Author: Anshul

HDFC Bank launches its first virtual credit card with ₹500 annual fees: How to apply

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

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HDFC Bank announced the launch of ‘PIXEL’, its first series of digital credit cards, on Tuesday (May 14). PIXEL marks HDFC Bank’s foray into an end-to-end mobile app-based customisable credit card range.

With this, users will have the freedom to personalise their credit card experience to fit their lifestyle. They will be able to prefer categories and merchants, colours and billing dates.

PIXEL will be offered in two variants: PIXEL Play and PIXEL Go.

While PIXEL Play will allow users to build their own cards with personalised benefits, PIXEL Go is designed for beginners seeking to build their credit scores.

These credit cards will come with a ₹500 membership fee plus taxes.

Key highlights of PIXEL include:

• Customisable cashback options for dining, entertainment, travel, fashion, electronics, and grocery purchases.
• Flexible repayment options, including low-cost EMIs.
• Instant digital onboarding and real-time tracking of transactions and rewards through the PayZapp mobile application.

Through PIXEL, the bank will give the power of customisation and choice to customers, by enabling them to select their preferred categories and favourite merchants/platforms such as Zomato, Myntra, BookMyShow, MakeMyTrip, Amazon and Flipkart, among others.

By doing so, customers can earn cashback on their spends from these merchants/platforms.

Both current and new customers can apply for PIXEL credit cards through the PayZapp mobile application of the bank.

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

General insurance premium grows 16% in April, ICICI Lombard and Star Health shine

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

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General insurance companies displayed strong growth in premium collection for the month of April. The general insurance industry (comprising general insurers and standalone health insurers) saw its premium collection grow by 16%, while standalone health insurers experienced 27% growth.

ICICI Lombard: Strong performance on a high base

In April 2024, ICICI Lombard’s premium collection grew by 23% year-on-year.

Despite achieving a 17% growth in premium collection in April 2023, ICICI Lombard managed to sustain its growth momentum, indicating a healthy pace of growth despite having a strong base.

Additionally, ICICI Lombard’s market share increased by 63 basis points in April 2024 compared to the previous year.

New India Assurance: Premium growth lags despite a favourable base

New India Assurance recorded a 10% growth in premium collection for April 2024.

Despite a favorable base, the company only managed to achieve a 4% growth in premium for April 2024.

The larger disappointment for New India Assurance was on the market share front, as the company lost market share by 200 basis points or 2% in April 2024 compared to the previous year.

Go Digit General Insurance

Ahead of its public issue launch, Go Digit General Insurance experienced an 8% growth in premium collection for April 2024, a decline from the 40% growth seen in April 2023.

Additionally, the company’s market share dipped by 22 basis points in April 2024 compared to April 2023.

Star Health Insurance: Focus resumes on premium growth

Despite a strong base of 25% growth in premium for April 2023, Star Health managed to grow its premium by 23% in April 2024.

In recent months, the gap between the growth in premium for the Standalone Health Insurance Industry’s average premium growth and Star Health has been around 8-10%, which narrowed to 4% in April.

Unlisted large players also demonstrated notable growth:

• Bajaj Allianz General Insurance recorded a 45% increase in premium collection.
• HDFC Ergo witnessed a 20% growth in premium.
• SBI General Insurance experienced a growth of 45% in premium for April 2024.

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

This is Zerodha Fund House’s first mutual fund scheme to cross ₹1,000 crore AUM

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

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Zerodha Fund House’s (ZFH’s) Growth Liquid Exchange Traded Fund (ETF) has become the first mutual fund scheme under its banner to exceed the ₹1,000 crore Assets Under Management (AUM) threshold.

Dubbed the Zerodha Nifty 1D Rate Liquid ETF, this fund distinguishes itself as India’s first Liquid ETF with Growth Net Asset Value (NAV).

Launched earlier this year on January 24, 2024, the Zerodha Nifty 1D Rate Liquid ETF tracks the performance of the Nifty 1D Rate Index.

This scheme assesses the returns generated by market participants lending in the overnight market.

With a primary focus on investing in TREPS (Treasury Bills Repurchase) traded on the CCIL (Clearing Corporation of India Ltd) platform, the ETF provides investors exposure to overnight debt products backed by treasury bills.

Its structure facilitates transitions between equity and cash within the same settlement.

