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On the previous day, the company via an exchange filing informed that the meeting of the Board of Directors of the Company is scheduled on 29/11/2021 ,inter alia, to consider and approve payment of Interim Dividend for 2021-22, if any. The Company has fixed Tuesday, 7th December’21 as the ‘Record Date’ for the purpose of payment of Interim Dividend on Equity Shares for Financial Year 2021-22, if declared by the Board.
Missing estimates, the largest coal producing company of India-Coal India for the second quarter of the Fy 22 has logged a consolidate PAT of Rs. 2933 crore, a 1 percent decline in comparison to Rs. 2952 crore logged in the same quarter a year ago. Revenue from operation on a consolidated basis however declined sequentially while gained YoY to Rs. 23,291 crore.
CLSA -the global research firm has maintained ‘Buy’ call on the stock with a target price of Rs. 210 per share, which is an upside of 32 percent from the last traded price of Rs. 159.1.
“The Q2 earnings before interest, tax, depreciation and amortisation (EBITDA) were below estimates on higher costs and lower realisations but EBITDA ex-OBR (0ver burden removal) fell 5 percent QoQ to Rs 272 a tonne. Receivables fell to Rs 14,900 crore”, says the global brokerage firm.
Likewise, leading domestic brokerage firm ICICI Securities retains it “buy” rating on the scrip with a target price of Rs 234. The brokerage views offtake volume estimates for FY22E / FY23E at 625mnte/655mnte, respectively. “We expect dividend payout to be high, leading to a 12 percent yield at current prices, as incremental capex in diversified segments is expected to be funded primarily by debt,” it said.
Citi on the scrip of Coal India has a ‘neutral’ rating, simultaneously it has lowered the target price to Rs. 160 from Rs. 185 per share. The Q2 e-auction premiums were muted, lacking visibility on catalysts, however, further upsides could be limited as domestic coal supply improves.With ESG concerns, a significant re-rating may not be easy, the research firm said.
| Brokerage | Rating on the Coal India scrip | Target price | Potential upside |
|---|---|---|---|
| CLSA | Buy | Rs. 210 | 32% |
| ICICI Securities | Buy | Rs. 234 | 47% |
| Citi | Neutral | Rs. 160 (Reduced from earlier Rs. 185 price target |
Buy call for the above mentioned scrip is being given by few of the brokerages.Readers should not construe it to be an investment advice in the listed scrip. 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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It is hereby notified for information of the public that in exercise of powers vested in it under sub section (1) of Section 35 A of the Banking Regulation Act, 1949, read with Section 56 of the Banking Regulation Act, 1949, the Reserve Bank of India (RBI) vide Directive Ref. No. DOS.CO.NSUCBs-West/D-3/S2050/12-07-005/2021-22 dated November 24,2021, has issued certain Directions to Malkapur Urban Co-operative Bank Ltd., Buldhana, whereby, as from the close of business on November 24,2021, the bank shall not, without prior approval of RBI in writing grant or renew any loans and advances, make any investment, incur any liability including borrowal of funds and acceptance of fresh deposits, disburse or agree to disburse any payment whether in discharge of its liabilities and obligations or otherwise, enter into any compromise or arrangement and sell, transfer or otherwise dispose of any of its properties or assets except as notified in the RBI Direction dated November 24,2021, a copy of which is displayed on the bank’s premises for perusal by interested members of the public. In particular, a sum not exceeding ₹10,000 (Rupees Ten Thousand only) of the total balance across all savings bank or current accounts or any other account of a depositor, may be allowed to be withdrawn subject to the conditions stated in the above RBI Directions. The issue of the above Directions by the RBI should not per se be construed as cancellation of banking license by RBI. The bank will continue to undertake banking business with restrictions till its financial position improves. The Reserve Bank may consider modifications of these Directions depending upon circumstances. These Directions shall remain in force for a period of six months from the close of business on November 24, 2021 and are subject to review. (Yogesh Dayal) Press Release: 2021-2022/1247 |
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Prices of top cryptocurrencies, including Bitcoin, Ethereum, USDT, Shiba Inu, Dogecoin and Sandbox, crashed on Indian crypto exchanges on Wednesday as investors panicked after the government moved a Bill seeking to prohibit private cryptocurrencies while allowing certain exceptions to promote the underlying technology.
