May 2021 – Page 92 – IFSCCodeof.in

3 Midcap Equity Funds That Are Rated 5-Star By Crisil

May 4, 2021 root Personal Finance

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Invesco India Midcap Fund

Invesco India Midcap Fund is rated “5-star” by Crisil. The fund has generated a whopping returns of 56% in 1-year, while the three year returns are 12.23% and the 5-year returns 15.74% on an annualized basis.

An investment of Rs 10,000 in the SIP of the fund three years ago would have grown to Rs 4.99 lakhs in corpus today. Being a midcap equity fund a large proportion of the money is allocated to midcaps. Among the stocks in the company’s portfolio are Voltas, Mphasis, Endurance Technologies and Grand Pharma. This is a midcap fund and hence returns can be extremely volatile. Given that the markets are run-up, and are rather expensive caution is advised. We are just informing our readers of the well rated midcap funds from Crisil and these are not our recommendations.

Tata Midcap Growth Fund

This fund has a 4-star rating from Crisil. The one year returns has been massive at 61 per cent. However, the 3-year returns from the fund has been around the 12 per cent mark and the 5 year returns the 15 per cent mark on an annualized basis.

One can invest in the SIP of the fund through a small sum of Rs 150 each month. The net asset value under the growth plan is slightly in excess of Rs 199.

The assets under management of the fund are around the Rs 1129 crores , which is not sizeable. The portfolio of the fund comprises names like Voltas, Cholamandalam, Navin Flourine, Jubilant Foodworks etc. The company has almost the entire amount invested, barring 1.5 per cent of the funds, which is in cash and cash equivalents.

Taurus Discovery Midcap Fund

This is a midcap fund that has been accorded a 4-star rating from Crisil. Like peers the returns from the fund has been fantastic in the short term. The 1 year returns from the fund is 57 per cent, while the 5 year returns are 16.76 per cent on an annualized basis.

If you are looking to buy the scheme under the growth plan the net asset value is currently Rs 62.64. However, caution is advised before investing large amounts, as the markets are barely a few per centage points from record highs. The portfolio of the fund includes names like Atul, Honeywell automation, Supreme Industries Tata Chemicals etc.

Ideally, the best way to go about investing in small and midcap funds would be the Systematic Investment Plan route. One can invest in this fund through the SIP route with a small sum of Rs 1,000. Please read our disclaimer on the website before investing in these funds.

About the author

Sunil Fernandes has spent 26 years covering business and finance in India and abroad. Sunil has worked with frontline daily newspapers including Hindustan Times, Deccan Herald and Gulf Times. He has also worked with investment magazines like Dalal Street Investment Journal and Oman Economic Review. His forte remains stocks, mutual funds and tax planning.

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Top Gold ETFs To Invest

May 4, 2021 root Personal Finance

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Why Gold ETFs and How do they work?

Gold ETF tracks the price of domestic physical gold and invests in 99.5% purity gold bullion. This is digital form of gold investment and when you buy a unit of gold ETF, you invest in 1 gm of gold that is backed by gold of very high purity.

You can buy and sell these similar to stocks as these are listed on stock exchanges. So, investment into gold can be made through simple means and offers stock market related flexibility.

Also, because of no making charges and other such expenses, cost pertaining to investment into Gold ETF is also very low than physical gold.

Further the investment into gold ETF is free from any threat of loss as the ETFs are stored in demat form.

How to invest in Gold ETFs?

Similar to stocks these are traded on exchanges and can be bought at market rates. This is actually very close to the actual price of gold, and therefore, the benchmark is the physical gold price. So, for you to invest in Gold ETF, there has to be a demat and trading account. You can also go the lump-sum way or invest systematically via SIPs.

Cost associated with Gold ETFs

1. Expense ratio i.e. very small

2. Broker associated cost every time you transact in an ETF

3. Tracking error that is related to fund’s expenses and cash holdings.

How to choose the right Gold ETF?

For arriving at the best Gold ETF, trading volume and tracking error should be monitored as with benchmark as domestic physical gold price, performance of all the Gold ETFs shall be more or less same.

