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StepTrade Share Services to launch ₹1,000 crore India fund at GIFT city

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Investment management company StepTrade Share Services has received a Special Economic Zone (SEZ) approval to set up its India fund office at GIFT city, Gandhinagar. This will enable the company to launch approximately ₹1,000 crore India focused fund in the next six months after FME and Scheme approval.

This India fund will have a special focus on the small and microcap segment.

Investments in small and mid cap funds can provide investors with diversification benefits and expose them to a broad range of companies across different stages of growth, StepTrade Share Services said.

Foreign investors will be able to tap into the Indian markets via the StepTrade India fund.

“Contributing to the growth of India is our foremost goal and launching the fund at GIFT City is a step towards that goal,” said Kresha Gupta, Founder and Director, StepTrade Share Services Pvt Ltd, which has its own AIF CAT I, II & III and PMS as well.

The India fund will enable founders and promoters to leverage the advantages offered by the SEZ framework and GIFT City’s infrastructure.

In September 2023, StepTrade Share Services launched the StepTrade Revolution Fund, an open-ended CAT III AIF.

This fund presents an opportunity for investors to engage in Qualified Institutional Buyer (QIB) and Anchor investments within the dynamic and high-growth SME and Microcap sectors.

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Kotak Mahindra MF lowers SIP amount to ₹28 for four funds — what this means for investors

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Kotak Mahindra Mutual Fund has announced some adjustments to its systematic investment plan (SIP) amounts for four of its flagship funds, effective from April 22, 2024.

The funds affected by this change include:

• Kotak Gold Fund.
• Kotak Multicap Fund.
• Kotak Multi Asset Allocation Fund.
• Kotak Nifty 200 Momentum 30 Index Fund.

Investors will witness a reduction in SIP amounts, with daily frequencies now as low as ₹28, down from the previous ₹100.

This means mutual fund investors can now invest a minimum of ₹28 per day via SIP in these schemes.

For investors, this adjustment in SIP amounts presents both opportunities and considerations.

On one hand, the lowered entry barrier may attract new investors who were previously deterred by higher SIP amounts.

With the reduced threshold, more individuals may find it feasible to initiate or increase their investment contributions, thereby fostering greater participation in the market.

Additionally, the daily frequency of SIPs enhances the flexibility for investors, allowing them to incrementally invest smaller amounts at regular intervals.

This approach aligns with the principle of rupee cost averaging, potentially mitigating the impact of market volatility and offering a disciplined investment strategy over the long term.

However, investors should also exercise caution and conduct thorough research before making any investment decisions.

While the lowered SIP amounts may seem appealing, it’s essential to evaluate the performance track record and underlying fundamentals of the respective funds.

Factors such as historical returns, fund objectives, portfolio composition, and market conditions should be carefully assessed to ensure alignment with individual investment goals and risk tolerance.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Gold prices gain on weaker dollar — check rates in your city today

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Gold prices were steady on Thursday (April 18), driven by a variety of factors both at home and abroad. According to data from India’s Multi Commodity Exchange (MCX), gold prices were trading around ₹73,030 per 10 grams, marking an increase of ₹45 compared to the previous day.

Futures contracts mirrored this trend, with prices edging upwards to ₹72,549 per 10 grams from the previous figure of ₹72,523.

Across major Indian cities, including Ahmedabad, Mumbai, New Delhi, Chennai, and Kolkata, gold prices hovered around the ₹74,000 per 10 grams mark.

(Source: CNBC Awaz)

Internationally, gold prices experienced a similar trajectory, with spot gold increasing by 0.8% to $2,379.33 per ounce at 10.01 am GMT.

This rise was attributed to a weaker US dollar and heightened investor concerns over geopolitical tensions, particularly in the Middle East.

“The weakening dollar has been supportive of precious metals across the board today. There are also other supportive factors like geopolitical risks and central bank diversification that have played a role,” Bank of China International (BOCI) analyst Xiao Fu was quoted as saying in a Reuters report.

Geopolitical tensions, including escalations between Israel and Iran, alongside the European Union’s decision to increase sanctions against Iran, contributed to market uncertainty.

Investors sought refuge in assets perceived as safer, including gold, amidst these geopolitical uncertainties.

However, analysts remain cautious about the sustainability of this upward trend.

