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Large urban cooperative banks want to become ‘universal’, BFSI News, ET BFSI

Banking & Finance

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Large cooperative banks are considering turning into universal banks as the regulator has tightened norms, especially steep priority sector lending targets.

The RBI had increased the overall priority sector lending (PSL) target for UCBs to 75% of adjusted net bank credit (ANBC) or credit equivalent amount of off-balance sheet exposure, whichever is higher from 40% earlier.

PSL portfolio comprises loans to agriculture, micro, small and medium enterprises, export credit, education, housing, social infrastructure, among others, which UCBs have to increase to 75% of their advances by March 2024.

The RBI said tier-1 capital as on March 31 of the preceding financial year shall be reckoned for the purpose of fixing the exposure limits.

“Tier-1 capital for the purpose will be the same as that prescribed for computation of capital adequacy of UCBs,” it said.

Under the new proposed rules by RBI in 2019, UCBs with deposits of Rs 100 crore are to set up a board for management with the board of directors carrying out due diligence for their appointment, bringing them at par with commercial banks.

Board of management norms

On December 31, 2019, the Reserve Bank of India had released the final guidelines for setting up a board of management (BoM) for such banks. According to the guidelines, UCBs with deposits of Rs 100 crore and will constitute the Board of management which will be a mandatory requirement for opening new branches.

“The board of directors (BoD) of a UCB perform both the executive and supervisory roles, and has the responsibility to oversee the functioning of UCB as a cooperative society, as well as its functions as a bank. Since UCBs are accepting public deposits, it is imperative that a separate mechanism be put in place to protect the interests of depositors,” said the RBI in its notification.

The BoM will comprise expert banking professionals. It will also exercise oversight on banking-related functions of the UCBs, assist the BoD on formulation of policies and any other related matter, specifically delegated to it by the board for proper functioning of the bank, it added.

Borrowing oversight

The BoM will also oversee the management of fund and borrowings, and recommend action for recovery of non-performing assets (NPAs). The Board of directors will continue to be the apex policy setting body and constitute various committees of the board, including the BoM, to assist the board in carrying out its responsibilities.

The BoM will be constituted by the BoD within a period of one year from the date of the circular, and have a minimum of five members and may have as many as 12 members. The chairman of the BoM may be elected by the members from among themselves, or appointed by the BoD, while the CEO will be a non-voting member.

Banks looking at going universal

Saraswat Co-operative Bank and Cosmos Co-operative Bank were planning to seek the Reserve Bank of India’s (RBI) approval to convert into full-fledged commercial banks, according to reports last year.

As at March-end 2020, there were 88 UCBs with deposits greater than or equal to Rs 1,000 crore and 50 UCBs with advances greater than or equal to Rs 1,000 crore, per RBI data.



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Bank of America appoints new CFO, technology, and legal heads, BFSI News, ET BFSI

Banking & Finance

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Brian Moynihan, chief executive officer of Bank of America, announced fresh names for chief financial officer, technology head, general counsel, and chief administrative officer, in a major management overhaul.

“These changes position the company with highly energized leaders who are committed to driving responsible growth through its second decade,” Moynihan, 61, said in the memo. “As I shared with our board of directors, it will continue to be my privilege to serve with them as CEO.”

The moves have hardened Moynihan’s position to lead Bank of America, the second-greatest US bank by assets. Moynihan took over in 2010, staggering at first due to the immense errand of tidying up his archetype’s acquisition of home loan bank Countrywide Financial during the financial crisis. He has been running the bank since, reducing expenses and developing returns.

The announcement comes weeks after Thomas K Montag, chief operating officer of the bank, announced his departure.

All things equal, a few division heads who once answered to Montag will now report straightforwardly to Moynihan, including Jim DeMare, who proceeds in his job as global trading business, and Matthew Koder, who remains in the global corporate and investment banking division.

Dean Athanasia, Alastair Borthwick and D Steve Boland are viewed as competitors for the CEO position in the future, according to reports.



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3 Best Mutual Funds Ranked 1 By CRISIL With 1 Year Returns Over 90%

Personal Finance

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Quant Tax Plan Direct Growth

Quant Tax Plan Direct-Growth is an Equity Linked Savings Scheme (ELSS) that has been around for eight years, having been introduced in 2013. Quant Tax Plan Direct-Growth returns for the previous year were 97.63 percent, according to Value Research. It has returned an average of 22.24 percent per year since its inception. Financial, Construction, FMCG, Metals, and Energy sectors are all included in the fund’s equity sector allocation.

