IndusInd Bank sheds 3% as MD admits to procedural lapses in MFI lending - Economic Times

NEW DELHI – Shares of IndusInd Bank lost 3 per cent in early trade despite the private lender reporting a 49 per cent jump in December quarter net profit to Rs 1,241.55 crore as the bank admitted to procedural lapses in microlending earlier in the year.

The scrip fell to Rs 876.55 against Rs 903.55 at the previous close on the National Stock Exchange.

Earlier in the quarter, the bank faced allegations of loan ever-greening in the microfinance business it carries out through Bharat Financial Inclusion, a wholly-owned subsidiary.

An internal committee has already submitted its report on the same. An external consultant will likely submit the final report in two weeks.

The internal report is as per management guidance, but there may be procedural lapses for any particular transaction related to MFIs, Sumant Kathpalia, Managing Director and Chief Executive Officer, IndusInd Bank was quoted by ET as saying.

While the bank increased loans to small and mid-sized corporates, it slowed disbursements to the microfinance sector.

The bank expanded loans 10 per cent to Rs 2.29 lakh crore in the quarter under review as it extended credit to companies and individuals in tandem with the reopening of the economy.

Other income was at Rs 1,877 crore, an increase of 14% year-on-year. Core Fee income grew by 9% to Rs 1,519 crores.

Deposits increased 19 per cent y-o-y to Rs 2.84 lakh crore during the three months. The share of low-cost current and savings account deposits formed 42 per cent of total deposits.

Asset quality showed signs of improvements, with the bad loan ratios contracting by 9-29 basis points from the preceding quarter.

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IndusInd Bank sheds 3% as MD admits to procedural lapses in MFI lending - Economic Times
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Govt approves Tata Steel’s bid to acquire 93.71% equity in Neelachal Ispat - The Indian Express

The government on Monday approved the highest bid of Tata Steel Long Products Limited for acquiring 93.71 per cent equity in Neelachal Ispat Nigam Ltd (NINL), held by joint venture partners of four CPSEs and two Odisha government companies, at an enterprise value of Rs 12,100 crore. NINL has an integrated steel plant with a capacity of 1.1 MT, at Kalinganagar, Odisha.

The Central government does not hold any stake in NINL directly, which has accumulated losses and a negative net worth. NINL is a joint venture of 4 CPSEs, — MMTC, NMDC, BHEL, MECON — and 2 Odisha government-owned companies OMC and IPICOL.

An alternative mechanism, comprising Transport minister Nitin Gadkari, Finance Minister Nirmala Sitharaman, and Commerce & Industry Minister Piyush Goyal, has approved the bid, Union finance ministry said in a statement. The company has been running in huge losses and its plant is closed since April 2020.

“The company has huge debt and liabilities exceeding Rs. 6,600 crores as on 31.3.2021, including overdues of promoters (Rs 4,116 crore), banks (Rs 1,741 crore), other creditors and employees. The company has negative net worth of Rs 3,487 crore and accumulated losses of Rs 4,228 crore as of 31.3.2021,” the government said.

Tata Steel Long Products was chosen as the highest bidder, defeating JSW Steel and a consortium of Jindal Steel & Power Limited and Nalwa Steel and Power Ltd. The reserve price for the bid was approved at at Rs 5616.97 crore. The money raise through stake sale will go towards funding company liabilities and to the selling shareholders. This is second large privatisation deal post sale of Air India to Tata Group.

“This is the first instance of privatisation of a public sector steel manufacturing enterprise in India. The success of the transaction is a win-win situation for all. The biggest advantage of privatisation will be to the local economy of the region as the strategic buyer will be able to revive a closed plant, bring in modern technology, best managerial practices and make infusion of fresh capital, which will help in augmenting the capacity of the plant,” the government said.

On the request of the Boards of selling shareholder PSEs and on concurrence by Odisha government, the Cabinet Committee on Economic Affairs had given ‘in-principle’ approval to strategic disinvestment of NINL in January 2020, the government said. The Department of Disinvestment & Public Asset Management said the transaction was made through an open-market, competitive bidding process.

The government will issue Letter of Intent to Tata Steel Long Products, and thereafter sign a share purchase agreement. At this stage, 10 per cent of the bid amount shall be paid by the successful bidder into the escrow account. The government had provided access to virtual data room of the company to the bidders for conducting due diligence.

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PPFAS Mutual Fund stops fresh inflows in flexi cap fund - Economic Times

PPFAS Mutual Fund has stopped accepting inflows into PPFAS Flexicap Fund with effect from 2 February 2022. This moves comes after the Securities and Exchange Board of India directed mutual fund houses to stop taking fresh subscriptions in schemes investing in overseas stocks. The notice was sent by Sebi after the Indian mutual fund industry crossed the mandated limit of $7 billion for overseas investments.

"Investors are hereby informed that, as advised by SEBI pursuant to email dated January 28, 2022 and AMFI Clarification dated January 30, 2022, in order to avoid breach of industry-wide overseas limits as allowed by RBI and in terms of SEBI Circular dated June 03, 2021, PPFAS Asset Management Private Limited and PPFAS Trustee Company Private Limited, the Trustees to PPFAS Mutual Fund has decided to temporarily suspend the transactions as mentioned below under the Scheme, Parag Parikh Flexi Cap Fund (Designated Scheme) with effect from February 02, 2022," PPFAS MF said in a notice to investors.

Transactions in the PPFAS Flexi Cap Fund, received post the cut off timing of February 01, 2022 shall not be accepted and processed. The fund house clarified that lumpsum subscription in the scheme, fresh Systematic Registration (including systematic transfer plan into the designated scheme) shall not be accepted effective February 2, 2022. However, existing SIPs / STPs instalments will continue.

PPFAS Flexicap Fund invests up to 35% of its corpus in foreign stocks, primarily stocks of US technology companies. Eralier, other fund houses such as Motilal Oswal Mutual Fund have also stopped lump sums into their schemes investing outside India. In a circular dated January 13, Motilal Oswal AMC announced the suspension of lump -sum investments and switch in (from other funds) into Motilal Oswal Nasdaq 100 Fund of Fund, Motilal Oswal S&P 500 Index fund and Motilal Oswal MSCI EAFE Top 100 Index fund. The asset management company (AMC) said it has taken action after it neared the market regulator’s overall $1 billion investment limit in foreign stocks.

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‘Tata rahe mera dil’: Amul’s cartoon as Tata Group welcomes back Air India - The Indian Express

Tata Group finally regained control of national carrier Air India after 69 years and as the company welcomed back the airline’s passengers, Amul, too, dedicated its latest cartoon to celebrate the ocassion.

“Dear Guests, this is your Captain speaking… Welcome aboard this historic flight, which marks a special event. Today, Air India officially becomes a part of the Tata Group again, after seven decades,” was read by Air India pilots on every flight that departed on the day.

