ZestMoney raises USD 50 mn funding from Zip Co, BFSI News, ET BFSI

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ZestMoney, which offers Buy Now Pay Later (BNPL) platform, on Wednesday said it has raised USD 50 million (about Rs 369 crore) from global BNPL provider Zip Co Ltd. This is part of a larger series C fundraise that will see participation from existing investors, a statement said.

Zip will acquire a minority shareholding in the company and a board seat as part of the investment, it added.

ZestMoney plans to deploy the funds to expand the product suite, deepen the transaction network, strengthen its balance sheet capacity and launch new business lines in insurance and savings, the statement said.

The company has raised USD 120 million till date from investors including Ribbit, Goldman Sachs, Quona Capital and Xiaomi.

Zip – which was founded in Australia in 2013 – has a presence in 12 markets across five continents, serving more than 7.3 million customers and over 51,000 merchants.

Founded by Lizzie Chapman, Priya Sharma and Ashish Anantharaman in 2015, ZestMoney allows customers to pay for products over time. Increasing smartphone penetration, cheapest data plans in the world and boom in online shopping has propelled the demand for BNPL offerings in the country.

ZestMoney offers the entire spectrum of BNPL offering from 30 days to 24 months and ticket sizes ranging from Rs 50 to Rs 5 lakh. The digital omnichannel BNPL player allows customers to transact at over 10,000 online sites and 75,000 physical stores across the country. It has 11 million registered users.

Smartphones, large appliances, fashion, travel, home decor, ed-tech are the largest categories on the platform. Electric bikes, ayurveda products, and personal care are popular among customers using the pay later option.

ZestMoney partners with 25 banks and NBFCs to power BNPL transactions for consumers across the country.

“We are thrilled to have Zip come onboard for the next phase in our journey of powering affordability in the lives of Indian consumers. This is a deep validation of our position as market leader in the Buy Now Pay Later category in India,” ZestMoney CEO and co-founder Lizzie Chapman said.

The shift towards pay later solutions is a global phenomenon and represents young digital consumers looking for transparency, honesty and no hidden charges in financial products, Chapman added.

“We believe India will leapfrog traditional products like credit cards, along with many other emerging markets, going straight to digital payment solutions. Over the last year we have seen applications for BNPL go up by 5X on our platform. We continue to invest in deepening partnerships with our merchant network and hiring the best talent,” she said.

ZestMoney strongly believes that India will emerge as the largest BNPL market in the world over the next five years, she added.

Larry Diamond, CEO of Zip Co, said while BNPL is emerging as a preferred mode of payment globally, in India it also plays a crucial role in driving access to credit.

“With deep partnerships with online and offline merchants and lending partners, Zest Money is poised to accelerate growth as the market develops. We have been incredibly impressed with the founders and leadership team and look forward to the next stage of the ZestMoney journey,” he added.

ZestMoney recently secured the Corporate Agent licence from Insurance Regulatory and Development Authority of India (IRDAI) allowing it to offer and enable insurance products to users on its platform.



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Lenders hire specialist agencies to analyse default probability of borrowers, BFSI News, ET BFSI

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Risk-averse lenders wary of large exposures in the post-Covid era are hiring consultants and specialist agencies to analyse the default potential of all proposals in excess of Rs 500 crore.

Lenders want to ensure that they have a clear perspective of the borrower’s future default risks and cash flow situation in light of peculiar challenges brought about by the pandemic.

“The pandemic has disrupted cash flows of businesses in a significant way, and since large value loan proposals are on the rise, we thought it prudent to hire agencies and check the company’s default risk and default probability,” said a lender that has hired one such agency. “These agencies are checking the total debt, debt-service coverage ratio, cash flows and various other metrics to determine whether they will be able to service debt obligations.”

Banks want clear visibility over companies’ subsidiary operations and other activities, especially around the moratorium period. In many cases, companies are also approaching banks with expansion plans and lenders also wish to scrutinise whether firms have a clear strategy in place and what could be the macroeconomic and sectoral drivers.

“The pandemic, loan moratoriums and an uncertain business environment have led to many banks seeking clarity and additional comfort around the financial health of borrowers at the time of fresh loan proposals or renewal of facilities. There is heightened diligence, detailed financial analysis and a deeper assessment of credit risk and default around loan proposals – particularly when the amounts are Rs 500 crore and above,” said Gaganpreet Puri, leader, risk and regulatory, Alvarez & Marsal India, a turnaround specialist.

