Pre-bid Meeting – Supply, Installation, Testing & Commissioning of 12V, 120Ah & 200Ah SMF batteries having FR/FL casing for 2 sets of 2×120 KVA UPS system at Central Office Building, RBI Mumbai

Tenders

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A pre-bid meet for the captioned tender was conducted at 11:30 hrs on November 10, 2021 at Premises Department as per the schedule of tender in order to clarify the doubts in respect of terms and conditions of the tender.

The following were present at the meeting along with the undersigned:

1. Shri. Ashutosh Singh (AGM)

2.  Shri. Sunil Sahare (AGM)

3.  Rashmi Gehani (Manager, COBM)

4.  Santosh Katarnavare (AM)

5.  Subhash Pawar (AM)

6.  Arundhati Shinde (Asst)

7.  Bhavna Yadav, M/s Weartech Engineers Pvt. Ltd.

8. Chintan Patel, M/s Activolt Tech Solutions Pvt. Ltd.

9.  Rahul Kulkarni, M/s Activolt Tech Solutions Pvt. Ltd.

Shri Ashutosh Singh, AGM explained in detail the scope of work to all the participants. The participants were informed that the eligibility criteria is minimum 5 years of experience in this field. They were also explained in detail that there would be no relaxation in the EMD amount to be paid by the vendors. The requirement that the batteries supplied should have FR/FL casing was also discussed.

Few queries regarding the mode of payment of EMD, submission time limit were answered satisfactorily by the team COBM cell.

The bidders were also advised to contact us in case of any doubts regarding the filing of quotation.

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PM Modi, BFSI News, ET BFSI

Banking & Finance

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Underlining the reforms made by the Centre to improve the financial health of banks, Prime Minister Narendra Modi on Thursday said the banking sector of India is currently in a major milestone phase that can give a great push to the country’s economy.

Addressing the concluding session of the conference on “Creating Synergies for Seamless Credit Flow and Economic Growth” Prime Minister Modi said, “The reforms made by the government in the banking sector in the last 6-7 years led the banking sector of the country towards a very strong position today. The financial health of banks is now in a much-improved condition. We brought reforms like IBC, reformed many laws, empowered Debt recovery tribunal.”

He said a dedicated Stressed Asset Management Vertical was also formed in the country during the COVID period.

“We have found ways to solve problems and challenges that were there before 2014. We addressed the problem of Non-Performing Assets (NPA). We recapitalized the banks and increased their strength. Today the capacity of the banks of India has increased so much that they can play a great role in giving new energy and a great push to the economy of the country and making it self-reliant. I consider this phase as a major milestone in the banking sector of India,” he added.

The Prime Minister further said banks should adopt the model of partnership leaving the traditional approver-applicant system.

The two-day conference is being organised by the Ministry of Finance from November 17. The conference has been attended by top officials from Ministries, Banks, Financial institutions and Industry representatives. (ANI)



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BoM opens 2,000th branch at Tirumala

Banking & Finance

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Bank of Maharashtra (BoM) on Thursday opened its 2,000th branch at the temple town of Tirumala in Andhra Pradesh.

Hemant Tamta, Executive Director, BoM, said the milestone branch at the hill town will extend new-age banking convenience to a diverse customer base.

BoM’s branch in Tirumala, where the shrine of Sri Venkateswara Swamy is located, was inaugurated by AV Dharma Reddy, Additional Executive Officer, Tirupati Tirumala Devasthanams (TTD).

