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Bitcoin edges off all-time high

October 21, 2021 root Banking & Finance

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Risk of overextension

In the past few days, Dibb said, traders were starting to pay high rates to borrow to buy bitcoin futures, “and that’s a sign that we could be a bit overextended, and there could be a pullback to come.”

He added he anticipated traders would rotate out of bitcoin and into major ‘altcoins’ — other cryptocurrencies.

Ether, the world’s second largest cryptocurrency, rose 1 per cent to $4,203 and there were also sharper gains in smaller tokens.

Market players say the latest wave of buying has been supported by the launch of the first US bitcoin futures-based exchange traded fund (ETF) with investors betting this will open a path to greater investment from both retail and institutional investors.

Sharp inflows

Existing bitcoin exchange-traded funds and products have seen sharp inflows since September.

Also see: Millennials pull crypto out of the shadows

Average weekly flows to bitcoin funds totalled $121.1 million in October, up from $31.2 million a month earlier, data from London-based CryptoCompare shows.

The three months prior to September had seen outflows following steep losses for bitcoin in May and June.

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This Government Backed Scheme Offers An Interest Rate Of 6.8%

October 21, 2021 root Personal Finance

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Interest Rates

The 5 Years National Savings Certificate (VIII Issue) is an investment option with fixed income, that offers an interest rate of 6.8%, compounded annually but payable at maturity. That rate is quite higher than some other assured income options. Hence, if you invest Rs. 1000 initially, that will offer you Rs. 1389.49, after 5 years. This is the lock-in period for the NSC scheme.

NSC Calculator

To count the interest amount under the NSC scheme, you must calculate it considering the interest rate and basic amount. The interest amount Interest calculation for one year will be, Interest amount = (Basic Amount * Interest Rate)/ 100.
So, if you invest Rs. 1000 as a basic amount, then your interest amount for the NSC scheme will be 68. so, your total return after one year will be 1068. But in the case of NSC, the interest is calculated at a compound rate, for 5 years. So, in case your basic investment amount is Rs. 1000, the calculation will be as mentioned below.

Principal amount * (1+ interest rate/number of time interest is compounded per unit) ^ number of years = Total return amount

So, the NSC return calculation should be like this: 1000 * (1 + 6.8/100 / 1) ^ 5 = 1389.49

Hence, after 5 years, your returns should be Rs. 1389.49, with a principal amount or basic amount of investment of Rs. 1000, according to the NSC calculator. Using this calculator you can calculate the NSC return, applying your particular basic investment amount.

Investment amount and tax

The minimum investment amount for the NSC is Rs. 1000 and in multiples of Rs. 100. There is no maximum limit of the investment. Your deposits will qualify for deduction under section 80C of the Income Tax Act.

Premature closure

NSC can only be prematurely closed before 5 years in case the single account holder dies, or any or all the account holders in a joint account dies.

To earn lucrative interest after a fixed timeline, you can also check the Post Office PPF scheme to get an assured income.

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Cabinet committee OKs seven appointments of executive directors at six PSBs, BFSI News, ET BFSI

October 21, 2021 root Banking & Finance

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The Appointments Committee of the Cabinet (ACC) today approved seven appointments of executive directors at six public sector banks, the government said in a release accessed by ETBFSI. All appointments are likely to come into affect from the date of assumption of office.

The appointments will be effective provided that the officials are eligible for extension of the term of office, after a review of their performance by two years, or until further orders, whichever is earlier.

Rajneesh Karnatak has been appointed as the executive director of Union Bank of India for a period of three years. Karnatak is currently the chief general manager of Punjab National Bank.

Roy Joydeep Dutta has been appointed as the executive director of Bank of Baroda for three years, and is currently the chief general manager of the bank.

Nidhu Saxena has been appointed as the executive director of Union Bank of India for three years. Currently, Saxena is the general manager of UCO Bank. Saxena’s appointment can also come into force after February 1, 2022, or until further orders, whichever is earlier.

Kalyan Kumar has been appointed as the executive director of Punjab National Bank for three years. Kumar is currently the chief general manager of Union Bank of India.

Ashwani Kumar, currently the chief general manager of Punjab National Bank, has been appointed as the executive director of Indian Bank for three years.

Yadav Ramjass, currently the chief general manager of Bank of Baroda, has been appointed as the executive director of Punjab & Sind Bank. Ramjass’ appointment will be effective up to his date of attaining superannuation – April 30, 2024 – or until further orders, whichever is earlier.

