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Mortgage lender HDFC Ltd and India Post Payments Bank (IPPB) have entered into a strategic alliance to offer home loans to nearly 4.7 crore customers of IPPB.

“Leveraging its extensive and robust country-wide network of 650 branches and over 1,36,000 banking access points (post offices), IPPB aims to make HDFC Ltd’s home loan products and its expertise available to its customers across India,” the two said in a statement on Tuesday.

The partnership aims to facilitate HDFC Ltd’s home loans to customers, especially in unbanked and underserved areas. IPPB will offer housing loans through nearly 1,90,000 banking service providers including postmen and Gramin Dak Sevaks.

J Venkatramu, Managing Director and CEO, IPPB said, “Complemented by our robust network and HDFC’s leadership in the housing finance market, the alliance aims to make housing loans available and accessible, using a digitally-enabled agent banking channel and position IPPB as a one-stop platform for all banking needs of customers, including credit.”

As per the MoU, credit, technical and legal appraisals, processing, and disbursement for all home loans will be handled by HDFC Ltd, while IPPB will be responsible for sourcing of loans.

Renu Sud Karnad, Managing Director, HDFC Ltd said, “IPPB has a strong presence across the country. This strategic alliance will go a long way to promote affordable housing in the remotest locations of our country.”

She further noted that housing is much more affordable today. “In the last couple of years, property prices have more or less remained the same in major pockets across the country while income levels have gone up. Record low-interest rates, subsidies under Pradhan Mantri Awas Yojana and the tax benefits have also helped,” she said.

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Banks dole out over Rs 11,000 crore loans under govt’s credit outreach programme, BFSI News, ET BFSI

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State-owned banks and private banks have so far sanctioned loans worth over Rs 11,000 crore under the credit outreach programme. “As part of the government’s nationwide credit outreach programme that commenced on Oct 16, all PSU banks and private banks have sanctioned more than 193,000 loans totalling 111.68 bln rupees,” Finance Minister Nirmala Sitharaman‘s office tweeted.

Lenders sanctioned loans through 924 camps held in 405 districts from October 16-20.

The loan mela

Over 1 lakh borrowers availed business loans of about Rs 6,268 crore, followed by 62,616 borrowers availing agriculture loans of about Rs 1,874 crore.

Earlier this month, the finance ministry has asked PSU banks to start a nationwide loan outreach programme ahead of the festive season, and later.

Banks were asked to set targets of loans to be sanctioned during the district-wise outreach programme. They were also told to tie up with FinTech firms and non-banking financial companies to disburse loans to even small borrowers.

The banking system is bloated with liquidity, which has jumped from Rs 4.5 lakh crore in 2019 to over Rs 7.5 lakh crore currently, mainly due to weak credit demand.

The finance ministry feels that various sectors need credit support and asked banks to hold talks with exporters and various associations to support their loan needs.

FM announcement

Finance Minister Nirmala Sitharaman had announced a district-wise outreach to be undertaken by banks to help credit growth from October.

A push to credit growth from such outreach efforts will also help the momentum set by the stimulus packages, which have been extended by the government since the onset of the pandemic.

In late 2019, banks had conducted the “loan melas” in 400 districts to push up sagging credit growth. Even now, the credit growth is stuttering at around 6 per cent.

“I think it is too early to conclude whether there is a lack of demand… I don’t think it is time yet to conclude that there is no credit pick-up. Even without awaiting indications, we have taken steps to ramp up credit,” Sitharaman had said.

She noted that over Rs 4.94 lakh crore was disbursed by banks between October 2019 and March 2021 through the outreach initiatives.

Gross NPAs may rise

Gross non-performing assets (NPAs) of banks are expected to increase to 8-9 per cent in the current financial year, credit rating agency Crisil said in a report.

This will be well below the peak of 11.2 per cent seen at the end of fiscal 2018.

According to the agency, the COVID-19 relief measures such as the restructuring dispensation, and the Emergency Credit Line Guarantee Scheme (ECLGS) will help limit the rise in banks gross NPAs.

With around 2 per cent of bank credit expected under restructuring by the end of this fiscal, stressed assets comprising gross NPAs and loan book under restructuring should touch 10-11 per cent this fiscal, it said.

“The retail and MSME segments, which together form close to 40 per cent of bank credit, are expected to see higher accretion of NPAs and stressed assets this time around,” the agency’s senior director and deputy chief ratings officer Krishnan Sitaraman said in the report.

Stressed assets in these two segments are seen rising to 4-5 per cent and 17-18 per cent, respectively, by this fiscal end, he said.

The agency said the operationalisation of the National Asset Reconstruction Company Ltd (NARCL) by the end of this fiscal and the expected first-round sale of Rs 90,000 crore NPAs could lead to lower reported gross NPAs.

