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Ion Exchange (India) Ltd Q4FY21 Con-Call Update
(Nirmal Bang Retail Research)
Outlook: Positive in long term
*Company guided for 20% revenue growth and stable yearly margin*
• The company had a revenue of Rs. 445.2 Cr in Q4FY21 which grew by 27.5% YoY
• The geographical breakup for FY21: Domestic sales are at 58% and exports are at 42%
• The engineering segment (63% of total revenue) witnessed steady flow of orders during the quarter. Order book for engineering projects up to 31st March’21 is at Rs. 662 Cr
• Recently The company has been awarded a contract under the Jal Jivan Mission for the rural drinking water supply to 1000 villages in two districts of Uttar Pradesh namely Varanasi and Aligarh
• The value of this project is approximately Rs 1000 Cr and details regarding it will be out post approval of the detailed report and the project should be constructed and commissioned within 21 months of signing of the contract
• The execution of the Sri Lanka project improved during the quarter but frequent COVID related restrictions in the country continue to pose execution challenge.
• Order execution of other on-going Engineering orders further picked up pace resulting in improved sales and margins. The Bid pipeline project as of 31st March’ 21 is at Rs. 6000 Cr
• In the chemicals segment (30%), sales and dispatches showed continued improvement and margins improved due to higher turnover coupled with operational efficiencies
• In the consumer products segment (7%), volumes increased but was constrained due to certain segments continuing to remain affected due to restrained economic resumption in key consumer sectors and after effects of the COVID lockdown measures and continued social restrictions.
• In the chemical segment, the company had planned a capex of Rs. 100 Cr which will increase in the coming quarter for a new plan with higher capacity and details should be out in the coming quarter
• The company expects margins to be sustainable
• The chemical business has an asset utilization of 70% for the year
Share is trading at P/E of 17.3x FY22E EPS
(Nirmal Bang Retail Research)
Outlook: Positive in long term
*Company guided for 20% revenue growth and stable yearly margin*
• The company had a revenue of Rs. 445.2 Cr in Q4FY21 which grew by 27.5% YoY
• The geographical breakup for FY21: Domestic sales are at 58% and exports are at 42%
• The engineering segment (63% of total revenue) witnessed steady flow of orders during the quarter. Order book for engineering projects up to 31st March’21 is at Rs. 662 Cr
• Recently The company has been awarded a contract under the Jal Jivan Mission for the rural drinking water supply to 1000 villages in two districts of Uttar Pradesh namely Varanasi and Aligarh
• The value of this project is approximately Rs 1000 Cr and details regarding it will be out post approval of the detailed report and the project should be constructed and commissioned within 21 months of signing of the contract
• The execution of the Sri Lanka project improved during the quarter but frequent COVID related restrictions in the country continue to pose execution challenge.
• Order execution of other on-going Engineering orders further picked up pace resulting in improved sales and margins. The Bid pipeline project as of 31st March’ 21 is at Rs. 6000 Cr
• In the chemicals segment (30%), sales and dispatches showed continued improvement and margins improved due to higher turnover coupled with operational efficiencies
• In the consumer products segment (7%), volumes increased but was constrained due to certain segments continuing to remain affected due to restrained economic resumption in key consumer sectors and after effects of the COVID lockdown measures and continued social restrictions.
