Top Newz in this week (10-Nov-13)
There are several special news during this week. Canara Bank and PNB raises FD interest rates, Reliance life revives lapsed policies without penalty, Canara bank offering lowest interest rate on home loan and car loans etc. are some of the top newz.
Whatz happening in Financial Markets?
The Stock market SENSEX has lost 531 points this week and SENSEX currently is at 20,666 levels.
- Top 5 Gainers are Tata Steel-5.8%, NTCP-4.4%, Infosys-2.4%, Cipla-1.6% and Hindalco-1.1%
- Top 5 Losers are ICICI Bank-7.4%, SBI-7.2%, Bharti Airtel-6.1%, BHEL-5.6%, and HDFC-5.3%
The rupee has weakened this week against the dollar. Currently trading at Rs 62.47 / Dollar comparing to previous week of Rs 61.74 / Dollar.
Top Newz in the investment world
1) Banks raise FD rates: After the RBI monetary review last week, Canara Bank and PNB have raised FD interest rates. Canara bank has raised FD interest rates up to 0.5% for FD tenures up to 90 days. PBH on other hand raised FD interest rates up to 0.5% for less than 9 months FD’s and 0.3% for greater than 1 year FD’s.
2) EFPO settles 28% more claims in Oct-13: EFPO has record time settled all EFPO claims for Oct-13. Due to new norms effective from 1-Nov-13 that EFP transfers happen through online, EFPO has settled 72% within 10 days and balance of 28% in 20 days during Oct-2013. If you have applied for EFPO claim, you would have received the money by 1st week of Nov.
3) Reliance revives lapsed policies: Reliance life has announced saying it would revive all lapsed policies without any penalty. The offer is up to 30-Nov-13.
4) Cognizant Technology Solutions (CTS) beats the estimates: CTS have announced its results where it results are at the $ 2.3 bin / Rs 14,200 Crores. Analysts were estimating that it would grow this quarter of Jul to Sep by 4.5%. CTS have beaten the estimates and grew by 6.7%. CTS says there are several hidden potential growth which it has not yet trapped and it would expect to grow a faster pace in coming quarters.
5) Govt likely to publish guidelines for unclaimed dividend: Companies generally declare dividends to its stockholders. However part of such amount would be always unclaimed for some reason. It could be due to a change of address or bank details of the shareholder is incorrect etc. Such unclaimed dividend is lying on the company balance sheet as a liability. Govt of India is planning to publish guidelines for such unclaimed dividend. The recommend would include moving such funds to separate bank account where shareholder could claim such amount within 7 years from the date of declaration of dividend etc.
6) IRDA increases exposure to liquid MF’s by general insurers: IRDA has modified the guideline for general insurers wherein they can now invest 3% of their portfolio in liquid mutual funds as against 1.5% which they were investing earlier. Also they can now invest up to 5% in FD schemes or promoter group banks. This would improve yields on a portfolio which may be passed to insurance policy holders under various insurance schemes.
7) Customs issue show cause notice to some gold jewelers: Customs issued show cause notice to several gold jewelers in India who have imported gold from Thailand. India suspended gold imports from Thailand in Mar-2013. However several gold jewelers importing gold from Thai despite that.
8) S&P reduces rating for France to AA: After S&P has reduced rating for India, now S&P has lowered France credit ratings to AA from AA+. France is a fast growing country and such lowering of rating could impact the growth.
9) Canara bank offers low home loan rates and car loans: Canara bank has announced saying it is now offering low home loan interest rates of 9.95% / Rs 874 per lakh. It also says that car loans can be now availed at 10.45% / Rs 1,684 per lakh which are the lowest among the banks. Currently SBI home loan is offering such lowest home loan rates and Canara bank joining this would help investors to get loans at lowest rates.
10) Gold / Silver: During festival season, Gold and Silver prices have increased this week. This week gold prices have increased by 3.3% and silver prices increased by 2.2%. Current gold prices are at Rs 30,780 for 10 grams. Silver is at Rs 49,780 per KG.
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