The cartoon showed the Amul girl in the cockpit dressed as a pilot as the airline’s mascot — the Maharaja — bowed down with utmost respect. The celebratory cartoon sketch also included what resembled like Tata Sons Chairman N Chandrasekaran sitting in the co-pilot’s seat.

“Tata rahe mera dil,” the cartoon read with a tagline “In good hands”, in a nod to both their products as well as the aviation company going back to the Tata Group.

The Tata Group, which had placed the highest bid of Rs 18,000 crore in the Air India disinvestment, took over the airline from the government on Thursday. “We philosophically agree with the Prime Minister’s vision for the aviation sector, of making it affordable and ensuring it contributes to boosting ‘Ease of Living’ for citizens,” a statement from the company read after the takeover.

Tata Sons Chairman N. Chandrasekaran called on Honourable Finance Minister @nsitharaman today. He thanked her for the successful closure of the Air India transaction. pic.twitter.com/jDX8iyrOWn

— Tata Group (@TataCompanies) January 27, 2022

Tata Sons Chairman N Chandrasekaran met Prime Minister Narendra Modi in Delhi before attended the handing over ceremony at Airlines House. He also met Finance Minister Nirmala Sitharaman and “thanked her for the successful closure of the Air India transaction.”

The Chairman welcoming the airline back into the company said they are committed to make this “a world-class airline”.

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‘Tata rahe mera dil’: Amul’s cartoon as Tata Group welcomes back Air India - The Indian Express
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Saregama India plans to invest up to Rs 750 crore in music business - Moneycontrol

It is also foraying into a new business segment of artiste partner programme to launch their music videos and audios on its platforms with an arrangement of sharing revenue.

PTI

January 30, 2022 / 07:11 PM IST

Representative image (Source: https://unsplash.com/)

Saregama India, a part of RP-Sanjiv Goenka Group, is planning to invest up to Rs 750 crore in its music business to achieve a 25-30 per cent revenue growth in the next few years through organic and inorganic routes, an official said. It is also foraying into a new business segment of artiste partner programme to launch their music videos and audios on its platforms with an arrangement of sharing revenue, he told analysts.

The fund (of up to Rs 750 crore) is only for the music business. This is not going to be used for our films or our Carvaan business. Other businesses are well capitalised and they will be able to manage to run on their own…. Our projection of 25-30 per cent revenue growth that we are giving is a combination of both organic, new content purchases, and some inorganic purchases," the official said.

Saregama announced its partner programme for all singers and musicians wanting to do covers, recreations and remakes of its catalogue across all languages. "The company has categorised partnerships into three segments. The first is Diamond plus for which revenue share is 20 per cent, while Diamond revenue share will be 10 per cent and for the gold category, which is only for audio, it is also 10 per cent," the official added.

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Govt extends tenure of IPO-bound LIC's chairman for 1 year: Report - Mint

The government has extended the tenure of chairman of IPO-bound Life Insurance Corporation (LIC) by one more year with a view to facilitate smooth listing of the insurance behemoth, sources said.

Besides, the government has also extended the tenure of one of the managing directors, Raj Kumar, for one year.

With the extension, M R Kumar will continue as chairman of LIC till March 2023, the sources said.

This is the second extension for the LIC chairman. Last year in June, he was given a nine-month extension in a view of LIC's proposed initial public offering towards the end of the current financial year.

The government had extended the term of M R Kumar from June 30, 2021, till March 13, 2022, the date when he completes three years, the sources said.

The government is looking to list LIC during the current financial year in line with the Budget announcement.

In her Budget Speech, Finance Minister Nirmala Sitharaman had said the initial public offering (IPO) of LIC will be floated in 2021-22 as part of the ambitious ₹1.75-lakh crore disinvestment target.

The government owns a 100 per cent stake in LIC. Once listed, it is likely to become the country's biggest company by market capitalisation with an estimated valuation of ₹8-10 lakh crore.

Meanwhile, the government has significantly increased the authorised capital of LIC to ₹25,000 crore from ₹100 crore to facilitate the listing. 

This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.

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No employee has been fired, will wait for the audit to complete: BharatPe clarifies on Ashneer Grover - Moneycontrol.com

Ashneer Grover, co-founder and managing director, BharatPe

BharatPe issued a statement denying that any employee was fired after rumours swirled on social media about Ashneer Grover's exit from the company.

"The board of BharatPe has not terminated the services of any employee at this stage. Reports suggesting any termination are baseless and untrue,"  a BharatPe spokesperson said in a statement on January 29.

"The Board remains committed to an independent and thorough audit process. No action has been taken or will be taken till the audit has been completed," the spokesperson added.

Moneycontrol reported on January 28 that even Grover's wife Madhuri Jain Grover, Head of Controls at the $3 billion fintech had also been sent on leave as scrutiny over the company’s practices grew.

While Grover was sent on a leave of absence till March-end amid backlash regarding his abusive language to a Kotak employee and toxic culture at BharatPe, his wife also going on leave signified larger issues around governance at BharatPe.

The company has appointed management consultant and risk advisory firm Alvarez and Marsal to advise the board on its recommendations. It is learnt to be conducting full scale investigation on company’s practices, including accounting, approval processes, expenses and hiring.

The board has been looking into issues, including invoices possibly being over-inflated and some vendors possibly being fake, said a person directly aware of the matter, who did not want to be named. This person also suggested the possibility that when a merchant recorded a transaction, BharatPe may have inflated the value of these transactions.

Grover's fortunes have rapidly unravelled in the last two weeks, from being recognized as the founder of one of India's hottest startups to being blamed for all that is wrong with the Indian startup ecosystem. Things escalated after Moneycontrol reported on January 9, 2022, that Ashneer Grover and his wife sent a legal notice to Kotak Mahindra Bank MD and CEO Uday Kotak, and his senior management, accusing the bank of failing to secure financing and allocation of shares in an IPO launched by beauty firm Nykaa.

Kotak Group in turn alleged that Grover used foul and threatening language towards its employees and that it reserved the right to take legal action against him.

Moneycontrol reported earlier that BharatPe’s board of directors - investors from Sequoia India, Ribbit Capital, Coatue Management, and senior bankers-- ex-SBI Chairman Rajnish Kumar and ex-Union Bank Chairman Kewal Handa-- were unanimously insisting that Grover needs to leave for some time. They saw this as a personal issue and hence decided to send him on leave instead of firing him. While the altercation with Kotak was of a personal nature, Grover’s rude demeanor has previously antagonized investors and senior employees.

