Category: Personal Finance

PPF Withdrawal & Premature Closure Rules Explained

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How to deal with a PPF account upon maturity?

You have three options when it comes to withdrawal (after 15 years):

Complete withdrawal upon maturity: At the end of the 15th year, you can close your PPF account and withdraw your deposits. To close your PPF account, fill out Form C and submit it to the post office or bank where you have opened or maintained the account.

Extend PPF account without contributions: You can leave it open for as long as you want without making any new contributions in case you don’t want to close your account. Interest will continue to be paid on the balance until it is closed. Each financial year, you are granted one withdrawal. However, there is no cap on the withdrawal amount.

Extend PPF account with contributions: If you wish to keep your account open and keep on making contributions, you can opt for a 5-year extension. You have the option of keeping the account open with or without contributions after the maturity period of 15 years. If you want to extend the term of your PPF account, you must apply Form 15 H within one year of the account’s maturity period. During the 5-year extended term period, you are granted one withdrawal each year, and you cannot withdraw more than 60% of the gross amount. Deposits made after maturity will not generate interest and will not be eligible for deductions under Section 80C of the Income Tax Act if you choose to make deposits without submitting Form H.

Premature PF withdrawal rules

Premature PF withdrawal rules

Only certain conditions allow you to close your PPF account early after 5 years of account opening. Here are few clear conditions to know when you can close your account early:

Until five years have passed from the end of the year in which the initial contribution was made, premature withdrawals are permitted.

One can withdraw only once per financial year.

You won’t be able to withdraw the whole balance out of your PPF account. The maximum amount is 50 percent of the balance at the end of the fourth financial year or 50 percent of the balance at the end of the preceding year, whichever is lower.

To withdraw the partial amount from the PPF account, you must fill out Form C and submit it at your concerned bank or post office.

PPF premature closure rules

PPF premature closure rules

Only after 5 financial years from the account was opened one can close his or her account prematurely. It is only permitted for conditions which are as follows:

  • The PPF account can be closed if the account holder, his or her spouse, parents, or minor children are hospitalized with a critical illness.
  • For higher education of his or her children one can also apply for premature close of the PPF account.
  • You can close your PPF account prematurely if your resident profile has changed.
  • In the event that a PPF account is prematurely closed, the account holder receives 1% less interest than the current rate.



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Digital Tax Threshold Set At 2 Crores And 3 Lakh Users: CBDT

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Taxes

oi-Sneha Kulkarni

|

The Equalisation Levy, or digital tax, in India, was recently expanded to include the selling of goods and services in the country by foreign e-commerce companies.

The Central Board of Direct Taxes (CBDT) announced on Monday that the digital tax threshold would be two crores and that non-resident technology firms would be limited to 300,000 users.

They shall come into force with effect from the 1stday of April, 2022. Under new or updated bilateral tax pacts, a revenue threshold of Rs 2 crore and a cap of 300,000 users for non-resident technology firms such as Google, Facebook, and Netflix to pay tax in India.

Digital Tax Threshold Set At 2 Crores And 3 Lakh Users: CBDT

This is part of the Significant Economic Presence (SEP) concept, which was introduced in the Finance Bill 2018-19 and expanded the definition of a “business connection” to include the provision of data or software downloads if aggregate payments from such transactions surpass a specified sum or if a multinational interacts with a specified number of users.

In a notification released on Monday, the Board added a new clause to the Income Tax Rules, Rule 11UD, where a threshold has been set for the purposes of substantial economic presence in order to enforce the provisions.

“In exercise of the powers conferred by the clause (a) and clause (b) of Explanation 2A to sub-section (1) of section 9 read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962,” the notification said.

It further stated that “for the purposes of clause (b) of Explanation 2A to clause (i) of sub-section (1) of section 9, the number of users with whom systematic and continuous business activities are solicited or who are engaged interaction shall be three lakhs.”

The indirect transfer rules were enacted by the government in response to the Vodafone case, in which the company was accused of evading a large amount of tax during its purchase of Indian shares.

The total amount of payments arising from transactions in respect of any products, services, or property carried out by a non­resident with any individual in India during the previous year, including the provision of data or software download in India, shall be Rs 2 Crores.



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Flexi RD Vs Regular RD: Which Can Be A Good Bet To Invest?

