Category: Personal Finance

2 Stocks To Buy For Up To 19% Gains By ICICI Direct And Axis Direct

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ICICI Securities:

Axis Securities has initiated coverage on ICICI Securities and given a ‘Buy’, giving a target price of Rs. 870 per share. This is an almost 18.6% from the last traded price of Rs. 733.5. The company is at the 4th position in terms of active clients in FY21 despite massive competition from discount brokers.

Nonetheless as similar to other sectors, the broking industry is consolidating too in favour of digital and large players.

“We believe ICICI Securities is well-placed as the industry leader and we expect its growth to be driven by (1) Longterm industry tailwinds; (2) Limited revenue cyclicity owing to the diversified product basket as well as its efforts to further diversify revenue stream; (3) Improving customer sourcing and activation through proactive use of the digital platform; and (4) Improving profitability due to its cost rationalization efforts”, said the brokerage.

Traction in investment will be seen and this will be positive for the brokerage firm

Investments in the Indian economy will be driven on account of:

a) Digital initiatives increasing ease of transaction;

b) Superior returns offered by the equity markets vis-à-vis traditional investments;

c) Higher investor awareness coupled with increased retail participation aiding growth over the medium to long term.

Valuation:

ICICI Securities is eligible to trade at premium valuation vs its peers given its superior ROE profile, strong parentage, and competent management team. We initiate coverage with a ‘BUY rating and a target price of Rs 870/share (19x Sept’23E EPS), implying an upside of 22% from the recommended price.

PVR:

PVR:

ICICI Direct has suggested to buy the scrip of multiplex company PVR for a target price of Rs. 1592, implying gains of 13.71% from the current price of Rs. 1410.15. Further the brokerage firm is recommending a buy on the scrip for a period of 3 months and stop loss of Rs. 1275

Observation for the scrip by ICICI Direct:

Media space showing underperformance has been a major laggard.

But beaten down stocks from the space are likely to show outperformance going ahead.

Technicals

The company recovered from its major support of Rs. 1280-1300 levels. “We expect fresh longs to follow the recent accumulation in the stock.The open interest in the stock has increased gradually in the last two weeks along with a price recovery. Current OI in the stock is at a six month high. This month we saw additions of 60% in open interest. Considering continuous additions and recovery of the stock, we expect further fresh accumulation to be seen, which should take it higher in the coming sessions. The stock has been witnessing accumulation near the support level of Rs. 1300. With continued Put writing in 1300 strikes, we expect downside risk to be limited. On the other hand, Call OI of 1400 strike is already witnessing closure of positions suggesting upsides in the stock. These positions are expected to aid it to break the option range on the higher side. The stock has seen noteworthy delivery based action around Rs. 1300-1340 in the last couple of months. Since then, it has remained in a narrow range. With early signs of the stock moving out of the prevailing range, we expect its upward momentum to endure. The delivery Z-Score has again started to move into the positive territory since May 2021 as the stock is witnessing fresh accumulation in the delivery segment”, added the brokerage report.

Disclaimer:

Disclaimer:

The stocks mentioned here are taken from brokerage report and should not be construed for investment advice.

GoodReturns.in



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Strategic Disinvestment: CBDT Makes Clarification Regarding Carry Forward of Losses

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Taxes

oi-Vipul Das

|

The Central Board of Direct Taxes (CBDT) has released clarification on September 10, 2021 regarding the carry forward of losses in the event of a modification in shareholding due to strategic disinvestment. In the event of a merger of a public sector company (PSU) as part of strategic disinvestment with one or more company or companies, CBDT has clarified that “the accumulated loss and the unabsorbed depreciation of the amalgamating company shall be deemed to be the loss, or as the case may be, allowance for unabsorbed depreciation of the amalgamated company for the previous year in which the amalgamation was effected.”

