Indian Indices

Strong global cues, both Sensex and Nifty50, rallied to close above crucial resistance levels on Tuesday in a single trading session. The S&P BSE Sensex rallied more than 1000 points while the Nifty50 closed just a shade below 8600 levels.

Let’s look at the final tally on D-Street on March 31 – the S&P BSE Sensex rose 1,028 points to 29,468 while the Nifty50 closed 316 points higher at 8,597.

Sectorally, action was visible in oil & gas, energy, FMCG, public sector, and IT stocks. The broader markets underperformed as the S&P BSE Midcap index was up 2.4 percent while the S&P BSE Smallcap index closed 2.9 percent higher.

Investors’ wealth rose by nearly Rs 4 lakh cr in a single trading session. The average market capitalisation of the BSE-listed companies rose to Rs 113.50 lakh cr on March 31, compared to Rs 109.63 lakh cr recorded on March 30.

Index		Price	Change	%Chg
NIFTY 50	8597.75		316.65	3.82
SENSEX	29468.49		1028.17	3.62
NIFTY BANK	19144.00		361.60	1.93
NIFTY IT	12763.70		444.90	3.61
S&P BSE Smallcap	9608.92		277.98	2.98

Top Nifty gainers include names like GAIL India, RIL, Britannia Industries, and BPCL.

Top Nifty losers include names like ZEE Entertainment, Cipla, Eicher Motors, Bajaj Finserv, and IndusInd Bank.

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Should you shift to FDs or tweak investment strategy?

Equity investors have taken a big hit in the recent selloff on Dalal Street due to concerns over the coronavirus pandemic. The bloodbath has forced investors to think about their equity investment and now they are wondering whether to shift to fixed deposits or change investment strategy. Some fear they might never be able to recover their money again.

Kailash Kulkarni, Chief Executive Officer at L&T Mutual Fund tried to clear this dilemma in his recent letter to investors. He wrote that the present situation is worrisome and has only multiplied with the coronavirus pandemic now looming on every country around the globe.

In India too, BSE Sensex and NSE Nifty have tumbled nearly 30 per cent till date from their respective all-time highs hit in January.

“As governments and world organisations are taking measures to handle this outbreak, the battle seems to be long drawn at this point. Obviously as an investor I am worried,” said Kulkarni.

He added that the economy has slowed down and with this pandemic, businesses across industries irrespective of their size are seeing some impact and will continue to do so for some time to come.

Despite the Reserve Bank of India's (RBI) massive actions to spur the economy, India's gross domestic product (GDP) is likely to contract by 4.5 per cent in April-June 2020 quarter and will rise by only 2 per cent in 2020-21, according to ICRA.

However, Kulkarni said, “Once things settle down, which we hope happens sooner than later, we are confident that the government will come out with some measures for the industry and people with some kind of a stimulus; the recovery will happen, it’s only a matter of time.”

Kulkarni has answered three key questions of investors:

1) Can I predict what is going to happen and will it be permanent in nature?

Kularkni said no one can predict how long it is going to take for the coronavirus to get under control and life to get back to normal. “But historically we have always seen after a calamity, war or incidents with such global impact, people and economies have bounced back. No country and no community have remained stagnant and it is in human nature to overcome difficulties, innovate and progress,” he wrote.

2) Should I change my investment strategy?Kularkni said most of his investments in the market whether done directly or through mutual funds are long term in nature. He made all his investments with a certain goal in mind. “With such credible corporations trading at such low valuations, it is a good time to invest some more in equities. I will definitely not stop my SIPs as I know they will be buying units at very low prices, which will boost my returns when the market turns northwards,” he said.


3) Should I be worried about my investments and shift to FDs?The CEO of L&T Mutual Fund has his asset allocation in debt funds, bank FDs and provident funds etc. He also has contingency funds available in his accounts.

“Why should I be driven by fear and not see this as an opportunity? My point is let me be dispassionate, as hard as it sounds, and be driven by IQ rather than emotional intelligence. The textbook “basics of investing” is to have a financial goal and an asset allocation as per my risk appetite. And this is the time to stick to the basics and have my asset allocation in place,” he said while adding that everyone is as worried as the other person, but panicking and pulling out everything into cash may not be the wisdom that one has to show in these trying times.

Source: Economic Times

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Mann ki Baat: PM Modi asks for forgiveness of those who are facing hardship due to lockdown

Prime Minister Narendra Modi reflected on the prevailing Covid-19 situation in the country during his monthly 'Mann ki Baat' programme.

The "Mann Ki baat" comes at a time when the country is under s 21-day lockdown to fight the coronavirus pandemic.

India's total case count reached 979 including 25 deaths.

This is the third time that Prime Minister Modi is addressing the nation on coronavirus pandemic.

Here are the ten key points from Prime Minister Narendra Modi's speech:

1. I ask for forgiveness from my country men especially the poor who have been asked to remain under lockdown and have to face difficulties. I understand their pain and suffering but it is essential to fight the coronavirus pandemic.