The report expects the corporate segment to be far more resilient. A large part of the stress in the corporate portfolio had already been recognised during the asset quality review initiated five years ago.



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Reserve Bank of India – Press Releases

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April 14, 2015




Dear All




Welcome to the refurbished site of the Reserve Bank of India.





The two most important features of the site are: One, in addition to the default site, the refurbished site also has all the information bifurcated functionwise; two, a much improved search – well, at least we think so but you be the judge.




With this makeover, we also take a small step into social media. We will now use Twitter (albeit one way) to send out alerts on the announcements we make and YouTube to place in public domain our press conferences, interviews of our top management, events, such as, town halls and of course, some films aimed at consumer literacy.




The site can be accessed through most browsers and devices; it also meets accessibility standards.



Please save the url of the refurbished site in your favourites as we will give up the existing site shortly and register or re-register yourselves for receiving RSS feeds for uninterrupted alerts from the Reserve Bank.



Do feel free to give us your feedback by clicking on the feedback button on the right hand corner of the refurbished site.



Thank you for your continued support.




Department of Communication

Reserve Bank of India


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List Of Maharatna Company Stocks In India 2021

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To qualify as a Maharatna PSU, a CPSE must meet the following criteria: –

1. Navratna status should already be in place.

2. Listed on the Indian stock exchange with a minimum public shareholding requirement set by SEBI regulations.

3. Sales/turnover of more than Rs. 20,000 crore on an annual basis for the previous three years

4. A net worth of greater than Rs.10,000 crore on an annual basis for the past three years.

5. In the last three years, the company has made an average yearly net profit of more than Rs. 2,500 crore.

6. International businesses or a significant global presence

Maharatna Company: Bharat Heavy Electricals Limited

Maharatna Company: Bharat Heavy Electricals Limited

BHEL is one of India’s leading engineering and industrial conglomerates. It works on a wide range of products and services, including design, engineering, construction, testing, and maintenance. It has more than 180 product offerings to fulfil the ever-increasing demands of the economy’s major sectors.

Only 2.33 percent of trading sessions in the last 16 years had intraday drops of more than 5%. The stock returned 1.78 percent over three years, compared to 92.25 percent for the Nifty Midcap 100. Since August 27, 2001, Bharat Heavy Electricals Ltd. has issued 35 dividends.

Bharat Petroleum Corporation Limited

Bharat Petroleum Corporation Limited

Maharatna is a government-owned oil and gas firm based in Mumbai, Maharashtra. It is India’s second-largest downstream oil company and ranks 342nd on Fortune’s list of the world’s largest corporations as of 2016. In Forbes’ 2018 list, BPCL was rated 672nd. After the ongoing up-gradation and expansion at several refineries are completed, the gross refining margins have the potential to improve.

In FY-20, BPCL added 1,447 outlets to its broad network of rural and urban locations, bringing the total number of outlets to 16,234. It has the highest throughput per outlet among PSU oil companies, while there is still room for improvement through outlet rationalization.

Maharatna Company: Coal India Limited

Maharatna Company: Coal India Limited

Coal India Limited (CIL), a Maharatna corporation, is an Indian state-controlled coal mining business with headquarters in Kolkata, West Bengal, India, and is the world’s largest coal producer. CIL produces coal through seven completely owned subsidiaries. It owns and runs 413 mines in 82 mining districts throughout the country. Coal India Africana Limited (CIAL), a wholly-owned subsidiary of CIL in Mozambique, is seeking coal mining potential in that country.

Any re-rating of the company faces tremendous hurdles as fossil fuels and climate change become a key issue with global investors. The stock returned -38.06 percent over three years, compared to 76.81 percent for the Nifty 100. Over a three-year period, the stock returned -38.06 percent, while the Nifty Metal returned 71.76 percent to investors.

Maharatna Company: GAIL Limited

Maharatna Company: GAIL Limited

GAIL (India) Limited, a Maharatna PSU and India’s flagship Natural Gas firm, integrates all components of the Natural Gas value chain and related services in India.

The stock returned -13.14 percent over three years, compared to 76.81 percent for the Nifty 100. GAIL (India) Ltd., founded in 1984, is a Large Cap company in the Gas & Petroleum sector with a market capitalization of Rs 66,183.94 crore.

GAIL is attempting to usher in a new era of clean fuel industrialization by constructing a quadrilateral of green energy corridors connecting India’s major consumption centres to major gas fields, LNG terminals, and other cross-border gas sourcing sites.

