Month: July 2021

Vauld raises $25 million Series A led by Valar Ventures

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Cryptocurrency platform Vauld has raised $25 million Series A led by Valar Ventures, a VC firm founded by Peter Thiel, Andrew McCormack, and James Fitzgerald. Other investors like Pantera Capital, Coinbase Ventures, CMT Digital, Gumi Cryptos, Robert Leshner, and Cadenza Capital also participated in the round.

The funding will be used to support its international growth and licensing as well as expand its retail crypto banking and investing platform. Vauld will also use this capital to hire at least a hundred new team members.

Vauld has built a platform for people to globally access and grow capital through lending and trading cryptocurrencies. In partnership with its respective exchange and custody partners, Binance and BitGo, Vauld claims to have users in over 160 countries. The company has raised a total of $27 million in funding till date.

“We’ve seen great momentum with Vauld and we attribute it to both our technology as well as our customer support. This capital will help propel Vauld to the next level of growth,” said Darshan Bathija, Vauld co-founder and CEO.

While Vauld is headquartered in Singapore, the majority of its team is based in India. The company claims to have seen more than 200x growth in its global user base over the last year. Vauld reported 124.4 per cent quarter-over-quarter growth in AUM between the first quarter of the fiscal year 2021 to the second quarter of the fiscal year 2021.

“Valar’s focus is on transformative financial services companies. What cemented the deal is Vauld’s global positioning and ambitions and the vision Darshan and his team have. We look forward to Vauld benefiting from our understanding of how to build a global business across Europe, Asia, and North America,” said Andrew McCormack of Valar Ventures.

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Best 5 Top-Ranked Short Term Mutual Fund SIP For Parking Your Funds In 2021

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Nippon India Short-term Fund

Nippon India Short Term Fund Direct-Growth is a Nippon India Mutual Fund Short Duration mutual fund plan. Nippon India Short Term Fund Direct-Growth is a medium-sized fund in its category, with assets under management (AUM) of 9,249 crores. The fund’s expense ratio is 0.33 percent, which is comparable to the expense ratios charged by most other Short Duration funds. The latest NAV declared is Rs 44.092. The fund is benchmarked against CRISIL Short-Term Bond Total Return Index. There is no charge on withdrawal.

The fund’s top holdings are in India Infradebt Ltd., Reserve Bank of India, Housing Development Finance Corpn. Ltd., GOI, India Grid Trust.

Funds rating

ValueResearch: 4 Star

Morningstar: 4 Star

1-Year 3-Year 5-Year
6.63% 9.02% 8.06%

HDFC Short Term Debt Fund

HDFC Short Term Debt Fund

HDFC Short Term Debt Fund Direct Plan-Growth is an HDFC Mutual Fund Short Duration mutual fund. HDFC Short Term Debt Fund Direct Plan-Growth is a medium-sized fund in its category, with assets under management (AUM) of 18,017 crores. The fund’s expense ratio is 0.24 percent, which is comparable to the expense ratios charged by most other Short Duration funds.

HDFC Short Term Debt Fund Direct Plan has a one-year growth rate of 6.06 percent. It has returned an average of 8.72 percent per year since its inception. The und is benchmarked against CRISIL Short-Term Bond Total Return Index.

The fund’s top holdings are in GOI, Rural Electrification Corpn. Ltd., Housing Development Finance Corpn. Ltd., State Bank of India, Mahanagar Telephone Nigam Ltd..

Funds rating

  • Value Research: 4 Star
  • Morningstar: 5 Star
  • CRISIL: 2 Star
1-Year 3-Year 5-Year
6.01% 9.05% 8.24%

ICICI Prudential Short Term Fund

ICICI Prudential Short Term Fund

The ability of the ICICI Prudential Short Term Fund Direct Plan-Growth scheme to provide consistent returns is better than most funds in its category. It has a strong capacity to limit losses in a down market. ICICI Prudential Short Term Fund Direct Plan-Growth has a total asset under management (AUM) of Rs. 20,921 crores and is a medium-sized fund in its category. The fund has a 0.39 percent cost ratio. The CRISIL Short-Term Bond Total Return Index serves as the fund’s benchmark.

