The World Opinion

Category: Economy

  • Stocks In Spotlight 16 July 2024: Five Stocks To Track Today | Markets News

    New Delhi: Markets closed at new record highs on Monday. The 30-share BSE Sensex finished at 80,664.86 while the NSE Nifty ended at an all-time closing high of 24,586.70.

    “We maintain a positive outlook and recommend a “buy on dips” strategy. In addition to favorable domestic factors, positive global cues are boosting sentiment. Traders should continue to focus on stock selection and trade management,” said Ajit Mishra – SVP, Research, Religare Broking Ltd.

    Meanwhile, ahead of the market opening today, as per Zeebiz, Nestle India, SpiceJet, Dr Reddy’s, Bajaj Auto, M&M Financial, Lupin are likely be in focus today.

    1. Hindustan Unilever Ltd (HUL)

    HUL has informed in a regulatory filing that the Board of Directors at their meeting held on 15th July, 2024, has approved the sale and divestment of Company’s Water Purification business carried under the brand ‘Pureit’ including the trademarks, copyrights and other intellectual properties and identified assets and contracts associated with the business, as a going concern on slump sale basis, to A. O. Smith India Water Products Private Limited.

    2. Lupin 

    Lupin has announced that it has divested  the Company’s US Commercial Women’s Health Specialty Business, including Solosec, to Evofem Biosciences, Inc., a U.S. biopharmaceutical company focused exclusively on Women’s Health.

    3. Vedanta 

    Vedanta has announced the launch of its qualified institutional placement (QIP) issue at a floor price of Rs 461.26 apiece, aiming to reducing debt and fulfilling certain capital expenditure obligations.

    4. Bajaj Auto

    The auto major is set to release April-June (Q1 FY25) results today.

    5. HAL & Bharat Electronics

    The Union Civil Aviation Ministry has announced a uniform 5 per cent Integrated Goods and Services Tax (IGST) rate on all aircraft and aircraft engine parts, effective July 15th, 2024.

  • RBI Revises Norms, Tells Banks To Hear Borrowers Before Taking Any Action | Economy News

    Mumbai: The Reserve Bank on Monday revised its master directions on fraud risk management to incorporate the recommendations of a Supreme Court judgment which asks banks to hear a borrower before an account is classified as fraud.

    The central bank said the three revised master directions on fraud risk management are principle-based and strengthen the role of the board in overall governance and oversight of fraud risk management.

    “The master directions now expressly require that the REs (regulated entities) shall ensure compliance with the principles of natural justice in a time-bound manner before classifying persons/entities as fraud, duly taking into account the Supreme Court Judgment dated March 27, 2023,” a RBI statement said.

    In the SBI versus Rajesh Agarwal case, an SC bench led by CJI DY Chandrachud batted for the rights of the borrower to be heard before an account is classified as fraud.”The principles of natural justice demand that the borrowers must be served a notice, given an opportunity to explain the conclusions of the forensic audit report, and be allowed to represent by the banks/ JLF before their account is classified as fraud under the master directions on frauds,” it had said.

    “Since the master directions on frauds do not expressly provide an opportunity of hearing to the borrowers before classifying their account as fraud, audi alteram partem (right to be heard) has to be read into the provisions of the directions to save them from the vice of arbitrariness,” the order had added.

    The RBI said the framework on early warning signals (EWS) and red flagging of accounts (RFA) has also been strengthened further for early detection and prevention of frauds in the REs and timely reporting to law enforcement agencies and supervisors.

    The central bank has also mandated data analytics and market intelligence units for strengthening risk management systems as part of the review, the RBI said. The directions also emphasize the need for instituting robust internal audit and control framework in the REs, it said.

    A total of 36 existing circulars on fraud risk management in the regulated entities stand withdrawn with the issue of the revised guidelines, it said, adding that the exercise has been carried out with the intent of rationalising the existing instructions and reducing the compliance burden on the REs.

  • Bharat Bill Payment System: Full List Of Bank Credit Card Billers That Are Live On BBPS | Personal Finance News

    New Delhi: The Reserve Bank of India has made it mandatory that all credit outstanding repayments must be routed through the Bharat Bill Payment System (BBPS)- managed by the National Payments Corporation of India (NPCI). The revised norms to streamline the process of bill payments is applicable from 1 July 2024.

