1 Mining And 1 Auto Stock To Buy For Gains In The Short Term As Recommended By ICICI Direct

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1. NMDC:

The brokerage firm has recommended buying the scrip of NMDC in the price range of Rs. 141-144 for a target price of Rs. 156. This implies a return to the tune of 9.6 percent from the last traded price of Rs. 142.3. The stop loss suggested for the trade is Rs. 135. Notably the ‘Buy’ on the scrip is given for a period of 14 days.

Technical observations

• The share price of NMDC has formed a potential triple bottom at the 52 weeks EMA and the 80% retracement of the preceding up move (Rs. 122-213). The brokerage expect the stock to resume up move after the current higher base formation thus the scrip offers fresh entry opportunity.

• “We expect the stock to head higher towards Rs. 156 levels in the coming weeks being the 80% retracement of the preceding decline (Rs. 160-133). The stock has already taken six months to retrace just 80% of its preceding two months rally (Rs. 122-213)”, adds the brokerage report.

• The weekly 14 periods RSI is at the cusp of generating a buy signal moving above its nine periods average thus validates positive bias in the stock of NMDC.

About NMDC:

Incorporated in 1958 as a GOI wholly owned public enterprise, NMDC is a large cap mining and minerals entity. Under the administrative control of the Ministry of Steel, the company is the country’s single-largest iron ore producer.

2. Tata Motors:

2. Tata Motors:

On November 17, 2021, the brokerage firm has initiated a buy on the stock of Tata Motors for a 1 month period. The brokerage house suggested to buy the scrip in the price range of Rs. 515-523 for a price target of Rs. 570, resulting in an upside of 16.5 percent from the last traded price of Rs. 489. Stop loss recommended for the investment is Rs. 475.

Technical observation on Tata Motors:

• The Nifty Auto index is at the cusp of generating a breakout above the last four year range and forming higher peak and higher trough in all time frame. Tata Motors has been an outperformer within the Auto stocks and we expect it to continue with its outperformance.

• The last four weeks’ breather has taken the shape of a bullish Pennant formation. The stock is currently seen registering a breakout above the same signalling continuation of the up move and offers fresh entry opportunity.

• ICICI Direct expect the stock to continue with its recent up move and head towards Rs. 570 levels being the 161.8% external retracement of the last four weeks breather (Rs. 530-468). The stock has already taken four weeks to retrace just 23.6% of the preceding four weeks rally (293-530), a shallow retracement signals a robust price structure and a higher base formation.

• Among the oscillators the weekly MACD remain in strong up trend and is seen diverging from its nine periods average thus validates positive bias.

Disclaimer:

Disclaimer:

These stocks provided above are taken from the brokerage report of ICICI Direct which lists them as its momentum picks. 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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Bajaj Allianz General Insurance partners with TropoGo for drone insurance

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Bajaj Allianz General Insurance on Thursday announced its partnership with deep-tech startup TropoGo for the distribution of a drone Insurance product.

“The drone insurance product will cover damage to the Drone and Payload it carries, Third Party Liability along with additional covers for BVLOS (Beyond Visual Line of Sight) Endorsement and Night Flying Endorsement,” it said in a statement.

Drone owners and drone manufacturing companies can avail an annual third-party and comprehensive coverage for accidental damage, theft, and disappearance, it said, adding that users can opt for additional endorsements for night flying, BVLOS, payload and data loss liability. Companies can also avail customised insurance coverage for fleet requirements.

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Star Housing expects 10-15% of business from semi urban locations in next three years, BFSI News, ET BFSI

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NEW DELHI: Star Housing Finance expects to garner 10-15 per cent of its business through its newly launched customised products for the semi-urban population over the next three years, tapping on the reverse migration post the COVID-19 pandemic.

There has been an uptick in demand fueled by the migration from small hamlets to semi-urban areas and reverse migration from cities to these locations, Star Housing Finance (Star HFL) said in a release.

It has been estimated that approximately 60-75 million (6-7.5 crore) individuals have migrated back to their natives during the pandemic and out of these, at least 25 per cent continue to start their life cycle from their respective origins, it added.

“This has augured well for the housing sector as it has contributed to an incremental demand of 4-5 million units (40-50 lakh),” Star HFL said.

Ashish Jain, MD of Star HFL, said the company has come up with specific home loan products after exhaustive research by its ground staff.

