<ul class="p-rich_text_list p-rich_text_list__bullet"><li>Most <keyword id="260273" type="General" weightage="20" keywordseo="srei-group" source="Orion">Srei Group</keyword>’s lenders have either already recognised it as a non-performing account, or are planning to do so over the next three months.</li><li>Some of the biggest lenders to the group that is known for funding infrastructure projects include <keyword id="49007" type="General" weightage="20" keywordseo="uco-bank" source="Orion">UCO Bank</keyword>, <keyword id="6357132" type="General" weightage="20" keywordseo="canara-bank" source="Orion">Canara Bank</keyword>, Bank of India and <keyword id="6355975" type="General" weightage="20" keywordseo="axis-bank" source="Orion">Axis Bank</keyword>, among other public sector and private banks.</li><li>Srei told Business Insider that the amount due to its lenders is ₹28,000 crore (about $4 billion).</li></ul>Kolkata-based Srei Group that runs non-bank lender <keyword id="3187701" type="General" weightage="20" keywordseo="srei-equipment-finance-ltd" source="Orion">Srei Equipment Finance Ltd</keyword>., among other entities, has run into more trouble as its lenders have either already classified or are planning to recognise its borrowings as non-performing. Some of the biggest lenders to the group that is known for funding infrastructure projects include UCO Bank, Canara Bank, Bank of India and Axis Bank, among other banks, said two people aware of the development, who spoke to Business Insider requesting anonymity. The persons cited above said that the group owes ₹30,000 crore, whereas the company, which disputed the figure, told Business Insider that the amount due to the lenders is ₹28,000 crore (about $4 billion). “The company’s total liabilities are around ₹18,000 crore of bank loans and another ₹10,000 crore of external commercial borrowings and bonds. However, realizable assets, including arbitration awards, are higher. Therefore, we believe we can pay all our creditors over a period of time if structured in line with cash flows,” said a company spokesperson in an email reply to Business Insider’s queries. Loans given to Srei Group, according to the first of the two people cited above, who is a senior executive at one of the lenders to the group, have already been tagged as non-performing. The bank, he said, has been waiting for a go-ahead from the banking regulator on further action. The restructuring option proposed by the Group, the executive said, would allow lenders to recover just 30% of their dues over a nine-year period, even if a moratorium was to be offered initially. As no sustainable recovery options emerged, he said, it felt prudent to recognise Srei’s loans as NPA. The second of the two people cited above, who is also an official at one of the banks that had lent to Srei, told Business Insider that it was in the process of recognising Srei’s loans as non-performing over the next three months, as no resolution plan has been agreed upon between Srei and its creditors. <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[<div class="flourish-embed flourish-table" data-src="visualisation/7315356"><script src="https://public.flourish.studio/resources/embed.js"></script></div>]]></cdata></div> <cmsannotation type="cmsannotation" annotationid="Recovery efforts at Srei Group" comment="subhead" text="Recovery efforts at Srei Group">Recovery efforts at Srei Group</cmsannotation> In October 2019, Srei had transferred all the assets and liabilities of Srei Infrastructure Finance Ltd. to its wholly-owned subsidiary Srei Equipment Finance Ltd. via a slump exchange. The business transfer agreement, the company said, was executed after getting approvals from its shareholders, debenture trustees, few lenders, stock exchanges and an in-principle approval from some of the domestic lenders including lead banks. But the company's already stressed balance sheet suffered a major blow during the pandemic, further impairing its ability to repay dues. "Owing to the Covid-19 pandemic, including the second wave followed by extended lockdown from time to time and the moratorium, collection from borrowers and the lessees were severely impacted. In addition, it adversely affected the company’s liquidity during the year resulting in a cash flow mismatch as NBFCs like Srei Equipment Finance Ltd. were not allowed any similar moratorium by banks and financial institutions," Srei said in its emailed response. <div type="javascript" title="CardEmbed" contenttype="Image"><cdata><![CDATA[<div class="flourish-embed flourish-chart" data-src="visualisation/7315676"><script src="https://public.flourish.studio/resources/embed.js"></script></div>]]></cdata></div> Later, in Oct. 2020, Srei Equipment Finance approached the Kolkata bench of the National Company Law Tribunal for debt realignment and seeking creditor approval on its business transfer agreement. The restructuring options proposed by the group, however, did not get a go-ahead from all its creditors. "To pay back its lenders in a structured and orderly manner, the company submitted a scheme in October 2020 for paying back principal and interest over time to banks and financial institutions. The company also offered the option of modifying the proposed repayment schedule to be suggested by the creditors," the company said in the emailed reply. While a section of creditors agreed to the respective schemes that proposed payment over time, a few others, including banks, are yet to agree or offer Srei a modified repayment schedule on how they would like to be paid over time, it said. Even as Srei remains in discussion with its creditors, it said in July that the group had got term sheets from Singapore's Makara Capital Partners for an investment of ₹2,200 crore, and from US-based Arena Investors for investment of ₹2,000 crore. On Sep. 10, the group also sold one of its subsidiaries, Trinity Alternative Investment Managers Ltd. for ₹1.32 crore. But talks of a potential investment or the debt restructuring options offered by Srei have failed to strike a chord with its creditors. Lenders don’t want to give any leeway and so, the incoming bad bank may be an option As of March this year, an escrow account with Srei’s lead banker UCO Bank had collected ₹1,568 crore, as per its latest annual <a href="https://www.bseindia.com/xml-data/corpfiling/AttachHis/7fe5e539-f9d1-4625-9741-ca7e60a89014.pdf">report</a>. The Trust and Retention Account (TRA) allows Srei’s lenders to control all its cash flows, including business and operational payments. “Nevertheless, banks are already controlling the company’s cash flows since November 2020, and substantial collections have happened. It has enabled the bankers to distribute the money among themselves. At present, a payment schedule from them is awaited in view of the modification to the scheme submitted to the Honorable Tribunal,” it said. <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[<div class="flourish-embed flourish-chart" data-src="visualisation/7315489"><script src="https://public.flourish.studio/resources/embed.js"></script></div>]]></cdata></div> But debt resolution remains elusive as Srei continues to suffer a severe cash crunch. As of June 30, the group’s net worth had fully eroded and it was not able to comply with various regulatory ratios/limits, it said in a stock exchange filing on Aug. 14. “All this may have an impact on the Group's ability to continue its operations in normal course in future and to meet its financial commitments as and when due,” it said. Besides, an inspection by the Reserve Bank of India on Srei Infrastructure Finance and Srei Equipment Finance in March last year showed loans being potentially extended to related companies. The group’s total exposure to such borrowers, it said, is ₹7,961 crores as on June 30, 2021. Based on Srei’s current state of affairs, said Jignesh Shial, head of Banking, financial services and insurance sector at InCred Capital, it makes more sense for lenders to recognise it as NPA on their books, and then the RBI could take charge of its resolution. “It is possible that the lenders may want to sell down Srei's bad loans assets to the National Asset Reconstruction Company Ltd. at a later stage, but even that option is not immediately available,” he said. On Sep. 16, the central government cleared a proposal to provide ₹30,600 crore government guarantee for security receipts issued by the National Asset Reconstruction Company (NARCL), as part of resolution of bad loans. NARCL, or the proposed bad bank, is an asset reconstruction company set up by Indian banks to help them consolidate and take over existing stressed assets for their subsequent resolution. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/sbi-cards-is-down-as-carlyle-dumps-shares-but-the-credit-cards-business-is-bouncing-back/articleshow/86390713.cms">SBI Cards is down as Carlyle dumps shares but the credit cards business is bouncing back</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/india-to-canada-travel-open-check-out-covid-19-rules-and-air-ticket-price/articleshow/86390653.cms">Air Canada, Emirates, Air India and other airlines resume flights to Toronto and the tickets are priced up to ₹5 lakh</a>