• In the chemical segment, the company had planned a capex of Rs. 100 Cr which will increase in the coming quarter for a new plan with higher capacity and details should be out in the coming quarter
• The company expects margins to be sustainable
• The chemical business has an asset utilization of 70% for the year
Share is trading at P/E of 17.3x FY22E EPS
*Tide Water Oil Company (India) Ltd.* | *CMP* Rs. 10912 | *M Cap* Rs. 3803 Cr | *52 W H/L* 10912/3315
(Nirmal Bang Retail Research)
*Result ok*
*Board approved*
*Sub-division of face value of shares from Rs.5/- to Rs.2/- each fully paid*
*Issue of Bonus shares at a ratio 1:1 after sub-division of shares*
*Recommended Dividend of Rs.200/share*
Revenue from Operations came at Rs. 364.7 Cr (0.1% QoQ, 19.6% YoY) vs QoQ Rs. 364.3 Cr, YoY Rs. 305 Cr
EBIDTA came at Rs. 43 Cr (-23.6% QoQ, 55.3% YoY) vs QoQ Rs. 56.2 Cr, YoY Rs. 27.7 Cr
EBITDA Margin came at 11.8% vs QoQ 15.4%, YoY 9.1%
Adj. PAT came at Rs. 36.7 Cr vs QoQ Rs. 47.7 Cr, YoY Rs. 23.2 Cr
Quarter EPS is Rs. 105.2
Share is trading at P/E of 26.9x TTM EPS
(Nirmal Bang Retail Research)
*Result ok*
*Board approved*
*Sub-division of face value of shares from Rs.5/- to Rs.2/- each fully paid*
*Issue of Bonus shares at a ratio 1:1 after sub-division of shares*
*Recommended Dividend of Rs.200/share*
Revenue from Operations came at Rs. 364.7 Cr (0.1% QoQ, 19.6% YoY) vs QoQ Rs. 364.3 Cr, YoY Rs. 305 Cr
EBIDTA came at Rs. 43 Cr (-23.6% QoQ, 55.3% YoY) vs QoQ Rs. 56.2 Cr, YoY Rs. 27.7 Cr
EBITDA Margin came at 11.8% vs QoQ 15.4%, YoY 9.1%
Adj. PAT came at Rs. 36.7 Cr vs QoQ Rs. 47.7 Cr, YoY Rs. 23.2 Cr
Quarter EPS is Rs. 105.2
Share is trading at P/E of 26.9x TTM EPS
*Marksans* has announced that one of the world's largest pharma funds Orbimed is picking up10.7% stake of Rs 365 cr. Also, funds to be used for growth as it is a zero debt co. *Positive*
*NHPC Ltd.* | *CMP* Rs. 27 | *M Cap* Rs. 27272 Cr | *52 W H/L* 28/20
(Nirmal Bang Retail Research)
*Result is below expectation*
Revenue from Operations came at Rs. 1341.5 Cr (-35.9% QoQ, -29.9% YoY) vs expectation of Rs. 2237.6 Cr, QoQ Rs. 2092.2 Cr, YoY Rs. 1913.6 Cr
EBIDTA came at Rs. 433.3 Cr (-63.2% QoQ, -22.5% YoY) vs expectation of Rs. 1113.3 Cr, QoQ Rs. 1178 Cr, YoY Rs. 559.4 Cr
EBITDA Margin came at 32.3% vs expectation of 49.8%, QoQ 56.3%, YoY 29.2%
Adj. PAT came at Rs. 290.1 Cr vs expectation of Rs. 361.4 Cr, QoQ Rs. 766.4 Cr, YoY Rs. 342.3 Cr
Quarter EPS is Rs. 0.3
