Chennai head quartered tyre maker MRF declared dividend on 9th February 2024. The company is offering dividend of Rs. 3 per equity share which is 30% payout. This is the second interim dividend for the financial year. MRF has announced 21st February 2024 as the record date for this 2nd interim dividend.
The company has announced standalone net profit of Rs. 508 crore for Q3 FY23-24 which is a three fold jump in the net profit of the last financial year for the same period.
Boon time for bank deposit holders as Fixed Deposit rates are up again. Small Finance banks are leading the race here attracting depositors. Mumbai headquartered Suryoday Small Finance Bank which is one of the leading small finance bank in terms of offering higher interest rates, has recently revised the retail fixed deposit rates. Suryoday Bank now offer 8.26% for senior citizens and 8.01% to its regular customers which are the bank’s highest interest rates in fixed deposit.
Look at the detailed interest rate which Suryoday is offering to its customers below :
These new rates are applicable from November 2, 2022 for retail fixed deposits (FDs which are less than Rs. 2 crore value).
Goods & Services Tax (GST) collection during October shows promising numbers. The government has collected Rs. 1.52 Lakh Crore of GST during October month, this is the second highest ever so far. As per Ministry of Finance data release, GST collection remains over 1.4 Lakh Crore every month since the last eight consecutive months. This is sign of Indian economy coming back to track after the COVID pandemic.
Initial Public Offer (IPO) of DCX Systems is all set to open on Monday. The company is headquartered in Bangalore and is a leading player in Defense and Aerospace supplies. It has expertise especially in manufacturing of Electronic Sub-Systems and Cable Harness. DCX Systems IPO details are below :
IPO period : 31st Oct – 2nd Nov, 2022
IPO Size : Rs. 500 Crore (Rs. 100 Crore reserved for OFS). 10% quota reserved for retail investors. 15% quota for non-institutional investors and 75% reserved for institutional investors.
Price band : Rs. 197 – Rs. 207 per equity share of face value of Rs. 2 each.
Lot Size : Minimum 1 lot of 72 shares and in multiples of lot there after. Maximum application can be for 13 lots.
Minimum Investment : Rs 14,904 for 1 lot of 72 shares.
Maximum Investment : Rs 1,93,752 for 13 lots of 936 shares.
Listing at exchanges : BSE & NSE.
Listing date : Tentative 11th Nov 2022.
Axis Capital, Edelweiss Financial Services & Saffron Capital Advisors are the book-running lead managers to this IPO.
Varanashi Headquartered lender, Utkarsh Small Finance Bank received the security market regulator SEBI’s approval for coming up with their IPO. The bank wants to float its IPO for fresh issuance of its equity shares and raise Rs. 500 Crores from the market as per their DRHP disclosure. The IPO proceeds will be utilised towards strengthening the bank’s Tier-1 capital base.
The bank has started operation in the year 2017 and has over 680 banking outlets across the country. Utkarsh Small Finance Bank has strong presence across states like Uttar Pradesh, Bihar and Jharkhand both in urban as well as rural markets. While it has major presence across these 3 states, it operates across 22 States and Union Territories. Utkarsh Bank offers all types of savings / current accounts, fixed / recurring deposits, lockers facilities and loan accounts.
As on March 2022, the bank’s liability book stood at nearly Rs 10,075 Crore while the asset book was at nearly Rs 10, 631 Crore. The bank has been steadily progressing in terms of presence and book size since inception.
Kotak Mahindra Capital and ICICI Securities are the book running lead managers to this IPO.
In Spite of the market volatility, there are raising number of NFOs available in the market. This time an NFO from HDFC Mutual Fund. HFDC MF has introduced it’s HDFC Silver ETF Fund of Fund NFO. Find Out the details of this fund :
Fund Type : Open-ended Fund of Fund Scheme.
NFO Period : 7th October – 21st October , 2022.
Objective : Funds aims to encash the growthing demand of silver consumption in sectors like new age technologies, Solar Power, Electric Vehicle etc. and is bullish that the silver price will go up and give higher returns. Fund provides opportunity to investors to invest small and bulk amounts via physical as well as digital mode for capital appreciation. By investing in this fund, investors can look for diversifying their portfolios.
Minimum Investment : Rs. 100/- and any amount above in multiple of Rs. 1/ .