Deepak Shenoy, Founder of Capitalmind said, “LIQUIDCASE is the innovation this market was waiting for so it is not surprising that it is gaining traction in the market. It removes dividend accounting and tracking hassle, making it simple to use to take cash positions.”

He emphasised the ETF’s ability to execute large-volume transactions close to NAV.

This ensures minimal slippage and maximises investor returns.

Liquid ETFs like LIQUIDCASE predominantly allocate funds towards overnight debt securities such as Tri-Party Repo, Repo, Government Securities, Reverse Repos, and similar instruments.

Notably, approximately 99% of LIQUIDCASE’s allocation is directed towards Tri-Party Repo, traded through the CCIL platform and fully collateralised by government securities.

ALSO READ | Total demat accounts increased to 154 million in April: Motilal Oswal

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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

Total demat accounts increased to 154 million in April: Motilal Oswal

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

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The total number of demat accounts surged to 154 million in April, according to Motilal Oswal Financial Services.

The addition of new accounts remained relatively flat at 3.1 million, consistent with the average monthly addition rate observed throughout the financial year 2024.

The average monthly additions stood at 3.1 million in FY24.

CDSL demonstrated gains both in overall market share and on a month-on-month basis, Motilal Oswal said.

On the other hand, NSDL lost 400bp/470bp market share in total/incremental demat accounts on a year-on-year (YoY) basis.

Shifting the focus to brokerage activities, the National Stock Exchange (NSE) saw a 2.6% month-on-month increase in active clients, reaching a total of 41.8 million in April 2024.

The top five discount brokers now command a 63.9% share of total NSE active clients.

Among key brokerage firms, Zerodha reported a marginal increase in client count but experienced a slight decline in market share.

Meanwhile, Groww, Angel One, and Upstox witnessed growth in both client count and market share.

In the traditional brokerage segment, ICICI Securities and IIFL Securities reported modest increases in client count, albeit with fluctuations in market share, reflecting the dynamic nature of the market.

Turning to derivatives trading, BSE experienced mixed trends, with a minor decline in the total average daily turnover (ADTO) attributed to a slight decrease in F&O (Futures and Options) ADTO, countered by an increase in cash ADTO.

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

PhonePe resolves trademark infringement dispute with Aniket Food via out-of-court settlement

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

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Digital payment platform PhonePe has reached an out-of-court settlement with Aniket Food regarding a trademark infringement case. The resolution comes after a series of legal proceedings initiated by PhonePe against Aniket Food for the unauthorised use of its trademarks.

The dispute, which was brought before the Calcutta High Court, saw PhonePe seeking legal recourse against Aniket Food for the illicit use of its trademarks, including “PhonePe”.

The High Court, in its order dated April 10, 2024, had granted an ex-parte injunction in favour of PhonePe, prohibiting Aniket Food from manufacturing and selling products bearing the infringed trademarks.

Additionally, a Special Officer appointed by the Court conducted an inventory of the infringing goods at Aniket Food’s premises on April 19, 2024.

Following the Court’s intervention, Aniket Food approached PhonePe for an out-of-court settlement.

Aniket Food admitted PhonePe’s ownership of the trademarks and pledged to cease all infringing activities.

Key points of the settlement include Aniket Food’s acknowledgement of PhonePe’s exclusive rights over the trademarks, recognition of the marks’ reputation and a commitment to refrain from any future unauthorised use of the marks.

The Calcutta High Court approved the compromise on May 10, 2024, decreeing the suit in favour of PhonePe.

Copies of the infringed mark photos, the High Court order, and the compromise agreement have been filed before the Court.

ALSO READ | India to delay payments market cap, helping Walmart-backed PhonePe, Google Pay

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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

Gold prices slip ahead of US inflation data announcement: Should you buy the dip?

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

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Gold prices fell nearly ₹430 on Tuesday (May 14) to trade at ₹72,820 per 10 grams. Globally, however, gold prices showed a slight uptick, as attention turned to forthcoming inflation reports.

This is crucial for gauging the US Federal Reserve’s stance on interest rate adjustments.

Spot gold, after a 1% decline on Monday, managed to rise by 0.2% to $2,340.77 per ounce.

US gold futures saw a similar increase of 0.2% to $2,346.30.