Share is trading at P/E of 8.6x FY22E EPS
(Nirmal Bang Retail Research)
*Result is below expectation*
Revenue from Operations came at Rs. 1341.5 Cr (-35.9% QoQ, -29.9% YoY) vs expectation of Rs. 2237.6 Cr, QoQ Rs. 2092.2 Cr, YoY Rs. 1913.6 Cr
EBIDTA came at Rs. 433.3 Cr (-63.2% QoQ, -22.5% YoY) vs expectation of Rs. 1113.3 Cr, QoQ Rs. 1178 Cr, YoY Rs. 559.4 Cr
EBITDA Margin came at 32.3% vs expectation of 49.8%, QoQ 56.3%, YoY 29.2%
Adj. PAT came at Rs. 290.1 Cr vs expectation of Rs. 361.4 Cr, QoQ Rs. 766.4 Cr, YoY Rs. 342.3 Cr
Quarter EPS is Rs. 0.3
Share is trading at P/E of 8.6x FY22E EPS
*LG Balakrishnan & Brothers Ltd.* | *CMP* Rs. 353 | *M Cap* Rs. 1108 Cr | *52 W H/L* 362/200
(Nirmal Bang Retail Research)
*Result improved*
Revenue from Operations came at Rs. 499.1 Cr (0.2% QoQ, 40.1% YoY) vs QoQ Rs. 498.3 Cr, YoY Rs. 356.3 Cr
EBIDTA came at Rs. 88.7 Cr (-2.9% QoQ, 160.2% YoY) vs QoQ Rs. 91.3 Cr, YoY Rs. 34.1 Cr
EBITDA Margin came at 17.8% vs QoQ 18.3%, YoY 9.6%
Adj. PAT came at Rs. 49.5 Cr vs QoQ Rs. 53.6 Cr, YoY Rs. 6.8 Cr
Quarter EPS is Rs. 15.8
Share is trading at P/E of 9.2x TTM EPS
(Nirmal Bang Retail Research)
*Result improved*
Revenue from Operations came at Rs. 499.1 Cr (0.2% QoQ, 40.1% YoY) vs QoQ Rs. 498.3 Cr, YoY Rs. 356.3 Cr
EBIDTA came at Rs. 88.7 Cr (-2.9% QoQ, 160.2% YoY) vs QoQ Rs. 91.3 Cr, YoY Rs. 34.1 Cr
EBITDA Margin came at 17.8% vs QoQ 18.3%, YoY 9.6%
Adj. PAT came at Rs. 49.5 Cr vs QoQ Rs. 53.6 Cr, YoY Rs. 6.8 Cr
Quarter EPS is Rs. 15.8
Share is trading at P/E of 9.2x TTM EPS
*GE T&D India Ltd.* | *CMP* Rs. 139 | *M Cap* Rs. 3559 Cr | *52 W H/L* 149/58
(Nirmal Bang Retail Research)
*Result ok*
Revenue from Operations came at Rs. 904.5 Cr (-12.5% QoQ, 36.2% YoY) vs QoQ Rs. 1034.2 Cr, YoY Rs. 664.2 Cr
EBIDTA came at Rs. 44.6 Cr (-22.4% QoQ, -118.9% YoY) vs QoQ Rs. 57.5 Cr, YoY Rs. -235.7 Cr (last year some exceptional item before EBITDA)
EBITDA Margin came at 4.9% vs QoQ 5.6%, YoY -35.5%
Adj. PAT came at Rs. 40.6 Cr vs QoQ Rs. 30 Cr, YoY Rs. -187.1 Cr (lower tax resulted into higher PAT QoQ
Quarter EPS is Rs. 1.6
Share is trading at P/E of 31.6x FY22E EPS
(Nirmal Bang Retail Research)
*Result ok*
Revenue from Operations came at Rs. 904.5 Cr (-12.5% QoQ, 36.2% YoY) vs QoQ Rs. 1034.2 Cr, YoY Rs. 664.2 Cr
EBIDTA came at Rs. 44.6 Cr (-22.4% QoQ, -118.9% YoY) vs QoQ Rs. 57.5 Cr, YoY Rs. -235.7 Cr (last year some exceptional item before EBITDA)
EBITDA Margin came at 4.9% vs QoQ 5.6%, YoY -35.5%
