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Author: victorybull

  • Forex reserves jump by $2.76 bn to $632.95 bn: RBI data

    The country’s foreign exchange reserves increased by USD 2.762 billion to USD 632.952 billion for the week ended February 18 on a healthy rise in the value of gold reserves and core currency assets, the RBI said on Friday.

    In the previous reporting week, the overall reserves had declined by USD 1.763 billion to USD 630.19 billion.

    During the reporting week, the rise in overall reserves was on account of an increase in the foreign currency assets (FCA), a major component of the overall reserves, the Reserve Bank of India’s (RBI) weekly data released on Friday showed.

    FCA increased by USD 1.496 billion to USD 567.06 billion in the week ended February 18, it said. Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.

    Gold reserves increased by USD 1.274 billion to USD 41.509 billion in the reporting week, the data showed.

    The special drawing rights (SDRs) with the International Monetary Fund (IMF) decreased by USD 11 million to USD 19.162 billion, RBI said.

    The country’s reserve position with the IMF increased by USD 4 million to USD 5.221 billion in the reporting week, the data showed.

  • RBI imposes monetary penalty of Rs 1 crore on State Bank of India

    The Reserve Bank of India (RBI) by an order dated November 16 has imposed a monetary penalty of Rs 1 crore on the State Bank of India for contravention of section 19 (2) of the Banking Regulation Act, 1949 (the Act), informed RBI.

    As per the press note, the irregularities were identified after a Statutory Inspections for Supervisory Evaluation (ISE) of the bank was conducted by RBI with reference to its financial positions as on March 31, 2018, and March 31, 2019, and the examination of the Risk Assessment Reports, Inspection Report and all related correspondence pertaining to the same, revealed, inter-alia, contravention of section 19 of the Act.

    Section 19 (2) of the Act says that “no banking company shall hold shares in any company, whether as pledgee, mortgagee or absolute owner, of an amount exceeding thirty per cent of the paid-up share capital of that company or thirty per cent of its own paid-up share capital and reserves, whichever is less.

  • Union Bank of India raises Rs 1,500 cr through Basel-III compliant bonds

    Union Bank has raised Rs 1,500 crore by issuing Basel III compliant bonds to investors.

    The bank has allotted unsecured, subordinated, non-convertible, taxable, perpetual, fully paid-up Basel III compliant additional tier-I bonds in the nature of debentures, aggregating to Rs 1,500 crore.

    The bonds are eligible for inclusion in the tier-I capital of the bank.

    To comply with Basel-III capital regulations, banks globally need to improve and strengthen their capital planning processes.

    These norms are being implemented to mitigate concerns on potential stresses on asset quality and consequential impact on performance and profitability of banks.

    Tier-I capital is the core capital of a bank’s reserves and it is primarily used to fund business activities. Banks are required to hold certain levels of tier 1 and tier 2 capital as reserves so that they can absorb large losses without threatening their stability.

    Shares of Union Bank of India closed at Rs 41 apiece on BSE, up 1.99 per cent from the previous close.

  • Indian investors can trade in select US stocks via NSE IFSC from March 3

    From March 3, investors in India will be able to trade in select US stocks through the NSE International Exchange (NSE IFSC), a wholly owned subsidiary of the National Stock Exchange (NSE). Investors can invest in NSE IFSC receipts on US stocks, which will be in the form of unsponsored depository receipts (DRs).

    For a start, this will include DRs of 50 US stocks such as Apple, Alphabet, Amazon, Tesla, Microsoft, Morgan Stanley, Nike, P&G, Coca-Cola, and Exxon Mobil.

    Indian retail investors will be able to transact on the NSE IFSC platform under the Liberalised Remittance Scheme (LRS) limits prescribed by the Reserve Bank of India (RBI), which currently stand at $250,000 per year.

    Resident investors will have to open a demat account at the IFSC and the stock receipts will be considered foreign assets for filing income tax returns. Short-term capital gains will be taxed at the slab rate while long-term capital gains will be at 20 per cent with indexation.

    “The business model offered by NSE IFSC will not only provide an additional investment opportunity to the Indian investors but also make the entire process of investment easy and at a low cost. Investors will be provided an option to trade in fractional quantity/value when compared to the underlying shares traded in US markets. The proposed framework will make US stocks affordable to Indian retail investors,” said a note put out by the NSE last year.