Srei Group may leave a $4 billion hole in some of India’s biggest lenders

<keyword id="112947" type="General" weightage="100" keywordseo="srei" source="Orion">SREI</keyword> Equipment Finance Ltd has reported alleged fraudulent transactions amounting to Rs 13,110 crore, during the erstwhile management of the company, run by Hemant Kanoria and <keyword id="260027" type="General" weightage="50" keywordseo="sunil-kanoria" source="Orion">Sunil Kanoria</keyword>. In the unaudited financial results of the company for the quarter ending September 30, the transaction auditor has pegged the alleged value of the fraudulent transactions at Rs 13,110 crore. Before this, the company had reported fraudulent transactions of around Rs 5,100 crore, through two separate disclosures on the stock exchange. The administrator of the bankrupt company, which is going through <keyword id="6355809" type="General" weightage="80" keywordseo="nclt" source="Orion">NCLT</keyword> driven resolution process, has appointed BDO India LLP as the transaction auditor. In the latest disclosure, the company has said that the "transaction auditor has indicated that there are transactions amounting to Rs 13,110 crore which are fraudulent in nature under section 66 of the IBC, including transactions amounting to Rs 1,283 crore determined as undervalued transactions". The administrator has filed applications before the <keyword id="6354925" type="General" weightage="50" keywordseo="kolkata" source="Orion">Kolkata</keyword> bench of the NCLT for adjudication. In another disclosure, the company has informed that the Committee of Creditors has extended the last date for the submission of the resolution plan by the prospective resolution applicants to November 25, from November 15. Last week, NCLT approved the extension of the deadline for the completion of the resolution process to January 5, 2023. Insolvency-bound Srei Equipment Finance Ltd., along with its promoter Srei Infrastructure Finance, is being run by an administrator, which is looking into the day-to-today affairs of the companies since October 2021. After DHFL, SREI was the second financial services group that was referred by the <keyword id="30067" type="General" weightage="50" keywordseo="rbi" source="Orion">RBI</keyword> for an NCLT-driven resolution process, by superseding the boards of two Srei companies in October 2021. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/how-singapore-tech-layoffs-are-impacting-indians/articleshow/95503709.cms">How Singapore tech layoffs are impacting Indians</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/wholesale-inflation-eases-to-20-month-low-of-8-39/articleshow/95503880.cms">Wholesale inflation eases to 20-month low of 8.39%</a>

