Category: Personal Finance

High demand for homes in India despite inflation, Ahmedabad leads in buying: Magicbricks

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

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Despite inflationary pressures, the Housing Sentiment Index (HSI) across India remains robust with strong buyer confidence, according to a report by Magicbricks, a real estate platform.

Based on preferences of over 4,500 customers across 11 cities, Magicbricks launched its flagship HSI — which reveals that the Indian residential real estate sector has an overall HSI of 149 .

Ahmedabad emerged as the frontrunner with the highest HSI of 163, closely followed by Kolkata (160), Gurugram (157), and Hyderabad (156), propelled by enhanced infrastructure and upcoming new real estate projects, the real estate platform said.

According to Sudhir Pai, CEO, Magicbricks, “The current scenario of India’s real estate sector reflects the most promising conditions witnessed in the past decade, instilling confidence among homebuyers and investors nationwide.”

The report also identified that mid-age professionals (24-35 years) demonstrated the highest HSI  of 154.

Further, consumers with annual income of ₹10-20 lakh displayed strongest aspirations for home buying, with HSI of 156.

Abhishek Bhadra, Head of Research, Magicbricks explained, “Our research indicates that homebuyers are demonstrating a notable willingness to invest up to four times their annual incomes. This outlook is supported by various factors, such as increasing incomes, consistent economic stability, and targeted government initiatives aimed at reinforcing the resilience of the real estate sector.”

The report also revealed that a majority of homebuyers intend to make a purchase within three years.

Additionally, the report said 54% of Indian buyers and more than 75% of female workforce prefer to invest in the stock market after real estate.

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

Groww MF increases minimum investment requirements for Nifty Total Market Index Fund: What this means for investors

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

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Groww Mutual Fund has announced changes to investment criteria for its Nifty Total Market Index Fund. The alterations focus on the minimum application and Systematic Investment Plan (SIP) amounts.

The minimum application amount for the Groww Nifty Total Market Index Fund has been revised from ₹10 per application to ₹100 per application.

Additionally, investors opting for SIPs will face revamped minimum investment requirements across different frequencies.

For weekly and monthly SIPs, the minimum amount has been elevated from ₹10 to ₹100. For investors selecting the quarterly SIP frequency, the minimum amount has been raised from ₹10 to ₹300.

The raised minimum investment thresholds represent a higher entry barrier for new investors.

With fewer smaller investors and larger sums being invested, the fund may experience improved liquidity and stability.

Existing investors in the Groww Nifty Total Market Index Fund may need to reassess their investment strategies in light of the increased minimum amounts.

They may consider factors such as affordability, investment goals, and the impact on their overall portfolio allocation.

In a separate development, financial services company Groww said it has received the Securities and Exchange Board of India’s (SEBI’s) approval to launch the Nifty Non-Cyclical Consumer Index Fund through a new fund offering (NFO).

This will be India’s first non-cyclical index fund and will be launched by Groww Mutual Fund.

The NFO is expected to go live in the first week of May.

It will be an open‐ended scheme tracking the Nifty Non-Cyclical Consumer Index–TRI.

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

Gold prices set for biggest weekly drop since December

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

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Gold prices are set for their largest weekly decline since December in the global markets, according to news agency Reuters. On Friday (April 26), the yellow metal inched 0.1% higher to $2,334.57 per ounce, while US gold futures rose 0.2% to $2,346.70.

For the week, gold prices are down 2.3%, marking their most substantial weekly drop since early December.

The easing of tensions in the Middle East has played a significant role in this decline.

Concerns over a potential escalation in the region had previously supported gold prices to an all-time high of $2,431.29 on April 12.

However, as fears subsided, gold prices retreated, shedding nearly $100 from their peak, as per Reuters.

Indian market dynamics

In India, the yellow metal’s prices are up by 5% so far this month.

This follows an 8% gain recorded in March.

The current stability in prices is influenced by various factors, including expectations surrounding interest rate cuts.

Recent US economic data releases have presented a mixed bag, with slowing growth juxtaposed against persistent inflationary pressures.

This has left analysts and investors grappling with uncertainty regarding the Federal Reserve’s monetary policy stance.

