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Axis Bank to raise up to Rs 5,000 cr by issuing bonds

Axis Bank on Monday said it will raise up to Rs 5,000 crore by issuing bonds. In April this, the board of directors of Axis Bank had authorised it to borrow/raise funds in Indian currency/foreign currency by issue of debt instruments, perpetual debt instruments, AT 1 bonds, infrastructure bonds and Tier II capital bonds among others up to an amount of Rs 35,000 crore.

“We now wish to inform you that the bank proposes to raise funds by issuing senior unsecured taxable redeemable non- convertible debentures of Rs 10 lakh each for cash at par with base issue size of Rs 2,000 crore and green-shoe option to retain over-subscription of Rs 3,000 crore thereby aggregating up to Rs 5,000 crore,” Axis Bank said in a regulatory filing. Stock of Axis Bank traded at Rs 663.25 apiece on the BSE, down by 3.74 per cent from previous close.

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RBI discusses private cryptocurrencies, central bank digital currencies at board meet led by Shaktikanta Das

Reserve Bank of India’s Central Board of Directors today discussed various aspects relating to Central Bank Digital Currency and Private Crypto Currencies. The Central Board of Directors of the Reserve Bank, led by Governor Shatikanta Das, met today in Lucknow to hold the 592nd meeting of the Board. “The Board reviewed the current domestic and global economic situation, evolving challenges and remedial measures,” a statement by the central bank said. “The Board also discussed various aspects relating to Central Bank Digital Currency and Private Crypto Currencies,” it added, without divulging details. The meeting was attended by Deputy Governors Mahesh Kumar Jain, Michael Debabrata Patra, among others along with Debasish Panda, Secretary, Department of Financial Services.

The central bank’s board meet comes at a time when the government is expected to soon bring a bill regulating private cryptocurrencies. Earlier last month, RBI Governor Das had expressed concern over cryptocurrencies, saying there are “far deeper issues” involved in virtual currencies that could pose a threat to the country’s economic and financial stability. “When the RBI, after due internal deliberation, says that there are serious concerns on macroeconomic and financial stability, there are deeper issues, which need much deeper discussions and much more well-informed discussions,” RBI Governor had then said.

The government was expected to introduce a bill regulating cryptocurrencies in the winter session, however, that may be now postponed. The Finance Minister had said that the bill will be introduced in the House after approval from the Cabinet.

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Mukesh Ambani makes shareholders richer again; RIL creates Rs 9.7 lakh crore wealth in last 5 years

Mukesh Ambani created the most wealth for shareholders in last 5 years with his Reliance Industries Ltd topping the largest wealth creator list for the third consecutive year. Oil-to-telecom behemoth RIL created a whopping Rs 9.7 lakh crores in the last five years through 2016-21, by far the highest ever, said Motilal Oswal in its 26th Annual Wealth Creation Study 2021. Earlier, the company had added Rs 5.6 lakh crores in five years through 2014-19.

Meanwhile, two of the Adani group companies emerged as the fastest and most consistent wealth creators this year. Gautam Adani-headed Adani Transmission was the fastest wealth creator with price CAGR of 93% while Adani Enterprises remained the most consistent wealth creator as it outperformed in all the last 5 years, and has the highest price CAGR of 86%.

Highest ever quantum of wealth created, during 2016-21
The top 100 wealth creators created Rs 71 lakh crores wealth, highest ever quantum of wealth created in the last 26 five-year periods, during 2016-21, according to the brokerage firm study. “During the same period, Sensex CAGR was somewhat muted at 14%, but the pace of Wealth Creation was healthy at 24% CAGR, which reinforced the point that wealth creation happens in all kinds of market conditions. So, investors are better off focusing on which stocks to invest in, rather than timing the markets,” Motilal Oswal noted. Rs 10 lakh invested equally in 2016 among the top 10 fastest Wealth Creators would have grown to Rs 1.7 crore in 2021; return CAGR of 77% v/s just 14% for the Sensex.