Despite this global trend, gold slipped from its three-week high due to concerns over a potential slowdown in the US economy against persistent inflationary pressures.

Bullion fell by as much as 1.1%, trading at $2,334 an ounce.

The anticipated release of the US producer price index data followed by the consumer price index added to the uncertainty.

Expectations are for core inflation to have risen by 0.3% month-over-month in April, potentially pulling the annual rate down to 3.6%.

Kelvin Wong, a senior market analyst for Asia Pacific at OANDA, pointed out that if gold maintains its position above the $2,320-$2,330 range, it signals short-term bullish momentum.

However, he noted that the current support for gold prices stems from stagflationary risk scenarios.

The recent weak jobs report and softer-than-expected US payrolls data for April have fueled expectations for rate reductions.

Many economists are now predicting two key interest rate cuts starting in September, as per a Reuters poll.

Vikas Jain, Senior Research Analyst at Reliance Securities, echoed concerns over a potential slowdown in the US economy versus persistent inflationary pressures.

“This could hinder the Federal Reserve’s plans to lower borrowing costs,” Jain said.

So, should  one buy the dip?

Experts recommend including gold in portfolios for diversification as a hedge against market volatility.

With gold rates having witnessed gains of approximately 15% in domestic bourses in 2023, experts advise allocating 8-10% of the investment portfolio to gold.

Religare Broking suggests seizing the opportunity to accumulate gold through systematic investment plans (SIPs), especially during market dips.

The brokerage advises initiating SIPs as long as gold prices maintain above ₹68,500 per 10 grams.

Religare has set initial upside targets of ₹74,000 and ₹78,000 per 10 grams.

However, they caution that a decisive break below the previous swing low of ₹65,200 per 10 grams could disrupt this trend.

This could lead gold to retest the range of ₹63,300 to ₹63,800 per 10 grams.

Click here to register for CNBC Awaaz’s upcoming webinar Commodity Gurukul

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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

Minerva Ventures Fund buys total 2% stake in KBC Global

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

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US-based Minerva Ventures Fund has acquired a 2% equity stake in KBC Global Ltd (formerly known as Karda Construction Limited). The investment, totaling ₹4.15 crore, involved the purchase of 2 crore shares at varying prices.

According to bulk deal data, Minerva Ventures Fund procured 1% equity (1 crore shares) of KBC Global at ₹2.05 per share on April 26, 2024, and an additional 1% equity (1 crore shares) at ₹2.10 per share on April 30, 2024, through transactions on the National Stock Exchange.

KBC Global has revealed plans for expansion in both domestic and international markets.

In a recent achievement, the company successfully delivered 54 units of its Hari Kunj Mayflower project, a residential-cum-commercial venture located in Karmayogi Nagar, Nashik, Maharashtra, coinciding with the Gudi Padwa festival.

The company’s board of directors, during their April 2024 meeting, approved the conversion of 60 bonds into equity shares as per the terms and conditions of the Foreign Currency Convertible Bonds (FCCB) issuance.

Notable projects include Hari Gokuldham, Hari Nakshtra-ll Eastext Township, Hari Sanskruti ll, Hari Siddhi, and Hari Samarth.

Naresh Karda, Chairman and Managing Director of KBC Global, expressed optimism regarding the company’s growth prospects, citing strategic initiatives, a robust project portfolio, and a focus on expansion.

KBC International, a step-down subsidiary of KBC Global, has signed a Memorandum of Intent with the Federal Housing Authority (FHA) in Nigeria.

To support its expansion, KBC Global Ltd raised funds through the issuance of 950 foreign currency convertible bonds, listed on AFRINEX Limited, Mauritius.

The board also approved the revised term sheet for funds borrowed through the issuance of unsecured foreign currency convertible bonds in November 2022.

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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

This new income tax feature gives users real time updates on their feedback: How to use

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

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The Income Tax Department has unveiled a new functionality in the Annual Information Statement (AIS). This provides taxpayers with real-time updates on the status of feedback provided by them to the respective source or reporting entities.

Termed as the feedback mechanism, this feature enables taxpayers to monitor whether their feedback has been addressed by the source, either partially or fully accepting or rejecting the same. If the feedback is partially or fully accepted, the source is required to correct the information by filing a correction statement.

The following attributes shall be visible to the taxpayer for the status of feedback confirmation from the source.

