RBI’s retail direct scheme clocks over 12,000 registrations

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The Reserve Bank of India (RBI) on Saturday said its Retail Direct Scheme (RDS) has received ‘encouraging response’, clocking over 12,000 registrations since its launch on November 12. The scheme is aimed at facilitating investment in Government Securities (G-Secs) by individual investors.

“Encouraging response to RBI Retail Direct Scheme; 12,000+ registrations as of 2.30 pm on November 13, 2021,” tweeted the central bank.

According to central bank sources, investors in Sovereign Gold Bonds (SGBs), currently estimated at around 4.50 lakh, are expected to actively invest in G-Secs via RBI-RDS, which is envisaged as a one-stop solution for retail investments in G-Secs.

New investment avenue

Retail investors can invest a minimum of ₹10,000 and in multiples thereof in Central Government Securities (CG), State Government Securities (SG) and Treasury Bills (T-Bills) using the online portal (https://rbiretaildirect.org.in) by opening a Retail Direct Gilt (RDG) account with RBI. In the case of Sovereign Gold Bond (SGB), the minimum investment unit is 1 gram. The maximum investment limit per bid specified by RBI is ₹2 crore for CG/T-Bill and 1 per cent for SG.

Raghvendra Nath, MD, Ladderup Wealth Management, said, “Indian fixed income markets have always been very shallow… From retail investors’ perspective, easy access to government securities was not available before. With the ability to buy the government securities through the RBI, retail investors shall now have the flexibility to invest from 1 year to 30-year periods in a completely risk-free environment.” Nath felt that the RBI should create a mechanism for buying back the G-Secs. If that happens, the portal will immediately attract a lot of interest.

Bond market players said Primary Dealers (PDs) are expected to provide buy-sell quotes so that retail investors can buy and sell G-Secs in the secondary market.

Madan Sabnavis, Chief Economist, CARE Ratings, emphasised the importance of creating awareness among retail investors. According to the scheme, no fee will be charged for opening and maintaining RDG account with the RBI. Payments for transactions can be made using saving bank account through internet-banking or Unified Payments Interface (UPI).

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IPO craze continues; 2 public issues to open next week for subscription, BFSI News, ET BFSI

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The current month will continue to be a busy one for the primary market, as two companies –Tarsons Products and Go Fashion (India) Ltd — are set to float their IPOs next week to collectively raise Rs 2,038 crore. The three-day IPO of life sciences firm Tarsons Products will open on November 15 and conclude on November 17, while that of Go Fashion, which owns women’s wear brand Go Colors, will open for public subscription during November 17-22.

This comes after eight firms have successfully concluded their initial public offerings (IPOs) in November so far.

These eight firms are — One 97 Communication, owner of Paytm; FSN E-Commerce Ventures, which runs online marketplace Nykaa, Policybazaar‘s parent entity PB Fintech, Fino Payments Bank, Latent View Analytics, Sapphire Foods India, SJS Enterprises and Sigachi Industries.

So far in 2021, as many as 49 companies have floated their IPOs to raise Rs 1.01 lakh crore, according to an analysis of data with exchanges.

Apart from these, PowerGrid InvIT, the infrastructure investment trust (InvIT) sponsored by the Power Grid Corporation of India, mopped-up Rs 7,735 crore through its IPO and Brookfield India Real Estate Trust raised Rs 3,800 crore via its initial share sale.

The fundraising so far this year is way higher than Rs 26,611crore collected by 15 companies through initial share-sales in the entire 2020.

Such impressive fundraising through IPOs was last seen in 2017 when firms mobilised Rs 67,147 crore through 36 initial share sales.

Individually, Tarsons Products and Go Fashion are looking to raise Rs 1,024 crore and Rs 1,014 crore, respectively, through their public listing of shares.

Tarsons Products’ initial share sale comprises fresh issuance of equity shares worth Rs 150 crore an offer for sale of 1.32 crore equity shares by promoters and an investor.

As a part of the OFS, promoters — Sanjive Sehgal will offload up to 3.9 lakh equity shares, and Rohan Sehgal will sell up to 3.1 lakh equity shares — and investor Clear Vision Investment Holdings Pte Ltd will divest up to 1.25 crore equity shares.

The IPO price band has been set at Rs 635-662 a share, and at the upper end of the price band, the public issue is expected to fetch Rs 1,024 crore.

Proceeds from the fresh issue will be utilised towards paying debt, funding a part of the capital expenditure for the new manufacturing facility at Panchla in West Bengal, and general corporate purposes.

On Friday, Tarsons Products raised Rs 306 crore from anchor investors.

Go Fashion’s IPO comprises a fresh issue of equity shares aggregating up to Rs 125 crore and an offer for sale of up to 12,878,389 equity shares by the promoter and existing shareholders.