In several instances, the lenders claim that they have no visibility on operations of the companies. Many companies have seen a spurt in their valuations, especially the listed ones, but banks are concerned of the underlying assets and impact on future profitability and revenues.

“Many companies have even approached the banks as they are looking to undertake mergers and acquisitions and require financing. In these cases, banks want a rationale behind such manoeuvres,” said a person in the know.

Firms specialising in this segment say that they are being asked to give objective and automated credit analysis and rating based on the company’s financial metrics.

“AI driven automated predictive credit analysis tools are being increasingly adopted by banks and financial institutions,” said Amit Maheshwari, Strategic Advisor to FinMind – a start-up offering automated financial insights.

FinMind claims its predictive analytical capabilities enable early identification of potential credit risk events and has successfully predicted credit weakening of several companies in the past.

Bank credit growth has been languishing for the last few years. Central bank data showed that credit rose 6.61% for the fortnight ended August 13, from 6.2% in the previous fortnight. Loans to the corporate sector continued to remain weak and grew a meagre 1% during the same period.



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Reserve Bank of India – Press Releases

Press Releases

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I. T-Bill 91 days 182 days 364 days
II. Total Face Value Notified ₹9,000 Crore ₹4,000 Crore ₹4,000 Crore
III. Cut-off Price and Implicit Yield at Cut-Off Price 99.1732
(YTM: 3.3439%)		 98.3240
(YTM: 3.4185%)		 96.5355
(YTM: 3.5987%)
IV. Total Face Value Accepted ₹9,000 Crore ₹4,000 Crore ₹4,000 Crore

Ajit Prasad
Director   

Press Release: 2021-2022/902

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Imitating a fintech firm not the right business model: Former RBI Deputy Gov

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Banks should avoid ‘imitating’ fintech companies in their attempt to re-imagine themselves but should look for meaningful co-operation with such companies to enhance their business.

According to SS Mundra, Former Deputy Governor, Reserve Bank of India (RBI), the process of re-imagination of business models for banks has already started. However, increasingly a number of banks have been evolving like fintech companies.

“Banks have to realise that fintech companies are competitive and nimble. So a bank trying to imitate a fintech company in totality is not the right approach to my mind and it is not the right business model. I think what is beneficial for both of them is to have a meaningful co-operation,” he said at the 14th edition of the two-day Banking Colloquium organised by CII, held virtually on Tuesday.

Such co-operation would help them both leverage on their respective strengths, Mundra said. While fintech companies have the strength of being nimble, innovative and fast-footed banks have the advantage of having a good resource base, reach, faith and trust of people and these can be complementary.

Banks should further avoid the temptation of introducing too many products or too many processes at too short an interval as it tends to leave both their staff and customers confused.

Rationalise branches

“There has to be a well-designed and well-decided pace at which such changes are introduced. Otherwise we have seen in some cases it may lead to unforeseen problem or a regulatory displeasure so one has to be conscious,” he pointed out.

At a time when digital has become a way of life, it is very important to take a “hard look” at the traditional branch-led business model, he said, talking about the need to rationalise branches.

“I am not suggesting that branches should go away but there is a need to reimagine the business model. One has to see which are the branches that are loss-making, contributing positively, can be downsized and can be completely done away with, and where you can rely completely on technology and where you can rely on agency arrangement. For every bank, it is important to do a complete holistic assessment of their branch network and how to derive maximum value from this,” he said.

According to Mundra, corporate lending, which once constituted the biggest chunk in banks’ loan book, has shrunk, with corporates deleveraging and finding alternative methods of financing themselves.

It would no longer be profitable for a bank to sell only a product to a corporate, as most corporates are now expecting “solutions” from banking system. “You need to adopt a solution-based approach if you want to do corporate banking,” he said.

One of the sectors which banks could look to ramp up is the MSME portfolio as there is more availability of information, date and GST has changed the entire landscape of the sector, Mundra said. “But here again the gradual movement would have to be from product to solution. In the retail sector, banks should leverage on the co-origination model,” he added.

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2 Stocks Given A ‘Hold’ And ‘Buy’ Rating By ICICI Direct

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Buy Neogen Chemicals for gains of 19%

From the current price level of Rs. 1273.7 per share, brokerage firm sees an upside of close to 19 percent and has set a target price of Rs. 1515 to be realized in a short term of 12 months.

