Sovereign gold bond July 2020: Scheme opens for subscription today; here’s what you need to know

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

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The fourth installment (series IV) of the Sovereign Gold Bond (SGB) scheme for 2020-21 opened for subscription on Monday. The issue price for the same has been fixed at Rs 4,582 per gram of the yellow metal. Online subscribers can however secure these bonds at a discount of Rs 50 per gram.
This subscription of bonds will close on July 10, according to Reserve Bank of India (RBI).

Here’s all you need to know about Sovereign Gold Bond (SGB) scheme:

What is SGB?

SGB is issued by the government, for which investors get a holding certificate. It comprises government securities denominated in gold wherein investors are required to pay the issue price in cash. These are restricted for sale to resident individuals, HUFs (Hindu Undivided Families), trusts, universities and charitable institutions.

(Also read: Gold investment explained: How are different forms of yellow metal taxed)

How is the price determined?

The price is determined on the basis of a simple average of the closing price 999-purity gold published by the Mumbai-based India Bullion and Jewellers Association (IBJA) for the last three working days of the week preceding subscription.

Eligibility

The Sovereign Gold Bond (SGB) is restricted for sale to resident individuals, HUFs (Hindu Undivided Families), trusts, universities and charitable institutions.

Interest rate

A fixed rate of 2.5 percent per annum is applicable on the SGBs, payable semi-annually.

(Also read: Gold ETFs versus sovereign bonds: Where should you invest)

Investment limits

The minimum permissible amount allowed for investment in SGB is one gram of gold. The maximum subscription limit for SGBs is 4 kg for individual, 4 kg for HUF, and 20 kg for trusts and similar entities per fiscal (April-March).

Tenor and exit options

The tenor of the bond is for a period of eight years with exit option after fifth year to be exercised on the interest payment dates.

Tax treatment

The interest on gold bonds are taxable as per the provision of Income Tax Act. The capital gains tax arising on redemption of SGB to an individual is, however, exempted. The indexation benefits are provided to long term capital gains arising to any person on transfer of bond.

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

Hundreds of scientists say coronavirus is airborne, ask WHO to revise recommendations

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

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Hundreds of scientists say there is evidence that novel coronavirus in smaller particles in the air can infect people and are calling for the World Health Organization to revise recommendations, the New York Times reported on Saturday.

The WHO has said the coronavirus disease spreads primarily from person to person through small droplets from the nose or mouth, which are expelled when a person with COVID-19 coughs, sneezes or speaks.

In an open letter to the agency, which the researchers plan to publish in a scientific journal next week, 239 scientists in 32 countries outlined the evidence showing smaller particles can infect people, the NYT said.

The WHO did not immediately respond to a request for comment from Reuters.

Whether carried by large droplets that zoom through the air after a sneeze, or by much smaller exhaled droplets that may glide the length of a room, the coronavirus is borne through air and can infect people when inhaled, the scientists said, according to the NYT.

Also Read: Science Ministry retracts statement after saying COVID-19 vaccine unlikely before 2021

However, the health agency said the evidence for the virus being airborne was not convincing, according to the NYT.

“Especially in the last couple of months, we have been stating several times that we consider airborne transmission as possible but certainly not supported by solid or even clear evidence,” Dr. Benedetta Allegranzi, the WHO’s technical lead of infection prevention and control, was quoted as saying by the NYT.

Also, catch all the latest updates and trends on the novel coronavirus with CNBCTV18’s blog

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Opening Bell: Sensex jumps 300 points, Nifty opens above 10,700 as financials lead

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

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The Indian equity benchmark indices opened higher on Monday led by buying across the sectors amid positive trends in Asian peers. Gains in index heavyweights such as HDFC Bank, IndusInd Bank, ITC lifted Nifty above 10,700 levels.

At 9:15 am, the Sensex opened 292.04 points or 0.81 percent higher at 36,313.46, while the Nifty50 index opened at 10,723.85, up 116.50 points, or 1.10 percent.

Broader markets supported gains, with Nifty Smallcap100 and Nifty Midcap100 indices up 0.90 percent and 0.72 percent respectively.

Among sectoral indices, the Nifty Private Bank, Nifty Financial Sevices, Nifty IT, Nifty Auto and Nifty Realty led the rally.

HDFC Bank, IndusInd Bank, Bajaj Finance, Eicher Motors and ITC led the gains among Nifty50 constituents while GAIL India, Hindustan Unilever, Bajaj Auto and Vedanta were the top index loses.

HDFC Bank gained 3 percent after the bank’s advances in Q1FY21 rose 21 percent to Rs 10,04,500 crore from Rs 8,29,700 crore, YoY. Deposits increased 25 percent to Rs 11,89,500 crore versus Rs 9,54,600 crore, YoY.

