Power Grid Corporation Share Q4 Results FY21- Dividend & Bonus

Power Grid share latest news
by Nikita Bhoota 21/06/2021

Power Grid Corporation Ltd reported a 3.57% YoY fall in consolidated net revenues for the Mar-21 quarter at Rs10,510cr. On a sequential basis, net sales revenues were up 3.63% compared to total revenues in the Dec-20 quarter at Rs10,142cr.

Full-year revenues for FY21 were 5.02% higher at Rs39,640cr. In terms of verticals, the major transmission vertical saw 2.7% growth YoY while the consultancy and telecom verticals reported flat revenues. Debt equity lowered in the quarter leading to interest coverage improving from 3.79 to 4.26

Net profits in the Mar-21 were up 6.42% at Rs322.22cr due to a sharp cut in finance charges and other expenses. 

Net margins at 33.55% in the Mar-21 quarter was better than 32.65% in the Mar-20 quarter and 33.20% in the sequential Dec-20 quarter. 

Power Grid declared a final dividend of Rs.3 per share taking the total dividend for FY21 to Rs.12 per share. The final dividend would be paid within 30 days from the date of its declaration at the AGM.

The board has also recommended the issue of bonus shares in the ratio of 3:1 one new equity bonus share of Rs 10 each for every three existing equity shares of Rs 10 each fully paid-up, subject to the shareholders' approval.

The date on which such bonus shares shall be credited or dispatched will be informed to the stock exchanges in due course.

Disclaimer: The above report is compiled from information available on public platforms.

About 5paisa:- 5paisa is an online discount stock broker that is a member of NSE, BSE, MCX and MCX-SX. Since its inception in 2016, 5paisa has always promoted the idea of self-investment and has ensured that 100% operations are executed digitally with minimal to no human interventions. 

Our all-in-one Demat account makes investment hassle free for everyone, be it an individual newly venturing into the investment market or a pro investor. Headquartered in Mumbai, 5paisa.com - a subsidiary of IIFL Holdings Ltd (formerly India Infoline Limited), is the first Indian public listed fintech company.

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PNB Housing shares fall 5% as SEBI halts Carlyle deal

PNB housing finance share latest news
by Nikita Bhoota 21/06/2021

PNB Housing Finance share hits lower circuit on Monday after the Securities Exchange board of India (SEBI) restrained PNB Housing Finance to go ahead with shareholders’ approval on the proposed Rs 4, 000 crore deal with Caryle Group and directed the company to carry out the valuation process as per the relevant legal provisions.

As per SEBI, the resolution regarding the deal, which was to be put for shareholders' vote on June 22, was "ultra-vires" of the company's Articles of Association (AoA).

The transaction, which has come under the lens of Sebi and Reserve Bank of India (RBI) following concerns raised in certain quarters, including by a proxy advisory firm, would eventually see private equity major Carlyle group taking control of PNB Housing Finance, which is a subsidiary of Punjab National Bank.

The company's meeting is scheduled for Tuesday (June 22) to take up the matter for approval of the shareholders.

The company, promoted by PNB, said it had received the letter from Sebi on June 18, 2021, calling upon the company to comply with the legal provisions in the matter.

Proxy advisory firm Stakeholders Empowerment Services (SES), in its report, has raised a number of questions on the proposed deal, wondering if Punjab National Bank (PNB) has willingly surrendered control without extracting a fair compensation.

Details of the Proposed Deal:

Under the proposed deal, Rs 3,200 crore is to be raised through equity shares and Rs 800 crore by issuance of warrants.

A total of 8.21 lakh equity shares and 2.05 lakh warrants are to be issued at an issue price of Rs 390 per share/warrant to Pluto Investments S.a.r.l (Pluto) (Carlyle Group); Salisbury Investments (person acting in concert with Carlyle); General Atlantic Singapore Fund FII Pte Ltd and Alpha Investments V Pte Ltd.

Salisbury Investments is the family investment vehicle of former HDFC Bank CEO Aditya Puri, who is also a senior advisor for Carlyle in Asia.