Strategic Disinvestment: CBDT Clarifies Regarding Carry Forward of Losses

CBDT said in the statement that “Finance Act, 2021 has amended section 72A of the Income-tax Act, 1961 (the Act) to inter alia provide that in case of an amalgamation of a public sector company (PSU) which ceases to be a PSU (erstwhile public sector company), as part of strategic disinvestment, with one or more company or companies, then, subject to the conditions laid therein, the accumulated loss and the unabsorbed depreciation of the amalgamating company shall be deemed to be the loss, or as the case may be, allowance for unabsorbed depreciation of the amalgamated company for the previous year in which the amalgamation was effected.”

The CBDT has also said that, in order to facilitate strategic disinvestment, it has been determined that Section 79 of the Income-tax Act, 1961, would not apply to a formerly public sector company that has become so as a consequence of strategic disinvestment.
“Accordingly, loss incurred in any previous year prior to, and including, the previous year of strategic disinvestment shall be carried forward and set off by the erstwhile public sector company,” added CBDT in the statement.

CBDT has further clarified that “The above relaxation shall cease to apply from the previous year in which the company, that was the ultimate holding company of such erstwhile public sector company immediately after completion of the strategic disinvestment, ceases to hold, directly or through its subsidiary or subsidiaries, fifty-one per cent of the voting power of the erstwhile public sector company.”

According to CBDT, the term “erstwhile public sector company” and “strategic disinvestment” shall have the meaning in Explanation to clause (d) of sub-section (1) of Section 72A of the Income-tax Act, 1961.

Story first published: Wednesday, September 15, 2021, 10:49 [IST]



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Best Interest On Govt Company FDs, These Are Better Than Bank Deposits

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How interest rates on FD compares for individuals (state government deposits vs bank deposits)

1 year 3-years 5-years
TDFC (State Govt) 7.00% 7.75% 8.00%
TN Power (State Govt) 7.00% 7.75% 8.00%
KTDFC (State Govt) 6.00% 6.00% 5.75%
SBI 4.90% 5.30% 5.40%
HDFC Bank 4.90% 5.30% 5.50%
ICICI Bank 4.90% 5.35% 5.35%

* The above is for individuals, for senior citizens interest rates are around 0.25% to 0.50% more

Good solid interest rates on fixed deposit from state government owned enterprises

Good solid interest rates on fixed deposit from state government owned enterprises

The two Tamil Nadu government owned entities, Tamil Nadu Transport Development Finance Corporation (TDFC) and Tamil Nadu Power Finance and Infrastructure Corporation (Tamil Nadu Power Finance) are offering excellent interest rates of as much as 8% for individuals, which makes them the best fixed deposits to invest in terms of interest rates.

Interestingly, the interest rates are as high as 8.5% for senior citizens in both these Tamil Nadu based entities. At one point, KTDFC, which is a government of Kerala owned enterprise was also offering high interest rates of 8%. However, since the start of the year, they have dropped interest rates considerably. The interest rates from some of the government entities on their FDs is almost 2.6% more when compared to bank Fds over 5-year tenure.

How to apply for KTDFC, TN Power Finance and Tamil Nadu Transport Development FDs?

How to apply for KTDFC, TN Power Finance and Tamil Nadu Transport Development FDs?

We had in the past personally invested in the deposits of the Kerala owned Kerala Transport Development Finance Corporation. There was no problem with either service or other issues and the redemption was done in time. However, we suggest to go with the fixed deposits of Tamil Nadu Power Finance and Infrastructure Corporation, because the website is excellent for the purpose of online application. In fact, you can even download the app and view you fixed deposits on the app. In fact, the company has 12,28,669 online applications thus far. Having said that you need to upload your KYC related documents, so please keep them ready.

High on safety for these fixed deposits

High on safety for these fixed deposits

All of three that is KTDFC, TN Power Finance and Tamil Nadu Transport Development FDs are the best and safe, as they are state backed entities. In fact, the KTDFC fixed deposits are guaranteed by the government of Kerala to the extent of Rs 4,500 crores.

