Category: Personal Finance

Rupee inches 4 paise higher to 73.25 against US dollar, BFSI News, ET BFSI

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MUMBAI: The Indian rupee appreciated 4 paise to 73.25 against the US dollar in opening trade on Tuesday, tracking a positive trend in domestic equities.

At the interbank foreign exchange, the rupee opened at 73.26 against the dollar, then inched higher to 73.25, up 4 paise over its previous close.

On Monday, the rupee had settled at 73.29 against the US dollar.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was down 0.12 per cent at 92.54.

A strong rally in the domestic equity markets and a weak American currency in the overseas markets also supported the rupee sentiment.

According to Anil Kumar Bhansali, Head of Treasury, Finrex Treasury Advisors, the rupee which has appreciated nearly 100 paise since Friday, has been gaining on bountiful corporate inflows.

“RBI has been present intermittently and equity inflows have also been aiding the rupee after FED rhetoric on Friday,” he added.

The US Fed chief Jerome Powell’s speech at Jackson Hole Symposium was ‘dovish’ and expressed hope that the Fed will keep supporting the market with low interest rates, traders said.

Global oil benchmark Brent crude futures fell 0.48 per cent to USD 73.06 per barrel.

On the domestic equity market front, BSE Sensex was trading 87.09 points or 0.15 per cent higher at 56,976.85, while the broader NSE Nifty advanced 21.55 points or 0.13 per cent to 16,952.60.

Foreign institutional investors were net buyers in the capital market on Monday as they purchased shares worth Rs 1,202.81 crore, as per exchange data.



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Citibank Revises Interest Rates On Fixed Deposit: Check Latest Rates Here

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Citibank Time Deposit Interest rates

Below are the most recent interest rates on fixed deposits of Citibank for the general public based on deposit amounts of less than Rs 2 Cr.

In Days
P.A. Rate Annualised Yield
7-10 Days 1.85% –
11-14 Days 1.85% –
15-25 Days 1.90% –
26-35 Days 1.90% –
36-45 Days 2.55% –
46-60 Days 2.55% –
61-90 Days 2.55% –
91-120 Days 2.55% 2.55%
121-150 Days 2.55% 2.55%
151-180 Days 2.55% 2.56%
181-270 Days 2.60% 2.61%
271-364 Days 2.75% 2.77%
365-400 Days 2.75% 2.78%
401-540 Days 2.75% 2.78%
541-731 Days 3.00% 3.06%
732 – 1095 Days 3.50% 3.61%
>=1096 days 3.50% 3.67%
Source: Bank Website, W.e.f. August 31, 2021

Citibank Time Deposit Interest rates For Senior Citizens

Citibank Time Deposit Interest rates For Senior Citizens

For a deposit amount of less than Rs 2 Cr, senior citizens will get the following interest rates on their deposits. For senior citizens, the annualized yield is determined at the lower end of each tenure bucket.

Tenure P.A. Rate Yield
7-10 Days 2.35% –
11-14 Days 2.35% –
15-25 Days 2.40% –
26-35 Days 2.40% –
36-45 Days 3.05% –
46-60 Days 3.05% –
61-90 Days 3.05% –
91-120 Days 3.05% 3.05%
121-150 Days 3.05% 3.05%
151-180 Days 3.05% 3.06%
181-270 Days 3.10% 3.11%
271-364 Days 3.25% 3.28%
365-400 Days 3.25% 3.29%
401-540 Days 3.25% 3.30%
541-731 Days 3.50% 3.58%
732 – 1095 Days 4.00% 4.14%
>=1096 days 4.00% 4.23%
Source: Bank Website, W.e.f. August 31, 2021

Citibank Tax Saver Fixed Deposit

Citibank Tax Saver Fixed Deposit

Investors who want to seek tax benefits on their deposits can also open a Tax Saver Deposit account at Citibank. One can invest in the tax saver deposit scheme with a minimum amount of Rs 1000 with a maximum amount of up to Rs 1.5 lakhs for a lock-in period of 5 years. Under the tax saver deposit scheme of Citibank, both regular and senior citizens will get quarterly compounded interest / simple interest quarterly payout options.

