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India’s government-operated postal system <keyword id="452884" type="COMPANY" weightage="100" keywordseo="IndiaPost">IndiaPost</keyword> has planned to start the first 50 branches of its payments bank, called India Post Payments Bank (<keyword id="3389889" type="UNKNOWN" weightage="100" keywordseo="IPPB">IPPB</keyword>), by May next year, with a motive to widen financial inclusion in the country. 
 Eventually, it plans to have 650 branches across the country by September next year, a top official of the <keyword id="53988" type="ORGANIZATION" weightage="100" keywordseo="Department-of-Posts">Department of Posts</keyword> told <a href="http://economictimes.indiatimes.com/industry/banking/finance/banking/indiapost-plans-50-payments-bank-branches-by-may/articleshow/53332937.cms">ET</a>. 
 A final proposal will be deposited to the <keyword id="30067" type="ORGANIZATION" weightage="100" keywordseo="RBI">RBI</keyword> by February 2017, as the central bank had given a deadline of March 2017, and in the meantime, the required management and technology would be brought into place, said SK Sinha, secretary, Department of Posts, told ET. 
 
Department of Posts was one of the 11 applicants that were given the RBI approval to open payments bank, out of which three backed out. The remaining entities are Aditya Birla Nuvo, Airtel M Commerce Services, Fino PayTech, National Securities Depository, Reliance Industries, Tech Mahindra and Vodafone m-pesa. 
 
For IPPB, IndiaPost will hire almost 2,000 people across 155,000 post offices. 
 
"There will be nine board members, five from outside and four internal people from the department, including the CEO," said Sinha. 
 
<a href="https://4.bp.blogspot.com/-tDjtt-skIAE/Vu179zE82UI/AAAAAAAACkU/3ekyY1mYARc6WnUvO3WVx1ZvcMzL-a6SA/s1600/DSC_0387.JPG">Image source</a>

