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Harsha Bangari on Wednesday took charge as the Managing Director of Export-Import Bank of India (India Exim Bank).
The top position in the bank was vacant ever since David Rasquniha completed his three-year tenure as MD in May 2021.
Prior to her elevation as MD, Bangari was the Deputy Managing Director (DMD) of the bank, which is the national export credit agency. She joined Exim Bank in 1995.
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Investment
oi-Kuntala Sarkar
Fixed Deposits (FDs) have always stood as a traditional financial instrument to invest money, be it a big amount or a small amount, to keep the money secure with an assured return. However, for the young population of India is not it is as lucrative as for the older demographics. The major reason behind this is sinking interest rates on FD, and the trend is likely to continue in the next few years. Coupled with this problem, there is also a challenge of a high inflation rate at 5.59%, which only worsened due to the pandemic. As the INR is losing its value, concerned citizens are not quite okay to put keep their money static for a long time, some investors with better risk appetites are also diversifying portfolios with investment in commodities. People, fall into the higher tax slab, some of them are also not comfortable with this taxable income.
Major nationalized banks and private banks are having all-time low FD interest rates now, for example in SBI it’s 3.50% – 5.70%, in HDFC it’s 3.50% – 6.25%, in Axis bank it’s 3.50% – 6.50%. Here is a list of FD interest rates of top Indian banks. However, FD interest rates for senior citizens are marginally higher than other age groups.
| Bank | Tenure | FD Interest Rates (PA for |
|---|---|---|
| SBI | 7 days – 10 years | 3.50% – 5.70% |
| HDFC Bank | 7 days – 10 years | 3.50% – 6.25% |
| Axis Bank | 7 days – 10 years | 3.50% – 6.50% |
| Bank of Baroda | 7 days – 10 years | 4.25% – 6.15% |
| ICICI Bank | 7 days – 10 years | 3.50% – 6.00% |
| Punjab National Bank | 7 days – 10 years | 4.25% – 5.80% |
| IDBI Bank | 15 days – 20 years | 3.10% – 5.90% |
| Canara Bank | 7 days – 10 years | 4.25% – 5.85% |
| RBL Bank | 7 days – 10 years | 5.00% – 7.25% |
| Yes Bank | 7 days – 10 years | 5.00% – 7.25% |
| Source: WishFin, September, 2021 |
It is important to remember that, in 2015, Indian nationalized banks used to give 8% to 9% per annum (PA), private banks 8% to 9.25% PA, and foreign banks 6.75% to 8.6% PA interest rates for FD, making public banks an obvious preference for FDs. However, these rates too were reduced at that time. Now, within 5-6 years the situation has changed largely and people are moving out from this traditional instrument.
Union government of India was already trying to keep the interest rates low for the last few years, and when the pandemic hit, RBI decided to push more liquidity in the economy. Eventually, the banks’ FD interest rates did not show any intention to get better. In October 2019 RBI’s repo rate was 5.15%, in March 2020 at the initial period of the Covid-19 pandemic it was 4.40%, and from May 2020 to date, it is at 4.00% making it an all-time low. Hence the FD interest rates too are very poor while the interest rates for loans are better affordable now.
When someone is stepping out from the FDs, a better risk appetite should be grown. There are multiple mutual funds options with the Systematic Investment Plan (SIP) facility with good returns that will make you a disciplined and systematic investor. But with a lesser risk appetite and desire to get an assured return, there are other government financial instruments. RBI’s Sovereign Gold Bond has become quite a popular investment opportunity now that offers you a hedge against inflation, diversifies your portfolio, and assured income from the government of India, from any registered bank.
However, if you are a senior citizen, you can choose the senior citizens saving scheme (SCSS) by the RBI that will fix your money (up to Rs. 15 lakh) for five years, but will offer you quarterly interest at 7.4% PA. If you are not a senior citizen but have an amount that needs to be secured, you can also invest it under the name of your parent, who must be a senior citizen. On the other hand, you can also invest (up to Rs. 15 lakh) in the Pradhan Mantri Vay Vandana Yojana (PMVVY), administered by the Life Insurance Corporation of India (LIC), at a 7.4% interest rate PA. Another monthly income option is the Post Office Monthly Income Scheme (POMIS) that offers a 6.6% interest rate PA but the highest investment in the scheme is allowed only Rs. 4.5 lakh.