Best Gold ETFs to invest in

1. Nippon India ETF Gold BeES:

The ETF commands a good trading volume of over 23 lakhs meaning offering high liquidity. And has a 14-year track record. The fund though is not rated.

Gold ETF	1-year return	3-year	5-year
Nippon India ETF Gold BeES	-0.64%	13.76%	7.79%

Positives of the Nippon India ETF Gold BeES are its asset size of Rs. 5277 crore as well as its high 20 day average volume of 4,805,409. Expense ratio of the fund is 0.82 percent. The fund is said to carry a moderately high risk.

Among peers, this ETF has the lowest tracking error which means its portfolio is closely following its underlying.

2. HDFC Gold ETF

This is another unranked fund and has an asset size of Rs. 2123.39 crore. Expense ratio of the fund is 0.62 percent. Against its Nifty 50 benchmark, the fund in the past one year has given negative return of 0.75%.

Gold ETF	1-year return	3-year	5-year
HDFC Gold ETF	-0.75%	13.56%	7.87%

This is an open ended fund wherein one can invest any time. Notably during the period from May 2019 and May 2020, the ETF posted the best performance with return of 49.76 percent.

3. Kotak Gold ETF:

This is also not rated and commands an asset size of Rs. 1539 crore. Expense ratio of the fund is 0.55%. The fund aims to provide returns that closely correspond to the return provided by the price of gold through investment in physical gold in domestic market.

Gold ETF	1-year return	3-year	5-year
Kotak Gold ETF	-0.72%	13.82%	7.77%

Taxation of Gold ETFs:

If gold ETFs are held for over 36 months then long term capital gains tax at 20 percent with indexation benefit applies. Short-term capital gains (STCG) tax is imposed at the investor’s income-tax slab rate if gains on units are held for less than 36 months.

GoodReturns.in

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Reserve Bank of India – Press Releases

May 4, 2021 root Press Releases

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(Amount in ₹ crore, Rate in Per cent)

	Volume (One Leg)	Weighted Average Rate	Range
A. Overnight Segment (I+II+III+IV)	395,063.08	3.21	0.01-5.35
I. Call Money	11,479.54	3.21	1.90-3.50
II. Triparty Repo	270,214.75	3.21	2.50-3.25
III. Market Repo	110,924.79	3.20	0.01-3.40
IV. Repo in Corporate Bond	2,444.00	3.43	3.38-5.35
B. Term Segment
I. Notice Money**	643.45	3.13	2.50-3.35
II. Term Money^@@	152.90	–	3.00-3.40
III. Triparty Repo	300.00	3.20	3.20-3.20
IV. Market Repo	0.00	–	–
V. Repo in Corporate Bond	980.00	3.43	3.43-3.43