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 Net Asset Value (NAV) is Rs 223.63 and its Asset Under Management (AUM) is Rs 368.44 Cr as of September 9, 2021. The fund charges a 0.5 percent expense ratio, which is lower than most other funds in the same category. With a minimal monthly investment of Rs 500 and no exit load, one can start a SIP in this fund.

Kotak Small Cap Fund Direct Growth

Kotak Small Cap Fund Direct Growth

This mutual fund scheme was introduced in 2013 and thus has been in existence for the last 8 years. Kotak Small Cap Fund Direct-Growth returns in the previous year were 109.98 percent and have returned an average of 22.30 percent each year since its inception according to Value Research. Chemicals, Consumer Durables, Metals, Construction, and FMCG sectors are all represented in the fund’s equity sector allocation.

Carborundum Universal Ltd., Century Plyboards (India) Ltd., Sheela Foam Ltd., Galaxy Surfactants Ltd., and Persistent Systems Ltd. are the fund’s top five holdings. As of September 9, 2021, the fund’s Net Asset Value (NAV) is Rs 175.56 and its Asset Under Management (AUM) is Rs 5,641.68 Cr. The fund’s expense ratio is 0.48 percent, which is lower than the expense ratio charged by most other funds in the same category. With a minimum investment of Rs 1000, one can commence a systematic investment plan in this fund. For units worth more than 10% of the investment, a 1% exit load will be applied if they are redeemed within one year.

IDFC Sterling Value Fund Regular Growth

IDFC Sterling Value Fund Regular Growth

IDFC Sterling Value Fund Direct Plan-Growth is a Value-Oriented scheme launched in the year 2013 by the fund house IDFC Mutual Fund. The 1-year growth returns on the IDFC Sterling Value Fund Direct Plan are 96.18 percent. According to Value Research, it has provided an average yearly return of 17.63 percent since its inception. The fund’s equity allocation is allocated across Financial, FMCG, Construction, Automobile, Engineering sectors. ICICI Bank Ltd., Deepak Nitrite Ltd., Gujarat Gas Ltd., Jindal Steel & Power Ltd., and Emami Ltd. are the fund’s top five holdings.

The fund has a 1.93% percent expense ratio and the fund’s Net Asset Value (NAV) is Rs 83.08 and its Asset Under Management (AUM) is Rs 3,990.45 Cr as of September 9, 2021. The fund charges an exit load of 1% if units more than 10% are redeemed within 1 year of investment. SIP can be started in this fund with a minimum monthly contribution of Rs 100.

Best Performing Mutual Funds In 2021

Best Performing Mutual Funds In 2021

Here is the list of mutual funds based on the different categories based on the performance and ratings given by CRISIL and other leading agencies such as Morningstar and Value Research.

Mutual Fund 1 Year Returns 3 Year Returns 5 Year Returns Rating by CRISIL Rating by Morningstar Rating by Value Research
Quant Tax Plan Direct Growth 97.63% 31.38% 24.21% 1 5 star 5 star
Kotak Small Cap Fund Direct Growth 109.98% 29.26% 21.68% 1 4 star 4 star
IDFC Sterling Value Fund Regular Growth 94.07% 14.72% 16.07% 1 2 star 3 star

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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Reserve Bank of India – Press Releases