The Federal Reserve’s cautious approach to rate cuts, as highlighted by Federal Reserve Chair Jerome Powell, and the potential for profit-taking could exert downward pressure on gold prices in the near future.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Why this may be the right time to go for a gold loan

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Gold prices are currently trading above the ₹72,000 per 10 grams mark on the Multi Commodity Exchange (MCX). While these high gold prices may be a problem for those purchasing gold, they benefit those seeking gold loans.

One of the primary reasons behind the optimistic outlook is the direct correlation between rising gold prices and the advantageous position of gold loan borrowers.

As gold loans are secured by the pledged gold, the surge in gold prices translates into a higher value for the collateral.

This implies that borrowers can potentially access larger loan amounts against the same quantity of gold compared to periods of lower prices.

Mehak Srivastava, Head of Marketing at SahiBandhu Gold Loans, highlighted the favourable timing for individuals to explore gold loans.

“Taking out gold loans at this time could be beneficial because gold prices are rising. Given the recent price increase, borrowers may be able to obtain a bigger loan amount than in previous times,” she told CNBC-TV18.com.

Notably, the yellow metal has surged more than 15% in the past three months and emerged as the best-performing asset class since the beginning of 2024.

Looking ahead, experts foresee a continuation of this upward momentum.

Nirav Bhansali, a member of the Gem & Jewellery Export Promotion Council (GJEPC), predicts further growth, stating that gold prices may surge to ₹75,000 per 10 grams by the year’s end.

Economic factors such as inflation and interest rates are expected to play significant roles in shaping future gold prices.

With such projections, securing gold loans becomes increasingly appealing.

Historical data also underscores the correlation between the popularity of gold loans and fluctuations in gold prices.

When gold prices surge, there is a corresponding increase in the demand for gold loans, primarily due to the enhanced value of the collateral.

“Conversely, during periods of low gold prices, the demand for gold loans may decrease as borrowers adopt a wait-and-see approach, anticipating a future uptick in gold prices before leveraging their gold assets,” Srivastava said.

Factors to consider

The value of the gold deposited as collateral determines the amount of the gold loan. At the moment, banks offer a loan to value (LTV) of 75%, whereas other financial service providers lend up to 60%.

This means if the gold is worth ₹1 lakh, the person can get a loan for ₹75,000.

The interest rates on gold loans, availed by pledging gold, are notably lower than other types of loans, ranging between 8-26% per annum.

Additionally, banks and financial institutions in India offer gold loans with amounts ranging from ₹1,500 to ₹1.5 crore, with repayment tenures spanning from three months to four years.

A look at gold loan rates of some of the lenders:

(Source: Bankbazaar)

Gold loan platforms play a crucial role in facilitating access to offers and essential information about gold loans, including interest rates and tenures from various banks.

By leveraging such platforms, borrowers can compare and identify lenders offering competitive interest rates for specific loan terms.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Bureau introduces ‘Money Mule Score’ to tackle rising identity theft in BFSI segment

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Bureau, a fraud and identity decisioning platform, has introduced ‘Money Mule Score’. This feature will empower financial institutions, NBFCs, and fintech companies to detect potential money mules during user onboarding.

The solution provides a risk assessment, which goes beyond traditional KYC processes to detect and prevent mule accounts, Bureau said in a statement.

Money mule fraud has become a critical threat to global financial security.

As per NASDAQ’s Global Financial Crime Report 2024, among anti-financial crime professionals surveyed, 47% listed money mule activity as a major concern, placing it second only to real-time payments fraud.

Money Mule Score is built on Bureau’s proprietary Link Analysis that utilises advanced machine learning and analytics to assess user’s risk indicators, beyond the traditional KYC process.

It incorporates Bureau’s domain expertise across email, phone, social media, and device intelligence which analyses users’ legitimacy through device fingerprints, behavioral patterns, and historical data, and flagging potential high-risk users right at the onboarding stage.

Ranjan R Reddy, Founder & CEO, Bureau – “Fraud, and online financial crime is a growing menace in India, which puts trust between digital platforms, their customers, and regulators in jeopardy. Our money mule score identifies potential mule accounts in real-time at onboarding, as well as detect existing accounts and activity that are suspicious.”

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Motilal Oswal Alternates-backed Simpolo Group to invest ₹1,000 crore to triple manufacturing capacity

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Simpolo Group, backed by Motilal Oswal Alternates, has revealed plans for an expansion to reshape India’s ceramic industry landscape. The announcement entails an investment exceeding ₹1,000 crore over the next two to three years, aiming to triple the current production capacity.

This initiative is set to establish two manufacturing facilities strategically positioned across the country, the company said.