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Investment

oi-Vipul Das

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Recurring Deposit (RD) is a common investment choice after fixed deposits, govt schemes and other risk-free investment tools. Customers can choose from a variety of investment amounts and terms with RD, as well as a variety of other advantages. You can open a Recurring Deposit account with a variety of financial institutions, including banks, NBFCs, and even the post office. With this low-risk investment vehicle, you can start contributing monthly across your selected tenure (varies from 6 months to 10 years) to welcome guaranteed returns in your portfolio. RD enables you to receive guaranteed interest on your deposit at regular intervals before it matures or a fixed period expires. Only after the maturity period has expired, the investor receives the capital invested as well as the interest earned. Talking about the battle between flexi RD and regular RD let’s understand both in brief and opt for one that suits you the most.

Flexi RD Vs Regular RD: Which Can Be A Good Bet To Invest?

Flexi Recurring Deposit (RD)

By opening a flexi RD account you can deposit any amount per your convenience to earn attractive returns at maturity. Flexi Deposit, unlike Recurring Deposit, allows you to choose the deposit amount between the minimum and maximum caps per financial year. A Flexi RD’s minimum and maximum deposit limits are set by the respective banks. Flexi RD depositors can adjust the monthly instalment amount depending on their convenience and this additional deposit is not subject to a late payment penalty. The bank may, however, levy a penalty if the minimum deposit is not paid on time per financial year. Interest will be compounded at quarterly intervals on term deposits, depending on the amount outstanding on the last day of each month. Furthermore, you must bear in mind that TDS will be applied to the interest you pay. Flexi RD interest rates differ from bank to bank, with higher rates for senior citizens. Banks often provide a variety of deposit tenures on these deposits, and they set the interest rate based on the preferred tenure. If we consider the above factors then SBI Flexi Deposit allows you to choose the deposit amount from a range of minimum and maximum amounts per fiscal year. The minimum deposit balance per fiscal year is Rs. 5,000/-. Higher amounts in multiples of Rs. 500/- can be deposited at any time, with a minimum of Rs. 500/-. Deposits can be made at any time during a month and in any amount. In a financial year, the gross deposit amount limit is Rs.50,000/-. The deposit term is 5 years minimum and 7 years high. Failure to pay the minimum deposit will result in a penalty of Rs. 50/- per fiscal year. Only the debit account from which the SBI Flexi Deposit was initially funded will receive the maturity proceeds or the amount payable before maturity. In the event of an early withdrawal, the rate will be 0.50 percent lower than the rate that was in effect at the time of the deposit with the Bank. You will be given the option to maintain the nominee(s) for SBI Flexi Deposit account.

Regular Recurring Deposit (RD)

Customers can invest an amount of their preference per month and gain returns with convenience thanks to recurring deposits (RD). Most Indian banks and NBFCs provide recurring deposit accounts with terms ranging from six months to ten years. RD pays you a fixed rate of interest for your investment at a certain frequency for a set period of time or on maturity. The amount payable upon maturity, as well as any remaining or accumulated interest, is paid at the end of the term. The interest rate is the same as that paid on a Fixed Deposit, making it better than a savings account. RD also has the option of taking a loan against a deposit, i.e., using the deposit as collateral. The account holder can borrow between 80 and 90 percent of the deposit amount. Recurring investments, unlike stocks and mutual funds, have fixed returns on the principal amount deposited. A recurring deposit account allows a person to deposit a certain amount per month for a certain period of time, earning interest in the same way as fixed deposit accounts do. Senior citizens can also benefit from RDs. Senior citizen deposits have higher interest rates than normal deposits. The bank determines the minimum amount and term for this. As opposed to regular recurring deposits, most banks give senior citizens an additional interest rate of 0.25 percent to 0.75 percent respectively.

Goodreturns take

The flexibility of a recurring deposit account is one of its benefits. A flexible recurring deposit is a type of account that allows you to invest any amount of money at any time. They enable a depositor to choose both the initial investment amount and adjustable instalments in multiples of the core instalment amount. For eg, if the depositor selects Rs. 1000 as the initial amount, he can make subsequent deposits of Rs. 1000 or multiples of Rs. 1000. A regular recurring deposit is a deposit that requires you to make fixed monthly contributions for a set period of time. Customers of Flexi RD, on the other side, can select the amount of monthly instalments that best suits their needs. Every month, the initial amount deposited when the Flexi RD was opened must be paid on the specified date. Flexi deposit, on the other hand, allows you to make additional deposits up to a certain amount above the initial or minimum amount, which is not possible with regular RDs.