“We are probably the first housing finance company in India to offer customised rural centric home loan products, specifically catering to the demand of reverse migrated population and the small-time self-employed individuals.

“Our differentiated offering aims to provide a fresh outlook while addressing the real issues faced by households in rural areas, which has predominantly noticed only plain vanilla housing loan products,” he said.

Star HFL expects a minimum of 10-15 per cent of business through these loans and accordingly sees providing housing finance assistance to more than 1,000 families through these products over the next 36 months, Jain said.

The company has launched five products under its ‘Star Gram Griha Loans’ umbrella.

It will offer customised loans for construction of a pucca roof, construction of additional floor, business purpose construction for self-employed individuals, and financing for construction for toilets in an existing structure.

The rural and semi-urban focussed Star HFL is present across Maharashtra, Madhya Pradesh, Gujarat, Rajasthan and Tamil Nadu.



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Paytm up 17%, Central Bank, IOB gain from selloff hopes, BFSI News, ET BFSI

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Mumbai: Indian Overseas Bank and Central Bank were among the top gainers in the stock exchanges on Wednesday after investors speculated that these might be the two banks lined up by the government for divestment. Meanwhile, Paytm shares continued on their road to recovery, gaining 17% on Wednesday to end at Rs 1,753, but still remain 18% below their issue price of Rs 2,150. This was despite the broader sensex falling 323 points to 58,341.

The government on Tuesday released the list of bills that it will seek to pass in the winter session of Parliament. Among them is the Banking Laws (Amendment) Bill 2021. This bill describes the need for amendments in the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 and 1980. In addition to this, there are some amendments needed in the Banking Regulation Act, 1949.

The privatisation of two public sector banks was announced in the Union Budget for 2021-22 by finance minister Nirmala Sitharaman. The banks’ disinvestment, along with that of the Life Insurance Corporation of India, was expected to fetch Rs 1.75 lakh crore for the government.

Shares of Indian Overseas Bank opened at Rs 22 and touched the day’s high of Rs 23.8 before closing 13% higher at Rs 22.5. At the current price, the bank’s market capitalisation is Rs 42,436 crore. Shares of Central Bank opened at just under Rs 23 and touched a high of Rs 23.7 before closing over 10% up at Rs 22.7. The bank currently has an mcap of Rs 19,706 crore.

Paytm shares saw reduced volatility on Wednesday on the back of what appeared to be buying interest from institutional investors. Shares had fallen 35% in the first two days of trade, but found support at lower levels later. At the current price, the payment giant is valued at nearly Rs 1.14 lakh crore — more than Nykaa (Rs 1.06 lakh crore) but still behind Zomato (Rs 1.22 lakh crore).



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Banking and finance firms on hiring spree across colleges, BFSI News, ET BFSI

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Top banking and financial services firms are on a hiring overdrive across the country’s leading undergraduate and engineering colleges and business schools on the back of growth across businesses and an increasing push for digitisation in a post-pandemic world.

Apart from jobs in finance, operations, treasury, risk, analytics, research, investment banking and corporate banking, the big focus this year is on technology roles, a post-covid phenomenon where organisations in the BFS space have begun placing much greater emphasis on the need to scale up their digital offerings.

Axis Bank plans to bring in 50% more campus hires than last year; Goldman Sachs’ India campus hiring for 2022 will increase by 27% with over 1,900 hires, including interns; for JP Morgan, the campus intake will go up by 23% for full-time analysts and 38% for interns. Others including Citi, Deutsche Bank and Mastercard are hiring aggressively as well, especially for digital skills.

“For 2022, our campus hires will increase by 43%, 24% and 6% across graduate colleges, engineering colleges and business schools, respectively. This is reflective of our growth across businesses and the availability of world-class talent in India,” says Deepika Banerjee, co-head of Goldman Sachs Services. A key element of the firm’s campus hiring strategy in India is to onboard talent through internship.

For JP Morgan, campus recruitment contributes significantly in meeting increased hiring numbers by bringing in entry-talent talent. “The increase this year is fuelled by growth in hiring requirement across all lines of businesses and primarily for technology and techno-functional roles,” said Gaurav Ahluwalia, head of HR, India Corporate Centers, JP Morgan.