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IndusInd Bank Q3 Results: NII rises 11.4% YoY to Rs 3,793 crore; net profit up nearly 50% to Rs 1,241 crore - CNBCTV18

Pune-based IndusInd Bank Limited today reported a Net Interest Income (NII) of Rs 3,793.6 crore for the quarter ended December 31, 2021. In its quarterly earnings report, the bank said this was an 11.4 percent year-on-year increase. The bank's Net Interest Margin for Q3FY22 stood at 4.10 percent as against 4.07 percent for Q2FY22 and 4.12 percent for Q3 FY21.Further, the bank reported a total consolidated income of Rs 9,614.34 crore on the back of a growth in its retail, corporate, and wholesale banking businesses. The income was just over a percentage point higher than that reported in the September quarter.As per its quarterly earnings report, the bank recorded a quarterly increase in its net profit to Rs 1,241 crore--an 8.26 percent increase quarter-on-quarter and 49.5 percent year-on-year rise. The bank's operating profit stood at Rs 3,312 crore, up 12 percent YoY and nearly 3 percent QoQ.However, the lender witnessed a deterioration in its asset quality as the gross non-performing assets (NPAs) rose to 2.48 percent of the gross advances in the reporting quarter, up from 1.74 percent YoY but down from 2.77 percent QoQ, while net NPAs stood at 0.71 percent as against 0.8 percent the previous quarter and 0.22 percent in December 2020."Our GNPAs and restructured book have reduced during the quarter, while Provision Coverage Ratio was consistent at 72 percent.  NIM improvement was driven by a continued reduction in cost of deposits," Sumant Kathpalia, MD and CEO, IndusInd Bank, said during an earnings call."While COVID remains a risk, impact of the recent wave on business has been limited. Our microfinance portfolio saw slippages in line with our expectations and provisions are sufficient to meet any future challenges," he added.

(Edited by : Vijay Anand)

First Published: Jan 29, 2022, 03:26 PM IST

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WATCH: Air India Pilot Makes Special Announcement As First Flight Under Tata Group Takesoff - Republic World

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SC grants 3-week relief to SpiceJet, asks if airline wants to run show or close shop - Hindustan Times

India's 'Bad Bank' Goes Live With A Smaller Pool Of Assets - BloombergQuint

India's 'bad bank' or the National Asset Reconstruction Co. has gone live, with final approvals in place and banks agreeing to transfer 28 non-performing accounts worth Rs 83,000 crore to it.

In the first phase, 15 accounts worth Rs 50,000 crore will be transferred to the NARCL before March 31, said Dinesh Khara, chairman, State Bank of India.

The NARCL will purchase these loans through a 15:85 structure, where it will pay 15% of the sale consideration in cash and issue security receipts for the remaining 85%. The security receipts will be guaranteed by the government, said Khara at a press briefing. The government has cleared a guarantee amount of over Rs 30,000 crore against these receipts.

The NARCL will have an exclusive arrangement with the India Debt Resolution Co., which will be tasked with resolving these accounts. While the IDRCL will have full operational freedom, it will function as an agent of the NARCL for resolution.

"This arrangement will comply with applicable regulatory guidelines at all times," Khara said.

The pool of Rs 83,000 crore is smaller than the previously identified pool of Rs 2 lakh crore worth bad loans for transfer to the NARCL. Khara explained that since the Rs 2 lakh crore worth assets were identified in 2021, some have already been resolved while negotiations for the rest are still on-going.

"We will take a decision on whether more assets will need to be transferred to the NARCL, or if they can be resolved by banks themselves by next year," said J Swaminathan, managing director for the stressed assets management group at SBI.

The launch of the NARCL has seen delays owing to a difference of opinion between banks and the Reserve Bank of India. While the banks had pitched for a completely independent IDRCL to resolve assets, the RBI did not approve such a structure.

In a letter in December, the RBI cited sections of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest or SARFAESI Act, stating that resolution of the stressed assets could not be carried out through completely independent entities, not licensed by the regulator.

A principal-agent relationship allows for the NARCL to have greater control on the resolution process, with IDRCL acting as an agent for the process.

The bad bank, or the NARCL, was one of the key budget announcements by Union Finance Minister Nirmala Sitharaman in Feb 2021. The announcement comes days before the budget announcement for financial year 2022-23.

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Market Highlights: Sensex falls 581 points, Nifty ends above 17,100-mark - The Indian Express

Trade setup for Friday: Top 15 things to know before Opening Bell - Moneycontrol.com

The market erased all its previous day's gains and declined 1 percent on January 27, the expiry day for January derivative contracts. Sectorally, the Nifty IT index fell the most, down 3.55 percent, followed by FMCG, Pharma, and Realty indices that slipped 1-2 percent.

Consistent FII selling, hawkish Fed commentary after monetary policy meeting, and rising crude oil prices weighed on sentiment.

The BSE Sensex plunged 581.21 points to 57,276.94, while the Nifty50 declined 167.80 points to 17,110.20 and formed a bullish candle on the daily charts as the closing was higher than opening levels.

"The Nifty has maintained its lower top lower bottom formation of the daily charts, however, it has managed to sustain above 17,000 mark consistently for the last 3 sessions and formed a reversal candle patterns like Piercing Line and Hammer candle pattern on the daily charts, indicating some kind of bottoming out for the short to medium term," says Vidnyan Sawant, AVP - Technical Research at GEPL Capital.

He further says the RSI (relative strength index) indicator on lower timeframes has been placed below 40-mark; however, it is showing price momentum divergence.

"The Nifty has resistance at 17,450 and 17,776 levels whereas the support lies at 16,836 mark. The index shows initial signs of bottoming out near 17,000 mark and could give a pullback towards 17,450-17,776 levels. On the flip side, if index breaks below 16,836 then it can move lower towards 16,600 – 16,410 levels," says Sawant.

The broader markets also fell sharply with the Nifty Midcap 100 and Smallcap 100 indices declining 1.05 percent and 0.73 percent, respectively.

We have collated 15 data points to help you spot profitable trades:

Note: The open interest (OI) and volume data of stocks given in this story are the aggregates of three-month data and not of the current month only.

Key support and resistance levels on the Nifty

According to pivot charts, the key support levels for the Nifty are placed at 16,923.83, followed by 16,737.47. If the index moves up, the key resistance levels to watch out for are 17,239.53 and 17,368.87.

Nifty Bank

The Nifty Bank outperformed benchmark indices, rising 275.35 points to 37,982.10 on January 27. The important pivot level, which will act as crucial support for the index, is placed at 37,280.33, followed by 36,578.56. On the upside, key resistance levels are placed at 38,415.73 and 38,849.37 levels.

Call option data

Maximum Call open interest of 64.60 lakh contracts was seen at 17,400 strike, which will act as a crucial resistance level in the February series.

This is followed by 17,500 strike, which holds 59.57 lakh contracts, and 17,200 strike, which has accumulated 44.82 lakh contracts.

Call writing was seen at 17,400 strike, which added 32.20 lakh contracts, followed by 17,100 strike which added 28.88 lakh contracts, and 17,200 strike which added 18.96 lakh contracts.

Call unwinding was seen at 18,000 strike, which shed 41.91 lakh contracts, followed by 17,600 strike which shed 24.57 lakh contracts and 17,800 strike which shed 22.99 lakh contracts.

Put option data

Maximum Put open interest of 56.34 lakh contracts was seen at 17,000 strike, which will act as a crucial support level in the February series.