Will Promoters Change?
As per the proposal, the deal will change the control of PNB Housing Finance -- from PNB being the sole promoter of the company to a joint control holder with Carlyle Group.

With this, PNB's stake in the company will come down to 20.28% from the existing 32.64%, while that of Carlyle will rise to 50.16% from 32.21%.

PNB Housing Finance and SAT:
PNB Housing Finance Limited said in the regulatory filing on Monday that it has filed an appeal before the Securities Appellate Tribunal (SAT) against the letter issued by the Securities and Exchange Board of India on June 18, 2021.
Stock Impact:

The stock is currently trading at Rs702.40, down by Rs36.95 or 5% from its previous closing of Rs739.35 on the BSE. The scrip opened at Rs702.40 and has touched a high and low of Rs702.40 and Rs702.40 respectively.

Detailed Video:

Disclaimer: The above report is compiled from information available on the public platforms.
About 5paisa:- 5paisa is an online discount stock broker that is a member of NSE, BSE, MCX and MCX-SX. Since its inception in 2016, 5paisa has always promoted the idea of self-investment and has ensured that 100% operations are executed digitally with minimal to no human interventions. 

Our all-in-one Demat account makes investment hassle free for everyone, be it an individual newly venturing into the investment market or a pro investor. Headquartered in Mumbai, 5paisa.com - a subsidiary of IIFL Holdings Ltd (formerly India Infoline Limited), is the first Indian public listed fintech company.

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Centrum Group to Takeover PMC Bank

PMC Bank
by Nikita Bhoota 21/06/2021

Diversified financial services player Centrum Group on Friday said it has received in-principle approval from the Reserve Bank of India (RBI) to take over the troubled cooperative lender PMC Bank and re-launch it as a small finance bank.

RBI Actions:
The PMC Bank had invited Expression of Interest (EoI) from eligible investors for investment/ equity participation for its reconstruction and had received four proposals.

In September 2019, the RBI had superseded the board of PMC and placed it under regulatory restrictions, including cap on withdrawals by its customers, after detection of certain financial irregularities, hiding and misreporting of loans given to real estate developer HDIL.

The restrictions have been extended several times since then. PMC's exposure to HDIL was over ₹6,500 crore or 73 percent of its total loan book size of ₹8,880 crores as of September 19, 2019.

Initially, the RBI had allowed depositors to withdraw ₹1,000 which was later raised to ₹1 lakh per account to mitigate their difficulties.

In June 2020, the RBI had extended the regulatory restrictions on the cooperative bank by another six months till December 22, 2020.

As of March 31, 2020, PMC Bank's total deposits stood at ₹10,727.12 crore and total advances at ₹4,472.78 crore. Gross non-performance assets of the bank stood at ₹3,518.89 crore at end-March, 2020.

Centrum Group Management Commentary:
Decision making at the new small finance bank equally promoted by Centrum Group and BharatPe will be determined by only those who are best suited to take those decisions, said Jaspal Bindra, executive chairman,

Centrum Group.
Centrum Group will take the charge in regulatory relations, lending, strategy and building the core business of the small finance bank. BharatPe will lead decision making on the technology side, including development of new digital-only products, as well as customer acquisition. 

Another area where BharatPe can help is in capital raising for the bank, since they have managed to raise good quality capital at an attractive valuation over the last three years.

The small finance bank is expected to be operational in less than 120 days, Bindra said.

To start with, the small finance bank aims to have a capital base of Rs 500 crore, against the regulatory requirement of Rs 200 crore. Equity capital will contributed equally by both promoters. Another Rs 400 crore in capital will be provided over the course of the first year of the bank's existence. "We (Centrum and BharatPe) have accounted for another Rs 900 crore to be infused into the bank aft fter the first year, depending on the kind of business growth we see," Bindra said. Centrum Financial Services' loan portfolio of about Rs 1,000 crore will be brought in to the small finance bank, as part of the process, he added.

