Top Newz this week (20-Oct-2013)
Last week also, there were several surprises and interesting news is there in the investment world. EPFO accounts show a negative balance for 2.5 Crore members, NHPC Tax free bonds hit the market this week, National Housing Bank planning for tax free bonds, 3 new IPO’s hit the market, HSBC shuts down its shop in Retail brokerage biz etc.
Financial markets and important updates
- The Stock market SENSEX has gained 382 points this week at SENSEX currently is at 20,882 levels.
- No major changes in Rupee/Dollar conversion. Currently trading at Rs 61.22 / Dollar.
- After IMF has cut-down the India growth story last week from 5.5% to 3.75% (1.8% cut), in this week World Bank too has cut India growth story from 6.1% to 4.7% (1.4% cut).
- HSBC has decided to shut down its retail business and retail depository services in India. Approx 300 employees would get effected with this decision.
What’s top newz in the investment world in India?
1) NHPC Tax Free Bonds: NHPC tax free bond 2013 issue started this week on 18-Oct-13 and would end on 11-Nov-13. Like, PFC tax free bonds, NHPC bonds also come with highest tax free income of 8.92% per annum for 20 year bonds. These tax free bonds too are good for all investors in various tax brackets.
2) Is your ePF safe? Don’t think EFP money is safe. PF officials are now breaking their head as more than 2.5 Crore members which contributes to 30% of the total members EPFO account showing negative balance. Fraudsters faked and withdrawn by opening a bank account using forged documents. PF officials are now working on how to do the damage control.
3) Banks increase FD rates: Banks started increasing FD rates as tax free bonds interest are almost offering Bank FD rates. This week a few banks have increased FD rates for specific tenures.
4) BSL launched Savings Plan: Birla Sun Life launched BSLI Savings plan. This is traditional savings-cum-insurance plan with guaranteed additions for the first 5 years of the policy term. We would cover detailed analysis later this week.
5) NHB is soon launching tax free bonds: National Housing Bank (NHB) is planning to launch tax free bonds to the tune of Rs 2,100 Crores. This would hit the market very soon.
6) 3 IPO’s hit market this week: 3 SME IPO’s, Mitcon Consultancy IPO, Stellar Capital IPO and Amarpali Capital IPO’s have hit the market this week. Among them, Mitcon Consultancy is rated by Crisil as 4/5 (4 out of 5). Myinvestmentideas.com recommends this as “You can invest”.
7) SEBI issues REIT draft guidelines: Real Estate Investment Trust (REIT) is taking a shape. Last week, SEBI has issued guidelines on how REITs in India would look like. If this is approved, small investors can invest in REIT and get fixed rental income for long run.
7) Gold / Silver: Due to festival season, Gold and Silver prices have increased this week. This week gold prices have increased by 3% and silver prices by 1%. Current gold prices are at Rs 29,500 for 10 grams. Silver is at Rs 48,000 per KG.
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