    Investing in global stocks has gained currency in the past two years in the backdrop of a decades-long bull run enjoyed by US equities and the need to avoid a single-country risk.

    Currently, Indian investors buy US stocks through designated online brokers who have permission from Indian and US regulators to offer such services.

  • Canara Bank hikes fixed deposit rates by up to 25 basis points

    State-owned Canara Bank on Tuesday raised interest rates on fixed deposits across various maturities by up to 25 basis points.

    The revised rates are effective from March 1, 2022, Canara Bank said in a statement.

    Interest rate on fixed deposits for tenure 1 year has been increased to 5.1 per cent while for one-two years it is raised to 5.15 per cent from 5 per cent, it said.

    Fixed deposit between 2-3 years would invite interest rate of 5.20 per cent and 3-5 years 5.45 per cent from 5.25 per cent earlier, it said.

    Maximum 25 basis point hike has been done for the 5-10 years fixed deposit slab to 5.5 per cent, it added.

    Senior citizens would earn 50 basis point more across all the brackets.

  • IT to Hire 50 Lakh in 5 Years, New Investment Opportunity for Middle Class: Rakesh Jhunjhunwala

    Ace investor Rakesh Jhunjhunwala said that the stock market has no king. Stock market is the only king. The ones who thought they were, landed up in Aurthur jail, Jhunjhunwala said while speaking at an event of the Confederation of Indian Industry (CII) on February 17.

    Nobody can predict weather, death, market and women, the ace investor further mentioned. “Market is like a woman, always commanding, mysterious, uncertain and volatile. You can never really dominate a woman and likewise you cannot dominate the market,” he said.

    Sharing the outlook for Indian economy, Big Bull said that India will grow at 10 per cent by 2025-26. The ace investor added that he made a presentation to Prime Minister Narendra Modi where he had said, “India ka time aayega nahi, aa gaya hain.”

    Optimistic Jhunjhunwala said that growing information technology (IT) industry will employ 50 lakh new employees in the next five years and the demand for the residential houses will only grow.

    The seasoned investor is very optimistic about real estate industry in the country. With the development of infrastructure comes urbanisation. Urbanisation plays an important role in housing and commercial real estate property, he mentioned.

    “You go to London, wherever the metro goes, housing has developed. So, Mumbai is making 40 kilometer of metro and it has been made — as the transport systems come, the potential for housing is going to go through the roof. Your cities are going to get decongested and urbanisation in India is today half of China-45 percent, as urbanisation comes, housing has to come,” Jhunjhunwala said.

    Consolidation in the real estate sector, all-time low interest rates on home loans, rising employment in the Indian information technology (IT) industry are some of the key triggers to boost real estate sector going forward, Rakesh Jhunjhunwala mentioned.

    India should focus on affordable housing. The regulatory framework has to evolve further to keep up with the pace of growing real estate market in India. “Digitisation of land records and certification of titles being done digitally and this will boost real estate market in India,” he said.

    Jhunjhunwala is also very bullish on commercial real estate. Logistics sector is at a nascent stage and very attractive, he said. “If India has to develop, real estate has to develop,” he said.

    The real estate investment trusts (REITs) has great scope, he mentioned adding that the units of three REITs that are listed on local stock exchanges being well received by the investing community. He would prefer REIT listing rather than listing real estate companies. Jhunjhunwala further said he is not a big fan of new developers getting listed. “If I was a developer, I would not list. It’s not a business suitable to listing. Blue Chip companies have high return on capital of 18-25 per cent, but unitl now realtors have only burnt capital,” Jhunjhunwala said.

  • US has not verified claim of Russia troop withdrawal: Joe Biden

    President Joe Biden on Tuesday said the US has not yet verified” Russia’s claim that some of its forces have withdrawn from the Ukraine border and said an invasion of Ukraine remains a distinct possibility.

    Biden made the remarks at the White House hours after Russia announced that some units participating in military exercises near Ukraine’s borders would begin returning to their bases.

    Russian President Vladimir Putin earlier Tuesday said Russia was ready for talks with the United States and NATO on military transparency, missile deployment limits and other security issues. But Biden continued to express skepticism about Russia’s intentions. Biden warned again that if Russia invades Ukraine the US will rally the world to oppose its aggression.”