The growth returns of the ICICI Prudential Short Term Fund Direct Plan during the last year have been 6.03 percent. It has had an average yearly return of 9.13 percent since its inception. Reserve Bank of India, Uttar Pradesh State, Housing Development Finance Corpn. Ltd., State Bank of India, and Pipeline Infrastructure (India) Pvt. Ltd. are among the fund’s top holdings.

Funds Rating

Value Research: 5 Star

Morningstar: 5 Star

CRISIL: 4 Star

1-Year 3-Year 5-Year
5.38% 7.55% 7.87%

Canara Robeco Short Duration Fund

Canara Robeco Short Duration Fund

Canara Robeco Short Duration Fund Direct-Growth has assets under management (AUM) of 1,078 crores,, making it a medium-sized fund in its category. The cost ratio of the fund is 0.42 percent. The Scheme invests in a variety of debt securities and money market instruments with varying maturities and risk profiles in order to generate profits.

The fund’s credit record is outstanding, indicating that it has lent to borrowers of high quality. Because most funds in this category lend to similar borrowers, the risk of default is similar across the board.

Funds Rating

Value Research: 3 Star

Morningstar: 5 Star

CRISIL: 4 Star

1-Year 3-Year 5-Year
4.69% 8.07% 7.88%

Axis Short Term Fund

Axis Short Term Fund

Axis Short Term Direct Fund-Growth is an Axis Mutual Fund Short Duration mutual fund plan. Axis Short Term Direct Fund-Growth is a medium-sized fund in its category, with assets under management (AUM) of 12,182 crores. The fund has a lower cost ratio than its peers, at 0.3 percent.

Returns for Axis Short Term Direct Fund-Growth over the last year have been 5.50 percent. It has generated an average yearly return of 8.84 percent since its inception.

The fund’s top holdings are in GOI, Food Corporation of India, Maharashtra State, Mahindra Rural Housing Finance Ltd., Housing Development Finance Corpn. Ltd..

Funds Rating

Value Research: 5 Star

Morningstar: 5 Star

CRISIL: 3 Star

1-Year 3-Year 5-Year
5.47% 9.07% 8.31%

Disclaimer

Disclaimer

The views and investment tips expressed by authors or employees of Greynium Information Technologies, should not be construed as investment advise to buy or sell stocks, gold, currency or other commodities. Investors should certainly not take any trading and investment decision based only on information discussed on GoodReturns.in We are not a qualified financial advisor and any information herein is not investment advice. It is informational in nature. All readers and investors should note that neither Greynium nor the author of the articles, would be responsible for any decision taken based on these articles. Please do consult a professional advisor. Greynium Information Technologies Pvt Ltd, its subsidiaries, associates and authors do not accept culpability for losses and/or damages arising based on information in GoodReturns.in



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We have a deep conviction in the India growth story: Uday Kotak

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Private sector lender Kotak Mahindra Bank is ready to grow at a substantially faster pace and plans to invest more in technology and digital platforms, and also look at opportunities in the unsecured retail finance.

In his message to shareholders in the bank’s annual report, Uday Kotak, Managing Director and CEO, Kotak Mahindra Bank said the lender has undertaken a mindset shift to make retail and commercial lending the focus, in addition to the corporate and deposit franchise.

Home loans

“For example, we are leveraging our low cost of funds to offer a competitive interest rate on home loans. Home loans give us an opportunity to build a longer-term relationship with customers,” he said, adding that the bank will get bolder in unsecured retail finance too. The bank will hold its AGM on August 25.

Also read: Strata raises $6-mn Series A from Kotak Investment Advisors, et al

Kotak further said that the bank “will not shy away” from taking bolder bets. “Today, we have a much lighter balance sheet and with sufficient capital in our hands, we are ready to grow substantially faster, but on our terms,” he said, adding that it has a deep conviction in the India growth story and confidence in risk management capabilities.

Emphasising on the importance of technology, he said it is the epicenter around which businesses will revolve and so needs more investments.

“The other area that takes precedence for us is higher investments in strengthening our digital and technology platforms and offerings. The future may be uncertain, but we can be confident that it belongs to technology,” he said.

‘Customer-centric’

The bank will also shift its business model towards being even more customer-centric.

“While customer-first was always the byword that we lived by, the needs of the customer are now even more front and centre. Our model will revolve principally around customers and business decisions will be taken with the customer at the core,” he said.