IndiaPost aims to open 50 branches of payments bank by May next year

<ul><li>At 7:40 am, the SGX Nifty was trading 0.58% lower, indicating a cautious start for Nifty50. </li><li>Here’s a list of stocks to watch for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider</a>. </li></ul>Indian stock market is likely to open on a muted note tracking cues from the global peers. At 7:40 am, the SGX Nifty was trading 0.58% lower, indicating a cautious start for Nifty50. However, the US stocks finished higher as Wall Street ahead of decision from the Federal Reserve meeting. The Dow Jones Industrial Average ended on a flat note, while the S&amp;P 500 rose 0.52%. Here’s a list of stocks to watch for in trade on September 16: Infosys One of the largest publicly traded water, wastewater and natural gas providers in the US, Essential Utilities has selected Infosys as its strategic partner to drive its digital transformation. The shares of Infosys closed 0.31% higher yesterday. Bharti Airtel and Sterlite Technologies Telecom giant Airtel has partnered with Sterlite Technologies to build an optical fibre network across 10 telecom circles. The densely fibered future-ready network will also form the foundation for many next-generation services such as 5G, Fibre to The Home (FTTH), Internet of Things (IoT) and enterprise networks, Sterlite said in a release. The shares of Bharti Airtel and Sterlite Technologies closed 2% higher yesterday. SpiceJet SpiceJet reported a net loss of ₹593.4 crore for the first quarter ended June 30. The company’s total revenue during the quarter declined 83% YoY to ₹4,83.24 crore compared to the same period last year. In its quarterly filing, SpiceJet also stated that it is restructuring aircraft lease and renegotiating some of its current contracts to for long term saving impact on the cost front. The shares of SpiceJet closed 0.47% lower yesterday. IndiGo Aviation regulator DGCA has asked IndiGo and GoAir to fly only those aircraft that have modified Pratt and Whitney (PW) engines on them, said the civil aviation minister Hardeep Singh Puri. The PW engine-powered A320 neo planes in IndiGo, and GoAir fleets have been facing glitches both mid-air and on-ground since their induction way back in 2016. Puri said on Twitter IndiGo has 134 A320neo, and A321neo aircraft and all of them have modified PW engines on them. The shares of IndiGo closed 1.55% higher on Tuesday. Indiabulls Housing Finance Indiabulls Housing Finance said Brickwork Ratings has assigned a short-term rating of A1 plus to the company, signifying the adequate degree of safety and low credit risk. The rating agency has reaffirmed the long-term rating at AA-plus, suggesting a high degree of safety and very low credit risk, the company said in its regulatory filing. The shares of Indiabulls Housing Finance closed 1.95% lower on September 16. Future Enterprises Kishore Biyani led Future Enterprises reported a consolidated net loss of ₹322.92 crore for the quarter ended on June 30. Its revenue from operations was down 87.31% to ₹179.39 crore during the quarter under review. The shares of Indiabulls Housing Finance closed 4% higher on September 16. IDBI Bank According to news reports, the state-owned Life Insurance Corporation of India (LIC) is planning to sell its 51% stake in IDBI Bank in tranches. LIC bought 44% stake in IDBI Bank in January 2019 for ₹21,624 crore for saving the bank from collapse. The shares of IDBI Bank closed flat on September 16. Mahindra and Mahindra According to <a href="https://economictimes.indiatimes.com/industry/auto/auto-news/mahindras-ssangyong-close-to-signing-binding-agreement-with-us-firm-korean-media-reports/articleshow/78120204.cms?from=mdr">Korean news reports</a>, Mahindra and Mahindra’s subsidiary SsangYong Motor was close to signing a binding investment agreement with a US-based HAAH Automotive Holdings. Mahindra had earlier said that it will not make any <a href="https://www.businessinsider.in/business/auto/news/mm-share-price-gains-as-ssangyong-dents-fourth-quarter-profit/articleshow/76338292.cms">further investments in the loss making SUV-maker </a>and wanted to give up its controlling stake. Hexaware Watch out for Hexaware in trade as the date for delisting has been extended by one more day. The delisting offer closes today. The shares of Hexaware closed 6.25% higher yesterday. SEE ALSO: <a href="https://www.businessinsider.in/science/news/bill-gates-says-the-pandemic-wiped-out-25-years-of-vaccine-progress-in-25-weeks/articleshow/78117898.cms" data-type="tilCustomLink">Bill Gates says the pandemic wiped out 25 years of vaccine progress in 25 weeks</a> <a href="https://www.businessinsider.in/tech/news/watch-live-apple-unveils-whataposs-next-for-the-apple-watch-ipad-and-more-at-its-big-september-event/slidelist/78133140.cms" data-type="tilCustomLink">Apple unveils what's next for the Apple Watch, iPad, and more at its big September event</a>

Top stocks to watch— Infosys, Future Enterprises, Bharti Airtel, Sterlite Technologies, SpiceJet, IndiGo, M&M and more

The <keyword id="6367820" type="COMPANY" weightage="100" keywordseo="Adani-Group">Adani Group</keyword> is looking to raise $1-1.5 billion from investors and is tapping the global debt market with its maiden dollar bond issuance for <keyword id="1422313" type="UNKNOWN" weightage="100" keywordseo="Adani-Ports-and-SEZ">Adani Ports and SEZ</keyword> (APSEZ). 
 
Economic Times reported that investment banks like Standard Chartered, Bank of America Merrill Lynch, Citi, Barclays and SBI Capital have been mandated to manage the issue and some more are expected to join in. The company is seeking investment grade ratings from international rating agencies. 
 
Though the tenure and quantum of the bonds will be finalised only when the ratings come in, but sources told the financial daily that it would be a 5-10 year paper. ET reported the principal rationale for the issue is to swap the company's high cost rupee borrowings with cheaper dollar funding and for capex. 
 Adani Group’s FY15 net debt (unaudited) stood at Rs 15,155 crore, up 30.45% from FY13. ET stated that this issue may be followed by another in the coming months as <keyword id="111343" type="PERSON" weightage="100" keywordseo="Gautam-Adani">Gautam Adani</keyword> himself has gone on record to say two of his group companies-APSEZ and the newly created Adani Transmission - are looking to mop up Rs 25,000 crore from global markets. With APSEZ alone having plans to raise up to Rs 15,000 crore (around $2.5 billion), most expect a follow-on offer soon. 
 