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Can You Sell A Home With An Outstanding Home Loan?

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Planning

oi-Sneha Kulkarni

|

Do you want to sell your home? Is there a debt on it that needs to be paid off? The extra home with an outstanding loan is the first choice to be dropped from the investment portfolio when money is tight. Yes, a person who has taken out a home loan on a property will be able to sell it. The selling agreement, on the other hand, requires obtaining a NOC from the lender or in-principle approval from the lender. It is important to notify your bank of your plans to sell the property and that you have started the process. Following that, you will receive a letter from the bank detailing the balance owed on your loan. This serves as substantial evidence of ownership for the property you own. If you’re in a financial bind or need to sell your home quickly for a variety of reasons, there are a few scenarios to consider before selling a home with an unpaid loan:

Can You Sell A Home With An Outstanding Home Loan?

When a buyer takes a loan from the seller’s lender?

If the buyer obtains a loan from the same lender, a tripartite arrangement is established between the buyer, lender, and seller. The number of checks needed is limited, making it simpler for all parties involved. The only background check needed is for the buyer to determine his loan eligibility. The lender will consider the buyer’s loan eligibility; if accepted, the amount needed to pay off the seller’s loan will be paid off, and the remaining amount will be turned over to the seller. The buyer is responsible for the processing fee.

When a buyer takes a loan from a different lender?

If the buyer goes to a different bank to get a loan, they’ll need to bring copies of all the relevant documents, as well as the letter from the seller’s bank detailing the seller’s outstanding liability. The bank will issue a cheque in favor of the seller’s bank, paying off all the dues, after following the normal protocol. The remaining sum will be released to the seller after the seller’s bank issues the property papers and the buyer submits them to his bank.

If the buyer has already been pre-approved for a loan from another lender, the seller must submit a loan outstanding certificate from the bank, as well as a list of the bank’s property records. If the loan is accepted, the buyer’s bank will be able to issue the seller’s bank with the remaining loan sum. When the loan is completely paid off, the bank releases property papers, which are then sent to the buyer’s bank.
The remaining loan amount is only released after that.

When a buyer is paying from his own savings?

A buyer will pay the down payment directly to the seller’s loan account in exchange. The bank will hand over the records once the funds have cleared. The seller must then move the property to the buyer’s name until the documents have been obtained. The remaining balance is to be agreed solely between the buyer and the seller.

Documents to Keep handy

Mother deed
Sale deed
Documents of home loan sanctioning
Society NOC
Encumbrance Certificate
Property Tax receipts, if any
Housing society share certificate

Tax on selling Property

If you sell your home within a year of buying it, you’ll have to pay the Short-Term Capital Gains (STCG) tax on the income you make. Since STCG is taxed as ordinary income tax, it ranges from 10% to 37 percent depending on the income bracket.

If you sell your property after one year of buying it, you’ll have to pay the Long Term Capital Gains Tax (LTCG) on the income you make. Depending on your salary, this can be as low as 0%, as high as 10%, or as high as 15%. If the proceeds are used to purchase another home, the LTCG tax will help you save up to 19.5 percent on your regular income tax.

The new property could have been purchased a year before or two years after the old one was sold. If the property is sold after two years, the profit earned on the sale will be taxed as long-term capital gains (LTCG). This income is subject to a 20% tax rate.



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3 Midcap Equity Funds That Are Rated 5-Star By Crisil

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Invesco India Midcap Fund

Invesco India Midcap Fund is rated “5-star” by Crisil. The fund has generated a whopping returns of 56% in 1-year, while the three year returns are 12.23% and the 5-year returns 15.74% on an annualized basis.

An investment of Rs 10,000 in the SIP of the fund three years ago would have grown to Rs 4.99 lakhs in corpus today. Being a midcap equity fund a large proportion of the money is allocated to midcaps. Among the stocks in the company’s portfolio are Voltas, Mphasis, Endurance Technologies and Grand Pharma. This is a midcap fund and hence returns can be extremely volatile. Given that the markets are run-up, and are rather expensive caution is advised. We are just informing our readers of the well rated midcap funds from Crisil and these are not our recommendations.