Marico fell over 2 percent after the company said that its revenues declined in double-digit in Q1FY21.

National Fertilizers surged 15 percent after the company said that it achieved the highest-ever fertilizer sale of 12.85 lakh MT in Q1FY21, up about 21.5 percent, YoY.

Catch all the latest updates from the stock market here.

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Uber, Postmates agree on $2.65 billion all-stock deal: Report

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

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Ride-sharing company Uber Technologies Inc has agreed on a deal to buy food-delivery app Postmates Inc in a USD 2.65 billion all-stock agreement, Bloomberg News reported late Sunday, citing people familiar with the matter.

The deal has been approved by Uber’s board and could be announced as soon as Monday, Bloomberg reported, adding that Pierre-Dimitri Gore-Coty, head of Uber’s food delivery business, Uber Eats, is expected to continue to run the combined delivery business.

Uber and Postmates did not immediately respond to a Reuters request for comment.

Last week, Reuters reported that Postmates had revived plans for an initial public offering following dealmaking in the US online food delivery service sector that sparked acquisition interest in the company.

Postmates was last valued at USD 2.4 billion, when it raised USD 225 million in a private fundraising round last September.

Founded in 2011, San Francisco-based Postmates accounted for 8 percent of the US meal delivery market in May, according to analytics firm Second Measure.

Uber had plans to also acquire Grubhub Inc through its Uber Eats business, but walked away from the deal as Just Eat Takeaway.com NV eventually reached a USD 7.3 billion agreement last month to buy the US online food delivery company.

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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

Dalai Lama marks 85th birthday with album of mantras

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

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The Dalai Lama made a bid for music chart stardom on Monday, his 85th birthday, with the release of an album of mantras and teachings.

“Inner World” kicks off with the track “One Of My Favourite Prayers” and continues with the exiled Tibetan spiritual leader reciting meditations and sayings with accompanying music.

The record came about when musician Junelle Kunin, a student of the Dalai Lama from New Zealand, contacted him in 2015 with the idea – and much to her surprise he said yes.

“I thought I’d have to try and convince him,” she told Reuters in an interview from her home in Auckland. “That moment of recording him, my goodness I was shaking like a leaf before I went in there,” she said.

Kunin did the initial recordings at the Dalai Lama’s residence in Dharamsala in India. Once back home, she worked with her husband Abraham and other musicians to produce music for the tracks.

“It’s an incredible honour. But it was unbelievably, daunting like the trust and responsibility. It’s immense,” Abraham Kunin said.

On a promotional video for the album, when asked why he had agreed to take part, the Dalai Lama answers: “The very purpose of my life is to serve as much as I can.”

The release comes five years after Patti Smith led the crowd at Britain’s Glastonbury Festival singing Happy Birthday to him for his 80th.

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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

Madhya Pradesh bypolls 2020: BJP, Congress intensify preparations for 24 seats

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

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The ruling Bharatiya Janata Party (BJP) and the Opposition Congress in Madhya Pradesh are gearing up for the upcoming bypolls in the state even as the dates are yet to be announced. While the BJP is trying to send out the message of “writing a new chapter of development”, the Congress is going through a phase of discussions and brainstorming on the probable candidates.

Under the leadership of Shivraj Singh Chouhan, the BJP government was formed after the Kamal Nath-led Congress government collapsed. A total of 22 legislators resigned from the membership of the assembly as well as the Congress party. Besides, two seats fell vacant following the demise of two legislators. In all, by-elections are scheduled to be held in 24 assembly constituencies.

The bypolls are being seen as quite crucial from the political viewpoint as the ruling BJP does not currently have an absolute majority, and the party must win at least nine seats to attain the majority.

Madhya Pradesh has 230 assembly seats of which the BJP has 107 in its kitty. It is mandatory to have 116 MLAs for an absolute majority. Therefore, it becomes necessary for the BJP to win nine seats to enjoy an absolute majority in the assembly.

The BJP has started preparations for the by-elections on two fronts. On one hand, while the party is conducting virtual rallies to encourage its workers, on the other hand, it is trying to implement many development projects.

The work towards the Chambal Expressway project in the Gwalior-Chambal area has been finalised, and with by-elections scheduled to take place in 16 assembly constituencies in the region, the BJP wants to convey the message that the project has the potential of opening the doors of development in the Chambal region.

Video conferencing has also been held between Union Road and Transport Minister Nitin Gadkari, Union Rural Development Minister Narendra Singh Tomar, Chief Minister Shivraj Singh Chauhan, and Rajya Sabha MP Jyotiraditya Scindia regarding the project.

Apart from this, the BJP has also stepped up the exercise to establish Sainik School in either Morena or Bhind. CM Chouhan has also met Defence Minister Rajnath Singh in New Delhi on this issue.