Term deposits up to Rs 1,50,000 deposited for five years are eligible for tax benefits under Section 80C of the Income Tax Act, 1961, according to the Finance Act of 2006. Owing to the 5-year lock-in term for Tax Saving Deposits under the IT Act, no premature withdrawals are permitted, which investors should be aware of. Here are the interest rates on tax saver deposits of Citibank for both the general public and elderly people. You can contact your relationship manager or the nearest Citibank branch to know the interest rates on deposits of more than or equal to Rs 10 Crores.

Tenure in Days P.A. Rate Annualized Yield
5 Years 3.50% 3.81%
Source: Bank Website, W.e.f. August 31, 2021



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Clix HFL ties up with IMGC for Mortgage Guarantee Backed Home Loans, BFSI News, ET BFSI

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India Mortgage Guarantee Corporation (IMGC), on Tuesday announced its partnership with Clix Housing Finance Limited (Clix HFL). The partnership plans to offer innovative Mortgage Guarantee backed home loan products for salaried and non-salaried customers in the Affordable Housing segment.

Mortgage Guarantee backed home loans will broaden Clix HFL’s coverage of home loan products and customer segments enabling more business while also supporting the flagship mission of Government of India of “Housing for All by 2022”.

“With the rising demand in the affordable housing segment, this strategic partnership would support to fulfill “Early Home Ownership” dreams of the first-time homebuyers and enable Clix to enhance its penetration in the Low & Mid-market segment besides mitigating the credit risk in case of default,” said Gaurav Pawra, CEO, Clix Housing Finance.

The program between IMGC and Clix HF has been designed in a manner to address the needs of a wide range of customers through varied products like ‘Term Extension Product for Salaried Customers’ and Documented Income Product for Self Employed Customers. A regular home loan is typically given till retirement age however with this product, the tenure is extended to additional 10 to 15 years depending upon the borrower profile.

IMGC is providing various surrogate products for self-employed customers like Banking Product, Low LTV Product, Assessed Income Product to cater to the needs of varied customers.

Mahesh Misra, CEO, IMGC said,” We are very pleased to partner and work with Clix in strategically identified segments and are confident that this will be a hugely successful partnership in the months to come. We have a defined execution roadmap with emphasis on driving financial inclusion through this partnership with Clix”.



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Ami Organics IPO Opens Tomorrow: Should you Subscribe?

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Investment

oi-Roshni Agarwal

|

Ami Organic, a speciality chemicals firm will open its Rs. 570 crore IPO issue on Wednesday (September 1, 2021). In an exclusive interview, the company’s chief managing director said partly the proceeds from the IPO will be used to pay off the debt amounting to Rs. 140 crore.

Ami Organics IPO Opens Tomorrow: Should you Subscribe?

The IPO is a mix of both fresh share issuance as well as an Offer for sale by company’s promoters. The price band for the issuance is Rs. 603-610 per share.

Within a few months time, 3 specialty chemicals company, including the likes of Clean Science and Technology, Tatva Chintan Pharma Chem and Chemplast Sanmar hit the primary market. Nonetheless, Chemplast Sanmar failed to make a strong listing on the exchanges, unlike the two others.

Ami Organics is a R&D focused company engaged in manufacturing of specialty chemicals. The company manufactures varied types of advanced pharmaceutical intermediates and active pharmaceutical ingredients (API) for new chemical entities, and material for agrochemicals and fine chemicals.

Other aspects, the company is working to reduce its dependence on countries from where it is procuring raw material, say for instance from China.

Should you subscribe to Ami Organics IPO?

Ahead of the opening of the IPO issue, the GMP or grey market premium of the stock has soared immensely that as of signals good listing gains for the scrip as and when it hits or debuts on the stock exchanges. As per the markets who track the scrip in unlisted market see the stock trading at a premium of Rs. 60 as on August 30, 2021.