2. Humanity has to fight the virus together as it doesn't see any boundaries.

3. The lockdown is for your own safety and the safety of your own families. Respect the lakshman rekha outside your homes.

4. Some people don't understand the gravity of the situation and they are violating the lockdown restrictions. Health is the source of all happiness and those who are violating the restrictions are playing with their lives.

5. We should take inspiration from those who are on the frontlines and who have defeated the virus.

6. The Prime Minister expressed gratitude to those who are working under these restrictions to make sure that people don't have to face any difficulties under lockdown.

7. He urged all those who are delivering essential services to people to take care of themselves.

8. The PM gave a message of reducing emotional distance and increasing social distance.

9. The Prime Minister applauded those who have been in quarantine and said such people should not be looked down upon are discriminated against.

10. This is a time to reflect and introspect and spend time with your families and connect with old hobbies.

Source: Economic Times

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Mega merger of state-run banks comes into force from April 1, says RBI

The government on March 4 had notified the amalgamation schemes for 10 state owned banks into four as part of its consolidation plan to create bigger size stronger banks in the public sector. Bank officers' unions, however, earlier this week wrote to the prime minister seeking to defer the merger schemes of lenders due to the lockdown triggered by coronavirus outbreak.

The schemes for the merger of ten state-run banks into four lenders are coming into force from April 1, according to the Reserve Bank of India.

The banking regulator in separate releases announced that the branches of merging banks will operate as of the banks in which these have been amalgamated.

The government on March 4 had notified the amalgamation schemes for 10 state owned banks into four as part of its consolidation plan to create bigger size stronger banks in the public sector.

Bank officers' unions, however, earlier this week wrote to the prime minister seeking to defer the merger schemes of lenders due to the lockdown triggered by coronavirus outbreak.

Finance Minister Nirmala Sitharaman on Thursday had clarified that the mega bank consolidation plan was very much on track and would take effect from April 1 despite the onslaught of coronavirus pandemic throwing the country out of gear.

As per the scheme, Oriental Bank of Commerce and United Bank of India will be merged into Punjab National Bank; Syndicate BankNSE 3.41 % into Canara Bank; Allahabad Bank into Indian Bank; and Andhra and Corporation banks into Union Bank of India.

Under this, the branches of Oriental Bank of Commerce and United Bank of India will operate as branches of Punjab National Bank from April 1, 2020, and branches of Syndicate Bank as that of Canara Bank, the RBI said in a separate releases.

Allahabad Bank branches will operate as those of Indian Bank while the branches of Andhra Bank and Corporation Bank will function as the branches of Union Bank of India from the beginning of next fiscal year 2020-21, the RBI said.

"The Amalgamation of Oriental Bank of Commerce and United Bank of India into Punjab National Bank Scheme, 2020 dated March 4, 2020, issued by the Government of India... The scheme comes into force on the 1st day of April 2020," RBI said.

Customers, including depositors of merging banks will be treated as customers of the banks in which these banks have been merged with effect from April 1, 2020, the RBO noted.

Banking services across the country are impacted due to the effect of COVID-19 as a near shut down is being observed across the country.

In a letter written to the Prime Minister on March 25, the All India Bank Officers'' Confederation (AIBOC) said, "The finance minister yesterday announced a slew of measures in view of the deleterious effect of the contagion. We are also expecting an extension of closing related activities and the revision of the closing date itself from March 31 to June 30, which is the need of the hour."

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FM Sitharaman: No debit card ATM withdrawal charges, minimum bank balance rule until June 30

Sitharaman also said that bank charges for digital trade and transactions would be reduced

Finance Minister Nirmala Sitharaman on March 24 announced the removal of charges on debit card and ATM transactions for three months.

Banks will also not impose the minimum balance requirement fee for the same period, she added.

Sitharaman also said that bank charges for digital trade and transactions would be reduced.

The finance minister made the announcements while addressing a press conference aimed at providing regulatory and statutory compliance relaxations amid the coronavirus (COVID-19) pandemic in India.

So far, India has reported 492 confirmed cases, with 10 dead. The Union Health Ministry said that 37 people have recovered so far. As many as 560 districts in India are now under complete lockdown.

Prime Minister Narendra Modi will also address the nation at 8 pm today.

"Will address the nation at 8 PM today, 24th March 2020, on vital aspects relating to the menace of COVID-19," the PM tweeted.

Meanwhile, the Finance Minister also announced a relaxation on compliance related to Income Tax, Goods and Services Tax, customs and central excise, Insolvency and Bankruptcy Code (IBC)-related matters, bank-related compliances, fisheries and MCA provisions, among other things.

On the financial market, the FM said all the regulators and RBI and MoF are working together to monitor the development of the market. "SEBI has come up with certain guidelines to ensure stability in the stock market. We are consciously monitoring the stock market thrice in a day. A lot of inputs have come, the task force is also looking into them."

