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RBI MPC: What should borrowers & depositors do amid rising interest rates?

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The RBI on Wednesday again nudged up the repo rate by 50 basis points. The move will push up borrowing costs, from home to auto loans. What should depositors and borrowers do in this scenario?RBI MPC: What should borrowers & depositors do amid rising interest rates?  | Business Standard News

After a surprise rate hike in May in an off-cycle meeting, the Reserve Bank of India's Monetary Policy Committee on Wednesday unanimously voted to increase the benchmark policy rate by 50 basis points. Thus, the repo rate now stands at 4.90 per cent.

Consequently, the standing deposit facility rate stands adjusted to 4.65 per cent. The marginal standing facility rate and the bank rate stand adjusted to 5.15 per cent. The Monetary Policy Committee voted unanimously to remain focused on the withdrawal of accommodation in order to ensure  remains within range going forward, while supporting growth.

The real GDP growth forecast for FY23 has been retained at 7.2 per cent. GDP growth in Q1 is seen at 16.2 per cent, in Q2 at 6.2 per cent, in Q3 at 4.1 per cent, and Q4 at 4.0 per cent.

Meanwhile, the inflation projection for the year has been increased to 6.7 per cent. Inflation in Q1 is seen at 7.5 per cent, in Q2 at 7.4 per cent, in Q3 at 6.2 per cent, and Q4 at 5.8 per cent.

Furthermore, the MPC noted that inflation is likely to remain above the upper tolerance band of 6 per cent through the first three quarters of FY23.

So, what are its implications for depositors?
Usually, the increase in bank deposit rates is not in sync with the repo rate hike by the . Banks hike their deposit rates by a lesser amount. For example, banks had hiked rates by 20-30 basis points on an average after the 40-basis-point hike in May.

And, more rate hikes are expected in the near future with inflation continuing to remain high.

BankBazaar.com CEO Adhil Shetty told Business Standard that investors who have a lumpsum amount should deposit it in a fixed deposit of three to six months. He said, once these deposits mature, they could consider locking into FDs of longer tenure, depending on where deposit rates are at that point.

Sanjay Kumar Singh of Business Standard says locking into a fixed deposit of a longer tenure would be a mistake at this juncture. Invest for a longer tenure of one or two years if after six months FD interest rates have peaked out. Those with larger sums should ladder their investments so that their FDs keep maturing at regular intervals and they can average out the returns on the higher side.

There are other options, too.

Akhil Mittal, Senior Fund Manager - Fixed Income, Tata Mutual Fund says capital markets have priced in steep rate hikes. Market has priced in a terminal repo rate of 6.5-7% and debt funds and capital markets giving earnings much higher than bank FDs. Floating-rate fund is suited to this cycle. Debt funds also offer options, good pricing and contained risk.There might also be some near-term volatility.

And, how should borrowers position themselves? Most longer-tenure loans, such as home loans, are floating-rate loans. At present, only a small percentage of home loan borrowers are on fixed-rate loans. Even there, the rates would be fixed for a limited tenure of two to three years, after which they are liable to be reset.

Compared to floating-rate customers, customers opting for fixed-rate loans would be paying around 2 to 3 percentage point higher rate.

Meanwhile, shorter-tenure loans, such as personal loans and auto loans, are likely to be at a fixed rate.

Singh of Business Standard says home loan borrowers feeling the pinch of higher EMIs should try to prepay their loans. He says, look to increase the EMI you pay if your salary has increased so that loan tenure remains constant even in a rising interest rate scenario . Also one should look to prepay at 5% of the principal outstanding for that year. Loan tenure can come down from 20 years to 12 years by prepaying 5% of the principal in a constant interest rate scenario. Also one should keep a close eye on your credit score. Lenders reserve the right to hike rate if your credit score deteriorates

Clearly, inflation remains the wild card. It will be closely tracked by the RBI as well as individuals, given its impact on everything from household finances to loan burdens and investment strategies.

From a macro perspective, it remains to be seen how the RBI’s actions rein in inflation, given that a good part of it is imported.

Indian rupee slips 10 paise to 77.78 against US dollar in early trade

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At the interbank foreign exchange, the rupee opened at 77.74 against the American dollar, then lost ground to quote at 77.78, registering a fall of 10 paise from the last close.rupee: Rupee slips 10 paise to 77.78 against US dollar in early trade -  Times of India

The rupee slipped 10 paise to 77.78 against the US dollar in early trade on Thursday, as elevated crude oil prices and persistent foreign capital outflows weighed on investor sentiments.