“Long-term investors like pension funds and insurers, who believe in long-term India growth story may invest in these dollar-denominated offshore bonds of domestic infrastructure companies," Sidharth Rath, President of Treasury &amp; Business Banking at Axis Bank told ET, adding, “The cost of borrowing will depend on how the issuers mange their forex risk." 
 
An investment banker with a large European bank, on the condition of anonymity, said that even though US bond yields were rising, Indian issuers with investment grade still obtained better rates. “The recent Bharti Airtel issue proved this. All agree that the infrastructure sector will gradually pick up," said the investment banker. Adani Ports and SEZ is the largest multi-port operator of India. It acquired <keyword id="180147" type="UNKNOWN" weightage="60" keywordseo="Dharma-Port">Dharma Port</keyword> in 2014 for Rs 5,500 crore, the largest deal in the sector. 
 
ET said the company has been expanding its footprint through greenfield projects and acquisitions, following what is known as the 'string of pearls' strategy. 
 
Post Dharma acquisition, company watchers said expanding in the east coast has been its key focus. The financial daily reported that Adani has also emerged as the sole bidder for a greenfield port in Kerala. The multi-cargo ports of Dhamra and Mundra are the second hubs for Adani. 
 
"They are clearly looking to capture the coal traffic from Indonesia and Australia where they have mining operations. At the same time, they are also eying freight traffic from Bangladesh and Myanmar to emerge as a powerhouse in the Bay of Bengal. After Singapore, they want to be the next biggest hub in the South Asia," a long-time Adani watcher told ET. 
 
(Image: Reuters)