With the concern of an all-time low FD interest rate, these are some of the popular assured investment options. Even if the government increases the interest rates, the level is not anticipated to reach as high as 5 years back. Also, you cannot keep your money safe from inflation. So, before choosing an FD option, you must be concerned about the purpose of your investment, your risk appetite, taxation, and for what tenure you want to keep your money. The above investment options, rather than FDs, will be wise to explore.
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The Reserve Bank of India (RBI) has granted its approval for the re-appointment of V. Vaidyanathan as the Managing Director & Chief Executive Officer of IDFC FIRST Bank.
The Bank, in a regulatory filing, said Vaidyanathan’s re-appointment as MD & CEO is for three years, effective from December 19, 2021.
Further, the aforesaid re-appointment is subject to shareholders’ approval at the ensuing Annual General Meeting of the Bank scheduled to be held on September 15, 2021.
Vaidyanathan took over as the MD & CEO of IDFC FIRST Bank in December 2018 after Capital First and IDFC Bank merger.
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Ajit Prasad Press Release: 2021-2022/825 |
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The National Payments Corporation of India (NPCI) and Nasdaq-listed Fiserv Inc. entered into an understanding that will enable the launch of plug-and-play RuPay credit card stack, ‘nFiNi’.
This BaaS (banking-as-a-service) programme provides a ready stack of services required for fintechs and banks to issue RuPay credit cards, NPCI said in a statement.
Fintechs will now be able to co-create new credit card programmes sponsored by banks on nFiNi. The programme will empower fintechs to swiftly and effectively launch new credit cards for retail as well as corporate customers, NPCI said.
“This will bring in significant efficiencies for banking and fintech institutions at various levels in terms of operations and customer management. The programme will further enable these institutions to expand their market base to new-to-credit customer,” the statement said.
NPCI is an umbrella organisation for operating retail payments and settlement systems in India. Fiserv Inc. is a global payments and financial technology company.
“Once on-boarded, the fintechs, which largely cater to the new-to-bank-and-credit customer, will be able to issue credit to this segment through the nFiNi platform,” NPCI said.
The nFiNi platform will power RuPay cards (including National Common Mobility Card) by offering access to needed services through the NPCI network combined with FirstVisionTM cloud-based open API integrations from Fiserv.
Nalin Bansal, Chief of Corporate Relationships & Fintechs, NPCI said, “We believe this will accelerate the penetration of RuPay cards in the country as well as lead to increased penetration of credit in the market in both urban and rural space.
“It is important to provide a robust tech stack of services to these institutions which will not only help them in seamless integration of products and services but also allow them to reach out to a greater number of customers more effectively.”
Rishi Chhabra, General Manager – India & Sri Lanka, Fiserv said the service-oriented architecture and open APIs of locally-hosted FirstVision facilitate rapid application development to enable new capabilities to be brought to market more quickly, while at the same time, facilitating regulatory compliance.
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| FY 2022 (E) EPS | FY 2023 (E) EPS | Current market price | |
|---|---|---|---|
| Infosys | 52.6 | 65.6 | 1693 |
| HUL | 38.4 | 47.5 | 2770 |
| ICICI Bank | 30.8 | 39 | 720.4 |
| SBI | 39 | 50.4 | 432 |
| HCL Tech | 49.3 | 58.9 | 1179 |
| Ultratech | 237.5 | 305.7 | 7970 |
| Titan | 17.8 | 29.9 | 2031 |
According to Motilal Oswal, India has outperformed the emerging market index and has posted highest gains in Aug’21. “The Nifty outperforms Midcap and Smallcap index for first time in CY21 and Defensives lead gainers on IT/Consumer outperformance,” the brokerage has said.