This is followed by 16,500 strike, which holds 44.87 lakh contracts, and 16,000 strike, which has accumulated 44.86 lakh contracts.

Put writing was seen at 17,100 strike, which added 16.52 lakh contracts, followed by 16,300 strike, which added 15.86 lakh contracts, and 16,900 strike which added 10.35 lakh contracts.

Put unwinding was seen at 17,200 strike, which shed 19.42 lakh contracts, followed by 16,000 strike which shed 13.84 lakh contracts, and 17,300 strike which shed 9.96 lakh contracts.

Stocks with a high delivery percentage

A high delivery percentage suggests that investors are showing interest in these stocks.

Rollovers

4 stocks saw long build-up

An increase in open interest, along with an increase in price, mostly indicates a build-up of long positions. Based on the open interest future percentage, here are the four stocks in which a long build-up was seen.

136 stocks saw long unwinding

A decline in open interest, along with a decrease in price, mostly indicates a long unwinding. Based on the open interest future percentage, here are the top 10 stocks in which long unwinding was seen.

16 stocks saw short build-up

An increase in open interest, along with a decrease in price, mostly indicates a build-up of short positions. Based on the open interest future percentage, here are the top 10 stocks in which a short build-up was seen.

44 stocks witnessed short-covering

A decrease in open interest, along with an increase in price, mostly indicates a short-covering. Based on the open interest future percentage, here are the top 10 stocks in which short-covering was seen.

Bulk deals

(For more bulk deals, click here)

Analysts/Investors Meeting; and Results on January 28 and January 29

Results on January 28: Larsen & Toubro, Dr Reddy's Labs, Kotak Mahindra Bank, Britannia Industries, Vedanta, 3i Infotech, Aptus Value Housing Finance, Arvind SmartSpaces, Asahi India Glass, Atul, AU Small Finance Bank, Bajaj Healthcare, Bharat Electronics, Blue Dart Express, CARE Ratings, Central Bank of India, Chambal Fertilisers, Chemplast Sanmar, Crompton Greaves Consumer Electricals, Deepak Fertilisers, Dixon Technologies, Equitas Small Finance Bank, Happiest Minds Technologies, Karnataka Bank, Marico, Max Financial Services, Info Edge, Oberoi Realty, Suzlon Energy, Tata Coffee, United Breweries, UTI Asset Management Company, and Zenotech Laboratories will release their quarterly earnings on January 28.

Results on January 29: IndusInd Bank, NTPC, Amber Enterprises India, Geojit Financial Services, Godfrey Phillips India, Gravita India, Heranba Industries, MCX India, Neogen Chemicals, Rossari Biotech, Unichem Laboratories, Vipul Organics, and Zen Technologies are slated to annoubce their quarterly earnings on January 29.

Chalet Hotels: The company's officials will meet analysts and investors on January 28 to discuss financial results.

Polycab India: The company's officials will meet ICICI Securities on January 28.

Cigniti Technologies: The company's officials will meet analysts and investors on January 31, to discuss financial results.

Info Edge: The company's officials will meet analysts and investors on January 31, to discuss financial results.

Tata Motors: The company's officials will meet analysts and investors on January 31, to discuss financial results.

VIP Industries: The company's officials will meet analysts and institutional investors on February 2 to discuss financial performance.

Mahindra & Mahindra Financial Services: The company's officials will meet analysts and investors on February 2, to discuss financial results.

Syngene International: The company's officials will meet Franklin Templeton on February 4.

Wipro: The company's officials will attend 17th Edelweiss India Conference 2022 on February 7, PL 2022 Tech Tonic Conference on February 8, Antique's Annual Investor Conference on February 9, and Axis Capital India Conference on February 15.

Hitachi Energy India: The company's officials will meet analysts and investors on February 9, to discuss financial results.

Stocks in News

Punjab National Bank: The bank reported profit of Rs 1,126.8 crore for Q3FY22 against Rs 506 crore in Q3FY21. The net interest income fell to Rs 7,803.2 crore from Rs 8,345.8 crore YoY.

Indus Towers: The company reported higher profit at Rs 1,570.8 crore in Q3FY22 against Rs 1,558.5 crore in Q2FY22, revenue rose to Rs 6,927.4 crore from Rs 6,876.5 crore QoQ.

KEI Industries: The company reported sharply higher profit at Rs 101.2 crore in Q3FY22 against Rs 76.2 crore in Q3FY21, while revenue jumped to Rs 1,563.8 crore from Rs 1,152.9 crore YoY.

Route Mobile: The company posted higher profit at Rs 48.2 crore in Q3FY22 against Rs 37.6 crore in Q3FY21, revenue surged to Rs 562.7 crore from Rs 384.8 crore YoY.

RBL Bank: The bank reported higher profit at Rs 156.1 crore in Q3FY22 against Rs 147.1 crore in Q3FY21, net interest income rose to Rs 1,010.4 crore from Rs 908.2 crore YoY.

Home First Finance Company: The company posted sharply higher profit at Rs 45.9 crore in Q3FY22 against Rs 15.9 crore in Q3FY21, revenue increased to Rs 151.68 crore from Rs 110.26 crore YoY.

KPR Mill: The board of directors will consider buyback of shares on February 7.

Fund Flow

FII and DII data

Foreign institutional investors (FIIs) net sold shares worth Rs 6,266.75 crore, while domestic institutional investors (DIIs) net bought shares worth Rs 2,881.32 crore in the Indian equity market on January 27, as per provisional data available on the NSE.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

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Air India handover highlights: It's official; N Chandra-led Tata Group takes charge of Maharaja - CNBCTV18

It is official that Air India belongs to Tata Group now with Prime Minister Narendra Modi-led government announcing the completion of the divestment process of the erstwhile government owned airlines, popularly called as 'Maharaja'. Tata Sons chairman N Chandrasekaran on Thursday arrived at the Air India House in Delhi to complete the formal handover process. After a competitive bidding process, the government had on October 8 last year sold Air India to Talace Private Limited, a subsidiary of the Tata Group's holding company for Rs 18,000 crore.

(Edited by : Ajay Vaishnav)

First Published: Jan 27, 2022, 12:05 PM IST

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Should you exit FDs, debt funds and buy the dip? Zerodha's Nithin Kamath answers - Mint

A sharp decline in the stock market is usually considered to be an opportunity to pick up future winners. But not every dip is like March 2020 where the bounce back is immediate, said Zerodha Co-founder and Chief Executive Nithin Kamath on Thursday.

As stocks are facing their worst month since the outbreak of the pandemic, the Zerodha CEO has shared a Twitter thread related to queries about exiting fixed deposits (FDs), debt funds and buying the dip. 

“A lot of messages asking me if one should exit FDs, Debt funds and buy the dip," Kamath tweeted, adding, “This is what I am saying: Not every dip is like March 2020 where the bounce back is immediate."

He added, “This time around, if things get worse, it may take a long time to recover. Nobody knows." 