Tata Midcap Growth Fund

Tata Midcap Growth Fund

This fund has a 4-star rating from Crisil. The one year returns has been massive at 61 per cent. However, the 3-year returns from the fund has been around the 12 per cent mark and the 5 year returns the 15 per cent mark on an annualized basis.

One can invest in the SIP of the fund through a small sum of Rs 150 each month. The net asset value under the growth plan is slightly in excess of Rs 199.

The assets under management of the fund are around the Rs 1129 crores , which is not sizeable. The portfolio of the fund comprises names like Voltas, Cholamandalam, Navin Flourine, Jubilant Foodworks etc. The company has almost the entire amount invested, barring 1.5 per cent of the funds, which is in cash and cash equivalents.

Taurus Discovery Midcap Fund

Taurus Discovery Midcap Fund

This is a midcap fund that has been accorded a 4-star rating from Crisil. Like peers the returns from the fund has been fantastic in the short term. The 1 year returns from the fund is 57 per cent, while the 5 year returns are 16.76 per cent on an annualized basis.

If you are looking to buy the scheme under the growth plan the net asset value is currently Rs 62.64. However, caution is advised before investing large amounts, as the markets are barely a few per centage points from record highs. The portfolio of the fund includes names like Atul, Honeywell automation, Supreme Industries Tata Chemicals etc.

Ideally, the best way to go about investing in small and midcap funds would be the Systematic Investment Plan route. One can invest in this fund through the SIP route with a small sum of Rs 1,000. Please read our disclaimer on the website before investing in these funds.

About the author

About the author

Sunil Fernandes has spent 26 years covering business and finance in India and abroad. Sunil has worked with frontline daily newspapers including Hindustan Times, Deccan Herald and Gulf Times. He has also worked with investment magazines like Dalal Street Investment Journal and Oman Economic Review. His forte remains stocks, mutual funds and tax planning.



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Top Gold ETFs To Invest

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Why Gold ETFs and How do they work?

Gold ETF tracks the price of domestic physical gold and invests in 99.5% purity gold bullion. This is digital form of gold investment and when you buy a unit of gold ETF, you invest in 1 gm of gold that is backed by gold of very high purity.

You can buy and sell these similar to stocks as these are listed on stock exchanges. So, investment into gold can be made through simple means and offers stock market related flexibility.

Also, because of no making charges and other such expenses, cost pertaining to investment into Gold ETF is also very low than physical gold.

Further the investment into gold ETF is free from any threat of loss as the ETFs are stored in demat form.

How to invest in Gold ETFs?

How to invest in Gold ETFs?

Similar to stocks these are traded on exchanges and can be bought at market rates. This is actually very close to the actual price of gold, and therefore, the benchmark is the physical gold price. So, for you to invest in Gold ETF, there has to be a demat and trading account. You can also go the lump-sum way or invest systematically via SIPs.

Cost associated with Gold ETFs

1. Expense ratio i.e. very small

2. Broker associated cost every time you transact in an ETF

3. Tracking error that is related to fund’s expenses and cash holdings.

How to choose the right Gold ETF?

How to choose the right Gold ETF?

For arriving at the best Gold ETF, trading volume and tracking error should be monitored as with benchmark as domestic physical gold price, performance of all the Gold ETFs shall be more or less same.

Best Gold ETFs to invest in

1. Nippon India ETF Gold BeES:

The ETF commands a good trading volume of over 23 lakhs meaning offering high liquidity. And has a 14-year track record. The fund though is not rated.

Gold ETF 1-year return 3-year 5-year
Nippon India ETF Gold BeES -0.64% 13.76% 7.79%

Positives of the Nippon India ETF Gold BeES are its asset size of Rs. 5277 crore as well as its high 20 day average volume of 4,805,409. Expense ratio of the fund is 0.82 percent. The fund is said to carry a moderately high risk.

Among peers, this ETF has the lowest tracking error which means its portfolio is closely following its underlying.

2. HDFC Gold ETF

2. HDFC Gold ETF

This is another unranked fund and has an asset size of Rs. 2123.39 crore. Expense ratio of the fund is 0.62 percent. Against its Nifty 50 benchmark, the fund in the past one year has given negative return of 0.75%.

