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EXCLUSIVE
NON-DISCLOSURE PENALTIES FOR BANKS, NBFCS UNDER CERTAIN LAWS MOVES INTO LAKHS
The government plans to amend five economic laws including Deposit Insurance Act
and the Payment and Settlement Systems Act to raise steeply penalties for
non-disclosure of information
* ETBFSI
* October 18, 2022, 08:00 IST
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Non-disclosures of information to relevant agencies would cost financial sector
stakeholders including banks and NBFCs heavy as the government is set to hike
penalties steeply.
The move is part of the government's efforts to decriminalise economic offences
and simplify procedures and stiff penalties discourage firms from
non-compliance.
The government plans to introduce an umbrella Bill in the upcoming winter
session of Parliament to amend about 110 provisions of 35 laws relating to 16
departments, according to reports.
Payment and Settlement Systems Act
Under the amendment to the Payment and Settlement Systems Act, 2007, the
amendment to section 30 (I) will allow the Reserve Bank of India to double the
penalty for contravention of certain provisions, including deliberate
withholding of information or offering of false statements, to Rs 10 lakh or
twice the amount involved in such a default, whichever is higher.
DICGCA
Under Section 47 of the Deposit Insurance and Credit Guarantee Corporation Act,
1961, the penalty for failure by an entity to produce details of any book,
account or other relevant documents will be raised to Rs 1.5 lakh for each of
the offences from just Rs 2,000 now.
An additional fine of Rs 7,500 will be slapped per day, compared with a paltry
Rs 100 now if the non-compliance persists.
Factoring Act
Under the Factoring Regulation Act, 2011, if particulars of any transaction are
not filed by a factor with the central registry as stipulated under Section 19,
the factor and its officers concerned will be liable to a fine up to Rs 5 lakh.
If the non-compliance continues, the fine will be to the tune of Rs 10,000 per
day, from Rs 5,000 now. Under factoring an entity (such as MSME) sells its
receivables (dues from a customer) to a third party (a ‘factor’ like a bank or
NBFC) for immediate funds.
NHB Act
Penalties for certain offences under the NHB Act, relating to select aspects of
filing of balance sheets, will be raised by five times to Rs 25,000.
The fine under Section 56 of the National Bank for Agriculture and Rural
Development Act, 1981, for failure to furnish relevant details or statements
will also raised Rs 1.5 lakh from just Rs 2,000 now, and Rs 7,500 per day if the
non-compliance continues, against Rs 100 now.
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FINANCIAL SERVICES
* 4 hrs ago
SBI CONTINUES TO DOMINATE DEBIT CARDS MARKET WITH 30% SHARE
* 1 day ago
TWO RUSSIAN BANKS OPEN SPECIAL VOSTRO ACCOUNT FOR OVERSEAS TRADE IN RUPEE
* 1 day ago
INDIA BECOMING A SINGLE COUNTRY ALLOCATION; OFFERING UNBEATABLE COMBINATION
TO FPIS: NILESH SHAH
* 1 day ago
FOREX COMPANIES GIVING 'INVESTMENT LESSONS' UNDER LENS
View More
EDITOR'S PICK
* 3 hrs ago
ARE MILLENNIALS IN A DEBT-TRAP BY ADVANCE SALARY APPS?
* 4 hrs ago
SBI CONTINUES TO DOMINATE DEBIT CARDS MARKET WITH 30% SHARE
* 1 day ago
BANKS RAISE RS 2.4 LAKH CRORE DEPOSITS AS CREDIT GROWTH NEARS 18%
* 2 days ago
YES BANK’S NET PROFIT DIPS BY 32%, NEXT TWO QUARTERS CHALLENGING FOR BANKS:
PRASHANT KUMAR, MD & CEO
* 3 days ago
UDAY KOTAK LOOKS AHEAD WITH CAUTION BUT NOT NEGATIVITY IN HIS DIWALI MESSAGE
BFSI VIDEOS
* NEOBANKING & CLOUD: THE DIGITAL WAY FORWARD FOR FINTECH
Synopsis: While we are talking about the digital and emerging technologies it
is pertinent to understand what is the importance of digitisation in reviving
the legacy financial services organisations? How useful AI insights are for
Future-Ready Neobanking industry? How Fintech industry are reinventing
themselves and building the digital way forward? On the sidelines at the
ETBFSI CXO Conclave this special session will explore various features on the
future.Moderator: Sneha Jha, Deputy Editor, ETCIO; Nirav Choksi, CEO,
CredAble; Gaurav Jalan, Founder and CEO, mPokket; Yashoraj Tyagi, CTO & CBO,
CASHeNatraj Choudhury, Head of Engineering, Zolve; Adarsh Prabhu, Associate
Director, Niveus Solutions.
