bl.portfolio, LIC Mutual Fund, to organise Investor Conclave in Coimbatore


bl.portfoliobusinessline’s investment and personal finance offering on Sunday, along with LIC Mutual Fund, is organising an investors conclave in Coimbatore on Friday, June 21.

 The investor conclave is meant for those seeking investment avenues for various financial goals and they can engage in discussion with the expert panel which will address the conclave. This will be the first of a series of investor conclaves in prominent centres around the country.

‘Retire with confidence’ is the theme around which the first conclave in Coimbatore will be centred. Retirement planning isn’t something you do when you are 60 and have the retirement benefits paid out by your employer, on hand. For a financially peaceful retirement, how much to save as well as how to save needs to be addressed even as you enter the workforce. With several factors such as inflation, longevity, and medical expenses to foresee and provide for, retirement planning is not easy. Rebalancing of accumulated corpus closer to retirement as well as wise decision making on how much to withdraw from the corpus later on, are crucial too.

The conclave aims put all this in perspective and answer your questions. It will feature a presentation on retirement planning by Parvatha Vardhini C, Editor, bl.portfolio. This will be followed by a panel discussion on the topic ‘Building retirement corpus through mutual funds’ featuring Dikshit Mittal, Fund Manager & Senior Equity Research Analyst, LIC Mutual Fund Asset Management Ltd; Ravi Saraogi, Co-Founder, Samasthiti Advisors, Sheilendra Bhansali, Senior Partner, Kumbhat & Co, Chartered Accountants. The panel discussion will be moderated by Aarati Krishnan, Consulting Editor, businessline.

 The event is only by invitation and will also be web cast live. Interested investors may contact 72990 30519. To watch the session live from 5.30 pm on June 21, one may visit newsth.live/BLIA2024PA.





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Ex PTC India chief explores legal avenues to challenge SEBI order


Rajib Kumar Mishra is exploring legal avenues to challenge SEBI’s June order, following which he ceased to be the CMD of PTC India and the non-executive director at PTC India Financial Services (PFS).

PTC India is the country’s largest power trader and the promoter of PFS, a non-banking financial company (NBFC).

“This is an appealable adjudication order by the SEBI and therefore I am trying to explore all legal avenues,” Mishra told businessline.

On June 12, the capital markets regulator restrained Mishra from holding the director’s post in any listed firm for six months and imposed a penalty of ₹10 lakh on him for corporate governance lapses. Subsequently, he ceased to be the non-executive director of PFS and CMD of PTC India.

PFS’ former MD Pawan Singh has also been prohibited from holding any position of director or key managerial personnel in any listed firm for two years and was slapped with a fine of ₹25 lakh.

PTC India also appointed Director (Commercial & Operations) Manoj Jhawar as its Chairman and Managing Director (CMD) till a regular CMD is appointed.

Crisis deepens

Sources said that Mishra was a non-executive chairman and nominee director on the board of PFS and any non-executive board member does not have any authority and delegation of power as per Articles of Association.

Another issue was the delay in the joining of Ratnesh Kumar, who was Chief General Manager at NTPC, as Director Finance at PFS. Kumar went back to NTPC after his appointment was stalled. Another source said the appointment was to be done by the HR department and not Mishra’s responsibility.

On loan disbursal, sources pointed out that all loan accounts were handled by PFS executives, including the management. The forensic audit conducted and the data requirement for that was purely in the domain of the NBFC and the availability of data and facilitation thereof was also the responsibility of its management.

“The flow of information to the independent directors (IDs) was PFS management’s responsibility and the company secretary in a timely manner,” another source said.

The source added that it is commonly used that chairman was part of the management, which is not only incorrect but also to give a certain connotation to the authority.

PFS results issue

PFS reported its FY24 results on May 30, the last date of reporting the same to the exchange. This was due to three IDs declining to recommend its annual results as the statutory auditor disagreed to drop the qualification against them for taking honorarium in the last eighteen months.