Also read:Kotak Mahindra Bank launches emergency personal loans for Covid treatment

He also stressed on the need for inclusive and sustainable growth. “Growth that is inclusive and that takes into account the environment, is socially responsible and scores high on governance and ethics. Doing good and doing well go hand in hand,” he said.

He also underlined that for the financial sector, the disproportionate importance of risk management has come to the fore.

“The industry also needs to stop postponing the inevitable and kicking the can down the road,” he said, adding that upfront action with an eye on enduring, sustainable growth, not swayed by quarterly, short-term results is a must for the future of a healthy Indian financial sector.

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Covid effect: Rise in claims impacts insurers

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Insurance companies have been battling a deluge of Covid-related claims that impacted their bottomlines in the first quarter of the fiscal.

While general insurance companies have seen a spike in health claims since the start of the pandemic last year, life insurance companies have reported higher claims after the second wave.

Future claims

Apart from a drop in net profits in the quarter ended June 30, 2021, life insurers also increased provisions and reserves for future Covid-related claims. A number of companies are looking at another round of price hikes – both in health and term policies.

SBI Life Insurance, in an analyst call after the first quarter results, indicated that it received over 28,000 death claims in the first quarter of the fiscal, with gross claims of ₹1,576 crore and net of reinsurance claims of ₹1,315 crore.

“For the quarter, gross Covid claims stood at ₹732 crore, while net of reinsurance claims stood at ₹570 crore,” said Motilal Oswal in a report on SBI Life Insurance.

HDFC Life Insurance also reported a steep rise in death claims, with peak claims in the second wave at around three to four times the peak claim volumes during the first wave.

“We paid over 70,000 claims in the first quarter,” it said in a regulatory filing. The gross and net claims provided for amounted to ₹1,598 crore and ₹956 crore, respectively.

ICICI Prudential Life Insurance registered total claims for the first quarter of the fiscal at ₹1,119 crore compared to ₹354 crore last fiscal. Net of reinsurance claims amounted to ₹500 crore for the insurer.

Non-life insurers

Similarly, Covid-related claims also impacted non-life insurers.

For ICICI Lombard General Insurance, Covid-related health claims shot up to ₹600 crore in the first quarter of the fiscal from ₹340 crore a year ago.

In an analyst call after its results, the insurer said that given the adverse claims experience, it has raised its pricing on selective renewals and in group health business by about 15 per cent to 20 per cent.

In the investor presentation, Bajaj Allianz General Insurance said that though the severity of Covid claims was lower than the peak severity observed in 2020-21, the frequency of Covid claims has increased – 82 per cent of the total Covid claims of last fiscal were already booked during the first quarter of 2021-22.

Experts point out that premium growth has been good and is slowly reverting to pre-pandemic levels.

“The impact of Covid is evident on insurance companies in the first quarter, but we will have to see how the pandemic plays out and whether the expected third wave is as intense as the second wave.

“We are yet to reach pre-pandemic level, but premium growth is likely to see traction in the fiscal,” said Saurabh Bhalerao, Associate Director – BFSI Research, CARE Ratings.

Most insurers, however, stress that they are well placed to deal with Covid-19 claims, but are also watchful of a possible third wave.

“The mortality claims were in line with expectations for life insurance companies. There could be some more claims in the coming months from the first wave due to a lag in reporting,” said an executive with a life insurance company.

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3 Top Rated Best Performing Liquid Funds To Invest Now For Short Term

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Why should you consider investing in liquid mutual funds now?

For now bond yields in the country have headed northwards and was last seen at 6.199% and now as the economy picks up pace owing to vaccination and ceasing of Covid second wave related ill effects, the talks around policy normalization will gather steam. And this shall only provide a boost to bond yield going forward over the next 1-2 years time.

And now as interest rates may see an upturn, liquid funds can be an ideal choice in the debt category as the impact shall be favourable for it. In a rising interest rate scenario, liquid funds get re-priced higher.

What parameters to look at when choosing a liquid mutual fund?

What parameters to look at when choosing a liquid mutual fund?

1. You invest in a liquid fund to redeem in the short term, hence liquidity of the underlying portfolio needs to be a prime concern.

2. Credit quality: There should be no risk to your principal investments as well as on the return part.

So, as against to opting for low-rate bank deposits you can park short term surplus in liquid funds. Also, fixed deposits are not able to gain the benefit of rising interest rate as the interest gets locked in for the entire term.

Objective with which liquid funds work

Objective with which liquid funds work

These mutual funds aim to provide short term investment avenue as well as preservation of capital and moderate income. Short term investments invested into by these funds include treasury bills, certificates ofdeposit, commercial paper and inter-bank call money, government securities, etc. Important point to note here is that these funds as against other funds do not witness high volatility.

1. JM Liquid Fund -Direct (Growth) Plan

1. JM Liquid Fund -Direct (Growth) Plan

This liquid fund offering is from the house of JM Financial Mutual Fund and commands an asset size of Rs. 1351.95 crore. The expense ratio for the fund is a meagre 0.22%.

The fund is CRISIL 5 star rated and is mainly invested into debt that comprises mostly G-securities together with low risk securities.

Started in the year 2013, the fund’s benchmark is CRISIL Liquid TRI and has given a return of 7.2% since inception. SIP in the fund can be started for Rs. 500 while for lump sum one needs to dole out a minimum of Rs. 500.

The top debt investments of the fund comprise T-Bills, Commercial Paper, CDs etc.

Further as per the Morning Star rating agency the fund enjoys a high credit rating.

Liquid fund SIP 1-year return SIP 3-year return SIP 5-year return
JM Liquid Fund direct Growth 3.32% 4.35% 5.28%

2. Canara Robeco Liquid - Regular Plan - Growth

2. Canara Robeco Liquid – Regular Plan – Growth

The fund commands an AUM of Rs. 2399 and an expense ratio of just 0.15%. The NAV of the fund as on July 28 is 2484.8217. The fund is classified as a low risk investment option.

Fund aims to enhance the income, while maintaining a level of liquidity through, investment in a mix of MMI & Debt securities. However, there can be no assurance that the investment objective of the scheme will be realized.

Now coming to its investments, the fund’s corpus is mostly parked in debt of which over 50% is in G-securities. Note the fund enjoys a rating of 5-Star by CRISIL.

Again the fund carries a high credit quality implying low risk in the underlying instruments. Launched in the year 2013, the fund since inception has offered a return of 6.99%.

In a 1-year period the fund has offered a return of 3.12% and SIP in the fund can be started for a minimum of Rs. 1000.

Liquid fund SIP 1-year return SIP 3-year return SIP 5-year return SIP 10-year return
Canara Robeco Liquid – Direct Plan – GrowthLiq 3.18% 4.08% 5.01% 6.39%

3. Edelweiss Liquid Fund - Direct Plan - Growth

3. Edelweiss Liquid Fund – Direct Plan – Growth

The CRISIL 4-Star rated fund commands a low expense ratio of just 0.11% and an AUM of Rs.1064.23 crore.

NAV or net asset value of the liquid fund by Edelweiss as on July 28, 2021 stands at 2683.91. Mutual fund risk-o-meter defines the mutual fund to be low to moderate in risk.

Investments of the fund are primarily parked in debt (over 85%).Benchmark of the fund is CRISIL 10 year Gilt Index.

The fund kicked off again in the year 2013 had since inception generated a return of 7.11%. SIP in the fund can be started for Rs. 500 while for lump sum minimum investment needed is Rs. 5000.

SIP annualised return

Liquid fund SIP 1-year return SIP 3-year return SIP 5-year return
Edelweiss Liquid Fund – Direct Plan – Growth 3.48% 4.57% 5.44%

Taxation of liquid funds

Taxation of liquid funds

If the mutual fund units are sold after 3 years from the date of investment, taxed at the rate of 20% applies after providing the benefit of inflation indexation.

If the mutual fund units are sold within a period of 3 years from the date of investment, entire amount of gain is added to the investors’ income and taxed according to the applicable slab rate.

No tax is to be paid as long as you continue to hold the units.

In respect of the dividend, this income is added to investors income and taxed as per his or her tax slab. And in a case if dividend income exceeds over Rs. 5000 in a financial year then TDS at the rate of 10% is deducted by the Mutual fund.