Experts insight

Rahul Kalantri, VP of Commodities at Mehta Equities Ltd, highlights the concept of “stagflation” as a key concern among economists.

This phenomenon, characterised by stagnant economic growth coupled with high inflation, has driven US bond yields to a five-year high.

Consequently, the appeal of non-yielding assets like gold has been somewhat dampened.

Anuj Gupta of HDFC Securities suggests that gold faces resistance at the ₹71,500 level in the Indian market.

However, a breach of this barrier could pave the way for further gains, potentially touching ₹72,000 per 10 grams.

Gupta advises investors to maintain a stop loss at ₹71,000 per 10 grams, with a near-term target of ₹72,000 per 10 grams.

Conclusion: To buy or not to buy?

The decision to invest in gold hinges on various factors, including individual risk tolerance, portfolio diversification goals, and macroeconomic outlook.

While recent price movements may give pause, gold’s status as a hedge against volatility cannot be overlooked.

Investors should exercise caution and conduct thorough research before making any investment decisions.

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

Edelweiss MF launches Nifty Alpha Low Volatility 30 Index Fund: Should you invest?

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

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Edelweiss Mutual Fund on Friday (April 26) launched the Nifty Alpha Low Volatility 30 Index Fund. The New Fund Offer (NFO) of the scheme is open for subscription till May 10.

The Nifty Alpha Low Volatility 30 Index Fund is designed to invest primarily (95-100%) in equity and equity-related securities that mirror the Nifty Alpha Low Volatility 30 Index.

This index comprises 30 selected stocks from the top 150 listed on the NSE, emphasising both Alpha and Low Volatility factors.

The index has outperformed the Nifty 100 TRI by over 5% in the past 10 years, the mutual fund house said.

The index follows a factor-weighted approach, rebalanced semi-annually in June and December.

Stock weights are determined based on high Jensen Alpha and Low Volatility over the past year, ensuring a dynamic and responsive investment strategy.

The Nifty Alpha Low Volatility 30 Index Fund will provide investors with both regular and direct plans, offering growth and Income Distribution cum Capital Withdrawal (IDCW) options.

Managed by Bhavesh Jain, Co-Head of Hybrid & Solutions Funds at Edelweiss AMC, the fund will allocate 0-5% to debt and money market instruments, ensuring a balanced approach to wealth accumulation.

A look at returns of peer funds

(Source: Value Research)

Investment considerations

According to Radhika Gupta, MD & CEO of Edelweiss Mutual Fund, this fund is
an ideal solution for investors seeking to invest in large-cap-oriented strategy which can outperform the broader market.

“This multi-factor approach, blending Alpha and Low-Volatility factors, aims to
deliver performance while mitigating volatility, thereby enhancing risk-adjusted returns for investors,” she said.

However, like all investments, this fund carries inherent market risks, including fluctuations in stock prices and unforeseen macroeconomic events that could impact performance.

Additionally, past performance is not indicative of future results, and investors should be mindful of the dynamic nature of financial markets.

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

RBI’s action against Kotak Mahindra Bank: Here’s your FAQ answered

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

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The Reserve Bank of India (RBI) has recently taken measures against Kotak Mahindra Bank due to repeated non-compliance with IT norms. As a result, the bank has been prohibited from onboarding new customers through its online and mobile banking channels and issuing fresh credit cards.

Here are some frequently asked questions to address concerns users may have:

[faq][ques]Will the current action affect existing customers and their use of Kotak Mahindra Bank’s digital services?[/ques][ans]There is no problem with the bank’s digital services if users have any existing savings account, salary account, loan account, or credit card. The bank has assured uninterrupted services, including credit card, mobile, and net banking, for existing customers.[/ans][/faq]

[faq][ques]If a user had applied for a Kotak Mahindra Bank credit card online. What will happen to the application now?[/ques][ans]If the bank processed and approved the card application before the RBI’s embargo, the user will still receive the card. However, no new credit card applications are being accepted at the moment.[/ans][/faq]

[faq][ques]If a user had applied for a personal loan online before the RBI’s supervisory action. What will happen to the sanction of that loan now?[/ques][ans] If the personal loan hasn’t been sanctioned yet, it might not be processed further due to the current restrictions.[/ans][/faq]

