National Stock Exchange (NSE), is finalizing its plans to extend the equity derivatives trading hours in a phased manner, with an aim to offer an opportunity to domestic traders to react to global events, a report said.
Monday, 25 September 2023
Tuesday, 19 September 2023
Gratuity Limit Hiked to ₹5 L for LIC Agents
The finance ministry on September 18 unveiled a series of welfare measures for agents and employees of the Life Insurance Corporation of India (LIC).
According to an official statement, the government said that the welfare measures are related to the amendments to LIC (Agents) Regulations, 2017, enhancement of gratuity limit, and uniform rate of family pension among others.
The government has enhanced the gratuity limit from Rs 3 lakh to Rs 5 lakh for LIC agents. "It will bring substantial improvements to the working conditions and benefits of the LIC agents," the ministry said in the statement.
Monday, 18 September 2023
RBI Imposes Monetary Penalties on Four Cooperative Banks
The Reserve Bank of India (RBI) recently took action against four cooperative banks, imposing monetary penalties due to various rule violations. Below, we provide a breakdown of the penalties and the reasons behind them.
1. Baramati Sahakari Bank – Rs 2 Lakh Penalty
Violation: Failure to Credit Interest to Inoperative Savings Accounts
Baramati Sahakari Bank faced a penalty of Rs 2 lakh for failing to credit interest to inoperative savings bank accounts, a breach that prompted the RBI’s intervention.
2. Becharaji Nagarik Sahakari Bank – Rs 2 Lakh Penalty
Violation: Breach of Prudential Inter-Bank Counter-Party Exposure Limits
Becharaji Nagarik Sahakari Bank incurred a penalty of Rs 2 lakh for exceeding prudential inter-bank counter-party exposure limits, a violation of banking regulations.
3. Waghodia Urban Co-operative Bank – Rs 5 Lakh Penalty
Violations:
- Breach of Prudential Inter-Bank Counter-Party Exposure Limits
- Non-Payment of Interest on Recurring Deposits and Term Deposits
The Waghodia Urban Co-operative Bank faced a substantial penalty of Rs 5 lakh for several infractions. This includes sanctioning credit facilities to individuals where relatives of its directors acted as guarantors, leading to a breach of prudential inter-bank counter-party exposure limits.
Furthermore, the bank failed to pay interest on matured recurring deposits from the date of maturity until the date of repayment, at the rate applicable to savings deposits or at the contracted rate of interest, whichever was lower. It also neglected to pay interest on term deposits for Sundays, holidays, or non-business working days, repaying them on the succeeding working days.
4. Viramgam Mercantile Co-operative Bank – Rs 5 Lakh Penalty
Violation: Not Specified in the Release
While the RBI imposed a penalty of Rs 5 lakh on the Viramgam Mercantile Co-operative Bank, the specific violation leading to this penalty was not detailed in the release.
Dhanlaxmi Bank independent director resigns from board
Dhanlaxmi Bank independent director Sridhar Kalyanasundaram resigns from board
Dhanlaxmi Bank Ltd.’s independent director Sridhar Kalyanasundaram has resigned from the board with effect Sept. 16., citing “factionalism” to “unethical” business conduct. Kalyanasundaram, appointed on Dec. 5, 2022, also referred to whistle-blower issues, rights issue of the bank and the “belligerent attitude” of Shivan JK, managing director and chief executive officer, among other reasons for his exit, according to the company’s exchange filing.
PM Vishwakarma Scheme: Benefits
Benefits of the Vishwakarma Yojana
Training and Skill Enhancement: Under the PM Vishwakarma Scheme, traditional artisans will receive an invaluable opportunity to enhance their skills through a comprehensive 6-day training program. This training is tailored to the specific needs of carpenters, tailors, basket weavers, barbers, goldsmiths, blacksmiths, potters, confectioners, cobblers, and others, empowering them with advanced techniques and knowledge.
Financial Support: The PM Vishwakarma scheme goes beyond training by offering substantial financial assistance ranging from Rs 10,000 to Rs 10 lakh. This monetary aid enables beneficiaries to kickstart their endeavors and expand their businesses, resulting in improved livelihoods.
Employment Opportunities: The PM Vishwakarma Scheme is a catalyst for creating employment avenues. It aims to generate employment for approximately 15,000 individuals annually, fostering economic growth and stability.
Online Application Process: Aspiring beneficiaries can easily access the scheme by applying online. This user-friendly approach simplifies the application process and ensures that deserving candidates can readily avail themselves of the scheme’s benefits.
Full Cost Coverage: The state government takes on the responsibility of covering the entire cost of various training programs under the Vishwakarma Scheme. This ensures that artisans can receive high-quality training without any financial burden.
PM Vishwakarma Yojana
PM Vishwakarma Yojana
The Pradhan Mantri Vishwakarma Kaushal Samman Yojana (PM Vishwakarma Scheme) is a new Central Sector Scheme launched by the Government of India on September 17, 2023.