    Bharat Bill Payment System is a one-stop ecosystem for payment of all bills providing an interoperable and accessible Bill payment service to all customers across India. Bharat BillPay transaction can be initiated through multiple payment channels like Internet, Internet Banking, Mobile, Mobile-Banking, Mobile Wallets, Kiosk, ATM, Bank Branch, Agents and Business Correspondents, by just looking at the Bharat BillPay logo.

    Bharat BillPay facilitates myriad payment modes enabling Bill payments. The payment modes options facilitated under the ecosystem are Cards (Credit, Debit and Prepaid), NEFT Internet Banking, UPI, Wallets, Aadhar based Payments and Cash.

    We’re excited to introduce our new credit card billers, making your payment process smoother and more convenient.@HDFC_Bank | @ICICIBank | Indian Bank | @SaraswatBank | @pnbindia | @IDFCFIRSTBank | @UnionBankTweets #bbps #creditcard #digitalpayments pic.twitter.com/zQOVKsevRn
    — Bharat BillPay (@BharatBillPay) July 12, 2024

    15 major issuers are live on Bharat Bill Payment System. Check full list of bank credit card billers that are live on BBPS.

    AU Bank credit card
    BoB credit card
    Canara Bank credit card
    Federal Bank credit card
    HDFC Bank credit card
    IDBI Bank credit card
    IDFC Bank
    Indian Bank
    IndusInd credit card
    ICICI Bank credit card
    Kotak Mahindra Bank credit card
    Punjab National Bank credit card
    Saraswat Co-Operative Bank
    SBI Card
    Union Bank of India credit card

     

  • Ducati Hypermotard 698 Mono To Launch In India Soon? Check What’s Revealed | Auto News

    Ducati India has recently teased the Hypermotard 698 Mono on its social media channels, signalling an upcoming launch. This model marks Ducati’s return to single-cylinder bikes after decades, with the Hypermotard 698 Mono expected to be introduced in India in two variants: Standard and RVE.

    Powerhouse Engine

    The Hypermotard 698 Mono is expected to come with 659cc, liquid-cooled Superquadro Mono engine. This engine produces an impressive 77.5 bhp at 9,750 rpm and 63 Nm of torque at 8,000 rpm, making it the world’s most powerful single-cylinder engine. For those seeking even more power, the optional Termignoni race exhaust boosts these figures to 84.5 hp and 67 Nm.

    Design

    The Hypermotard 698 Mono sports a striking design. Key elements include an LED headlight with a distinctive long beak, a sleek fuel tank, and a streamlined side and tail section. True to Ducati’s Hypermotard styling, the twin exhaust pipes are positioned just under the tailpiece.

    Features

    The chassis of he Hypermotard 698 Mono comprises a steel trellis frame and a steel-tube subframe, complemented by an aluminum swingarm. Suspension duties are handled by an adjustable Marzocchi USD fork at the front and a Sachs monoshock at the rear. The bike features a six-speed gearbox paired with a slip-and-assist clutch. While the RVE variant includes a quickshifter as standard, the base variant offers it as an optional upgrade.
    The braking system of the vehicle features Brembo M4.32 brake calipers at the front, gripping a 330mm disc, and a 245mm disc at the rear with a single-piston floating caliper.
    The Hypermotard 698 Mono might come equipped with three power modes, cornering ABS, four ride modes, traction control, and wheelie control. These settings are accessible via a 3.8-inch LCD instrument cluster.

  • Royal Enfield Guerrilla 450 To Launch July 17; Check What Is Expected | Auto News

    Are you a Royal Enfield Enthusiast? If yes, then this news is for you. Royal Enfield has officially announced the launch of the Guerrilla 450. The launch is scheduled for July 17 in Barcelona. Read here to know what is expected from this upcoming bike.

    Design and Features

    The Guerrilla 450 shares many components with the Himalayan but has been primarily adapted for on-road use. Spy shots have provided glimpses of its features, which include a single-pod instrument console, a round LED headlight, a sizable fuel tank, and a one-piece seat. The tank and tail sections resemble those of the Himalayan 450, suggesting a carryover design. However, unlike the Himalayan’s spoked wheels and tube tyres, the Guerrilla 450 will sport alloy wheels and tubeless tyres. It will also replace the Himalayan’s USD fork with a gaitered telescopic fork.