[faq][ques]Can users get a new credit card from Kotak Mahindra Bank?[/ques][ans]As RBI has banned Kotak Mahindra Bank from issuing new credit cards, users cannot obtain a new credit card from the bank at the moment.[/ans][/faq]

[faq][ques]Can Kotak Mahindra Bank customers apply for a new personal loan online?[/ques][ans]No, users cannot apply for a personal loan online despite having an account with the bank.[/ans][/faq]

[faq][ques]Can users open a savings bank account at any branch of Kotak Mahindra Bank?[/ques][ans] Yes, users can open a savings account at any branch of Kotak Mahindra Bank, as the bank is not restricted from onboarding new customers offline.[/ans][/faq]

[faq][ques]How long will RBI’s restrictions on Kotak Mahindra Bank remain in place?[/ques][ans]The restrictions will be reviewed upon completion of a comprehensive external audit and remediation of deficiencies, which experts say may take six to twelve months.[/ans][/faq]

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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

No age restriction for health insurance now — what this means for premiums and waiting periods

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

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The recent decision by the Insurance Regulatory and Development Authority of India (IRDAI) to eliminate age restrictions on health insurance policies marks a shift in the nation’s insurance landscape.

While this move promises increased accessibility to comprehensive healthcare coverage for individuals of all ages, it prompts questions regarding implications on premiums and waiting periods.

Rupinderjit Singh, Vice President, Retail Health, ACKO, shed light on the impact of this decision on old-age policyholders.

While existing policyholders remain unaffected, Singh emphasised the emergence of more options for customers looking to port from their current covers to more comprehensive ones.

However, concerns arise regarding waiting periods, with Singh noting IRDAI’s mandate to cap waiting periods at a maximum of three years from the current four years.

“This adjustment is expected to prompt most insurers to increase the cost of insurance by 10-15% across the board,” Singh told CNBC-TV18.com.

Regarding considerations for senior citizens purchasing policies post-age limit removal, Singh advised a careful evaluation of policy details.

Customers should opt for comprehensive coverage with minimal or no waiting periods, particularly if they have no existing medical conditions.

For those with pre-existing health issues, Singh recommended comparing offerings from multiple insurers to optimise coverage and insurance costs.

Anuj Parekh, Co-Founder and CEO at Bharatsure, highlighted insurers’ perspective on catering to the 65+ age bracket.

While IRDAI’s move fosters inclusivity, Parekh acknowledged potential challenges for insurers in offering favourable terms to older demographics.

“Pre-existing conditions prevalent in this age group prompt insurers to evaluate policy profitability and sustainability meticulously,” he said.

He suggested that individuals may find it advantageous to retain employer-offered health insurance, where competitive premiums and favourable policy conditions are more likely.

Sumit Bohra, President of Insurance Brokers Association of India (IBAI), emphasised the need for insurers to innovate and penetrate the underserved senior citizen health insurance market.

He suggested product modifications such as reduced waiting periods for pre-existing conditions or graded claim payouts to enhance coverage adequacy for this demographic.

Sharad Mathur, Managing Director & Chief Executive Officer, Universal Sompo General Insurance Company, anticipated improved access to healthcare services.

Siddharth Singhal, Business Head — Health Insurance, Policybazaar.com, emphasised that the removal of age restrictions paves the way for more senior citizens to obtain comprehensive health coverage.

Singhal reassured that standard terms and conditions, such as waiting periods, remain consistent for all policyholders.

However, he urged individuals to carefully review policy details, including factors like room rent capping, co-payment requirements, and sub-limits on specific treatments.

Rakesh Jain, CEO of Reliance General Insurance, echoed Singhal’s sentiment.

He anticipated that this decision would stimulate innovation in insurance products tailored to diverse age groups’ needs.

However, Jain cautioned that insurers must adapt their underwriting practices to effectively manage the increased risks associated with insuring older demographics.

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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

PM-KISAN 17th Instalment: When can beneficiaries expect it, how to apply and more

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

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The government is likely to release the 17th instalment of the Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) Yojana (scheme) in May 2024. However, so far there has been no official announcement on this from the government. The government released the 16th instalment of the scheme on February 28, 2024.

Under the PM-KISAN scheme, all landholding farmers’ families are provided a financial benefit of ₹6,000 per annum, payable in three equal instalments of ₹2,000.

