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Aurionpro signs pact to increase stake in its subsidiary.

Aurionpro signs pact to increase stake in its subsidiary.
by 5paisa Research Team 19/10/2021

This acquisition is pursuant to the right available to the company under the subscription and shareholders’ agreement signed for the acquisition of a 51% stake in 2018.

Global technology solutions leader, Aurionpro has announced the signing of an agreement for the acquisition of a further stake in its subsidiary SC Soft Pte Ltd (SC Soft). The transaction involves the acquisition of a further 29% stake in SC Soft from the existing shareholders, in various tranches up to December 31, 2022. This acquisition is pursuant to the right available to the company under the subscription and shareholders’ agreement signed for the acquisition of a 51% stake in 2018.

The acquisition of a 51% stake in SC Soft and resultant integration has established Aurionpro as an end-to-end supplier in the Automatic Fare Collection (AFC) segment and further acquisition of the stake in SC Soft will strengthen this position with increased synergies and capabilities.

To quote, Sanjay Bali, EVP of Aurionpro Solutions from a filing with the exchange, “SC Soft has a world-class technology which combined with the experience and reach of Aurionpro makes us a formidable player in the rapidly growing smart mobility market worldwide. The string of recent wins, strong pipeline and our deepening partnership with global players will help us grow this business rapidly in time to come and our decision to increase our holding in SC Soft signals our deeper commitment to this business.”

The company had announced last month that it had signed two strategic deals in their data centre business. It won two separate orders for setting up and designing of the data centres for two marquee names in the Indian market.

Aurionpro Solutions is a global technology solutions leader that helps enterprises accelerate their digital innovation, securely and efficiently. It combines core domain expertise, thought leadership in innovation, security and leverages industry-leading IP to deliver tangible business results for global corporations. Employing more than 1,200 domain and technology experts across North America, Asia and Europe, Aurionpro caters to a host of clients across the BFSI, telecom and logistics industry.

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Bank NPAs to rise after three-year drop with two segments showing most stress: Crisil

by 5paisa Research Team 19/10/2021

Bad loans at Indian banks will likely increase in the current financial year after declining for three years in a row but will remain below the 2018 peak, credit ratings firm Crisil Ltd said Tuesday.

Gross non-performing assets (NPAs) of Indian banks will increase to 8-9% this fiscal year from 7.5% last year and 8.2% the year before. But it will still be lower than the 11.2% level touched at the end of March 2018, Crisil said.

However, the Covid-19 relief measures such as a restructuring mechanism and the Emergency Credit Line Guarantee Scheme (ECLGS) will help control the rise.

Crisil also said that around 2% of bank credit is likely come under restructuring by the end of this fiscal year. This means that total stressed assets, comprising gross NPAs and restructured loans, would touch 10-11%.

High levels of NPAs have hobbled growth in the Indian banking sector, and the broader economy, for the past few years as banks focused on cleaning up their books and credit growth slowed. The situation at most banks had been improving until the Covid-19 pandemic struck last year. While the government and the Reserve Bank of India last year offered loan moratoriums and announced other relief initiatives, bad loans are now set to climb higher.

Retail, MSME segments

Crisil said stressed assets in the retail segment will rise to 4-5% by the end of this fiscal year from about 3% last year. While home loans, the largest segment, will be the least impacted, unsecured loans are expected to bear the brunt of the pandemic, it said.

Similarly, asset quality of banks’ MSME (micro, small and medium enterprises) segment will worsen even though these businesses benefitted from the ECLGS and other government schemes. Many MSMEs will require restructuring to manage cash-flow challenges, Crisil said.

In fact, restructuring is expected to be the highest for this segment, at 4-5% of the loan book, leading to a jump in stressed assets to 17-18% by this fiscal-end from about 14% last fiscal, Crisil said.

“The retail and MSME segments, which together form around 40% of bank credit, are expected to see higher accretion of NPAs and stressed assets this time around,” said Krishnan Sitaraman, Senior Director and Deputy Chief Ratings Officer, CRISIL Ratings.

“Stressed assets in these segments are seen rising to 4-5% and 17-18%, respectively, by this fiscal end. The numbers would have trended even higher but for write-offs, primarily in the unsecured segment,” Sitaraman said.

On the bright side, the corporate segment is likely to be more resilient. A large part of the stress in the corporate portfolio had been recognised during the asset quality review initiated five years ago, Crisil said.