	Auction Date	Tenor (Days)	Maturity Date	Amount	Current Rate / Cut off Rate
C. Liquidity Adjustment Facility (LAF) & Marginal Standing Facility (MSF)
I. Today’s Operations
1. Fixed Rate
(i) Repo
(ii) Reverse Repo	Mon, 03/05/2021	1	Tue, 04/05/2021	440,115.00	3.35
2. Variable Rate^&
(I) Main Operation
(a) Reverse Repo
(II) Fine Tuning Operations
(a) Repo
(b) Reverse Repo	–	–	–	–	–
3. MSF	Mon, 03/05/2021	1	Tue, 04/05/2021	10.00	4.25
4. Long-Term Repo Operations	–		–		–
5. Targeted Long Term Repo Operations	–	–	–	–	–
6. Targeted Long Term Repo Operations 2.0	–	–	–	–	–
7. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*				-440,105.00
II. Outstanding Operations
1. Fixed Rate
(i) Repo
(ii) Reverse Repo
2. Variable Rate^&
(I) Main Operation
(a) Reverse Repo	Fri, 23/04/2021	14	Fri, 07/05/2021	200,017.00	3.47
(II) Fine Tuning Operations
(a) Repo
(b) Reverse Repo
3. MSF
4. Long-Term Repo Operations^#	Mon, 17/02/2020	1095	Thu, 16/02/2023	499.00	5.15
	Mon, 02/03/2020	1094	Wed, 01/03/2023	253.00	5.15
	Mon, 09/03/2020	1093	Tue, 07/03/2023	484.00	5.15
	Wed, 18/03/2020	1094	Fri, 17/03/2023	294.00	5.15
5. Targeted Long Term Repo Operations^	Fri, 27/03/2020	1092	Fri, 24/03/2023	12,236.00	4.40
	Fri, 03/04/2020	1095	Mon, 03/04/2023	16,925.00	4.40
	Thu, 09/04/2020	1093	Fri, 07/04/2023	18,042.00	4.40
	Fri, 17/04/2020	1091	Thu, 13/04/2023	20,399.00	4.40
6. Targeted Long Term Repo Operations 2.0^	Thu, 23/04/2020	1093	Fri, 21/04/2023	7,950.00	4.40
7. On Tap Targeted Long Term Repo Operations^€	Mon, 22/03/2021	1095	Thu, 21/03/2024	5,000.00	4.00
D. Standing Liquidity Facility (SLF) Availed from RBI^$				19,202.06
E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*				-98,732.94
F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*				-538,837.94
G. Cash Reserves Position of Scheduled Commercial Banks
(i) Cash balances with RBI as on		03/05/2021		527,435.58
(ii) Average daily cash reserve requirement for the fortnight ending		07/05/2021		538,082.00
H. Government of India Surplus Cash Balance Reckoned for Auction as on^¥		03/05/2021		0.00
I. Net durable liquidity [surplus (+)/deficit (-)] as on		09/04/2021		712,322.00
^@ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).
– Not Applicable / No Transaction.
** Relates to uncollateralized transactions of 2 to 14 days tenor.
^@@ Relates to uncollateralized transactions of 15 days to one year tenor.
^$ Includes refinance facilities extended by RBI.
^& As per the Press Release No. 2019-2020/1900 dated February 06, 2020.
* Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo.
^# As per the Press Release No. 2020-2021/287 dated September 04, 2020.
^ As per the Press Release No. 2020-2021/605 dated November 06, 2020.
^€ As per the Press Release No. 2020-2021/520 dated October 21, 2020, Press Release No. 2020-2021/763 dated December 11, 2020 and Press Release No. 2020-2021/1057 dated February 05, 2021.
^¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.
Ajit Prasad Director
Press Release : 2021-2022/155

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Ethereum extends gains to fresh record above $3,400, BFSI News, ET BFSI

May 4, 2021 root Personal Finance

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SINGAPORE: Cryptocurrency ether extended gains to another record peak on Tuesday, after breaking above $3,000 for the first time a day earlier as investors bet on its growing utility.

Early in Asia trade, it traded as high as $3,457.64 on the bitstamp exchange, for a session rise of about 17%.

Traders have attributed the gains – which amount to some 365% for the year to date – to a catch up on bitcoin’s late 2020 leap and as upgrades to the ethereum blockchain make it more useful.

The ether/bitcoin cross rate stood at its highest in more than two-and-a-half years on Tuesday while bitcoin was steady at $57,295.

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Buffett says Greg Abel is his likely successor at Berkshire, BFSI News, ET BFSI

May 4, 2021 root Personal Finance

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By Katherine Chiglinsky

Warren Buffett said Greg Abel, Berkshire Hathaway Inc.’s vice chairman of non-insurance businesses, would be his likely successor if the billionaire were to step down.

The board agrees that Abel, 58, would take over if anything were to happen to the 90-year-old chief executive officer, Buffett told CNBC. Abel had been seen as the most likely candidate.

Succession decisions had been a closely guarded secret at the conglomerate, even while the firm assured investors that it had a detailed plan in place. Ajit Jain, 69, was also often viewed as a potential pick given Buffett’s praise of the Berkshire vice chairman, who runs the insurance businesses. But age was a determining factor in the selection, according to Buffett.

“They’re both wonderful guys,” Buffett, who has spent five decades at the helm, told CNBC. “The likelihood of someone having a 20-year runway, though, makes a real difference.”