Maharatna Company: HPCL

Maharatna Company: HPCL

Hindustan Petroleum Corporation Limited

Hindustan Petroleum Corporation Limited is a subsidiary of Oil and Natural Gas Corporation, which is owned by the Government of India’s Ministry of Petroleum and Natural Gas and is headquartered in Mumbai, Maharashtra. The stock returned 43.39 percent over three years, compared to 76.81 percent for the Nifty 100. Hindustan Petroleum Corporation Ltd., founded in 1952, is a Large Cap firm in the Gas & Petroleum sector with a market capitalization of Rs 46,287.23 crore.

Since July 27, 2000, Hindustan Petroleum Corporation Ltd. has announced 32 dividends.

Hindustan Petroleum Corporation Ltd. has declared an equity dividend of Rs 22.75 per share in the last 12 months.

This equates to a dividend yield of 7.04 percent at the current share price of Rs 323.05.

Maharatna Company: Indian Oil Corporation Limited

Maharatna Company: Indian Oil Corporation Limited

Indian Oil Corporation Limited (IOCL) is an Indian state-owned oil and gas business with headquarters in New Delhi and a registered office in Mumbai. It’s usually referred to as Indian Oil. It is owned by the Ministry of Petroleum and Natural Gas of the Government of India, which is based in New Delhi. In the fiscal year ended March 31, 2021, the company delivered a ROE of 19.34 percent, surpassing its five-year average of 14.96 percent. Over a three-year period, the stock returned -5.23 percent, while Nifty Energy returned 78.38 percent to investors.

Since Aug. 27, 2001, Indian Oil Corporation Ltd. has declared 33 dividends. Indian Oil Corporation Ltd. declared an equity dividend of Rs 12.00 per share in the last year. This equates to a dividend yield of 9.16 percent at the current share price of Rs 131.00.

Maharatna Company: NTPC Limited

Maharatna Company: NTPC Limited

National Thermal Power Corporation Limited (NTPC) is a Maharatna company (public sector undertaking) that was established by the Indian government in 1975. The National Thermal Power Corporation (NTPC) is the world’s largest electric power generation corporation. With a total installed capacity of 63 GW, it is India’s only power major that generates electricity using coal, gas, liquid fuel, hydro, solar, nuclear, wind, and renewable energy.

The stock returned 8.4 percent over three years, compared to 76.81 percent for the Nifty 100. In comparison, the S&P BSE Power Index returned 8.4 percent during a three-year period, whereas the S&P 500 Index returned 78.92 percent. NTPC Ltd., founded in 1975, is a Large Cap firm in the Power sector with a market capitalization of Rs 140,456.21 crore.

Maharatna Company: Oil & Natural Gas Corporation Limited

Maharatna Company: Oil & Natural Gas Corporation Limited

One of India’s largest Maharatna enterprises is Oil & Natural Gas Corporation Limited (ONGC). The ONGC is India’s largest crude oil and natural gas company. It accounts for over 70% of Indian domestic output and is used by firms such as IOC, BPCL, and HPCL to make products such as gasoline, diesel, and cooking gas. Only 1.51 percent of trading sessions in the last 16 years saw intraday gains of more than 5%. The stock returned 6.32 percent over three years, compared to 76.81 percent for the Nifty 100.

Maharatna Company: Power Grid Corporation of India Limited

Maharatna Company: Power Grid Corporation of India Limited

Power Grid Corporation of India Limited is an Indian statutory corporation that is governed by the Ministry of Power of the Indian government. With an 85% share of India’s ISTS (Inter-State Transmission System) and inter-regional power transfer capacity, the company is the largest power transmission company.

The stock returned 36.34 percent over three years, compared to 76.81 percent for the Nifty 100. Over a three-year period, the stock returned 36.34 percent, compared to 78.92 percent for the S&P BSE Power index.

Maharatna Company: Steel Authority of India Limited

Steel Authority of India Limited (SAIL) is India’s largest steel producer and one of the country’s seven Maharatna Central Public Sector Enterprises. Annual sales growth of 11.83 percent surpassed the company’s three-year CAGR of 6.4 percent. The stock returned 82.67 percent over three years, compared to 76.81 percent for the Nifty 100 index.

Disclaimer

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

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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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S&P upgrades Manappuram Finance’s credit rating to ‘BB-’

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S&P Global Ratings has upgraded its long-term issuer credit rating for Manappuram Finance Ltd to ‘BB-’ from ‘B+’ as it expects the company to perform better than its non-banking finance company (NBFC) peers over the next 12 months.

This would be reflected in the company’s lower credit costs, above-average profitability, and strong capitalisation, the credit rating agency said in a statement.

S&P said the outlook is stable, reflecting its view that the company will largely maintain its financial profile over the next 12 months, supported by improved economic conditions in India.

The agency also affirmed the ‘B’ short-term issuer credit rating for the NBFC.