Disclaimer:

Disclaimer:

The mutual fund investment is risky too and herein the discussed mutual fund category is to reap a better return than bank savings accounts. Investors can channelise their short term surplus into the funds category. Nonetheless, the investments listed on the website need not be construed as investment advice.

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SEBI in talks with Centre on setting up of Repo Clearing Corporation

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Capital Markets regulator SEBI is in talks with the Central government on setting up of a Repo Clearing Corporation as part of efforts to develop a vibrant corporate bond market in the country, G Mahalingam, Whole-Time Member, has said.

Talks on with AMCs

Addressing an e-conclave on ‘Roadmap for economic Rebound’, organised by the industry body Assocham, Mahalingam said SEBI recognises that Repo market is one of the important pillars for having a vibrant corporate bond market. He highlighted that SEBI has been in talks with various asset management companies who are willing to bring the initial funding for Repo Clearing Corporation.

Also read: Why bonds have become attractive to large firms

“Once you have a good Repo Clearing Corporation, the repo market will gain lot of traction as credit risk vanishes out of the horizon and there will be a central counter party settlement,” he said. “SEBI is also in active discussion with the government on the budget announcement of introducing a new backstop facility for government purchase of corporate bonds that may fail,” he added.

Behind US, Korea, Brazil

Mahalingam noted that corporate bond outstanding in India was ₹36-lakh crore, which was about 18 per cent of the country’s GDP. “While this 18 per cent looks healthy, India is actually lagging far behind the US which has ratio of 124 per cent or South Korea where it is far excess of 50 per cent or Brazil where it it is close to 70 per cent,” he added. The development of our corporate bond market is therefore critical and has to play an important role for the rebound of the economy in a big way, he said.

Also read:A segmented banking system can boost credit

Mahalingam highlighted that there is a section of people who contend that development financial institutions (DFIs) are bound to come in a big way to help in economic recovery. “I am not sure if DFIs will come back but what needs to be developed in the country is the corporate bond market. We have been talking for some time on this. But I see flurry of activity in the last nine months where government has been playing a very proactive role with RBI and SEBI taking a good number of measures,” he said.

He stressed the need for both insurance companies and provident funds have to be a little forthcoming when it came to investing in corporate bonds. Most insurers are not prone to taking extra risk although there has been regulatory relaxations. “Insurance companies are well positioned to take risk. But they generally stick to AAA bonds and don’t go below that,” Mahalingam noted.

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Home First Finance posts 9.1% drop in Q1 net profit at ₹35 cr

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Home First Finance Company reported a 9.1 per cent drop in its net profit for the first quarter ended June 30, 2021 to ₹35.1 crore against a net profit of ₹38.61 crore in the same period last fiscal.

Its total income grew 5.8 per cent to ₹142 crore in the first quarter of the fiscal from ₹134 crore a year ago.

Impairment on financial instruments, however, shot up to ₹13.04 crore, registering a 192.4 per cent increase from ₹4.46 crore a year ago and impacted the bottomline.

Disbursements surged by 477 per cent on an annual basis to ₹305 crore in the April to June 2021 quarter.

GrossStage3 is at 1.9 per cent as on June 30, 2021 and NetStage3 is at 1.4 per cent.

Manoj Viswanathan, Managing Director and CEO, Home First Finance Company, said, “Our performance in the first quarter of 2021-22 was strong, considering that we had to deal with a severe second wave of Covid. We recorded an AUM growth of 18.5 per cent year on year. We expect the upward trend to continue as the overall opportunity remains large; supported by low-interest rates and muted house prices, driving strong business growth.”

The company has sanctioned and implemented resolution plans under the RBI’s resolution framework 2.0 for 208 borrowers having aggregate exposure of ₹20.73 crore as on June 30, 2021.

The technology-driven affordable housing finance company listed on the stock exchanges in February this year.

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Punjab & Sind Bank Q1 net rises 8% sequentially to ₹174 cr

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Aided by smart growth in operating profit and improved cash recovery from NPAs, Punjab & Sind Bank (PSB) on Thursday reported an 8 per cent growth in net profit for the first quarter ended June 30 at ₹174 crore. This public sector bank had recorded a net profit of ₹161 crore in the March quarter this year. In the first quarter last fiscal, PSB had recorded net loss of ₹117 crore.