The prime consideration other than the grey market premium is the company has been posting robust financials and its revenue as well as profit has surged between 2019-2021.

Angel Broking views on the IPO of Ami Organics

Yash Gupta, Equity Research Analyst, Angel Broking Ltd, said, “Ami organics deal in different types of Advanced Pharmaceutical Intermediates and Active Pharmaceutical ingredients (API) and materials for agrochemical and fine chemicals. Ami Organics has 3 manufacturing facility with aggregate installed capacity of 6060 Mtpa. The company has developed over 450 pharma intermediates across 17 key therapeutic areas i.e. anti-retroviral, anti-inflammatory, anti-psychotic, anti-cancer, anti-Parkinson, anti-depressant, and anti-coagulant. The company sells its product in India as well as in the international market. Ami organic reported revenue growth of 41% in FY2021 at ₹342 crores and profit after tax growth of 96% in FY2021 at ₹54 crores. We have a neutral outlook for Ami organics IPO.”
This chemical manufacturing firm was born in 2004. The company is well known for holding multiple types of Advanced Pharmaceutical Intermediates and Active Pharmaceutical ingredients (API) in its diversified product portfolio. Apart from this, Ami Organics is known for exporting medicines to various countries like USA, China, Israel, Japan, Latin America, etc.

Story first published: Tuesday, August 31, 2021, 11:12 [IST]



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AU Small Finance Bank Makes Revision On FD Interest Rates: Check Latest Rates Here

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Investment

oi-Vipul Das

|

AU Small Finance Bank offers fixed deposit schemes with a plethora of benefits such as flexible tenure ranges from 7 days to 120 months, higher interest rates than public and private sector banks, deposit insurance cover up to Rs 5 lakh provided by DICGC, additional interest rates for senior citizens, tax benefits and much more. The bank offers three types of term deposit schemes i.e. Regular Fixed Deposits, 5-Year Tax Saving Fixed Deposits, and Sweep-In Facility to both regular and senior citizens. The bank has recently revised interest rates on domestic & NRE/NRO retail fixed deposits which are in force from 25th August 2021. Check the most recent interest rates on fixed deposits of the bank here.

Interest Rates On Domestic & NRE/NRO Retail Fixed Deposits (for amounts less than INR 2 Crore)

Interest Rates On Domestic & NRE/NRO Retail Fixed Deposits (for amounts less than INR 2 Crore)

Tenure Bucket Interest Rates Interest Rates (Annualized)
7 Days to 1 Month 15 Days 3.50% –
1 Month 16 Days to 3 Months 4.00% –
3 Months 1 Day to 6 Months 4.35% 4.42%
6 Months 1 Day to 12 Months 4.85% 4.94%
12 Months 1 Day to 15 Months 5.85% 5.98%
15 Months 1 Day to 18 Months 5.75% 5.88%
18 Months 1 Day to 24 Months 5.75% 5.88%
24 Months 1 Day to 36 Months 6.00% 6.14%
36 Months 1 Day to 45 Months 5.75% 5.88%
45 Months 1 Day to 60 Months 5.75% 5.88%
60 Months 1 Day to 120 Months 6.00% 6.14%
Source: Bank Website, w.e.f. 25th August 2021

Non-callable rates for Retail Fixed Deposits of Rs >=1 Crore to < 2 Crore

Non-callable rates for Retail Fixed Deposits of Rs >=1 Crore to

Below listed interest rates are not applicable to Non-Resident Indians (NRI).

Tenure Bucket ROI Annualized Rate
12 Months 1 Day – 15 Months 5.95% 6.08%
15 Months 1 Day – 18 Months 5.85% 5.98%
18 Months 1 Day – 24 Months 5.85% 5.98%
24 Months 1 Day – 36 Months 6.10% 6.24%
Source: Bank Website, w.e.f. 25th August 2021

For Senior Citizens (for amounts less than INR 2 Crore)

For Senior Citizens (for amounts less than INR 2 Crore)

The rates shown below are only available to resident Indian Senior Citizen customers who have a banking relationship with AU Small Finance Bank.