We see no problems with repayment of principal and interest amount for any of these companies. Service wise too we have had a good experience with the deposits of KTDFC. With interest rates on bank FDs around that 5 to 5.5% mark, investing with interest rates at 8% is not a bad idea at all. Having said that if you invest for the very long term and interest rates climb, you maybe trapped with your fixed deposits. We believe that at some stage the Reserve Bank of India maybe forced to increase the repo rates for banks, which should push overall interest rates in the economy higher, as inflation starts trending higher.



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Top 5 Best Mid Cap Equity Dividend Funds To Consider SIP In 2021

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Top 5 Mid Cap Equity Dividend Funds to consider now

Kotak Emerging Equity Scheme

The assets under management of Kotak Emerging Equity Fund Direct-Growth have valued at Rs 15,709 crores (AUM). Kotak Emerging Equity Fund’s NAV for September 14, 2021, is 78.87.

It has returned an average of 21.93 percent per year since its inception.

The scheme invests primarily in mid-cap companies in order to produce long-term capital appreciation via a portfolio of equities and equity-related instruments.

If you invested Rs 5000 every month for three years, you would have received Rs 3.12 Lakh in returns. The amount would have been Rs 37,801 if a lump sum of Rs 20,000 had been invested.

1-Year 3-Year 5-Year Since Inception
72.1% 23.8% 19.44% 21.9%

Sundaram Mid Cap Fund

Sundaram Mid Cap Fund

Sundaram Mid Cap Fund has a total asset value of 6,926 crores under management (AUM). It has returned an average of 18.36% every year since its inception.

The scheme invests in mid-cap stocks with the goal of capital appreciation. The fund defines a’midcap’ stock as one whose market capitalization does not surpass that of the 50th stock listed on the NSE (after sorting the shares in descending order of market capitalization). Sundaram Mid Cap Fund’s NAV for September 14, 2021 is 753.54.

1-Year 3-Year 5-Year Since Inception
60.47% 14.32% 12.84% 18.36%

L&T Midcap Fund

L&T Midcap Fund

L&T Midcap Fund Direct-Growth manages a total of 6,948 crores in assets (AUM). It has returned an average of 21.12% every year since its inception.

To gain financial appreciation by predominantly investing in midcap equities. The Scheme will largely invest in firms whose market capitalization falls between the Nifty Free Float Midcap 100 Index’s highest and lowest constituents.

If you invested Rs 5000 every month for three years, you would have received Rs 2.77 Lakh in returns. The amount would have been Rs 30,944 if a lump sum of Rs 20,000 had been invested.

1-Year 3-Year 5-Year Since Inception
51.83% 15.82% 16.95% 21.12%

Taurus Discovery (Midcap) Fund

Taurus Discovery (Midcap) Fund

Taurus Discovery (Midcap) Fund Direct-Growth manages assets worth $75 million (AUM). Chemicals, Financials, Metals, Technology, and Construction make up the majority of the fund’s holdings.

It has returned an average of 18.28 percent per year since its inception.

The Scheme invests in a portfolio of equities and equity-related instruments, mostly from mid-cap firms, with the goal of achieving long-term financial appreciation.

If you invested Rs 5000 every month for three years, you would have received Rs 2.86 Lakh in returns. The amount would have been Rs 32,412i f a lump sum of Rs 20,000 had been invested.

1-Year 3-Year 5-Year Since Inception
51.89% 17.66% 16.98% 18.28%

SBI Magnum Mid Cap Fund

SBI Magnum Mid Cap Fund

SBI Magnum MidCap Direct Plan-Growth manages assets of Rs 6,056 crores (AUM). The Construction, Automobile, Engineering, Financial, and Consumer Durables sectors account for the majority of the fund’s holdings.

The 1-year returns on SBI Magnum MidCap Direct Plan-Growth are 74.7 percent. It has returned an average of 20.61 percent every year since its inception.

By investing primarily in a highly-diversified basket of equity equities of Midcap businesses, the scheme intends to provide investors with potential for long-term capital growth as well as the liquidity of an open-ended scheme.

If you invested Rs 5000 every month for three years, you would have received Rs 3.11 Lakh in returns. The amount would have been Rs 35, 801 if a lump sum of Rs 20,000 had been invested.