So will the PMC depositors get their money back?Although the RBI has paved the way for a joint venture of Centrum and BharatPe to take over the troubled PMC Bank, the central bank has not come out with the details of the proposed acquisition of PMC Bank.

Disclaimer: The above report is compiled from information available on the public platforms.
 

About 5paisa:- 5paisa is an online discount stock broker that is a member of NSE, BSE, MCX and MCX-SX. Since its inception in 2016, 5paisa has always promoted the idea of self-investment and has ensured that 100% operations are executed digitally with minimal to no human interventions. 

Our all-in-one Demat account makes investment hassle free for everyone, be it an individual newly venturing into the investment market or a pro investor. Headquartered in Mumbai, 5paisa.com - a subsidiary of IIFL Holdings Ltd (formerly India Infoline Limited), is the first Indian public listed fintech company.

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No Increase in Property Tax in Mumbai

property tax
by Nikita Bhoota 21/06/2021

Mumbai Mayor, Kishori Pednekar said there will be no hike in Property tax in Mumbai till the Covid situation continues. 

The development came after the Brihanmumbai Municipal Corporation (BMC) proposed a hike in property tax. The mayor rejected the proposal saying that the people are already facing financial hardships due to the Covid-induced lockdowns, according to media reports.

The BMC’s assessor and collector department tabled the proposal earlier this week, to be effective from April 1, 2021 to March 31, 2025, before the Standing Committee for final approval. The property tax rate was proposed to go up to 14%, as per the media reports.

The corporation has proposed to increase the property tax based on ready reckoner rates as on April 1, 2021. Ready reckoner rates help to calculate true market value of immovable property like land, residential, commercial industrial. It is one of the factors to calculate property tax

Last year too, the state cabinet decided to not go for property-value assessment, leading to no revision in property tax during the financial year. A hike of around 17 percent was expected last year.

Stocks Performance:
Nifty50 is up only 0.21% or 32.40 points. Whereas, Nifty Realty index gained 349 points or 1.53% (updated at 2:13 pm)

Symbol

LTP

% Change

 
 

NIFTY REALTY

349.10

1.53

 

HEMIPROP

145.50

4.00

 

PRESTIGE

290.60

3.03

 

BRIGADE

283.05

2.85

 

GODREJPROP

1,408.00

1.51

 

DLF

299.05

1.42

 

IBREALEST

109.50

1.30

 

PHOENIXLTD

809.40

1.25

 

SOBHA

503.25

0.79

 

OBEROIRLTY

620.00

0.43

 

SUNTECK

288.80

-0.07

 

Source: NSE

Disclaimer: The above report is compiled from information available on the public platforms. These are not buy or sell recommendations.

About 5paisa:- 5paisa is an online discount stock broker that is a member of NSE, BSE, MCX and MCX-SX. Since its inception in 2016, 5paisa has always promoted the idea of self-investment and has ensured that 100% operations are executed digitally with minimal to no human interventions. 

Our all-in-one Demat account makes investment hassle free for everyone, be it an individual newly venturing into the investment market or a pro investor. Headquartered in Mumbai, 5paisa.com - a subsidiary of IIFL Holdings Ltd (formerly India Infoline Limited), is the first Indian public listed fintech company.

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Oil India Ltd Q4 results - Dividend

Oil India final dividend
by Nikita Bhoota 22/06/2021

Oil India Ltd reported 9.09% higher consolidated net revenues for the Mar-21 quarter at Rs3,909.61cr. On a sequential basis, net sales revenues were up 56.56% compared to total revenues in the Dec-20 quarter at Rs2,497.24cr. Full-year revenues for FY21 were -22.6% lower at Rs1,222cr.

Net profits in the Mar-21 turned in lower at Rs847.56cr but this was purely on account of tax credits in the sequential and the YOY quarter. In fact, in the Mar-20 quarter and the Dec-20 quarter, Oil India had made a loss before tax. However, it had a tax credit of Rs1,418cr in the Mar-20 quarter and a tax credit of Rs1,288cr in the Dec-20 quarter.