Whether feedback is shared for confirmation: This will let the taxpayer know if the feedback has been shared with the reporting source for confirmation or not.

Feedback shared on: This will let the taxpayer know the date on which the feedback has been shared with the reporting source for confirmation.

Source responded on: This will let the taxpayer know the date on which the reporting source has responded to the feedback shared with it for confirmation.

Source response: This will let the taxpayer know the response provided by the source on the taxpayer’s feedback (if any correction is required or not).

“This new functionality is expected to increase transparency by displaying such information in AIS to the taxpayer,” stated the Income Tax Department in a statement.

How to use the new feature?

Taxpayers can access the new feature through the compliance portal on the e-filing website (www.incometax.gov.in).

Within the AIS interface, taxpayers can track the progress of their feedback on displayed transactions in real time.

Here’s how to use the feature:

Step 1: Log in to the compliance portal using credentials.

Step 2: Navigate to the AIS section.

Step 3: Look for the feedback feature to monitor the status of feedback.

Upon submission of feedback, an automated confirmation process is initiated with the source, encompassing information provided by tax deductors/collectors and reporting entities.

Understanding AIS

An AIS contains all the data regarding taxpayers’ incomes, financial transactions, income-tax proceedings, tax details, and more.

The same can be used while filing the income tax returns.

In other words, it is a more comprehensive single reference document for taxpayers which can also be modified by the taxpayer if he/she believes the information reported is incorrect.

ALSO READ | Income tax department launches utilities for ITR-3 form: Who should use them and how

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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

RBL Bank gains over 2% after RBI approves quant Money Managers’ stake acquisition

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

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Shares of RBL Bank rose by over 2% on Tuesday (May 14), a day after the Reserve Bank of India (RBI) gave the green signal for quant Money Managers to acquire a significant stake in the bank.

On BSE, RBL Bank’s shares opened higher at ₹246.95 apiece and climbed to an intraday high of ₹251.50 apiece.

quant Money Managers has been granted the authority to acquire an aggregate holding of up to 9.98% of the paid-up share capital or voting rights in RBL Bank within a specified timeframe ending by May 12, 2025.

However, the approval mandates that the aggregate holding should not exceed 9.98% at any given time, with any reduction below 5% requiring prior RBI approval for an increase.

As of May 10, 2024, quant Mutual Fund, a subsidiary of quant Money Managers, already held 4.68% of RBL Bank’s equity share capital.

In another development, RBL Bank’s net profit rose over 30% in fourth-quarter as compared to the corresponding period in the previous financial year.

The bank reported a net profit of ₹352.5 crore, surpassing CNBC-TV18’s poll estimate of ₹320.7 crore.

RBL Bank’s net interest income (NII) for the fourth quarter stood at ₹1,599.8 crore, slightly lower than street estimates of ₹1,604.7 crore.

It represented a 17.9% increase compared to the same period in the previous financial year.

As of the time of writing this news, RBL Bank’s shares were trading 1.79% higher at ₹250.50 on BSE.

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

MobiKwik launches Daily Gold Savings Plan: How it works

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

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Fintech company MobiKwik has announced the launch of Daily Gold Savings Plan. The will help users to save small amounts daily, MobiKwik said in a statement.

With this, users can opt for either daily, monthly or one-time SIPs.

The daily SIP plan facilitates sachet saving.

One of the key features of the Daily Gold Savings Plan is that users who make daily SIPs exceeding ₹51 are eligible to have the costs of one SIP covered every quarter.

MobiKwik has partnered with SAFEGold for its reliability of gold purchases, the fintech firm stated.

Additionally, the plan will offer users the flexibility of selling or gifting their gold holdings anytime, with doorstep delivery at no extra charge.

Bipin Preet Singh, Co-founder & CEO, MobiKwik, said, “Gold has long been regarded as one of the safest mediums of savings, standing the test of time. Our Daily Gold Savings Plan aims to digitise and democratise this tradition, making it accessible to everyone.”

Gold is often used as a hedge against economic uncertainty and inflation as it tends to have a low correlation with other asset classes like stocks and bonds.

For investors, experts suggest adding gold to the portfolio as it can help diversify risk.

If investors are looking to diversify investments and reduce overall portfolio risk, allocating a portion to gold may be beneficial.

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