SREI Equipment Finance auditor reports fraudulent transactions to the tune of ₹13,110 cr

<ul><li>The regulator has initiated insolvency proceedings against two SREI companies</li><li>Reserve Bank of India has appointed Rajneesh Sharma, ex-chief general manager at Bank of Baroda as the administrator of the companies that defaulted.</li><li>Srei group spokesperson told Business Insider earlier that its dues to lenders amounted to ₹28,000 crore. </li></ul>Kolkata based Srei Group companies enter insolvency proceedings as the Reserve Bank of India (RBI) has taken the leash away from board of directors of Srei Infrastructure Finance and Srei Equipment Finance after the company defaulted on loan repayments. Rajneesh Sharma, the former chief general manager at Bank of Baroda as the administrator of the two Srei group companies. Some of the biggest lenders to the group that is known for funding infrastructure projects include UCO Bank, Canara Bank, Bank of India and Axis Bank among other public sector and private banks, based on two people aware of the development, who <a href="https://www.businessinsider.in/finance/banks/news/srei-group-may-leave-4-billion-dollar-hole-in-axis-bank-uco-bank-and-canara-bank/articleshow/86389825.cms">spoke to Business Insider requesting anonymity</a>. <div type="image" title="srei infra" height="900" width="1200" msid="86754361" hostid="261"></div> The bank officials cited above say that the group owes ₹30,000 crore, whereas the company, which disputed the figure, earlier told Business Insider that the amount due to the lenders is ₹28,000 crore (about $4 billion). The group had sought one-year standstill, protection from legal proceedings, but the lenders had reportedly rejected the proposal. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/thanks-to-remdesivir-kwality-pharmas-stock-is-up-from-59-to-over-922-in-just-over-nine-months/articleshow/86750890.cms">Thanks to Remdesivir, Kwality Pharma’s stock is up from ₹59 to over ₹922 in just over nine months</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/supreme-court-says-a-death-certificate-need-not-mention-covid-19-to-claim-governments-50000-ex-gratia/articleshow/86750225.cms">Supreme Court says a death certificate need not mention COVID-19 to claim government's ₹50,000 ex gratia</a>