The Pradhan Mantri Vishwakarma Kaushal Samman Yojana (PM Vishwakarma Scheme) is a new Central Sector Scheme launched by the Prime Minister Narendra Modi on September 17, 2023, on the occasion of Vishwakarma Jayanti. The scheme aims to strengthen and nurture the Guru-Shishya parampara or family-based practice of traditional skills by artisans and craftspeople working with their hands and tools.
18th to 30th September STOCK Analysis | Top 10 trading ideas for next 3-4 weeks
1. Mahindra & Mahindra: Buy | LTP: Rs 1,601 | Stop-Loss: Rs 1,520 | Target: Rs 1,800 | Return: 12.4 percent
2. Union Bank of India: Buy | LTP: Rs 96 | Stop-Loss: Rs 86 | Target: Rs 120 | Return: 25 percent
3. Coforge: Buy | LTP: Rs 5,619 | Stop-Loss: Rs 5,350 | Target: Rs 6,300 | Return: 12 percent
4. Canara Bank: Buy | LTP: Rs 365 | Stop-Loss: Rs 350 | Target: Rs 399 | Return: 9 percent
5. UPL: Buy | LTP: Rs 634.65 | Stop-Loss: Rs 602 | Targets: Rs 680-720 | Return: 13 percent
6. Triveni Turbine: Buy | LTP: Rs 433.35 | Stop-Loss: Rs 410 | Targets: Rs 480-520 | Return: 20 percent
7. Zydus Lifesciences: Buy | LTP: Rs 645 | Stop-Loss: Rs 620 | Targets: Rs 675-700 | Return: 8.5 percent
8. DCW: Buy | LTP: Rs 58.5 | Stop-Loss: Rs 53 | Targets: Rs 66-75 | Return: 28 percent
9. Tata Steel: Buy | LTP: Rs 132 | Stop-Loss: Rs 126 | Targets: Rs 140-145 | Return: 10 percent
10. ICICI Prudential Life Insurance: Buy | LTP: Rs 595 | Stop-Loss: 560 | Target: Rs 654 | Return: 10 percent
Dhanlaxmi Bank | CMP Rs 30
Shares soared nearly 5 percent. The surge comes after the stock price tanked nearly 7 percent on the news of an independent director resigning from the post. Sridhar Kalyanasundaram, one of the independent directors of Kerala-based Dhanlaxmi Bank, resigned on September 16, citing multiple issues in the bank's operations and an internal battle within the Board, according to a communication from the bank to exchanges on September 17.
HFCL | CMP Rs 74
Shares darted up 2 percent after the company won an order from Madhya Pradesh Jal Nigam. The order value aggregates to Rs 1,015 crore and entails providing EPC Services including provision for laying of optical fiber cables on critical and important routes, for the execution of a multi-village drinking water supply network in the Sheopur district of Madhya Pradesh. The said project will be executed by the company in collaboration with Khilari Infrastructure Private Limited as a consortium partner. The project is to be executed within 24 months from the date of order. The stock erased gains as it was trading 6 percent higher today.
Bharat Electronics | CMP Rs 140
Shares traded over 3 percent higher after the company bagged orders worth Rs 3,000 crore. Cochin Shipyard Limited has awarded a Rs 2,118.57-crore contract for the supply of various equipment consisting of sensors, weapon equipment, fire control systems, and communication equipment for six next-generation missile vessels (NGMV), class of anti-surface warfare corvettes for the Indian Navy.
Five Star Business Finance | CMP Rs 700
Shares jumped nearly 2 percent after SmallCap World Fund raised its stake in the company. Foreign company SCHF PV Mauritius sold 30.19 lakh shares or 1.03 percent stake in the non-banking finance company at an average price of Rs 700.15 per share, amounting to Rs 211.35 crore. It held 1.2 percent shares in the company as of June 2023. However, foreign portfolio investor Smallcap World Fund Inc. was the buyer for entire Five-Star shares in this deal, in addition to its current holding of 1.64 percent or 47.78 lakh shares as of June 2023.
Zomato | CMP Rs 102
Shares traded nearly 1 percent lower. This comes despite investors' growing confidence in the company, driven by Zomato demonstrating visibility in revenue growth and margin expansion. According to a Jefferies report, most investors complimented CFO Akshant Goyal during the company’s US roadshow, for delivering on promises made a year ago. “Scepticism was high back then, while the exact opposite is true now,” Jefferies said in the note.
Capcite Infraprojects | CMP Rs 219
Shares soared 2 percent after the infra-company announced a repeat order-win of Rs 280 crore from Raymond for its realty project codename Xception in Thane. "We are delighted that Raymond’s realty division has once again reinforced their trust and confidence in our company. The order inflow for the current financial year, along with our existing orders book gives us confidence to deliver good growth in the coming quarters,” said Rahul Katyal, managing director of the infra-company.
RateGain | CMP Rs 569
Shares were down 1.5 percent on September 18 after Kotak Institutional Equities downgraded the stock to ‘add’ from ‘buy’ following a recent rally in the scrip. However, the brokerage firm has raised its target price on the stock to Rs 610 from Rs 550 earlier. The company’s improved growth and profitability over the past few quarters were driven by the broader recovery in travel and wallet share gains, aided by enhanced capabilities and focus on cost optimization, the brokerage firm highlighted.
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