The Chief Minister says that Morena-Bhind is the district from where almost every household has sent a member in the army and they want officers to come out from here in the coming time and for this, a Sainik School is necessary.

Meanwhile, Madhya Pradesh unit BJP president Vishnu Dutt Sharma held a virtual rally in Gwalior region on Sunday and mentioned the development work of the party, and also the work that was carried out during the BJP rule from 2003 to 2018. He also alleged that the area did not witness any significant progress under the previous Kamal Nath regime.

Sharma asked the workers to be prepared for the upcoming elections as the development of the region, as well as the state, is possible only under the BJP government.

The Opposition Congress has also been holding hectic discussions on fielding the potential candidates.

A meeting of party leaders was also held on Sunday in the presence of state in-charge Mukul Wasnik. In the meeting, the names of candidates capable of winning the elections were discussed.

According to political observers, the upcoming by-elections are important for both parties. No party can claim that its victory is certain. They believe no party is willing to take any risk and that’s why both parties have intensified efforts to communicate with the workers and encourage them.

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

MarketBuzz Podcast With Sonia Shenoy: Sensex, Nifty likely to open higher; HDFC Bank, IndusInd Bank, ICICI Bank in focus

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

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The Indian market is expected to open higher on Monday given strong momentum in global peers. At 7:31 am, the SGX Nifty traded 85 points higher at 10,663.50, indicating a positive start for the Sensex and the Nifty50 today.

About MarketBuzz

The CNBCTV18.com podcast on the big themes, vital news and key events that you should know before the opening bell, powered by CNBC-TV18 anchors.MarketBuzz is your daily morning briefing by CNBC-TV18 research analysts and anchors Sonia Shenoy, Ekta Batra, Anisha Jain, Nigel D’Souza and Mangalam Maloo to jumpstart your stock market investing. Subscribe to our free podcasts on Audioboom or listen on the featured podcast page on CNBCTV18.com.

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

Top stock tips by Ashwani Gujral, Sudarshan Sukhani, Mitessh Thakkar for Monday

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

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Indian shares are set to start the week on a positive note on Monday, tracking gains in Asian peers. CNBC-TV18’s in-house panel of experts has laid down a list of stocks for the investors to buy/sell in trade today.

Here are the top buy-sell calls by market experts for Monday:

Ashwani Gujral – ashwanigujral.com

– Buy Hero Moto with a stop loss of Rs 2,700, target at Rs 2,850

– Buy TCS with a stop loss of Rs 2,170, target at Rs 2,250

– Buy Bharti Airtel with a stop loss of Rs 570, target at Rs 595

– Buy NTPC with a stop loss of Rs 90, target at Rs 105

– Buy Infosys with a stop loss of Rs 750, target at Rs 775

Sudarshan Sukhani – s2analytics.com

– Buy Bharti Airtel with a stop loss of Rs 570, target at Rs 595

– Buy Escorts with a stop loss of Rs 1,030, target at Rs 1,100

– Sell McDowell-N with a stop loss of Rs 600, target at Rs 575

– Sell Canara Bank with a stop loss of Rs 106, target at Rs 99

Mitessh Thakkar – mitesshthakkar.com

– Buy Berger Paints with a stop loss of Rs 499, target at Rs 518

– Buy Eicher Motors with a stop loss of Rs 18,790, target at Rs 19,500

– Buy Muthoot Finance with a stop loss of Rs 1,125, target at Rs 1,195

– Buy Siemens with a stop loss of Rs 1,130, target at Rs 1,200

Catch all live market updates here

Disclaimer: CNBCTV18.com advises users to check with certified experts before taking any investment decisions

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

Saudi Arabia announces haj health measures for domestic pilgrims

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

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Saudi Arabia announced health protocols to prevent the spread of the new coronavirus in the 2020 haj season, banning gatherings and meetings between pilgrims, the state news agency said on Monday.

Saudi Arabia decided in June to limit the number of domestic pilgrims attending the haj to around 1,000 to prevent the spread of the coronavirus, after barring Muslims abroad from the rite for the first year in modern times.

Touching the Kaaba, the holiest site in Islam, will be banned during the haj this year, and a social distancing space of a meter and a half between each pilgrim during the rituals including mass prayers and while in the Kaaba circling area will be imposed, a statement by the Center for Disease Prevention and Control (CDC) elaborated.

Also Read: Australia closes state border for first time in 100 years to halt coronaviru

Also, access to holy haj sites at Mona, Muzdalifah and Arafat will be limited to those with haj permits starting Sunday July 19 till Aug. 2 2020, and wearing masks all the time will be mandatory for both pilgrims and organizers.

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