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Weekly News 05th June 2023.pptx
1.
Weekly News 05 June, 2023 ©
RightFoc us Investments Pvt.Ltd. SEBI Registered Investment Adviser (INA200006628)
2.
Snapshot 01 02 03 04 Weekly Market News 06
Other News 05 © RightFoc us Investments Pvt.Ltd. SEBI Registered Investment Adviser (INA200006628) Deposits shrink Rs 59,623 crore, credit down Rs 6k crore in May 19 fortnight Around 91,110 pieces of fake Rs 500 notes detected in FY23: RBI report Sahara India’s Life Insurance business to be transferred to SBI Life 06 HDFC Defence Fund new fund offering (NFO)
3.
Weekly Market News Index
% Change (Last week) % Change (yearly) Nifty 50 0.46% 11.86% Nifty Midcap 150 1.31% 20.68% Nifty Small Cap 250 0.43% 15.49% Nifty IT 1.02% 1.65% Nifty Bank 0.77% 24.43% Nasdaq 100 3.97% 15.45% S&P 500 3.04% 3.90% Dow Jones 2.95% 2.57% Nifty Pharma 2.10% 3.93% © RightFoc us Investments Pvt.Ltd. SEBI Registered Investment Adviser (INA200006628) Updated as of June 5th 2023 – 10:30 AM
4.
Deposits shrink Rs
59,623 crore, credit down Rs 6k crore in May 19 fortnight © RightFoc us Investments Pvt.Ltd. SEBI Registered Investment Adviser (INA200006628) • Bank credit and deposits shrunk in the fortnight ended May 19, 2023, reflecting lower business volumes at the start of the new fiscal year. • Deposits declined by Rs 59,623 crore to Rs 183.74 trillion, while credit shrunk by Rs 6,181 crore to Rs 138.91 trillion. • On a year-on-year basis, bank credit expanded 15.4% till May 19, 2023, up from 12.2% a year ago. • The pace of deposit mobilization improved to 10.9% YoY from 9.3% in the same period of FY23. • The credit-to-deposit ratio has been generally trending upward since the latter part of FY22 but has recently been flat. • Despite rising interest rates and global uncertainties, credit offtake has remained robust and broad-based across segments. • Personal loans and NBFCs have been key growth drivers, while other manufacturing-oriented segments could also drive growth. • Credit growth is expected to be in sync with the country's economic growth in FY24, according to CARE Ratings. Source
5.
RBI imposes Rs
2.2 crore penalty on Indian Overseas Bank for non-compliance © RightFoc us Investments Pvt.Ltd. SEBI Registered Investment Adviser (INA200006628) • The RBI has imposed a penalty of Rs 2.20 crore on Indian Overseas Bank (IOB) for non-compliance and regulatory deficiencies. • The penalty is based on contravention of RBI's directions on income recognition, asset classification, provision norms, and ATM security. • The inspection conducted by RBI revealed significant divergence in NPAs reported by IOB. • IOB failed to transfer the mandatory sum to its reserve fund and offered interest rates on certain deposits inappropriately. Source
6.
Around 91,110 pieces
of fake Rs 500 notes detected in FY23: RBI report © RightFoc us Investments Pvt.Ltd. SEBI Registered Investment Adviser (INA200006628) • In FY23, the Reserve Bank of India detected 91,110 fake Rs 500 notes and 78,699 fake Rs 100 notes. • Additionally, 27,258 fake Rs 200 notes and 9,806 fake Rs 2000 notes were also detected during the same period. • Out of the total counterfeit notes detected in the banking sector, 4.6% were found at the Reserve Bank, while 95.4% were found at other banks. • The central government announced the withdrawal of the 2000-rupee notes from circulation on May 19. • Although the 2000-rupee note remains legal tender, citizens have been asked to deposit or exchange these notes by September 30, 2023. • Compared to the previous year, there was an increase in counterfeit notes detected in the denominations of Rs 20 and Rs 500 (new design), while counterfeit notes in the denominations of Rs 10, Rs 100, and Rs 2000 declined. Source
7.
8.
Sahara India’s Life
Insurance business to be transferred to SBI Life © RightFoc us Investments Pvt.Ltd. SEBI Registered Investment Adviser (INA200006628) •SBI Life Insurance has been identified by the insurance regulator as the acquirer insurer of Sahara India Life Insurance. •SBI Life will take over the policy liabilities of approximately two lakh policies of Sahara India Life Insurance with immediate effect. •Sahara India Life Insurance had serious issues regarding financial propriety and governance, leading to the appointment of an Administrator in 2017. •Despite opportunities to comply, Sahara India Life Insurance failed to protect policyholders' interests and its portfolio showed a run-off trend. •The deteriorating financial position, rising losses, and higher percentage of claims to total premium raised concerns about the insurer's ability to discharge liabilities. •The intervention aims to prevent further deterioration and protect the interests of policyholders. Source
9.
HDFC Defence Fund
new fund offering (NFO) © RightFoc us Investments Pvt.Ltd. SEBI Registered Investment Adviser (INA200006628) • HDFC has launched the HDFC Defence Fund, an open-ended equity scheme investing in Defence & allied sector companies. • The fund aims to invest a minimum of 80% of its corpus in shares of defence and allied sector companies. • The investment strategy focuses on "growth and quality at reasonable valuations" across large, mid, and small-cap stocks. • The scheme is managed by Abhishek Poddar and benchmarked against Nifty India Defence Index TRI. • The fund will invest in stocks from eligible 'basic industries' as per AMFI industry classification, defence and allied sectors, and SIDM list. • As of April 28, 2023, the benchmark index had 13 constituents, with Hindustan Aeronautics and Bharat Electronics having the largest allocations. • The universe for HDFC Defence Fund comprises 21 stocks • India's defence exports grew 23 times in 9 years, surpassing $1.9 billion in FY 22-23. Source
10.
Other News © RightFoc
us Investments Pvt.Ltd. SEBI Registered Investment Adviser (INA200006628) • Foxconn Expands in India: Apple's supplier, Foxconn, to create 50,000 jobs by manufacturing iPhones in Karnataka from April next year. • Coal India Stake Sale: Indian government aims to generate ₹4,158 crore through a 3% stake sale. First public sector undertaking sale this financial year • India's Auto Market Growth: Union Minister Gadkari predicts India will be the world's largest auto market in 5 years, highlighting ₹7.5 lakh crore industry value and job creation. • Russian Oil Dominance: India imports record-breaking 1.96 million barrels per day of crude oil from Russia, accounting for 42% of imports. • India's Rapid GDP Growth: Revised at 7.2% for FY23, India maintains the fastest-growing major economy status, reflecting sustained momentum.
11.
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