“That, coupled with the secular deleveraging trend, has strengthened the balance sheets of corporates, and enabled them to tide over the pandemic relatively unscathed compared with retail and MSME borrowers,” it said.

This is evident from restructuring of only about 1% in the segment. Consequently, corporate stressed assets are likely to remain within the 9-10% range this year.

The rural segment, which was hit harder during the second wave of the pandemic in April-May, is also recovering. As a result, stressed assets in the agriculture segment are likely to remain relatively stable, Crisil said.

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Closing Bell: Markets snap seven-day rally; closes flat after touching new highs.

Closing Bell: Markets snap seven-day rally; closes flat after touching new highs.
by 5paisa Research Team 19/10/2021

Domestic equity indices continued the bull run to hit record highs on Tuesday, October 19, in a volatile trading session.

The BSE Sensex and Nifty 50 gave up early gains and slipped into the red during the late morning deals, but turned positive thereafter. The 30-share BSE index touched the intraday high of 62,245 during the afternoon session. 

At the closing bell on Tuesday, the Sensex was down 49.54 points or 0.08% at 61716.05, and the Nifty was down 58.20 points or 0.31% at 18418.80. On advance-decline, around 959 shares have advanced, 2321 shares declined, and 122 shares remain unchanged. IT and financial services stocks supported the headline indices at higher levels.

Among the top gainers of the day were Tech Mahindra, L&T, Bajaj Finserv, Infosys and Kotak Mahindra Bank, while the top losers on Tuesday were ITC, Tata Motors, Eicher Motors, HUL and Titan Company.

On the sectoral front, barring IT and Capital Goods, all other sectors closed in the red. The BSE midcap and smallcap index lost over 1% each in today's trade.

The trending stock for the day was L&T which gained 3% at Rs 1844.95 on the BSE. L&T Infotech, an L&T Group company, had reported a superlative earnings report. The net profit was Rs 552 crore for the second quarter, up by 21% on a year-on-year basis. L&T Infotech zoomed 16%to ₹ 6,880 post its results.

ITC on the other hand got impacted and nosedived 6.2% on the BSE after the Ministry for Health and Family Welfare set up an expert panel to review the taxation policy for tobacco products.

More quarterly results from India Inc will be released tomorrow.

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An insight into the investing style of Mohnish Pabrai.

An insight into the investing style of Mohnish Pabrai.
by 5paisa Research Team 19/10/2021

Mohnish Pabrai believes in value investing; an investment philosophy that is inspired by Warren Buffet.

Introduction -  

Mohnish Pabrai is a seasoned investor and the managing partner of the Pabrai Investment Funds, a family of hedge funds, which has grown from USD 1 million in 1999 to over USD 575 million in 2019. He is also the founder and CEO of an investment firm - Dhandho Funds. He believes in value investing; an investment philosophy which is inspired by Warren Buffet.

The investment firm of Mohnish Pabrai - Dhandho Funds thrives on the idea that you do not need too many stocks in your portfolio to achieve your goals. It believes that there are four keys to building wealth in the long term- start investing early, spending less than what you earn (thereby saving at least 5% to 15% of your earnings), utilizing the tax-deferred vehicles like IRAs and 401(k)s, and investing in low-cost index funds.

He has written two books on investing- The Dhandho Investor: The Low - Risk Value Method to High Returns and Mosaic: Perspectives on Investing. Through his book ‘The Dhandho Investor: The Low - Risk Value Method to High Returns’ he revealed that his core strategy is based on the idea that: “heads I win, tails I don’t lose much”. To simplify, he prefers to invest in businesses that have an upside exceeding the potential downside. The investor adopts a value-focused contrarian method of investing.

Let’s take a look at the stocks in the portfolio of Mohnish Pabrai.

As per the data published on Trendlyne, he has a net worth of over Rs 1,437.2 crore, and publicly holds three stocks which are:

Sunteck Realty Ltd, a luxury real estate development company headquartered in Mumbai. It aims to evolve as India’s most premium and trusted brand with high standards of ethical business practices, corporate governance and product quality. Over the last one year, the stock price went from Rs 273.75 to Rs 497.05, an increase of 81.5% YoY. Pabrai holds 97,81,736 shares of this company, and his holding value amounts to Rs 486.6 crore.