PM Kisan is a central sector scheme that provides income support to all landholding farmers’ families in the country to supplement their financial needs for procuring various inputs related to agriculture and allied activities as well as domestic needs.

Under the scheme, the entire financial liability towards transfer of benefit to targeted beneficiaries is borne by the government.

All landholding farmers’ families, which have cultivable landholding in their names are eligible to benefit under the scheme.

Here are the steps to apply for 17th instalment online:

Step 1: Visit pmkisan.gov.in official website and go to farmer’s corner

Step 2: Click on ‘New Farmer Registration’ and enter Aadhar number and fill captcha

Step 3: Now enter details and click on ‘Yes’

Step 4: Fill the information asked in the PM Kisan application form 2023, save it and take a printout for future reference

Eligible farmers can check the status with these steps:

Step 1: Visit pmkisan.gov.in

Step 2: Select the option ‘Beneficiary Status’ under the ‘Farmers Corner’ section on the home page

Step 3: Enter the registered Aadhaar number or bank account number.

Step 4: Click on ‘Get Data’

Step 5: The status of the instalment will be displayed

ALSO READ | Will the payment under PM-KISAN be increased? Here’s what Finance Minister said

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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 near ₹72,000 per 10 grams in India: What lies next for the yellow metal

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

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Gold prices on Thursday (April 25) witnessed a fall in India amid declining tensions in the Middle East. According to Good Returns data, 10 grams of 24-carat yellow metal price is currently hovering around ₹72,270 after falling by ₹380.

Globally, gold rates, however, edged up as the US dollar slipped, while investors’ focus shifted to US economic data for clues on the Federal Reserve’s rate path.

Spot gold edged up by 0.3% to $2,324.10 per ounce, with U.S. gold futures experiencing a marginal decline of 0.1% to $2,337.20, according to news agency Reuters.

The dollar’s dip against a basket of currencies contributed to the appeal of gold priced in alternative currencies, with Asian demand, particularly from China, lending support to prices.

However, gold prices have retreated from their recent peak of $2,431.29 on April 12, shedding over $100 amid profit-taking and a moderation in geopolitical tensions.

Analysts attribute the pullback to a combination of factors, including profit-taking following a prolonged rally in gold and a shift in focus away from geopolitical concerns.

The upcoming Federal Reserve meeting at the end of April, alongside key economic data releases, adds further uncertainty to the market sentiment, analysts were quoted as saying in a Reuters report.

As investors await US GDP data and the March core PCE figures, speculations abound regarding their potential impact on gold prices.

Analysts suggest that a weaker dollar and potential upward pressure on gold could result from data aligning with or falling below market expectations.

Looking ahead, Chintan Mehta, CEO of Abans Holdings, outlined a cautious outlook for gold prices. While acknowledging the recent correction driven by hawkish signals from the Fed and strengthening economic indicators, Mehta highlighted the influence of geopolitical tensions and central bank purchases on gold’s performance.

“Participation in gold has stabilised at very high levels. This may lead to price correction as some participants unwind their positions. We believe that gold will correct from its current prices. Nonetheless, the risk of increasing geopolitical tensions might further push the prices upwards,” he said.

Mehta believes that gold might undergo a correction to around ₹69,000 per 10 grams on the downside, while on the upside, it could reach levels of ₹72,050 per 10 grams in the near term.

For the long term, industry experts are bullish on gold.

In a recent conversation with CNBC Awaaz, Mahendra Luniya, Chairman of Vighnaharta Gold, projected that gold rates may reach ₹1.68 lakh per 10 grams by 2030.

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

RBI action against Kotak and other banks should not be a surprise

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

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The series of actions against financial entities by Reserve Bank of India (RBI) has led to a debate on the larger message the regulator wants to send out to the ecosystem, and whether imposing business restrictions is the best way to deal with non-compliance.

“If you see the recent actions against regulated entities, it will become clear what the RBI wants banks and other regulated entities to prioritise and focus on. (RBI) is keen to enforce good risk management and assurance practices, compliance with regulatory guidelines, board effectiveness, fairness to customers, and good governance,” said a person directly familiar with the RBI’s actions, on the condition of anonymity.