The three IDs are former Department of Public Enterprises Secretary Seema Bahuguna, former MD and CEO of Corporation Bank PV Paravathi and former Power Finance Corporation Director (Finance) N B Gupta.

The issue was resolved and the company reported its results on May 30.

The independent auditor’s report said that during the year, PFS has paid ₹4.40 lakh to the three IDs on account of their time cost ‘as honorarium’ for taking part/ joining meetings for the required activities of (including personnel interview of shortlisted candidates at senior level) the company.

“Further, as at March 31, 2024, the company has debited the amount so paid as honorarium and same is shown as receivables from said IDs. The said amount since has been refunded back by the IDs. As stated in the said note and in the opinion of the management the company is in compliance with the provisions of section 197{9) of the Companies Act, 2013,” it added.





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टैक्सपेयर्स को मिल सकती है बजट में सौगात, खपत बढ़ाने के लिए सरकार घटा सकती है इनकम टैक्स रेट!


Union Budget 2024: जुलाई महीने में संसद के मानसून सत्र में मोदी 3.0 का पहला बजट पेश किया जा सकता है. और इस बात के पूरे आसार है कि सरकार देश में खपत को बढ़ाने के लिए पर्सनल इनकम टैक्स के मोर्चे पर कुछ कैटगरी वाले टैक्सपेयर्स को इनकम टैक्स में कमी कर बड़ी राहत दे सकती है. 

चुनाव के बाद सरकार पर दबाव 

रॉयटर्स ने दो सरकार सूत्रों के हवाले से ये जानकारी दी है. लोकसभा चुनावों में भारतीय जनता पार्टी को बहुमत नहीं मिलने के बावजूद प्रधानमंत्री नरेंद्र मोदी की अगुवाई में लगातार तीसरी बार केंद्र में सरकार का गठन हुआ है. एनडीए के सहयोगियों दलों की बदौलत केंद्र में नई सरकार बनी है. लोकसभा चुनाव में युवाओं में बेरोजगारी, महंगाई और गिरती आय सबसे बड़ा चुनावी मुद्दा विपक्ष ने बनाय़ा जिसका बीजेपी को बड़ा चुनावी नुकसान इन चुनावों में उठाना पड़ा है. ऐसे में सरकार पर भारी दबाव है. 

देश में सुस्त है खपत की रफ्तार 

भारतीय अर्थव्यवस्था तेजी के साथ विकास कर रही है लेकिन देश में खपत की रफ्तार बेहद धीमी है. वित्त वर्ष 2023-24 में भारत की जीडीपी 8.2 फीसदी के दर से बढ़ी है जो कि दुनिया में किसी भी देश की जीडीपी की रफ्तार से कहीं ज्यादा है. लेकिन खपत महज 4 फीसदी के रफ्तार से बढ़ी है. प्रधानमंत्री मोदी ने सरकार बनाने के दावा करने के दौरान कहा कि उनकी सरकार का पूरा फोकस मिडिल-क्लास के सेविंग को बढ़ाने के साथ उनके जीवन स्तर में सुधार लाने पर रहेगा. सूत्रों ने अपना पहचान बताने से इंकार करते हुए कहा कि पर्सनल इनकम टैक्स में कटौती से देश में खपत को बढ़ावा देने में मदद मिलेगी और मिडिल क्लास की सेविंग्स बढ़ेगी. वित्त मंत्रालय ने भी इस पर कोई भी कमेंट करने से इंकार कर दिया. 

15 लाख से ज्यादा आय वालों को मिलेगी राहत

रॉयटर्स के रिपोर्ट के मुताबिक ऐसे टैक्सपेयर्स जिनकी सालाना आय 15 लाख रुपये से ज्यादा है उन्हें टैक्स के मोर्चे पर राहत दी जा सकती है. रिपोर्ट के मुताबिक 2020 में लागू किए गए नए इनकम टैक्स रिजीम में बदलाव किया जा सकता है जिसमें 15 लाख रुपये तक सालाना कमाने वालों को 5 से 20 फीसदी तक टैक्स चुकाना होता है जबकि 15 लाख रुपये से ज्यादा आय वालों को 30 फीसदी के दर से इनकम टैक्स का भुगतान करना होता है. 