It maybe recalled that PSB had staged a turnaround in the January-March 2021 quarter as it recorded profit for the first time after eight consecutive quarters of net losses.

Speaking to BusinessLine on the financial performance for Q1, S Krishnan, Managing Director & CEO, PSB, said that strong performance on operations and improved cash recovery helped the bottomline performance for the quarter under review.

Operating profit grew 136.21 per cent sequentially on a quarter-on-quarter basis to ₹411 crore. On a year-on-year basis, the operating profit grew 81.86 per cent when compared to operating profit of ₹226 crore recorded in same quarter last fiscal.

Cash recoveries

Krishnan said that PSB had made cash recoveries of about ₹700 crore in the first quarter this fiscal and this was higher than previous quarter.

“I still stick to my earlier statement made post the March quarter results that the bank will be able to post profits in each of the quarters this fiscal. We have achieved this for Q1 and will be able to do so in the coming quarters as well,” he added.

Net interest margin improved 25 basis points to 1.95 per cent on a quarter-on-quarter basis.

Net interest income (NII) grew 7.82 per cent to ₹579 crore from ₹537 crore in June quarter last year. On a quarter-on-quarter basis, NII increased 16.97 per cent.

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IFC invests ₹916 crore in Federal Bank for 4.99% stake

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IFC, along with two investment funds managed by IFC Asset Management Company (IFC Financial Institutions Growth Fund and IFC Emerging Asia Fund) have picked up 4.99 per cent stake in Federal Bank for ₹916 crore.

“Increased financing for climate friendly projects as well as more financing for small businesses to help accelerate India’s economic recovery from Covid-19 are expected in the wake of a $126 million (₹916 crore) equity investment in Federal Bank,” the private sector lender said in a statement on Thursday.

The investment will also support Federal Bank’s commitment to environmental social and governance (ESG) standards, and also strengthen its Tier 1 capital adequacy ratio (CAR) and expand its micro, small and medium sized enterprises (MSME) and climate finance portfolios, it further said.

“After the bank’s board approved issuance of shares to the IFC group to an extent of 4.99 percent of the bank’s paid-up capital, IFC has become a significant shareholder of the bank,” said Shyam Srinivasan, Managing Director and CEO, Federal Bank.

The investment also marks IFC’s first in India aligned to the Greening Equity Approach, which will enable the Federal Bank to reduce its exposure to coal and increase its climate lending.

Roshika Singh, Acting Country Manager for IFC in India said the move is in line with IFC’s strategy to support green growth and will also help create jobs.

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Poonawalla Fincorp strengthens its leadership team

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Poonawalla Fincorp (formerly Magma Fincorp) revamped and strengthened its leadership team, bringing-in various industry leaders through a string of top executive hiring across functions.

Rajendra Tathare, with more than two-and-a-half decades of experience in credit risk and policy formulation, has joined Poonawalla as its Chief Credit Officer. He was last associated with Fullerton India as Head of credit underwriting and spent almost 15 years with them.

The appointments

Manish Kumar has joined as the Group Chief Human Resources Officer. He brings with him vast experience across the BFSI space with players like RBS, IDFC and ICICI bank.

Rashmi Prasad has joined as Head-Analytics. With rich experience of more than 16 years, Prasad was last heading Analytics for Tata Capital and has previously been associated with players like Bajaj Finance and L&T Finance.

Mitul Budhbhatti joined the company for Credit and Risk Monitoring from CARE Ratings where he worked for more than 15 years managing the BFSI ratings.

The company has appointed Surya V as its Chief Strategy Officer. He has more than two decades of experience in BFSI segment and was last associated with ICICI Bank.

Indiresh Phaltankar will lead the company’s foray into the loan against property (LAP) business as Business Head . An ISB graduate with over two decades of experience, he was previously associated with HSBC and Aditya Birla Finance.

Abhay Bhutada, Managing Director, Poonawalla Fincorp said in a statement, “It is great to see our leadership team getting strengthened across different verticals in line with our philosophy of making it a professionally run company with a strong governance culture. We want to rebuild the organisation with a very solid footing and firmly believe that the right talent is an essential ingredient for the same. We have a new but highly experienced and talented management team, having onboarded the best of the industry talent with rich, varied, and diverse experience. This talent will definitely be a pillar for our growth journey.”

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