Tenure Bucket Interest Rates Interest Rates (Annualized)
7 Days to 1 Month 15 Days 4.00% –
1 Month 16 Days to 3 Months 4.50% –
3 Months 1 Day to 6 Months 4.85% 4.94%
6 Months 1 Day to 12 Months 5.35% 5.46%
12 Months 1 Day to 15 Months 6.35% 6.50%
15 Months 1 Day to 18 Months 6.25% 6.40%
18 Months 1 Day to 24 Months 6.25% 6.40%
24 Months 1 Day to 36 Months 6.50% 6.66%
36 Months 1 Day to 45 Months 6.25% 6.40%
45 Months 1 Day to 60 Months 6.25% 6.40%
60 Months 1 Day to 120 Months 6.50% 6.66%
Source: Bank Website, w.e.f. 25th August 2021

For Domestic & NRE/NRO Retail Monthly Payout Fixed Deposits (for amounts less than INR 2 Crore)

For Domestic & NRE/NRO Retail Monthly Payout Fixed Deposits (for amounts less than INR 2 Crore)

Tenure Bucket Resident / NRE / NRO Interest Rates for Monthly payout p.a.(%) Senior Citizen Interest Rates for Monthly payout p.a.(%)
7 Days to 1 Month 15 Days – –
1 Month 16 Days to 3 Months – –
3 Month 1 Day to 6 Months 4.33% 4.83%
6 Months 1 Day to 12 Months 4.83% 5.33%
12 Months 1 Day to 15 Months 5.82% 6.32%
15 Months 1 Day to 18 Months 5.72% 6.22%
18 Months 1 Day to 24 Months 5.72% 6.22%
24 Months 1 Day to 36 Months 5.97% 6.47%
36 Months 1 Day to 45 Months 5.72% 6.22%
45 Months 1 Day to 60 Months 5.72% 6.22%
60 Months 1 Day to 120 Months 5.97% 6.47%
Source: Bank Website, w.e.f. 25th August 2021

Story first published: Tuesday, August 31, 2021, 10:37 [IST]



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Big B 1st Indian star to roll out NFT collection, BFSI News, ET BFSI

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Talent management company Rhiti Sports and decentralised NFT exchange platform GuardianLink.io have jointly launched a first-of-its-kind NFT platform in India – BeyondLife.club – which will list celebrities, athletes and brands from across Southeast Asia. NFTs, or non-fungible tokens, transform digital artworks into unique verifiable digital assets that are tradable on the blockchain.

Actor Amitabh Bachchan will be the first Indian celebrity to roll out his NFT collection through BeyondLife.club, Rhiti Group chairman Arun Pandey told ET. The collectibles will represent Bachchan’s work and will mark the opening of the exchange. “I have joined Rhiti Entertainment, Singapore and will be launching NFTs soon on the platform,” the Bollywood superstar said.

The financial details of the collaboration were not disclosed.

“The platform, enabled by GuardianLink, will revolutionise digital storing of creative properties including art, collectibles, collages, and other forms of digital assets for gaming and trading that can be easily accessible by stakeholders,” Keyur Patel, chairman of the decentralized no-code NFT exchange platform, told ET.

He said GuardianLink.io will allow users to upload, mint, publish, price protect and auction to create value for the owner.

BeyondLife.club will allow collectors to buy NFT using Indian currency through digital payments and credit cards, complying with local laws, while allowing overseas buyers to transact using virtual currencies such as Bitcoin or Ethereum.

NFTs are used to represent ownership of digital goods like images, videos, or songs. They are rapidly gaining in popularity among artists, singers and sportspersons.

Last week, Argentine soccer star Lionel Messi launched his own collection of NFT crypto art called Messiverse. Globally, celebrities such as Paris Hilton, musicians Eminem, Grimes, Lindsay Lohan and actor Kate Moss have their own NFT collections.