RBI has taken two Srei companies out of board control after payment defaults

<keyword id="6367820" type="General" weightage="20" keywordseo="adani-group" source="Orion">Adani Group</keyword> is well on track to be the worlds largest renewable power generating company by 2030, <keyword id="111343" type="General" weightage="20" keywordseo="gautam-adani" source="Orion">Gautam Adani</keyword>, Chairman, Adani Group said. Speaking at a JP Morgan event, Adani said the group is already the world's largest solar power player when we account for our generating, under construction, and contracted projects. "We have done this in just two years and our Renewables Portfolio has reached our initial target of 25GW a full four years ahead of schedule. This puts us well on track to be the world's largest renewable power generating company by 2030. This also opens up several new pathways for us including setting us up to be one of the largest green hydrogen producers in the world", Adani said. Adani announced that over 75 per cent of our planned capex until 2025 will be in green technologies. "We will triple our renewable power generation capacity over the next four years - from 21 per cent now to a high of 63 per cent. No company is building at this scale", he added. "Over the next 10 years, we will invest over 20 billion dollars across <keyword id="34553" type="General" weightage="20" keywordseo="renewable-energy" source="Orion">renewable energy</keyword> generation, component manufacturing, transmission &amp; distribution", Adani said. "We are now India's largest private sector power producer, largest private port operator, largest private airport operator, largest private consumer gas and electric utility business, largest private electric transmission company and largest infrastructure developer in renewables," Adani said. "In just the last eight years, we have acquired over 50 assets amounting to about 12 billion dollars. Every one of these has been successful and we have continued to get better at integrating the acquisitions we make. This is a rare capability we have built", Adani said. The Adani Group's plans for airport-centered growth include metropolitan developments that span entertainment facilities, e-commerce and logistics capabilities, aviation dependent industries, smart city developments, and other innovative business concepts. The best example is our Mumbai airport. "We will not only scale the existing airport but also operationalize the Navi Mumbai International Airport by 2024. This airport will handle 80 million additional passengers. This coincides well with India becoming the world's 3rd largest aviation market", Adani said. With regards to the Digital business, Adani said upcoming new businesses will include all of our digital-related ventures that now span Data Centres, Industrial Clouds, and the <keyword id="12142039" type="General" weightage="20" keywordseo="adani-digital-labs" source="Orion">Adani Digital Labs</keyword>. "Earlier this year we established Adani Digital Labs as a part of Adani Enterprises to be able to provide a unified experience to all our end consumers. Today, our end consumer base is growing at 15 per cent. If we can onboard every consumer that is an Adani Consumer on our digital platform, we will potentially have over a billion consumers by 2030," Adani said. "I have very little doubt that every one of our own B2C businesses will be engagements driven on mobile platforms. Therefore, the consumer insights we will obtain through a unified platform will set us on the path to building our own SuperApp platform', he added. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/paras-defence-and-space-technologies-ipo-gets-fully-subscribed-by-retail-investors-on-first-day/articleshow/86393465.cms">Paras Defence and Space Technologies’ IPO gets fully subscribed by retail investors on first day</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/srei-group-may-leave-4-billion-dollar-hole-in-icici-bank-axis-bank-uco-bank-and-canara-bank/articleshow/86389825.cms">Srei Group may leave a $4 billion hole in some of India’s biggest banks</a>

Adani Group to invest $20 billion in renewable energy in 10 years

<ul><li><keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword> founder <keyword id="225032" type="PERSON" weightage="20" keywordseo="Sachin-Bansal">Sachin Bansal</keyword> is reportedly in talks to take over <keyword id="6631050" type="UNKNOWN" weightage="20" keywordseo="Essel-Mutual-Fund">Essel Mutual Fund</keyword>. </li><li>Essel Finance was looking out for buyer for its mutual fund business after a deal with Srei Infrastructure Finance did not go through.</li><li>Recently, Bansal invested ₹200 crore in <keyword id="100407" type="COMPANY" weightage="20" keywordseo="Piramal">Piramal</keyword> Enterprises’ debt. </li></ul>Flipkart founder Sachin Bansal is in talks to acquire Essel Mutual Fund, according to <a href="https://www.moneycontrol.com/news/business/mutual-funds/ex-flipkart-co-founder-sachin-bansal-in-final-talks-to-acquire-essel-amc-sources-4218201.html">reports</a>. Bansal is reportedly in the final stages of the deal, has long since hinted at a possible venture in finance. Earlier this month, it was <a href="https://www.business-standard.com/article/companies/essel-looks-for-investors-to-buy-out-mf-biz-as-seri-deal-hits-roadblock-119070401361_1.html">reported</a> that Essel Finance was looking out for buyer for its mutual fund business after a deal with Srei Infrastructure Finance did not come through. Essel Mutual Fund has Assets Under Management <a href="https://economictimes.indiatimes.com/mf/mf-news/essel-group-puts-its-mf-business-on-the-block/articleshow/68386985.cms">worth</a> ₹1,428 crore. Bansal has been making big ticket investments in the country’s financial sector. The latest deal where he would take the company, might mark his big entry into the sector. He recently had also invested ₹200 crore in Piramal Enterprises’ debt and has subscribed to its non-convertible debentures (NCDs). <a href="https://www.livemint.com/companies/news/sachin-bansal-invests-200-cr-in-piramal-enterprises-debt-1563126810412.html">Piramal Enterprises</a> in turn will infuse these new funds into its financial services sector. In <a href="https://www.livemint.com/companies/start-ups/sachin-bansal-invests-in-altico-indostar-cap-1551115360930.html">February 2019</a>, Bansal invested in two Non Banking Financial Companies (NBFCs) – Altico Capital India and IndoStar Capital Finance. He invested ₹250 crore each through his company BAC Acquisitions. In the same month, <a href="https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/sachin-bansal-plans-to-foray-into-fin-services/articleshow/68088962.cms">ET</a> said that Bansal had reportedly made queries at the Reserve Bank of India, to understand the regulations necessary to start a bank. Meanwhile, in May 2019, Bansal <a href="https://economictimes.indiatimes.com/news/company/corporate-trends/flipkarts-sachin-bansal-joins-ujjivan-small-finance-bank-as-director/articleshow/69585188.cms">joined</a> Ujjivan Small Finance Bank as its independent director. Bansal announced his exit from Flipkart after its $16 billion acquisition by Walmart, last year. Sachin Bansal, along with former Flipkart Group CEO Binny Bansal, are the famous duo who started Flipkart from a two-bedroom apartment. It is now one of India’s biggest e-retail giants. He sold his 5.5% stake for $1 billion in the sale in 2018.