The cryptocurrencies were trading 15-20 per cent lower in the morning hours after which crypto exchanges rushed to calm investor frenzy over social media, asking them to hold on to their assets until the details of the proposed law become public. As of 5:25 pm, on Wednesday, while a few cryptocurrencies recovered, several top tokens continued to trade in red. Bitcoin’s price was still down by 8.3 per cent, Tether or USDT’s was trading lower by 8.77 per cent, Shiba Inu plunged 14.85 per cent and Ethereum was down by 5.4 per cent, according to data on WazirX.
Also read: Government moves to ban all private cryptos
But crypto exchanges said the proposed Bill may not ban cryptocurrencies altogether. Nischal Shetty, Founder, WazirX told BusinessLine, “While the description of the draft Bill appears to be the same as in January 2021, several noteworthy events have occurred since January. The understanding and knowledge around crypto today is far greater than it was until a few months ago. This is what gives me the hope that we’ll soon be able to classify crypto into currency, asset, utility or security. As an industry, we’re in sync with the fact that INR is the only legal tender in India, and crypto being an asset/utility which people buy and sell.”
Ashish Singhal, Founder and CEO, CoinSwitch Kuber, said investors should calm down and take investment decisions without relying on secondary source of information. “Our discussions with stakeholders over the last few weeks indicate that there is a broad agreement on ensuring users are protected, financial system stability is reinforced and India is able to take advantage of the crypto technology revolution.”
According to an industry source, the proposed law may bring in investment caps to protect small investors. Another source said that existing investors will be given time to exit if there was a ban. The government did not shed any light on the provisions of the Bill which added to investor confusion, leading many to sell at a loss. “I had invested ₹5,000 last year which had grown to ₹16,000 but I sold it today after I read about the proposed Bill,” said Sumit Manikchand from Mumbai.
Others like 26-year-old retail investor Viraj Sheth, Co-founder and CEO Monk Entertainment, bought more. “People start selling when prices start dropping by 15-17 per cent, thinking it would tank further. But it has already started recovering. It’s up by 7 per cent or more. I have actually bought more Ethereum, Bitcoin and Matic in the morning today. I am okay to hold it for 10 years. And just in case its value goes down to zero tomorrow, it is still okay as it is only 20 per cent of my wealth. My bet truly is on the exponential return it will possibly give me if it does not go down to zero,” Sheth told BusinessLine.
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The Reserve Bank of India, vide directive DCBS.CO.BSD-I/D-16/12.22.474/2018-19 dated June 21, 2019, had placed Shri Anand Co-operative Bank Limited, Chinchwad, Pune, Maharashtra under Directions from the close of business on June 25, 2019 for a period of six months. The validity of the directions was extended from time-to-time, the last being up to November 24, 2021. It is hereby notified for the information of the public that, the Reserve Bank of India, in exercise of powers vested in it under sub-section (1) of Section 35 A read with Section 56 of the Banking Regulation Act, 1949, hereby directs that the aforesaid Directions shall continue to apply to the bank till February 24, 2022 as per the directive DOR.MON.D-48/12.22.474/2021-22 dated November 24, 2021, subject to review. All other terms and conditions of the Directives under reference shall remain unchanged. A copy of the directive dated November 24, 2021 notifying the above extension is displayed at the bank’s premises for the perusal of public. The aforesaid extension and /or modification by the Reserve Bank of India should not per-se be construed to imply that Reserve Bank of India is satisfied with the financial position of the bank. (Yogesh Dayal) Press Release: 2021-2022/1246 |
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