In another tweet, the Zerodha Co-founder said, “If stocks are down 30-40%+, it could be that something has fundamentally changed, even if there is no news about it out there. Markets are super-efficient in the world we live in today, if something seems too good to be true, it usually is."

The idea behind buy a stock

When investing, he said, the idea is to buy a stock that is strong and not which is weak. “Assume there are two stocks, A and B both at ₹100. Say A drops to ₹50 and B remains at ₹100, the odds of B going up is much higher. Sounds counterintuitive, but that is how markets work," Kamath said.

“We sell winners and average down on losers—this is called disposition bias. This strategy can go horribly wrong. Ask the lakhs of investors who kept buying Yes Bank on its way down from ₹400 to ₹10 by exiting all their profitable investments," he further wrote on the microblogging site.

Kamath added, “While the stories of people creating wealth with concentrated bets in one or two stocks sound nice, the odds of that happening is one in a million."

He also said that the best way to invest for the long run is to diversify broadly and have enough cash equivalents for emergencies.

Sensex sinks 581 points as hawkish Fed roils global markets

Meanwhile, equity benchmark Sensex tumbled 581 points today, in tandem with a global selloff after the US Federal Reserve signalled policy tightening from March.

A depreciating rupee and persistent foreign fund outflows further weighed on sentiment, traders said.

The 30-share BSE index ended 581.21 points or 1.00% lower at 57,276.94. Similarly, the broader NSE Nifty plunged 167.80 points or 0.97% to 17,110.15.

HCL Tech was the top loser in the Sensex pack, skidding 4.17%, followed by Tech Mahindra, Dr Reddy’s, Wipro, TCS, Titan and Infosys.

On the other hand, Axis Bank, SBI, Maruti, Kotak Bank, Sun Pharma and IndusInd Bank were among the gainers, climbing as much as 2.81%.

The Federal Reserve left policy rates unchanged on Wednesday, but chairman Jerome Powell said the US central bank is likely to raise interest rates in March and end its massive bond buying program to combat surging inflation.

Investors fear foreign capital outflows from emerging markets like India after rate hikes in Amer.

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Should you exit FDs, debt funds and buy the dip? Zerodha's Nithin Kamath answers - Mint
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Elon Musk's Tesla Rides Grandly On Electric Vehicles With Record Profit - NDTV

Elon Musk's company reported a 71 per cent rise in revenues to $53.8 billion.

New York:

Tesla rode rising demand for electric vehicles to a record $5.5 billion profit in 2021, but Elon Musk's company cautioned Wednesday that supply chain problems would continue to crimp production through 2022.

The electric carmaker, which scored an 87 percent jump in auto deliveries last year in spite of the global semiconductor shortage, reported a 71 percent rise in revenues to $53.8 billion.

But Tesla said it saw no immediate relief from supply chain woes that have hit activity "for several quarters," it said.

"We plan to grow our manufacturing capacity as quickly as possible," it said in a news release that reiterated the company's target of 50 percent annual growth.

"The rate of growth will depend on our equipment capacity, operational efficiency and the capacity and stability of the supply chain," Tesla said.

"Our own factories have been running below capacity for several quarters as supply chain became the main limiting factor, which is likely to continue through 2022."

Musk said he was heartened by announced new semiconductor capacity that should alleviate the imbalance by the end of 2022 or early 2023.

But "there could be other issues" that surface this year, he said during a conference call with analysts and investors.

Musk cited the supply chain issues as a factor in a decision to defer rollouts of new products this year, adding that the company will do engineering of its "Cybertruck" electric pickup with an eye towards a possible launch in 2023.

"The fundamental focus of Tesla is scaling vehicles," Musk said, adding that had the company introduced new models in 2021, it would have resulted in lower overall production.

Musk has previously also discussed introducing a $25,000 electric vehicle, but said that product too was not on the front burner.

"We have too much on our plate," Musk said.

More factories ahead?

In the most recent quarter, Tesla scored a $2.3 billion profit, up more than eight times the year-ago level as revenues jumped 65 percent to $17.7 billion.

Tesla has been ramping up production at factories in California and Shanghai, while also building new facilities in Germany and Texas.

Tesla said it began building Model Y vehicles in Texas in late 2021, while it started equipment testing in Germany around the same time.

"We are still in the process of finalizing the manufacturing permit from local authorities" in Germany, Tesla said.

Musk said he is looking at adding more manufacturing locations, with further announcements likely in late 2022.

CFRA Research analyst Garrett Nelson characterized the company's cautious remarks on supply chains as unalarming.

"Tesla has become masterful at underpromising and overdelivering and has now beat (expectations) in nine of the past 10 quarters," Nelson wrote. "We reiterate a 'Buy' opinion."

Shares of Tesla gained 0.8 percent to $944.50 in after-hours trading.

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TCS 2nd most valuable IT services brand globally, 5 others in top 25 tally: Brand Finance - Economic Times

Tata Consultancy Services () has become the second most valuable brand in the IT services sector globally, while and four other Indian tech majors have firmly established their position among the top 25 IT services brands tally, according to Brand Finance.

Following TCS and Infosys (third spot), there are four more Indian brands now firmly established among the global elite - Wipro (7th), HCL (8th), Tech Mahindra (15th) and LTI (22nd), as per the Brand Finance IT Services 25 2022 report.

All six Indian brands feature among the top 10 fastest-growing IT Services brands over the course of 2020-2022, the brand valuation firm added.

Accenture retained the title of world's most valuable and strongest IT services brand, boasting record brand value of USD 36.2 billion, as per the report.

Indian IT services brands made a leap with average growth from 2020 to 2022 at 51 per cent, compared to a seven per cent drop for brands from the US.

A global turn to remote working for professional services and an accelerated digitalisation trend across the global economy have facilitated expansion of IT services hubs within India.

With strong IT services brands and a large population of people with digital skills, India will continue to play a major role in developing infrastructure for artificial intelligence, data analytics and Internet of Things (IoT), it added.

The report said as IBM has gone down to fourth rank, TCS has risen up to second spot in ranking, following 12 per cent growth year-on-year and 24 per cent since 2020, to a brand value of USD 16.8 billion.

TCS - in a regulatory filing said - this growth is attributed to the company's investments in its brand and its employees, customer equity and strong financial performance.

Strong revenue growth in 2021, saw TCS cross an important milestone, hitting USD 25 billion in revenue for the first time, with an industry-leading operating profit margin of over 25 per cent.

"TCS continues to rise up the IT services rankings to become the second most valuable brand in the sector for the first time.

"This great achievement is the result of strong financial growth, strong and continued investments in a new global brand positioning last year... I also see TCS' focused commitment to serving the needs of its employees, customers, and communities, which always – in the long run – drives brand performance," David Haigh, CEO and Chairman of Brand Finance, said.

TCS CMO Rajashree R said the ranking is a landmark milestone for the company and a validation of its increased market relevance and focus on innovation and transformation of clients, their customers, and the larger community.

