Top Newz this week (6-Oct-2013)
Several new things have been happening in the investment world in the last week to 10 days. 5 IPO’s hit the market, several tax free bonds are currently ON and some more on the way, IRDA formed new norms which would benefit policy holders and new gold schemes being issued by jewelers etc. Here is the quick round-up of what’s top newz in investment world.
Stock Market update
Stock market SENSEX has gained 190 points this week at SENSEX currently is at 19,916.
What’s top newz in investment world in India?
1) IIFCL Tax Free Bonds: IIFCL tax free bond issues have started on 3-Oct-13 and would end on 31-Oct-13. IIFCL tax free bonds offer interest rates of 8.75% compared to its previous issue in Feb/Mar-2013 where the interest rates were 7.58%. HUDCO tax free bonds issue is also currently on. If you fall in high tax bracket these tax free bonds are good for investment as interest is tax free. If you are thinking whether to subscribe for IIFCL or HUDCO, see this comparison and take a decision.
2) SBI Life new Smart power insurance plan: SBI Life launched this unique insurance plan. This policy indicates that individual income can increase year on year, hence this policy enables policy holders to increase sum assured and can also make partial withdrawal. This plan would be available effective from 7th October, 2013.
3) New IRDA norms: IRDA has come up with new norms on life insurance policies. The aim is to reduce the costs and increase returns. It would definitely help policy holders. However insurance agents are worried as they would get lower commission due to these new norms.
4) 5 IPO’s in last 10 days: There were flood of SME IPO’s in the last 10 days. Satkar Lease Finance IPO, Newever Trading IPO, Subh Tex IPO, SRG Securities IPO and VCU Data Management IPO’s were available to public for subscription.
5) Shriram Transport Finance NCD: Shriram transport NCD’s have hit the market last week. The interest rates are offered up to 11.75% per annum. Since these are secured in nature, investors can look for subscription.
6) Few more tax free bonds on way: Some more tax free bonds are going to hit in next few days. PFC is planning for tax free bonds subscription for Rs 1.25 Bn. NHPC is also planning for Rs 1,000 Crores tax free bonds.
7) Gold / Silver: Gold prices have declined during this week. Currently gold prices are at Rs 29,000 level for 10 grams. Silver is at Rs 48,000. Due to festive season, jewelers were expecting that gold and silver prices would increase where as in reality they are going other way.
8) New Mutual fund company norms expected: Mutual funds may need a minimum of Rs 100 Crore as seed capital to setup a mutual fund. Earlier the amount was only Rs 10 Crore. Heard SEBI is working on this model.
9) Tribhovandas Jewelers has launched a new gold scheme to attract customers this festive season. As per this gold scheme, an investor can purchase gold as per this plan and after a year the purchase value would get multiplied and earn some more units or grams.
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