At the interbank foreign exchange, the rupee opened at 77.74 against the American dollar, then lost ground to quote at 77.78, registering a fall of 10 paise from the last close.

On Wednesday, the rupee recovered from its record low to close 10 paise higher at 77.68 against the American currency. Rupee is hovering around its lifetime low of 77.78 against the US dollar tracking the strength of the American currency in the overseas market and firm crude oil prices.

Rupee opened on a bearish note as crude oil neared USD 125 per barrel, Anil Kumar Bhansali, Head of Treasury, Finrex Treasury Advisors, said. "Only RBI is supporting the rupee while the flows have totally dried out. Foreign Portfolio Investors (FPIs) continue the sell-mode for equities and buy-mode for US dollar," Bhansali said.

Moreover, Asian currencies are trading on a weak note, Bhansali said, adding that there is "no effect of a rate hike by RBI on Wednesday on the rupee as buyers of the dollar are in abundance." Global oil benchmark Brent crude futures rose 0.26 per cent to USD 123.90 per barrel.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.01 per cent lower at 102.52. On the domestic equity market front, the 30-share Sensex was trading 163.34 points or 0.30 per cent lower at 54,729.15, while the broader NSE Nifty declined 41.00 points or 0.25 per cent to 16,315.25.

Foreign institutional investors were net sellers in the capital market on Wednesday as they offloaded shares worth Rs 2,484.25 crore, as per stock exchange data.

India, Vietnam decide to expand defence & security ties

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The joint vision document provides for significant expansion of defence ties in diverse areas by 2030, officials said.India, Vietnam Decide To Expand Defense & Security Ties

India and Vietnam on Wednesday inked a vision document to further broad-base the scope and scale of bilateral defence cooperation after Defence Minister Rajnath Singh held ”fruitful” talks with his Vietnamese counterpart General Phan Van Giang. The defence minister arrived in Vietnam on Tuesday on a three-day visit.

”Had an excellent meeting with General Phan Van Giang, the Defence Minister of Vietnam. We renewed interactions on expanding bilateral cooperation. Our close Defence and Security cooperation is an important factor of stability in the Indo-Pacific region,” Singh tweeted.

The joint vision document provides for significant expansion of defence tiesec in diverse areas by 2030, officials said. ”We had wide-ranging discussions on effective and practical initiatives to further expand bilateral Defence engagements and regional and global issues,” Singh said. ”After our fruitful deliberations, we signed the Joint Vision Statement on India-Vietnam Defence Partnership towards 2030, which will significantly enhance the scope and scale of our defence cooperation,” he added.

The signing of the vision document to expand bilateral defence and security ties came amid growing congruence between the two countries in the maritime security domain amid China’s increasing muscle-flexing in the region.

Singh is also scheduled to call on Vietnamese President Nguyen Xuan Phuc and Prime Minister Pham Minh Chinh. Singh is also scheduled to call on Vietnamese President Nguyen Xuan Phuc and Prime Minister Pham Minh Chinh. Vietnam, an important country of the ASEAN (Association of Southeast Asian Nations), has territorial disputes with China in the South China Sea region.

India has oil exploration projects in the Vietnamese waters in the South China Sea. India and Vietnam are boosting their maritime security cooperation in the last few years to protect common interests.

Relations between the two countries were elevated to the level of ’strategic partnership’ during the visit of Vietnam’s then Prime Minister Nguyen Tan Dung to India in July 2007. In 2016, during Prime Minister Modi’s visit to Vietnam, bilateral relations were further elevated to a ’comprehensive strategic partnership’. Vietnam has become an important partner in India’s Act East policy and the Indo-Pacific vision.


TMS Ep188: Prem Watsa, drone start-ups, multiplexes stocks, stagflation

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Adani and Apollo's deal with Metropolis could be at least worth $1 billion or Rs 7,765 crore, given the market captalisation of the diagnostic chainGautam Adani


Billionaire Gautam Adani and India's biggest hospital operators,  Enterprise Ltd are assessing bids to take a majority stake in  Ltd, a media report said.

Adani and Apollo's deal with Metropolis could be at least worth $1 billion or Rs 7,765 crore, given the market captalisation of the diagnostic chain and its operations, Mint reported quoting two people familiar with the matter.

This comes after the Adani Group, one of India’s largest business conglomerate, last month announced its foray into the healthcare sector and reports suggested that it is planning to acquire large hospitals and diagnostic assets. Adani Enterprises in May said it has incorporated a wholly-owned subsidiary, Adani Health Ventures (AHVL), for this purpose.