“Citi is committed to staying ahead of digital transformation across geographies and our institutional and corporate banking businesses in India. Talent from India is key to supporting these focus areas,” says Aditya Mittal, interim CHRO for Citi India.

With India having cemented its status as a global technology hub, an additional factor driving the demand for talent is the continued flow of work from global corporations into their global service centres in India, says Madhavi Lall, head HR, Deutsche Bank India. They expect to onboard a few hundred graduates and interns from the class of 2022 from across target institutes.

“We are actively hiring for digital skills, which constitutes the majority of our intake, and we are seeing a fair level of competition for talent in this space,” adds Lall.

The intense competition for talent in this space is not just pushing up salaries, but most firms are adding new campuses this year to the existing ones to expand their hiring pipeline.

Axis Bank has added campuses both in its MBA and engineering hiring programmes as the acceleration of its digital agenda and the strategic transformation of the organisation have also been an impetus. “This year, we are doubling down and increasing our hiring. As we rebound from the pandemic, business demand for talent has increased across both core and new age skills,” says head-HR Rajkamal Vempati.

In the coming year, Mastercard plans to hire around 500 graduates from the batch of 2022 under the Launchers program to fill roles in software development engineering, data engineering, analytics consulting, artificial intelligence and other areas. Campuses such as IIM Ahmedabad are seeing a surge in the number of companies. During the recent summer placements, there was an uptick of 27% in the number of companies that offer investment banking, market research and asset & wealth management roles compared to last year, said Ankur Sinha, chairperson of the placement committee.



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Scripbox announces wealth management services tailored to defence personnel

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Scripbox, a digital wealth management platform in India on Thursday announced the launch of Jai Hind, wealth management services exclusively for the country’s defence personnel.

The wealth management services are tailored to the needs and aspirations of India’s defence personnel. As a token of gratitude in recognition of their service to the nation, the company is offering curated wealth management plans that will help them “to be financially savvy and future ready,” it said in a statement.

Scripbox will leverage its technology-led financial services to equip defence personnel with customised financial plans along with a personalised investing experience with advisors at hand.

“Traditionally, defence personnel have been more inclined to invest in financial products that may not be the most beneficial for incremental growth,” said Atul Shinghal, Founder & CEO of Scripbox.

“Defence personnel who may be retiring at different ages given their service tenures, would value tremendously by creating a financial plan to help meet goals at different life stages, such as children’s education, buying a home, holidays, building an emergency corpus and retiring confident,” said Shinghal.

Scripbox is introducing three customised plans for defence personnel – Beyond Pension, Retire Better and Retirement Shield.

“Beyond Pension will allow them to make small investments today that can help generate a second income equivalent to the estimated pension after retirement,” it explained.

Retire Better will help active defence personnel get to a corpus of ₹50 lakh to ₹1 crore or before they retire by investing small amounts while in service.

“Retirement Shield is meant for retired defence personnel or those who are about to retire to get more out of their retirement funds,” it said.

“On retirement, defence personnel receive an accumulated corpus that can be strategically invested for a worry-free retirement. Under this plan, Scripbox offers one to one support for goal planning and portfolio management that takes into account liquidity requirements,” it further explained.

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‘Buy’ This Apparel Stock For 27% Upside In 1 Year: ICICI Direct Recommends

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Target Price

The Current Market Price (CMP) of TCNS Clothing is Rs. 885 The brokerage firm, ICICI Direct has estimated a Target Price for the stock at Rs. 1120. Hence the stock is expected to give a 27% return, in a Target Period of 1 year.

Stock Outlook
Current Market Price (CMP) Rs. 885
Target Price Rs. 1120
1 year returns 27.00%

Company performance

Company performance

Revenue recovery rate improved gradually to ~75% of pre-Covid levels in Q2FY22. Festive season witnessed a healthy 100% revenue recovery rate. On the new product launches, the footwear range has seen strong traction and is already contributing ~10% in selected ‘W’ stores. Undertaking category expansion (beyond its core ethnic wear) in a bid to tap opportunities across non-apparel categories. Foraying into make-up, color cosmetics under the brand ‘Aurelia’. Over the longer term, the management aspires to achieve 20-25% contribution from the non-apparel segment.