Neogen Chemicals is a specialty chemicals company into manufacturing of specialty organic bromine-based chemical compounds as well as specialty inorganic lithium-based chemicals compounds. The company’s products find usage in pharmaceutical intermediates, agrochemical intermediates, engineering fluids, polymers additives and water treatment chemicals among others.

Revenue visibility of Rs. 350 crore after commissioning of Dahej plant

The capital expenditure at the Dahej plant, both of the phases, catering to different businesses, is expected to provide for asset turn of 2.7x, which provides incremental revenue visibility of Rs. 350 crore. Since both these business verticals are margin accretive thus, incremental revenue share from both segments is expected to aid gross margins and thereby OPM. This should inch up return ratios and thereby valuations in medium term, adds the brokerage firm.

Target Price and Valuation: The brokerage values Neogen Chemicals at 40x P/E FY24E EPS to arrive at a revised target price of Rs. 1515/share (earlier Rs. 1095/share).

Key triggers for gains in the stock

• Phase 1 and Phase 2 capital expenditure at Dahej seems to be lucrative for both advance intermediates and custom synthesis revenue growth.

• Higher component of the value added portfolio to expand company’s margin.

• Increased allocation of free cash flow towards organic/inorganic growth likely to expand return ratios further.

2. Reliance Industries: Hold Rating

2. Reliance Industries: Hold Rating

The brokerage firm has recommended a ‘Hold’ rating on the scrip of the oil to telecom giant RIL having operations across varied segments including retail, digital services etc. The firm has set out the target price of Rs. 2480, i.e. an upside of 2.5 percent from the current price levels of Rs. 2420, with the target period of 12 months.

“On a consolidated basis, O2C and oil & gas contributed 62% to revenue, while retail, digital and others contributed 28%, 3% and 7%, respectively However, at the EBITDA level, O2C and oil & gas contributed 43% while retail, digital and others contributed 11%, 38% and 8%, respectively, says the brokerage report.

Triggers boosting the future price:

Reliance Jio valuations catch up:

Over the years of operation, Jio is fast collaborating with start-ups or niche companies with presence into digital technologies. The company has invested over US$1.9 billion over the last five years. We believe these investments provide an option value in the overall opportunity and complete the digital ecosystem creation objectives, as per the brokerage firm.

Aggressive Reliance retail footprint expansion:

The company has continued to maintain same store sales growth (SSSG) and also registered improvement in operating profitability, which has enabled it to demonstrate revenue and EBITDA CAGR of 50% and 58%, respectively, over FY16-21. Also, the steady free cash flow will enable the company to be low on debt as well as invest in future inorganic endeavour.

O2C hive off to unlock value:

The hive off of the company’s O2C business into a subsidiary is likely and the regulatory approval process is underway. Furthermore, the stake sale to global player will unlock value for the conglomerate company.

New energy initiatives:

The company plans to invest Rs. 60000 crore on new energy and materials over the next three years. Additionally, RIL is expected to invest Rs. 15000 crore in the value chain, partnerships and future technologies, including upstream and downstream industries leading to total investment of Rs. 75000 crore in the new energy business.

So, given the company’s leadership hold in each of its product and service portfolio together considering the long term prospects, ICICI Direct recommends a Hold on the scrip and values it at on an SOTP basis at Rs. 2480 per share.

Disclaimer:

Disclaimer:

The stocks listed in the report are taken from the brokerage report of ICICI Direct and is not a recommendation to buy into these stocks. Stock market investment pose financial risk. Please consult a financial advisor before betting on such risky investment avenues.

GoodReturns.in



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Bank loans do not reflect credit risk adequately as RBI chases growth, BFSI News, ET BFSI

Banking & Finance

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The period of extended surplus liquidity is already witnessing fierce pricing wars across banks, some of which may not reflect credit risk adequately.

“However there is the risk of an Asset Liability mismatch if the liquidity is withdrawn quickly. As of now, the inflation numbers may not warrant such a decision from RBI, but if core inflation persists in the current range of 6% or above, that might act as a hindrance to continued liquidity abundance,” according to the State Bank of India’s economic research report Ecowrap.

