Month: September 2021

3 Best ELSS Funds Ranked 1 By CRISIL With 1 Year Returns Up To 79%

Personal Finance

[ad_1]

Read More/Less


Quant Tax Plan Direct Growth

This fund has been in existence for the last 8 years and the 1-year returns of the Quant Tax Plan Direct-Growth are 79.62 percent. It has returned an average of 21.94 percent every year since its inception. The fund has a lower expense ratio of 0.50% and SIP in this fund can be started with a minimum contribution of Rs 500. The fund has equity sector allocation across Financial, Construction, FMCG, Metals, Energy sectors.

Reliance Industries Ltd., Vedanta Ltd., State Bank of India, ITC Ltd., and HDFC Bank Ltd. are the fund’s top five holdings. The fund’s NAV as of September 20, 2021 is Rs 220.17. The fund has Rs 368.44 crore in assets under management (AUM). This fund has no exit load, and investments up to Rs 1,5 lakh are tax-free under section 80C of the Income Tax Act, with returns are taxable at a rate of 10%.

BOI Axa Tax Advantage Fund Direct Growth

BOI Axa Tax Advantage Fund Direct Growth

This ELSS mutual fund scheme has been in existence for the past 8 years and the last 1 year’s BOI AXA Tax Advantage Direct-Growth returns reached 64.13 percent. It has returned an average of 19.70 percent every year since its inception. The fund levies a 1.66 percent expense ratio, which is more than most other funds in the same category. The Financial, Technology, Chemicals, Healthcare, and Services sectors account for the majority of the fund’s holdings.

ICICI Bank Ltd., HDFC Bank Ltd., Infosys Ltd., Divi’s Laboratories Ltd., and Bajaj Finance Ltd. are the fund’s top five holdings. With a minimum contribution of Rs 500, you may start a SIP in this fund. As of September 20, 2021, the fund’s NAV is Rs 112.77 and the fund’s asset under management (AUM) is Rs 512.07 crore. There is no exit load on this fund.

IDFC Tax Advantage Direct Plan Growth

IDFC Tax Advantage Direct Plan Growth

This ELSS fund was launched by the fund house IDFC Mutual Fund, and thus has been in existence since January 2013. The fund is a medium-sized fund in its category, with an expense ratio of 0.85 percent, which is lower than the expense ratio charged by most other ELSS funds. According to Value Research, IDFC Tax Advantage (ELSS) Direct Plan-Growth returns for the past year reached 68.05 percent, with an average yearly return of 18.86 percent since its debut.

The fund has its equity exposure across Financial, Technology, Automobile, Construction, FMCG sectors. IDFC Tax Advantage Direct Plan Growth fund’s top 5 holdings are in ICICI Bank Ltd., Infosys Ltd., State Bank of India, HDFC Bank Ltd., Deepak Nitrite Ltd.. SIP in this fund can be started from Rs 500 and NAV of the fund as of 20th September is Rs 101.00 and asset under management (AUM) of the fund is Rs 3,338.88 Cr. The fund has no exit load but it charges a stamp duty fee of 0.005%.

Best Performing ELSS Funds

Best Performing ELSS Funds

Here are the best ELSS funds to invest in 2021 based on past performance and ratings from different agencies.

Funds 1-month returns 6-month returns 1-year returns 3-year returns 5-year returns Rating by CRISIL Rating by Value Research Rating by Morningstar
Quant Tax Plan Direct Growth 6.36% 34.06% 79.62% 32.06% 24.00% 1 5 5
BOI Axa Tax Advantage Fund Direct Growth 5.88% 29.86% 64.13% 25.42% 21.41% 1 4 5
IDFC Tax Advantage Direct Plan Growth 5.15% 23.88% 68.05% 18.65% 18.16% 1 4 4

Disclaimer

Disclaimer

The views and investment tips expressed by authors or employees of Greynium Information Technologies, should not be construed as investment advice 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



[ad_2]

CLICK HERE TO APPLY

Leave a comment

Bank lending hit as corporates head to bond St, fintech firms poach retail borrowers, BFSI News, ET BFSI

Banking & Finance

[ad_1]

Read More/Less


Overall bank lending could drop during this fiscal as corporate loan demand slumps and other sources of borrowings emerge.