Edelweiss Financial Services Ltd is one of India's leading financial services conglomerates which offers a robust platform to a diversified client base in India as well as abroad. Over the last year, the stock price went from Rs 56.85 to Rs 81, an increase of 42.5% YoY. Pabrai holds 5,87,03,028 shares of this company, and his holding value amounts to Rs 475.5 crore.

Rain Industries Ltd is one of the world's leading producers of calcined petroleum coke, coal tar pitch and other high-quality basic and speciality chemicals. Over the last year, the stock price went from Rs 94.65 to Rs 251.95, delivering stellar returns of 166%! Pabrai holds 1,88,55,170 shares of this company, and his holding value amounts to Rs 475.2 crore.

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HDFC Retail growth set to accelerate, reports 17.6% growth in PAT

by 5paisa Research Team 19/10/2021

HDFC Bank reported 17.6% YoY growth in PAT, led by 14.4% YoY growth in operating profit and lower than-expected provisioning. Loan book grew by 15.5% YoY but the pick-up in the retail segment is encouraging, where growth has been lack lustre in the last few quarters. Accordingly, we expect margins to improve progressively and NII should revert to 15% YoY growth level in a few quarters. Risk and asset quality indicators have shown improvement across the board, with the demand resolution rate improving to 97.5% in Sep’21, nearly back to the pre-covid levels. GNPAs declined by 12bps QoQ to 1.35%. The management expects maximum impact of 10-20bps on asset quality from the restructured book. In light of such an impact, we think the bank is holding adequate level of provisioning (163% of GNPAs). Balance sheet capitalization remains strong with tier-I ratio of 18.7%. 

Loan book growth led by CRB; retail to increase

The bank has reported advances growth of 15.5% YoY and 4.4% QoQ. Growth in commercial and rural banking (CRB) has been strong, with the portfolio growing by 27.6% YoY and 7.4% QoQ. Trends in CV Finance, Tractor and construction equipment businesses have been strong. Outlook on SME growth is positive, which should translate into higher disbursements. Under its CRB segment, the bank is looking to enhance its village coverage significantly. Growth in the retail segment has also been encouraging at 12.9% YoY and 5.4% QoQ. The meaningful sequential pick-up in retail asset growth, seen after several quarters, is likely to sustain. The bank is positive about the retail segment’s growth trajectory, which will be aided by the launch of new products and the festive season (in the near term). During the quarter, retail asset disbursements were up 71% YoY and 59% QoQ, exhibiting phenomenal growth. With the RBI lifting the ban on HDFC Bank’s credit cards, the bank is looking to accelerate its monthly card acquisition run-rate to >500,000 in the near-term by tapping new liability relationships acquired in the last 9 
months (6.04mn during Jan-Sept’21). 42% growth in card spends in the first 10 days of October’21 points towards a continued recovery. Besides this, the bank has also been working on several strategic partnerships. It has also positioned itself to cater to opportunities in high growth sectors such as BNPL. A large branch footprint, coupled with 130,000 consumer durable merchant points, is expected to support the bank’s retail growth as the economic recovery gains further momentum. Auto loans also achieved new highs, with incremental disbursal value rising by 36% YoY. On the wholesale front, the outlook is positive as growth is expected to be supported by pick-up in infrastructure spending, among other factors. 

NII growth to pick-up pace on the back of retail acceleration 

For the last several quarters, NII growth has lagged overall advances growth as the wholesale portfolio has grown ahead of other segments. For 2QFY22, NII growth stood at 12.1% YoY and 4% QoQ with NIM stable at 4.1% QoQ. Going forward, NII growth is expected to gain traction as the high-margin retail segment’s growth picks up pace. The management has stated that it would take a few quarters for NII growth (YoY) to revert back to 15% levels. We are baking in 4.1% NIM over FY22-24E, supported by improving yields (as retail picks up) and low cost of funds. Noninterest income grew by 21.5% YoY and 17.7% QoQ. Fee income recovered strongly, growing by 25.5% YoY 
and 27.3% QoQ. Retail fee income was up 28% YoY.

Provisions lower QoQ growth, overall coverage is healthy

Provisioning for 2QFY22 was Rs39.25bn, down 19% QoQ and lower than our expectation. The bank took contingent provisions of Rs12bn in 2QFY22, taking the total stock of contingent provisions to Rs77.6bn as of 2QFY22. Overall provisions stand at Rs266.4bn, forming 163% of GNPAs. The bank has seen most risk and asset quality indicators improve in the last few months as the economic recovery post the second covid wave has strengthened. The bank has stated that it is well prepared to deal with the adverse impact from a possible third covid wave (if it comes). We expect overall credit costs to trend lower, leading to better earnings. 