Adj. PAT came at Rs. 40.6 Cr vs QoQ Rs. 30 Cr, YoY Rs. -187.1 Cr (lower tax resulted into higher PAT QoQ
Quarter EPS is Rs. 1.6
Share is trading at P/E of 31.6x FY22E EPS
*eClerx Services Ltd.* | *CMP* Rs. 1347 | *M Cap* Rs. 4700 Cr | *52 W H/L* 1347/380
(Nirmal Bang Retail Research)
Dollar revenue came at $ 63.8 mn vs QoQ $ 53.3 mn, YoY $ 47.7 mn. $ revenue grew in CC term by 19.3% qoq of this organic revenue grew by 6.3%
*Result is above expectations*
Revenue from Operations came at Rs. 472.8 Cr (19.9% QoQ, 34.7% YoY) vs expectation of Rs. 435 Cr, QoQ Rs. 394.3 Cr, YoY Rs. 350.9 Cr
EBIDTA came at Rs. 152.3 Cr (35.9% QoQ, 95.9% YoY) vs expectation of Rs. 125.3 Cr, QoQ Rs. 112.1 Cr, YoY Rs. 77.7 Cr
EBITDA Margin came at 32.2% vs expectation of 28.8%, QoQ 28.4%, YoY 22.1%
Adj. PAT came at Rs. 98.3 Cr vs expectation of Rs. 76.1 Cr, QoQ Rs. 71 Cr, YoY Rs. 55.4 Cr
Quarter EPS is Rs. 28.2
Share is trading at P/E of 15.3x FY22E EPS
(Nirmal Bang Retail Research)
Dollar revenue came at $ 63.8 mn vs QoQ $ 53.3 mn, YoY $ 47.7 mn. $ revenue grew in CC term by 19.3% qoq of this organic revenue grew by 6.3%
*Result is above expectations*
Revenue from Operations came at Rs. 472.8 Cr (19.9% QoQ, 34.7% YoY) vs expectation of Rs. 435 Cr, QoQ Rs. 394.3 Cr, YoY Rs. 350.9 Cr
EBIDTA came at Rs. 152.3 Cr (35.9% QoQ, 95.9% YoY) vs expectation of Rs. 125.3 Cr, QoQ Rs. 112.1 Cr, YoY Rs. 77.7 Cr
EBITDA Margin came at 32.2% vs expectation of 28.8%, QoQ 28.4%, YoY 22.1%
Adj. PAT came at Rs. 98.3 Cr vs expectation of Rs. 76.1 Cr, QoQ Rs. 71 Cr, YoY Rs. 55.4 Cr
Quarter EPS is Rs. 28.2
Share is trading at P/E of 15.3x FY22E EPS
NMDC , SAIL , HINDALCO : China market Iron ore future prices jumps 4 % .. sources says Iron ore inventory at 3 month low (Possitive)🥳🥳🥳🚀🚀🚀
RAILTEL : Cabinet approves allotment of Rail Spectrum
GOVT TO GIVE 700 MHZ BAND AIRWAVES TO RAILWAYS
GOVT TO GIVE 700 MHZ BAND AIRWAVES TO RAILWAYS
Securities in Ban For Trade Date 11-June-2021:
BHEL
CANBANK
IBULLHSGFIN
NATIONALUM
SUNTV
*Added IBULLHSGFIN*
*Deleted SAIL*
BHEL
CANBANK
IBULLHSGFIN
NATIONALUM
SUNTV
*Added IBULLHSGFIN*
*Deleted SAIL*
Breaking News!! - Krishna Institute of Medical Sciences IPO Confirmed 👍
Issue Dates : 16-18 June
Retail Quota : 10% of Issue Size
Issue Dates : 16-18 June
Retail Quota : 10% of Issue Size
*National Fertilizers Ltd.* | *CMP* Rs. 71 | *M Cap* Rs. 3461 Cr | *52 W H/L* 74/23
(Nirmal Bang Retail Research)
*Result is declining*
Revenue from Operations came at Rs. 2961.2 Cr (0.8% QoQ, -1.8% YoY) vs QoQ Rs. 2938.7 Cr, YoY Rs. 3014.4 Cr