Gold ETF 1-year return 3-year 5-year
HDFC Gold ETF -0.75% 13.56% 7.87%

This is an open ended fund wherein one can invest any time. Notably during the period from May 2019 and May 2020, the ETF posted the best performance with return of 49.76 percent.

3. Kotak Gold ETF:

3. Kotak Gold ETF:

This is also not rated and commands an asset size of Rs. 1539 crore. Expense ratio of the fund is 0.55%. The fund aims to provide returns that closely correspond to the return provided by the price of gold through investment in physical gold in domestic market.

Gold ETF 1-year return 3-year 5-year
Kotak Gold ETF -0.72% 13.82% 7.77%

Taxation of Gold ETFs:

If gold ETFs are held for over 36 months then long term capital gains tax at 20 percent with indexation benefit applies. Short-term capital gains (STCG) tax is imposed at the investor’s income-tax slab rate if gains on units are held for less than 36 months.

GoodReturns.in



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Ethereum extends gains to fresh record above $3,400, BFSI News, ET BFSI

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SINGAPORE: Cryptocurrency ether extended gains to another record peak on Tuesday, after breaking above $3,000 for the first time a day earlier as investors bet on its growing utility.

Early in Asia trade, it traded as high as $3,457.64 on the bitstamp exchange, for a session rise of about 17%.

Traders have attributed the gains – which amount to some 365% for the year to date – to a catch up on bitcoin’s late 2020 leap and as upgrades to the ethereum blockchain make it more useful.

The ether/bitcoin cross rate stood at its highest in more than two-and-a-half years on Tuesday while bitcoin was steady at $57,295.

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Buffett says Greg Abel is his likely successor at Berkshire, BFSI News, ET BFSI

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By Katherine Chiglinsky

Warren Buffett said Greg Abel, Berkshire Hathaway Inc.’s vice chairman of non-insurance businesses, would be his likely successor if the billionaire were to step down.

The board agrees that Abel, 58, would take over if anything were to happen to the 90-year-old chief executive officer, Buffett told CNBC. Abel had been seen as the most likely candidate.

Succession decisions had been a closely guarded secret at the conglomerate, even while the firm assured investors that it had a detailed plan in place. Ajit Jain, 69, was also often viewed as a potential pick given Buffett’s praise of the Berkshire vice chairman, who runs the insurance businesses. But age was a determining factor in the selection, according to Buffett.

“They’re both wonderful guys,” Buffett, who has spent five decades at the helm, told CNBC. “The likelihood of someone having a 20-year runway, though, makes a real difference.”

Berkshire Vice Chairman Charlie Munger, 97, made a remark at Saturday’s annual meeting that stoked speculation Abel was the chosen successor. Buffett was talking about how decentralization wouldn’t work everywhere because it requires a certain type of culture.

“Yeah, but we do,” Munger said. “And Greg will keep the culture.”

Abel has long been seen as the most likely candidate to replace Buffett, given his age and his wide remit overseeing all the non-insurance businesses at the conglomerate.

“The directors are in agreement that if something were to happen to me tonight, it would be Greg who’d take over tomorrow morning,” Buffett told CNBC. “We’ve always at Berkshire had basically a unanimous agreement as to who should take over the next day.”

What Bloomberg Intelligence Says
“We think Greg Abel would carry on Berkshire’s culture as Buffett’s successor.”
–Matthew Palazola, senior industry analyst, and Kylie Towbin, associate analyst.

Succession remains a huge topic for Berkshire given the ages of Buffett and Munger and their importance in building the company into the more than $630 billion conglomerate it is today. Any successor would take on a business overseeing a wide array of operations, from insurers to a railroad to energy companies and even retailers including Dairy Queen.

Both Abel and Jain joined Buffett and Munger on stage Saturday to field questions from shareholders at the company’s meeting, held virtually because of the pandemic.

Abel and Jain were both named vice chairmen in 2018 in promotions that Buffett said at the time were part of the “movement toward succession.” Abel, who previously led Berkshire’s sprawling energy empire, was picked to oversee all the non-insurance businesses, while Jain ran the insurers.

Abel rose to prominence at Berkshire as a key manager of its energy operations, building those units into a business that now has more than 23,000 employees. The executive, who grew up in Canada, is also an astute dealmaker, helping the energy business buy a Nevada utility, NV Energy, and an electric-transmission company in his native Alberta.