    Putin had said Tuesday he welcomed a security dialogue with the West as his military reported pulling back some of its troops near Ukraine signals that may indicate the Kremlin has opted for a diplomatic path for now despite Western fears of an imminent Russian invasion of its neighbor.

    Putin said he doesn’t want war and would rely on negotiations as he presses his demand for the West to halt Ukraine’s bid to join NATO. At the same time, he didn’t commit to a full pullback of troops, saying Russia’s next moves in the standoff will depend on how the situation evolves.

    While the overtures soothed global markets that have been on edge amid the worst East-West tensions in decades, Washington and its European allies remained cautious, saying they want to see evidence of a Russian pullback. The US and NATO have warned that over 130,000 Russian forces massed near Ukraine could invade at any time, and they sent troops and military supplies to shore up NATO members in Eastern Europe.

    Russia has denied having such plans, demanding that the West keep Ukraine and other ex-Soviet nations out of the alliance, halt weapons deployments near Russian borders, and roll back forces from Eastern Europe. The US and its allies have roundly rejected the demands, but offered Russia to engage in talks on ways to bolster security in Europe.

    Speaking after meeting with German Chancellor Olaf Scholz, Putin said the West agreed to discuss a ban on missile deployment to Europe, restrictions on military drills and other confidence-building measures issues that Moscow had put on the table years ago. He said Russia is open to discuss some of those elements,” but added that it would only do that “in complex with the main issues that are of primary importance for us.

    Asked if there could be a war in Europe, Putin said Russia doesn’t want it but said Ukraine’s bid to join NATO posed a major security threat to his country. While Scholz reiterated that NATO’s eastward expansion is not on the agenda — everyone knows that very well, Putin retorted that Moscow will not be assuaged by such assurances.

    They are telling us it won’t happen tomorrow, Putin said. Well, when will it happen? The day after tomorrow? What does it change for us in the historic perspective? Nothing. He went on to argue NATO expansion violates the principle of the indivisibility of security enshrined in international documents.We want to solve this issue now as part of negotiation process through peaceful means, Putin said. We very much hope that our partners hear our concerns and take them seriously.

  • ₹34 to ₹142: Small-cap multibagger stock gives 300% return in 2022

    Amid stock market investors are busy finding out possible multibagger stocks for 2022, a good number of small-cap stocks have entered the list of multibagger stocks and multibagger penny stocks in 2022. Shares of Variman Global Enterprises are one of them. This BSE listed IT solution company stock has surged from ₹34.35 (close price on 31st December 2021 on BSE) to ₹141.90 apiece levels today, logging around 300 per cent rise in 2022.

    In last one week, multibagger stock has risen from around ₹124 apiece levels to ₹141.90 levels, logging around 14.50 per cent raise in this period. The small-cap stock has hit upper circuit on 3 out of 5 sessions in this period. In last one month, the small-cap IT stock has risen from around ₹52 to ₹141.90 levels, appreciating around 175 per cent in this period. Similarly, in year-to-date time, the multibagger IT stock has delivered more than 300 per cent return to its shareholders.

    Impact on investment

    Taking cue from Variman Global Enterprises share price history, if an investor had invested ₹1 lakh in this multibagger IT stock one week ago, its ₹1 lakh would have turned to ₹1.14 lakh today. Likewise, if an investor had invested ₹1 lakh in this stock one month ago and had remained invested in this stock till date, its ₹1 lakh would have turned to ₹2.75 lakh today.

    Similarly, if an investor had invested ₹1 lakh in this stock at the end of 2021 buying one stock at around ₹34.50 apiece levels, its ₹1 lakh would have turned to ₹4 lakh today, provided the investor had remained invested in the scrip throughout this period.

    On Tuesday trade session, the multibagger stock climbed to its life-time high of ₹143.55 levels whereas its 52-week low is ₹11.65 apiece. Current market capital of the small-cap stock is ₹237 crore and its book value per share is 9.60. Its current trade volume is 88,457, which is much higher than its 20 days average volume of 62,432.