EBIDTA came at Rs. 114 Cr (-45.8% QoQ, -57.3% YoY) vs QoQ Rs. 210.4 Cr, YoY Rs. 266.8 Cr
EBITDA Margin came at 3.9% vs QoQ 7.2%, YoY 8.8%
Adj. PAT came at Rs. -9.5 Cr vs QoQ Rs. 52.9 Cr, YoY Rs. 140.2 Cr
Quarter EPS is Rs. -0.2
Share is trading at P/E of 14.6x TTM EPS
(Nirmal Bang Retail Research)
*Result is declining*
Revenue from Operations came at Rs. 2961.2 Cr (0.8% QoQ, -1.8% YoY) vs QoQ Rs. 2938.7 Cr, YoY Rs. 3014.4 Cr
EBIDTA came at Rs. 114 Cr (-45.8% QoQ, -57.3% YoY) vs QoQ Rs. 210.4 Cr, YoY Rs. 266.8 Cr
EBITDA Margin came at 3.9% vs QoQ 7.2%, YoY 8.8%
Adj. PAT came at Rs. -9.5 Cr vs QoQ Rs. 52.9 Cr, YoY Rs. 140.2 Cr
Quarter EPS is Rs. -0.2
Share is trading at P/E of 14.6x TTM EPS
*Sanghi Industries Ltd.* | *CMP* Rs. 58 | *M Cap* Rs. 1443 Cr | *52 W H/L* 57.5/14
(Nirmal Bang Retail Research)
*Result Improved*
Revenue from Operations came at Rs. 328.1 Cr (12.9% QoQ, 48.1% YoY) vs QoQ Rs. 290.5 Cr, YoY Rs. 221.6 Cr
EBIDTA came at Rs. 94.4 Cr (29.8% QoQ, 83.5% YoY) vs QoQ Rs. 72.7 Cr, YoY Rs. 51.4 Cr
EBITDA Margin came at 28.8% vs QoQ 25%, YoY 23.2%
Adj. PAT came at Rs. 26 Cr vs QoQ Rs. 42 Cr, YoY Rs. 15.8 Cr (lower PAT is on account of deffered tax provision during the quarter
Quarter EPS is Rs. 1
Share is trading at EV/EBITDA of 8 x FY23 EBITDA
(Nirmal Bang Retail Research)
*Result Improved*
Revenue from Operations came at Rs. 328.1 Cr (12.9% QoQ, 48.1% YoY) vs QoQ Rs. 290.5 Cr, YoY Rs. 221.6 Cr
EBIDTA came at Rs. 94.4 Cr (29.8% QoQ, 83.5% YoY) vs QoQ Rs. 72.7 Cr, YoY Rs. 51.4 Cr
EBITDA Margin came at 28.8% vs QoQ 25%, YoY 23.2%
Adj. PAT came at Rs. 26 Cr vs QoQ Rs. 42 Cr, YoY Rs. 15.8 Cr (lower PAT is on account of deffered tax provision during the quarter
Quarter EPS is Rs. 1
Share is trading at EV/EBITDA of 8 x FY23 EBITDA
*Mayur Uniquoters Ltd.* | *CMP* Rs. 497 | *M Cap* Rs. 2216 Cr | *52 W H/L* 510/135
(Nirmal Bang Retail Research)
*Result is above expectations*
Revenue from Operations came at Rs. 188.8 Cr (15.6% QoQ, 35.4% YoY) vs expectation of Rs. 185.3 Cr, QoQ Rs. 163.3 Cr, YoY Rs. 139.4 Cr
EBIDTA came at Rs. 54.7 Cr (22.9% QoQ, 52.6% YoY) vs expectation of Rs. 44.8 Cr, QoQ Rs. 44.5 Cr, YoY Rs. 35.8 Cr
EBITDA Margin came at 28.9% vs expectation of 24.2%, QoQ 27.2%, YoY 25.7%
Adj. PAT came at Rs. 39.1 Cr vs expectation of Rs. 32.3 Cr, QoQ Rs. 34.7 Cr, YoY Rs. 26.6 Cr
Quarter EPS is Rs. 8.8
Share is trading at P/E of 20.1x FY22E EPS
(Nirmal Bang Retail Research)
*Result is above expectations*