* 6 days ago
FIRESIDE CHAT: BFSI: EMBRACING THE NEW DIGITAL TRANSFORMATION ERA
* 7 days ago
CISOS DISCUSSION: WHAT WILL MAKE BFSI BULLETPROOF AMIDST THE RISING CYBER
ATTACKS
* 8 days ago
BFSI CHROS : MANAGING THE FUTURE WORKFORCE
View More
EXCLUSIVE
SBI CONTINUES TO DOMINATE DEBIT CARDS MARKET WITH 30% SHARE
According to the latest data collated by PGA labs, SBI retained the top position
in the debit cards market while HDFC bank maintained its top position in the
credit cards segment. Here's how other large banks like ICICI, BoB, Axis, BoI,
Kotak Mahindra bank, etc. performed :
* Anushka Sengupta
* ETBFSI
Click Here to Read This Story
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The latest data by PGA labs showed that the country's largest bank, The State
Bank Of India continues to be the top player with a 30 per cent market share of
debit cards as of August 2022 despite a 3 per cent drop in year-on-year growth.
Cards in circulation in India hit 1 billion as debit cards issuances revive.
While the number of credit cards increased by 25 per cent from 62.81 million in
June 2021 to 78.7 million in June 2022, debit cards increased by 2 per cent from
906 million to 921.75 million during the same period, according to the Worldline
report on digital payments.
HDFC Bank topped the charts in the credit cards segment with a market share of
21%, followed by SBI Cards (19%), ICICI Bank (18%), Axis Bank (11%), RBL Bank
(5%), and Kotak Mahindra Bank (5%), according to PGA data.
While PSU banks hold the lion's share in the debit cards market, Kotak Mahindra
Bank and ICICI Bank witnessed the highest YoY growth in the credit cards segment
with 70% and 22%, respectively.
Axis Bank acquired 1.1 million credit cards in the fourth quater of FY22,
highest ever for any quarter.
"On credit cards, we are seeing huge customer interest in our proposition. We
have grown 26 per cent over last year and we issued around 2.7 million cards
during FY 22," Amitabh Chaudhry, MD & CEO, Axis Bank reportedly said.
Despite the fact that Kotak Mahindra Bank has a market share of only 5% in the
credit cards market, it has witnessed a 70% YoY growth in the month of July.
In May this year credit card spends hit an all time high reaching 1.14 million,
while on a year-on-year basis credit card spends were up 73 per cent, revealed
data released by the Reserve Bank of India.
The data by PGA labs also highlighted that elite credit cards issuers like
American Express and CITI are losing market share with a negative YoY growth of
-7% and -1, respectively. The two banks collectively hold a market share of 5%.
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EXCLUSIVE
TWO RUSSIAN BANKS OPEN SPECIAL VOSTRO ACCOUNT FOR OVERSEAS TRADE IN RUPEE
Two Russian banks have opened a special vostro account following permission from
the Reserve Bank of India to facilitate overseas trade in rupee.
* PTI
Click Here to Read This Story
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Two Russian banks have opened a special vostro account following permission from
the Reserve Bank of India to facilitate overseas trade in rupee. Sberbank and
VTB Bank -- the largest and second largest banks of Russia -- are the first
foreign lenders to receive this approval after the RBI announced the guidelines
on overseas trade in rupee in July.
These banks have opened special vostro account in their respective branches in
Delhi, sources said.
Last month, state-owned UCO Bank received the RBI's approval to open a special
vostro account with Gazprombank of Russia.
The Kolkata-based lender, among the first banks to receive the regulator's
approval following the RBI's decision to promote rupee settlement, opened the
account during this month.
The move to open the special vostro account clears the deck for settlement of
payments in rupee for trade between India and Russia, enabling cross-border
trade in the Indian currency, which the RBI is keen to promote.
The RBI has allowed the special vostro accounts to invest the surplus balance in
Indian government securities to help popularise the new arrangement.
According to reports, Gazprombank is only facing sectoral sanctions, and is not
under the Specially Designated Nationals, or SDN, sanctions.
UCO Bank already has a vostro account-based facility with Iran.
Gazprombank, or GPB, is a privately-owned Russian lender and the third largest
bank in the country by assets.
Last month, the RBI and the finance ministry had asked the top management of
banks and representatives of trade bodies to push export and import transactions
in rupee.