Press Releases

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(Amount in ₹ crore, Rate in Per cent)
  Volume
(One Leg)		 Weighted
Average Rate 		Range
A. Overnight Segment (I+II+III+IV) 402,946.13 3.17 1.95-3.40
     I. Call Money 6,730.96 3.14 1.95-3.40
     II. Triparty Repo 307,066.50 3.18 3.01-3.27
     III. Market Repo 88,648.67 3.15 2.01-3.35
     IV. Repo in Corporate Bond 500.00 3.35 3.35-3.35
B. Term Segment      
     I. Notice Money** 73.25 3.19 2.75-3.40
     II. Term Money@@ 305.00 – 3.05-3.55
     III. Triparty Repo 100.00 3.20 3.20-3.20
     IV. Market Repo 474.78 3.39 3.38-3.40
     V. Repo in Corporate Bond 156.70 4.17 3.50-5.35
  Auction Date Tenor (Days) Maturity Date Amount Current Rate /
Cut off Rate
C. Liquidity Adjustment Facility (LAF) & Marginal Standing Facility (MSF)
I. Today’s Operations
1. Fixed Rate          
     (i) Repo          
    (ii) Reverse Repo Thu, 09/09/2021 4 Mon, 13/09/2021 481,121.00 3.35
    (iii) Special Reverse Repo~ Thu, 09/09/2021 15 Fri, 24/09/2021 6,937.00 3.75
    (iv) Special Reverse Repoψ Thu, 09/09/2021 15 Fri, 24/09/2021 2,513.00 3.75
2. Variable Rate&          
  (I) Main Operation          
     (a) Reverse Repo Thu, 09/09/2021 15 Fri, 24/09/2021 350,015.00 3.41
  (II) Fine Tuning Operations          
     (a) Repo          
     (b) Reverse Repo          
3. MSF Thu, 09/09/2021 4 Mon, 13/09/2021 13.00 4.25
4. Special Long-Term Repo Operations (SLTRO) for Small Finance Banks (SFBs)£          
5. Net liquidity injected from today’s operations
[injection (+)/absorption (-)]*		       -840,573.00  
II. Outstanding Operations
1. Fixed Rate          
     (i) Repo          
    (ii) Reverse Repo          
    (iii) Special Reverse Repo~          
    (iv) Special Reverse Repoψ          
2. Variable Rate&          
  (I) Main Operation          
     (a) Reverse Repo          
  (II) Fine Tuning Operations          
     (a) Repo          
     (b) Reverse Repo Tue, 07/09/2021 7 Tue, 14/09/2021 50,008.00 3.38
3. MSF          
4. Long-Term Repo Operations# Mon, 17/02/2020 1095 Thu, 16/02/2023 499.00 5.15
  Mon, 02/03/2020 1094 Wed, 01/03/2023 253.00 5.15
  Mon, 09/03/2020 1093 Tue, 07/03/2023 484.00 5.15
  Wed, 18/03/2020 1094 Fri, 17/03/2023 294.00 5.15
5. Targeted Long Term Repo Operations^ Fri, 27/03/2020 1092 Fri, 24/03/2023 12,236.00 4.40
  Fri, 03/04/2020 1095 Mon, 03/04/2023 16,925.00 4.40
  Thu, 09/04/2020 1093 Fri, 07/04/2023 18,042.00 4.40
  Fri, 17/04/2020 1091 Thu, 13/04/2023 20,399.00 4.40
6. Targeted Long Term Repo Operations 2.0^ Thu, 23/04/2020 1093 Fri, 21/04/2023 7,950.00 4.40
7. On Tap Targeted Long Term Repo Operations€ Mon, 22/03/2021 1095 Thu, 21/03/2024 5,000.00 4.00
  Mon, 14/06/2021 1096 Fri, 14/06/2024 320.00 4.00
  Mon, 30/08/2021 1095 Thu, 29/08/2024 50.00 4.00
8. Special Long-Term Repo Operations (SLTRO) for Small Finance Banks (SFBs)£ Mon, 17/05/2021 1095 Thu, 16/05/2024 400.00 4.00
  Tue, 15/06/2021 1095 Fri, 14/06/2024 490.00 4.00
  Thu, 15/07/2021 1093 Fri, 12/07/2024 750.00 4.00
  Tue, 17/08/2021 1095 Fri, 16/08/2024 250.00 4.00
D. Standing Liquidity Facility (SLF) Availed from RBI$       26,695.80  
E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     61,029.80  
F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     -779,543.20  
G. Cash Reserves Position of Scheduled Commercial Banks
     (i) Cash balances with RBI as on 09/09/2021 695,067.23  
     (ii) Average daily cash reserve requirement for the fortnight ending 10/09/2021 628,268.00  
H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ 09/09/2021 0.00  
I. Net durable liquidity [surplus (+)/deficit (-)] as on 27/08/2021 1,140,445.00  
@ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).
– Not Applicable / No Transaction.
** Relates to uncollateralized transactions of 2 to 14 days tenor.
@@ Relates to uncollateralized transactions of 15 days to one year tenor.
$ Includes refinance facilities extended by RBI.
& As per the Press Release No. 2019-2020/1900 dated February 06, 2020.
* Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo.
# As per the Press Release No. 2020-2021/287 dated September 04, 2020.
^ As per the Press Release No. 2020-2021/605 dated November 06, 2020.
€ As per the Press Release No. 2020-2021/520 dated October 21, 2020, Press Release No. 2020-2021/763 dated December 11, 2020, Press Release No. 2020-2021/1057 dated February 05, 2021 and Press Release No. 2021-2022/695 dated August 13, 2021.
¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.
£ As per the Press Release No. 2021-2022/181 dated May 07, 2021.
~ As per the Press Release No. 2021-2022/177 dated May 07, 2021.
ψ As per the Press Release No. 2021-2022/323 dated June 04, 2021.
Ajit Prasad
Director   
Press Release: 2021-2022/848