Under the OFS, PKS Family Trust and VKS Family Trust are going to offload 7.45 lakh equity shares each, Sequoia Capital India Investments will sell up to 74.98 lakh shares, India Advantage Fund S4 I will divest up to 33.11 lakh shares and Dynamic India Fund S4 US I will sell up to 5.76 lakh shares.

Currently, PKS Family and VKS Family Trust hold 28.74 per cent stake each in the company, Sequoia Capital holds 28.73 per cent stake, India Advantage Fund has a 12.69 per cent stake, and Dynamic India Fund owns a 1.1 per cent stake in the firm.

The company has fixed a price band of Rs 655-690 apiece for the issue, and at the upper end of the price band, the IPO is expected to garner Rs 1,013.6 crore.

Proceeds from the fresh issue will be used to fund the rollout of 120 new exclusive brand outlets, to support working capital requirements and general corporate purposes.

The equity shares of both companies will be listed on BSE and NSE. PTI SP BAL BAL



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Ujjivan Financial Services Q2 loss at Rs 68 cr, BFSI News, ET BFSI

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Ujjivan Financial Services on Saturday reported a consolidated net loss of Rs 68.18 crore for September quarter 2021-22. It had posted a net profit of Rs 89.76 crore in the year-ago same period. Sequentially, the net loss narrowed from Rs 99.33 crore in quarter ended June 2021.

Total income was down at Rs 731.90 crore in the quarter under review as against Rs 828.47 crore in the year-ago period, Ujjivan said in a regulatory filing.

Expenses were higher at Rs 822.73 crore during the quarter. In the year-ago period, expenses stood at Rs 704.95 crore.

“Barun Kumar Agarwal, CFO of the company has tendered his resignation from the company to take up a senior position role in the finance department of the bank,” the filing further said.

His resignation from the company will be effective from November 15, 2021 (close of business hours), it said. Ujjivan Financial Services is the parent company of Ujjivan Small Finance Bank. PTI KPM ANU ANU

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Consortium of PSU banks agrees to infuse funds for completion of stalled Amrapali projects: SC told

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On the occasion of Diwali, 150 flats completed by National Buildings Construction Corporation (NBCC) in a stalled project of Amrapali were given to the homebuyers in a small ceremony organised with the help of court receiver.

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HC deplores “administrative arrogance” of SBI officials, BFSI News, ET BFSI

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Chennai, The Madras High Court has deplored the “administrative arrogance” on the part of the officials of the leading premier public sector bank State Bank of India towards its customers. What prompted Justice S M Subramaniam, who slammed the bank officials, was a statement of the officials that the customers (in this case the stamp vendors) are at liberty to approach any other bank for their transactions.

“The above statement in the counter filed by the State Bank of India is to be construed as an irresponsible one. The SBI is a public sector bank and the authorities are the public servants. The petitioners are depositing cash in the government accounts on behalf of the government through Treasury Challans issued to them.”

“The statement portrays the ‘administrative arrogance’ on the part of the authorities in exercise of their powers and the tenor of the statement is a threat to the public administration, as the stamp vendors have no option but to deposit money only in government accounts at SBI branches,” the judge said and directed its Assistant General Manager to initiate appropriate disciplinary proceedings by conducting an enquiry and find out on what circumstances such statements were allowed to be made in the counter affidavit filed before the High Court.

The judge also directed the bank’s general manager to sensitize his subordinates in this regard to develop good conduct with the customers and the citizens. These employees/officials must be reminded that from and out of the transactions through the customers and citizens, their salaries are paid. Thus, they are expected to maintain good conduct always and honour the rights of the customers, the judge added.

The judge made the observations while allowing a batch of writ petitions from the stamp vendors, who prayed that the SBI authorities waive off fully the cash handling charges collected from them in pursuant to an official communication from the State Treasury authorities issued in March 3, 2016 and consequently forbear the relevant SBI branches in the City from collecting any cash handling charges forthwith from the petitioners for purchase of stamp papers.

The judge declared the collection of cash handling charges from the stamp vendors/petitioners by the SBI as illegal and without any authority and directed it not to do so, while the stamp vendors deposit cash in government accounts through treasury challans.

The highest authority of the SBI was also directed by the judge to communicate this order, along with necessary circular/instructions, to all SBI branches and upload the same in its official website, to enable the citizens to know their rights. PTI COR SA APR APR



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Mcap of 6 of top-10 valued companies jump more than Rs 1.18 lakh cr, BFSI News, ET BFSI

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Six of the 10 most valued companies together added Rs 1,18,383.07 crore in market valuation last week, with major contribution coming in from Reliance Industries Limited. During the last week, the 30-share BSE benchmark jumped 619.07 points or 1.03 per cent.

While Reliance Industries Limited, Tata Consultancy Services, Infosys, HDFC, Bajaj Finance and Kotak Mahindra Bank were the gainers, HDFC Bank, Hindustan Unilever Limited, ICICI Bank and State Bank of India emerged as laggards.

