A major new technological innovation is in the works connecting lenders with the marketplace, Aadhaar architect Nandan Nilekani announced on Wednesday that, as he buttressed the need for India to “democratize credit” for millions of small businesses to revive its virus-battered economy. Speaking at the Global Fintech Festival, 2020 Nilekani, co-founder & non-executive chairman of Infosys Ltd, described that the initiative as a credit protocol infrastructure called the Open Credit Enablement Network, or OCEN, built by the Indian Software Product Industry Roundtable (iSpirt), a think-tank of the software industry. Under these…Read More
Bharat Bond ETF-Series II: A Safe option, but should you invest?
The second tranche of the Bharat Bond ETF (exchange traded fund), managed by Edelweiss mutual fund, will be up for subscription from July 14. Just like the first tranche of December 2019, the second offer will come in two variants: a 10-year ETF that will mature in April 2030 and a five-year product that will mature in 2025. What is this bond about? The Bharat Bond ETF is India’s first to corporate debt ETF. Companies approach the firm managing the bond ETF with their borrowing requirements. The bond ETF raises…Read More
Hot Stocks Nifty may retrace to 10,300; buy these 3 stocks for double-digit returns !!
Nifty gave a surprising for move by climbing ‘the wall of worry’ i.e. 61.8% retracement levels of the entire fall of March and has managed to give the highest weekly closing of the last 16 weeks. Meanwhile, weekly Heikin Ashi candle continued as a bullish flat bottom pattern and formed a higher high and higher low pattern, clearly suggesting that bulls are in domination and prices are ready to soar further. Daily RSI is sustaining above its 9 SMA also adding strength to the current ongoing movement. The key target…Read More
LIC made fresh investment in 16 stocks, bought additional stake in 43 counters in Q4 !!
After hitting a record of high in January 2020, Indian equity benchmarks crashed 40% to hit around 4 year low level on March 24. The indices have recovered since then on the back of liquidity (by global central banks) and gradual re-opening of economies despite virus risk. The BSE Sensex and Nifty50 as well as Midcap and Smallcap indices plunged 29% each during the March quarter. Sectoral indices also witnessed double-digit decline. Life Insurance Corporation of India (LIC), one of the major equity investors, made fresh investments in 16 stocks…Read More
GST faces challenge to meet higher revenue expectations !!
The Goods and Services Tax (GST) was passed in a joint session of parliament on 1 July, 2017. It is the biggest tax reform in the history of the country. GST’s rollout abolished a plethora of regional taxes and ushered in a unified indirect tax regime across the country. This change was expected to cut red tape, facilitate movement of goods and services across state borders and widen the tax base by bringing erstwhile evaders into the system via the input tax credit radar. It was a radical reform. Reforms…Read More
UPI payments hit all-time high of 1.34 billion transactions in June !!
UPI payments had fell to 999.57 million in terms of volume with transactions worth of Rs 1.51 lakh crore in April, following the coronavirus-induced lockdown that halted almost all services, except essentials. Payments on Unified Payments Interface (UPI) in June hit an all-time high of 1.34 billion in terms of volume with transactions worth nearly Rs 2.62 lakh crore, as per National Payments Corporation of India (NPCI) data. On a month-on-month basis it registered a 8.94% growth from 1.23 billion in May. UPI payments had fell to 999.57 million in terms…Read More
Sensex, Nifty record strongest quarter in 11 years
Bengaluru: The Nifty settled down 0.1% at 10,302.1 on Tuesday, while the benchmark Sensex slipped 0.13% to 34,915.8 after rising around 0.8% each during the session. Indian shares ended lower on the last day of its best quarter since 2009, led by losses in energy stocks, and ahead of Prime Minister Narendra Modi’s address to the nation. The Nifty settled down 0.1% at 10,302.1 on Tuesday, while the benchmark Sensex slipped 0.13% to 34,915.8 after rising around 0.8% each during the session. The Nifty closed over the quarter about up…Read More
Green shoots in rural India set the stage for economic revival !!
Business leaders expect a normal monsoon, record sowing of summer crops, improved winter harvest and a raft of government measures to help farmers and boost rural incomes to boost demand for goods ranging from two-wheelers to tractors. Businesses are banking on a bumper harvest and high rural incomes to drive demand for goods after the Covid-19 pandemic stunted growth in the country’s cities, where most of the factories and offices are located. Business leaders expect a normal monsoon, record sowing of summer crops, improved winter harvest and a raft of…Read More
Rupee settles flat at 75.65 against US dollar !!
The rupee opened on a strong note at the interbank forex market at 75.51 against the US dollar, but pared the initial gains and settled at 75.65 against the US dollar, unchanged against its previous close. The rupee pared initial gains and settled on a flat note at 75.65 (provisional) against the US dollar on Friday as concerns about rising Covid-19 cases weighed on investor sentiment. Forex traders said risk appetite has waned amid spike in fresh coronavirus infections globally. The rupee opened on a strong note at the interbank forex…Read More
‘Why import even Ganesha idols from China’: Nirmala Sitharaman in push for self-reliance !!
New Delhi: Finance minister Nirmala Sitharaman wondered if importing household products used everyday like a soap-box, plastic items or incense sticks used for pooja purposes would support self-reliance especially when such products were made locally by Indian firms and MSME(s). Finance minister Nirmala Sitharaman said on Thursday there was nothing wrong in imports to spur growth but wondered why even Ganesha idols should be bought from China. Importing raw materials that were not available in the country and needed for our industries was not wrong, she said addressing the BJP’s…Read More