The industry is replacing its long-term debts by very low-priced CP/working capital demand loan (ECDL) and this will obviously act as an enabler once the investment cycle revives

Margin pressure

Banks are now facing significant margin pressures despite surfeit of liquidity in the banking system, it said.

A back of envelope estimate suggests that the core funding cost of the banking system that includes cost of deposits, negative carry on Statutory Liquidity Ration (SLR) and Cash Reserve Ratio (CRR) and Return on Assets is currently at 6 per cent, while the reverse repo rate is at 3.35 per cent. Additionally, if the cost of provisions is added to the core funding cost, the total cost comes to around 12 per cent, the report said.

Credit risk

The report cited the example of 15 years loans, which are being priced at even lower than 6 per cent, linking with repo / treasury bill rates. It said that 10-year Government Security (G-Sec) is currently trading at 6.2 per cent and by the current pricing trends this could even gravitate towards 6 per cent again.

This anomaly not only negates the concept of tenor premium but may create a material risk with regard to sustainability of such rates in long term, on which borrowers and banks are basing their financial calculations, it said, adding that the only good thing is that such pricing war is mostly restricted to AAA borrowers.

According to the report, three year term loans are being quoted at close to 4 per cent repo rate and seven year term loans for borrowers below AAA are also quoting a risk premium of 15-20 basis points over the 10 year rates. Working Capital Loans (WCL) are currently being quoted at a notch above reverse repo rate at 3.35 per cent.

The report said that the concept of normally permitted lending limit (NPLL) for specified borrowers, meant to nudge them to move towards corporate bonds market, may lose its importance.

CP market

Ghosh observed that the commercial paper (CP) market is also witnessing significant churn with banks now almost absent.

Non-Banking participants like mutual funds who do not have access to RBI Reverse Repo window are creating pricing pressure in CP market as they are sometimes quoting below RBI reverse repo rate.

The CP market reflects the huge pricing gap between better and lower rated borrowers, it said.



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Top 5 Banks Promising Up To 7.25% Interest On 5 Year Fixed Deposits

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Jana Small Finance Bank

Amid the low-interest rate regime on fixed deposits of banks, Jana Small Finance Bank is now the only bank that offers the highest interest rates on fixed deposits thus incomparable with leading private sector or public sector banks. The reason behind my take can be seen below.

Period Regular FD Interest Rate (p.a.) Senior Citizen FD Interest Rate (p.a.)
7-14 days 2.50% 3.00%
15-60 days 3.00% 3.50%
61-90 days 3.75% 4.25%
91-180 days 4.50% 5.00%
181-364 days 5.50% 6.00%
1 Year[365 Days] 6.25% 6.75%
> 1 Year – 2 Years 6.50% 7.00%
>2 Years-3 Years 6.50% 7.00%
> 3 Year- 6.75% 7.25%
5 Years[1825 Days] 6.50% 7.00%
> 5 Years – 10 Years 6.00% 6.50%
Source: Bank Website, W.e.f. 07/05/2021

Suryoday Small Finance Bank

Suryoday Small Finance Bank

Suryoday Small Finance Bank is second in our list that is now offering the best returns on 5 year fixed deposits after Jana Small Finance Bank. With effect from 9th September 2021, Suryoday SFB has revised its interest rates on fixed deposits which are as follows.

Period Regular FD Interest Rate (p.a.) Senior Citizen FD Interest Rate (p.a.)
7 days to 14 days 3.25% 3.25%
15 days to 45 days 3.25% 3.25%
46 days to 90 days 4.25% 4.25%
91 days to 6 months 4.75% 4.75%
Above 6 months to 9 months 5.25% 5.25%
Above 9 months to less than 1 Year 5.75% 5.75%
1 Year to 1 Year 6 Months 6.50% 6.75%
Above 1 Year 6 Months to 2 Years 6.50% 6.75%
Above 2 Years to less than 3 Years 6.25% 6.50%
3 Years 7.00% 7.30%
Above 3 Years to less than 5 Years 6.50% 6.50%
5 Years 6.75% 7.00%
Above 5 years to 10 years 6.00% 6.00%
Source: Bank Website, ( Effective: From September 09, 2021 )

North East Small Finance Bank

North East Small Finance Bank

Among the small finance banks, North East Small Finance Bank is also promising good returns on fixed deposits of 5 years. For a deposit amount of less than Rs 2 Cr, North East Small Finance Bank is offering the following interest rates to both regular and senior citizens on deposits maturing in 5 years.

