Why ULIP mis-selling has become rampant ?
Why is there so much mis-selling of ULIP? How to avoid this mis-selling? Who should take ULIP?
Indian markets closed higher for the fourth consecutive session on Tuesday after yet another day of volatile trade, supported by PSU bank, metal, FMCG and auto names. Today, the start of the session is likely to be flat-to-positive following mixed trends in the global markets. Investors may react positively to macroeconomic data released yesterday after market hours. The government data showed India’s retail inflation eased again in September, falling to a five-month low, thanks to a favourable comparison with last year and moderating food prices that offset a surge in the cost of crude oil and fuel. The government data also showed that the Index of Industrial Production has risen 11.9% year-on-year for the month of August as against 11.5% in July. As per the Index of Industrial Production (IIP) data by the National Statistical Office (NSO), the manufacturing sector’s output surged 9.7% in August 2021. Traders will be taking encouragement as the International Monetary Fund (IMF) has retained its projection for India’s economic growth in the current financial year at 9.5%, even as it has moderately scaled down its forecast for the world economy during 2021 by 10 basis points to 5.9% in view of worsening Covid dynamics and supply disruptions. Here is the list of top stocks that could be in focus on October 13.
Tata Motors: The auto major on Tuesday said it will raise $1 billion (Rs 7,500 crore) in its passenger electric vehicle (EV) business from TPG Rise Climate at a valuation of up to $9.1 billion. The fund will be used to partly fund investment of $2 billion (over Rs 16,000 crore) in the next five years by a new subsidiary of the company for expanding its EV business, including launching of 10 EV models.
Happiest Minds Technologies: The company has entered into partnership with Tech4TH Solutions, a company incorporated in the US Tech4TH provides digital services to worldwide companies in the Travel and Hospitality sectors.
Power Finance Corporation: The government has granted Maharatna Status to the company.
Earnings today: Infosys, Wipro and Mindtree will announce their Q2 results on Wednesday.
RIL: Reliance New Energy Solar (RNESL), a wholly-owned subsidiary of Reliance Industries (RIL), has entered into an agreement with NexWafe GmbH (NexWafe) for acquiring 86,887 series C preferred shares of face value of EUR 1 each of NexWafe at a price of EUR 287.73 per share aggregating EUR 25 million. RNESL will also be issued 36,201 warrants which are exercisable for a consideration of EUR 1 per warrant subject to achievement of agreed milestones.
Bajaj Finserv: The company said that trustee company under the name of Bajaj Finserv Mutual Fund Trustee has been incorporated as a wholly owned subsidiary of the company.
IndusInd Bank: IndusInd Bank announced, that it has been authorised by the Reserve Bank of India (RBI) for collection of Direct and Indirect Taxes, on behalf of the Central Board of Direct Taxes (CBDT) and the Central Board of Indirect Taxes and Customs (CBIC).
Karur Vysya Bank: The lender said that RBI has authorized the bank to collect Direct Taxes on behalf of Central Board of Direct Taxes (CBDT).
Centrum Capital: The company said that the Reserve Bank of India (RBI) has issued a Small Finance Bank (SFB) license to the consortium of Centrum Financial Services and Resilient Innovations Private Limited (BharatPe).
Choice International: The company said it has acquired the mutual fund distribution business of Centcart Money Services by the company’s step-down subsidiary Choice Wealth.