HDFC Bank's asset quality is improving

Demand resolution rate stood at 97.5% for Sept’21, almost back to the pre-covid level of 98%. Bounce resolution rates have also improved back to Feb’20 levels. In fact, number of customers who self-cure after bouncing is 10% higher than pre-covid levels. The total restructured book is 1.5%. The management’s expectation is that the maximum impact (worst case scenario) from this pool will be 10-20bps on asset quality. Going by the bank’s own standards on risk/stress assessment throughout the covid period and with the benefit of a majorly vaccinated population and reversion to economic normalcy, we do not expect any negative surprises on the asset quality front. For 2QFY22, the bank reported GNPAs of 1.35%, down 12bps QoQ. NNPAs stood at 0.4%. The bank maintains a healthy provisioning coverage of 71%. Retail GNPAs declined by 13bps QoQ to 1.37% and CRB GNPAs were down 28bps QoQ to 1.95%. Gross slippages for 2QFY22 were Rs53bn compared to Rs73bn in 1QFY22. The slippage ratio for the quarter was 1.8%, down from 2.5% in 1QFY22. 

Conference Call Takeaways 

Asset Quality 

Reported GNPAs of 1.35% also include 20bps of standard facilities of the borrowers whose other facilities have been tagged 
NPAs. Out of the 150bps restructured loans (~Rs180bn), 25bps have been classified as restructured (even though they are not) due to the borrowers’ other facilities being restructured. Restructured accounts also contain some accounts that were under 
moratorium. Gross slippages in 2QFY22 were 1.8% (Rs53bn). Recoveries and upgrades were Rs35bn, write-offs Rs26bn and sale of NPAs Rs5bn. 

Retail asset quality improved

Retail demand resolution improved to 97.5% in Sept’21 (compared to 98% pre-covid), which is higher than the levels witnessed before the second covid wave. Compared to pre-covid levels, 10% more customers are now self-curing post bouncing. Bounce resolution rates for most buckets have reverted to pre-covid levels. Remaining resolution rates are expected at pre-covid levels by Dec’21. Impact on collections in case of a third covid wave is expected to be lower due to better preparation by the bank, including a highly vaccinated workforce. Recoveries have been 10% higher than pre-covid levels and are improving MoM. The bank took an empathetic stance towards affected customers in terms of restructuring. Risk assessment of the restructured portfolio indicates 10-20bps impact on NPAs in the worst-case scenario. 

Business and Loan Growth 

Credit card spends grew by 36% YoY and 27% QoQ. In the first 10 days of October, card spends were up 42% MoM. 416,000 new credit cards have been issued during 5 weeks of the quarter and the monthly run-rate is expected to improve further. Merchant tie-ups are being enhanced with several strategic partnerships in the pipeline. Merchant and customer engagements have been improving consistently. Under its partnership with PayTM, bank will be offering credit card and other products to retail customers and merchants. In addition to this, the bank expects to monetize data collected from its business partnership with PayTM. UPI transactions (by volume) increased 2.2x YoY and 35% QoQ. The bank has positioned itself to capture opportunities in emerging growth sectors such as BNPL. Currently, Easy EMI customer base stands at 3.5mn. The bank has 2.5mn merchant acceptance points and consumer durables loans have been enabled at 130,000 merchant points. 

Growing Commercial and rural banking (CRB) segment all set for expansion 

CRB growth was aided by market share gains, record high disbursements and strong customer acquisitions, all led by deepening penetration. Growth in the segment is expected at 20-25% for FY22. Retail CV volume financed by the bank were 4.5x YoY compared to industry volume growth of 1.2x. A similar trend was witnessed in Tractor and construction equipment. Growth in e-commerce is expected to support CV business. Growth outlook for SME is positive with expectation of strong disbursements. The bank intends to expand its village coverage significantly. 

Growing Mid-Corporate segment  

Mid corporate segment is healthy and growing. The brand pull of the offering is very strong. Segment witnessed 29% YoY growth. Growth target of expanding to over 100 cities has been already achieved, ahead of the March’22 timeline. The bank expects capex demand in several sectors and improved capacity 
utilization to support further growth. Wholesale SME witnessed 33% YoY and 7.5% QoQ growth. Growth target of expanding to 575 districts by March’22 has almost been achieved. Healthcare business grew by 5% QoQ.