In March, India-born but Singapore-based blockchain entrepreneur and coder Vignesh Sundaresan revealed that he was the mystery buyer – ‘Metakovan’ – behind the landmark NFT art piece by digital artist Beeple, which was sold for $69.3 million. Till date, Beeple is the most expensive NFT ever sold.

The platform exchange will enable artists and brands to create financial value for their work, manage transactions including receiving payments, transfer of NFTs, settlements and swaps, and is accessible globally for enthusiasts who are early adopters of the NFT wave as well as collectors.

Compared to global artists, Indian ones have only now started participating in NFTs, with the digital asset space so far being limited to crypto millennials and tech savvy audiences, Patel said.

“We are bridging the gap between crypto-savvy users and art collectors by eliminating the complexity of participation in the space.” He said.

The idea of BeyondLife.club and GuardianLink is to create a system that is compliant with regulations, inclusive, and unique to help in long-term value creation. “That’s the model we are presenting,” he said.

Pandey of Rhiti Sports said NFTs are a hot favourite among artists across the world to create financial value for their content.



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Dollar near 2-week low as investors look to US jobs data, BFSI News, ET BFSI

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TOKYO: The dollar hovered near two-week lows against a basket of currencies on Tuesday with trade seen driven by month-end flows as investors looked ahead to US jobs figures later in the week.

The US currency steadied from falls after Federal Reserve Chair Jerome Powell on Friday offered no signal on when the central bank plans to cut its asset purchases beyond saying it could be “this year.”

“The payroll data will be the next highlight given the focus on the Fed’s taper. A strong reading will boost expectations the Fed will give markets prior notice in September before a formal decision in November,” said Yukio Ishizuki, senior strategist at Daiwa Securities.

Weaker jobs numbers could instead cement a case for later action – a pre-announcement in November with a formal decision in December.

Trade on Tuesday, however, is likely to be driven more by month-end flows from various businesses for their import and export transactions.

In early trade, the euro held firm at $1.1799, near Monday’s three-week high of $1.1810.

The euro zone’s consumer price data due at 0900 GMT is expected to show that inflation in the currency bloc has gathered pace in August.

Sterling fetched $1.3762 while the yen was little changed at 109.98 yen to the dollar.

The dollar index stood at 92.698, near Monday’s two-week low of 92.595.

In Asia, China’s official PMI due around 0200 GMT is being closely watched for clues on the extent of the impact caused by the outbreak of the Delta variant in the country.

The offshore Chinese yuan stood at 6.4648 per dollar , not far from a three-week high of 6.4595 touched on Friday.

The Australian dollar, often seen as a proxy bet on the Chinese economy, stood at $0.7292, having peaked on Friday at $0.7317.

The Canadian dollar fetched C$1.2610, having reached a two-week high on Monday, thanks in part to the Canadian current account surplus widening more than expected due to robust oil prices.

Oil prices strengthened to three-week highs as US Gulf Coast platforms, refineries and pipelines grappled with uncertainty on restart timelines after Hurricane Ida wreaked havoc on the region.

Emerging market currencies also held firm, with the MSCI emerging market currency index hitting a three-week high of 1,733.33 on Monday. It last stood at 1,732.54.

In cryptocurrencies, bitcoin eased to $47,626 while ether held slightly firmer at $3,277.



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Yes Securities , BFSI News, ET BFSI

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Yes Securities has buy call on Axis Bank with a target price of Rs 822. The current market price of Axis Bank Ltd. is Rs 783.75.

Time period given by analyst is Intra Day when Axis Bank Ltd. price can reach defined target. Axis Bank Ltd., incorporated in the year 1993, is a banking company (having a market cap of Rs 240332.38 Crore).

Financials
For the quarter ended 30-06-2021, the company reported a Consolidated Total Income of Rs 20285.41 Crore, down -3.53 % from last quarter Total Income of Rs 21028.45 Crore and up 4.23 % from last year same quarter Total Income of Rs 19461.77 Crore. The bank reported net profit after tax of Rs 2356.91 Crore in latest quarter.