To gain a foothold in the sector,  has reportedly earnmarked $4 billion for the business.

The Adani Group, which has more than $20 billion in annual revenue, is also interested in entering the pharmacy space, through both




Panicked traders boost forward buys of Indian rice fearing a ban

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In the last two weeks, traders have signed contracts to export 1 million tonnes of rice for shipments from June through September

Indian exports of the planet’s most consumed staple may climb to an all-time high of 16.2 million tons this year

India's surprise ban on wheat exports has prompted rice traders to increase purchases and place unusual orders for longer-dated deliveries, fearing the world's top rice exporter may restrict those shipments as well, four exporters told Reuters.

In the last two weeks, traders have signed contracts to export 1 million tonnes of rice for shipments from June through September and are opening letters of credit (LCs) quickly after signing deals to ensure the contracted quantity will be sent even if India restricts exports, the people said.

Those forward purchases come on top of roughly 9.6 million tonnes of rice already shipped out of India this year - in line with record 2021 shipments - and may reduce the amount of grain available for other buyers during the coming months as loading schedules fill.

"International traders pre-booked for the next three to four months and everybody opened LCs to ensure business continuity," said Himanshu Agarwal, executive director at Satyam Balajee, India's biggest rice exporter.

Normally traders sign deals for the current and next month.

Aggressive purchases from India could also reduce demand for rice from Vietnam and Thailand, the world's second and third-biggest exporters respectively, which are struggling to compete on price.

WHEAT BAN

India last month banned wheat exports in a surprise move, days after saying it was targeting record shipments this year.

It also put a cap on sugar exports.

India is not a top global wheat exporter, but it is the world's second-biggest sugar exporter behind Brazil.

Those export curbs led to speculation that India could also cap rice shipments, though government officials said India does not plan to because it has sufficient rice stocks and local prices are lower than state-set support prices.

India's wheat ban trapped a large quantity of the grain at ports because New Delhi only allowed contracts backed by LCs to depart.

"Normally people open LCs while they nominate a vessel. This time they opened LCs for all rice contracts that were pending, so in case there is a ban on exports, at least the contracted quantity is shipped out," Agarwal said.

India accounts for more than 40% of global rice trade.

PRICE ADVANTAGE

Overseas buyers are looking for Indian rice because it is far cheaper than rivals, said B.V. Krishna Rao, president of the All India Rice Exporters Association.

Indian 5% broken white rice is offered between $330 to $340 per tonne on a free-on-board (FOB) basis, significantly lower than Thailand's $455 to $460 a tonne and Vietnam's $420 to $425, dealers said.

Thailand and Vietnam are not able to compete with India and they are trying to explore ways to support prices, Thailand's government has said.

If India restricts exports, global prices could jump sharply, said a New-Delhi-based dealer with a global trading house.

"Indian rice is more than 30% cheaper than other destinations. Poor buyers in Asia and Africa would be forced to pay very high prices if India restricts exports. That's why there is a rush to buy Indian rice," the dealer said.

Bangladesh, China, Benin, Cameroon, Nepal, Senegal and Togo are key buyers of India's non-basmati rice, while Iran and Saudi Arabia are key buyers of premium basmati rice.

India exported a record 21.5 million tonnes of rice in 2021, compared with combined exports of 12.4 million tonnes by Vietnam and Thailand.

Panic buying by importing countries was expected after the rumours of the ban began circulating because no other country can replace Indian shipments, said a Mumbai-based dealer with a global trading firm.

India's economic growth to be supported by fiscal spending: FM Nirmala Sitharaman

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Participating virtually in the second BRICS Finance Ministers and Central Bank Governors (FMCBG) meeting under the China chairmanship, Sitharaman said BRICS should continue to serve as a platform to engage in dialogues and facilitate exchange of experiences, concerns and ideas for rebuilding a sustainable and inclusive growth trajectory.India's economic growth to be supported by fiscal spending: FM Nirmala  Sitharaman

Finance minister Nirmala Sitharaman said that the country's growth will be driven by fiscal spending. Participating virtually in the second BRICS Finance Ministers and Central Bank Governors (FMCBG) meeting under the China chairmanship, Sitharaman said BRICS should continue to serve as a platform to engage in dialogues and facilitate exchange of experiences, concerns and ideas for rebuilding a sustainable and inclusive growth trajectory.

Speaking on India's growth outlook, she said the economic growth will continue to be supported by fiscal spending along with an investment push, imparting momentum to the economy based on the idea of growth at macro level complemented by all-inclusive welfare at micro level.