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2 Stocks ICICI Direct Gives A Buy For Quick Gains

Personal Finance

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1. BSE Limited:

The brokerage is bullish on the exchange for a target price of Rs. 1345 that implies gains of over 8% considering current market price of Rs. 1250.7. The stop loss recommended for the stock is Rs. 1170. The buy on the scrip is suggested for 14 days.

Technical observations:

BSE’s share price has registered a break-out above the falling channel and limited last two month corrective pattern that signals resumption of up move and offers fresh entry opportunity. The brokerage expects the stock to continue with its positive momentum and head towards Rs. 1345 levels as it is the 80% retracement of recent decline (Rs. 1410-1024)

Also there is witnessed a slower retracement which signals a positive price structure and a higher base formation. The weekly stochastic has recently generated a bullish crossover above its three periods average thus validates positive bias in the stock.

2. Care Ratings:

2. Care Ratings:

The rating agency company has been a given ‘Buy’ for 7 days and suggested a target price of Rs. 760. The stock last traded at a price of Rs. 725 per share, implying gains of 4.83%.

Technical observations for the scrip by ICICI Direct

“The share price of Care Rating has rebounded after a higher base formation at the lower band of rising channel in place since March 2021 and 20 weeks EMA signaling resumption of the up move and offers fresh entry opportunity”, as per the brokerage. ICICI Direct sees the stock of CARE Rating to begin up move and head towards Rs. 760 levels as it is the 80% retracement of last decline (Rs. 791-640).

The major highlight to point out is that the stock of Care Ratings has witnessed shallow retracement as its has retraced just 38.2% in 10 weeks against an up move of preceding 12 weeks (Rs. 433-791), signaling inherent strength. The weekly RSI has generated a bullish crossover above its nine periods average thus validates positive bias in the stock”.

GoodReturns.in

Disclaimer:

Disclaimer:

The stocks are momentum picks of ICICI Direct for short term and not a recommendation for investments or trade in them.

GoodReturns.in



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2 Stocks From Sharekhan That Can Give Gains Of Up To 23%

Personal Finance

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Stocks to buy from Sharekhan

Name of the fund Current market price, Sept 13 Target price Gains %
Petronet LNG Rs 231 Rs 285 23.39%
IPCA Labs Rs 2,556 Rs 2,850 11.00%

Why to buy the stock of Petronet LNG?

Why to buy the stock of Petronet LNG?

According to Sharekhan, Petronet LNG’s Dahej terminal utilisation is likely to recover to near full utilisation in Q2FY22 as demand for contracted LNG (available at half of spot LNG price) is believed to have picked up and shift of volume from Dabhol LNG during the monsoon.

“Petronet LNG has a strong balance sheet with net cash position of Rs. 5,705 crore (or 16% of current market capitalisation) as on March 31, 2021, and we expect it to generate free cash flow (FCF) of Rs. 3,000 crore (yield of 9%) annually. In the absence of any significant capital expenditure (cumulative capex of Rs. 1,500 crore-1,700 crore over FY2022E-FY2023E), Petronet LNG may reward shareholders with higher dividend (FY2021 dividends per share of Rs. 11.5/share),” the brokerage has said. Hence, we maintain Buy on Petronet LNG with an unchanged price target of Rs. 285,” the brokerage has said.

Buy the stock of IPCA Laboratories, says Sharekhan

Buy the stock of IPCA Laboratories, says Sharekhan

According to Sharekhan, IPCA laboratories domestic formulations business is on a strong footing and is expected to be a key growth driver with a likely double digit growth for FY22.