1-Year 3-Year 5-Year Since Inception
74.72% 21.68% 14.68% 20.61%

How is Dividend Yield calculated in Mutual funds?

How is Dividend Yield calculated in Mutual funds?

The dividend yield is calculated by multiplying the total dividends paid over the term by the stock’s current NAV (Net Asset Value). After that, the outcome is annualized. The gains from mutual fund schemes are used to pay dividends. As a result, whenever a scheme announces a dividend, its NAV decreases accordingly.

The following formula is used to determine the dividend yield ratio: Dividend Yield Ratio is calculated by multiplying the dividend per share by the market value per share. The dividend yield ratio can be calculated simply by taking the amount of dividend per share and dividing it by the market value of each share.

Disclaimer

Disclaimer

This article is strictly for informational purposes only. It is not a solicitation to buy, sell in securities or other financial instruments. Greynium Information Technologies Pvt Ltd, its subsidiaries, associates and the author of this article do not accept culpability for losses and/or damages arising based on information in this article.



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PFRDA Revises Premature Exit Rules of Atal Pension Yojana: Know All

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Investment

oi-Vipul Das

|

Atal Pension Yojana (APY) is a guaranteed pension scheme of the Government of India. The scheme is mainly beneficial for all citizens of the unorganized sector. The Pension Fund Regulatory and Development Authority (PFRDA) administers the plan through banks and the Department of Post. After reaching the age of 60, eligible Indian citizens who enroll and contribute to the scheme are entitled to guaranteed pension benefits. Subscribers to the APY get a guaranteed minimum monthly pension of between Rs. 1000 and Rs. 5000 each month.

PFRDA Revises Premature Exit Rules of Atal Pension Yojana: Know All

Under the scheme, premature exit before the age of 60 is only authorized only in extreme situations, such as the death of a beneficiary or the onset of a life-threatening illness. However, recently PFRDA has revised premature exit rules of APY. According to the circular issued on 3rd September 2021 “The existing mode of premature withdrawal under APY is examined from time to time by PFRDA based on the inputs/suggestions received from various stake holders and the changes are proposed with suitable technological intervention.”

In order to expedite the administration of underlying Subscribers’ exit applications, PFRDA has now implemented Instant Bank Account Verification feature. PFRDA has said that “The following guidelines are issued for facilitating timely transfer of withdrawal amount in the Bank Account of APY Subscribers and also as an additional due diligence to protect their corpus lying in the Permanent Retirement Account Number (PRAN).” At the time of exit, there could be two scenarios, as stated below according to the new guidelines of PFRDA:

A. If the SB account details of Subscribers at the time of onboarding & exit are same

1. APY-SP should incorporate the field indicating the active status of Savings Bank (SB) Account in the revised exit file format provided by CRA which is mandatory w.e.f. Sep 15th, 2021.

2. Further “Instant Bank Account verification by penny drop” shall also be undertaken by CRA to verify the operative status of SB Account as part of enhanced due diligence.

3. The above changes are being implemented to enable the CRA system to process the premature withdrawal requests where the associated SB Account is operative so as to ensure receipt of APY account closure proceeds in the SB account.

4. If the associated SB Account is closed/dormant, the modified process ensures the preservation of Subscribers’ contribution in the PRAN itself to generate optimum market-based returns.

B. If the SB account details at the time of onboarding & exit are not same, different Account Number of same Bank or the different Bank

1. APY SPs are advised that the APY closure proceeds are credited to the same Bank Account number and may accept the request with a different Account number or account of a different Bank only as an exception. Such requests are to be accompanied by proof of Alternate Account Number acceptable to the Bank.

2. “Instant Bank Account verification by penny drop” shall be undertaken by CRA as part of enhanced due diligence including the name matching between PRAN and Bank Account Number.

3. The exit requests with mismatches or with unsuccessful account verification, post penny drop is to be confirmed by the respective APY-SP for further processing of exit requests by CRA.