Asheesh Pandey, currently the chief general manager of Union Bank of India, has been appointed as the executive director of Bank of Maharashtra for a period of three years, with effect from the date of assumption of office on or after December 31, or until further orders.

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Bank of Maharashtra net profit jumps ₹264 crore in Q2

October 21, 2021 root Banking & Finance

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Bank of Maharashtra reported a 107 per cent year-on-year jump in second quarter net profit at ₹264 crore against ₹130 crore in the year ago quarter.

Net interest income in the reporting quarter rose 34 per cent yoy at ₹1499 crore. Other income was up 23 per cent yoy at ₹493 crore.

Loan loss provisions jumped to ₹583 crore, including towards increase in provisions on account of implementation of resolution plans under RBI’s “Resolution Framework for COVID-19 related stress” (August 6, 2020 circular) against a write back of ₹4.55 crore in the year ago quarter.

Deposits increased by 14.46 per cent yoy to ₹1,81,572 crore. Advances rose by 13.55 per cent yoy to ₹1,10,728 crore.

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This Penny Stock From The Packaging Space Gives 26175% Return In 1-Year

October 21, 2021 root Personal Finance

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Investment

oi-Roshni Agarwal

|

Updated: Thursday, October 21, 2021, 12:53 [IST]

This small cap company from the packaging industry has shed it penny stock status and has just hit 52-week high of Rs. 1286.95 per share in the previous week. The stock has made a remarkable rally from a price of just Rs. 4 to currently Rs. 1050.95. The stock in trade on October 21, 2021 has been locked in 5% lower circuit.

This Penny Stock From The Packaging Space Gives 26175% Return In 1-Year

About Gopala Polyplast

Incorporated in 1984 by Somani Family, Gopala Polyplast started as a single unit of woven fabrics at Kadi. Later 10 years later, the company became public and also diversified into Garment accessories. Thereon the company’s both the units have been on an expansion and modernization plant. Also later it commissioned a natural gas based captive power plant.

The company manufactures woven label and PP woven bag in India. Woven sacks are the best and the most cost effective packaging solution for industries like cement, fertilizer, sugar, chemicals, foodgrains, etc. Apart from it there are Jumbo bags which are used to pack bulk quanitities. Woven fabric which is the first stage of woven sacks, is a preferred medium for bale wrapping and rain protection in the form of Tarpaulin.

Financials

The company’s financials have been improving and in the Fy 2021 its net profit surged to Rs. 63 crore, while for the last 2 years the company was incurring losses. Also, its debt to equity has been on a higher side at 1.44.

Gopala Polyplast peer companies

Among its peer companies’, the stock commands the highest m-cap of Rs. 1075 crore. While other peer companies’ including Kanpur Plast, RDB Rasayans, Rishi Techtex have a lower debt to equity ratio.

How the company made such substantial stock price rally?

After the company’s resolution plan as submitted by Plastene India has been approved by the Gujarat- NCLT bench. And now as major of the shareholding has been in the hands of promoters and very less number of stocks are traded on a daily basis, retail investors fail to pocket in these stocks and hence the reason behind the stock’s massive surge from just Rs. 4 a year back to Rs. 1550 per share now. So, the scare supply in the stock is one reason fuelling the price rise.

Thinking to bag such a stupendous stock, also note the company was booked last year owing to some large order fraud. Also, the company at one point because of the overdraft in the account and devolvement of LCs (letters of credit) led the account to become an NPA (non-performing asset). Hence low liquidity in a stock like Gopala Polyplast led it to witness a sharp rally similar to the case as seen in Ruchi Soya.

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Trade credit insurance norms to kick in from Nov 1

October 21, 2021 root Banking & Finance

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Companies are gearing up for trade credit insurance covers, for which the guidelines come into effect from November 1. This is expected to improve liquidity for micro, small and medium enterprises (MSMEs).

A number of insurance companies are said to be working on the draft agreements and products.

“The new trade credit insurance (TCI) guidelines have come at the right time. The Factoring Regulation (Amendment) Act, 2021 allows NBFCs [non-banking financial companies] as factors. Once the RBI [Reserve Bank of India] amends the TReDS [trade receivables discounting system] guidelines to allow an NBFC as a financier on the platform, it will increase liquidity and financiers will have a risk-sharing partner,” said Ketan Gaikwad, Managing Director and CEO, Receivables Exchange Of India Limited (RXIL).