They wanted the banks in India to connect with their foreign counterparts for
opening special rupee vostro accounts to facilitate cross-border trade in the
Indian currency rather than the popular mode of the US dollar.
"Indian importers undertaking imports through this mechanism shall make payment
in INR, which shall be credited into the special vostro account of the
correspondent bank of the partner country, against the invoices for the supply
of goods or services from the overseas seller/supplier," RBI had said earlier.
PTI DP ANZ HVA
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EXCLUSIVE
INDIA BECOMING A SINGLE COUNTRY ALLOCATION; OFFERING UNBEATABLE COMBINATION TO
FPIS: NILESH SHAH
“India is transiting from being a part of global emerging markets to becoming a
single country allocation. We will get money on our fundamentals, on our
earnings growth no matter what happens to the emerging markets if we can make
that transition. And the beginning of that transition has begun.”
* ET Now
Click Here to Read This Story
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“If you have missed the last 30 years boom it does not matter, the same picture
is going to come in a fast forward manner over the next five, seven years, just
grab the opportunity,” says Nilesh Shah, MD, Kotak AMC.
Talking about markets and talking about investor sentiments in general, so far
how has this year been? Investors have gone through a lot, especially the ones
which are new to the market. They have learnt a lot. This entire phase is a very
good learning experience for people who are new to the market and new to
investments. What has been your observation as an AMC person?
Initially when the market used to correct, we used to go out and tell investors
not to get worried, that India’s growth story is long term and so on. Nowadays,
when the market corrects, they give us the money and say do not get worried, we
will send you money, you go and buy. I think the maturity which our investors
have shown, the support which mutual fund distributors have provided in
handholding 3.5 crore customers, has brought a sea change.
This was the first year in my three decades of career where FPI selling did not
impact the market as much as it would have and it is all thanks to the retail
investors and mutual fund distributors who have ensured Rs 12,500 crore of SIP
flows month after month.
Do you this is staying intact because India is an emerging market and it could
be slightly expensive for FIIs but that time horizon could be for a few years.
In the long term, has it really priced well?
I will give you an incident; I was pitching for India with one very large fund
manager and one of my slides was that India is trading at a huge premium to its
emerging market peer group. Our historical average premium is about 40% over
MSCI emerging market and now we are at 80% plus. He said, change your outlook.
On a one-year ,basis India is expensive but on a five-year basis, this is the
cheapest emerging market. When you sit on my chair you do not make investments
on a one-year basis, you make investment on a five-year basis. Now this was a
revelation.
I think India is transiting from being part of global emerging markets to
becoming a single country allocation. We will get money on our fundamentals, on
our earnings growth no matter what happens to the emerging markets if we can
make that transition. And the beginning of that transition has begun.
But the challenges are still intact. If the FII selling is not a trigger, then
we still have the war going on, oil prices, the demand supply constraints. We
are talking about India’s growth story but then what is it that FIIs are looking
at?
So FPIs are looking at three things in India; earnings growth, we are superior
to our emerging market peers. When I started my career we were a $300 billion
dollar economy and $300 billion dollar GDP in the ‘90s. Last year, we were a $3
trillion economy and $3 trillion GDP. So roughly, 10 times growth.
Over the next 30 years, can we grow that 3 trillion to 30 trillion? The answer
is possible. Now whether this happens in 25 years, 30 years or 35 years one can
dispute but can anyone dispute the direction? The answer is clearly no. So there
is earnings growth.
Second is the governance standard. In Russia, the largest private sector oil
company’s chairman fell down from a hospital window and died. He is the eighth
businessman to die in this suspicious scenario.
In China, the largest private sector enterprise’s most celebrated entrepreneur
has been made to sit at home. So we have governance which is far superior to our
peers. And finally we are focussed on green, we will be the only major economy
in the world which is on its way to achieve the Paris Accord target by 2030.
So green, growth and governance – India offers an unbeatable combination to
FPIs.
Let us talk about China because this is a very interesting phase for India to
become a global manufacturing hub. But as per the predictions made by IMF, what
according to you would actually help India supersede in this particular area and
what are the factors that we should actually bank on and work on towards?
China will remain a manufacturer to the world but if we leverage our strengths
today, we areglobal leaders in automobiles, mobile handset manufacturing and
generic pharma. We have certain advantages, for example we grow a very good
amount of cotton, we know how to spin yarn, we know how to weave fabric but we
do not know how to stitch a garment. Now is that a difficult thing? The answer
is no.