Now, Abel has an even wider mandate. He holds roles as a board member at Kraft Heinz Co., the packaged-food company that counts Berkshire as a key shareholder, and sets compensation for the CEOs of the company’s non-insurance businesses. Shareholders have gotten more of a glimpse of Abel in recent years, with the manager joining Buffett on stage at the annual meetings this year and in 2020.



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Central bank-issued digital coins seen co-existing with Bitcoin, BFSI News, ET BFSI

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By Matthew Leising

Cryptocurrencies like Bitcoin and Ether will co-exist “for a while” with more-restrictive digital coins such as the one issued by China’s central bank, according to Changpeng Zhao, chief executive officer of Binance.

Zhao, who runs the world’s largest Bitcoin exchange, said digital assets issued by central banks will be different than public coins in many ways. They won’t offer the same freedom of use and won’t have a supply cap in place, Zhao, who’s also known as CZ, said Monday in a Bloomberg TV interview.

“Most central-bank digital currencies are going to have a lot of control attached to them,” Zhao said. Differences between the two types of coins could make the central-bank version unattractive to people drawn to the crypto world. “At the end of the day, those are core properties that users care about,” he said.

Bitcoin and Ether have hit all-time highs this year as institutional investors and corporations buy cryptocurrencies to add to their balance sheets. Ether hit a record $3,339 Monday. While Bitcoin is used only for transferring digital value, Ether supports the Ethereum blockchain on which more types of transactions are possible.

User demand for Ether to buy assets such as non-fungible tokens also could be driving prices higher, Zhao said.

“All of these use cases are moving right now and people need the other coins to do this type of new transaction,” he said. “Ethereum is one of those clear examples. That’s probably why Ether is going up.”

About 70% of Binance users are retail customers with the rest being institutional investors, he said. He has no plans to take the company public and follow in the footsteps of Coinbase Global Inc., which listed shares directly on Nasdaq last month.

Binance is making money on its own and doesn’t need to raise more, he said.



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Kotak Mahindra Bank net jumps 33% to Rs 1,682 crore

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(Representational image)

Kotak Mahindra Bank on Monday reported a 33% year-on-year (y-o-y) jump in its net profit to Rs 1,682 crore for the quarter ended March because of higher net interest income (NII). The bank was able to register growth in the bottom line despite a 181% quarter-on-quarter (q-o-q) and 13% y-o-y jump in provisions to Rs 1,179 crore. The operating profit increased 25% y-o-y to Rs 3,407 crore as the net interest income (NII) grew 8% y-o-y to Rs 3,843 crore.

Uday Kotak, MD and CEO, said, “I hope the Covid-19 situation is short lived and it will be like the UK, where it sharply went up and then came down sharply too.” The bank has decided to curtail deployment of employees in non-essential activities, including physical collections for a week at least, due to Covid-19 situation. “Yes, it is a risk that the bank is taking for short term but people balance sheet is more important to us,” Kotak said.

Related News

The net interest margins (NIM) declined 33 basis point (bps) y-o-y and 12 bps sequentially to 4.39%.

The asset quality improved during the March quarter. Gross non-performing assets (NPAs) ratio improved 2 bps to 3.25%, compared to reported proforma gross NPAs of 3.27% in the previous quarter. Similarly, net NPAs ratio improved 3 bps to 1.21% from 1.24% in the December quarter. Lenders had reported NPAs on a proforma basis during the December quarter due to a standstill from apex court on declaring NPAs.

Fee and service income grew 23% q-o-q and 9% y-o-y to Rs 1,378 crore. Overall, other income grew 31% y-o-y to Rs 1,949 crore.

Advances grew 4.5% q-o-q and 1.8% y-o-y to Rs 2.23 lakh crore. The lender has registered a 10% y-o-y growth in home loan. The bank does not plan to raise home loan rates as of now. It continues to be conservative in unsecured retail business.

Deposits grew 6% y-o-y as well as sequentially to Rs 2.8 lakh crore. Current account savings account (CASA) ratio as on March 31, 2021 stood at 60.4%, compared to 56.2% in the March quarter last year.

The capital adequacy ratio (CAR) stood at 22.3% with CET1 ratio of 21.4% at the end of March 2021.

The board has recommended dividend of Rs 0.9 per equity share for the year ended March 31, 2021, subject to approval of shareholders.

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