Sachin Bansal could soon acquire Essel Group’s mutual fund

With another round of bidding for <keyword id="6360090" type="General" weightage="100" keywordseo="reliance-capital" source="Orion">Reliance Capital</keyword> Ltd slated later this month, the question is whether the final value of the debt-laden company would be found and lenders will be able to realise their monies early or will the matter go to the apex court? Recently, the National Company Law Appellate Tribunal (NCLAT) ordered in favour of Reliance Capital lenders and allowed another round of auction for the financial services company. The lenders had approached NCLAT against an earlier order of the National Company Law Tribunal (NCLT) restraining the Committee of Creditors (<keyword id="230701" type="General" weightage="80" keywordseo="coc" source="Orion">CoC</keyword>) from extending the auction round to find higher value for the company. The initial bidding process ended on December 21, 2022 and Torrent Investments was found to be the highest bidder with Rs 8,640 crore. Soon after that, the Hinduja Group's <keyword id="1424679" type="General" weightage="80" keywordseo="iihl" source="Orion">IIHL</keyword> made an offer of Rs 9,000 crore. In its written submission before NCLAT, one of the members of CoC Vistra ITCL said: "NCLT has usurped the jurisdiction of the CoC by holding that the CoC has to vote on the Rs 8,640 crore plan of Torrent and Rs 8,110 crore plan of IIHL and that CoC has no jurisdiction to negotiate even on the figures." It further argued that NCLT has not even looked at these plans and there is no Rs 8,110 crore plan of IIHL and NCLT has substituted its opinion for that of CoC, which is not permissible under the Insolvency and Bankruptcy Code (IBC). The appellant submitted that Torrent Investments has, within a span of 24 days, increased the values of the bid from Rs 1,100 crore upfront to Rs 3,750 crore upfront and then further within 2 weeks from Rs 3,750 crore upfront to Rs 8,640 crore upfront, and the same was the case with IIHL. The appellant contended that CoC therefore clearly feels that there is more value to be discovered and the same cannot be interdicted by judicial intervention at this stage. In the next round of bidding, the minimum/reserve price will be Rs 8,000 crore cash upfront, then round one will be Rs 9,500 crore and then it will be Rs 10,000 crore and Rs 250 crore after each round, it is learnt. But the moot point is if Torrent Investments goes to the Supreme Court against the NCLAT order then there will be a legal delay in the resolution process and why would bidders participate if the matter is to be settled by the apex court. Incidentally, maximisation of the value for the stakeholders is the ground on which the IBC firmly rests. There are several examples of the success of COC's commercial wisdom and the ability to renegotiate to get a better deal for the stakeholders of a corporate debtor. For instance, in the case of DHFL which had a debt of Rs 88,000 crore, the first offer made by the Piramals to acquire was Rs 15,000 crore. But after negotiations/revision/fresh plans, the revised offer went up by Rs 22,250 crore to Rs 37,250 crore. In respect of the SREI debt (Rs 32,791 crore) resolution, the initial offer for the company was Rs 3,402 crore and National Asset Reconstruction Company Ltd (NARCL) while the value of the resolution plan after negotiation/revision/considering fresh plans the amount went up by Rs 11,465 crore to Rs 14,867 crore. The same is the case with a couple of other corporate debt resolution plans: Essar Power, the initial resolution plan value of ArcelorMittal was Rs 32,000 crore and was revised upwards by Rs 10,000 crore to Rs 42,000 crore. Bhushan Power and Steel - debt Rs 48,719 crore; first-round value was said to be Rs 15,000 crore and revised for about Rs 24,500 crore by JSW Steels; Binani Cement - debt Rs 7,500 crore; initial resolution plan value was Rs 6,932 crore and later went up to Rs 7,950 crore by Ultratech Cement; Bhushan Steel - debt Rs 59,207 crore; value of resolution plan after negotiation/revision/fresh plans Rs 35,200 crore plus 12 plus equity stake; Videocon - debt Rs 64,938 crore; first-round value about Rs 2,962 crore by <keyword id="15683960" type="General" weightage="50" keywordseo="twinstar-technologies" source="Orion">Twinstar Technologies</keyword>. After the CoC withdrew its approval of <keyword id="3244266" type="General" weightage="50" keywordseo="twinstar" source="Orion">Twinstar</keyword>'s plan, three Expressions of Interest for the company have been received, as per reports. Interestingly in the case of Reliance Capital with a debt of about Rs 25,500 crore, the value of the resolution plan after the first round was about Rs 2,591 crore. The resolution value went up to Rs 9,000 crore which was made by the Hinduja group's IIHL. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/for-many-years-after-independence-there-was-no-long-term-vision-in-health-sector-pm/articleshow/98444722.cms">For many years after Independence, there was no long term vision in health sector: PM</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/entertainment/news/amitabh-bachchan-injured-during-film-shoot-in-hyderabad/articleshow/98444560.cms">Amitabh Bachchan injured during film shoot in Hyderabad</a>

Will Reliance Capital lenders get their dues fast or will there be legal delays

<ul><li>At 7:40 am, the SGX Nifty was up 0.12%, indicating a positive 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 indices are likely to start on a stronger note on Wednesday, led by positive cues from the global markets. At 7:40 am, the SGX Nifty was up 0.12%, indicating a positive start for Nifty50. The <a href="https://www.businessinsider.in/stock-market/news/dow-jumps-338-points-as-mitch-mcconnell-pledges-to-get-stimulus-deal-done/articleshow/79749308.cms">US stocks extended earlier gains</a> on Tuesday after Senate Majority Leader Mitch McConnell pledged to get a fiscal stimulus deal done before Congress takes a break for the holidays. The Dow Jones Industrial Average closed 337 points higher, and the S&amp;P 500 was up 1.29%. These are the stocks to watch out for during the trading session today: IDBI Bank IDBI Bank has set the floor price at ₹40.63 per share for its proposed qualified institutional placement (QIP) and downsized the fundraise by two-thirds to ₹2,000 crore. The bank’s board at its meeting on October 29 had proposed to raise ₹6,000 crore by issuing shares through QIP. Punjab National Bank Punjab National Bank (PNB) has set the floor price for its proposed QIP of ₹7,000 crore at ₹37.35 per share. PNB committee would meet on Friday to consider and determine the issue price for the equity shares, including a discount, if any, to be allotted to Qualified Institutional Buyers, pursuant to the QIP (qualified institutional placement). Indian Bank The state-owned Indian Bank declared the account of IL&amp;FS Financial Services (IFIN) as fraud with outstanding dues of ₹408 crore, and reported it to the Reserve Bank of India (RBI). Axis Bank Axis Bank has clarified that it has complied with its underwriting practices and approval processes for any exposure taken in relation to SREI Equipment Finance and SREI Infra Finance. SREI Group’s outstanding dues to the bank stand at ₹800 crore. Embassy Office Parks REIT Embassy Office Parks REIT plans to raise $500 million (around ₹3,700 crore) through the sale of units to institutional investors through QIP to fund its acquisition of commercial asset Embassy TechVillage in Bengaluru. Mahindra &amp; Mahindra (M&amp;M) Mahindra &amp; Mahindra (M&amp;M) said it would increase the price of its passenger and commercial vehicles, across models from January 1. PVR PVR to consider fundraising via various methods at its board meeting on December 18. Mrs Bectors Food Specialities Mrs Bectors Food Specialities IPO sees an overall subscription of 3.72 times on the first day of bidding. JSPL Jindal Steel and Power Ltd (JSPL) has appointed Hemant Kumar as the Chief Financial Officer (CFO) and key managerial personnel from Tuesday. SEE ALSO:<a href="https://www.businessinsider.in/business/corporates/news/interview-home-recipes-that-are-set-for-a-7-million-ipo-mrs-bectors-food-is-no-cookie-cutter/articleshow/79721783.cms" data-type="tilCustomLink"> INTERVIEW: Home recipes that are set for a $73 million IPO⁠— Mrs Bector’s Food is no cookie cutter</a> <a href="https://www.businessinsider.in/thelife/personalities/news/facebook-ceo-mark-zuckerberg-and-reliance-industries-mukesh-ambani-spoke-but-had-no-chemistry/articleshow/79739547.cms" data-type="tilCustomLink">Zuckerberg spoke to Ambani but there was no chemistry — even with a multi-million dollar partnership between them</a>

Top stocks to watch — IDBI Bank, PNB, Axis Bank, M&M, Embassy REIT, PVR, and others

<ul><li>Paras Defence and Space Technologies gets subscribed 10.63 times in the first hour on the first day of bidding.</li><li>The portion reserved for retail investors has been subscribed 20.58 times.</li><li>Analysts believe the IPO is a good bet for the long term considering it gets 50% of its revenue from government entities.</li></ul>The public issue of Mumbai-based Paras Defence and Space Technologies is already a hit among investors in just one hour of bidding on the first day. The majority of the demand was from retail investors as the portion reserved for retail investors was subscribed 20.58 times. The issue size was subscribed 10.63 times on the first day of the issue on September 21 as of 2 p.m. The initial public offering (IPO) got good response from investors in terms of subscription compared to other recent IPOs. The defence company’s IPO received bids for 7.26 crore equity shares against the IPO size of 68.31 lakh equity shares. <table style="border-width: initial; border-style: none;"><colgroup></colgroup><col /><col /><tbody><tr><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Category </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Subscription Status </td></tr><tr><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Qualified Institutional Buyers </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">00 times </td></tr><tr><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Non-institutional </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;"> 1.59 times </td></tr><tr><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Retail individual </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">20.58 times </td></tr><tr><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Total </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">10.63 times </td></tr></tbody></table> Typically, non-institutional investors get into the race on the last day as they don’t prefer to park higher funds without earning an interest on them. The IPO consists of ₹140.6 crore fresh issue and offer for sale worth ₹30.17 crore by the promoters with a price band of ₹165-175 a share. The company is primarily engaged in the designing, developing, manufacturing, and testing of a variety of defence and space engineering products and solutions. Analysts are bullish on the IPO as it highlights the company’s ability to benefit from the government’s ‘Make in India’ initiative along with its strong order book. The company derives majority of its business from government entities in the defence and space sector. As of FY21, government and private entities generated 50.8% and 32.3% revenue, while the rest was from exports. It has a strong order book of ₹304 crore as of June 30, 2021. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/srei-group-may-leave-4-billion-dollar-hole-in-icici-bank-axis-bank-uco-bank-and-canara-bank/articleshow/86389825.cms">Srei Group may leave a $4 billion hole in some of India’s biggest banks</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/sbi-cards-is-down-as-carlyle-dumps-shares-but-the-credit-cards-business-is-bouncing-back/articleshow/86390713.cms">SBI Cards is down as Carlyle dumps shares but the credit cards business is bouncing back</a>

Paras Defence and Space Technologies’ IPO gets fully subscribed by retail investors on first day

<ul><li>The demand from clients to migrate to cloud servers and to implement digital transformation has been strong.</li><li>From Sony Liv to London banks, the Tata Group company has signed on many new clients in the three months ending September.</li><li>TCS will be the first among IT companies to release September quarter earnings on October 8.</li><li>Check out the latest news and updates on Business Insider.</li></ul>Tata Consultancy Services (TCS) is expected to kick off the earnings seasons with strong growth numbers. The fact it signed as many as 14 new deals in the last three months ending September is a sign that the demand for digital transformation and migration to cloud services remains strong. Most analysts expect around 5% revenue growth in the Jul-Sep quarter compared to the preceding three months. <table style="border-width: initial; border-style: none;" class="redcator-table-advance"><colgroup></colgroup><col /><col /><tbody><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Revenue forecast by brokerages </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">% QoQ growth </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Emkay Global </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">5% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">IIFL Securities </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">5.50% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Motilal Oswal </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">4.10% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Goldman Sachs </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">4.7% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Phillip Capital </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">5.2% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">HSBC </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">5.1% </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> Analysts at Goldman Sachs expect the trend in migration to cloud services will continue for at least 3-5 years more. A Phillips Capital report said that the strong momentum in client spending will convert strong bookings to revenue. The 14 new deals signed on TCS is more than any of its peers including Infosys, Tech Mahindra and HCL Technologies. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"><colgroup></colgroup><col /><col /><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;">Client name </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;">Vertical </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;">Royal London </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;">BFSI </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;">John Wiley &amp; Sons </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;">Communication &amp; media </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;">SonyLIV </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;">Communication &amp; media </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;">Converge ICT Solutions </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;">Communication &amp; media </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;">Dutch Open </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;">Communication &amp; media </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;">Neptune Energy </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;">Energy &amp; utility </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;">Wabtec </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;">Manufacturing </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;">Rich Products </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;">Manufacturing </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;">Standard Bank </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;">BFSI </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;">Avianca </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;">Travel &amp; transportation </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;">Transport for London </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;">Travel &amp; transportation </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;">NXP Semiconductors </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;">Manufacturing </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;">NORD/LB </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;">BFSI </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;">Apoteket </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;">Healthcare &amp; pharma </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> However, the Indian IT services behemoth’s stock has not performed well in the last one month as shares of the company have fallen 2.54%. Most of the brokerages expect the company’s stock to cross the ₹4,000 mark or even more. <table style="border-width: initial; border-style: none;" class="redcator-table-advance"><colgroup></colgroup><col /><col /><tbody><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Brokerages </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Target price </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Emkay Global </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">3,700 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">IIFL Securities </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">4,080 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Motilal Oswal </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">3,790 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Goldman Sachs </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">4,578 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Phillip Capital </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">4,580 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">HSBC </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">4,145 </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/whatsapp-instagram-and-facebook-are-down/articleshow/86759457.cms">Facebook shareholders lost nearly $50 billion in the 9 hours that the social network, WhatsApp and Instagram were down</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/hdfc-bank-srei-infra-ongc-airtel-and-other-stocks-to-watch-out-for-as-markets-tumble-across-the-world/slidelist/86771522.cms">HDFC Bank, SREI Infra, ONGC, Airtel and other stocks to watch out for as markets tumble across the world</a>