China’s garment exports will be $250 billion, we are stuck at $16-17 billion. If
we go niche, area by area, India can become a reliable supplier in part of the
global supply chain. If we look at India’s problem in one line; there are 10-15
crore Indians which are working in agriculture. They should be working in
industry whether it is manufacturing or services it does not matter. And how do
you create that employment, garmenting can easily take a lot of workers.
What according to you is going to be an actual Diwali gift for the Indian
investors talking about market trends or the growth story that we just discussed
about India, what is going to be the major dhamaka or a Diwali pataka in that
sense for us?
The best thing for an Indian investor is the India growth story. We are
transiting from a $3 trillion to $30 trillion economy over the next 30 years.
Direction is certain, timing could be different. In a rising tide, every boat
will get lifted and that is the opportunity for Indian investors.
Now if someone says I do not have a 30 year horizon fair enough but over the
last 30 years, we created about $2.7 trillion dollar of market cap. Next five,
six, seven or 10 years, we will create a similar market cap. So what you have
seen in a slow motion of 30 years you will see in a fast forward in next five to
seven years. That is the best opportunity for India. If you have missed the last
30 years boom it does not matter, the same picture is going to come in a fast
forward manner over the next five, seven years, just grab the opportunity.
When it comes to investing one needs to have a longer time horizon but we also
have viewers who want to know where money will be made in a few quarters and in
one year’s time. Which are the good sectors according to you that might just
reap you a lot of profits and a few sectors which could be challenging for two
years?
As for challenging, it is never the sector, it is always the management. If a
boat has a hole it can never rise whether it is low tide or a rising tide. So
never ever invest with bad managers and bad governance. That is the only thing
to avoid.
From a sectoral point of view, subject to good management, we think the banking
sector will do very well. Today if you have to do a borrowing or a lending, you
are likely to go to five banks. So a lot of consolidation is happening. Cleanup
has already happened as a lot of NPAs are fully provided for. Interest rates are
going up and so margin will expand.
Finally valuations are reasonable. We have seen not only the top tier banks but
also the mid and small tier banks bouncing back quickly. Banking looks like one
sector which will do well over the next couple of years.
Manufacturing in India thanks to China plus one as well as Europe plus one, is
slowly picking up pace. In chemical sector, we have seen Indian manufacturing
companies doing very well, the same trend will get repeated in many things. And
this time opportunity is not only for big companies but also small companies. A
place like Morbi, exports tiles worth more than Rs 15,000 crore. They are facing
the world confidently saying “cheaper than China and better than Italy”. These
are the small, medium enterprises from Morbi collectively dominating the world.
I think there is a renaissance coming in India’s manufacturing sector – be it
capital goods, be it industrial goods, be it engineering companies or chemical
companies. There will be many more such sectors including auto components. So we
have a great opportunity in banking and manufacturing if we can pick up the
right management.
We are seeing a lot more traction in passive investing and even AMCs are
launching a lot of index ETFs and passive funds. Is this an investor interest
shift or is it something that we are seeing in the west and following in India?
Largecaps, specifically active funds are right now not able to perform. Is that
the reason for the passive investment trend among investors?
To me, it is a glass half full or half empty syndrome. Bulk of the AUM in
passive categories is thanks to the government. In equities, it is EPFO
contribution or CPSE and Bharat 22 kind of ETFs where government gives incentive
for people to invest. Rest of the investors have not yet really picked up
passive funds as much as it is being made out to be. The alpha generation is
still not over.
If I look at Kotak Mutual Fund schemes across equity in hybrid bulk of the
funds, most of the periods, we have been generating positive alpha and this is
despite the fact that index fund per se are underperforms benchmark indices
because of transaction costs, variety and other things. My feeling is that as a
manufacturer I have to give both the choices. As long as I am adding value to my
customer, my active funds will sell. The day I stop adding value, my passive
funds will sell.
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EXCLUSIVE
FOREX COMPANIES GIVING 'INVESTMENT LESSONS' UNDER LENS
Recently, Strategy India, which analyses and issues alerts on money circulation
frauds that use multi-level marketing compensation plans to cheat, lodged a
complaint with the Mumbai Police against IX Global and entities linked to it for
allegedly being involved in a multi-level marketing Ponzi scheme.
* Rashmi Rajput
* ET Bureau
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Multiple agencies are probing platforms that are allegedly trading illegally in
foreign exchange and luring people to take lessons in investments that promise
high returns.
Most of them, investigators say, are on an 'alert list' issued by the Reserve
Bank of India in September, after it found them to be dealing in forex in
violation of the Foreign Exchange Management Act.
Recently, Strategy India, which analyses and issues alerts on money circulation
frauds that use multi-level marketing compensation plans to cheat, lodged a
complaint with the Mumbai Police against IX Global and entities linked to it for
allegedly being involved in a multi-level marketing Ponzi scheme.
Separately, the Kolkata Police arrested three people on a complaint filed by
Canara Bank against IX Global.
According to Strategy India's complaint, IX Global used its network of
participants to collect money for TP Global FX and sell subscriptions for
algo-trading bots operating in the forex accounts of the participants under the
guise of online education.
Recently, IX Global launched "debt box licences" and offered 5-16% returns on
investment per month to divert the assets from TP Global to IX Global, the
complaint said. The firm uses cryptocurrency for transactions in debt box
licences.
TP Global FX is on the alert list issued by the RBI.
An email sent to IX Global seeking comment remained unanswered at press time
Sunday.
Recently the Enforcement Directorate had frozen ₹21.14 crore in the bank
accounts of OctaFX and its related entities for alleged violation of forex
rules. According to the agency, OctaFX collected funds from users and then
channelised the money through dummy entities.
Indian laws allow only authorised dealer banks and firms having a forex trading
licence to deal in foreign currencies.
Residents are permitted to trade currency futures contracts like dollar-rupee
and euro-rupee on local stock exchanges. But an individual trader cannot trade
directly in foreign currencies or even transfer funds abroad under RBI's
liberalised remittance scheme to trade in currencies in offshore financial
markets.
In its complaint against IX Global, Canara Bank said that it had detected huge
online transactions in two bank accounts in its Nardendrapur branch that were
opened in the name of companies with fictitious documents, the police said. The
probe found that more than ₹70 crore was traded in the name of TP Global FX, the
police added.
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EXCLUSIVE
EIGHT OF TOP-10 FIRMS ADD RS 2 LAKH CR IN MARKET VALUATION; RELIANCE LEAD GAINER
Eight of the 10 most valued firms together added Rs 2,03,335.28 crore in market
valuation last week amid an overall positive trend in equities, with Reliance
Industries emerging as the biggest gainer. Last week, the BSE Sensex climbed
1,387.18 points or 2.39 per cent.
* PTI
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Eight of the 10 most valued firms together added Rs 2,03,335.28 crore in market
valuation last week amid an overall positive trend in equities, with Reliance
Industries emerging as the biggest gainer. Last week, the BSE Sensex climbed
1,387.18 points or 2.39 per cent.
Barring HDFC Bank and Bajaj Finance, rest eight firms in the top-10 pack
witnessed addition in their market valuation.
The market capitalisation (mcap) of index heavyweight Reliance Industries jumped
Rs 68,296.41 crore to stand at Rs 16,72,365.60 crore.
State Bank of India (SBI) added Rs 30,120.57 crore, taking its valuation to Rs
5,00,492.23 crore.
ICICI Bank's market valuation climbed Rs 25,946.89 crore to Rs 6,32,264.39 crore
and that of Hindustan Unilever Limited (HUL) advanced Rs 18,608.76 crore to Rs
6,23,828.23 crore.
Bharti Airtel's valuation grew by Rs 17,385.1 crore to stand at Rs 4,43,612.09
crore.
The market valuation of ITC jumped Rs 16,739.62 crore to Rs 4,28,453.62 crore
and that of Tata Consultancy Services (TCS) spurted Rs 15,276.54 crore to Rs
11,48,722.59 crore.
The mcap of Infosys soared Rs 10,961.39 crore to Rs 6,31,216.21 crore.
However, the valuation of Bajaj Finance plunged Rs 4,878.68 crore to Rs
4,35,416.70 crore and that of HDFC Bank declined Rs 1,503.89 crore to reach Rs
8,01,182.91 crore.
Reliance Industries continued to rule the top-10 most valued firms chart,
followed by TCS, HDFC Bank, ICICI Bank, Infosys, HUL, SBI, Bharti Airtel, Bajaj
Finance and ITC. PTI SUM SUM ABM ABM
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EXCLUSIVE
WILL RUPEE HIT 84? FURTHER DEPRECIATION LIKELY ON CARDS AMID DOLLAR STRENGTH
The rupee has fallen 0.4% against the dollar this week, marking the sixth
straight weekly fall
* Vidya Sreedhar
* ETMarkets.com
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The swift depreciation of the rupee against the dollar in the recent sessions
saw it breach the psychologically-crucial 83-mark earlier this week.
The rupee has fallen 0.4% against the dollar this week, marking the sixth
straight weekly fall.
The rupee has come off the psychological level, but risks of it breaching that
level again and depreciating further persists, in the run-up to the monetary
policy meetings of European Central Bank (ECB) and the US Federal Reserve,
believe some market experts.
The recent sharp rise in the dollar against the backdrop of rising concerns over
dwindling macroeconomic growth amid steeper rate hikes by the US Federal Reserve
has roiled the currency market.
Year-to-date, the USD/INR is down by nearly 6%, and experts see further
depreciation in the Indian unit, triggered by imported inflation.
The dollar index has hit an over two-decade high of 114.77 points in September.
From around 1% in January, yield on the 10-year US treasury note has surpassed
4%.
“We see the USD/INR ranging between 83 and 84 between now and December end,”
said Manish Jeloka, co-head of products and solutions at Sanctum Wealth
Management.
While Jeloka expects the dollar index to top at 116-mark, he believes that ECB’s
action prior to the Fed’s meet in November must be watched. ECB will meet on
October 27 to discuss policy action.
Meanwhile, the latest inflation print in the US indicated that prices remain
higher than expected, stressing on the need for continuation of rate hikes.
The US Fed began tightening its policy by raising interest rates by 25 basis
points in March. Since March, the central bank has raised rates by a whopping
300 bps, and in its policy statement in September, projected another 125 bps
hike by the end of 2022.
The second last meeting for the year will happen on November 1-2.
RBI Support
With the aim of restraining the Indian currency from seeing a free fall, the
Reserve Bank of India has been holding the guard by intervening in the market.
From its peak of $640 billion in October 2021, RBI’s foreign exchange reserves
have fallen to $534 billion.
“As FX reserves buffer is thinning, a sizable BoP (balance of payments) deficit
($50 billion, BofAe) is likely to exert pressure on INR. Global slowdown
threatening export growth is a key risk to an already elevated trade deficit,”
the global brokerage said in a recent report.
With forex reserves depleting, the Street remains unsure if RBI will continue to
intervene in a big way or lower its guard and let the currency depreciate
further in value.
In its last policy meeting, RBI Governor Shaktikanta Das did say the central
bank is not targeting any particular level for the rupee, and that it would be
okay if the external environment demanded further depreciation.
Given that the current account deficit is widening, there will be a bias towards
outflows, said Jeloka.
(Disclaimer: Recommendations, suggestions, views and opinions given by the
experts are their own. These do not represent the views of Economic Times)
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EXCLUSIVE
NAREDCO SETS UP FINANCE COMMITTEE TO HELP BUILDERS IN GETTING FUNDS FROM BANKS,
NBFCS
Realtors' body NAREDCO on Friday said it has set up a finance committee to help
its builder members to get funds from banks and other financial institutions.
* PTI
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Realtors' body NAREDCO on Friday said it has set up a finance committee to help
its builder members to get funds from banks and other financial institutions.
National Real Estate Development Council (NAREDCO) has started NAREDCO Finance
Committee (NFC) that would help developers to have easy access to funds based on
merit and viability of the projects.
The NFC will facilitate its members to access funds professionally while
matching its members' financing requirements with the banks, financial
institutions and non-banking financial companies lending to the real estate
sector.
Merchant bankers and Resurgent India Limited will be actively associated with
the NFC.
The NFC will also support large-scale projects to access funds via financial
institutions and educate members about the ways to enhance their credit ratings,
NAREDCO said in a statement.
"While on one hand, we wish to help the industry and developers and infuse
liquidity into the system, we plan to help the consumers too with
ready-to-move-in projects," said Rajan Bandelkar, National President, NAREDCO.
The members can apply online and submit their application for facilitation and
funding assistance.
The association has partnered with financial institutions to limit the
processing and in-principle approval time to 15-30 days for an application.
"The industry continues to face a liquidity crunch. We hope to make it a
better-designed and organised sector soon," said Satish Kumar, Chairman, NAREDCO
Finance Committee.
The newly-formed committee will focus on project financing, which would fulfil
the practical requirements of construction by adhering to the construction
cycle, Kumar said.
"As the Committee possesses a definite knowledge of financing policies and
schemes of the governments and institutions for the real estate sector in India,
builders seeking financial assistance would get facilitated with all the updates
on the latest schemes of the central and state governments as well as financial
institutions," said Parveen Jain, Chairman, NAREDCO. PTI MJH MJH BAL BAL
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EXCLUSIVE
SENSEX EXTENDS GAINS FOR SIXTH DAY; AXIS BANK ZOOMS 9% POST Q2 SHOW
The sensex and Nifty defied gravity for the sixth session on the trot on Friday
as healthy corporate earnings and fresh foreign fund inflows offset negative
cues from global markets. Recovering after a sharp sell-off in later afternoon
trade, the 30-share BSE sensex ended 104.25 points or 0.18 per cent higher at
59,307.15.