Wealth creation classification by Industry
The Financial sector regained its top spot in Wealth Creation, after briefly losing it in the previous study period to the Consumer & Retail sector.

Wealth creation by ownership
PSUs’ (public sector undertakings) wealth creation performance during 2016-21 was the worst ever with PSUs in the top 100 Wealth Creators being just Gujarat Gas and Indraprastha Gas. Wealth created by these 2 PSUs is less than 1% of total.

Wealth destroyers
On the flipside, the total wealth destroyed during 2016-21 stood at Rs 11 lakh crores, 15% of the total wealth created by top 100 companies. Five of the top 10 wealth destroying companies are PSUs. The Financial sector emerged as both the top wealth creating sector thanks to the private sector banks, NBFCs, and the top Wealth Destroying sector mainly thanks to public sector banks.

The study analyzes the top 100 wealth creating companies during the period 2016-21. Wealth created is calculated as change in the market cap of companies between 2016 and 2021 (March ending), duly adjusted for corporate events such as mergers, de-mergers, fresh issuance of capital, buyback, etc. It identifies the fastest, largest and most consistent wealth creators. Further, it analyzes key trends in wealth creation, provides insights into winning companies and distills strategies for successful equity investing.

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Star Health and Allied Insurance shares list at discount to IPO price, fall over 5% on debut trade

Star Health and Allied Insurance Company shares listed on the stock exchanges today at a discount to IPO price. The stocks began trading at Rs 848 per share, down 5.69% or Rs 51.2 per share from the issue price of Rs 900 per equity share. Minutes into the initial day of trade, the stock trimmed losses and was seen moving higher, inching closer to the issue price. The weak listing was on expected lines after the IPO failed to attract interest from investors during its three-day initial share sale earlier this month. Star Health is backed by ace investor Rakesh Jhunjhunwala who owns a 14.98% stake in the private insurance company. On listing, Star Health and Allied Insurance Company had a market capitalization of Rs 48,850 crore.

“On the listing day, Star Health and Allied Insurance Company stock is down ~2% mainly due to fear of new Covid variant omicron. However, Company has strong growth rates. We are positive on stock and every dip in share prices provides buying opportunities to long term investors,” said Amarjeet Maurya, AVP, Research, Angel One. On the other hand Ravi Singhal, Vice Chairman of GCL Securities said that allottees should book loss at current levels as weak listing was widely expected. “The public issue was offered at around 15 to 20% higher valuations and hence the share price of the newly listed insurance stock may further go down. One should take fresh position in the counter at around Rs 725 to Rs 750 levels for 6 months target of Rs 1000 to Rs 1100 keeping stop loss at Rs 640 levels,” he added.

The Rs 7,249 crore IPO had seen a muted response from investors on Dalal Street, failing to raise the said amount. Qualified Institutional Buyers (QIB) had bid for 1.03 times the IPO size reserved for them while the Retail portion of the issue was subscribed to 1.10 times. However, Non-Institutional Investors (NII) and employees of the firm did not subscribe their portion of the IPO completely.

Analysts had raised red flags around the valuations demanded by the company. “At the higher price band of Rs. 900, Star Health is demanding an MCAP-to-net premium earned multiple of 10.3x, which is at a premium to the peer average. Moreover, the demanded valuations are at an elevated premium to recent capital issuance,” analysts at Choice Broking had said earlier. Star Health is one of the largest private health insurers in India with a market share of 15.8% in the fiscal year 2021. The company primarily focuses on the retail health market segment. It offers a range of flexible and comprehensive coverage options for retail health, group health, personal accident, and overseas travel.

The company saw its profitability getting hit during the covid-19 pandemic impacted by higher claims. Start Health and Allied Insurance reported an operating loss of Rs 1,071 crore in financial year 2020-21 as compared to a profit of Rs 360.8 crore and Rs 164.7 crore in fiscal year 2019-20 and 2018-19.

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