Bank credit flow during April to August has shrunk over the same period a year ago, according to data from the Reserve Bank of India. This is despite the private-sector lenders such as HDFC Bank and ICICI Bank reporting double-digit growth in lending in the first quarter.

The overall fund flow into the economy grew by 10% in FY21 despite the pandemic. However, the incremental bank lending shrank 1.6% in FY21, while non-bank sources grew 30%.

Corporates reluctant

Banks are hoping for a lending spurt with the revival of capital expenditure, but it remains doubtful due to uncertainty over Covid.

Also, corporates are looking at cheaper avenues for funds. They raised Rs 1.8 lakh crore from the bond market this fiscal so far. Foreign direct investment and ECB have been also been strong, which has been bad news for banks. The buoyant equities market has seen corporates raising over Rs 1 lakh crore from the avenue during this fiscal till August.

In July

The total outstanding loans to large industries by the banking sector has shrunk for the 11th straight month in July 2021 as companies continue to deleverage and shift to cheaper options such as bonds. Most of the bank credit is driven by the retail and agri segments as sanctioned limits of corporates remain unutilised to the extent of 25%. The credit to large industries shrank 2.9% in July.

The credit growth in the last two months is being led by is led by MSMEs, agriculture and retail as corporate lending stays tepid.

PSU banks hit

The deleveraging has led to a drop in corporate loan demand for banks, especially PSU ones.

The domestic corporate loans by the State Bank of India fell 2.23 per cent to Rs 7,90,494 crore in the quarter ended June 30, 2021, compared to Rs 8,09,322 crore in the same quarter last year. In the first quarter of FY21, SBI reported 3.41 per cent growth in corporate advances.

Union Bank of India‘s share of industry exposure in domestic advances dropped to 38.12 per cent at Rs 2,40,237 crore from 39.4 per cent at Rs 2,47,986 crore in the same quarter a year ago. Corporate loans dropped 3% at Indian Bank during the last quarter. At PNB, corporate loans fell 0.57 per cent at Rs 3,264,66 crore in June quarter 2021 compared to Rs 3,28,350 crore a year ago.

Retail front

Banks, which have been relying on the retail sector, are facing competition. Non-banking financial companies that were reeling after the collapse of IL&FS have bounced back and emerged out of the pandemic relatively less hurt. Banks are facing competition from fintech firms, which have made borrowing a seamlessly easy experience.

with the advent of account aggregators, transaction details of borrowers can be open to lender, which may lead to poaching of customers.



[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , , , , , ,

PayNearby cash collection crosses ₹350 crore in monthly GTV

Banking & Finance

[ad_1]

Read More/Less


PayNearby on Tuesday said its enterprise offering that facilitates ‘cash collection’ as a service has crossed ₹350 crores worth transactions in monthly Gross Transaction Value (GTV).

The company offers cash collection as a service to over 50 clients across sectors such as NBFC, microfinance (MFI), OTTs, food delivery aggregators, cab aggregators, FMCG, and logistics among other digital services. However, a large section of their current portfolio is dominated by NBFCs and MFIs.

Also see: Auto debit transactions: Bounce rates in August near pre-second wave levels

“Our retail partners have served as cash disbursal points and are now outlets for secure cash disposal. While our collection process is seamless, it also gives companies deep in-roots to areas that were not serviced earlier,” said Anand Kumar Bajaj, Founder, MD and CEO, PayNearby.

[ad_2]

CLICK HERE TO APPLY

Leave a comment , ,

HDFC launches festive offer; home loan at 6.7 pc, BFSI News, ET BFSI

Banking & Finance

[ad_1]

Read More/Less


Country’s biggest mortgage lender HDFC on Tuesday announced a festive offer in line with peers like SBI with home loans starting from 6.70 per cent. Last week, SBI as part of festival bonanza offered a concessional home loan rate of 6.70 per cent under its festive offer. This was followed by other lenders like Punjab National Bank and Bank of Baroda.