* PTI
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The sensex and Nifty defied gravity for the sixth session on the trot on Friday
as healthy corporate earnings and fresh foreign fund inflows offset negative
cues from global markets.
Recovering after a sharp sell-off in later afternoon trade, the 30-share BSE
sensex ended 104.25 points or 0.18 per cent higher at 59,307.15.
Similarly, the broader NSE Nifty rose 12.35 points or 0.07 per cent to
17,576.30.
Axis Bank was the star performer among the sensex constituents, soaring 8.96 per
cent after the company on Thursday reported a 66.29 per cent jump in its
consolidated net profit for the September quarter at Rs 5,625.25 crore, driven
by a substantial decrease in bad loan provisions and margin expansion.
The other major winners from the 30-share pack were ICICI Bank, Hindustan
Unilever, Kotak Mahindra Bank, Nestle India, Titan and UltraTech Cement.
However, Bajaj Finance, Bajaj Finserv, IndusInd Bank, Larsen & Toubro, Asian
Paints, ITC and Reliance Industries were among the laggards, shedding as much as
3.20 per cent.
"Selling emerged in the second half led by a weak start to the European markets
due to fears of tight monetary policy. Domestic investors maintained their
caution and began to book profits in anticipation of the truncated week.
"Good start to Q2 FY23 results by banks, IT, and FMCG stocks maintained
stability in the market but mid and small caps were heavily impacted," said
Vinod Nair, head of research at Geojit Financial Services.
On a weekly basis, the sensex climbed 1,387.18 points or 2.39 per cent, while
the Nifty gained 390.60 points or 2.27 per cent.
"Markets have been showing resilience amid mixed cues, however the participation
is largely restricted to select sectors and stocks. Besides, inconsistency on
the global front is also keeping the momentum in check," said Ajit Mishra, VP -
Research, Religare Broking Ltd.
In the broader market, the BSE midcap gauge declined 0.75 per cent and smallcap
index fell by 0.60 per cent on Friday.
Among the BSE sectoral indices, bankex jumped 2.07 per cent, financial services
climbed 0.61 per cent and realty ended marginally higher by 0.10 per cent.
However, capital goods declined 1.12 per cent, industrials tumbled 1.07 per
cent, commodities fell by 0.88 per cent, metal went lower by 0.89 per cent and
power dipped 0.74 per cent.
In other Asian markets, Seoul, Tokyo and Hong Kong ended lower, while Shanghai
closed with gains.
Stock exchanges in Europe were trading lower in mid-session deals. Wall Street
had ended lower on Thursday.
International oil benchmark Brent crude was trading 0.37 per cent lower at
$92.02 per barrel.
The rupee pared its initial losses and settled 4 paise higher at 82.75
(provisional) against the US dollar on Friday.
Foreign institutional investors (FIIs) turned net buyers in the market on
Thursday after many sessions, picking up shares worth Rs 1,864.79 crore, as per
exchange data.
The BSE and NSE will conduct a one-hour special muhurat trading session on
Monday, marking the beginning of a new Samvat 2079 -- the Hindu calendar year
that starts on Diwali.
The trading session would be held between 1815 hrs and 1915 hours.
During Samvat 2078, the sensex dipped 464.77 points, while the Nifty shed 252.90
points.
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EXCLUSIVE
BSE, NSE TO CONDUCT ONE-HOUR 'MUHURAT TRADING' ON DIWALI
The symbolic trading session would be held between 6:15pm and 7:15pm, the stock
exchanges said in separate circulars. It is believed that trading during the
'muhurat' or auspicious hour brings prosperity and financial growth for the
stakeholders.
* PTI
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Leading stock exchanges BSE and NSE will conduct a one-hour special "muhurat
trading" session on Monday, marking the beginning of a new Samvat 2079 -- the
Hindu calendar year that starts on Diwali.
The symbolic trading session would be held between 6:15pm and 7:15pm, the stock
exchanges said in separate circulars.
It is believed that trading during the 'muhurat' or auspicious hour brings
prosperity and financial growth for the stakeholders.
"Diwali is considered to be the ideal time to start anything new. The market
sentiment is quite positive, with a majority of buying orders across segments.
Investors are said to benefit from trading during this session all through the
year," Puneet Maheshwari, director at Upstox, said.
Since the trading window is only open for an hour, markets are known to be
volatile. Therefore, new traders should be watchful. The focus might not be on
profitability as much as it might be on the gesture, he added.
Trading would take place across various segments like equity, commodity
derivatives, currency derivatives, equity futures & options, and securities
lending & borrowing (SLB) in the same time slot.
"India is a land of unique traditions. Even in the stock market, we have a
tradition that is unique to us – Muhurat Trading," Narayan Gangadhar, chief
executive officer at Angel One Ltd, said.
Kanika Agarrwal, Co-founder, Upside AI, said although 11 of the last 15 mahurat
sessions have closed in the green so mahurat can be a good day for traders.
Perhaps there is a case for "hope arbitrage" where you can go long early in the
session and close out positions at the end of the trade.
Overall, Indian equities have outperformed global markets significantly in
Samvat 2078 and the outperformance is expected to continue in Samvat 2079,
driven by strong recovery in the Indian economy and domestic liquidity,
offsetting FPI (Foreign Portfolio Investors) outflows, Manish Jeloka, Co-head of
Products & Solutions, Sanctum Wealth, said.
However, investors need to keep in mind that a slowdown in the global economy
due to tightening liquidity conditions could lead to bouts of volatility like
that witnessed in Samvat 2078, he added.
"Samvat 2079 is likely to be like Diwali. There will be celebration along with
loud busting of crackers. Ukraine, US Fed Rate, Oil, Inflation and Zero Covid
policy of China will continue to bust," Nilesh Shah, group president and MD at
Kotak Mahindra Asset Management Company, said.
Banks, capital goods, manufacturing are likely to outperform the market in
Samvat 2079. Also, tech and pharma will provide interesting opportunities on a
bottom up basis in the correction, he added.
The exchanges will remain closed on October 26, on the occasion of Diwali
Balipratipada.
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EXCLUSIVE
NIFTY, SENSEX END HIGHER FOR 5TH DAY DESPITE WEAK GLOBAL CUES
The 30-share Sensex ended 95.71 points higher at 59,203, while its broader peer
Nifty50 ended above the 17,550 level.
* Navdeep Singh
* ETMarkets.com
Click Here to Read This Story
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Extending its winning run to the fifth straight session despite negative global
cues, domestic equity indices recovered from a downbeat session and managed to
end higher on Thursday. The gains were led by the heavyweights ITC, Bharti
Airtel and IT stocks.
The 30-share Sensex ended 95.71 points higher at 59,203, while its broader peer
Nifty50 ended above the 17,550 level.
Among Sensex stocks, HCL Tech, Tech Mahindra, NTPC, Power Grid, Bajaj Finserv
and Nestle were the top gainers in today's trading session, rising around
1.5-2%. ITC, TCS, Infosys, Tata Steel and Bharti Airtel also settled higher.
However, IndusInd Bank, Asian Paints, UltraTech Cement and HDFC Bank ended the
session with cuts.
Sectorally, the Nifty PSU Bank rose 1.88 per cent and Nifty IT surged 1.33 per
cent. While Nifty Pvt Bank and Nifty Financial Services closed lower. In the
broader market, Nifty Midcap50 fell 0.42 per cent, while Smallcap50 surged 0.19
per cent.
“The sharp increase in US yield, global market weakness, and unexpected drop in
INR promoted selling pressure in the domestic market. Globally, investors expect
the Fed to stay aggressive, raising interest rates by 75 basis points in the
next two policy sessions, bringing the fed rate as high as 4.50% to 4.75%, by
the end of the year,” Vinod Nair, Head of Research at Geojit Financial Services
said.
“The strong domestic market, on the other hand, regained its losses as the RBI
is expected to be less aggressive as domestic inflation is thought to have
peaked. However, FPI inflows are anticipated to remain volatile in the
short-term due to elevated US yields,” Nair added.
Earlier in Asian markets, Japan’s Nikkei 225, China’s Shanghai Composite and
South Korea’s Kospi plunged 0.92%, 0.31% and 0.86%, respectively.
The Indian rupee today slipped to a record low against the US dollar, before
recovering to end the session higher as the Reserve Bank of India (RBI) likely
sold dollars to support the sliding local unit. The rupee closed at 82.76 per US
dollar, against 83.02 in the previous session. It sank to a lifetime low of
83.26 earlier in the day, prompting the RBI to step in. The market breadth was
skewed in favour of bears. About 1,866 stocks declined, 1,567 gained, and 138
remained unchanged.
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