"With our differentiated 'customer focused' strategy, superior execution, investments in building newer capabilities and sustained focus on research and innovation over the last decade, we are indeed well positioned to capitalise on the multi-year technology transformation opportunities that lie ahead," Rajashree added.

Infosys, at the third spot, emerged as the fastest-growing IT services brand globally following 52 per cent brand value growth since last year and 80 per cent since 2020 to USD 12.8 billion.

Over the past two years of the COVID-19 pandemic, the change is even more impressive with the brand recording an 80 per cent gain, the report said.

Strong business results can be attributed to the brand's ability to credibly adapt its offering to fast-evolving needs of today's economy as well as to its continued investment into innovative solutions that help clients securely accelerate their journey to the cloud, the report noted.

Infosys has also continued to build brand recognition globally by nurturing sports collaborations with ATP, Roland Garros, and the Australian Open, while also forging new ones with Madison Square Garden and media-heavyweights – The Economist, Financial Times, Bloomberg, it added.

While digital transformation accelerated during the COVID-19 pandemic, Wipro's performance demonstrated strong revenues and growth in brand value, the report said, adding that the Bengaluru-based conglomerate has a brand value of USD 6.3 billion with an increase of 48 per cent since the previous year.

HCL - which has signed 58 projects across various sectors, including telecommunications, life sciences, manufacturing and technology - saw 10 per cent growth in brand value over the past year to USD 6.1 billion. The brand announced that its revenue grew by 2.4 per cent y-o-y to a total of USD 10.2 billion, the report stated.

Tech Mahindra had a brand value growth of 45 per cent over the last two years to USD 3 billion. The growth is a result of focussed brand building efforts, the report said, adding that it was also the only Indian organisation to receive the Terra Carta Seal by the Prince of Wales for its commitment to creating a sustainable future.

"By implementing projects that lay equal emphasis on people, planet, and profits, the organisation has been recognised for its social impact. Additionally, the business focus on digitalisation, cloud transformation, telecommunications, and other key digital requirements has consistently strengthened Tech Mahindra's brand positioning," it said.

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Global oil benchmark tops $90 for the first time since 2014 - CNBC

In this article

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• @CL.1

An oil pump at sunset in Daqing, Heilongjiang province, China, on July 13, 2006.

Lucas Schifres | Getty Images

Brent crude futures, the international oil benchmark, topped $90 on Wednesday for the first time since 2014, adding to oil's blistering recovery since its pandemic-era lows in April 2020.

The leg higher comes amid growing geopolitical tensions between Russia and Ukraine, and as supply remains tight amid a rebound in demand.

The contract added more than 2%, hitting $90.07. West Texas Intermediate crude futures, the U.S. oil benchmark, also advanced more than 2% to $87.43 per barrel.

CIBC Private Wealth's Rebecca Babin said the catalyst for higher crude prices is potential sanctions on Russia, which would be triggered by a Ukraine invasion.

"[E]ach day that passes without a de-escalation, we could see more of a supporting bid to crude," she said.

Goldman Sachs said Wednesday that the firm's base case is that supply disruptions are unlikely to occur, but that there could be upside for energy prices given an already tight market.

"Commodity markets are increasingly vulnerable to disruptions, after a couple years of historically low outages following the initial Covid shock," the firm wrote in a note to clients. "Against the backdrop of the tightest inventory levels in decades, low spare capacity and a much less elastic shale sector, this points to the skew of large energy price moves shifting to the upside, reinforcing the case for a rising allocating to commodities in portfolios."

Earlier this month, Goldman Sachs said that Brent can reach $100 per barrel by the third quarter, adding to a number of Wall Street firms calling for triple-digit oil.

Barclays noted that while prices may be reacting in part to a "geopolitical premium," the underlying fundamentals are fueling the push higher.

OPEC and its oil-producing allies have been returning oil to the market but the group's been unable to ramp up production to hit its targets. Meanwhile U.S. shale oil growth has been low, and omicron hasn't been the demand hit that was initially expected. Additionally, inventory levels remain depleted.

The Energy Information Administration said Wednesday that crude oil inventories rose by 2.4 million barrels during the week ending Jan. 21. The Street was expecting a build of 150,000 barrels, according to estimates compiled by FactSet.

"Immediately it becomes a question how long we'll be waiting for triple figures," said Oanda's Craig Erlam. "It's still unlikely that oil and gas will be used as a weapon any time soon but if it was, it could lead to a serious surge in prices given how tight the markets are."

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Adani Wilmar GMP fizzles out ahead of IPO; here's why - Economic Times

New Delhi: The latest rout in the broader markets has impacted sentiments of the primary markets, with the grey market premiums for latest debutants eroding sharply.

The premium for Ahmedabad-based Adani Wilmar, a joint venture between Gautam Adani led Adani Group and Singapore's Wilmar Group, has halved during the recent market correction.

It is commanding a premium of Rs 45-50 or 20 per cent over its higher range of the price in the grey market, which was around Rs 100 earlier. The company is selling its shares in the range of Rs 218-230.

Dealers tracking the grey market said that recent correction and beaten down sentiments over the recently listed companies are weighing on the sentiments.

Abhay Doshi, co-founder of UnlistedArena said that the lofty IPO valuations were a big concern for the market, which triggered a sharp meltdown in the newly listed companies.

"Despite the steep fall, Adani has been able to hold some ground as the valuations are reasonable and its products are household names. The company has pan India appeal," Doshi added.

Adani Wilmar's IPO will be open for subscription between January 27-31. The company is eyeing to raise Rs 3,600 crore via its initial stake sale. Adani Wilmar sells cooking oils and some other products under the Fortune brand.

Echoing similar views, Dinesh Gupta said that Adani Wilmar is a long term play for the investor as the days of short term listing pop are over for now.

"The strong parentage from Adani Group makes it an attractive bet and that is why the company is still commanding a positive premium in the unofficial market, '' he added.

Another listing candidate, AGS Transact Technologies, is trading at par in the grey market, with its premium falling to zero. The company, which sold its shares in the range of Rs 166-175 during 19-21 January, will make its debut on February 1.

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Anand Mahindra tweets this after car showroom staff ‘misbehaves’ with farmer - Hindustan Times

Anand Mahindra shared his response to the farmer-related incident at car showroom while replying to a Twitter post.

Anand Mahindra took to Twitter to share a response to the farmer-related incident.(MINT_PRINT)

Published on Jan 25, 2022 06:34 PM IST

ByTrisha Sengupta

An incident of a farmer allegedly being humiliated at a Mahindra car showroom in Tumakuru district, about 60 kms from Bengaluru, has drawn criticism from netizens. Mahindra group Chairman Anand Mahindra has now taken to Twitter to share a message regarding the incident.

Extremely active on Twitter, Mahindra posted his tweet while replying to a comment by Veejay Nakra, Chief Executive Officer at Mahindra and Mahindra Limited, addressing the incident.