4. APY Subscribers are to be educated by APY-SP to keep their respective Bank account active when they submit their premature withdrawal request, till their request for a premature withdrawal request is processed. A suitable undertaking can be obtained from the Subscriber as part of the withdrawal request.

5. The applicable charges for Instant Bank Account verification would be recovered by CRA from the respective PRAN for further reimbursement to the service provider. The prevailing charges for verifying Bank Account Number through penny drop is Rs. 2.40/- and tax.

Source: PFRDA

Story first published: Wednesday, September 15, 2021, 10:10 [IST]



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Belfrics to relaunch its cryptocurrency exchange in India, BFSI News, ET BFSI

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Belfrics, a Malaysia based blockchain technology firm, is restarting its cryptocurrency exchange in India from October 2021 in a new avatar. The company is going to focus on phygital model and opening 200 centres across India. All these centres will be based on a franchise basis. The company is planning to invest $10 million for cryptocurrency exchange and $5 million for its blockchain (a total of around Rs100 crore) in the Indian market.

“With regards to the spending in India, as of now we have allocated $3 million for the exchange and once the regulatory scenario clears up, we will be increasing this to $10 million,” Praveen Kumar, CEO & Founder, Belfrics Group, said.

Belfrics also runs a cryptocurrency exchange on its proprietary platform.

India operations

Belfrics had started its operations in India in 2015 when the cryptocurrency segment was very new. Later when RBI issued a notification instructing banks not to favour cryptocurrency transactions, Belfrics put a pause button on its crypto business in 2018.

“Though we halted our cryptocurrency business, our blockchain is doing well in India. Our blockchain business is very active,” Kumar said.

Belfrics was recently acquired by Life Clips, a global software solution company, which has operations in Malaysia, Singapore, India, Kenya, Tanzania and other countries.

In its Indian version, Belfrics is also planning to add many other products.

“On the cryptocurrency exchange along with basic services we will also add five other products which are globally very popluar. Such as staking reward, derivative products, lending and borrowing, custody solutions and crypto payments card and loyalty programmes,” Kumar said.

Focus on India’s crypto market

Since the Supreme Court has set aside the RBI’s ruling on cryptocurrency, there is an exponential rise in the segments. More blockchain startups are entering the space.

“We hope sooner or later regulators will look at this segment, with this hope we are reactivating our plans,” Kumar added.

Currently, India has crypto exchanges but most of them are in the online zone. Belfrics is planning to open 22 centres all over the country.

More than one crore people have invested in cryptocurrency in India and the response towards crypto is.

Click here to read more cryptocurrency stories



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UPI to be linked to Singapore’s PayNow by July 2022

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The platform has seen over 4.9 million registrations, as on January 3, according to the Association of Banks in Singapore.

The Reserve Bank of India (RBI) on Tuesday said it is working on a project with the Monetary Authority of Singapore to link the Unified Payments Interface (UPI) with the city-state’s fast payments system PayNow. The linkage is targeted to be operational by July 2022.

The linkage will enable users of each payment system to make instant, low-cost fund transfers on a reciprocal basis without getting on board the other system, the Indian central bank said.

“The UPI-PayNow linkage is a significant milestone in the development of infrastructure for cross-border payments between India and Singapore, and closely aligns with the G20’s financial inclusion priorities of driving faster, cheaper and more transparent cross-border payments,” the RBI said.

The linkage builds upon the earlier efforts of NPCI International (NIPL) and Network for Electronic Transfers (NETS) to foster cross-border interoperability of payments using cards and QR codes between India and Singapore. The linkage will further anchor trade, travel and remittance flows between the two countries, the RBI said.

The initiative is also in line with the RBI’s vision of reviewing corridors and charges for inbound cross-border remittances outlined in the Payment Systems Vision Document 2019-21. In that document, released in May 2019, the RBI had observed that the cost of remitting funds is increasingly becoming a key element influencing the size of remittances.

“High cost of remittance made through formal channels may drive customers to informal channels, which are less secure and prone to misuse,” it had said in the document, adding that it would examine the role that payment services providers can play to ensure friction-free remittances at lower cost.