Finance minister Nirmala Sitharaman said that the country's growth will be driven by fiscal spending. Participating virtually in the second BRICS Finance Ministers and Central Bank Governors (FMCBG) meeting under the China chairmanship, Sitharaman said BRICS should continue to serve as a platform to engage in dialogues and facilitate exchange of experiences, concerns and ideas for rebuilding a sustainable and inclusive growth trajectory.

Speaking on India's growth outlook, she said the economic growth will continue to be supported by fiscal spending along with an investment push, imparting momentum to the economy based on the idea of growth at macro level complemented by all-inclusive welfare at micro level.

The government has proposed to significantly step up the public investment by raising capital expenditure by 35.4 per cent to Rs 7.5 lakh crore or 2.9 per cent of the GDP in the current financial year.

The BRICS Finance Ministers and Central Bank Governors also discussed other legacy BRICS finance issues such as infrastructure investment, New Development Bank (NDB), BRICS Contingent Reserve Arrangement (CRA) etc.

Fuel Prices on June 6: Check petrol, diesel rates in Delhi, Mumbai, and other cities

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Petrol in Delhi costs Rs 96.72 a litre as against Rs 105.41 before, while diesel costs Rs 89.62 as opposed to Rs 96.67 earlier.

Representational image

Fuel prices have remained unchanged ever since the government on May 21 announced an excise duty cut on petrol by a record Rs 8 per litre and on diesel by Rs 6 per litre.

The cut translated into a reduction of Rs 9.5 a litre for petrol in Delhi and Rs 7 a litre for diesel. Petrol in Delhi now costs Rs 96.72 a litre as against Rs 105.41 a litre before, while diesel costs Rs 89.62 a litre as opposed to Rs 96.67 earlier.

In Mumbai, one litre of petrol costs Rs 111.35 and diesel Rs 97.28. In Chennai, petrol and diesel prices are Rs 102.63 and Rs 94.24 per litre, respectively. In Kolkata, petrol is Rs 106.03, and diesel is Rs 92.76 per litre.

Oil marketing companies are passing on the excise duty cut to consumers despite losing Rs 13.08 a litre on petrol and Rs 24.09 per litre on diesel. India meets 80 percent of its oil needs through imports.

Meanwhile, global oil prices rose more than $2 in early trade on Monday after Saudi Arabia raised prices sharply for its crude sales in July, an indicator of how tight supply is even after OPEC+ agreed to accelerate its output increases over the next two months.

Brent crude futures were up $1.80, or 1.5%, at $121.52 a barrel at 2319 GMT after touching an intraday high of $121.95, extending a 1.8% gain from Friday.

U.S. West Texas Intermediate (WTI) crude futures were up $1.63, or 1.4%, at $120.50 a barrel after hitting a three-month high of $120.99. The contract gained 1.7% on Friday.

Saudi Arabia raised the official selling price (OSP) for its flagship Arab light crude to Asia to a $6.50 premium versus the average of the Oman and Dubai benchmarks, up from a premium of $4.40 in June, state oil produce Aramco said on Sunday.

EPFO e-Passbook: How to download, check balance and other details

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The current EPF interest rate is 8.1%

epfo, provident fund, mutual fund, income, invest

Some portion of your salary is deposited into your Employees'  Organisation (EPFO) account every month. Employees are entitled to receive this amount post retirement or after a certain period of time. The current EPF interest rate is 8.10%. However, it is subject to change.

If you wish to check your EPF account balance or the interest credited to your account, you can do so from the comfort of your home. The  offers accountholders access to an e-passbook, which can be downloaded from the organisation’s official website.

What is EPF?

EPF is a mandatory savings scheme started under the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952. The employee and the employer contribute to the scheme on a monthly basis in equal proportion. The scheme covers all organisations in which 20 or more people are employed. At present, there are nearly 50 million  subscribers.

On June 3, the Centre okayed an interet rate of 8.1% per annum on EPF deposits for 2021-22 -- an over four-decade low. In March,  had decided to lower the interest rate on  deposits for 2021-22 to 8.1% from 8.5% provided in 2020-21.

How to download EPFO e-Passbook?

•Visit the official EPFO website (https://passbook.epfindia.gov.in/MemberPassBook/Login).

•Enter your account details such as the Universal Account Number (UAN) and password, along with the captcha code.

•Then click on the ‘Login’ button.

•Select the relevant Member ID and your PF e-passbook will appear on the screen.

