Deposit certificates will also be exempt from capital gains tax.
The government on Wednesday issued special 6-year bonds worth Rs 328 crore (Rs 3.28 billion) for meeting Unit Trust of India's shortfall in assured return scheme.
'We bow to the Janta Janardan. The results in Chhattisgarh, Madhya Pradesh and Rajasthan indicate that the people of India are firmly with politics of good governance and development'
Bond yields have risen since the Reserve Bank of India raised interest rates for a second consecutive month on October 29.
FMPs remain an option for investors who believe interest rates could head downward over time and wish to lock in the current rates. TMFs have very low expense ratios, which makes them cost-efficient.
Analysts and economists have hailed the fiscal projections in the interim Budget, saying the lower fiscal deficit forecast shows that the government, even in an election year, is serious about fiscal consolidation and that the numbers look achievable. According to Devendra Kumar Pant, the chief economist at India Ratings, the two broad themes of the interim Budget are fiscal consolidation and stepping up focus on agriculture/rural to course correct, to some extent, the differential benefits of the ongoing economic growth that's tilted in favour of upper-income bracket/urban households. The projected fiscal deficit numbers for FY24 and FY25 suggest that the government is serious about achieving the fiscal consolidation path of 4.5 per cent fiscal deficit by FY26, and given the nominal GDP growth assumption and revenue buoyancy, the target appears plausible, Pant said in a note.
The contribution from asset management companies (AMCs) has surpassed the Rs 3,000 crore target for the creation of a Rs 33,000 crore backstop facility for debt mutual funds (MFs). The initial corpus for the Corporate Debt Market Development Fund (CDMDF) is nearly Rs 3,100 crore, according to multiple government officials and AMC executives. "The fund is operational now. "The required corpus has been raised by AMCs and the remaining part (Rs 30,000 crore) is in the form of a guarantee from the government which will be activated only in case of a credit event," explained D P Singh, joint CEO and deputy MD, SBI MF.
The report said the company, which was involved in transactions with and buying properties from the late Iqbal Memon alias Iqbal Mirchi, gave Rs 10 crore to the BJP in 2014-15. Mirchi was a close aide of Dawood Ibrahim.
Fundraising activity in the debt market is gaining momentum ahead of the festival season. Several non-banking financial companies (NBFCs) and the National Bank for Agriculture and Rural Development (Nabard) are planning to raise at least Rs 5,560 crore in the next two days by issuing bonds, with a greenshoe size of Rs 6,370 crore. Ajay Malglunia, managing director and head of investment grade group at JM Financial, said, "The market likes certainty, the market will gain clarity after the US Federal Reserve's (Fed's) policy.
At an event at Chhatrapati Shivaji Maharaj Terminus in south Mumbai, Modi first flagged off the the CSMT-Solapur Vande Bharat Express and later another semi high-speed train linking the financial capital to Sainagar Shirdi temple town in Ahmednagar district.
With more favourable view on Indian economy and business environment under the Narendra Modi government, the risk premium for Indian papers began to climb down.
The most preferred CoCo bonds are those through which banks raise their additional Tier-I capital.
Wrapping up his four-day state visit to the US, Prime Minister Narendra Modi on Friday asserted that a new and proud journey of India-US ties has begun and the world is watching the two great democracies strengthening their bond.
'People don't know about the immense pressures that come with this position -- every decision a judge takes affects real people and their lives.' 'This is not a job that one can take lightly.' A
'If you look at the order books of capital equipment companies or money deployed on the ground, there is forward movement in terms of actual investment by the private sector.'
Divestment-bound Air India is looking to sell securities of its two provident trusts AIEPF and IAEPF, and has sought applications for transaction advisors to help with the proposed sale of the securities. The Air India Employees Provident Fund (AIEPF) trust and Indian Airlines Employees Provident Fund (IAEPF) trust are governed by the Provident Fund Trust Act, 1925. The two trusts' investments together amounted to Rs 4,500 crore as of August 31, 2021, according to the tender document, seeking RFPs for the appointment of the transaction advisors.
'The longevity of the government is a doubt for me because when the going gets tough, there could a be a point in time where there might be pressure, from within the party or from the allies.'
The observations are a part of the recently released edition of Asia Bond Monitor, a semiannual publication, which includes a theme chapter on Indian bond market. Lee said that securitization has a long history in India but the development has been slow and limted to a few asset types.