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Reserve Bank of India – Press Releases

Press Releases

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Auction Results 6.10% GS 2031 GOI FRB 2034 New GS 2061
I. Notified Amount ₹13000 Crore ₹4000 Crore ₹7000 Crore
II. Underwriting Notified Amount ₹13000 Crore ₹4000 Crore ₹7000 Crore
III. Competitive Bids Received      
(i) Number 233 87 126
(ii) Amount ₹33995 Crore ₹12866 Crore ₹22893 Crore
IV. Cut-off price / Yield 98.25 99.25
(YTM: 6.3441%) (YTM: 4.8827%) 6.95%
V. Competitive Bids Accepted      
(i) Number 62 24 16
(ii) Amount ₹12999.243 Crore ₹3999.917 Crore ₹6988.481 Crore
VI. Partial Allotment Percentage of Competitive Bids 93.94% 47.61% 59.28%
(21 Bids) (8 Bids) (15 Bids)
VII. Weighted Average Price/Yield 98.25 99.25 100.07
(WAY: 6.3441%) (WAY: 4.8827%) (WAY: 6.9450%)
VIII. Non-Competitive Bids Received      
(i) Number 2 2 6
(ii) Amount ₹0.757 Crore ₹0.083 Crore ₹11.519 Crore
IX. Non-Competitive Bids Accepted      
(i) Number 2 2 6
(ii) Amount ₹0.757 Crore ₹0.083 Crore ₹11.519 Crore
(iii) Partial Allotment Percentage 100% (0 Bids) 100% (0 Bids) 100% (0 Bids)
X. Amount of Underwriting accepted from primary dealers ₹13000 Crore ₹4000 Crore ₹7000 Crore
XI. Devolvement on Primary Dealers 0 0 0

Ajit Prasad           
Director (Communications)

Press Release: 2021-2022/1222

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Buy Ador Welding With Upside Potential Up to 26%: ICICI Direct

Personal Finance

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Ador Welding: Q2FY22 Results

AWL announced positive performance during the second quarter of fiscal year 22.

  • Revenues totaled Rs 159.5 crore, growing 66.2 percent year over year and surpassing pre-Covid levels.
  • EBITDA increased to Rs 13 crore (from Rs 4.8 crore in Q2FY21), owing to lower losses in the flares and process equipment sector.
  • As a result, adjusted PAT came in at Rs 9.6 crore.

Target Price and Valuation

“Going forward, better consumables volumes, rebound in equipment sales and projects business turnaround to drive growth, profitability. Considering strong growth outlook, margin revival, we maintain BUY rating Target Price and Valuation: We value AWL at Rs 945 i.e. 23x P/E on FY23E EPS,” the brokerage has said.

Key triggers for future price performance

Key triggers for future price performance

  • To regain growth and increase profitability, AWL intends to focus on core welding business, decrease legacy expenses, and streamline project operations.
  • Domestic welding and automation companies will focus on cost rationalization, enhancing advanced product portfolio, improving strike ratio of order wins, and optimizing product mix to improve margins and realisations.
  • Overall, we anticipate a 20.8 percent sales CAGR in FY21-23E, with margins returning to 12 percent.

Alternate Stock Idea

Apart from AWL, Esab India is a stock that the brokerage believes in.

New technologically advanced new product launches, as well as services and exports, will drive long-term growth in the future. It suggested a BUY with a target price of Rs 2850.

Outlook

Overall, an improved long-term demand prognosis for consumables and equipment, owing to predicted solid infrastructure spending and a focus on increasing local manufacturing. In the long run, margin gains can be achieved by focusing on the best product mix, value added items, technology advancements, and increased operating leverage.

Disclaimer

Disclaimer

The above stock was picked from the brokerage report of ICICI Securities. 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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Reserve Bank of India – Press Releases

Press Releases

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    6.10% GS 2031 GOI FRB 2034 New GS 2061
I. Notified Amount ₹13,000 cr ₹4,000 cr ₹7,000 cr
II. Cut off Price / Implicit Yield at cut-off 98.25/6.3441% 99.25/4.8827% 6.9500%
III. Amount accepted in the auction ₹13,000 cr ₹4,000 cr ₹7,000 cr
IV. Devolvement on Primary Dealers Nil Nil Nil

Ajit Prasad           
Director (Communications)

Press Release: 2021-2022/1221

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The Do’s & Don’ts of Annual Information Statement (AIS) For Taxpayers

Personal Finance

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Taxes

oi-Vipul Das

|

The Income Tax Department has recently rolled out the new Annual Information Statement (AIS) on its compliance Portal which provides a comprehensive view of information to a taxpayer with a facility to capture online feedback. The new AIS includes additional information relating to interest, dividend, securities transactions, mutual fund transactions, foreign remittance information, etc. As a result, the Income Tax Department has issued some dos and don’ts for the convenience of taxpayers. Through a Tweet, the department has reported that “Caveat! There are some Do’s & Don’ts which the taxpayer must follow to have a seamless experience in the AIS utility.”