According to the India Strategy- The Eagle Eye Report by Motilal Oswal Financial Services, the Nifty crossed the 17,000 points mark in August of this year, putting India ahead of emerging market and global peers.
“From the lows in March of this year, global equities markets have increased by 75% in market capitalization to USD 119 trillion. While closely tracking the reduction in real yields, Bank Nifty has lagged Nifty. As top 100 firms gain from cost efficiency and pricing power to enhance EBITDA margins and profits, big corporations are getting bigger. The first quarter of FY22 earnings season has broadly met expectations, with cyclicals leading the way.
GDP- 1QFY22 Real/Nominal GDP increased by 20.1 percent /31.7 percent YoY, helped by a soft 1QFY21 base. Investment and private consumption were sharp contributors to economic growth. Macro Trends- Government gross receipts as % of BE at multi-year high while fiscal deficit is at multi-year lows. In the months of July and August, the south west monsoon was in short supply. COVID-19 active cases fell to 387k in August of this year, with vaccination rates increasing to 6.1 million per day in August vs. 4.3 million in July,” the brokerage has said.
Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution. Greynium Information Technologies, the author, and the brokerage houses are not liable for any losses caused as a result of decisions based on the article. The above article is for informational purposes only and has been taken from the report of Motilal Oswal Financial Services. Be careful while investing as the Sensex has now crossed 58,000 points.
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Founded in 2019, Cross Tower is a digital assets capital markets firm that has gone ahead to offer digital assets trading to both professional as well as institutional clientele. The company on Tuesday (September 7, 2021) launched its crypto trading platform in India.
Though the platform will be a new facility, it is an acclaimed player commanding 4th rank among 152 global exchanges by CryptoCompare- a company that leads in the authority of the global crypto data. The ranking has been suggested after taking into account asset and market quality, security, KYC, regulations, data and the team.
Introductory offer: To expand its base and also as a token of courtesy the company shall be providing its first 1000 customers with an opportunity to earn up to 500 on their first trade.
How to begin trading on Cross Tower crypto trading platform?
The new user would need to first create and get his credentials verified on the platform by visiting the India link. After you are done with KYC verification, for which proof of identity and proof of address are required, you can get on to access the 40 cryptos available for trading over the CrossTower platform in Indian Rupees.
This is a trading, lending Singapore-based crypto exchange that also offers its services in India. The company aims to treat its customers’ cryptos as a separate asset class and offer services to ensure technologies based on blockchain are usable as of today. So, in all the crypto company aims to enable the core elements of banking for every crypto user, including store of value, capital growth, easy spending and as an exchange.
How to trade on Vauld?
Using VAULD app you need to first create your account, which will then need to be activated via the link sent on your registered email address.
Post this step, you would need to enter your credentials then again a one-time OTP will be received on your email and you can then begin your cryptocurrency investment journey in just 3 steps:
– Complete your KYC in just 2 minutes
– Deposit INR to Vauld
– Buy cryptos
Now the company has been increasing its crypto base available for trade and Dogecoin, SHIBA INU, Cardano are some of the latest additions to its 25 other newly listed tokens.
Cryptocurrency are a novel asset and millennials are resorting to them for making quick gains, while risks lies with the asset class, there is a risk at the hand of the crypto exchange, so you need to certain with its safety also.
GoodReturns.in
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Gigforce, an on-demand staffing platform providing gig workers to various enterprises, raised $3 million in pre-Series A funding led by Endiya Partners. Existing investor Unitus Ventures and key angel investors also participated in the round.
Gigforce offers curated and pre-trained gig staff on a task, hourly, weekly, or monthly basis. It connects available gig workers to short gigs in their locality spanning from a day up to a few months. Gigforce also ensures gig workers get proper training, documentation, and payouts.
Commenting on the fundraise, Chirag Mittal, Co-founder and CEO, Gigforce, said, “The market is underserved today because of the lack of suitable technology to manage scale. India’s top five staffing companies together just about manage a workforce of one million. This is set to change with strong tailwinds, including the proliferation of inexpensive smartphones, ubiquitous internet access for blue and grey collar workers, maturing technology platforms, simplification of labor codes, and the huge growth trajectory India will witness in the next ten years.”
