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Think Ahead with EZWealth – 29 Oct 2021
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Power ministry revises terms to fast-track planning, approval of power transmission projects
The power ministry has revised the terms of reference of National Committee on Transmission (NCT) to fast-track planning and approval of power transmission projects. “As one more step in the series of major reforms being carried out in the power sector under the direction of the Union Power Minister R K Singh, the Ministry of Power has revised the terms of reference of National Committee on Transmission (NCT) to fast-track Inter State Transmission System (ISTS) planning and approval process,” a power ministry statement stated.
This will go a long way in further facilitating Renewable Energy development and integration in the power system, it added. The NCT is mandated to propose expansion of ISTS to the ministry for approval after assessing the trend of growth in demand and generation in various regions, constraints, if any, in the inter-state, inter-region transfer of power, which are likely to arise in the near-term/medium term.
Biden unveils plan to invest $555bn on green energy
President Joe Biden announced a framework to invest $555 billion in funding on clean energy program he thinks can win approval from Congress, with investments in renewable power, electric vehicles and resilience. If Congressional Democrats go along the plan, part of a $1.75-trillion tax and spending blueprint, would represent a historic investment in fighting climate change that President Joe Biden can tout to world leaders at the high stakes United Nations climate summit opening Sunday. The framework is also set to provide Biden fresh evidence the US can deliver on its Paris Agreement pledge to at least halve greenhouse gas emissions from 2005 levels by the end of the decade.
Private banks’ Q2 profit soars 26%
The net profit of private banks rose 26% YoY in the July-September 2021 quarter and 21.9% sequentially over March-June 2021 (Q1), marking a phase of recovery in the economy and credit demand. According to an analysis of the performance of 12 banks, their net interest income was up 10.8% YoY and 2.5% QoQ. The yield on advances, especially wholesale loans, was under pressure amid a system flush with liquidity and low demand for credit, bankers said.
Provisions and contingencies by private lenders fell both YY and sequentially. Axis Bank said there was limited restructuring and asset quality was improving while the balance sheet was resilient. While the asset quality is stable, there are risks from borrowers who suffered severe economic disruptions during the pandemic. As for the growing loan book, combined advances of banks rose 11.8% YoY and 3.9% QoQ
Air Traffic movement may near pre-Covid level this winter
Domestic air traffic movement will be close to pre-pandemic levels in the upcoming winter schedule. Domestic airlines have received approval to operate 22,287 flights per week in the winter schedule, which begins on Sunday. This is just 4.38% lower than the number in the winter schedule 2019. Earlier in the month the civil aviation ministry had allowed airlines to operate at 100% capacity and so for the first time since May 2020 airlines will be able to do so. Currently airlines are operating at 70-75% of the pre-covid 19 capacity and a ramp-up to 100% will be gradual, based on demand, industry sources said.
Paytm pegs IPO at $20 bn valuation, Vijay Sharma says life to become QSQT
Paytm will be the most valued unicorn in the country at around $20 billion (Rs 1.48 trillion) when it launches its initial public offering on November 8. The fintech major, which was last valued at $16 billion two years ago, is seeking to raise Rs 18,300 crore in India’s largest IPO.
With this, Paytm would cross edtech player Byju’s estimated $18-billion valuation earlier this month. At the pre-IPO presentation, bankers confirmed that the enterprise value of Paytm would be in the range of $19.3 billion to $19.9 billion as the price band is set at Rs 2,080 to Rs 2,150 per share. While Walmart-owned Flipkart, valued over $35 billion, would top the valuation list, it’s now counted as a former unicorn.