If tax credits impact is excluded, the profits actually turned around to PBT from loss in Mar-20 and Dec-20 quarters. Net margins at 21.68% in the Mar-21 quarter were lower on a comparative basis.

Average crude oil price realization in 2020-21 was USD 43.98 per barrel as compared to USD 60.75 during 2019-20, a 27.61 percent decline resulting from demand disruption caused by COVID.

Also, average natural gas price realization during 2020-21 decreased by USD 1.37 to USD 2.09 per million British thermal units.

Crude oil production for 2020-21 at 2.964 million tonnes was 5.42 percent lower than the 3.134 million tonne output during 2019-20.

Natural gas output too was 5.68 percent lower at 2642 million standard cubic meters in 2020-21.

OIL said its board recommended a final dividend of Rs 1.50 per share for 2020-21. The company had earlier paid an interim dividend of Rs 3.50 per share in February.

The company has acquired an additional 54.16% ownership interest in Numaligarh Refinery Ltd (NRL) on March 26, 2021, for total cash consideration of Rs 8,676 crore increasing the equity stake in NRL to 80.16 percent, including 10.53% shares held on behalf of the Government of Assam. Thus, NRL is now a subsidiary of the company.

Disclaimer: The above report is compiled from information available on the public platforms. These are not buy or sell recommendations.

About 5paisa:- 5paisa is an online discount stock broker that is a member of NSE, BSE, MCX and MCX-SX. Since its inception in 2016, 5paisa has always promoted the idea of self-investment and has ensured that 100% operations are executed digitally with minimal to no human interventions. 

Our all-in-one Demat account makes investment hassle free for everyone, be it an individual newly venturing into the investment market or a pro investor. Headquartered in Mumbai, 5paisa.com - a subsidiary of IIFL Holdings Ltd (formerly India Infoline Limited), is the first Indian public listed fintech company.

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Stocks that touch 52 weeks high

stocks at 52 weeks high
by Nikita Bhoota 22/06/2021

Indian Overseas Bank (IOB) and Central Bank of India (CBI) shares jumped 18% and 16%, respectively, in early trade on Tuesday amid reports that the government has shortlisted these banks for privatisation. Indian Overseas Bank touched a 52-week high of ₹27.95 and Central Bank of India touched a 52-week high of ₹28.30 on BSE. 

As per the media reports, Central Bank of India and Indian Overseas Bank might see 51 percent sale in the first phase of disinvestment. The government may amend the Banking Regulations Act and Banking Law Act during Parliament's Monsoon session to privatise the two state-run banks. The move comes after Union finance minister Nirmala Sitharaman announced during her Budget 2021 speech in February that two public sector banks (PSBs) would be privatized in 2021-22.

The weak financial metrics of lenders like CBI and IOB could lead to unexpected hurdles in the government's plan to privatise the lenders as per the market experts.

Both the IOB and CBI are currently under the Prompt Corrective Action (PCA) framework imposed by the Reserve Bank of India (RBI). Under the PCA framework, the central bank imposes certain business restrictions on lenders with weak financial metrics.

The Centre has set an ambitious divestment target of Rs 1.75 lakh crore for FY22.

At 11:50 am, Indian Overseas Bank was quoting at Rs 25.65, up Rs 2.05, or 8.69 % and Central Bank of India was quoting at Rs 26.00, up Rs 1.70, or 7.00% up on the BSE.

Disclaimer: The above report is compiled from information available on the public platforms. These are not buy or sell recommendations.
About 5paisa:- 5paisa is an online discount stock broker that is a member of NSE, BSE, MCX and MCX-SX. Since its inception in 2016, 5paisa has always promoted the idea of self-investment and has ensured that 100% operations are executed digitally with minimal to no human interventions. 

Our all-in-one Demat account makes investment hassle free for everyone, be it an individual newly venturing into the investment market or a pro investor. Headquartered in Mumbai, 5paisa.com - a subsidiary of IIFL Holdings Ltd (formerly India Infoline Limited), is the first Indian public listed fintech company.