    Performance and Engine

    The Guerrilla 450 is expected to be powered by the same Sherpa 450 engine found in the Himalayan. This 452cc single-cylinder engine produces 40hp and 40Nm of torque in the Himalayan and is paired with a 6-speed gearbox. The tuning of the engine in the Guerrilla 450 has yet to be confirmed.
    The Guerrilla 450 is expected to feature more basic hardware than its adventure counterpart, the Himalayan, making it more affordable. This new model aims to cater to riders looking for an on-road experience while maintaining the robust build and reliability that Royal Enfield is known for.

  • HDFC Bank Credit Card Rules Changing From 1 August 2024: Check New Payment Fee And Other Details | Personal Finance News

    New Delhi: HDFC Bank has made an important announcement relating to its Credit Card. The bank has said that effective from 1st August 2024, it will be making following revision to the Credit card charges.

    The new payment charges pertain to Rental Transactions, Fuel Transactions, Utility Transactions, Educational Transactions, International / Cross Currency Transactions, Rewards Redemption towards Statement Credit, Finance Charges and Easy-EMI Processing Fee.

    Check Complete Revisions of  HDFC Bank Credit Card Terms Effective From 1st August, 2024

    Rental Transactions

    If you use services like (but not limited to) CRED, PayTM, Cheq, MobiKwik, Freecharge, and others to pay rent, a 1% fee will be charged on the transaction amount and capped at ₹3000 per transaction.





    Category
    Merchant Category Codes (MCC)




    Rent
    6513

    Fuel Transactions

    Consumer Cards:If you spend less than ₹ 15000 per transaction on fuel, no additional fee will be charged. However, if you spend more than ₹15,000 per transaction on fuel, a 1% fee will be charged on the entire amount and capped at ₹3000 per transaction.

    Business Cards:If you spend less than ₹ 30000 per transaction on fuel, no additional fee will be charged. However, if you spend more than ₹30,000 per transaction on fuel, a 1% fee will be charged on the entire amount and capped at ₹3000 per transaction.




    Category
    Merchant Category Codes (MCC)




    Fuel
    1361,5172,5541,5542,5983,9752

    Utility Transactions:

    Consumer Cards: If you spend less than ₹ 50,000 per transaction on Utilities, no additional fee will be charged. However, if you spend more than ₹50,000 per transaction on utilities, a 1% fee will be charged on the entire amount and capped at ₹3000 per transaction. Business Cards: If you spend less than ₹ 75,000 per transaction on Utilities, no additional fee will be charged. However, if you spend more than ₹75,000 per transaction on utilities, a 1% fee will be charged on the entire amount and capped at ₹3000 per transaction.





    Category
    Merchant Category Codes (MCC)




    Utility
    4900

    Insurance transactions will not be considered as Utility transactions and hence no charge will be applicable.

    Educational Transactions

    If you make education payments through college/school websites or their POS machines, there will be no fees. International education payments are excluded from this charge. However, on education payments through third-party apps like (but not limited to) CRED, PayTM, Cheq, MobiKwik and others, a 1% fee will be charged and capped at ₹3000 per transaction.





    Category
    Merchant Category Codes (MCC)




    Education
    8211,8220,8241,8244,8249,8299

    International / Cross Currency Transactions

    If you make an International / Cross currency transaction, a 3.5% markup fee will be applicable.

    *Mark up fee will remain 2% for Infinia, Infinia (Metal Edition), Diners Black, Diners Black (Metal Edition), Biz Black Metal Card, Regalia Gold, BizPower, Tata Neu Infinity HDFC Bank and 2.5% mark up fee for 6E Rewards Indigo XL.

    Rewards Redemption towards Statement Credit

    If you redeem your rewards towards statement credit (CashBack), a ₹50 redemption fee will be charged.

    Rewards Redemption charge will not be applicable for Infinia, Infinia (Metal Edition), Diners Black, Diners Black (Metal Edition), BizBlack Metal,Swiggy HDFC Bank,Flipkart Wholesale.