“Over the long term, IPCA’s API segment growth would be driven by easing capacity constraints due to the commissioning of Dewas greenfield, which would add on 25% of the capacity. The Ratlam expansion is expected to be ready by 2HFY22. IPCA has lined up a capex of Rs. 400 crores over next 2-3 years and this provides comfort on the future growth prospects,” the brokerage has said.

“IPCA’s presence in the fast growing therapies coupled with positive rub off effect of a strong IPM growth could be the key drivers for domestic formulations business. For the Active Pharma Ingredients segment, completion of Dewas greenfield (expected to add 25% of capacities) by FY2023 and a strong demand outlook would be the key drivers. At the current market price the stock trades at 27.2x /24.1x its FY22E and FY23E EPS. Strong earnings prospects, a sturdy balance sheet, and healthy return ratios augur well for IPCA Laboratories. We maintain Buy recommendation with a revised price target of Rs 2850,” Sharekhan has said in its research report.

Disclaimer

Disclaimer

The article is informational in nature, which is taken from the brokerage report of Sharekhan. Please do consult a professional advisor before you invest in equities. Greynium Information Technologies Pvt Ltd, its subsidiaries, associates, the brokerage house and the author do not accept culpability for losses and/or damages arising based on information in the article. Markets have run-up sharply and hence investors should exercise some caution.



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3 Dividend Stocks To Buy That Give Better Yields Than Bank Deposits

Personal Finance

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Stocks with a good dividend yield based on last year

Name of the fund Dividends for 2020-21 Yield at current market price
Coal India Rs 12.5 per share 8.44%
REC Rs 11 per share 7.00%
PFC Rs 8 per share 6.00%

One must now forget that the dividends declared in 2020-21 was in a covid induced year. For example, Coal India was hit production cuts and yet managed a decent dividend.

Dividends could be enhanced, thus giving better yields

Dividends could be enhanced, thus giving better yields

We believe that in the coming years, the dividends would be enhanced thus giving investors a better dividend yields. For example, brokerages are suggesting that Coal India could give a dividend of Rs 18.5 in 2022-23, thus taking the dividend yield to 12.65%.

“We see no risk to its E-auction volumes as power demand would start receding in October, seasonal increase in Coal India’s volume movement andmajor chunk of auction volumes are already dedicated for power utilities. In light of better operational performance and strong outlook on E-auction realisations, we maintain Accumulate with a target price of Rs 164 based on EV/EBITDA of 3 times FY23e,” Prabhudas Lilladher has said in its recent report on Coal India.

PFC, REC Too may declare better dividends

PFC, REC Too may declare better dividends

Both these companies are into infrastructure financing and we believe that they can enhance the dividends in the coming years, thus improving yields further. And, if the share price goes up it offers the investor and opportunity to see an increase in capital as well.

The only problem these days in recommending stocks as a buy, including dividend stocks is that the markets have gone-up a great deal. To that extent the risk of a fall remains. While we do recommend, investors should buy only in small quantities. Many brokerages these days are warning investors of highly priced markets. In fact, a recent report from a leading brokerage house clearly highlighted the fact that the markets are over priced, with the Sensex trading at a 18% premium to long-term averages.

Disclaimer

Disclaimer

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.



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4 Flexi Cap Mutual Fund Schemes To Start SIPs Rated 5-Star By Morningstar

Personal Finance

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4-Flexi Cap Funds rated 5-star by Morning star to start SIPs

Name of the fund 3-year returns, annualized Ratings by Morningstar
Axis Flexi Cap Fund 20.81% 5-star
Parag Parekh Flexi Cap 22.35% 5-star
PGIM India Flexi Cap Fund 24.69% 5-star
UTI Flexi Cap Fund 20.60% 5-star

According to data from Morningstar, Axis Flexi Cap Fund, Parag Parekh Flexi Cap, PGIM India Flexi Cap Fund and UTI Flexi Cap Fund all have received a ratings of 5-star from the flexi cap category.

Should you start SIPs in these funds?

Should you start SIPs in these funds?

Ideally, we would believe that Flexi cap funds offer the fund manager the flexibility to switch in comparison to funds that are purely dedicated to a particular category. For example, a largecap fund has to stick to large cap stocks and so is the case with small cap stocks.

Most mutual funds offer SIPs at around the range of Rs 500 to Rs 1,000 every month, though some have SIPs have amounts that are even lesser. Those who have invested in SIPs in the past three years have received solid returns in the last 3 years and particularly returns have been scintillating in the last 1-year.