SME IPOs pack a punch on the returns front

RXIL had earlier initiated a TCI-backed transaction with Tata AIG General Insurance Company as the insurer and ICICI Bank and Yes Bank as financiers in a sandbox environment.

Gaikwad said RXIL has applied to the RBI for approval and will also seek board approval soon.

The Insurance Regulatory and Development Authority of India had in September announced guidelines for TCI cover to enable general insurance companies to offer it to suppliers as well as licensed banks and other financial institutions to help businesses manage country risk, access new markets and manage the non-payment risk associated with the trade financing portfolio.

Gujarat to have 10 model MSMEs to showcase use of AI, IoT

General insurers can also offer TCI with customised covers for small and medium-sized enterprises (SMEs) and MSMEs.

Arun Poojari, CEO, Cashinvoice, a digital supply chain finance marketplace, noted that several pilots were on for these covers.

“There is a testing with an insurance company on the Cashinvoice platform. By nature, this is a very powerful proposition and bound to be accepted in a big way,” he said.

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ICRA, BFSI News, ET BFSI

October 21, 2021 root Banking & Finance

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Gross non-performing assets (NPAs) and net NPAs of banks are likely to decline to 6.9-7 per cent and 2.2-2.3 per cent, respectively, by the end of March 2022 as compared to 7.6 per cent and 2.5 per cent, respectively, as of March 31, 2021, according to a report by rating agency ICRA.

GNPAs and NNPAs stood at 8.6 per cent and three per cent, respectively, as on March 31, 2020. “The GNPAs and NNPAs are expected to further decline to 6.9-7 per cent and 2.2-2.3 per cent by March 2022, which will continue to be a relief for the bottom-line (profit) of lenders,” the credit rating agency said in the report.

The fresh NPA generation rate (or slippages) remained elevated during the second wave in absence of regulatory relief such as moratorium, it said.

The gross fresh slippages during the April-June 2021 quarter stood at Rs 1 lakh crore (annualised slippage rate of 4.1 per cent) compared with Rs 2.5 lakh crore or 2.7 per cent during FY2021.

Fresh NPAs

The agency expects this to remain elevated at Rs 0.7-0.8 lakh crore (2.8-3.2 per cent) during Q2 FY2022 but moderate to Rs 1.1-1.2 lakh crore (2-2.4 per cent) during H2 of this fiscal as the impact of the second wave wanes.

Of the total restructured loan book of Rs 2 lakh crore for the banks as on June 30, 2021, the restructuring under the first coronavirus wave is estimated at 51 per cent of the total restructuring of Rs 1 lakh crore, while restructuring under the second wave is estimated at 31 per cent of the total restructuring or Rs 0.6 lakh crore, it said.

Considering that 30-40 per cent of the loan book was under moratorium during Q1 FY2020 across most banks, the loan restructuring at two per cent of advances after the second wave is a positive surprise and much lower than our earlier estimates.

Bank capitalisation

As per ICRA’s estimates, the public sector banks (PSBs) may not need the capital budgeted by the government for FY2022 even with enhanced capital requirements. However, it provisions for any unforeseen events and shall provide confidence to banks as well as investors and credit growth.

It said large private sector banks (PVBs) also remain well-capitalised though few mid-sized PVBs could need to raise capital.“We continue to maintain our credit growth estimate of 7.3-8.3 per cent for banks for FY2022 compared to 5.5 per cent for FY2021,” it said.

Despite expectations of moderation in gains on bond portfolios because of expectations of rising bond yields in FY2022, the return on equity for banks is likely to remain steady at 4.4-7.6 per cent for PSBs (5.1 per cent in FY2021) and 9.5-9.9 per cent for PVBs (10.5 per cent in FY2021), the report said.

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Top Education Stocks In India To Consider 2021

October 21, 2021 root Personal Finance

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NIIT

NIIT Limited, located in Gurgaon, India, is an Indian multinational skill and talent development business. The company was founded in 1981 to assist the fledgling IT industry with its human resource issues. The stock returned 380.0 percent over three years, compared to 94.85 percent for the Nifty Smallcap 100. NIIT Ltd., founded in 1981, is a Small Cap business in the Services sector with a market capitalization of Rs 4,649.07 crore.

NIIT offers a wide range of programmes in a variety of industries. Technology, Banking & Finance, Digital Marketing, Data Sciences & Analytics, Professional Life Skills, Business Process Excellence, and Multi-sectoral Vocational Skills are some of the topics covered.