“Housing is much more affordable today than it ever was. In the last couple of years, property prices have more or less remained the same in major pockets across the country while income levels have gone up,” said Renu Sud Karnad, managing director, HDFC Ltd.

Record low interest rates, subsidies under PMAY and the tax benefits have also helped, she said.

“Customers can avail HDFC Home Loan starting at 6.70 per cent per annum effective September 20, 2021. This offer will be applicable to all new loan applications irrespective of the loan amount or employment category,” HDFC said in a statement.

The special festive offer at 6.70 per cent is for all loan slabs and for all customers with credit score of 800 and above.

Before this special offer, the rate for salaried customers for loan above Rs 75 lakh and credit score of 800 and above was 7.15 per cent and for self employed was 7.30 per cent.

Hence, effective cut for these customers could be up to 45 bps for salaried and up to 60 bps for self employed.

The special rate is linked to borrower’s credit score, it said, adding that this is a close ended scheme and will be valid till October 31.



[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , , , , ,

PFRDA’s board okays sponsor licence for Tata Asset, Max Life

Banking & Finance

[ad_1]

Read More/Less


Pension regulator PFRDA’s board has given the nod to award licences to Tata Asset Management Company and Max Life Insurance to become sponsors of a pension fund to manage the National Pension System (NPS).

The letter of awarding licences, however, is yet to be formally sent to both of them, said sources close to the development.

Once the licence-award process is completed, there will be 10 Pension Fund Managers in the country to manage the NPS. It maybe recalled that Tata Asset Management Company was among the 10 applicants who had responded to PFRDA’s Request for Proposal (RFP) for the selection of sponsors of pension funds.

Post the RFP, eight fund managers, including Axis Asset Management (new one), were awarded licences this year. The other seven were the pension arms of SBI, UTI, LIC, ICICI, HDFC, Aditya Birla SunLife and Kotak. All these seven were fund managers of NPS in the erstwhile regime.

Besides throwing open the door to more pension fund managers, the RFP had introduced at least five-fold jump in their fees, making it lucrative to undertake this activity.

The revamp of the pension funds management structure is part of PFRDA’s efforts to position the industry for strong decadal growth that could take the overall assets under management (AUM) of NPS to ₹30-lakh crore by 2030.

Pension AUM

As of last week, India’s pension AUM had crossed the ₹6.5-lakh crore mark. With India’s pension assets growing at a frenetic pace of over 30 per cent, the PFRDA expects the overall AUM at this growth rate to touch ₹30-lakh crore by 2030. By March-end 2022, PFRDA expects pension AUM to touch ₹7.5-lakh crore.

Meanwhile, PFRDA is expected to firm up by this month-end the consultant who will help design a Minimum Assured Return Scheme (MARS) under the National Pension System, said sources.

[ad_2]

CLICK HERE TO APPLY

Leave a comment , ,

RBI to conduct G-SAP auctions on Sept 23

Banking & Finance

[ad_1]

Read More/Less


The Reserve Bank of India (RBI) on Monday announced that it would conduct open market purchase of Government Securities (G-Secs) under its “G-Sec Acquisition Programme (G-SAP) 2.0” along with a simultaneous sale of G-Secs on September 23.

So far, under G-SAP, the RBI has only conducted standalone G-Sec purchases. But this time round, it is simultaneously conducting sale of G-Secs in view of ample liquidity in the banking system.

RBI will purchase three G-Secs of seven to 14 years tenor, aggregating ₹15,000 crore, under G-SAP 2.0 on September 23.

Simultaneously, the central bank will sell three short-term G-Sec, all maturing in 2022, aggregating ₹15,000 crore.

In the second quarter so far, the RBI has bought G-Secs aggregating ₹90,000 crore in four G-SAP auctions. After the September 23 G-SAP auction, it may conduct one more auction for ₹15,000 crore.

Marzban Irani, CIO-Fixed Income, LIC MF, said the simultaneous conduct of G-Sec purchase under G-SAP and sale of G-Sec will be liquidity neutral. However, it may push up short-term yields.

[ad_2]

CLICK HERE TO APPLY

Leave a comment , ,

To purchase and simultaneously sale G-Secs on Sept 23: RBI

Banking & Finance

[ad_1]

Read More/Less


The Reserve Bank of India (RBI) on Monday announced that will conduct open market purchase of Government Securities (G-Secs) under its “G-Sec Acquisition Programme (G-SAP) 2.0” along with a simultaneous sale of G-Secs on September 23.

So far, under G-SAP, the RBI has only conducted standalone G-Sec purchases. But this time round, it is simultaneously conducting sale of G-Secs in view of ample liquidity in the banking system.

RBI will purchase three G-Secs of seven to 14 years tenor, aggregating ₹15,000 crore, under G-SAP 2.0 on September 23.

Simultaneously, the Central bank will sell three short-term G-Sec, all maturing in 2022, aggregating ₹15,000 crore.

In the second quarter so far, the RBI has bought G-Secs aggregating ₹90,000 crore in four G-SAP auctions. After the September 23rd G-SAP auction, it may conduct one more auction for ₹15,000 crore.

Marzban Irani, CIO-Fixed Income, LIC MF, said the simultaneous conduct of G-Sec purchase under G-SAP and sale of G-Sec will be liquidity neutral. However, it may push up short-term yields.

[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , ,

SBI Vs RBL Vs Axis Vs DCB Vs HDFC Vs IDFC First Bank: Latest FD Rates Here

Personal Finance

[ad_1]

Read More/Less


State Bank of India (SBI)

Interest rates on retail domestic term deposits (under Rs. 2 crore) have been modified by the State Bank of India with effect from January 8, 2021. A special “SBI Wecare” Deposit for elderly folks will offer an additional premium of 30 basis points over and above the regular 50 basis points as indicated in the below table to Senior Citizens on their retail term deposit for tenors of 5 years and above. The scheme is valid for investment until September 30, 2021.

Tenors Revised Rates For Public w.e.f. 08.01.2021 Revised Rates for Senior Citizens w.e.f. 08.01.2021
7 days to 45 days 2.9 3.4
46 days to 179 days 3.9 4.4
180 days to 210 days 4.4 4.9
211 days to less than 1 year 4.4 4.9
1 year to less than 2 year 5 5.5
2 years to less than 3 years 5.1 5.6
3 years to less than 5 years 5.3 5.8
5 years and up to 10 years 5.4 6.2
Source: SBI

RBL Bank

RBL Bank

Among the private sector banks, RBL Bank is offering the highest interest rates on fixed deposits. With effect from 1st September 2021, the bank has revised its interest rates on fixed deposits of less than Rs 3 Cr which are as follows.

Period of Deposit Interest Rates p.a. Senior Citizen Interest Rates p.a.
7 days to 14 days 3.25% 3.75%
15 days to 45 days 3.75% 4.25%
46 days to 90 days 4.00% 4.50%
91 days to 180 days 4.50% 5.00%
181 days to 240 days 5.00% 5.50%
241 days to 364 days 5.25% 5.75%
12 months to less than 24 months 6.00% 6.50%
24 months to less than 36 months 6.00% 6.50%
36 months to less than 60 months 6.30% 6.80%
60 months to 60 months 1 day 6.30% 6.80%
60 months 2 days to less than 120 months 5.75% 6.25%
120 months to 240 months 5.75% 6.25%
Tax Savings Fixed Deposit (60 months) 6.30% 6.80%
Source: RBL Bank

Axis Bank

Axis Bank

For Domestic Fixed Deposits, Domestic Fixed Deposits Plus and NRI Fixed Deposits /FCNR Deposit, Axis Bank has recently revised the interest rates on fixed deposits which are in effect from 9th September 2021. For deposits of less than Rs 2 Cr, the latest interest rates on FD of the bank are as follows.