Secondly, regulatory or supervisory action taken on entities is “not a moment of surprise for anyone,” said another person familiar with the regulatory functioning.

“When issues are found, RBI engages in bi-lateral discussions for at least a year.. Once inspection findings reveal deficiencies, RBI seeks a response, gives time to rectify, checks to see if compliance is done or not- there is a lot of back and forth and this process takes a year or more so there is adequate time. Many discussions are held and more than adequate time is given to banks or other entities before such action is taken,” said this person.

As to whether placing restrictions was the best re-course to dealing with non-compliance issues, the person quoted earlier explained, that the RBI has various tools at its disposal, from warnings, to fines, to business restrictions, change in management and in the worst case scenario license cancellation in extreme cases, and it choses the appropriate tool after much deliberation.

It is only when warnings, bi-lateral engagements do not work does the RBI act to impose business restrictions, explained one of the people quoted before.

“Business restrictions don’t impact customer service – every single action if you see places embargo on new customer acquisition or new products until they fix their system. Servicing existing clientele is not impacted by supervisory actions, that’s always on RBI’s mind. New business impact will finally impact shareholders similar to a penalty, so no change in impact target. Also this will hurry up the entity to expedite remediation,” said a person closely involved with RBI’s functioning.

On the question of why action is taken against select entities, when in certain cases, other banks or NBFCs may also be at fault or non-compliant at some level as well, one of the persons explained, “while many entites may be doing it, RBI looks at (1) persistent non-compliance as well as (2) the proportionality of the effect of non-compliance on the ecosystem, and acts accordingly. This is to ensure there is demonstrative affect.”

In the past, such regulatory actions would be accompanied by just a line or two on the reason behind the action. However, this has now changed after Reserve Bank took feedback from stakeholders to demanded a more detailed reasoning for their understanding of the regulator’s point of view, explained the people quoted earlier.

In the case of IIFL Finance or JM Finance, and more recently in the case of Kotak Mahindra Bank, the regulator has detailed the background to the action, explaining why the regulatory action was necessitated.

“These detailed press releases are also intended to send a message to others to take notice, and fix their house if it is not in order,” added one of the person quoted earlier.

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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

Invesco Mutual Fund pays ₹5 crore to SEBI to settle inter-scheme transfer case

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

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Invesco Asset Management, led by its CEO Saurabh Nanavati and four others, has reached a resolution with the Securities and Exchange Board of India (SEBI) regarding alleged breaches of mutual fund and portfolio management regulations.

Under SEBI’s settlement framework, the asset management company and the involved parties have collectively agreed to pay ₹4.98 crore.

According to the SEBI order, after the receipt of Settlement Applications, the Authorised Representatives of the Applicants held a meeting with Sebi’s Internal Committee (referred to as ‘IC’) on January 19, 2024.

During this meeting, the terms of settlement were discussed.

The IC considered the factors outlined under Regulation 10 and Schedule II of the Settlement Regulations. Subsequently, the Applicants were permitted to submit revised terms of settlement and an undertaking that the settlement amount would not be borne by the investors/unitholders.

Accordingly, the Applicants submitted Revised Settlement Terms via a letter dated January 23, 2024, proposing a settlement amount of ₹4,98,55,000 jointly and severally.

The investigation focuses on the scrutiny of Invesco Asset Management’s mutual funds and portfolio management services (PMS) operations during October and November 2021.

SEBI observed a lack of distinct separation between the portfolio management and MF activities within the firm during the 2021 examination.

Additionally, the PMS division lacked sufficient resources and infrastructure, failing to maintain a clear delineation from the mutual fund business.

SEBI noted, “Inter-scheme transfers were executed, and there were movements of securities/pre-arranged trades/layered trades between schemes of Invesco MF and PMS Advisory, violating the provisions of SEBI (Mutual Funds) Regulations. It is alleged that this scheme of things constitutes ‘unfair trade practice’.”

In response, the asset management company assured SEBI that comprehensive measures have been implemented to prevent the recurrence of similar infractions in the future.

This development follows the recent announcement of Hinduja Group’s IndusInd International Holdings entering the asset management sector through the acquisition of a majority stake in Invesco Asset Management (India), a subsidiary of the US-based Invesco.

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