The Do’s & Don'ts of Annual Information Statement (AIS) For Taxpayers

Do’s

  • Use the latest version of the AIS utility.
  • Give feedback on the information displayed in AIS.
  • Check your TIS to confirm the values used for pre-filing of return.
  • View your AIS regularly.
  • Use the AIS utility to view AIS and provide feedback if the transactions count is high.

Don’ts

  • Don’t use the old version of AIS JSON for preparing feedback through utility.
  • Don’t provide incorrect feedback on the AIS information.
  • Don’t share your e-filing credentials with anyone.

The new AIS can be accessed by clicking on the link “Annual Information Statement (AIS)” under the “Services” tab on the new Income tax e-filing portal (https://www.incometax.gov.in).

A new facility has been made available for the taxpayer to offer online feedback if they believe the information is erroneous, or pertains to some other person/year, or is duplicate. For the same, the Income Tax Department through a recent Tweet has said that “Types of Feedback: Taxpayers may give feedback on the accuracy of the info displayed, modify information value & also give customized feedback on an info category. Click on link ‘AIS’ under ‘Services’ tab on http://incometax.gov.in.”

To know more in brief about the new AIS and if want to know how to access it on the e-Filing portal, then please click here.

Story first published: Thursday, November 18, 2021, 15:44 [IST]



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Democracies need to work together for safe cryptocurrency operations: PM

Banking & Finance

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Prime Minister Narendra Modi has called for global cooperation in ensuring that cryptocurrencies do not end up in the wrong hands.

The Prime Minister, speaking at the Sydney Dialogue on Thursday, also outlined five digital transitions taking place in India in the areas of public information infrastructure, digital identity, broadband connections, clean energy and telecom technology.

“It is important that all democratic nations work together on this (cryptocurrencies including bitcoins) and ensure it does not end up in wrong hands, which can spoil our youth,” Modi said. In India, we have created a robust framework of data protection, privacy and security, he added.

Also read: Crypto investments gaining currency

“India’s IT talent helped to create the global digital economy. It helped cope with the Y2K problem. It has contributed to the evolution of technologies and services we use in our daily lives,” the Prime Minister said.

Outlining India’s digital capabilities, Modi pointed out that there were five important transitions taking place in India. “One, we are building the world’s most extensive public information infrastructure. Over 1.3 billion Indians have a unique digital identity. We are on our way to connect six hundred thousand villages with broadband,” the Prime Minister said.

India’s industry and services sectors, even agriculture, are undergoing massive digital transformation. “We are also using digital technology for clean energy transition, conservation of resources and protection of biodiversity,” he pointed out.

Also read: RBI may pilot digital currency in Q1 of FY23

The country is also investing in developing indigenous capabilities in telecom technology such as 5G and 6G, Modi said. The Sydney Dialogue is an annual summit of cyber and critical technologies, initiated by the Australian Strategic Policy Institute, to discuss the impact of digital technologies on the world.

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Disprz raises $13 mn from Dallas Venture Capital, others

Banking & Finance

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Enterprise skilling start-up Disprz on Thursday said it has raised $13 million (about ₹96.4 crore) in funding, led by Dallas Venture Capital and Mars Growth Capital.

The Series-B round also saw participation from existing investors – Go1, Tara India Fund IV being managed by KOIS, Auctus Capital (Family office of Vikas Phadnis, Co-Founder of Eurokids) and Kae Capital, a statement said.