With this fundraise, the company plans to strengthen its team and technology and rapidly scale pan-India in the next few quarters. Within a short span of twelve months, Gigforce has achieved an annual run-rate (ARR) of ₹25 crore. The company is growing 2-fold on a quarter-on-quarter (QoQ) basis. With a huge demand surge since post-Covid recovery, Gigforce is set to grow at a rapid rate to cross ₹100 crore ARR soon.
“Gigforce, well beyond the product-market fit, is clearly emerging as a category leader in tech-driven staffing for gig workers. While there are players focusing on recruitment (discovery), fulfillment or adjacent services, there’s no market leader for on-demand, B2B, platform-driven staffing. With a potential to service up to 90 million jobs in India and contribute an incremental 1.25 per cent to India’s GDP over 8 to 10 years, there exists a huge opportunity waiting to be tapped,” said Abhishek Srivastava, Director, Endiya Partners.
Surya Mantha, Senior Partner, Unitus Ventures, said, “Gigforce is disrupting the over $10 billion staffing industry by architecting the “future of work”. Over the last few years, Indian businesses have experienced the need for and recognized the potential of gig work. The speed at which Gigforce has catered to the rapid and diverse demand created during the pandemic shows their future-ready approach and scalability. And this is only the beginning.”
Gigforce differentiates itself in the market on its data and tech-driven approach to allocate skilled gig workers to the right gigs, while also managing rewards, recognition, behavior, payouts, and benefits. The platform can manage the complete lifecycle of a gig, from sourcing, onboarding, e-KYC, rostering, tracking, and payouts, on the single platform.
Gigforce follows a vertical-specific strategy and currently focuses on the logistics sector. It already has more than 20 enterprise clients in this category across e-commerce, food, and grocery deliveries. It serves aggregators, marketplaces as well as direct-to-consumer brands. Delhivery, Flipkart, BigBasket, FreshToHome, and Grab are among its many clients.
Gigforce also focuses on specialised and fast-growing categories like electric vehicle (EV), original equipment manufacturers (OEMs) and operators. Zyngo, MoEVing, ETO Motors and Zypp Electric are a few of their clients in this category. The company aims to scale up its platform and business to manage the full lifecycle of over one million gigers by 2025 and is targeting a flow of over $1 billion on the platform.
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| Pharma Company | Current Market Price | Vaccine |
| Dr. Reddy’s Laboratories | Rs 4,903 | Sputnik V |
| Wockhardt | Rs 419 | Sputnik V |
| Panacea Biotec | Rs 312 | Sputnik V |
| Cadila Healthcare | Rs 552 | ZyCov-D |
| Cipla | Rs 944 76. | Moderna |
Dr. Reddy’s Laboratories stock is in the spotlight today as the pharma giant announced that it has reached an agreement to sell its rights to an anti-cancer medication to Citius Pharmaceuticals of the United States. Apart from that, the corporation has stated that it will launch the Sputnik V vaccine, which is made in India, in India between September and October of this year.
If the Sputnik V vaccine gains widespread approval, it will benefit the company in the medium term, especially if it becomes a big exporter this year.
Despite the fact that pricing pressure in the US markets has been easing, the incoming administration in the United States has a track record of lowering medicine prices. If this were to happen on a regular basis, export margins might be harmed. Because of the low margins in Q1-FY22, the price risk has resurfaced.
Dr. Reddy’s Laboratories exercised stock options and distributed 14,284 fully paid up equity shares worth Rs 7.28 crore to various workers. According to a regulatory filing, the ESOP consists of 6,774 equity shares of Rs 5 each under the Dr. Reddy’s Employees Stock Option Scheme and 7,510 equity shares of Rs 5 each under the ADR Stock Option Scheme.
The stock returned 86.74 percent over three years, compared to 48.94 percent for the Nifty 100. Over a three-year period, the stock achieved an 86.74 percent return, compared to 36.87 percent for Nifty Pharma.