Revenue from Operations came at Rs. 188.8 Cr (15.6% QoQ, 35.4% YoY) vs expectation of Rs. 185.3 Cr, QoQ Rs. 163.3 Cr, YoY Rs. 139.4 Cr
EBIDTA came at Rs. 54.7 Cr (22.9% QoQ, 52.6% YoY) vs expectation of Rs. 44.8 Cr, QoQ Rs. 44.5 Cr, YoY Rs. 35.8 Cr
EBITDA Margin came at 28.9% vs expectation of 24.2%, QoQ 27.2%, YoY 25.7%
Adj. PAT came at Rs. 39.1 Cr vs expectation of Rs. 32.3 Cr, QoQ Rs. 34.7 Cr, YoY Rs. 26.6 Cr
Quarter EPS is Rs. 8.8
Share is trading at P/E of 20.1x FY22E EPS
Bulk Deal as on 10-06-21
Bf Utilities
+ 2.11 Lk @ 414.93 S I investment Broking Pvt Ltd
Ibull HSG fin
+ 17.53 Lk @ 277.87 Kotak Securities Ltd
Km Sugar Mills
+ 5 Lk @ 33.03 Vls Finance Ltd
Kakatiya Cement
- 44 K @ 276.39 Prarthana Enterprises
Kddl Ltd
+ 3.50 Lk @ 353.55 K India Opportunities Fund Ltd
- 3.50 Lk @ 353.55 Kitara India Micro Cap Mutual Fund
Mold TeK Packaging
- 6 Lk @ 499.35 Kitara India Micro Cap Mutual Fund
- 1.41 Lk @ 503.64 Iti Mutual Fund
+ 6 Lk @ 499.35 K India Opportunities Fund Ltd
Poddar HSG
- 80 k @ 187.65 Kitara India Micro Cap Mutual Fund
+ 80 K. @ 187.65 K India Opportunities Fund Ltd
Religare Enterprises
- 32 Lk @ 142 Maruti Nandan Colonizers Pvt Ltd
Bf Utilities
+ 2.11 Lk @ 414.93 S I investment Broking Pvt Ltd
Ibull HSG fin
+ 17.53 Lk @ 277.87 Kotak Securities Ltd
Km Sugar Mills
+ 5 Lk @ 33.03 Vls Finance Ltd
Kakatiya Cement
- 44 K @ 276.39 Prarthana Enterprises
Kddl Ltd
+ 3.50 Lk @ 353.55 K India Opportunities Fund Ltd
- 3.50 Lk @ 353.55 Kitara India Micro Cap Mutual Fund
Mold TeK Packaging
- 6 Lk @ 499.35 Kitara India Micro Cap Mutual Fund
- 1.41 Lk @ 503.64 Iti Mutual Fund
+ 6 Lk @ 499.35 K India Opportunities Fund Ltd
Poddar HSG
- 80 k @ 187.65 Kitara India Micro Cap Mutual Fund
+ 80 K. @ 187.65 K India Opportunities Fund Ltd
Religare Enterprises
- 32 Lk @ 142 Maruti Nandan Colonizers Pvt Ltd
Dear All,
Nirmal Bang is inviting you to a Zoom webinar.
When: Jun 11, 2021 08:45 AM India
Topic: Morning Market Update
Register in advance for this webinar:
https://us02web.zoom.us/webinar/register/WN_oO0uu3t9QcidZGIFbKgkeg
After registering, you will receive a confirmation email containing information about joining the webinar.
Nirmal Bang is inviting you to a Zoom webinar.
When: Jun 11, 2021 08:45 AM India
Topic: Morning Market Update
Register in advance for this webinar:
https://us02web.zoom.us/webinar/register/WN_oO0uu3t9QcidZGIFbKgkeg
After registering, you will receive a confirmation email containing information about joining the webinar.