Comments by ICICI Direct

Comments by ICICI Direct

Maintaining the BUY recommendation on the stock, ICICI Direct said, the key trigger for future performance is “Healthy store addition pipeline for FY22 with the opening of 60+ new stores on a net basis (40+ stores already signed).” The brokerage firm added, “Since our initiation report, the stock price has appreciated ~2.2x (from Rs. 400 in April 2020 to Rs. 885 in November 2021).”

About the company

About the company

TCNS Clothing is premium apparel, occasion wear brand, and footwear company, and their brands are W, Aurelia, and Wishful. These brands are significant players in the Indian apparel business.

Disclaimer

Disclaimer

The above stock was picked from the brokerage report of ICICI Direct. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution. Greynium Information Technologies, the author, and the brokerage house are not liable for any losses caused as a result of decisions based on the article.



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Explainer: Digital currency vs cryptos – how are they different?

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The Centre’s plans to ban cryptocurrencies but introduce an official, digital currency. There is some confusion on the differences between the two – there are at least six key variances between official digital currency and cryptocurrency. While all cryptocurrencies could be considered digital currencies, not all digital currencies need to be official sovereign backed currencies. For instance, the virtual currency used in say, an online game, is also a form of digital currency, not backed by a central bank but governed by the game creators. Apart from that, the other key differences are: 

Issuing authority 

Offical digital currencies are issued by the central banks of a nation-state that oversees the banking system in that country. For instance, in India, like regular fiat currency, it will be the Reserve Bank of India that will issue digital currency, when mandated by the government. Similarly, in the US, it will be the Federal Reserve. However, in the case of cryptocurrency, there is no single issuing authority. Cryptocurrencies are usually developed by teams as a piece of code used for issuance through ‘mining’. Creation, as well as use, is maintained through a distributed ledger. They transmit value across a decentralised network of users. Thus while digital currencies are centralised, cryptocurrencies are de-centralised. 

Encryption and underlying tech 

There is little encryption that happens in official digital currency and no special cybersecurity measures. Anyone with a regular online bank account, for instance, can store and use digital currencies. Think of this as a form of e-cash. However, blockchain is the underlying technology used in most cryptocurrencies and, usually, these are stored in ‘wallets’ with a high degree of cyber security. 

While it is true that some of the crypto wallets have been hacked, generally the degree of cyber protective measures taken beforehand are more in the case of cryptocurrencies. 

Stability and fluctuation 

While official digital currencies are largely stable in value and thus easy to own and use in the global market, cryptocurrencies can wildly swing in value. In a single day, the price of a unit of cryptocurrency can vary as much as 50 to 70 per cent. Thus, fiat digital currencies provide more stability, while cryptocurrencies are known for their high degree of volatility and consequent risk. 

Transparency 

One key area where cryptos score is transparency. In this case, the entire history of transactions between two parties can be seen as it is done on blockchain and is immutable (cannot be changed). However, in the case of central bank-issued digital currency, it is the centralised issuing authority that decides how much information it wants to share. The receiver or sender of digital currency will receive information only related to that transaction. 

Cost of transaction 

In the case of digital currency, the issuing authority or the centralised controller can levy transaction fees each time the currency is debited or credited. The blockchain technology used in cryptocurrencies ensures that such expenses are minimised as there is no commission for third parties. This is especially useful when cryptocurrency is used to buy or sell, high-value assets. 

Legal framework 

In most countries, there is some kind of legal framework and protection around official digital currencies. However, when it comes to cryptocurrencies, that is not the case; in several parts of the world, it is still a grey area. Except for El Salvador, which decided to use Bitcoin (currently the most popular cryptocurrency) as legal tender, cryptocurrencies are in unchartered territory with their legal status not clearly defined. 

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PCHFL and API Holdings partner for financing solutions in healthcare

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Piramal Capital and Housing Finance Limited (PCHFL) has partnered with API Holdings through its digital platform Retailio to provide financing solutions to consumers, retailers and merchants in the API Holdings’ healthcare ecosystem.

Retailio is the country’s largest digital B2B healthcare platform.

Under this partnership, PCHFL has earmarked an initial amount of ₹100 crore for disbursement by March 2022, it said in a statement on Thursday, adding that the amount could be increased based on the initial market response.

BNPL solution

Further, PCHFL will provide solutions like Buy Now Pay Later (BNPL) for consumers and merchants, multi-collateral loans for retailers, supply chain financing, hospital financing, invoice discounting, among others.