Foreign Portfolio Investors (FPIs) selling spree continued as they dumped Indian equity worth over Rs 5,800 crore this month so far on rising interest rates and geopolitical tensions in the Middle East. This came after such investors withdrew Rs 24,548 crore in October and Rs 14,767 crore in September, data with the depositories showed. Before the outflow, FPIs were incessantly buying Indian equities in the last six months from March to August and brought in Rs 1.74 lakh crore during the period.
The opposition's Maha Vikas Aghadi (MVA) coalition in Maharashtra on Tuesday announced its seat-sharing arrangement for the upcoming Lok Sabha elections with the Shiv Sena-Uddhav Balasaheb Thackeray securing a substantial portion with 21 seats, while the Congress will contest 17 seats, and the Nationalist Congress Party-Sharadchandra Pawar 10 seats.
The mutual fund (MF) industry had an action-packed 2023 as it tackled the scrapping of tax benefits for debt fund investors and surging flows into equity funds.
Geopolitical events, macroeconomic data and quarterly earnings of corporates would guide the stock market in a holiday-shortened week ahead, analysts said. Stock markets will remain closed on Wednesday for Ram Navami. "This week promises to be crucial for the market as fresh worries about a potential conflict between Iran and Israel emerge.
Social stock exchange (SSE) saw its first listing on Wednesday, with SGBS Unnati Foundation becoming the first entity to take this route to avail financing. The foundation - engaged in vocational training of youth - raised Rs 1.8 crore from four investors. These include brokerage firm Zerodha and National Bank for Agriculture and Rural Development (Nabard).
Dhawal Dalal, executive vice-president & head, fixed income, DSP BlackRock Investment Managers, expects the central bank to hold rates for the rest of calendar year 2016.
The Indian Premier League governing council revealed changes ahead of the IPL mega auction, which is likely to be scheduled for November.
India Inc has mobilised a whopping Rs 23,252 crore (Rs 232.52 billion) through private placement of bonds in the first three months of current fiscal, even as government entities witnessed a decline in such borrowings.
Such exercises are done by the central bank when the proceeds from sale of short-term securities are used to buy long-term government securities or bonds in a bid to bring down interest rates on long-term securities.
The flip-flop by the government has led senior British Indian MP Keith Vaz to revive his demand that the government end all confusion over the issue.
In a scathing attack on Prime Minister Narendra Modi, Congress president Mallikarjun Kharge on Thursday said when the elections are over, people will only remember him as the PM who indulged in 'divisive and communal speeches filled with lies' to avoid an inevitable defeat.
After pumping in close to $20 billion in the preceding five months, foreign portfolio investors (FPIs) have yanked out $220 million from domestic stocks this month. The selling by overseas funds has led to turbulence in the domestic markets, with benchmark indices swinging wildly recently.
'To the believers of crypto regulations, I have only one question to ask, how will you regulate it?'
Billionaire banker Uday Kotak founded bank as well as brokerage created and oversaw an offshore fund used by an unnamed investor to profit from a plunge in Adani shares that followed a damning Hindenburg report, the US short seller said on Tuesday. Hindenburg Research, which had in a January 2023 report alleged stock market manipulations and accounting fraud at the Adani group, said it has received a show cause notice from the Indian markets regulator Sebi over gains made from betting on the conglomerate's shares.
In the run-up to the 2024 Lok Sabha elections, political parties are extensively using social media to propagate their achievements and seek support from voters.
The bank has fixed an issue price of Rs 1,782.74 per share for a preferential stock allotment to the government as part of the capital infusion plan for this fiscal. The SBI board had approved the preferential allotment in October.
Stocks of smallcap and midcap companies, which had caught the fancy of retail investors, also feature in the portfolio of leading politicians in addition to bluechip stocks.
The Sovereign Gold Bonds will be sold through banks, Stock Holding Corporation of India Limited, designated post offices and recognised stock exchanges -- the NSE and BSE.
The controversial 3,000-pound "security bond" for some "high-risk" foreign visitors to the UK, including those from India, is to be scrapped, the Home Office has confirmed.
'The BJP was supporting him from behind in order to bring down the Congress government.'
Benchmark stock indices Sensex and Nifty fell for the third day running on Friday due to weak trends in global markets and soaring crude oil prices. Foreign fund outflows also weighed on investor sentiments amid strengthening US bond yields which are nearing 5 per cent for the first time since 2007. The 30-share BSE Sensex fell 231.62 points or 0.35 per cent to settle at 65,397.62.
Elections are not won or lost by expounding on such macro-economic matters. For the aam admi, what matters in manifestos are promises that will improve their quality of life, notes Vinayak Chatterjee.