Zoom Video
Welcome! You are invited to join a webinar: Morning Market Update. After registering, you will receive a confirmation email about…
GM jsk stock in news sail, nhpc,marksans,eclerx,BEML,Inox,suvenpharma,purvarankara,yesbk,mrpl,goclcorp,centuryply,suntv,sanghiind,powergrid,alkemlab,rallis,tidewater,cosmafilm, mayur uni. Nifty range 15580-15850.
Financial News Bulletin Dt.11th June, 2021 forwarded by Allahabad Bank Employees' Union-APTS- affiliated to All India Bank Employees' Association (AIBEA)
The RBI today allowed an increase in the interchange fee structure for ATM transactions after almost 9 years, considering the in increasing cost of ATM deployment and expenses towards ATM maintenance incurred by the banks and white label ATM operators. Accordingly, the RBI has hiked the interchange fee per transaction from Rs 15 to Rs 17 for financial transactions and from Rs 5 to Rs 6 for non- financial transactions in all centres, effective August 1, 2021.
-Business Standard
The RBI said today it will conduct third tranche of open market purchase of government securities and state development loans under G-sec Acquisition Programme (G-SAP 1.0). The RBI will purchase government securities of Rs 40,000 Cr on June 17. Of this, state development loans will be purchased up to Rs 10,000 Cr, it said in a statement.
-Business Line
The RBI on Wednesday said the Government has extended the tenure of Deputy Governor Mahesh Kumar Jain for 2 years. "The Central Govt has re-appointed Shri Mahesh Kumar Jain as Deputy Governor, RBI for a period of 2 years with effect from June 22, 2021, or until further orders, whichever is earlier, upon completion of his existing term on June 21, 2021," the RBI said in a statement. Jain was appointed as deputy governor for 3 years in June 2018.
-Business Standard
The 14 regional rural banks (RRBs) under the SBI have posted 4-fold growth in net profit at Rs 1,004.28 crore in FY21, despite substantial provision for pension of Rs 1,457.69 Cr. Their net profit was Rs 248.8 Cr in FY20. These banks continued to focus on improving earnings from their core banking business, strengthening the fee income streams and maintaining control on operating costs, according to SBI’s annual report for 2020- 21 (FY21).
-Business Standard
Bank of Baroda today said it has slashed the benchmark one-year MCLR by 0.05%. The bank has approved the revision in MCLR with effect from June 12, 2021, the lender said in a regulatory filing. The MCLR for one-year tenor stands revised to 7.35%.
-Livemint
Karix Mobile, a wholly-owned subsidiary of Tanla Platforms, has deployed a conversational banking solution- WhatsApp Business- for Axis Bank. Using the solution, Axis Bank customers can now start a WhatsApp chat with the bank to conduct frequent banking activities on-the-go.
-Business Line
Yes bank today said that the board has approved the raising of funds worth ₹10,000 Cr by issue of debt securities. “In its meeting held on June 10 have, inter alia, considered and approved seeking shareholders’ approval for borrowing/raising funds in Indian/foreign currency up to an amount of Rs. 10,000 Cr by issue of debt securities including but not limited to non-convertible debentures, bonds, Medium Term Note (MTN) etc," said the bank in a press release.
-Livemint
Hit by the second wave of the pandemic and lockdowns, stress amongst borrowers seems to be on the rise, though it is lower than what was seen in the first surge of the pandemic. Data captured by the NPCI from its National Automated Clearing House (NACH) platform reveals that the number of unsuccessful auto debit requests increased for a second straight month in May. Of the total auto debit transactions of 8.57 Cr in May this year, 5.49 Cr transactions were successful while 3.08 Cr were returned. This reflects a return or bounce rate of 35.91% in May compared to 34.05% in April this year.
