Here are the top personal finance news of the day:
The IPO of HMA Agro got not so impressive response on the D-Street. The IPO quota was subscribed only by closing time on the last day. Retail investors too decided to stay away. Their quota was subscribed only 54%. The Non institutional investors quota was subscribed almost 2 times. QIBs quota was also fully subscribed. The total size of the IPO is 480 crore rupees. Its stock was trading at GMP of around 25 rupees.
Beware of fraud messages on buy calls
Sebi has caught hold of a group of fraudsters who were manipulating share prices of five small cap companies. The group was sending buy recommendations to retail investors on shares of five small cap companies. The companies are Mauria Udyog, 7NR Retail, Darjeeling Ropeway, GBL Industries and Vishal Fabrics. First the group used to buy shares of these companies at lower price. Then, they used to send messages to small investors containing buy recommendations on these companies. Retail investors, then would buy these stocks trusting the group who would exit when the price went up. The fraudsters used this method to mint money. SEBI has impounded a total of 126 crore rupees. Total of 135 entities were involved in the nexus.
Prabhudas Lilladher sees 13% upside on this stock
Brokerage firm Prabhudas Lilladher sees 13% upside in Bharat Forge. The brokerage firm has said that Bharat Forge’s chart looks attractive. It has advised investors to buy and accumulate the stock for an upside target of 935 rupees keeping a stop loss of 775 rupees. According to the brokerage, the stock after bottoming out near the strong support zone of 750 levels has witnessed a decent pull back. This has indicated forming of a positive candle pattern on the daily chart. The stock is able to hold above 200 DMA period . The brokerage anticipates further rise in its share prices. The RSI also looks well placed.
Mantri FinMart bullish on Balrampur, Coromandel Intl
Mantri FinMart’s, founder, Arun Mantri has given buy call on two stocks. His first recommendation is Balrampur Chini. Mantri says momentum is good in sugar stocks. He has suggested investors to pick up stake in Balrampur Chini. He has given target price of 460 rupees and 388 rupees stop loss on the counter. On Thursday, the stock closed at 407 rupees per share. His second recommendation is Coromandel International. Mantri says it is a fundamentally strong share. The stock is preparing to move out of consolidation zone. He has given target price of 1,020 rupees keeping 930 rupees stop loss on Coromandel International.
‘SBI We-care’ FD scheme deadline extended
SBI Bank has extended deadline of “SBI We-care” deposit scheme for senior citizens. The public sector bank will continue to pay 7.50% interest rate to senior citizens on FDs of 5 years to less than 10 years under this special fixed deposit scheme. General citizens will also continue to get 6.50% interest rate under this special FD scheme. . Earlier, the last day for opening fixed deposit under the scheme was June 30, 2023. But the bank has has extended the deadline till September 30, 2023. Yesterday, the public lender had extended the deadline of “ Amrit Kalash” FD scheme. The bank will continue to pay 7.60% to to senior citizens on FDs of 400 days under this special fixed deposit scheme.
Xiaomi’s Pad 6 available at Rs 23,999 effective price
ICICI Bank credit card and debit card holders will get 3,000 rupees cashback on Xiaomi’s Pad 6. Customers can get the tablet at 23,999 rupees. Otherwise, they will have to pay 26,999 rupees for the tab. Xiaomi’s Pad 6 comes with 13 mega pixel back camera, 8 mega pixel selfie camera, 11 inch display, 8,840 mAh battery and runs on Android 13. There are two variants of the tablet. maximum storage capacity is 256 GB. The tab is available in blue and grey shades.
Xbox gaming consoles to become further costlier
According to media reports, Xbox gaming consoles will become further costlier from August, this year. Last year, Sony had increased prices of PS5 consoles. And now, Xbox gaming consoles are also going to become costlier later this year. Reportedly, prices of gaming consoles of Xbox had remained unchanged for a long time in the past.
Cyient’s subsidiary sets IPO price band of Rs 250 to 265
Cyient DLM, a subsidiary of IT major Cyient has fixed a price band of 250 to 265 rupees per share for its 2,000 crore rupees IPO. The initial share sale process also includes OFS meaning promoters will trim stake. Share allotment date is July 5. While, listing date is July 10. The company was profitable in last financial year and had clocked a revenue of 832 crore rupees. Cyient Limited had 92% stake in the company.
IndusInd Bank loans get costlier; RBL cheaper
IndusInd Bank has raised rate of interest on various types of consumer loans like home loans and auto loans. The private sector bank has hiked its one year mclr to 10.20% The interest rates on various types of loans are tied up with 1 year MCLR of banks. With IndusInd Bank raising its 1 year mclr, various types of consumer loans will become costlier. Those who have active loan account running with the bank, their EMI outgo will also increase. Whereas, loans of RBL Bank are going to become cheaper. Borrowers will have to pay lower EMIs. The private lender has cut mclr by 10 basis points.
Check other bank a/c statements at Axis Bank’s app
Axis Bank customers will now be able to view transaction statement of bank accounts held with other banks right on the bank’s mobile app. The private lender has claimed it has become first bank in India to roll out this feature for customers. This initiative will give ease of convenience to Axis Bank account holders. They will be able to check transactions made in other bank accounts all at one place.
Investors get to choose segment online
Sebi has directed brokerage firms to make arrangements for providing direct access of different segments of stock exchanges to clients. As a result, clients will start getting messages and emails from their brokers seeking their preference of trading in different segments of indices . Clients will be asked to submit their preference on indices segment they want to trade in. e.g. clients will be asked to provide their preference for trading in futures and options segment or preference for trading in derivates segment. Currently, clients are required to submit an application to give their preference. This used to make the entire process tedious and time taking.