  • Multibagger stock turns ₹1 lakh to ₹1.35 crore in 10 years

    Stock market investors looking for multibagger stocks for 2022 are busy finding quality stocks that are available at discounted price after the recent bloodbath. For such investors of the secondary markets, Deepak Nitrite can be a good bet in long term, say experts. Stock market experts said that the stock has shed a lot and there can be sharp rebound in the counter from lower levels, once there is trend reversal in the markets. This chemical stock is one of the multibagger stocks in 2021 that have delivered stellar return to its shareholders in long term.

    For last six months, this multibagger stock has been under selloff heat. In last one month, Deepak Nitrite share price has come down from around ₹2660 to ₹2058 levels, sliding near 22 per cent in this time whereas in last 6 months, it has lost around 4 per cent. In year-to-date time, this chemical stock has plummeted from ₹2530 to ₹2058, losing near 19 per cent in 2022. Despite such huge selloff by shareholders, the stock has delivered 75 per cent return to its shareholders in last one year. In last 5 years, the multibagger stock has risen from ₹103.65 to ₹2058 apiece levels, logging near 1900 per cent in this period.

    Similarly, in last 10 years, this multibagger chemical stock has surged from ₹15.21 levels (close price on 17th February 2012 on NSE) to ₹2058 levels (close price on 14th February 2022 on NSE), appreciating around 135 times in this time span.

    Taking cue from Deepak Nitrite share price history, if an investor had invested ₹1 lakh in this chemical stock one month ago, its ₹1 lakh would have turned to ₹78,000 today whereas it would have turned to ₹96,000 in last 6 months. If an investor had invested ₹1 lakh in this stock one year ago, its ₹1 lakh would have turned to ₹1.75 lakh today. Likewise, if an investor had invested ₹1 lakh in this multibagger chemical stock 5 years ago and had remained invested in the counter till date, its ₹1 lakh would have turned to ₹20 lakh today.

  • India’s shipment of wheat to Afghanistan via Pakistan to begin next week

    India’s 50,000 tonnes of wheat shipment to Afghanistan as part of its humanitarian aid to the trouble-torn country through Pakistani soil will start from next week, officials said.

    India has been pitching for providing unimpeded humanitarian aid to Afghanistan to address the unfolding humanitarian crisis in the country. It has already announced plans to send 50,000 tonnes of wheat and medicines to Afghanistan by road transport through Pakistan.

    Pakistan last year allowed India to send 50,000 metric tonnes of wheat to Afghanistan by using its land route after the humanitarian situation worsened in the wake of the Taliban’s takeover of Kabul.

    All hurdles have been removed and the Indian side has shared with Pakistan the list of Afghan truck drivers and contractors who would carry the wheat to Afghanistan via Pakistan, diplomatic sources told PTI in Islamabad.

    “The shipment of wheat will begin from next week,” according to the sources.

    As per the bilateral understanding, India should complete the shipment within 30 days of the first consignment sent through the Wagah border.

    India also on Friday signed an MoU with the World Food Programme (WFP) on the distribution of wheat to Afghanistan. India would hand over the wheat to WFP in Afghanistan that would then distribute it among the people.

    Initially, Islamabad wanted the transportation of humanitarian assistance goods to Kabul on Pakistani trucks under the banner of the United Nations.

    But India made a counter proposal and wanted the food grain to be shipped to Afghanistan either in Indian or Afghan trucks. The two sides then agreed that wheat would be carried by Afghan trucks and a list of Afghan contractors was shared with Pakistan.

    India had sent a proposal to Pakistan on October 7 seeking the transit facility to send 50,000 tonnes of wheat to the people of Afghanistan via Pakistani soil and it received a positive response from Islamabad on November 24.

    Following the Pakistani response, both sides were in touch to finalise the modalities for the transportation of the shipments.

    The food grains provided by India are expected to help Afghanistan deal with shortages. According to international aid agencies, about 23 million Afghans are in need of urgent support.

    Afghanistan has been under Taliban rule since August 15 last year, when the Afghan hardline militant group ousted the elected government of president Ashraf Ghani and forced him to flee the country and take refuge in the UAE.

    India has not recognised the new regime in Afghanistan and has been pitching for the formation of a truly inclusive government in Kabul, besides insisting that Afghan soil must not be used for any terrorist activities against any country.