Tenure Regular FD Interest Rate (p.a.) Senior Citizen FD Interest Rate (p.a.)
7-14 Days 3 3.5
15-29 Days 3 3.5
30-45 Days 3 3.5
46-90 Days 3.5 4
91-180 Days 4 4.5
181-365 Days 5 5.5
366 days to 729 days 6.75 7.25
730 days to less than 1095 6.75 7.25
777 days 7 7.5
1096 days to less than 1825 days 6.5 7
1826 days to less than 3650 days 6.25 6.75
Source: Bank Website, Effective from 19th April 2021

Equitas Small Finance Bank

Equitas Small Finance Bank

For a deposit amount of less than Rs 2 Cr, Equitas Small Finance Bank has revised its interest rates with effect from 1st June 2021. Following are the bank’s most recent interest rates on fixed deposits.

Tenure Regular FD Interest Rate (p.a.) Senior Citizen FD Interest Rate (p.a.)
7 – 14 days 3.50% 4.00%
15 – 29 days 3.50% 4.00%
30 – 45 days 3.50% 4.00%
46 – 62 days 4.00% 4.50%
63 – 90 days 4.00% 4.50%
91 – 120 days 4.75% 5.25%
121 – 180 days 4.75% 5.25%
181 – 210 days 5.25% 5.75%
211 – 270 days 5.25% 5.75%
271 – 364 days 5.25% 5.75%
1 year to 18 months 6.35% 6.85%
18 months 1 day to 2 years 6.25% 6.75%
2 years 1 day to 887 days 6.35% 6.85%
888 days 6.50% 7.00%
889 days to 3 years 6.35% 6.85%
3 years 1 day to 4 years 6.25% 6.75%
4 years 1 day to 5 years 6.25% 6.75%
5 years 1 day to 10 years 6.50% 7.00%
Source: Bank Website, with effect from 1st June 2021

Ujjivan Small Finance Bank

Ujjivan Small Finance Bank

With a deposit safety of up to Rs 5 lakhs provided by DICGC, Ujjivan Small Finance Bank is currently promising pretty good interest rates on fixed deposits of 5 years of tax saving fixed deposits. For a deposit amount of less than Rs 2 Cr, the bank is currently offering the below-listed interest rates to both regular and senior citizens.

Tenure Interest Rate (p.a.)
7 Days to 29 Days 2.90%
30 Days to 89 Days 3.50%
90 Days to 179 Days 4.25%
180 Days to 364 Days 4.75%
1 Year to 2 Years 6.00%
2 Years and 1 Day to 3 years 6.50%
3 Years and 1 Day to 5 Years 6.25%
5 Years and 1 Day to 10 Years 6.00%
Additional Interest Rate for Senior Citizens 0.50%
Source: Bank Website, with effect from 16th August 2021



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Depositors of scandal-hit PMC Bank, 20 others to get up to Rs 5 lakh within 90 days, BFSI News, ET BFSI

Banking & Finance

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The Deposit Insurance and Credit Guarantee Corp will pay depositors of 21 insured banks, which includes scandal-hit PMC Bank, the amount equivalent to the deposits, up to a maximum of Rs 5 lakh, within 90 days.

Necessary instructions have been issued to the banks to submit the claims within 45 days after obtaining the approval from depositors to claim deposit insurance. The verification and settlement of the claims should be done by November 29, 2021, DICGC said in a a release.

These banks shall submit a claim list by October 15 and update the position as on November 29, with principal and interest, in a final updated list, which will enable DICGC to discharge its insurance liability in full as per norms.

Unpaid or the difference in amount of deposits up to Rs 5 lakh, as per final updated list, will be paid within 30 days of receipt, that is by December 29.

The Parliament in August passed the Deposit Insurance and Credit Guarantee Corporation (Amendment) Bill, 2021, ensuring account holders get up to Rs 5 lakh within 90 days of the RBI imposing a moratorium on the banks.

In 2019, the Reserve Bank of India imposed restrictions on PMC bank after observing financial irregularities, including under-reporting of bad loans. From the findings of the probe, it was discovered that Rs 250 crore worth of fake deposits were shown in the system, and that the bank had manipulated its net time and deposits using HDIL and DHFL cheques.