    Finance Charges

    If you avail the revolving credit facility & hence choose to pay an amount less than the total amount due reflected in the monthly billing statement, finance charges of 3.75% (per month) will be applicable from the transaction date till the outstanding balance is paid in full . Applicable to all retail & cash transactions.
    * Finance charge will remain 1.99% (per month) for Infinia, Infinia (Metal Edition), Diners Black, Diners Black (Metal Edition) ,BizBlack Metal.

    Late Payment

    Late payment fee structure has been revised as follows:





    Outstanding Amount Slab
    Revised Charges




    < = ₹ 100
    Nil


    ₹ 101 – 500
    ₹ 100


    ₹ 501 – 1000
    ₹ 500


    ₹ 1001 – 5000
    ₹ 600


    ₹ 5001 – 10000
    ₹ 750


    ₹ 10001 – 25000
    ₹ 900


    ₹ 25001 – 50000
    ₹ 1,100


    > ₹ 50000
    ₹ 1,300

    Easy-EMI Processing Fee

    If you avail the Easy-EMI option at any online / offline store, EMI processing fee of up to ₹299 will be charged. All fees are subject to GST as per government regulations. The Merchant Category codes are defined by the network (Visa, Master Card, Rupay, Diners). HDFC Bank does not define the merchant category.

  • India’s Forex Reserves Rise By $816 Million To Scale 653.7 Billion Mark | Economy News

    New Delhi: India’s foreign exchange reserves rose by $816 million to $653.71 billion in the week ended June 21, according to figures released by the RBI on Friday. The country’s forex reserves had contracted by $2.92 billion to $652.9 billion for the week ending on June 14 after rising steadily to a lifetime high in the preceding weeks. The latest figures show a resumption of the rising trend.

    Prior to this, India’s foreign exchange reserves surged by $4.3 billion during the week ended June 7 to scale a life-time high of $655.8 billion. An increase in the foreign exchange reserves reflects strong fundamentals of the economy and gives the RBI more headroom to stabilise the rupee when it turns volatile.

    A strong forex kitty enables the RBI to intervene in the spot and forward currency markets by releasing more dollars to prevent the rupee from going into a free fall. Conversely, a declining forex kitty leaves the RBI less space to intervene in the market to prop up the rupee.

    “India’s external sector remains resilient and overall, we remain confident of meeting our external financing requirements comfortably,” Das said at a press conference after the monetary policy meeting earlier this month.

    India’s current account deficit declined to $23.2 billion (0.7 per cent of GDP) during 2023-24 from $67 billion (2 per cent of GDP) during the previous year due to a lower merchandise trade deficit, the RBI said on Monday. Commerce Ministry data shows that India’s exports of goods shot up over 9 per cent in May paving the way for a stronger balance of payments position.

  • This 19th-Century Mansion With 17 rooms, 5,000 Sqft Area Is Available For Free; But There’s A Catch | Real Estate News

    New Delhi: Homeownership is generally considered a key component of one’s dream. Owning a house is a symbol of both financial success and independence.  People are ready to spend their savings to buy residences in dream locations. 

    However, the dream of buying a house without spending a penny can be more than a pleasant surprise for many. A property in the beautiful US city of Philadelphia is being given away for free if a certain condition is fulfilled.

    The Hood Mansion, a 19th-century property in Philadelphia, Pennsylvania, is being given away for free. The 5,000-square-foot property having 17 rooms is an abandoned building waiting for buyers. The building on this large property will be handed over for free to buyers. However, there’s a catch!

    Built in 1834, the Hood Mansion served as the family’s summer home after John McClellan Hood arrived in the United States in 1799. 

    It is currently an abandoned property. Despite the flawless plaster walls with very few cracks, there are several broken windows and missing doors. The house is available for free to anyone who wants it, but there is a catch: it needs to be relocated.

    The president and founder of the Eastern Pennsylvania Preservation Society, Tyler Schumacher, claims that this architectural gem has been masterfully built and has a deep history. The house and a fragment of history are being fought for by the preservation society. 

    Hood Mansion In Philadelphia, Pennsylvania Is Available For Free, But What’s The Catch?

    The preservation society is trying to locate a buyer who can move and renovate the property. The mansion relocation would require the buyer to pay a significant amount. It would cost the buyer between $700,000 and $1 million to relocate the house. To discuss the next actions, interested parties might get in touch with the preservation society.