The valuation of Reliance Industries Limited zoomed Rs 59,437.12 crore to reach Rs 16,44,511.70 crore.

Infosys added Rs 29,690.9 crore to take its market valuation to Rs 7,48,580.98 crore. HDFC’s valuation gained Rs 17,187 crore to Rs 5,41,557.77 crore and that of Tata Consultancy Services jumped Rs 5,715.04 crore to Rs 13,03,730.66 crore.

The market capitalisation (mcap) of Kotak Mahindra Bank rose by Rs 3,301.84 crore to Rs 4,11,183.32 crore and that of Bajaj Finance by Rs 3,051.17 crore to Rs 4,57,355.51 crore.

In contrast, the valuation of HDFC Bank Ltd diminished by Rs 22,545.39 crore to Rs 8,60,436.44 crore. State Bank of India’s market valuation declined by Rs 17,135.26 crore to Rs 4,56,270.76 crore.

The valuation of Hindustan Unilever Limited dipped by Rs 3,912.07 crore to reach Rs 5,65,546.62 crore and that of ICICI Bank by Rs 3,810.99 crore to Rs 5,39,016.40 crore.

In the ranking of most valued firms, Reliance Industries Limited was leading the chart followed by Tata Consultancy Services, HDFC Bank, Infosys, Hindustan Unilever Limited, HDFC, ICICI Bank, Bajaj Finance, State Bank of India and Kotak Mahindra Bank. PTI SUM MR



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Fino Payments Bank reports 74pc jump in Jul-Sept profit, BFSI News, ET BFSI

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Recently listed Fino Payments Bank on Saturday reported a 74 per cent jump in its net profit to Rs 7.89 crore in the quarter ended in September 2021. The bank had posted a net profit of Rs 4.52 crore in the year ago same period.

Revenue of the bank grew by 35 per cent year-on-year to Rs 242.15 crore on the back of a growth of 32 per cent in transaction revenue, 43 per cent in subscription income and 35 per cent in open banking, Fino Payments Bank said in a regulatory filing.

The bank completed its initial public offer (IPO) and listed its shares on November 12, 2021 on NSE and BSE.

Current account and savings account (CASA) subscription revenue grew by 78.3 per cent on the year while subscription yield increased from Rs 402 per account in Q2FY21 to Rs 481 per account in Q2FY22, it said.

“Our growth momentum in transaction volumes and throughput continues to be strong. Consumer behaviour towards convenience banking is gaining impetus,” Rishi Gupta, CEO & Managing Director said.

Ketan Merchant, Chief Financial Officer said the bank’s investment in technology and operating leverage is beginning to yield results.

“Alongside growth in our existing businesses, our digital journey in Fino 2.0 will help us tap a massive potential of cross sell in the near future,” Merchant said. PTI KPM MR MR



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‘Buy’ This Stock For 17.1% Upside With A Target Price Of Rs. 275, In 1 Year

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Target Price

The Current Market Price (CMP) of Petronet LNG is Rs. 235. The brokerage firm has estimated a Target Price for the stock at Rs. 275. The stock is expected to give a 17.1% return, in a Target Period of 12 months.

Stock Outlook
Current Market Price (CMP) Rs. 235
Target Price Rs. 275
1 year return 17.10%

Company performance

Company performance

Petronet LNG’s standalone adjusted Q2FY22 EBITDA/APAT was at Rs. 13.6bn/Rs8.72bn. Its EBITDA was higher due to an 8%/11% beat in volumes/margins, driven by gross spreads. The Dahej terminal operated at 101% capacity (vs. 93% est), while long-term volumes also rose 15% QoQ to 102tbtu. Adjusted EBITDA/ mmbtu increased by 6% YoY/13% QoQ to Rs. 56.8. However, the company’s total volumes dropped by 6% YoY but increased by 15% QoQ.

Comments by Emkay Global

Comments by Emkay Global

According to Emkay Global, the company’s “Volumes are above expectation; valuation is attractive. We cut FY22E EPS by 5% due to the impact of the spot LNG spike, though we raise our FY23-24E EPS marginally. We raise the Dec’22 TP by 2% to Rs. 275 from Rs. 270 as we roll over to Dec’23E from Sep’23E. Maintain Buy but with an OW stance.” the firm added, “Key risks are adverse petroleum/gas prices, slowdown, competition and capital mis-allocation.”

About the company

About the company

The Company had set up South East Asia’s first LNG Receiving and Re-gasification Terminal with an original nameplate capacity of 5 MMTPA at Dahej, Gujarat. The capacity of the terminal has been expanded in phases which is currently 15 MMTPA and the same is under expansion to 17.5 MMTPA. The terminal has 6 LNG storage tanks, and other vaporization facilities. The terminal is meeting around 40% of the total gas demand of the country.