TCS earnings may excite the street thanks to the 14 new deals in last three months

Mumbai, Feb 1 () The non-banking finance sector, which has been down in the dumps since September 2018, has heaved a sigh of relief with the Union Budget offering a slew of measures to boost their liquidity and asset recovery.
 The shadow banking sector, which also includes housing finance companies, has been struggling ever since the bankruptcy of IL&amp;FS in September 2018 which created a crisis of confidence for the system and the resultant snapping of credit flow to them.
 The Budget stated that the limit for NBFCs to be eligible for debt recovery under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002, is proposed to be reduced from Rs 500 crore to asset size of Rs 100 crore or loan size from the existing Rs 1 crore to Rs 50 lakh.
 Welcoming the budgetary measures for NBFCs, State Bank of India (SBI) Chairman Rajnish Kumar said this will lead to better recovery and borrower discipline in the sector.
 Leading industry player Tata Capital's Rajiv Sabharwal said the budget has offered many positive measures to boost the NBFC and HFC sector which will increase the flow of liquidity.
 "Budget has taken specific measures like enhancement of FPI limits in corporate bonds, abolishing of the dividend distribution tax and extension of the partial credit guarantee scheme. Lowering the threshold limits for accessing Sarfaesi Act benefit will further ease the recovery mechanism," Sabharwal said.
 Vishal Kampani of JM Financial Group said the budget is a mixed bag for embattled NBFCs, which were waiting for big incentives to get out of the current squeeze.
 "Yet some announcements like the tweak in eligibility limit for debt recovery, and reduction in loan size directly and the push to MSMEs will indirectly support NBFCs. More importantly, NBFCs will now be pinning hopes on the promises to ensure fund flow and revision of the partial credit guarantee scheme to come out of the current crisis," Kampani said.
 Jaspal Bindra, chairman of the Centrum Group, also expressed disappointed with the budget saying "not enough has been done for the banking and financial services sector".
 The mega challenge is around credit growth and the resultant liquidity crisis, which has not been addressed, he said.
 Thomas John Muthoot of the Muthoot Pappachan Group said the measures announced for farm sector will have a ripple effect on the NBFC sector.
 Ratings agency Brickwork Ratings said the increase in agriculture financing to Rs 15 lakh crore for fiscal 2021 enhances banks' dependence on NBFCs towards on-lending or kick-starting co-lending. This will improve the resource profile of NBFCs.
 Also, allowing smaller NBFCs to use the Sarfaesi Act and also to smaller ticket loans will help accelerate recovery in this segment and improve their asset quality. That apart, the partial credit guarantee scheme has supported the liquidity profile of NBFCs. But the budget offers no specific redressal to address NBFCs exposure to stressed real estate sector which is a major disappointment, it said.
 Gold loan player Manappuram Finance's VP Nandakumar said relaxation given to NBFCs for debt recovery is a welcome step even as it was looking forward to eventual parity with banks.
 Also, enabling NBFCs to extend invoice financing to MSMEs through TReDS will help increase the flow of credit to MSMEs.
 Ashwini Mehra of Duff &amp; Phelps the budget empowers NBFCs to go for hard recovery measures and reduce the stress in their balance sheets. The restoration of health of the NBFC sector has to be a priority given their relative efficiency in credit delivery and last mile reach.
 Siddhartha Mohanty of LIC Housing Finance said the time extension till March 2021 for additional Rs 1.5 lakh interest subsidy for affordable housing is a welcome step. Also, the tax holiday on profit would encourage more builders to take up affordable housing projects, individual can firm up home buying decision to enjoy the additional tax benefit of Rs 1.50 lakh.
 Shachindra Nath of Ugro Capital said, "The reduction in the NBFC eligibility for SARFAESI Act to Rs 100 crore from Rs 500 crore AUM will boost the confidence among small NBFCs and reduce the cost of borrowing for MSMEs. The proposal to allow NBFCs to extend invoice financing to MSMEs will boost productivity in the sector."
 Hemant Kanoria of Srei Infrastructure Finance said extension of the partial credit guarantee scheme for NBFCs can address their liquidity issues. BEN ABM
ABM

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