Berkshire Vice Chairman Charlie Munger, 97, made a remark at Saturday’s annual meeting that stoked speculation Abel was the chosen successor. Buffett was talking about how decentralization wouldn’t work everywhere because it requires a certain type of culture.

“Yeah, but we do,” Munger said. “And Greg will keep the culture.”

Abel has long been seen as the most likely candidate to replace Buffett, given his age and his wide remit overseeing all the non-insurance businesses at the conglomerate.

“The directors are in agreement that if something were to happen to me tonight, it would be Greg who’d take over tomorrow morning,” Buffett told CNBC. “We’ve always at Berkshire had basically a unanimous agreement as to who should take over the next day.”

What Bloomberg Intelligence Says
“We think Greg Abel would carry on Berkshire’s culture as Buffett’s successor.”
–Matthew Palazola, senior industry analyst, and Kylie Towbin, associate analyst.

Succession remains a huge topic for Berkshire given the ages of Buffett and Munger and their importance in building the company into the more than $630 billion conglomerate it is today. Any successor would take on a business overseeing a wide array of operations, from insurers to a railroad to energy companies and even retailers including Dairy Queen.

Both Abel and Jain joined Buffett and Munger on stage Saturday to field questions from shareholders at the company’s meeting, held virtually because of the pandemic.

Abel and Jain were both named vice chairmen in 2018 in promotions that Buffett said at the time were part of the “movement toward succession.” Abel, who previously led Berkshire’s sprawling energy empire, was picked to oversee all the non-insurance businesses, while Jain ran the insurers.

Abel rose to prominence at Berkshire as a key manager of its energy operations, building those units into a business that now has more than 23,000 employees. The executive, who grew up in Canada, is also an astute dealmaker, helping the energy business buy a Nevada utility, NV Energy, and an electric-transmission company in his native Alberta.

Now, Abel has an even wider mandate. He holds roles as a board member at Kraft Heinz Co., the packaged-food company that counts Berkshire as a key shareholder, and sets compensation for the CEOs of the company’s non-insurance businesses. Shareholders have gotten more of a glimpse of Abel in recent years, with the manager joining Buffett on stage at the annual meetings this year and in 2020.

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Banks gear up for asset quality deterioration as stricter lockdowns loom, BFSI News, ET BFSI

May 4, 2021 root Banking & Finance

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As India stares at lockdowns and curbs for the entire May, banks and NBFCs are Lenders are bracing for a further deterioration in asset quality metrics, cheque-bounce rates and collection ratios.

Collection levels had already dropped to 10% for lenders and cheque-bounce rates had increased in segments like small and medium enterprises, commercial vehicles and microfinance.

Analysts see cheque bounce levels rise by another 3-4% while collection ratios dropping by nearly 5% in May alone

Cheque bounces are back to January 2021 levels after improving in March with Maharashtra, Madhya Pradesh, Punjab, and Telangana are seeing higher check bounce rates, HDFC Bank said in its Q4 results.

Dishonoured cheques in April (half-way through the month) have risen slightly, possibly due to some panic caused by worsening medical conditions,” HDFC said after its Q4 results.

Till the first week of April, the worst affected state was Maharashtra but now many states have been severely impacted by the fresh pandemic surge. NBFCs and small finance banks face a bigger hit.

Axis Bank too has said collections are likely to get impacted in the coming weeks and it was watching the situation closely.

No cover this time

Banks, which got protection and support by a swift moratorium on loans when the pandemic first struck, have no such cover this time.

As the second wave intensifies, most of the relief measures and schemes announced by the government and Reserve Bank of India have expired. On top of it, the central bank is non-committal on moratoriums.

In today’s conditions, there is no need for a moratorium,” RBI governor Shaktikanta Das said after the central bank’s monetary policy review. However, that statement was before the second Covid wave worsened.

RBI stress test

Bank NPAs may rise to 13.5% under the baseline stress test scenario by September, the highest in more than 22 years, according to the RBI’ financial stability report in January this year.