“The Core Purpose of @MahindraRise is to enable our communities and all stakeholders to Rise. And a key Core Value is to uphold the Dignity of the Individual. Any aberration from this philosophy will be addressed with great urgency,” he tweeted.

Take a look at the posts:

The Core Purpose of @MahindraRise is to enable our communities & all stakeholders to Rise.And a key Core Value is to uphold the Dignity of the Individual. Any aberration from this philosophy will be addressed with great urgency. https://t.co/m3jeCNlV3w

— anand mahindra (@anandmahindra) January 25, 2022

Since being posted a few hours ago, his share has gathered more than 800 likes and counting.

The incident, reportedly took place on Saturday, when Kempe Gowda, a farmer from Ramanpalya went to buy a Bolero pick-up truck from car-maker Mahindra. The car salesperson allegedly laughed at Gowda and his friends.

A video of the incident went viral all over social media and many tagged many netizens Mahindra on Twitter as well.

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Vi Witnessed a Downfall in 4G Customer Base Due to Tariff Hikes and SIM Consolidation - TelecomTalk

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1. Vi Witnessed a Downfall in 4G Customer Base Due to Tariff Hikes and SIM Consolidation  TelecomTalk
2. Vodafone Idea at Rs 8? Here's what Nomura said ahead of Q3 earnings call  Economic Times
3. Wont wait 2 years, tariff hike likely in 2022: Vodafone Idea CEO  Business Standard
4. Vodafone Idea Falls Over 7% Post Widening Q3 Losses; Nomura Sees 27% Downside  Investing.com India
5. Drop in customer base due to tariff hike, SIM consolidation: Vodafone Idea’s Ravinder Takkar  ETTelecom.com
6. View Full coverage on Google News

Vi Witnessed a Downfall in 4G Customer Base Due to Tariff Hikes and SIM Consolidation - TelecomTalk
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Google To Open Office In Pune, Hiring Begins - Punekar News

Pune, 24th January 2022: Anil Bhansali, VP of Cloud Engineering, India, Google Cloud, today announced that Google is opening an office in Pune.

“The first Googlers in the space will be in our Cloud Product Engineering, Technical Support and Global Delivery Center organizations. These teams will help build advanced enterprise cloud technologies in collaboration with global engineering teams, provide real-time technical advice, and deliver product and implementation expertise that customers turn to Google Cloud for as their trusted partner in their digital transformation journey.

This new location is expected to open in the second half of 2022 but our hiring starts now alongside our rapidly growing teams in Gurgaon, Hyderabad and Bangalore. This planned expansion is the latest in a series of investments by Google Cloud to fuel our customer growth and valued offerings to organizations of all sizes.

Interested candidates can find out more about open roles on Google Careers, and we look forward to welcoming new Cloud Googlers to our growing family”, he said.

He added, “India has long been a hub for technology and innovation, and the strong talent pool here makes it a strategic location for Google Cloud to invest in our cloud infrastructure, grow our operations and expand our workforce to support our growing customer base.

Over the last 12 months, we’ve hired top engineering talent to join our Development Center in India to support and help build advanced cloud technologies in collaboration with our global engineering teams. In July 2021, we launched our Delhi NCR cloud region which joined our MeitY-empanelled Mumbai cloud region, making India also one of a small handful of countries in Asia Pacific where we operate two Google Cloud regions. And in October 2021, Google Cloud committed to train more than 40 million new people globally on Google Cloud skills as part of our Cloud Skills Boost program which many in India continue to take advantage of.”

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SEBI asks PFS to address CG issues before holding board meet, seeks report in 4 weeks - Economic Times

New Delhi: The Securities and Exchange Board of India (SEBI) has asked (PFS) to address corporate governance and other issues raised by its former Chairman and outgoing Independent Directors, before holding its board meeting. The capital markets regulator has also asked PFS to file an Action Taken Report on these issues within four weeks, the company said in a regulatory filing.

A meeting of the Board of Directors was scheduled to be held on January 22, 2022, however, as the company did not have quorum in compliance of SEBI (LODR) Regulations, 2015, therefore, the same could not be held, the filing said.

On January 22, PFS could not hold its board meeting in the absence of its three independent directors -- Kamlesh Shivji Vikamsey, Santosh B Nayar and Thomas Mathew -- who resigned enmasse from the board of PFS citing corporate governance and other issues on January 19.

"The company has received a communication dated 22nd January, 2022 from the SEBI informing that the company is directed to address the CG (corporate governance) issues and all other issues raised by the resigning IDs (independent directors) and ex-Chairperson first, before holding any Board meeting and to file an action taken report in the regard to SEBI within 4 weeks," the company said in the regulatory filing.

Further, the company has filed an application with SEBI for seeking exemption from relevant provisions of SEBI (LODR) Regulations, 2015 to schedule the Board meeting for appointment of Independent Directors, it informed.

The Independent Directors of the company resigned on January 19, 2022 mentioning corporate governance issues as raised by the ex-Chairman in the PFS Board Meeting dated August 5, 2021, it stated.

It is pertinent to mention that PFS MD & CEO addressed all the concerns of the ex-Chairman in the same board meeting, the company explained.

On the same date (5th August 2021) the Board, including Ex-Chairman and outgoing independent directors, provided a clean corporate governance report in board report for financial year ending March 31, 2021 and acknowledged with deep appreciation the co-operation received from directors, it further stated.

Subsequently, on September 24, 2021 ex-Chairman addressed the shareholders of the company in 15th Annual General Meeting with appreciation to the company and mentioning no concern related to corporate governance, it also stated.

Earlier on January 21,

India CMD Rajib Kumar Mishra had said in a virtual press conference that the PFS board will be meeting on Saturday. However, he had not divulged the details about the agenda of the meeting saying it was confidential.

At present, there are three members on board of the PFS, Rajib Kumar Mishra (CMD of PTC India), Pankaj Goel (CFO PTC India) and PFS MD and CEO Pawan Singh.

Last week, independent director of the PTC India, Rakesh Kacker, in his resignation letter, had said that despite best efforts, the "independent directors could not convince the management of PTC and PFS to take proper action to run the company in accordance with what we considered the correct course of action".

"As a result, the company is now facing serious governance issues with several defaults of the Companies Act, 2013 and the Securities & Exchange Board of India (Listing Obligations & Disclosure Requirements) Regulations, 2015. Due to this, the operations of the company also must have been affected," he had said in the letter.

PFS, a systemically-important Non-Banking Finance Company (NBFC), is promoted by PTC India.

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SEBI asks PFS to address CG issues before holding board meet, seeks report in 4 weeks - Economic Times
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Gurpratap Boparai Joins Mahindra In New Global Leadership Position - carandbike

Gurpratap Boparai has reportedly joined the company as the Chief Executive Officer (CEO) of Mahindra's Automotive Business in Europe, which includes brands like Automobili Pininfarina and Peugeot Motocycles.