Period Regular Interest Rates (in % p.a.) Senior citizens interest rates ( in % p.a.)
7 days to 14 days 2.5 2.5
15 days to 29 days 2.5 2.5
30 days to 45 days 3 3
46 days to 60 days 3 3
61 days 3 3
3 months 3.5 3.5
4 months 3.5 3.5
5 months 3.5 3.5
6 months 4.4 4.65
7 months 4.4 4.65
8 months 4.4 4.65
9 months 4.4 4.65
10 months 4.4 4.65
11 months 4.4 4.65
11 months 25 days 4.4 4.65
1 year 5.1 5.75
1 year 5 days 5.15 5.8
1 year 11days 5.1 5.75
1 year 25 days 5.1 5.75
13 months 5.1 5.75
14 months 5.1 5.75
15 months 5.1 5.75
16 months 5.1 5.75
17 months 5.1 5.75
18 months 5.25 5.9
2 years 5.4 6.05
30 months 5.4 6.05
3 years 5.4 6.05
5 years to 10 years 5.75 6.5
Source: Bank Website, W.E.F. 09/09/2021

DCB Bank

DCB Bank

For Resident Indian Fixed Deposit of less than Rs 2 Cr, DCB Bank had revised interest rates on fixed deposit with effect from 17th August 2021. The latest interest rates on fixed deposits of the bank are listed below.

Tenure Regular Interest Rates (in % p.a.) Senior citizens interest rates ( in % p.a.)
7 days to 14 days 4.35% 4.85%
15 days to 45 days 4.35% 4.85%
46 days to 90 days 4.35% 4.85%
91 days to less than 6 months 5.05% 5.55%
6 months to less than 12 months 5.45% 5.95%
12 months 5.55% 6.05%
More than 12 months to less than 15 months 5.30% 5.80%
15 months to less than 18 months 5.50% 6.00%
18 months to less than 700 days 5.50% 6.00%
700 days 5.95% 6.45%
More than 700 days to less than 36 months 5.50% 6.00%
36 months 5.95% 6.45%
More than 36 months to 60 months 5.95% 6.45%
More than 60 months to 120 months 5.95% 6.45%
Source: DCB Bank, (with effect from 17th August, 2021)

HDFC Bank

HDFC Bank

For a deposit amount of less than Rs 2 Cr, HDFC Bank had revised interest rates from 21st May 2021 across Domestic, NRO, NRE fixed deposit schemes. Senior Citizens who open an FD account of less than 5 crores for a term of 5 years One Day to 10 Years during the offer period ranging from 18th May’20 to 30th Sep’21 will receive an additional premium of 0.25 percent over and above the existing premium of 0.50 percent. Check out the latest interest rates on fixed deposits of the bank for both regular and senior citizens.

Tenors Interest Rate (per annum) Senior Citizen Rates (per annum)
7 – 14 days 2.50% 3.00%
15 – 29 days 2.50% 3.00%
30 – 45 days 3.00% 3.50%
46 – 60 days 3.00% 3.50%
61 – 90 days 3.00% 3.50%
91 days – 6 months 3.50% 4.00%
6 months 1 day – 9 months 4.40% 4.90%
9 months 1 day 4.40% 4.90%
1 Year 4.90% 5.40%
1 year 1 day – 2 years 4.90% 5.40%
2 years 1 day – 3 years 5.15% 5.65%
3 year 1 day- 5 years 5.30% 5.80%
5 years 1 day – 10 years 5.50% 6.25%
Source: HDFC Bank, W.e.f. 21st May 2021

IDFC First Bank

IDFC First Bank

IDFC First Bank has recently revised its interest rates on fixed deposits from 15th September 2021. For both regular and senior citizens, the latest rates on fixed deposits of the bank are as follows.