Switching Option : Available.
Scheme Plans : Both Regular Plan and Direct Plan are available.
Scheme Options : In both Regular & Direct Plans only Growth Option Available.
Choices : SIP, Flex SIP, STP are available.
Entry Load : Nil.
Exit Load: 2% exit load applicable if redeemed/switched-out within 6 months. 1% exit load applicable if redeemed/switched-out after 6 months but within 1 year. No Exit Load is payable if redeemed/switched-out after 1 year.
Risk-o-meter : Very High
Disclaimer : Mutual Fund investments are subject to market risks, read all the scheme related documents carefully.
We all must have paid our house rents using cash, cheque, Demand Draft or using digital mode of payment such as NEFT/ IMPS / RTGS etc. But the newer generation now is using their credit card to pay their house rent. If you have not heard of this concept of payment of monthly/ quarterly house rent using credit cards, then you must research about it today. There are several companies operating in the market with there application/ website by which you can enter your landlord’s bank account details and pay rent using your credit card. The popular names in the market are Cred, Magicbricks, RedGiraff, MyGate and Paytm etc.
Now you must be wondering why use such platforms and credit card for simple rent payment which we all have been doing since ages. Using these platforms you pay rent via credit card, so even you do not have money in you bank account you can use you card limits. Second, these platforms provide credit/ reward points and cash backs to attract transactions, so the digital generation is crazy to make some quick savings. Third, these platforms provide facility of converting your credit card spends to EMIs if you are credit worthy. While these platforms levy small amount of charges for every transaction that is carried, the people who use them see it in term of total benefit mentioned above. The charges vary between 0.4%-2% depending on the type of transaction and platform.
However, one of the largest new generation bank ‘ICICI Bank’ has decided to charge for all such rent payment transactions at a rate of 1% of the transaction amount with effect from 20th October 2022. This will be the 1st move of this kind from any bank in the Indian financial market where credit card issuing bank will charge over and above the rent payment platforms.
Let’s wait and watch this place for more changes in coming day !
Punjab National Bank (PNB) has increased its Marginal Cost of funds based Lending Rate (MCLR) by 0.05% with effect from 1st September 2022. With this change, now PNB’s MCLR will stand as below :
This means majority of its consumer loan rates (personal loans/ car loans/ two wheeler loans etc. & other loans which are dependant on upto 3 year MCLR) will be going higher for its customers.
However, the bank has not done any changes in its Repo Linked Loan Rate (RLLR) and Base Rate which are continued at 7.90% and is 8.75% respectively. This indicates that long term loan rates such as home loans rates will not be impacted.
After raising Retail Fixed Deposit rates on 19th August 2022, ICICI Bank is all set to raise the interest rates on it’s Bulk Fixed Deposits from 22nd September 2022. As per RBI definition all Fixed Deposits below Rs. 2 Crore are classified as Retail Term Deposits (RTD) while deposits of Rs. 2 Crore and above are known as Bulk Term Deposits (BTD).
6.05% will the best rate and 3.5% will be the lowest rate that the bank will offer after this rate revision. Summary of the revised interest rate which will be effective from 22nd September is as below :
These Bulk Deposit rates which are offered for Rs. 2 Crore and above are competitive to the Retail Deposit rates which is offered for less than Rs. 2 Crore deposits. Note here that, in Bulk Deposits there is no special rate offered for senior citizens unlike Retail Deposits.
The new fund house in the market WhiteOak Capital Mutual Fund has launched its yet another fund. This time it’s the NFO of White Oak Capital MidCap Fund. Key highlights of the NFO are below:
NFO period: 16th August 2022 – 30th August 2022.
Scheme type: Open ended Mid-cap equity scheme.
Plans available: Regular Plan & Direct Plan.
Scheme Options: Growth, Income Distribution cum Capital Withdrawal (IDCW)-(Payout/Reinvestment).
Objective: Aims to invest and manage diversified portfolio primarily of mid-cap stocks to generate capital appreciation for its investors. Nearly 65% of funds will be invested in midcap securities.
Minimum Investment:
Entry load: Nil
Exit load: 1% iof NAV if redeemed /switched within one month. No exit terms after one month.
Risk-o-meter: Very High
Note: Mutual fund investments are subject to market risks, read all scheme related documents carefully.