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Until recently, Gurpratap Boparai served as Managing Director Skoda Auto Volkswagen India

Former Skoda Auto Volkswagen India Managing Director, Gurpratap Boparai, has joined Mahindra Group in a new leadership position. The information has been revealed by Rajesh Jejurikar, Executive Director - Auto and Farm Sectors, Mahindra & Mahindra, via a social media post. He said - "We are delighted to welcome Gurpratap Boparai to Mahindra - in a very exciting role." While Jejurikar did not reveal Boparai's exact role in the company, reportedly he has joined the company as the Chief Executive Officer (CEO) of Mahindra's Automotive Business in Europe, which includes brands like Automobili Pininfarina and Peugeot Motocycles.

Also Read: Gurpratap Boparai Resigns From Skoda Auto Volkswagen India

We have reached out to Mahindra for an official statement, however, at the time of publishing this story, our email remained unanswered.

As CEO of Mahindra's Automotive Business in Europe Boparai will also look after Automobili Pininfarina and Peugeot Motocycles

Gurpratap Boparai's resignation from Skoda Auto Volkswagen India was announced on December 15, 2021, and he officially stepped down from his position on January 1, 2022. Having spent almost 3 years with the company, Boparai spearheaded the India 2.0 strategy for the group which saw both Volkswagen and Skoda Auto India investing heavily in the country to make cars in India, for India. Recently, the company announced that Piyush Arora succeed Boparai as the new MD.

Also Read: Piyush Arora To Join As MD At Skoda Auto Volkswagen India; Will Succeed Gurpratap Boparai

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Prior to VW Group, Boparai served as the CEO of Fiat India from 2012. He joined Fiat in 2007 as the Assistant VP for Manufacturing and Powertrain division and two years later went on to head the powertrain division. Boparai has also worked with companies such as TELCO (now Tata Motors), Ocap Chassis Parts, Iveco and Tata Cummins and has an experience that spans more than 25 years.

For the latest auto news and reviews, follow carandbike.com on Twitter, Facebook, and subscribe to our YouTube channel.

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Explained: Why Air India transfer to Tatas is delayed yet again - The Indian Express

January 27 has been set as the date to complete the handover of Air India to the Tata Group, a delay from the earlier deadline of December-end. Following delays in finalising the balance sheet of the airline and procuring the necessary approvals from global regulators, the targeted timeline for the closure of the deal was extended till January-end.

What steps now remain in transfer of the airline to Tatas?

According to Air India officials, the airline will share its balance sheet with the Tata Group on Monday for its review, which is expected to be concluded by Wednesday. Following this, on Thursday (January 27), the handover is likely to take place. The closing date of the balance sheet has been set at January 20.

Why was the transfer delayed in the first place?

On October 11, the Centre had issued the Letter of Intent (LoI) to the Tata Group confirming its willingness to transfer 100% stake in the airline to the Mumbai-based conglomerate. At the time, the expected timeline for transfer was set for the end of December. On account of various pending approvals, this date was extended to end-January.

Why is there a delay in finalising the balance sheet?

The final balance sheet is being prepared with the approvals from the various regulators, lenders and lessors of the airline. This balance sheet will be provided to the Tata Group, and is expected to account for the Rs 20 crore loss being incurred by Air India on a daily basis, till the cutoff date. Additionally, The Indian Express reported Sunday, citing an RTI response, that various government departments and ministries had pending payments amounting to Rs 278.49 crore to Air India till October last year.

For which expenses are these dues towards?

This pending amount includes Rs 244.78 crore from over 700 government departments and sections as of September 2021 and Rs 33.71 crore towards various VVIP flights as on July 27, 2021, as per the data.

This also includes dues from the Prime Minister’s flights of Rs 7.20 crore and the President’s flight dues of Rs 6.14 crore. The airline has already begun recovering the pending dues from the various government departments and as of November 30, 2021, Rs 30.38 crore has been recovered by the airline.

Has the government taken any step to ensure such dues don’t increase?

The Department of Expenditure, Ministry of Finance, in an office memorandum dated October 27, 2021, had directed all ministries and departments to clear Air India’s dues immediately, in addition to asking these departments to purchase air tickets from Air India only in cash.

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However, on December 31, the expenditure department modified its earlier directive and said that “in all cases of air travel where the Government of India bears the cost of air passage, the officials concerned are to travel by Air India only and air tickets are to be purchased directly from Air India or by utilizing the services of the three Authorized Travel Agents viz. Balmer Lawrie & Company Ltd, Ashok Travels & Tours (ATT) and Indian Railways Catering and Tourism Corporation.”

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Day trading guide for Monday: 4 stocks to buy or sell today — 24th January - Mint

Day trading guide for Monday: The sharp down trend continued in the market for the fourth consecutive sessions on Friday. NSE Nifty dipped 139 points and closed at 17,617 whereas BSE Sensex shed 427 points and closed at 59,037 levels on Friday session. Bank Nifty index 276 points and closed at 37,574 levels.

According to stock market experts, current market pattern indicate a heightened volatility in the market at the lows. Normally, such (doji) pattern formations after a reasonable upside move or down move are considered as an impending signal for trend reversal. Having declined sharply in the last few sessions, one may expect chances of upside bounce in the short term.

Day trading guide for stock market today

Speaking on day trading strategy for Nifty today; Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "The short term trend of Nifty continues to be weak with high volatility. Placement of support for NSE Nifty is around 17,600 to 17,500 levels and a formation of doji at the swing lows on Friday pointing towards a possibility of an upside bounce from current levels or slightly lows. The confirmation of bottom reversal is likely to indicate a quantum of upside bounce from current levels. Immediate hurdle for NSE Nifty is placed at 17,800 levels."

On day trading guide for Nifty Bank index; Ruchit Jain, Lead Research at 5paisa.com said, "The banking index has relatively done better than the Nifty last week and the broader charts of Bank Nifty indicate an impulsive upside move. Thus, banking space could dictate and lead the next leg of the upside move and hence, traders should keep a close tab on momentum in heavyweights from this sector."

Ruchit Jain of 5paisa,com said that this week, 17500 levels will now be seen as the important support for NSE Nifty while a move above 17,700 could again lead to a buying interest amongst market participants and take the index towards 17,900 to 18,000. "In our view, last week’s correction is just a short term corrective phase and our markets should now resume the uptrend to mark a pre-budget rally," he concluded.

Day trading stocks

On day trading stocks to buy today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking and Anuj Gupta, Vice President at IIFL Securities — recommended 4 stocks to buy today.

Sumeet Bagadia's day trading stocks to buy today

1] HDFC Bank: Buy at CMP, target ₹1575, stop loss ₹1485

2] Infosys: Momentum buy at CMP, target ₹1825 and ₹1840, stop loss ₹1770

Anuj Gupta's day trading stocks for today

3] Godrej Agrovet: Buy at ₹510, target ₹560, stop loss ₹484

4] Ashok Leyland: Buy at ₹135, target ₹145, stop loss ₹128.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.

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