The gross bad loan ratio of banks which stood at 7.5% as of 30 September, could almost double to 14.8% under a severe stress scenario, RBI warned. Under the severe stress scenario, RBI has assumed a 7.6% economic contraction in the six months to 31 March and a tepid 3.8% growth in the first half of the next fiscal. However, uncertainty over vaccines and the severity of the Covid wave hobbles the 3.8% growth projection.

The last time banks saw such stress was in 1996-97 when the bad loan ratio rose to 15.7%.

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Bank of Maharashtra sees big recovery from IL&FS; No cap on digital loan sanctions, BFSI News, ET BFSI

May 4, 2021 root Banking & Finance

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BoM earned a net profit of Rs 165 crore in the January-March quarter. The bank has recovered Rs 508 crore from the toxic account of Bhushan Power and hopes to get another cheque of almost the same amount from IL&FS soon. In an interaction with ETBFSI, A S Rajeev, MD & CEO of Bank of Maharashtra, said he does not see a major impact of the second wave for his bank. He also mentioned that they are seeing notable results of end-to-end digital lending platforms which they have created. Edited excerpts.

A S Rajeev, MD & CEO of Bank of Maharashtra

Q. Is there any other account other than Bhushan Power in the future where you are expecting some big recoveries?

The amount may not be as huge as Bhushan, but there are a number of accounts in different stages, and the amount may vary between Rs 50 crore to Rs 100 crore. But we are expecting something big from the IL&FS account, it will take some time though. We are expecting between Rs 500 crore to Rs 600 crore from it. Most of the accounts we have fully written off, it will help us to improve the profitability.

Q. How much did you disburse under ECLGS? Are you also keeping funds ready to disburse to MSMEs once the second wave ebbs? Have you spotted new SMEs?

We have lent around Rs 2,400 crore under this scheme. Our MSME growth last year was 36%. Out of that 12% came from ECLGS scheme. Now most of this, about 90-95%, we have already disbursed. Repayments on these accounts are on schedule. The total MSME accounts we restructured were around Rs 650 crore. To attract MSMEs, we have launched a scheme ‘Ghar Wapsi’, we have the database of the last 5-6 years, and we are approaching those customers who left us. Such accounts are in the range of Rs 500-600 crore. We expect around Rs 1,500-1,600 crore of advances in this segment. Also, this year our agriculture portfolio grew 13-16%. There was a good monsoon, and with settlement schemes, we had a good recovery. This year, we created another portfolio of gold loans. It also picked up really well with Rs 2,000 crore jewellery loans. We reduced our interest rates to the lowest in the industry.

Q. The second wave is grappling the country far more significantly. Do you see challenges in recovery, collections?

At present, there are no major challenges. We have not started to see such difficulties yet. Since we are flagging the account status every month, we performed the portfolio analysis in April and didn’t find something challenging. What we are seeing is that stress in the portfolio is not there like the last time during complete lockdown that happened for one, one and a half month. So there is no stress at present in the portfolio or the repayments. Also, it’s local lockdown and has not started affecting the economy. If it continues for some more time, it may affect the economy. Our feeling is that in another 1-2 weeks the situation may change.

Q. Do you see a slowdown in credit demand this quarter?

Generally, the first quarter of the FY is always negative. It is either negative or the growth rate would be 1-2%. Because banks are busy with miscellaneous things such as audits, transfers, promotions, etc. My experience states that there is not much of credit growth during the period of April and May. So even if the economy is affected by slightly localised lockdown, it will be hit only corporate customers. Sowing starts in June, so agricultural lending will start from then. So if you see a 14-16% growth rate per year in any banking system, either it is negative by 1-2% or positive by 1-2% in the first quarter. So geometrically you can see that if 2% is the growth rate in June, for the second quarter it would be 4-5%, for the third quarter it would be 8-10% and so on.