One of these facilities, located in Malia, Morbi, Gujarat, spans 86-acre area.

With an investment of ₹650 crore, this project is slated to commence operations in FY26.

The Malia plant is anticipated to become a focal point of innovation and excellence within the ceramic industry, offering employment opportunities to over 400 individuals.

In a similar vein, the Naidupeta plant in Tirupati, Andhra Pradesh, sprawls across 83 acres.

With an investment surpassing ₹350 crore, this endeavor is scheduled to kickstart operations in FY25, aiming to scale production capacity to 13.2 million square meters per annum within two years.

Furthermore, the Naidupeta plant is expected to contribute to socio-economic development by creating approximately 300 direct and indirect job opportunities.

Jitendra Aghara, CMD of Simpolo Group expressed confidence in the ability of the new facilities to set benchmarks for excellence in the ceramic industry.

Bharat Aghara, Chief Marketing Officer of Simpolo Group said this expansion is expected to facilitate penetration into new geographies and product segments.

Simpolo Group’s subsidiary, Nexion, currently operates a facility in Morbi with a production capacity of 6.6 million square meters per annum.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

HDFC Life Q4 results: Net profit rises 15%, company misses FY24 guidance on VNB margin

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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HDFC Life Insurance on Thursday (April 18) reported 14.8% rise in net profit to ₹411 crore for the fourth quarter of FY24. In the same period last year, the company had recorded a net profit of ₹358 crore.

Despite this growth, the company’s Value of New Business (VNB) margin experienced a decline, dropping by more than 300 basis points year-on-year to 26.1%, slightly lower than the estimated 27.7%.

The VNB also saw a decline, standing at ₹1,234 crore compared to ₹1,511 crore in the same period last year.

In terms of total Annualised Premium Equivalent (APE) for Q4, HDFC Life recorded ₹4,727 crore, down from ₹5,162 crore in the previous year.

Despite these fluctuations, the net premium income of the insurer reached ₹20,488 crore, a 5.4% increase from ₹19,426 crore in the corresponding quarter of the previous year.

However, the company’s solvency ratio witnessed a decline, standing at 187% compared to 203% recorded a year ago.

HDFC Life noted positive growth in Tier 2/3 markets, exceeding industry-level growth by 13%.

Annuity and protection contributed nearly half of the new business premium.

Operating Return on Embedded Value (ROEV) stood at 17.5%, with Indian Embedded Value reaching ₹47,468 crore.

The company proposed a final dividend of ₹2 per share.

In a boardroom change, Deepak Parekh stepped down from the role of Chairman and Non-Executive Director, with Keki M Mistry appointed as the new Chairman of the Board.

Additionally, independent directors VK Viswanathan and Prasad Chandran will cease their roles after completing two consecutive terms of five years each on April 24, 2024.

Venkatraman Srinivasan has been appointed as an Independent Director to fill the vacancy.

Following the earnings announcement, shares of HDFC Life were trading nearly 0.95% up at ₹610.20 apiece on the BSE.

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Utility bill payments via these credit cards to get expensive from May 1

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Effective May 1, utility bill payments via YES Bank and IDFC First Bank credit cards will come at an added cost. Both of these lenders are set to impose surcharges on some of the transactions.

IDFC First Bank has announced a 1% surcharge along with Goods and Service Tax (GST) on bill payments exceeding ₹20,000 in a single statement cycle through its credit cards.

This adjustment, affecting a wide array of utilities including telecommunications, electricity, gas, water, internet services, and cable services, aims to rationalise costs associated with high-value transactions.

However, exceptions are made for specific cards like the First Private Credit Card, LIC Classic Credit Card, and LIC Select Credit Card.

Airport lounge access benefits will also undergo modifications, with a reduction in free domestic lounge visits for select credit cards.

The number of free domestic airport lounge visits on IDFC First Select Credit Cards will be reduced from four each quarter to two, while First Wealth Credit Cards will now allow access to both domestic and international airport lounges twice per quarter, down from four visits.

Similarly, Yes Bank is set to implement a 1% surcharge along with GST on bill payments exceeding ₹15,000 in a single statement cycle through its credit cards.

However, exemptions are granted for transactions made via the Yes Bank Private Credit Card.

These changes reflect a broader industry trend of addressing the low-margin nature of utility transactions and curtailing perceived misuse.