  • Stocks In Spotlight 28 June 2024: Five Stocks To Track Today | Markets News

    New Delhi: Sensex breached the historic 79,000 level for this first time yesterday while Nifty closed at 24,000, its new peak amidst buying in blue-chip stocks.  The BSE Sensex soared 568.93 points or 0.72 percent to close at new peak of 79,243.18 while the NSE Nifty ended at a new record high of 24,044.50.

    Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd said, “Indian equity indices registered strong gains, hitting fresh record highs during the F&O expiry day. The Nifty IT index witnessed strong rally and advanced 2.03% to end at 36,124. Technically, the index has achieved short term consolidation breakout target of 24,000 levels, and managed to close above it. If the index holds above 24,000 levels, then rally could extend towards 24,250-24,500 in the short term.”

    Meanwhile, ahead of the market opening today, as per Zeebiz Bank of Baroda, HCL Technologies, KIMS, Defence stocks, Telecom stocks, are likely be in focus today.

    1. HCL Technologies


    As per news reports 0.46 percent equity stake HCL Technologies is likely to be sold at Rs 1,757 crore through a block deal.

    2. Bank of Baroda

    Bank of Baroda shares are scheduled to trade ex-dividend on June 28. The board of directors of the bank had in may recommended a dividend of Rs 7.60 per equity share of face value of Rs 2 each for the Financial Year ended March 31, 2024.

    3. KIMS

    The board of KIMS (Krishna Institute Of Medical Sciences Ltd) is scheduled to meet on Friday to consider a)Sub-division/split of existing 1 (One) Equity Share of the face value of Rs 10 each fully paid up into 5 (Five) Equity Shares of the face value of Rs 2 each fully paid up. b) Reclassification of the persons from the ”Promoter Group’ Category to the ”Public” Category.

    4. Defense Stocks
     
    Zeebiz has reported that Defense Shares will be in focus as the ‘centre has allowed an extension in customs duty waiver on the import of some of the components.’

    5. Telecom Stocks

    Telecom Stocks of companies like Bharti Airtel, Vodafone Idea will be in focus. Reliance Jio, India’s top telecom operator, yesterday announced a 12-27 percent hike in mobile tariffs — the first in two and half years, setting the stage for other telcom operators to raise charges.

  • Budget 2024: Health Experts Urge Government To Increase Bed Availability, Provide Subsidised Vaccines | Personal Finance News

    New Delhi: Health experts stressed the importance of increasing the number of hospital beds in the country during a pre-budget meeting with Finance Minister Nirmala Sitharaman in Delhi on Thursday. They emphasised that the current availability is below the standards set by World Health Organization (WHO).

    Girdhar Gyani, Director General of the Association of Healthcare Providers said, “We have presented to the government the data that there are less than two beds per thousand population in our country, while WHO requires that there should be 3.5 beds per thousand population. Over and above, we have told them that there is a great disparity in terms of bed density,” (Also Read: Vedanta Announces Financial Support For Transgender Employees’ Higher Education)

    The experts also pointed out that in regions like Bihar, the shortage of hospital beds forces patients to travel long distances for treatment “Karnataka has got 4.2 beds per 1,000 population, while Bihar has got only 0.3 beds per 1,000 population. So this makes Bihar population travel all the way for treatment,” Dr. Gyani explained. (Also Read: 6 Key Health Insurance Claim Rule Changes You Need To Know: Details Here)

    Additionally, the experts proposed that certain adult vaccines, such as the influenza vaccine and the cervical cancer vaccine for women, should be provided at subsidized costs. “Certain adult vaccination is a very important point. People do not know there is adult vaccination. Like we have influenza.

    There is a vaccine available for cervical cancer in women, and those people don’t know about it. So we want to provide some vaccines, either free or at the subsidized cost to the population,” Dr. Gyani added after the meeting with the finance minister.

    The experts also highlighted that, under the Ayushman Bharat Scheme, patients often need to go to private hospitals because 85 per cent of tertiary care beds are in the private sector. They suggested implementing a co-payment scheme for Ayushman Bharat patients to access treatment in private hospitals.

     “We are suggesting let there be a co-payment scheme. That means certain higher-end hospital patients can go and over and above the government reimbursement they should be allowed to pay cash from their own side so this will provide flexibility to the patient,” Dr. Gyani said. (With ANI Inputs)