-Business Line
Merchant payment and lending service provider BharatPe today said it has acquired Payback India from American Express and ICICI Investments Strategic Fund.
-Financial Express
The ongoing Covid-19 pandemic has impacted India’s housing sector more severely than it has in other major economies. While the local housing market was already struggling to attract enough buyers, the current crises have resulted in a fall in average home rates by 1.6% dragging India’s ranking by 12 positions in last one year.
The RBI today allowed an increase in the interchange fee structure for ATM transactions after almost 9 years, considering the in increasing cost of ATM deployment and expenses towards ATM maintenance incurred by the banks and white label ATM operators. Accordingly, the RBI has hiked the interchange fee per transaction from Rs 15 to Rs 17 for financial transactions and from Rs 5 to Rs 6 for non- financial transactions in all centres, effective August 1, 2021.
-Business Standard
The RBI said today it will conduct third tranche of open market purchase of government securities and state development loans under G-sec Acquisition Programme (G-SAP 1.0). The RBI will purchase government securities of Rs 40,000 Cr on June 17. Of this, state development loans will be purchased up to Rs 10,000 Cr, it said in a statement.
-Business Line
The RBI on Wednesday said the Government has extended the tenure of Deputy Governor Mahesh Kumar Jain for 2 years. "The Central Govt has re-appointed Shri Mahesh Kumar Jain as Deputy Governor, RBI for a period of 2 years with effect from June 22, 2021, or until further orders, whichever is earlier, upon completion of his existing term on June 21, 2021," the RBI said in a statement. Jain was appointed as deputy governor for 3 years in June 2018.
-Business Standard
The 14 regional rural banks (RRBs) under the SBI have posted 4-fold growth in net profit at Rs 1,004.28 crore in FY21, despite substantial provision for pension of Rs 1,457.69 Cr. Their net profit was Rs 248.8 Cr in FY20. These banks continued to focus on improving earnings from their core banking business, strengthening the fee income streams and maintaining control on operating costs, according to SBI’s annual report for 2020- 21 (FY21).
-Business Standard
Bank of Baroda today said it has slashed the benchmark one-year MCLR by 0.05%. The bank has approved the revision in MCLR with effect from June 12, 2021, the lender said in a regulatory filing. The MCLR for one-year tenor stands revised to 7.35%.
-Livemint
Karix Mobile, a wholly-owned subsidiary of Tanla Platforms, has deployed a conversational banking solution- WhatsApp Business- for Axis Bank. Using the solution, Axis Bank customers can now start a WhatsApp chat with the bank to conduct frequent banking activities on-the-go.
-Business Line
Yes bank today said that the board has approved the raising of funds worth ₹10,000 Cr by issue of debt securities. “In its meeting held on June 10 have, inter alia, considered and approved seeking shareholders’ approval for borrowing/raising funds in Indian/foreign currency up to an amount of Rs. 10,000 Cr by issue of debt securities including but not limited to non-convertible debentures, bonds, Medium Term Note (MTN) etc," said the bank in a press release.
-Livemint
Hit by the second wave of the pandemic and lockdowns, stress amongst borrowers seems to be on the rise, though it is lower than what was seen in the first surge of the pandemic. Data captured by the NPCI from its National Automated Clearing House (NACH) platform reveals that the number of unsuccessful auto debit requests increased for a second straight month in May. Of the total auto debit transactions of 8.57 Cr in May this year, 5.49 Cr transactions were successful while 3.08 Cr were returned. This reflects a return or bounce rate of 35.91% in May compared to 34.05% in April this year.
-Business Line
Merchant payment and lending service provider BharatPe today said it has acquired Payback India from American Express and ICICI Investments Strategic Fund.
-Financial Express
The ongoing Covid-19 pandemic has impacted India’s housing sector more severely than it has in other major economies. While the local housing market was already struggling to attract enough buyers, the current crises have resulted in a fall in average home rates by 1.6% dragging India’s ranking by 12 positions in last one year.