“Utility transactions represent a low-margin business category for banks, prompting the introduction of surcharges to offset operational costs and deter potential misuse,” Sumanta Mandal, founder of TechnoFino was quoted as saying in News18 report.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

SBI NCMC cards now available on Bharat BillPay platform: Here’s how to recharge

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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NPCI Bharat BillPay Limited (NBBL), a subsidiary of the National Payments Corporation of India (NPCI), has collaborated with the State Bank of India (SBI) to onboard SBI NCMC cards on its Bharat BillPay platform. This partnership aims to streamline the recharge process for National Common Mobility Cards (NCMC).

The category is already live with SBI NCMC cards for Noida Metro, Nagpur Metro, MMRDA Line 2A & 7, Chennai Metro, Kanpur Metro, and Parliament Canteen via the bank’s Bharat BillPay-enabled application, SBI Unipay, and more frontend platforms will go live with the service soon, NBBL said in a statement.

This new feature will enable customers to recharge or top-up their NCMC cards online.

Commuters will be able recharge their NCMC cards with amounts up to ₹10,000 using various payment methods, including prepaid, debit, and credit cards.

Noopur Chaturvedi, CEO of NPCI Bharat BillPay said, “NCMC customers, across locations, can now get a seamless experience while recharging, at the platform of their choice. This is one more step to ease digital payments, backed by the certainty, reliability, and safety of our Bharat BillPay platform.”

Mahesh Kumar Sharma, DMD (Transaction Banking & New Initiatives) at State Bank of India said, “Through this development, SBI NCMC cardholders can get  instant and secure option of topping up their wallets via SBI Unipay and all other Bharat BillPay-enabled digital front-end platforms.”

To recharge their NCMC cards via Bharat BillPay, customers can follow these steps:

Step 1: Open SBI Unipay (or other Bharat BillPay enabled front-end platforms)

Step 2: Choose the NCMC category

Step 3: Select the biller

Step 4: Input mobile number and last 4 digits of NCMC card number

Step 5: Enter the recharge amount

Step 6: Make the payment

Upon successful recharge, customers need only tap their cards on terminals to update the balance on their NCMC cards.

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3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

EPFO doubles partial withdrawal limit for medical treatment — here’s how to file online claim

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Employees’ Provident Fund Organisation (EPFO) has increased the existing eligibility limit of auto claim settlements under Paragraph 68J to ₹1 lakh from ₹50,000 earlier. This enhancement is part of the EPFO’s efforts to streamline auto claims processing, as stated in a circular issued.

Paragraph 68J is a provision that allows Employees Provident Fund (EPF) subscribers to seek advances for medical needs for themselves and their dependents.

The circumstances include extended hospitalisation, major surgeries, and ailments such as TB, leprosy, paralysis, cancer, mental illness, or heart conditions.

Notably, the updated provision eliminates the need for additional documentation such as medical certificates or proforma, simplifying the claim process for subscribers.

Furthermore, physically impaired members can utilise Paragraph 68N to request advances for equipment that alleviate their condition, subject to certain conditions.

The maximum advance amount is determined based on the member’s basic pay, dearness allowance, personal contribution share, and interest, ensuring equitable access to funds for medical purposes.

In addition to medical expenses, EPF subscribers can make partial withdrawals for various reasons such as marriage, home purchase, loan repayment, or house renovation.

The subscribers can put a claim for ‘advance’ withdrawal via EPFO’s unified portal — unifiedportal-mem.epfindia.gov.in.

The claim is then forwarded to the employer for approval. Once approved, the amount is credited to the subscriber’s account.

Here are the steps to initiate a EPF claim online via EPFO’s website:

Step 1: Login to EPFO portal – unifiedportal-mem.epfindia.gov.in using UAN and password. The UAN is an identification number mentioned in the monthly salary slip of an employee.

Step 2: Go to ‘online services’ and select ‘claim’ section.

Step 3: Verify the bank account number.

Step 4: Upload a scanned copy of a cheque or the passbook.

Step 5: Select the reason for submitting the advance. Partial withdrawal from EPF accounts are allowed for purchase/construction of house, repayment of loan, non-receipt of wage for two months, marriage of self/daughter/son/brother, for medical treatment of family members, outbreak of pandemic, etc, according to EPFO.

Step 6: Generate an Aadhaar-based OTP. Once the claim is processed, it will be forwarded to the employer for approval. The subscriber can check the ‘claim status’ by selecting the option under ‘online service’.

ALSO READ | EPFO’s New Rule: How the automatic EPF account transfer facility works?

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow