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Here's a look at some of the major changes including NPS partial withdrawal, IMPS new update, SBI home loan campaign offer, Punjab and Sindh Bank’s special FD deadline, latest SGB tranche and more.
Based on what the experts have told us, we have put together 10 smart money moves that can safeguard your finances and help you grow wealthier in the new year. We hope you will find these useful. Wishing you good health, prosperity and safety in 2024.
Addressing the 4th CRISIL India Infrastructure Conclave 2023, union minister for road transport and highways Nitin Gadkari referred to cartelisation in the steel and cement industry and called for rating of DPRs and contractors to ensure good quality roads are built in India.
You may want to invest some money in fixed income products to capitalise on the higher interest rate environment. Here are some options that an individual can look for investment and earn higher returns. It is important for an investor to understand to know his/her risk profile before making debt investments.
India's infrastructure focus, particularly on roadways, appears to be moving at a fast pace, with banks playing a significant role in funding infrastructure. Despite reservations, banks have issued "infrastructure bonds" at a record high, and this greater acceptance could sustain the government's drive to boost the sector. Indian bond issuance is expected to become another record high as the government looks to crowd in private capex with its record capital expenditure. While it is traditionally preferred to use specialised institutions such as insurance and pension funds who have long-term liabilities, banks lending for infrastructure remains significant.
The Indian insurance regulator, Irdai, has made changes to surety bonds, a risk transfer tool for the principal. The changes, which aim to encourage the use of surety bonds, include removing an additional layer of solvency requirements and the prevailing 30% exposure limit applicable to each contract underwritten. Irdai Chairperson Debasish Panda said that if there is a need for further changes, industry suggestions will be examined. This follows the Indian Transport Ministry's recent decision to allow contractors engaged by the National Highways Authority of India and the National Highways and Infrastructure Development Corporation to convert their bank guarantees to insurance surety bonds.
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FinMin agrees to allow highway contractors to convert bank guarantees into surety bonds, says GadkariThe Indian finance ministry has given the National Highways Authority of India (NHAI) and National Highways & Infrastructure Development Corporation permission to convert bank guarantees into insurance surety bonds, in an effort to encourage contractors to purchase the latter product. NHAI released the country's first-ever surety bond insurance solution in December 2018. The product acts as a risk transfer tool for the principal, protecting them against losses that may arise if the contractor fails to fulfil their contractual obligations. Unlike with bank guarantees, a large collateral backing is not required, freeing up funds for contractors.
Bonds and NCDs an Investment OptionFixed income investments options such as Bonds and Non-Convertible Debentures (NCDs) have gained a lot of popularity as they offer options for investments from starting from just one day to long term
NHAI can never fall into a debt trap, none of its projects are loss-making: Nitin GadkariThe biggest initiative is to increase life of roads and cut cost of construction with technological interventions, says Gadkari.
ESG bonds need govt push to find more takers"Foreign portfolio investors with earmarked allocation for ESG could invest in those sovereign green bonds," said B Prasanna, head of global markets at ICICI Bank. "Any bespoke incentive or a regulatory mandate will help lure local institutional investors."
NHAI’s InvIT debentures to make market debut todayTomorrow is the historic day as these InvIT NCDs will be listed on BSE and Road Transport and Highways Minister Nitin Gadkari will ring the bell marking a great beginning for public participation in infra funding, the statement said.
NHAI InvIT to raise Rs 1500 crore through bonds25% of InVIT bonds to be reserved for retail investors
NHAI InvIT looks to raise additional Rs 3,800 cr, says Nitin GadkariGadkari said that the InvIT, so far, has raised more than Rs 8,000 crore from foreign and Indian institutional investors. Infrastructure Investment Trusts (InvITs) are instruments on the pattern of mutual funds, designed to pool money from investors and invest in assets that will provide cash flows over a period of time.
NHAI Investment Trust to raise ₹1,500 crore via bondsThe NHIT had acquired three highway assets from the NHAI in the last week of September. In all it is seeking to raise ₹3,800 crore for this transaction through a mix of bond issuance, private placement, and bank loan during the second tranche of asset monetisation.
Better safeguards bring back investor interest in infra bondsThe improvement in credit risk profile reflects the raft of policy facilitations that have helped shore up the attractiveness of the Indian infrastructure sector as an investment destination by several notches, according to ratings firm Crisil.
NHAI InvIT likely to raise up to Rs 4,000 crore via two legsWhile half of the funds may be raised by selling units in the InvIT to existing investors including Canadian pension funds CPPIB and OTPP, the rest of the money is likely to come from a public bond sale in the local market where retail investors can buy, said people familiar with the matter.
Shapoorji-backed SPJUHI plans to buy back bonds worth Rs 1,875 crThe move is part of a larger refinancing plan at the group, people close to the development said. Buying back the debentures will also aid in unlocking value during any potential monetisation of the asset, they said.
NBFC borrowing costs likely to fall with HDFC out of bond marketNearly a tenth of borrowing in the bond market could reduce, as HDFC accounted for that much bonds sold in the country. The merged entity will have access to cheaper deposits to fund the mortgage business. Also, being a banking services provider, the combined company will have less regulatory room than a housing financier to raise funds from long-term institutional bond investors, including insurance companies.
NHAI arm’s Rs 5,000 crore bonds get 50x bidsAditya Birla MF, Axis MF, Morgan Stanley, ICICI Bank and AK Capital are said to have subscribed to these bonds that offer 6.85% for now every quarter, on a par with the sovereign benchmark bonds, market sources told ET. Individual investors could not be contacted immediately.
Huge market available for surety bonds in India: NHAI memberAddressing an event organised by industry body Assocham, NHAI member Manoj Kumar further said the NHAI is working to expand the construction market because "as a country, we had a certain level of construction capability in a strategic manner by having contracts of various sizes".
Air India PF asset sale to weigh on bond marketTwo provident-fund trusts at the Tata-bound carrier are selling an estimated ₹4,500-5,000 crore of bond portfolio, including debt sold by states, the Centre and some corporates, as the management of the corpus will now shift to the Employees' Provident Fund Organisation (EPFO) after the Tata Group takeover.
Air India PF trusts sell debt papers before Tata acquisitionTwo provident-fund trusts at the Tata-bound carrier are selling an estimated Rs 4,500-5,000 crore of bond portfolio, including debt sold by states, the Centre and some corporates, as the management of the corpus will now shift to the Employees’ Provident Fund Organisation (EPFO) after the Tata Group takeover.
Corporate bond sales at 6-year low, 2022 may see uptickLocal bond sales by Indian companies plunged to a six-year low despite benign interest rates as higher commodity prices and demand uncertainty in the aftermath of Covid-19 curbs led boards to be rather conservative with capacity expansion.
NHAI SPV may raise over Rs 18,000 cr via bonds, loansDME has obtained a letter of comfort from the NHAI for the proposed bond sale. The borrower is likely to hold an investor meeting in Delhi soon. It is a triple-A rated entity.
There are about 1,552 such funds - known as exempted provident funds - with an estimated Rs7-8 lakh crore corpus which can invest as much as 15 percent of corpus in equities. Many funds nearly exhausted the limits through the bull run.
After nod, insurers gearing up to tap bonds of REITs, InvITsThe Insurance Regulatory and Development Authority of India (IRDA) last week permitted insurers to invest in InvITs and Real Estate Investment Trusts (REITs).
High liquidity, low rates help cos raise record funds via corporate bondsBanks and financial services sector collectively raised Rs 4.97 lakh crore or 64 per cent of the total amount while roads & highways sector mopped up Rs 58,052 crore, according to Prime.
Bonds are back in business, and telling us somethingLarge cos have together raised Rs 30,537 cr through debt issues in past three weeks, JM Fin data show
NHAI to raise Rs 10,000 crore through Bharatmala bondsTill date a sum of Rs 41,170 crore has been raised by NHAI.
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