Sr Research Analyst,. tracks BFSI at CNBC TV 18. Sell side analyst earlier. Views r personal. RT aren't endorsements. Comments aren't recommendations. F1 fan.
#Thought @RBI took action for @YESBANK when it felt that the bank is under stress But what about the stress in #LakshmiVilasBank when its CRAR is now at 1.12% only for FY20... lowest ever reported in the banking sector! LCR report is with RBI on a periodical basis by banks!
We are ensuring rates are kept low keeping in mind inflation trajectory Inflation is expected to moderate going ahead We want to ensure there is adequate liquidity, bond & financial markets are functional Activity in bond market has substantially increased in last 2-3 months
We certainly need a structured mechanism with legal backing to deal with stressed assets in FIs Notification issued under Sec 227 under IBC has given RBI additional powers to deal with NBFCs RBI has appointed an administrator in DHFL, resolution is going on stream there
Tata Motors Finance Solutions to raise funds via three-month CP at 4.25% coupon Tata Motors Finance Holdings to raise funds via three-month CP at 4.25% coupon Can Fin Homes to raise funds via eight-month CP at 4.12% coupon Hero Fincorp to raise funds via 6mths CP at 4.35% coupon
Kotak Mah Invt takes `25cr, 3yr bond at 8.66% Belstar MFI takes `25cr, 3yr bond at 11% CPs EXIM Bank to raise funds via three-month CP at 3.28% coupon Tata Motors Finance to raise funds via three-month CP at 4.20% coupon
TAMO Fin to raise perpetual bonds at 10.5% L&T Infra Fin to raise: `100cr via 4yr bond `100cr via 5yr bond `100cr via reissue of June'30 bonds Ess Kay Fincorp to raise `75cr via 2yr 9mth bond at 10.9% Northern ARC Cap to raise `50cr via 3yr bond at 10.4%
[email protected] Bond mkt actions NCDs PFC takes `1500cr, feb'30 bond reissued at 6.9% Sundaram Fin takes `100cr, 10yr bond at 7.65% LICHF to raise via 4yr 2mth bond India Ingradebt to raise `750cr, 10yr bond Tata Cap Fin to raise via 3yr bond
CLSA on Adani ports Downgrade from BUY to Outperform TP at `386 Uncertainties on EXIM trade rising plus a weaker 1Q Headwinds for trade following India's self-reliance plan and Covid-19-led challenges Cut FY21 vol by 3% as 1QFY21 traffic fell 27% YoY Cut EPS est by 2%-4%
CLSA on Cement Time for a pause Demand uptick better, but outlook uncertain Valuations fair post run-up ACC & Dalmia are buys Retain: Sell on Ramco; Outperform on Ultratech Downgrade: Ambuja to Outperform from BUY and Shree from Underperform to SELL
COMMERCIAL PAPERS: Indian Oil Corp to raise funds via one-month CP at 3.24% coupon
[email protected] Bond mkt actions NCDs Bharat Oman Refin takes `600cr at 5.85% via 3yr bond Samasta MFI takes `25cr at 11.5% via 3yr bond PFC to raise at 7.41%, Feb'30 bond Sundaram Fin to raise `100cr, 10yr bond at 7.65% L&T Hsng to raise `279cr at 7.85% via 5yr bond
To which ever analyst / friends I talk to about Bajaj Finance.. they are really surprised with its fundamentals on one side & stock price on another side.. which according to them.. is a mysterious mismatch which they fail to understand!
CLSA on @ICICIBank BUY TP Rs480 Est a capital raise of Rs150bn would add ~190bps to FY21CL CET-1 levels, lead to +4-5% impact on book value for FY21-23CL & dilute ROEs by ~110bps for FY23CL In stress case sensitivity we est ICICI to require Rs83bn of cap to maintain 13% CET-1
@ManappuramMAFIL takes: `225cr, 18mth bonds at 8.75% `75cr, 10yr bonds at 9.5% Chold Invt takes `500cr, 5yr bond at 7.92% CPs Godrej Consumer Products to raise funds via two-month CP at 3.30% coupon Tata Capital Housing Finance to raise funds via eight-month CP at 4.00% coupon
Nidhesh Jain of Investsec to CNBCTV18 Some NBFCs have forced customers not to opt for moratorium Dont have much confidence on moratorium no's of many NBFCs / co's Equitas moratorium details: most transparent Liquidity situation has improved dramatically for NBFCs @NidheshJain2
Nidhesh Jain of Investsec to @CNBCTV18Live Some NBFCs have forced customers not to opt for moratorium Dont have much confidence on moratorium numbers of many NBFCs / co's Equitas moratorium details are most transparent Liquidity situation has improved dramatically for NBFCs
Chambal Fertilisers to raise funds via September-end CP at 3.90% coupon Godrej Industries to raise funds via three-month CP at 3.49% coupon NABARD to raise funds via eight-month CP at 3.62% coupon Aditya Birla Finance to raise funds via near one-year CP at 4.99% coupon
Hinduja Leyland Fin takes `250cr, 18mth bond at 8.3% IRB Infra developers takes `150cr, 3yr bond at 9.55% TAMO Fin takes `50cr, 18mth bond at 7.5% CPs ONGC Mangalore Petrochemicals to raise funds via September-end CP at 3.27% coupon
Bond mkt actions Check at ur end too NCDs @ManappuramMAFIL to raise: `225cr via 18mth bond at 8.75% `75 cr via 10yr paper at 9.5% @IIFL_Finance to raise atleast `100cr via 18mth bonds L&T Hsng Fin to raise `250cr via 5yr bond Samasta MFI to raise via 3yr bonds at 11.5%
CLSA: Sell ONGC, buy Gail Gail is a gainer from the domestic gas price cut which will be a drag for ONGC Gail offers better vol growth Govt stake sale is an overhang, ONGC Higher EPS downgrade risk & weaker ROEs are -ves for ONGC Valtn vs avg Gail is lower ONGC at a big premium