Lower your expectations of returns

Lower your expectations of returns

If you are a mutual fund investor in general and are investing when the Sensex has crossed the 58,000 points mark, you need to lower your expectations, given the way the markets have run-up. Expecting whopping returns in the next 1-year from here onwards would be far fetched. We suggest that stick to Sips and stick to small amounts rather than big amounts.

According to leading brokers stock markets are overvalued at these levels and hence investors need to be careful. If markets fall, your returns from mutual funds are also likely to get hit though for Systematic Investment Plans it tends to be safer as returns get averaged out. There is a crazy inflow right now into mutual funds and the markets are being pushed higher by liquidity. As long as interest rates are lower the markets will be heading higher and we believe at some stage markets would fall, which would be a good time to increase your SIP amounts. However, for the time being just stick to small amounts whether it is lump sum investments or whether it is Systematic Investment Plans.

Disclaimer

Disclaimer

The returns and ratings from the mutual funds mentioned in this story are taken from Morningstar. Please do consult a professional advisor before you invest in mutual funds. Greynium Information Technologies Pvt Ltd, its subsidiaries, associates and authors do not accept culpability for losses and/or damages arising based on information in the article. Caution needs to be exercised as mutual funds are subject to risks associated with the stock markets.



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SGX Nifty down 80 points; here’s what changed for market while you were sleeping, BFSI News, ET BFSI

Personal Finance

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Domestic stocks look set to kick off the week on a negative note, tracking negative cues from other Asian markets. Dollar strengthened against major currencies while crude prices added to the recent gains. All eyes were on the domestic CPI inflation data scheduled for later in the day. Here’s breaking down the pre-market actions:

STATE OF THE MARKETS

SGX Nifty signals a negative start
Nifty futures on Singapore Exchange traded 83 points, or 0.48 per cent, lower at 17,357.50, signaling that Dalal Street was headed for a negative start on Monday.

  • Tech View: Nifty50 on Thursday formed a small bullish candle on the daily scale and an indecisive Doji on the weekly scale, suggesting a pause in the ongoing trend.
  • India VIX: The fear gauge eased over 3 per cent to 13.94 level on Thursday over its close at 14.41 on Wednesday.

Asian stocks drop in early trade
Asian markets opened mostly lower on Monday as investors sought to lock in profits following recent rallies, with losses on Wall Street also weighing on the market. MSCI’s broadest index of Asia-Pacific shares outside Japan was down by 0.977 per cent.

  • Japan’s Nikkei dropped 0.22%
  • Korea’s Kospi declined 0.19%
  • Australia’s ASX 200 gained 0.18%
  • China’s Shanghai added 0.20%
  • Hong Kong’s Hang Seng tanked 1.6%

US stocks settled lower on Friday
Wall Street ended sharply lower on Friday as investors weighed signs of higher inflation, while Apple Inc tumbled following an unfavorable court ruling related to its app store. US producer prices rose solidly in August.

  • Dow Jones tanked 0.78% to 34,607.72
  • S&P 500 declined 0.77% to 4,458.58
  • Nasdaq plunged 0.87% to 15,115.49

Dollar finds footing ahead of inflation data
The dollar began a week full of big economic data on a firm footing, with investors wary of the Federal Reserve beginning its exit from super-supportive policy even as cases of the coronavirus surge.

  • Dollar index gained to 92.662
  • Euro steady at $1.1810
  • Pound stands at $1.3834
  • Yen little changed to 109.91 per dollar
  • Yuan moved to 6.4424 against the greenback

Oil climbs to one-week high
Oil prices climbed on Monday to a one-week high as concerns over US supplies following damage from Hurricane Ida supported the market, with expectations for high demand. Brent crude rose 48 cents, or 0.7 per cent to $73.40 a barrel, and US West Texas Intermediate (WTI) crude added 49 cents, or 0.7 per cent, to $70.21 a barrel.FPIs sell shares worth Rs 423 crore
Net-net, foreign portfolio investors (FPIs) turned buyers of domestic stocks to the tune of Rs 423.44 crore, data available with NSE suggested. DIIs were buyers to the tune of 704.21 crore, data suggests. FPIs pumped in a net sum of Rs 7,605 crore in September so far.

MONEY MARKETS

Rupee: The rupee snapped its three-day losing streak to close 10 paise higher at 73.50 against the US dollar on Thursday following recovery in the domestic equities and losses in the dollar in overseas markets ahead of the European Central Bank’s policy meeting.