•You can also download the e-passbook in PDF format.

Fuel Prices on June 4: Check petrol, diesel rates in Delhi, Mumbai, and other cities

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In Mumbai, one litre of petrol costs Rs 111.35 and diesel Rs 97.28. In Chennai, petrol and diesel prices are Rs 102.63 and Rs 94.24 per litre respectively. In Kolkata, petrol is Rs 106.03 and diesel is Rs 92.76 per litre.Fuel Prices on June 4: Check petrol, diesel rates in Delhi, Mumbai, and other  cities

India meets 80 percent of its oil needs through imports. Retail rates are adjusted according to the global movement in crude prices (Representative Image)

Fuel prices remain unchanged ever since the government on May 21 announced an excise duty cut on petrol by a record Rs 8 per litre and on diesel by Rs 6 per litre.

The cut translated into a reduction of Rs 9.5 a litre for petrol in Delhi and Rs 7 a litre for diesel. Petrol in Delhi now costs Rs 96.72 a litre as against Rs 105.41 a litre before, while diesel costs Rs 89.62 a litre as opposed to Rs 96.67 earlier.

In Mumbai, one litre of petrol costs Rs 111.35 and diesel Rs 97.28. In Chennai, petrol and diesel prices are Rs 102.63 and Rs 94.24 per litre, respectively. In Kolkata, petrol is Rs 106.03, and diesel is Rs 92.76 per litre.

Oil marketing companies are passing on the excise duty cut to consumers despite losing Rs 13.08 a litre on petrol and Rs 24.09 per litre on diesel. India meets 80 percent of its oil needs through imports.

Due to low fuel prices for almost two months despite rising costs, oil companies are now detailing under-recoveries, which can reach Rs 17.1 per litre on petrol and Rs 20.4 on diesel. Oil minister Hardeep Singh Puri said on June 2 that fuel retailers have knocked on the government's doors asking for 'relief' but hastened to add that it is up to them to set prices.

UAE, one of the world's largest oil producers, has raised domestic fuel prices for the month of June amid a global surge in crude. A rate card issued by the Emirati government shows that the price of petrol has soared by more than 13 percent. One of the most widely used categories of fuel, Super 98 petrol, will now be sold at Dh4.15 per litre, 13.4 percent higher than last month's price. Prices for Special 95 petrol have been raised from Dh3.55 to Dh4.03 a litre, a 13.5 percent increase. Similarly, E Plus 91, another highly used category of gasoline on the country's domestic market, will now cost Dh3.96 a litre, up 13.8 percent compared to Dh3.48 in May. Diesel price is up 1.5 percent. A litre of the fuel will cost Dh4.14 against Dh4.08 in May, Reuters reported.

South Korean users file police complaint against Google CEO Sundar Pichai

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A coalition of consumers on Friday filed a police case against Google's top executives, including CEO Sundar Pichai, for the tech giant's in-app billing system

Sundar Pichai, CEO, Google and Alphabet

A coalition of consumers on Friday filed a police case against Google's top executives, including CEO Sundar Pichai, for the tech giant's in-app billing system that forces domestic app developers to pay hefty commissions.

According to The Korea Times, Citizens United for Consumer Sovereignty (CUCS) has filed a complaint against Pichai, Google Korea CEO Nancy Mable Walker and Google Asia-Pacific President Scott Beaumont at Gangnam Police Station in Seoul for allegedly violating the country's Telecommunications Business Act.

"The enforcement of Google's in-app payment policy has raised costs, burdening consumers and damaging creators," a representative from the consumer group was quoted as saying.

"App developers have no choice but to accept the request from Google, which accounts for 74.6 per cent of the app store market share," the representative added.

South Korean companies have raised charges for paid content services on Google as the US tech giant prepares to remove apps with external payment links circumventing Google's in-app payment system.

Google started enforcing the controversial billing system in Korea from June 1.

Currently, many app developers on Google's Play store directed users to external links for payment to circumvent Google's billing policy, which takes a hefty 15-30 percent commission from in-app purchases, reports Yonhap News Agency.

In March, South Korea's Cabinet approved a revised bill that would ban app store operators from forcing developers to use their own in-app payment systems.

Still, Google required in April all app developers selling digital goods and services to use its billing system and to remove external payment links. Non-complying apps were not able to offer updates, and Google warned to remove such apps from the Play store on June 1.

Since Google's announcement, in-app charges for a wide array of content services, including webtoons and digital books, have seen 15-20 per cent hikes on the Play store in the past two months.

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