Aptech Education

Aptech Limited has moved into a variety of areas, including IT training, media & entertainment, retail & aviation, beauty & wellness, banking & finance, and the preschool segment, among others, since its inception in 1986 and with a present presence of over 800 centres globally. Aptech Limited’s two primary business streams – Individual Training and Enterprise Business Group – have trained students, professionals, universities, and corporations.

The stock returned 93.58 percent over three years, compared to 94.85 percent for the Nifty Smallcap 100. Aptech Ltd., founded in the year 2000, is a Small Cap business in the Services sector with a market capitalization of Rs 1,260.72 crore.

Zee Learn

Through its many operations, Zee Learn Limited provides education across India. In India, the company is represented by a number of schools and vocational educational institutes. It is traded on India’s two major stock markets. Stock returned -63.91 percent over three years, compared to 94.85 percent for the Nifty Smallcap 100. Zee Learn Ltd., founded in 2010, is a Small Cap company in the Learning & Education industry with a market capitalization of Rs 454.90 crore.

The company makes money from two different sources. The first is fundamental education. This includes preschools, elementary and secondary schools, as well as higher education. Kidzee is the most well-known brand within the preschool network, which has over 2000 locations.

MPS

MPS is in the Content Solutions and Platform Solutions business. It also offers eLearning solutions, as well as data processing hosting, computer programming, and other associated services.

Since 2005, the company has had no debt. The company’s yearly sales growth rate of 22.98 percent surpassed its three-year compound annual growth rate (CAGR) of 14.09 percent. In comparison to the Nifty Smallcap 100, which returned 94.85% over three years, the stock returned 39.21%.

Career Point

Revenue increased by 176.53 percent year over year, the greatest in the prior three years. The stock returned 99.47 percent over three years, compared to 94.85 percent for the Nifty Smallcap 100. Sales have decreased by 47.91 percent. For the first time in three years, the company’s revenue has decreased.

Career Point Ltd., founded in the year 2000, is a Small Cap company in the Learning & Education sector with a market capitalization of Rs 259.80 crore.

Disclaimer

Please note investing in stocks is subject to market risks and one needs to be cautious at this point of time as markets have gone-up sharply. This article is only for information. Neither the author, nor Greynium Information Technologies Pvt Ltd would be responsible for losses incurred based on a decision made

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Reserve Bank of India – Press Releases

October 21, 2021 root Press Releases

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April 14, 2015

Dear All

Welcome to the refurbished site of the Reserve Bank of India.

The two most important features of the site are: One, in addition to the default site, the refurbished site also has all the information bifurcated functionwise; two, a much improved search – well, at least we think so but you be the judge.

With this makeover, we also take a small step into social media. We will now use Twitter (albeit one way) to send out alerts on the announcements we make and YouTube to place in public domain our press conferences, interviews of our top management, events, such as, town halls and of course, some films aimed at consumer literacy.

The site can be accessed through most browsers and devices; it also meets accessibility standards.

Please save the url of the refurbished site in your favourites as we will give up the existing site shortly and register or re-register yourselves for receiving RSS feeds for uninterrupted alerts from the Reserve Bank.

Do feel free to give us your feedback by clicking on the feedback button on the right hand corner of the refurbished site.

Thank you for your continued support.

Department of Communication

Reserve Bank of India

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Dhani raises Rs 1,200 crore by selling 9% stake to a clutch of investors, BFSI News, ET BFSI

October 21, 2021 root Personal Finance

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New Delhi, Fintech and healthtech start-up Dhani on Wednesday said it has raised Rs 1,200 crore by selling 9 per cent stake to a clutch of investors, including its founder and General Catalyst. Dhani Services Ltd (Dhani), one of the fastest growing transactional finance and primary healthcare platforms, announced an equity raise of Rs 1,200 crore for a 9 per cent stake, the company said in a release.

The leading investor in the equity raise is General Catalyst from the Silicon Valley, which has invested Rs 375 crore. The founder of Dhani is also investing Rs 375 crore alongside other investors, including Ribbit Capital in the preferential round.

Company’s flagship product — OneFreedom Card — provides an instant credit limit along with a bouquet of additional benefits.

It offers services such as access to doctors, discounted medicines, instant cashbacks, free trading account and many merchant offers at a nominal monthly subscription fee starting at Rs 250.

Dhani Services Ltd (formerly Indiabulls Ventures) operates through its app Dhani and provides transaction finance and digital healthcare to its customers. It has a customer base of 3 crore customers spread across 500 cities in the country.

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