10-year bond: India 10-year bond yield eased 0.16 per cent to 6.17 after trading in 6.16 – 6.18 range.

Call rates: The overnight call money rate weighted average stood at 3.08 per cent on Thursday, according to RBI data. It moved in a range of 1.95-3.40 per cent.

DATA/EVENTS TO WATCH

  • IN Inflation Rate YoY AUG (5:30 pm)
  • AU Consumer Inflation Expectations SEP (6:30 am)
  • US Consumer Inflation Expectations AUG (8:30 pm)
  • US 3-Month Bill Auction (9 pm)
  • US 6-Month Bill Auction (9 pm)
  • US Monthly Budget Statement AUG (11:30 pm)

MACROS

New RBI rules on foreign investment irks HNIs
Wealthy Indians will find it virtually impossible to bet on foreign startups, fintech firms, overseas venture capital funds and similar offshore unlisted entities once a new rule proposed by the Reserve Bank of India (RBI) comes into force. Since more than a decade, local high net worth individuals (HNIs) and ultra-HNIs have been buying properties, securities — listed as well as unlisted — and units of global funds by transferring funds under the central bank’s liberalised remittance scheme (LRS) which allows a person to invest a maximum of $250,000 a year.

Zomato scrapped grocery plans for 2nd time
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Exchanges plan ad blitz for festival crypto gold rush
In this festive season, crypto exchanges will woo users to invest in bitcoin as an alternative to gold. To tap into the festive season that began with Ganesh Chaturthi on Friday, Indian crypto exchanges are ramping up hiring, and planning product launches and large-scale advertising campaigns to add new retail investors.

Retro tax settlement: Government may issue rules this week
The government is likely to issue rules on settling retrospective tax cases this week after evaluating feedback from companies on the draft norms, a senior official said. The Centre is hopeful of a quick settlement of cases as the companies have indicated a willingness to indemnify the government against any future claims.

India Inc doling out higher increments
India Inc employers who have their appraisal cycle payouts in the June-August period have given out significantly higher increments to employees in 2021, compared to what they did last year during the first Covid-19 wave.

Relief for account holders at banks under moratorium
About Rs 10,000 crore of depositors’ money in banks under Reserve Bank of India (RBI) moratorium — such as the Punjab and Maharashtra Cooperative (PMC) Bank and Guru Raghavendra Sahakara Bank — will be payable to eligible customers by November end, under the recently-notified Deposit Insurance and Credit Guarantee Corporation (Amendment) Act.



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Tamilnad Mercantile Bank launches initiatives to celebrate 100th anniversary, BFSI News, ET BFSI

Banking & Finance

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Chennai, Sep 12 (PTI) Tamilnad Mercantile Bank on Sunday rolled out a host of initiatives to mark its centennial, including doorstep banking services for the convenience of customers besides an awareness campaign on Covid-19 vaccination. Earlier in the day, Finance Minister Nirmala Sitharaman kicked off the centenary celebrations of the bank in Tuticorin, by launching a postal stamp and a specialised ‘postal card’. The bank’s managing director and CEO, K V Rama Moorthy said the bank has stood the test of time and witnessed various historical events like the country’s independence, emergency situation and liberalization of the economy. “To help borrowers overcome the impact of Covid-19, the bank has covered 13,753 beneficiaries by disbursing Rs 1,567.62 crore. We were the first bank to introduce Robotics in currency chest to sort and bundle currencies in order to provide quality service to customers”, Moorthy said in a press release.

“As part of our Centenary celebrations, we are kick-starting multiple initiatives, starting with special postage stamp and postal cards. We are also launching the TMB Mobile DigiLobby and a Mobile Vaccination Drive to support our communities. “, he said.

The disbursement of loans to pharmaceuticals and health care facilities would be at the heart of year-long series of events and initiatives, he added.

Tamil Nadu based TMB has 509 branches across the country. In FY 2020-21, the bank’s net profit stood at Rs 603 crore as against Rs 408 crore in FY 2019-20.

Total advances were Rs 31,541 crore during the period as compared to Rs 28,236 crore recorded in same period last year, while total deposits grew to Rs 40,970 crore during the period under review from Rs 36,825 crore registered previous year. the release added. PTI VIJ ROH ROH



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