UPI is India’s mobile-based payment system that facilitates customers to make round-the-clock payments instantly and directly from their bank accounts using a virtual payment address (VPA) created by the customer. In August, UPI clocked over 3.5 billion transactions worth Rs 6.39 lakh crore.

PayNow is the fast payment system of Singapore which enables peer-to-peer funds transfer service, available to retail customers through participating banks and non-bank financial institutions in Singapore. It enables users to send and receive instant funds from one bank or e-wallet account to another in Singapore by using just their mobile number, Singapore NRIC/FIN or VPA. The platform has seen over 4.9 million registrations, as on January 3, according to the Association of Banks in Singapore.

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Will US CPI Data At 5.3% Drag Down Gold Bullion Prices?

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Personal Finance

oi-Kuntala Sarkar

|

The US today has published its Consumer Price Index (CPI) data for August, which will set a tone for the gold bullion market and US Federal Reserve tapering. US August headline inflation stayed at 5.3% in line with expectations, against a 5.4% in July. The CPI data remained moderate, not showing any outstanding improvement.

Will US CPI Data At 5.3% Drag Down Gold Bullion Prices?

The gold rates in the global market have been going down marginally, mostly on every trading day. Spot gold prices were subdued by around 0.50%, whilst the Comex gold rates dropped by 0.35% before the data came out. However, after the data was released, the spot gold prices hiked by 0.23% at $1798.70, and the Comex gold futures went up by 0.35% as of 8.12 EDT – showing a minor growth. The spot USD index, however, fell by 0.30%.

The US CPI data for August is released ahead of the US Fed meeting in the next week. As the reports came out setting a moderately positive outlook, the Fed might move up its tapering timeline. If the US starts tapering after this CPI data, the gold prices will not react positively, else a delayed tapering will help gold rates to go up, impacting Indian gold rates accordingly.

Tapering will indicate a slowdown in the pace of asset purchases or bond-buying programs by the Fed. The bond-buying program, known as quantitative easing (QE) is still going hot in the US, as the central banks find a need for economic stimulus or more liquidity in the system. It is happening because of the pandemic-led economic slowdown in the country. If this inflation figure drives Fed officials to gather motivations to start tapering, bond yield will go high, while bond prices will head south. In that case, investors will take shelter again under government bonds, leaving the yellow metal prices to fall drastically. The recent US economic data including non-farm payroll, have only spelled doom for the precious metal.

Story first published: Tuesday, September 14, 2021, 19:31 [IST]



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Anil Ambani, BFSI News, ET BFSI

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Successful completion of the resolution process of Reliance Commercial Finance (RCF) and Reliance Home Finance (RHF) will help Reliance Capital reduce its consolidated debt by 50 per cent or Rs 20,000 crore, Chairman Anil Ambani said on Tuesday. Earlier this year, lenders had selected Authum Investment and Infrastructure Limited (Authum) as the successful bidder to acquire RCF and RHF. The resolution plan was approved by lenders forming part of the Inter-Creditor (ICA) under Reserve Bank of India’s Prudential Framework for Resolution of Stressed Assets, 2019.

While Reliance Capital holds 100 per cent stake in Reliance Commercial Finance (RCF), it is a majority shareholder in Reliance Home Finance (RHF).

Reliance Capital’s consolidated debt is Rs 40,000 crore and the resolution of the two lending businesses – RCF and RHF will have an impact on the consolidated debt of Reliance Capital, Ambani said.

“Between these two companies (RCF and RHF), there is a debt of over Rs 20,000 crore, and this will be deconsolidated from Reliance Capital’s balance sheet. So, just two transactions for RHF and RCF will drop our debt by a staggering 50 per cent or Rs 20,000 crore,” Ambani said during the Reliance Capital’s Annual General Meeting (AGM).

Post this, Reliance Capital will have roughly Rs 15,000 crore of secured debt represented by NCDs (non-convertible debentures) or debenture holders, and around Rs 5,000 crore worth of unsecured and guaranteed debt, he added.