Sitaraman also added that an economic package would be "announced sooner rather than later." The PM is actively involved in the framing of the package, she said.

Source: Moneycontrol News

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Important Announcements by FM today on 24.03.20 at 2.30 pm:

Important Announcements by FM today on 24.03.20 at 2.30 pm:

A. Income Tax:

1. The last date for filing the delayed Income tax returns for the F.Y.18-19 A.Y.19-20 has been extended from 31.03.2020.

2. Interest u/s 234A @ 9% p.a. for the extended period..

3  Interest for the delay in deposit of TDS @ 9% instead of 18% p.a.

4. Aadhar linking with PAN extended till 30.06.2020.

5. The last date for making tax saving Investments u/s 80C for F.Y.19-20 also extended from 31.03.20 to 30.06.20.

6. Vivad Scheme extended till 30.06.2020 without additional 10% payment..

2. GST, Customs & Excise:

1. GST returns for March, April & May,20 have been extended till 30.06.20.

2. No interest, penalty or late fees under GST for small taxpayers having turnover upto 5 cr.
But persons having turnover exceeding 5 cr. will pay interest @ 9% pa but no penalty or late fees.

3. The last date for
Sab ka Vishwas Scheme for settlement of Disputes extended from 31.03.20 to 30.06.20.

4. Customs Dept will work 24x7 till 30.06.20 for customs clearance..
Caro,2020 to be applicable from next year i.e. F.Y.20-21 instead of F.Y.19-20.

C. Company Law:

No late fees under Company Law for additional 60 days till 30.09.20.
D. General:
1. No charges for using ATM of any Bank upto 30.06.20
2. No minimum balance charges upto 30.06.20.
3. Reduction in Bank Digital transaction charges...

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Shriram Life Assured Advantage Plus

Shriram Life Assured Advantage Plus (UIN-128N084V02) is an Endowment Plan that provides you guaranteed returns along with a life insurance cover. This is a single premium plan where you have to pay premium once and remain covered for 10 years.

Savings are essential for a stress free future, and if invested correctly in guaranteed plans, you and your loved ones are protected from the uncertainties of life.

Key Features

• Pay premium only once.
• Guaranteed returns after 10 years.
• Additional protection through Riders.

• Life Insurance for 10 years.
• 3 Maturity benefit options.
• Higher maturity benefits for higher premium policies.

KEY BENEFITS

 Maturity Benefit

The policy holder has the option to choose from the following 3 maturity benefit options;

• Annual Payout – in this case the annual installments equal to 10% of (Single Premium multiplied by the Maturity Benefit Factor) will be paid for next 10 years starting from the date of maturity.
• Monthly Payout – in this case the monthly installments equal to 0.862% of (Single Premium Multiplied by the Maturity Benefit Factor) will be paid for next 120 months starting from the date of maturity.
• Lump Sum Payout – the Guaranteed Maturity Sum Assured equal to discounted value of installments using interest rate of 7.75% p.a. which is same as 73.12% of (Single Premium Multiplied by the Maturity Benefit Factor) will be paid on the date of maturity.

 Death Benefit

For death during Policy Term, Death Sum Assured will be paid in lump sum to the nominee(s) or beneficiary (ies) and the policy will be terminated.

“Death Sum Assured” is defined as highest of

• Basic Sum Assured
• Guaranteed Maturity Sum Assured

Note:

• If the life assured dies after commencement of the instalments, the outstanding annual/monthly instalments (i.e. from the date of death to the last instalment to be paid) will continue to be paid to the nominee(s) or beneficiary (ies).
• Please read the policy document and the product brochure for more details.

RIDERS

You can opt any of the following Riders by paying additional premium. The riders can be opted at the inception of the policy only.

Accident Benefit Rider (UIN 128B001V03)

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In case of death or total and permanent disability due to accident during the rider term, we will pay 100% of the rider sum assured.

Family Income Benefit Rider (UIN 128B002V03)

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In the event of accidental death or if the life assured becomes totally and permanently disabled due to an accident within the rider term, 1% of rider sum assured is payable every month immediately from the end of month of accident for a guaranteed period of 10 years or till the end of the rider term whichever is higher.

Shriram Extra Insurance Cover Rider (UIN 128B009V03)

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In case of death of the life assured during the rider cover term, sum assured under rider will be paid to the nominee.

Shriram Critical Illness Cover Rider (UIN 128B010V03)

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If you are diagnosed to be suffering from any of the 6 specified Critical Illnesses, we will pay 100% of the rider Sum Assured on survival of 30 days following the date of first instance of confirmed diagnosis.

Disclaimer:

• For more details on the risk factors and the terms and conditions please read the sales brochure and/ or sample policy document on our website carefully, and/ or consult our advisor before concluding the sale.
• Tax benefits are subject to change as per tax laws. Please consult your tax consultant on tax benefits.

 

For more details call us at - +91 9974372131 or email at - investandharvest@outlook.com

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