Jairam Sridharan, Managing Director, PCHFL said, “This partnership is in is line with our strategy of expanding our retail portfolio through a mix of collaboration-led origination model and leveraging our distinguished digital lending capabilities. We look forward to a profitable and long-term partnership with API Holdings.”

With the acquisition of DHFL, PCHFL has become one of the leading players in the retail lending segment with access to over 10 lakh customers, presence in 24 States with a network of over 300 branches.

Also read: After DHFL buy, focus is now on implementation: Ajay Piramal

“By bringing together our potential synergies, we aim to provide capital to the underserved SME and MSME segment that would in-turn help fuel growth for these businesses,” said Harsh Parekh, Whole-time Director and Co-founder, API Holdings said.

API Holdings also has presence in Thyrocare and Akanamed, and through its subsidiary, owns the PharmEasy brand along with the proprietary technology platform which powers the PharmEasy marketplace

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“BUY” This Maharatna Stock With A Target Price of Rs. 220 Says ICICI Direct

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Q2FY22 results of Power Grid

According to the brokerage the company’s “Reported revenues came in at Rs 9929.2 crore vs. our estimate of Rs 10028.5 crore, implying growth of 9.6% YoY. However, transmission segment revenues came in at Rs 9679.6 crore, up 7% However, PAT came in at Rs 3338.7 crore, below our estimate of Rs 3471.9 crore as reported other income fell short of our expectations. Power Grid has also shown capitalisation of Rs 13275 crore in H1FY22 with CAPEX of Rs 3685 crore.”

ICICI Direct claims that “PowerGrid reported an in line set of Q2FY22 revenues. As per our expectations, growth rates in the transmission business have settled in the single-digit domain given peak of transmission CAPEX is behind us.”

For future price performance, the brokerage has also placed a key trigger on the stock by saying that “Higher than expected IRRs in the competitively bid tariff based competitive bids projects can rerate the stock. Diversification into smart metering and T&D infrastructure business.”

Key takeaways of recent quarter & conference call highlights according to ICICI Direct

Key takeaways of recent quarter & conference call highlights according to ICICI Direct

  • The company capitalised assets to the tune of Rs 7633 crore and Rs 13275 crore as on Q2FY22 and H1FY22 basis, respectively. The capitalisation target for FY23E is expected at Rs 12000-15000 crore.
  • The CAPEX incurred during H1FY22 was at Rs 3695 crore on a standalone basis. For FY22, the company expects a CAPEX of Rs 7500 crore. For FY23E, the CAPEX will be in the range of Rs 7500-10000 crore. The company till YTD has done 60% of the yearly capex target.
  • Gross block as of Q2FY22 was at Rs 243647 crore while debt was at Rs 135012 crore.
  • Total business opportunity was at Rs 26500 crore worth of projects, which will come up for bidding.
  • Overdue >45 days were at Rs 2705 crore vs. Rs 6145 crore in Q1YF21.
  • Standalone and consolidated CWIP were at Rs 11195 crore and ~Rs 15000 crore, respectively.
  • For FY23, the company expects Rs 7000-7500 crore worth of TBCB projects to be transferred to InVIT whereas the same will be Rs 15000 crore by FY24- 25 each.
  • The company plans to foray into the smart metering infra business where it will invest in the smart meter asset development business as floated by the respective state utility. Power Grid aspires to be present across the value chain wherein the company will set up the required infra and manage the O&M business as well. Power Grid plans to invest Rs 10000-12000 crore over the next four years. On the other hand, the company plans to foray into improving state T&D infra and invest another Rs 10000-12000 crore over the next four years.
  • The company has floated a separate telecom subsidiary wherein it will foray into the data centre business by leveraging on the land bank available at various substations.

Buy Power Grid With A Target Price of Rs. 220

Buy Power Grid With A Target Price of Rs. 220

ICICI Direct has claimed in its research report that “Within the power sector, Power Grid has been a steady performer due to strong asset addition in FY16-20. Now with relatively small size of renewable projects growth rate will taper down for the stock, which will be cushioned by a decent dividend yield. Maintain BUY rating on the stock. We value the stock at Rs. 220 i.e. 1.9x FY23E book value.”

Disclaimer

Disclaimer

The stock has been picked from the brokerage report of ICICI Direct Limited. 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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