Here are the top personal finance news of the day:
Amazon and Flipkart are giving massive discount on two of the most premium smartphones of Apple and Samsung. Amazon is currently selling iphone 14 Plus at effective price of just 54,049 rupees. Customers will get 11% discount which translates to discount on latest offering from Apple. Apart from it, on clubbing the discount offer with exchange and no cost EMI option, iPhone 14 Plus’s effective price drops to just 54,049 rupees on Amazon. The iPhone had initially carried a price tag of 89,900 rupees at the time of launch. Flipkart, on the other hand, is giving 15,000 rupees discount on Samsung Galaxy S23. The premium smartphone carries a price tag of 89,999 rupees. Nevertheless, on clubbing the discount offer with exchange and bank offers, Galaxy S23 is available on Flipkart at effective price of just 31,999 rupees.
Chance to double investment in Axita Cotton buyback!
Axita Cotton is giving an opportunity for shareholders to double their money. The leading cotton manufacturing firm has announced a buyback of 56 rupees per share. Record date is Friday, June, 2, 2023. On Friday, the company’s stock price was rupees per share. Buyback prices is more than double of Friday’s closing price. If investors buy shares of Axita Cotton before record date, and participate in the buyback, then, they stand a chance to double their investment in such a short time period. Buyback impacts cash reserves of companies. It also reduces number of outstanding shares of a company.
Centre to launch Rs 75 special commemorative coin
The finance ministry said the government will launch a special commemorative Rs 75 coin to mark the opening of the new Parliament building. According to the notification, the 75 rupees coin will be round in shape. Its face will bear the Lion Capitol of Ashoka Pillar in the Centre with “Satyameva Jayate” inscribed below it. It will also bear Rupee symbol with 75 written on it apart. It will also bear new Parliament building with “Sansad Sankul” and year 2023 in inscription. The coin will be made of a materials like alloy, silver, copper, nickel, and zinc.
Ola Electric might float IPO near CY23 end or early 2024
India’s largest electric vehicle company, Ola Electric, is planning to float its IPO in late 2023 or early next year. According to market reports, the firm is currently valued at 6 billion dollars. Currently, Ola Electric founder Bhavish Aggarwal owns about 40% stake in the firm. He is set to dilute his stake via OFS. Currently, Ola enjoys market share of 34% in electric two-wheeler space. The company is expected to drive in 5 to 6 e-scooter and e-motorcycles in the coming months.
SEBI directs brokers to alert investors about risks of F&O
The Securities and Exchange Board of India has directed brokers to alert investors about risks associated with futures and options trading. The regulator has instructed stock brokers to inform investors about the risks involved in trading derivatives on their websites. Sebi’s direction have come at a time when retail investors participation in stock market is fast rising. A lot of investors also try to earn quick money in F&O segment. But, according to a report by SEBI, only 10% investors of F&O segment have been able to make money. Rest of the investors have lost their money in this particular segment. Brokers’ guidance will enlighten investors about functioning and associated risks of F&O segment.
IPPB suspends new digital savings a/c opening
If you have opened digital savings account with India Post Payments Bank, then, this news is for you. The payments bank has stalled digital savings account opening on temporary basis. India Post has not specified the reason for the same. But this will not impact those who have already opened savings account digitally. The New Delhi based payments bank will continue giving all the services and features which depositors have been availing off. Also, this will not impact those who want to visit the branch to open savings account in physical presence. On digital savings account, the payments bank currently gives 2% interest rate.
Leave encashment limit hiked to Rs 25 lakh
In line with the Budget announcement, the finance ministry hiked leave encashment limit for private sector salaried employees to 25 lakh rupees. Earlier, this limit was only 3 lakh rupees. This will leave more money in the hands of retired employees. It may lead employees to take less leave. Employers usually encash unclaimed earned leave of employees. Employees are paid money equivalent to their unclaimed leaves
Four more REITs to be listed in next 18 months
According to one of the leading real estate consultants in the world, CBRE, retail investors in India are going to get great opportunity to earn from one of the latest asset class Real Estate Investment Trust. There are already four listed REITs and the consultant expects four more REITs to list in next one and a half years. Currently, REITs of Embassy, Mindspace, Brookfield and Nexus are listed. According to CBRE, REITs allow people and retail investors to own property and participate in the real estate market. It is a game changer for real estate. It helps unlock the massive value of real estate assets and enables the participation of retail investors.
Santosh Singh bullish on these two stocks
Stock market expert, Santosh Singh has recommended buying in two stocks. On leading fertilizer company, Coromandel International, his recommendation is to buy at a price of 932 rupees, with a target of 1,050 rupees and a stop loss at 880 rupees. On leading construction company, ITD Cementation, Singh has given a buy rating at a price of 149 rupees with a target price of 175 rupees and 135 rupees stop loss.