Investment Rationale
The stock has resumed the uptrend after breaking out of a Triangle pattern resistance on good volumes. Technical indicator RSI has turned upwards after forming a positive divergence, confirming the bullishness.

Promoter/FII Holdings
Promoters held 11.4 per cent stake in the company as of June 30, 2021, while FIIs held 53.7 per cent, DIIs 23.7 per cent and public and others 11.3 per cent.



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Gold firms on softer dollar, investors await US jobs data, BFSI News, ET BFSI

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Gold prices were underpinned by a subdued dollar on Tuesday, with investors looking ahead to US non-farm payrolls data, which could be key to the Federal Reserve‘s tapering decision.

FUNDAMENTALS
Spot gold rose 0.1% to $1,812.27 per ounce by 0116 GMT.

US gold futures were up 0.2% at $1,816.00.

The dollar hovered near two-week lows against a basket of currencies, steadying from falls after Fed chief Jerome Powell gave no signal regarding the central bank’s tapering timeline except that it could be “this year.”

Gold is considered a hedge against inflation and currency debasement in the wake of massive stimulus measures.

Cleveland Fed President Loretta Mester said the US economy is recovering strongly but she is not yet convinced that recent inflation readings will be enough to satisfy the price stability goal the central bank revamped a year ago.

The US non-farm payrolls report for August is due on Friday. The market is expecting an increase of 728,000 jobs, unemployment to fall to 5.2% from 5.4% and average hourly earnings to rise 0.4% month-on-month.

China’s factory activity expanded at a slower pace in August as coronavirus-related restrictions and high raw material prices pressure manufacturers in the world’s second largest economy.

Roughly 28% of Brazilian gold exports in 2019 and 2020 likely came from illegal mines, a report by public prosecutors and the Federal University of Minas Gerais found, pointing to widespread forging of documents and lack of effective law enforcement.

Silver fell 0.1% to $24.03 per ounce, while platinum eased 0.3% to $1,003.89.

Palladium dropped 0.7% to $2,476.22, having risen 3.1% in the previous session.



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Q1 GDP growth seen at new high on recovery, BFSI News, ET BFSI

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NEW DELHI: The April-June GDP growth could turn out to be a record quarterly expansion as the economy recovers from the second wave of the pandemic and benefits from the low base of last year.

The country’s statistics office will release the quarterly GDP data on Tuesday and various estimates show that it could range from 10.5% to 31.6%, while the median forecasts of two polls show it at 20% and 21% in April-June, the first quarter in the 2021-22 fiscal year. The RBI had estimated the first quarter growth to be 21.4%. To put the numbers in perspective, the April-June quarter of last year had posted the sharpest contraction on record of 24.4% due to the impact of one of the strictest lockdowns imposed to prevent the spread of Covid.

“Essentially we are looking at a very strong doubledigit growth of 23% for this quarter and likely higher than RBI’s own assessment. A large part of this is because of a very favourable base from last year, when the nationwide lockdown had almost brought the economy to a standstill,” said Yuvika Singhal, economist at QuantEco Research.

“But nevertheless I think this double-digit growth is more of optics than anything else because we need to keep in mind that this was also the quarter when the second wave of the pandemic was extremely ferocious and April and May saw a large number of states getting into piecemeal restrictions, which by the end of May had almost become like a nationwide lockdown, though in a very staggered fashion at the state level,” said Singhal.

Since the April-June quarter of last year, the economy started scripting a robust recovery, but the second wave of the pandemic stalled the process. The unlocking and government spending has helped revive the recovery.

Economists say growth in the first quarter would be led by manufacturing, mining and construction sectors, while the agri segment will also lend strong support. The laggard will be the services sector, which has been hit hard by the two consecutive waves of the pandemic and is yet to recover from the bruising impact. The pace of vaccination, which has gathered momentum now, will also play a crucial role in determining the trajectory of growth in the quarters ahead.

“I think it would be a more broad-based story in the second half of the year unlike now where industry is leading the pack compared to services,” said Madhavi Arora, lead economist at Emkay Global Financial Services.



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