Adani Group to hit global bond market, looks to raise over $1 bn from investors

<ul><li>Indian IT giants are scrutinising every aspect of their expenses in order to cut down on costs as business takes a hit during the coronavirus pandemic. </li><li>Wage hikes have been paused, new employees aren’t being onboarded, and it helps that <keyword id="123591" type="PERSON" weightage="20" keywordseo="Work-from-home">work from home</keyword> means that travel expenditure is low for the meanwhile. </li><li>The weakening rupee against the US dollar brings in support. </li><li>Cost-cutting measures may help companies tide through the turbulent time, but they won’t help overall margins expand. </li></ul>The global economic recession would mean that the companies that employ the services of Tata Consultancy Services (<keyword id="6357150" type="ORGANIZATION" weightage="20" keywordseo="tcs">TCS</keyword>), <keyword id="6354512" type="COMPANY" weightage="20" keywordseo="Infosys">Infosys</keyword>, HCL Technologies, <keyword id="10862" type="CITY" weightage="20" keywordseo="Wipro">Wipro</keyword>, <keyword id="43217" type="CITY" weightage="20" keywordseo="Tech-Mahindra">Tech Mahindra</keyword> and the likes are likely to cut corners and therefore, the Indian IT giants will also have to curb costs. All IT majors in India have listed a few ways ⁠— no salary hikes, reduced costs like travel and sponsorships, increased work from home⁠ — to cut costs. And, the Chief Financial Officers (CFOs) are hoping that a stronger dollar will boost margin when earnings are converted to rupee. However, a former Infosys Board Member TV Mohandas Pai believes that all these may, at best, keep the margin intact. “The IT industry will suffer in the near term due to bankruptcies of clients, a decline in spends, and economic contractions,” Pai told Edelweiss. “Big companies are already making 20 to 25% margins, and both rupee depreciation and productivity improvement are the tools that enable them to maintain margins,” he added. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Operating Margin Q4 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">TCS </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">25.1% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Infosys </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">21.1% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HCL Technologies </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">20.9% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Wipro </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">17.6% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tech Mahindra </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">15.5% </td></tr></tbody></table> IT majors have ‘no regret’ capping salaries for the time being Wipro is considering temporarily putting employees on leave in order to manage costs. Similarly, Infosys CFO Nilanjan Roy, said “We have stopped hiring temporarily, we have also frozen any salary hikes, we have temporarily suspended all promotions — so these, we believe, are no-regret moves,” during the fourth-quarter earnings call. So, how much does that save? According to the TCS annual report, the average annual increase was 6% in India. And, for the top five IT companies in India the employee costs can range from 30% to as much as 54%. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Actual employee cost FY20 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">% of revenue </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HCL Technologies </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 9,916 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">30.4% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">TCS </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 64,906 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">49.4% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Infosys </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 42,434 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">53.7% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">TM </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 9,282.70 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">31.8% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Wipro </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 26,171.80 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">51.9% </td></tr></tbody></table> ‘Work from home’ can be a big cost saver <keyword id="141968" type="CITY" weightage="20" keywordseo="HCL-Tech">HCL Tech</keyword> has proposed a <a href="https://www.businessinsider.in/business/corporates/news/hcl-tech-follows-tcs-and-infosys-lead-says-50-of-its-employees-will-work-from-home-even-after-the-lockdown-is-lifted/articleshow/75593968.cms">50/50 plan</a> ⁠— where only 50% of its employees will need to work from office at any given time ⁠— while TCS CEO Rajesh Gopinathan wants only <a href="https://www.businessinsider.in/business/corporates/news/tcs-ceo-says-the-business-model-is-20-years-old-and-its-time-to-go-employee-lite/articleshow/75243124.cms">25% of the employees on any project at any one place, at any one time. </a> The rest can work from home even after the lockdown has ended. “This would axe travel and real estate costs by roughly 300 to 400 basis points,” according to Pai. A hundred basis points make for a percent. However, there are other <a href="https://news.stanford.edu/2020/03/30/productivity-pitfalls-working-home-age-covid-19/">experts who believe</a> that any increase in productivity seen during the pandemic may only be temporary as other social options are limited. Once the lockdown is lifted and normal activity resumes, the same level of productivity may prove difficult to sustain. A weaker rupee is good for companies that earn in dollars Infosys has already gained 2% on the rupee depreciation — which meant a 50 basis points margin benefit — in the fourth quarter with 97% of their billing in foreign currency. HCL technologies also saw a similar benefit on their margins of around 53 basis points. “Foreign exchange movements, particularly the rupee movement is the one that gave us the maximum benefit,” said CFO of HCL Technologies, Prateek Agarwal. For TCS, movements in currency exchange rates through the year resulted in a positive impact of 0.1% on the reported revenue — that’s around 10 basis points for the whole year. These cost-cutting measures are the need of the hour to maintain margins, however, they aren’t going to spurt profitability, according to Pai. IT majors will be happy keeping the profit margin where it is with FY20 being more about sustaining growth rather than boosting profits. SEE ALSO: <a href="https://www.businessinsider.in/finance/news/indian-banks-earn-3-1-billion-with-rbi-instead-of-giving-loans-to-businesses-despite-repo-rate-cut/articleshow/76000355.cms">Indian banks have made $3.1 billion just by parking funds with the RBI — instead of giving them out as loans</a> <a href="https://www.businessinsider.in/policy/economy/news/these-indian-states-have-seen-the-worst-economic-impact-due-to-the-covid-19-pandemic/articleshow/75999085.cms">These Indian states have seen the worst economic impact due to the COVID-19 pandemic</a> <a href="https://www.businessinsider.in/business/corporates/news/airtel-share-price-target-as-africa-unit-nears-a-billion-dollars-in-revenue/articleshow/75970641.cms">Airtel’s Africa unit is now a nearly-billion dollar business where every user pays 40% more than the one in India</a>

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IndiaPost aims to open 50 branches of payments bank by May next year

BI India Bureau

Top stocks to watch— Infosys, Future Enterprises, Bharti Airtel, Sterlite Technologies, SpiceJet, IndiGo, M&M and more

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Adani Group to hit global bond market, looks to raise over $1 bn from investors

BI India Bureau

Three ways TCS, Infosys and other IT giants in India are trying to cut costs — but it’s not going to increase their profitability

Prabhjote Gill

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