“Manappuram’s gold-based lending model with a three-month tenor allows it to recognise asset quality stress early,” the agency said.

S&P underscored that it could downgrade Manappuram if the company’s credit costs increase substantially, particularly in microfinance loans.

“We see limited rating upside for Manappuram over the next 12 months. We would upgrade the company if we believe its funding profile has become more stable,” it said.

Gold auctions

S&P observed that gold prices had fallen significantly till April 2021, from a peak in August 2020.

What’s next for gold loans after the pandemic?

“The stress in the economy owing to the second wave of Covid-19 infections during April-June 2021 and the decline in gold prices led to increased auctions of higher loan-to-value (LTV) loans in the first quarter of fiscal 2022 (ending March 31, 2022).

“The company’s gold auctions are likely to gradually return to their normal level as economic conditions improve,” S&P said.

The rise in auctions have, in part, lowered Manappuram’s average LTV ratio to about 65 per cent as of June 30, 2021, from about 71 per cent as of end-March 2021, providing the company some buffer to absorb price fluctuations, S&P said.

Banks may set up central repository to tackle gold loan frauds

The agency observed that gold price movements play an important role in the cushion available to lenders like Manappuram, which is predominantly in the collateral-based gold lending business.

Gold loans account for close to 70 per cent of the company’s total loans, with microfinance loans accounting for about 25 per cent, and vehicle finance and affordable housing contributing much of the rest.

Non-gold portfolio

S&P noted that stress will likely remain high in Manappuram’s non-gold portfolio, especially in the microfinance business.

“The asset quality of the non-gold loan portfolio has deteriorated sharply over the past two years.

“However, billing and collection efficiency are increasing close to pre-Covid-19 levels, hinting at improving asset quality trends,” the agency said.

Also, the company has pre-provisioned for the microfinance business. Therefore, S&P believes any residual impact can be largely absorbed by the company’s earnings.

The agency has forecast that Manappuram’s risk-adjusted capital ratio will stay above 30 per cent over the next 12 months.

“The company’s core earnings are likely to remain at more than 5 per cent of its average managed assets during this period. This ratio is one of the highest among rated peers.

“Manappuram’s funding profile is also improving with a shift toward longer tenor debt. However, the company still has material exposure to short-term wholesale funding,” S&P said.

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DBS Bank completes active loan switch ahead of LIBOR transition, BFSI News, ET BFSI

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DBS Bank India has announced active transitioning of an existing loan and derivative to new reference rates. This is part of the bank’s benchmark transition plan to adopt new Alternative Reference Rates (ARR) as Interbank Offered Rates (IBORs) are phased out.

DBS Bank has transitioned some of the existing loan and derivative contracts with two companies – Power Finance Corporation Ltd and REC Ltd – to the new reference rates. Existing contracts were benchmarked to Swap Offer Rate (SOR), and post this transition, all loans and derivatives have now moved to Singapore Overnight Rate Average (SORA), the new risk-free rate.

As legacy interest rate benchmarks SOR and Singapore Interbank Offered Rate (SIBOR) are systematically phasing out, SORA is the recommended SGD interest rate benchmark, which is expected to replace them. Banks across countries, including India, are also moving towards ARR benchmarks equivalent to SORA.

In July 2021, RBI issued an advisory to banks and financial institutions to cease entering into new financial contracts referencing London Interbank Offered Rate (LIBOR). Since the advisory, banks have executed transactions linked to the Secured Overnight Financing Rate (SOFR) benchmark.



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Mastercard expands cryptocurrency services with wallets, loyalty rewards, BFSI News, ET BFSI

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Mastercard Inc said on Monday it would allow partners on its network to enable their consumers to buy, sell and hold cryptocurrency using a digital wallet, as well as reward them with digital currencies under loyalty programs.

The credit card giant said it would offer these services in partnership with Bakkt Holdings Inc, the digital assets platform founded by NYSE-owner Intercontinental Exchange.

Founded in 2018, Bakkt went public earlier this year through a $2.1 billion merger with a blank-check company. Shares of the company were up 77% at $16.19 on Monday.

Mastercard said its partners can also allow customers earn and spend rewards in cryptocurrency instead of loyalty points.

The company had said in February https://www.reuters.com/article/us-crypto-currency-mastercard-idUSKBN2AA2WF it would begin offering support for some cryptocurrencies on its network this year.

Last year, rival Visa Inc had partnered https://www.reuters.com/article/us-blockfi-crypto-currency-visa-idUSKBN28B603 with cryptocurrency startup BlockFi to offer a credit card that lets users earn bitcoin on purchases.

Bitcoin, the world’s largest cryptocurrency, touched a record high of $67,016 last week after the debut of the first U.S. bitcoin futures-based exchange traded fund. It has more than doubled in value this year.



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