Disprz will use this investment further to scale up product and engineering teams, establish a sales and marketing division in the US, expand its existing presence in South East Asia and Middle East markets, and invest in building industry-specific product solutions, it added.

Founded in 2015 by Subramanian Viswanathan and Kuljit Chadha, Disprz is an AI-powered learning and skilling suite that empowers companies to right-skill their workforce to win in a digital-first world. The company now serves over 1.2 million users.

“We are excited to welcome Dallas Venture Capital into the mission of Disprz. DVC’s founding teams are former founders who have scaled and exited start-ups and their understanding of the SaaS space, coupled with their strong network in the US, make them a perfect partner for Disprz, as we look to establish ourselves in developed markets, particularly the US,” Disprz CEO Subramanian Viswanathan said.

Customer base

With over 225 employees and over 200 customers, including Wellness Forever, More Retail, Times Internet, Motilal Oswal Financial Services, Godrej Storage Solutions, Hindustan Coca Cola Beverages, KBZ MS General Insurance, Oman Oil, AIA Group and others.

“We are going deep into sectors such as banking, insurance, fin-tech, e-commerce and high-tech, where we have now developed deep expertise on skill recognition, skill measurement and skill impact. We aim to strengthen the efficient backbone of the brands that touch our daily lives.

“We already do this in India and emerging APACs and we expect to replicate this in major global economies,” Disprz co-founder and COO Kuljit Chadha said.

Disprz said it has consistently doubled in revenue year-on-year, and calendar year 2021 has seen them grow by 150 per cent. By 2025, the start-up aims to achieve the vision of reaching a topline of $100 million across the globe.

Unitus Capital acted as the financial advisor to the company for this transaction.

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CBDT Issues Refunds of Over Rs. 1,19,093 Cr: Here’s How To Check Refund Status

Personal Finance

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Taxes

oi-Vipul Das

|

From April 1, 2021 to November 15, 2021, the Central Board of Direct Taxes (CBDT) granted refunds of over Rs. 1,19,093 crore to more than 1.02 crore taxpayers, according to the Income Tax Department of India. In 1,00,42,619 cases, income tax refunds of Rs. 38,034 crore were provided, while corporate tax refunds of Rs. 81,059 crore were provided in 1,80,407 cases. This includes 67.99 lakh refunds of AY 2021-22 amounting to Rs. 13,140.94 crore, the Income Tax Department has reported through a Tweet.

CBDT Issues Refunds of Over Rs. 1,19,093 Cr: Here’s How To Check Refund Status

The above announcement clearly states that it is the right time for the taxpayers to check their income tax refund status. For the same they can visit the Tax Information Network (TIN) of the Income Tax Department portal or they can also visit the official website of the Income Tax Department.

Through TIN-NSDL portal: To check their income tax refund status through TIN-NSDL portal, taxpayers can visit https://tin.tin.nsdl.com/oltas/refund-status-pan.html and enter PAN and Assessment Year. Taxpayers should bear in mind that they can check the status of their refund 10 days after the Assessing Officer has forwarded it to the Refund Banker.

Through e-Filing portal: Taxpayers can also visit the e-Filing portal of the Income Tax Department or else they can also click here https://www.incometax.gov.in/iec/foportal and then they need to login with User ID, Password, Date of Birth / Date of Incorporation and Captcha. Then they need to head to the ‘My Account’ section and click on “Refund/Demand Status”. They will now get this message on their screen:

Assessment Year
Status
Reason (For Refund Failure if any)
Mode of Payment is displayed.

Taxpayers can also remember that CBDT had issued refunds of over Rs. 1,15,917 crore to more than 98.90 lakh taxpayers from 1st April, 2021 to 8th November, 2021. Income tax refunds of Rs. 36,000 crore have been issued in 97,12,911 cases & corporate tax refunds of Rs. 79,917 crore have been issued in 1,77,184 cases. This includes 65.31 lakh refunds of AY 2021-22 amounting to Rs. 12,616.79 crore.

Story first published: Thursday, November 18, 2021, 15:04 [IST]



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