Retail assets on demand 

The retail segment has witnessed strong demand trends. Loan inquiries increased MoM at the industry level. Auto loan book for the bank has grown at a healthy pace (auto loan disbursals up 36% YoY) in contrast to 37% YoY decline in domestic vehicle sales in Sept’21. Supply-side issues being faced by OEMs are expected to resolve over the next 1-2 months. Unsecured loan disbursals improved and focus on government business is yielding positive results. Strong growth in the combined mortgage book (HL + LAP) is expected to sustain in H2FY22. Loans above Rs0.1mn have witnessed good traction, but, loans below that (MFI and 2-wheelers) are expected to take ~60 days to reach pre-covid levels. Distribution channels are being improved in gold and business loans. Market share and underwriting quality for the bank have improved across products. The bank is focusing on strengthening its geographical footprint. Government and used car businesses would be the main focus areas going forward. Overall, the bank is bullish on retail assets growth in the coming quarters. The bank is one of the largest infra lending providers and would participate in the govt’s infra spending, which has already 
started. Disbursements in 2QFY22 stood at Rs80bn and the company is optimistic about disbursements 
growth in the coming quarters. 2.4mn new liability relationships (+31% YoY, +45% QoQ) were opened in 2QFY22. Lower NII growth over the last few quarters has been a function of higher growth in the (low risk) wholesale portfolio over the last 6-8 quarters. As the retail segment’s growth accelerates going forward, NII growth would also catch up. ~400 branches are in the pipeline and would be opened shortly. Employee expenses increase of ~Rs0.8bn can be attributed to ESOPs. Retail business is more cost intensive than the wholesale business. Customer acquisition, marketing expenses etc are 
expected to increase as the retail segment’s growth picks up. Technology spends constitute 2.7-2.8% of total revenue and 7-8% of total expenses. Bank has incubated a credit innovation lab to experiment new credit products, keep pace with the fintechs and stay at the 
forefront of innovation. 

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ACC beats profit estimates for Q3 despite cost spike

by 5paisa Research Team 19/10/2021

ACC Ltd, which is part of Holcim (formerly LafargeHolcim), has reported strong earnings for the quarter ended September 30, beating street estimates, even though high fuel costs increased its operational expenses.

ACC churned out 23.6% growth in net profit to Rs 450 crore as against Rs 364 crore in the year-ago period. Analysts had expected the company to post around 15% earnings growth on a year-on-year basis.

Net sales growth, however, fell a tad short of estimates, likely due to poor growth in volume sales of cement. Net sales rose 5.3% to Rs 3,653 crore for the three months ended September as against expectations of around 7% rise.

The July-September quarter—the third quarter for ACC’s financial year—is cyclically a weak period for cement makers as construction activity slows due to monsoon season.

The ACC scrip declined 2.5% ahead of the announcement of the results for the quarter in a nearly flat Mumbai market on Tuesday. The company’s share price is around 10% below its 52-week peak and closed at Rs 2,245.50 apiece.

ACC Q3 other key numbers:

1) Cement sales volume rose 1.2% to 6.57 million tonnes. This affected top-line growth.

2) Sales volume for ready mix concrete shot up nearly 50% to 0.68 million compared to year-ago period.

3) EBITDA margins rose to 19.5% from 19.4% in the same quarter last year.

4) EBITDA margin, however, is lower than the 20.9% for the nine months ended September 30.

5) Fuel costs rose 25% year-on-year. This is higher than rival UltraTech’s 17% increase in fuel costs.

ACC management commentary:

Sridhar Balakrishnan, managing director and CEO of ACC, said that the company recorded “solid performance” during the quarter through operational excellence and focus on sustainability while meeting customers’ needs.

“Despite a steep increase in fuel costs, our cost efficiency measures under project ‘Parvat’ have enabled us to maintain robust performance. I am confident that our relentless focus on execution of cost efficiency and capacity expansion projects will enable us to deliver strong shareholder value,” he said.

The company also said that economic activity is gaining momentum driven by accelerated progress in the Covid-19 vaccination drive and reduction in Covid-19 cases.

“We believe that government impetus on infrastructure and housing will augur well for cement demand in the next quarters. We are positive that the cement sector would benefit from increasing demand in various sectors such as housing, commercial and industrial construction,” ACC said.

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