Here’s the list of the 21 banks:

> Adoor Co-Operative Urban Bank, Kerala
> Bidar Mahila Urban Co-Op Bank, Karnataka
> City Co-Op Bank, Maharashtra
> Hindu Co-Op Bank, Punjab
> Kapol Co-Op Bank, Maharashtra
> Maratha Sahakari Bank, Maharashtra
> Millath Co-Op Bank, Karnataka
> Needs of Life Co-Op Bank, Maharashtra
> Padmashree Dr. Vithal Rao Vikhe Patil, Maharashtra
> People’s Co-Op Bank, Kanpur, Uttar Pradesh
> Punjab & Maharashtra Co-Op Bank (PMC Bank), Maharashtra
> Rupee Co-Operative Bank, Maharashtra
> Shri Anand Coop Bank, Pune, Maharashtra
> Sikar Urban Co-Op Bank, Rajasthan
> Sri Gururaghvendra Sahakara Bank Niyamitha, Karnataka
> The Mudhol Co-Operative Bank, Karnataka
> Mantha Urban Cooperative Bank, Maharashtra
> Sarjeraodada Naik Shirala Sahakari Bank, Maharashtra
> Independence Cooperative Bank, Nashik, Maharashttra
> Deccan Urban Co-Operative Bank, Vijaypur, Karnataka
> Garha Co-Operative Bank, Guna, Madhya Pradesh

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Stocks To Buy From Broking Firm Sharekhan In The Auto And FMCG Space

Personal Finance

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Britannia: Sustainable growth likely, says Sharekhan

Sharekhan has set a price target of Rs 4740 on the stock of Britannia Industries, as against the current market price of Rs 4068.

Britannia has its medium to long term growth strategies in place with growing the core biscuit portfolio by gaining market share through sustained innovation and distribution expansion (especially in the Hindi speaking belt) while growing the adjacencies such as dairy/bakery by investing across the value chain (setting up facilities, innovations and higher marketing spends), Sharekhan has said.

“This along with improved supply chain management and operating efficiencies would help to post better margins in the coming years (barring FY22 which is affected by higher input prices),” the brokerage has said.

Britannia, price target of Rs 4,740 on the stock

Britannia, price target of Rs 4,740 on the stock

“With sustained market share gain, new product launches and higher traction on new channels (including e-commerce), we expect Britannia’s core biscuit category to grow ahead of industry growth in the medium term. This along with scale-up in revenues of adjacent categories and efficiencies would help Britannia to achieve double digit earning growth over FY2021-24E (barring FY2022),” Sharekhan has said.

The stock is trading at 43.5x/37.6x its FY2023/24E EPS, which is at discount to its large peers. “Strong growth prospects across key categories, higher cash generation ability, discounted valuations and receding risk of inter-corporate deposits makes it a good investment pick in the FMCG space. We maintain our Buy recommendation on the stock with a revised price target of Rs. 4,740,” the brokerage has noted.

Buy, Sundram Fasteners, says Sharekhan

Buy, Sundram Fasteners, says Sharekhan

Sharekhan has set a price target of Rs 1100 on the stock of Sundram Fasteners as against the current market price of Rs 942.

“The company’s order book remains at healthy levels with sectors such as farm implements, printed circuit boards, and industrial power generation growing rapidly. Domestic original equipment orders have improved more than 90% of pre-COVID levels across segments with commercial vehicle segments showing strong signs of recovery,” it has said.

Major capex over, price target of Rs 1100 on the stock

Major capex over, price target of Rs 1100 on the stock

According to Sharekhan the company has completed major three-year capex plan in FY2020. The company had invested Rs. 1,000 crore during FY2017-FY2020 and had expanded capacity across segments. Currently, the company is operating at 80% capacity utilisation. The recent capex programme has enabled the company to increase revenue by 25-30% without any major investments and will improve its turnover at minimal cost.

“The stock is trading at a P/E multiple of 28 times and EV/EBITDA multiple of 17.2x its FY2023E estimates, which is trading at the higher end of its average multiples. The stock’s premium valuation is justified given strong pedigree of its promoter, revenue visibility and ability to pass on costs to its customers. We retain our Buy rating on the stock with a revised price of Rs. 1,100,” the brokerage has said.

Disclaimer

Disclaimer

The above stocks are picked from the brokerage report of Sharekhan. 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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