Vijay Shekhar Sharma, managing director and CEO of One97 Communications (parent company of Paytm), cited high demand from investors to explain why the IPO size had been raised to Rs 18,300 crore from the earlier Rs 16,600 crore. While addressing the media ahead of entering a new phase, Sharma referred to QSQT–a term used by India Inc on and off to describe the life and responsibilities of a listed entity. ‘’Our life is going to become QSQT now or quarter se quarter tak (from one quarter to next),” said Sharma.[/vc_column_text][vc_column_text css=”.vc_custom_1635478795441{margin-top: 11px !important;margin-right: 11px !important;margin-bottom: 11px !important;margin-left: 11px !important;border-top-width: 3px !important;border-right-width: 3px !important;border-bottom-width: 3px !important;border-left-width: 3px !important;background-color: #d8d8d8 !important;border-left-color: #141414 !important;border-left-style: solid !important;border-right-color: #141414 !important;border-right-style: solid !important;border-top-color: #141414 !important;border-top-style: solid !important;border-bottom-color: #141414 !important;border-bottom-style: solid !important;border-radius: 3px !important;}”]
Stocks making the news today
[/vc_column_text][vc_column_text]Results on October 29: BPCL, Adani Power, Dr Reddy’s Labs, Shree Cement, UPL, Vedanta, Adani Transmission, Apollo Tyres, Bandhan Bank, Barbeque-Nation Hospitality, Bharat Electronics, Cadila Healthcare, CARE Ratings, Castrol India, Chemplast Sanmar, Cholamandalam Investment and Finance Company, LT Foods, Dalmia Bharat Sugar and Industries, Dixon Technologies (India), Elecon Engineering, Emami, Embassy Office Parks REIT, Equitas Small Finance Bank, Escorts, Exide Industries, GAIL (India), Glaxosmithkline Pharmaceuticals, Indigo Paints, JK Lakshmi Cement, JSW Energy, Kolte-Patil Developers, Neuland Laboratories, Oberoi Realty, REC, RPG Life Sciences, SAIL, Satin Creditcare Network, Sumitomo Chemical India, TTK Healthcare, Varun Beverages, VIP Industries, and Voltas will release September quarter earnings on October 29.
Reliance Industries: The company has fixed November 10 as the record date to determine holders of the partly paid-up equity shares for paying the second and final call. Holders of its partly paid shares will have to pay Rs 628.5 apiece during November 15-29, after which all the partly paid shares will get converted into regular stock of India’s most valuable company. Disclaimer: Moneycontrol is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.
KEC International: The company has bagged orders worth Rs 1,080 crore in the transmission and distribution business.
Adani Total Gas: The company approved to raise up to $750 million via Medium Term Note Programme. The company reported higher consolidated profit at Rs 158.12 crore in Q2FY22 against Rs 134.31 crore in Q2FY21, revenue increased to Rs 686.80 crore from Rs 441.16 crore YoY.
AU Small Finance Bank: The bank reported lower profit at Rs 278.5 crore in Q2FY22 against Rs 321.9 crore in Q2FY21, net interest income jumped to Rs 753.1 crore from Rs 560.6 crore YoY.
Infosys: The company and global energy firm BP agreed to develop and pilot an energy as a service (EaaS) solution, which will aim to help businesses improve the energy efficiency of infrastructure, and help meet their decarbonization goals.
NTPC: The company reported lower standalone profit at Rs 3,211.9 crore in Q2FY22 against Rs 3,504.8 crore in Q2FY21, revenue jumped to Rs 28,329 crore from Rs 24,677.1 crore YoY.
RBL Bank: The bank reported lower profit at Rs 30.8 crore in Q2FY22 against Rs 144.2 crore in Q2FY21, net interest income fell to Rs 915.5 crore from Rs 932.1 crore YoY.
Tata Power Company: The company reported sharply higher consolidated profit at Rs 506 crore in Q2FY22 against Rs 371 crore in Q2FY21, consolidated revenue rose to Rs 9,502 crore from Rs 8,428 crore YoY.
Subex: The company reported lower profit at Rs 4.82 crore in Q2FY22 against Rs 12.25 crore in Q2FY21, revenue fell to Rs 86.3 crore from Rs 93.3 crore YoY.
InterGlobe Aviation: The company posted loss of Rs 1,435.7 crore in Q2FY22 against loss of Rs 1,194.8 crore in Q2FY21, revenue jumped to Rs 5,608 crore from Rs 2,741 crore YoY.
DLF: The company reported sharply higher profit at Rs 378.1 crore in Q2FY22 against Rs 227.7 crore in Q2FY21, revenue fell to Rs 1,480.9 crore from Rs 1,609.8 crore YoY.
Blue Star: The company reported higher consolidated profit at Rs 31.4 crore in Q2FY22 against Rs 15.4 crore in Q2FY21, revenue jumped to Rs 1,239.7 crore from Rs 902.1 crore YoY.
IRCTC: Railway Ministry asked the company to share the revenue earned from convenience fee collected by IRCTC in the ratio of 50:50 with effect from November 1, 2021.
Welspun Corp: The company reported lower consolidated profit at Rs 84.2 crore in Q2FY22 against Rs 153.8 crore in Q2FY21, revenue rose to Rs 1,306.1 crore in Q2FY22 against Rs 1,157.7 crore YoY.
GHCL: The company reported higher profit at Rs 109 crore in Q2FY22 against Rs 78 crore in the Q2FY21, revenue rose to Rs 987 crore from Rs 779 crore YoY. The board approved raising up to Rs 100 crore via non-convertible debentures.[/vc_column_text][vc_separator][vc_column_text]
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