Q. What kinds of digital adoption has BOM done recently? What kinds of digital capabilities are you building?

We have digital products out there. Last year, we incorporated Loan Management System, which is end-to-end digital for loan advancement or sanctioning loans. There is no cap here on the loan amount. Any amount including corporate loans can be disbursed digitally on the Loan Management System. MSMEs can upload their documents to the system. There are certain agencies we have integrated with such as the income tax department, sales tax department, Crisil, Google reports, etc, which undertake the task of vetting as well. It is done parallelly within 2-3 minutes. There is no manual intervention. Only final approvals have to be done by respective authorities. We have also put in place SAP models. There are some models we are still working on and making changes like UAT. Our entire audit system is digitised. An auditor need not go to any other place. Sitting in their place they can do the audit. Digital signatures are also used, and in every area, 100% digitisation has been made. With such an efficient system, it also helps us in declaring our quarterly results early.

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Central bank-issued digital coins seen co-existing with Bitcoin, BFSI News, ET BFSI

May 4, 2021 root Personal Finance

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By Matthew Leising

Cryptocurrencies like Bitcoin and Ether will co-exist “for a while” with more-restrictive digital coins such as the one issued by China’s central bank, according to Changpeng Zhao, chief executive officer of Binance.

Zhao, who runs the world’s largest Bitcoin exchange, said digital assets issued by central banks will be different than public coins in many ways. They won’t offer the same freedom of use and won’t have a supply cap in place, Zhao, who’s also known as CZ, said Monday in a Bloomberg TV interview.

“Most central-bank digital currencies are going to have a lot of control attached to them,” Zhao said. Differences between the two types of coins could make the central-bank version unattractive to people drawn to the crypto world. “At the end of the day, those are core properties that users care about,” he said.

Bitcoin and Ether have hit all-time highs this year as institutional investors and corporations buy cryptocurrencies to add to their balance sheets. Ether hit a record $3,339 Monday. While Bitcoin is used only for transferring digital value, Ether supports the Ethereum blockchain on which more types of transactions are possible.

User demand for Ether to buy assets such as non-fungible tokens also could be driving prices higher, Zhao said.

“All of these use cases are moving right now and people need the other coins to do this type of new transaction,” he said. “Ethereum is one of those clear examples. That’s probably why Ether is going up.”

About 70% of Binance users are retail customers with the rest being institutional investors, he said. He has no plans to take the company public and follow in the footsteps of Coinbase Global Inc., which listed shares directly on Nasdaq last month.

Binance is making money on its own and doesn’t need to raise more, he said.

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RBI imposes Rs 3 crore penalty on ICICI Bank, BFSI News, ET BFSI

May 4, 2021 root Banking & Finance

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A penalty of Rs 3 crore has been imposed on ICICI Bank Ltd for contravention of certain directions, the Reserve Bank of India said on Monday.

The RBI has imposed a monetary penalty of Rs 3 crore on ICICI Bank for “contravention of certain directions issued by the RBI contained in Master Circular on ‘Prudential Norms for Classification, Valuation and Operation of Investment Portfolio by Banks’ dated July 1, 2015”, the central bank said in a statement.

It, however, added the action is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.

Giving details, the RBI said an examination of correspondence in the matter of shifting of securities from one category to another revealed, inter alia, contravention of the directions.

A notice was issued to ICICI Bank advising it to show-cause as to why penalty should not be imposed on it for failure to comply with the directions issued by the RBI.

After considering the bank’s reply to the notice, oral submissions made in the personal hearing and examination of additional submissions made by it, the RBI said it came to the conclusion that the charge of non-compliance with RBI directions was substantiated and warranted imposition of monetary penalty.

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Will continue to be MD & CEO of bank till Dec 2023: Uday Kotak

May 3, 2021 root Banking & Finance

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Uday Kotak had sold 56 million shares held by him in the bank for at least Rs 6,913.75 crore through a block deal to reduce his stake to 26%.

Kotak Mahindra Bank’s MD and CEO Uday Kotak on Monday said he would be with the bank at least till his term ends. On his succession plans, Kotak said the bank’s board would act in a manner which is appropriate and responsible.

The comments from Kotak came after the Reserve Bank of India (RBI) issued guidelines that the MD and CEO of a private bank cannot have a tenure of more than 15 years. RBI had earlier approved the re-appointment of Uday Kotak as MD & CEO of Kotak Mahindra Bank for three years in December 2020.

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