Disclaimer

Disclaimer

The above stock has been picked from the brokerage report of Emkay Global. 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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Manappuram Finance Q2 net profit declines at Rs370 crore

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Manappuram Finance Ltd has reported a consolidated net profit of ₹370 crore for the second quarter of FY 22. The profit is lower by 8.8 per cent compared to ₹ 405.44 crore reported in the year-ago quarter.

However, the company’s consolidated assets under management (AUM) grew by 5.7 per cent to ₹28,421.63 crore from ₹26,902.73 crores a year ago, and by 14.8 per cent in comparison to ₹24,755.99 crore reported in the preceding quarter (Q1).

Net profit for the standalone entity (which excludes subsidiaries) was at ₹355.00 crore against ₹405.56 crore in the year-ago quarter. Total consolidated operating income for the quarter amounted to ₹1,531.92 crore compared to ₹1,565.58 crores in the year ago quarter.

The Board approved payment of interim dividend of ₹ 0.75 per share with face value of ₹2.

V P Nandakumar, MD & CEO, Manappuram Finance Ltd said, “The key takeaway is the robust growth recorded during the quarter in our business volumes, be it gold loans, microfinance, or our home and vehicle loans portfolio. It reflects the emerging recovery in the rural and unorganized sectors of the economy and going forward we expect to sustain the growth along with improved profitability.”

The company’s gold loan portfolio stood at ₹18,719.53 crores, registering a strong growth of 13.2 per cent over ₹16,539.51 crores in the preceding quarter. The number of live gold loan customers increased from 24.1 lakh to 25.1 lakh in this period.

The subsidiary, Asirvad Microfinance ended the quarter with an AUM of ₹7,162.49 crore, a sharp increase of 44.1 per cent in comparison to ₹4,971.03 crore in the year ago quarter. The home loans subsidiary, Manappuram Home Finance Ltd., reported an AUM of ₹732.19 crore (₹620.62 crore in Q2 of FY2021) while its Vehicles & Equipment Finance division posted an AUM of ₹1,267.08 crore (₹1,062.28 crore in Q2 of FY2021). In aggregate, the company’s non-gold loan businesses account for a 34 per cent share of its consolidated AUM.

Average borrowing costs for the standalone entity declined by 67 basis points to 7.94 per cent during the quarter. The gross NPA (standalone) stood at 1.59 per cent with net NPA reported at 1.30 per cent The company’s consolidated net worth stood at ₹7,967.90 crores as of September 30, 2021. The book value per share was at₹94.14 and its capital adequacy ratio (standalone) stood at 31.84 per cent.

On a consolidated basis, the total borrowings of the company stood at ₹25,024.14 crores while the total number of live customers was 52.11 lakh as of September 30, 2021.

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Manappuram Finance Q2 net profit declines 8.8% to Rs 370 crore

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The Kerala-based lender, which also operates a home loan, microfinance and commercial vehicle-leasing subsidiary, has reported a standalone net profit of Rs 355 crore, a decline of 12.47% from Rs 405.56 crore reported in the year-ago quarter.

NBFC Manappuram Finance on Saturday reported a 8.8% year-on-year (y-o-y) decline in its consolidated net profit for the second quarter at Rs 369.88 crore. The non-banking financial company (NBFC) had posted a consolidated net profit of Rs 405.44 crore in Q2 of FY21.

However, the company’s consolidated assets under management (AUM) grew by 5.7% to Rs 28,421.63 crore from Rs 26,902.73 crore a year ago, and by 14.8% in comparison to Rs 24,755.99 crore reported in the preceding quarter (Q1).

The Kerala-based lender, which also operates a home loan, microfinance and commercial vehicle-leasing subsidiary, has reported a standalone net profit of Rs 355 crore, a decline of 12.47% from Rs 405.56 crore reported in the year-ago quarter. In aggregate, the company’s non-gold loan businesses account for a 34% share of its consolidated AUM.

Sharing the results with the media, V P Nandakumar, MD & CEO, said, “The key takeaway is the robust growth recorded during the quarter in our business volumes, be it gold loans, microfinance, or our home and vehicle loans portfolio. It reflects the emerging recovery in the rural and unorganised sectors of the economy and going forward, we expect to sustain the growth along with improved profitability.”

The company’s gold loan portfolio stood at Rs 18,719.53 crore, registering a strong growth of 13.2%, over Rs 16,539.51 crore in the preceding first quarter. The number of live gold loan customers increased to 25.1 lakh from 24.1 lakh in the first quarter.

The gross non-performing assets (standalone) stood at 1.59% with net NPA reported at 1.30%.

Average borrowing costs for the standalone entity declined by 67 basis points during the quarter, to 7.94%.

The board also appointed Shailesh Jayantilal Mehta as the chairperson of the company.

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