He said Authum will pay around Rs 2,200 crore for RCF and close to Rs 2,900 crore for RHF.

“As we now complete the appropriate formalities to close these transactions, we are confident based on the regulatory and other approvals that both these companies will be moving forward under change in management and control,” Ambani said.

He said Authum has committed that all the employees of RCF and RHF will be retained.

There are 20,000 debenture holders between the two companies and these investors will get 100 per cent of their dues, he said.

Ambani said the committee of debenture holders and the debenture trustee of Reliance Capital had invited bids through expressions of interest last year for the monetization of nine key assets under the Reliance Capital umbrella.

However, due to the pandemic and the issues facing the financial services sector, the progress on the asset monetization process in the last 20 months has not been in line with the expectation of all the shareholders of the company, he said.

Owing to this, he said, “The committee of debenture holders and the Trustee have now circulated a new timeline of 180 days to progress the asset monetization programme, effective July of 2021.”

The board is currently examining various options, in addition to the option of the committee of debenture holders, on a fast track resolution to maximize the value of all its assets, he said.

All the companies under Reliance Capital such as Reliance Nippon Life Insurance, Reliance General Insurance, Reliance Securities, among others, have been performing exceedingly well and have not been hampered by the challenges faced by the financial services sector, he informed shareholders.

All these companies are fully capitalized and there is no need for infusion of any fund, he added.

Ambani said close to 90 per cent of the value of Reliance Capital is derived from two insurance businesses- Reliance General Insurance and Reliance Nippon Life insurance.

Reliance General Insurance is 100 per cent owned by Reliance capital. Reliance Nippon Life Insurance company is a joint venture between Reliance Capital (51 per cent) and Nippon Life Insurance, Japan (49 per cent).

“Just the value of our two insurance companies and stake that we have in these two companies is far greater than the overall secured debt of Reliance capital,” Ambani said.

He also assured the shareholders that there will not be any fire sale or distressed sale of any asset of the company. PTI HV MR



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Gold Rate In India Trades At Rs. 46,000 On Sept 14, Marginally Down

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Personal Finance

oi-Kuntala Sarkar

|

Indian gold rates dropped marginally in the domestic market today, on September 14, in line with the global trend. In India, 22 carat gold is quoted at Rs. 46,000 and 24 carat gold is quoted at Rs. 47,000 per 10 grams today, exhibiting a fall of only Rs. 10. In the international spot gold market, the prices dropped by 0.48% at $1785.90/oz, till 4.18 PM IST. The Comex gold rate dropped marginally by 0.35% at $1788.2, and the MCX gold in October future in Mumbai was down by 0.23% as of 4.19 PM IST, today. However, the US dollar index, on the international spot market, was up by a minor 0.01%. Discussions about the US Fed tapering is keeping the international gold prices under a tight leash.

Gold Rate In India Trades At Rs. 46,000 On Sept 14, Marginally Down

Gold rates in different Indian cities are quoted differently, daily. Today’s gold rates in major Indian cities follow:

City 22 carat (INR/10 Grams) 24 carat (INR/10 Grams)
Mumbai 46,000/- 47,000/-
Delhi 46,140/- 50,340/-
Bangalore 43,990/- 47,990/-
Hyderabad 43,990/- 47,990/-
Chennai 44,350/- 48,380/-
Kerala 43,990/- 47,990/-
Kolkata 46,550/- 49,250/-

However, according to reports, “US CPI data could throw a spanner in the works later in the session.” Ahead of the US CPI data, the market started quite volatile this morning and positive expectations are dragging the gold prices down in the global markets. Again, the US Fed is discussing a reduction in the bond-buying scale, so the gold rates are not giving much hope. On the other hand, US equities investors are aiding the US stock market before CPI data release, hence today the gold market is down a bit.

Daily gold rates in India are fixed by the Indian Bullion Jewellers Association (IBJA) daily, and the association is keeping a close eye on the US CPI data now to anticipate the upcoming market trend.

Story first published: Tuesday, September 14, 2021, 17:01 [IST]



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