Period Rate of Interest (%p.a.) w.e.f. September 15, 2021 For senior citizens
7 – 14 days 2.50% 3.00%
15 – 29 days 2.50% 3.00%
30 – 45 days 2.75% 3.25%
46 – 90 days 2.75% 3.25%
91 – 180 days 3.25% 3.75%
181 days – less than 1 year 4.50% 5.00%
1 year – 2 years 4.75% 5.25%
2 years 1 day – 3 years 5.00% 5.50%
3 years 1 day – 5 years 5.20% 5.70%
5 years 1 day – 10 years 5.25% 5.75%
5 Years Tax Saver Deposit (Only for Domestic Deposits) 5.25% 5.75%
Source: Bank Website



[ad_2]

CLICK HERE TO APPLY

Leave a comment

Paras Defence IPO: Should You Subscribe?

Personal Finance

[ad_1]

Read More/Less


Investment

oi-Roshni Agarwal

|

As the IPO mood has again being brightened with the robust listing of Ami Organics, there is again another IPO that is opened up from the defence space by Paras Defence. Here is a look at various aspects of the IPO and whether or not you should subscribe to it:

Paras Defence IPO: Should You Subscribe?

Paras Defence IPO: Should You Subscribe?

1) Issue details:

IPO offer period- September 21-23

Price band for the offer is decided at Rs. 65-75 per share. The offer includes an issue of shares totaling to Rs. 140.6 crore as well as an offer for sale of up to 1.72 million shares by promoters Sharad Virji Shah and Munjal Sharad Shah, and individual selling shareholders Ami Munjal Shah, Shilpa Amit Mahajan and Amit Navin Mahajan. Post the IPO, promoter holding in the company shall get reduced to 59 percent from the current 79 percent.

Subscription lot:

Minimum bid size-85 shares and thereafter, multiples of 85 shares per lot.

Issue objective: the company intends to use the proceeds from the issue for purchasing machinery and equipment, incremental working capital requirements, repaying certain borrowings, and general corporate purposes.

Paras defence company and its financials:

Based out of Mumbai, Paras Defence and Space Technologies is engaged in designing, developing, manufacturing and testing products linked to defence and space engineering. Typically, the company is into manufacturing of critical-imaging systems in India

As per the company’s annual report, profit before tax for the firm for the year ended March 2020 stood at Rs. 2179 lakh, which increased from the year ago period of Rs. 2681 lakh.In the year 2021 profit narrowed down to Rs. 15.79 crores against Rs.19.66 crore in 2020. Over the future course also company’s performance has to remain stable.

Grey market premium:

The grey market premium is the premium or higher price that the stock commands in the unlisted market before the IPO and it as on Monday (September 20, 2021) stood at Rs. 190, a price almost 111 percent higher than the issue price.

What brokerages say on Paras Defence IPO?

KR Choksey has a ‘subscribe’ rating on Paras Defence. “The company’s revenue from operations declined in FY20 and FY21 compared to FY19, mainly due to the impact of Covid-19. However, the company is currently operating at 90% of its capacity and has built up inventories to cater to future demand and act as a hedge against the impact of any unforeseeable disruption. The company’s debt protection matrix seems adequate, with D/E at 0.6x at the end of FY21 and company’s intent to bring it further down and move towards a more debt light balance sheet. As a result, the company plans to utilize INR 12 Cr of the net proceeds from the IPO to pay down a portion of its debt. Given that most of the company’s orders are executable within the next 12-18 months, the company’s order book of INR 305 Cr provides solid revenue visibility.”
“The company’s working capital is stretched at over 211 days, mainly driven by a debtor of 245 days, but it is expected to improve as a large chunk of receivables incurred in Q4FY21 are to be paid in Q1FY22. Additionally, the firm requires extra working capital to fund its incremental working capital requirements in FY2022 and FY2023, a portion of which will be funded using proceeds from the IPO. The funding of the incremental working capital requirements will lead to a consequent increase in profitability. Paras Defence IPO size is INR 171 Cr, including a fresh issue of INR 140 Cr and an offer for sale (OFS) of INR 31 Cr. The price band of the issue is INR 165- INR175. On the upper price band of INR 175 and EPS of INR 5.55 for FY21, the P/E ratio works out to be 31.5x”, adds the brokerage.

GoodReturns.in



[ad_2]

CLICK HERE TO APPLY

Leave a comment
1 … 47 48 49 50 51 … 133