Top Newz in this week (17-Nov-13)
There are several special news during this week. Aviva launches next innings pension plan, EPFO bans higher contribution to pension plan, RBI Governor statement may beat up banking stocks etc. are some of the top newz.
Whatz happening in Financial Markets?
- The Stock market SENSEX has lost 267 points this week and SENSEX currently is at 20,399 levels. In last 2 weeks it lost more than 800 points.
- Top 5 Gainers are Tata Steel-8%, M&M-3.3%, Dr. Reddy-2%, TATA Motors-1.5% and BHEL-1%
- Top 5 Losers are Coal India-7.4%, GAIL-6%, HDFC 5.6%, ONGC-4.7%, and TC-4.5%
- If you observe thought market has been falling in last 2 weeks, the stocks which have taken beating in last week continued to take beating this week too. This is an indication that we should avoid entering into such stocks next week.
The rupee has weakened this week against the dollar. Currently trading at Rs 63.11 / Dollar comparing to previous week of Rs 62.47 / Dollar. After recovery for few weeks, rupee has again falling against dollar
Top Newz in the investment world
1) Aviva India Launches Next innings pension plan: This week, Aviva India life insurance has launched next innings pension plan. This plan offers 210% of the total premiums paid after retirement. The plan is for 13,16 and 18 years term period and minimum premium is Rs 1.5 Lakhs. We would provide detailed analysis next week.
2) Fin Minister warns service tax defaulters: Finance Minister asked service tax defaulters to come clean so that to avoid punishment. Govt encouraging Voluntary Commpliance and Encouraging Scheme (VCES) for some time.
3) EPFO ban higher contribution: Employee Provident Fund Office bans higher contribution by its members to pension scheme. Contribution to pension scheme would be limited to wage ceiling of Rs 6,500 / Rs 541 per month. EFPO has been allowing members to contribute more than this mandatory amount towards pension account. However due to growing financial burden, it bans all fresh higher contributions. Existing higher contributions would still continue.
4) 3 of the Indian Origin among 50 top richest people in Africa: Forbees magazine released a list of top 50 richest people in Africa. Among them 3 are from Indian origin named Vimal Shah, Sudhir Rupare and Naushad Murali are topped.
5) WPI jumps to 7%: Wholesale Price Index (WPI) has raised from 6.46% in Sep-13 to 7% for Oct-13 which is 8 month high. However it is still lower compared to Oct-2012 which is 7.32%. Costlier vegetables, onions and other food articles have contributed for this increase in WPI.
6) Rajan warns banks about bad loans: Raghuram Rajan, RBI Governor warns banks about bad loans. Rising NPA / Bad loans have been a concern to RBI and Government. Banks may tighten loans procedure now and this may impact the interest income. Due to this move, banking stocks may get impacted in coming weeks.
7) SEBI steps for second time into RBI’s banking issue: SEBI stepped banking visibility and issued show cause notice to HSBC Bank which is regulated by RBI. SEBI issued this notice to HSBC bank in the interest of consumer protection in Suchitra Krishnamoorthi Vs HSBC Bank case. The message is clear, either HSBC bank has to answer or SEBI is going to ban HSBC bank to act as banker for mutual fund transactions. The case was filed indicating that bank has mis-sold financial products to the consumer.
8) Gold and Silver prices drop: Festival season is over. Gold and Silver prices has fallen this week. This week gold prices have reduced by 1.4% and silver prices reduced by 6.1%. Current gold prices are at Rs 30,346 for 10 grams. Silver is at Rs 46,740 per KG.
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Top Newz in the investment world
- 10.5% Muthoot Mercantile NCD December 2023 – Issue Details and Review - November 26, 2023
- 8.6% Cholamandalam Investment and Finance NCD Nov-2023 – Issue Details and Review - November 25, 2023
- 12.5% ICL Fincorp NCD November 2023 – Issue details and Review - November 24, 2023