Wockhardt previously announced that it had reached an agreement for the manufacture and supply of the Sputnik V/Sputnik Light vaccine against Covid-19 with Enso Healthcare DMCC (Enso), a company based in Dubai, UAE, and Human Vaccine LLC (HV), a wholly owned subsidiary of the Russian Federation’s sovereign wealth fund (RDIF).
The single-dose Sputnik Light Covid-19 vaccine is likely to launch shortly in India, according to Russian diplomat Nikolay Kudashev, as quoted by news agency ANI.
Only 4.14 percent of trading sessions in the last 16 years had intraday drops of more than 5%. In the fiscal year ended March 31, 2021, the company delivered a ROE of 20.31 percent, surpassing its five-year average of -2.56 percent. The company’s QoQ revenue increase was 34.67 percent, the greatest in the prior three years. Over a three-year period, the stock returned -37.79 percent, while Nifty Pharma returned 36.87 percent to investors.
Panacea Biotec’s stock jumped 5.74 percent to Rs 311.50 after the business announced the first shipment of 1 million doses of the second component of Panacea Biotec’s Russian Sputnik V coronavirus vaccine for sale in India.
This is the first batch of the company’s second component, which is manufactured and supplied in India. Panacea Biotec’s state-of-the-art vaccine manufacturing plant in Himachal Pradesh produced the doses for the second component of Sputnik V.
Stock returned 20.82 percent over three years, compared to 39.62 percent for the Nifty Smallcap 100. Over a three-year period, the stock returned 20.82 percent, while Nifty Pharma returned 36.87 percent to investors.
The Moderna vaccine will be available as a ready-to-use injectable vaccine starting in. After the vial is opened, it can be stored for seven months at a specified temperature and for 30 days at room temperature.
Nonetheless, the company’s Chief Monetary Officer has acknowledged that there is currently “nothing conclusive.”
Moderna and the Indian government are working together to determine the vaccine’s indemnification points. 14 days following the first dosage, the Moderna vaccine had a 94.1 percent efficacy rate.
Cipla’s web revenue increased by 24% year over year in the second quarter of 2021. The company’s revenue also increased by 27% year over year, thanks to a jump in demand for Covid-19 medications as a result of the pandemic’s second wave.
With Remdesivir, Favipiravir, and Toclizumab, the business has been aggressive in creating a Covid-care portfolio. As covid cases rise again, their influence should be noticeable until the first half of FY 22. The company has an opportunity to pursue because one of its primary advantages is its inexpensive price.
According to a health ministry official, Cadila Healthcare, a pharmaceutical business, would begin providing coronavirus vaccine to children aged 12 to 17 in October.
Before the Zydus Cadila vaccine is handed out in October, the details of the Covid-19 immunization for youngsters aged 12 to 17, including prioritizing those with health difficulties, will be announced, according to reports.
According to the Department of Biotechnology (DBT), ZyCoV-D is the world’s first DNA-based coronavirus vaccine, which when administered creates the SARS-CoV-2 virus’s spike protein and stimulates an immune response that aids in disease prevention and viral clearance.
The stock returned 30.73 percent over three years, compared to 48.94 percent for the Nifty 100.
Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution. Greynium Information Technologies, the author, and the brokerage houses are not liable for any losses caused as a result of decisions based on the article. The above article is for informational purposes only and is picked from the brokerage report of Sharekhan.
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In an open letter to the European Commission, nearly two dozens central banks and regulators defended the Basel III rules, which have been the object of intense lobbying from a banking industry keen to reduce its capital requirements.
“We, as prudential supervisors and central banks in the EU, very much support a full, timely and consistent implementation of all aspects of this framework,” the signatories said.
“The pandemic shows that more resilient banks are better able to support the real economy, even during times of crisis.”
The signatories came out in defence of the “output floor”, which limits banks’ discretion in setting their own capital requirements and of a standardised approach to credit risk, while adding that EU-specific deviations should be minimised.
Signatories included institutions from all large EU countries with the exception of France. (Reporting By Francesco Canepa Editing by Balazs Koranyi)
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