टैक्स के बोझ से टैक्सपेयर्स परेशान 

एक सूत्र ने बताया कि 3 लाख से 15 लाख रुपये के बीच इनकम पांच गुना बढ़ता है लेकिन पर्सनल इनकम टैक्स रेट में 6 गुना की बढ़ोतरी देखने को मिलती है जो कि बहुत ज्यादा है. सरकार 10 लाख रुपये तक के इनकम वालों के लिए इनकम टैक्स रेट में कमी करने पर विचार कर रही है क्योंकि पुराने इनकम टैक्स रिजीम के तहत 10 लाख रुपये सालाना से ज्यादा आय वालों को 30 फीसदी के दर से इनकम टैक्स चुकाना होता है. इन फैसलों के चलते सरकार को टैक्स कलेक्शन के मोर्चे पर नुकसान होता है तो उसकी भरपाई खपत में बढ़ोतरी से की जा सकती है.    

ये भी पढ़ें 

जानें SIP से जुड़े सवालों का जवाब यहां पर, लार्ज-मिड और स्मॉल कैप में कौन है एसआईपी के लिए बेहतर?

 



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Mutual Fund houses launch thematic funds on booming manufacturing sector


The mutual fund industry is all set to ride the manufacturing wave as a theme for investment. The Prime Minister-led National Democratic Alliance is forming the government for the third time in a row and vowing to continue incentive policies to boost corporate investments.

Two mutual fund houses — Motilal Oswal Asset Management and Invesco India MF – have filed papers with SEBI to launch  thematic fund on manufacturing this month.

This will be in addition to the two new fund offers on manufacturing by Mahindra Manulife AMC and Baroda BNP Paribas, which will close by the end of this month.

In fact, one of the largest fund houses, HDFC AMC, raised a whopping ₹9,563 crore last month through its manufacturing fund. Launched in March, Canara Robeco Manufacturing Fund already had an AUM of ₹1,374 cr as of May-end.

In all, about five fund houses have launched NFOs based on manufacturing theme this year. Currently, there are eight manufacturing funds, and three of them are passively managed.

Shreyash Devalkar, Head Equity, Axis Mutual Fund, said the country’s manufacturing landscape has been undergoing a significant transformation, fuelled by the strategic adoption of the ‘China+1’ strategy, the Government’s PLI scheme, and improving infrastructure, which has helped smoothen last-mile delivery.

“Based on their risk profile, investors should invest across categories along with thematic funds and should be aware of the risks associated as thematic funds are cyclical in nature,” she said.

Among the existing funds, ICICI Pru and Aditya Birla Sun Life have manufacturing thematic funds, with a track record of five -year and AUM of ₹4,842 crore and ₹1,006 crore, respectively.

In last six months, six manufacturing funds have offered an average return of 34 per cent with Quant Manufacturing Fund offering the highest return of 36 per cent.

In the last year, passive funds Mirae Asset Nifty India Manufacturing ETF FoF and Navi Nifty India Manufacturing Index Fund offered 60 per cent returns. Kotak Manufacture in India Fund gave a 54 per cent return in the said period.

Nifty India Manufacturing – TRI went up by 62 per cent in the last one year and 45 per cent over three years.

Riding high on the government’s performance-linked incentive schemes, domestic manufacturing sector is booming with favourable foreign direct investment flows.

The Government targets to increase the contribution of the manufacturing sector to GDP from 17 per cent to 25 per cent with the ‘Make in India’ and Atmanirbhar Bharat plank.

These initiatives have helped diversify the global supply chain and positioned India as a pivotal player in the international market.





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Rising demand for cocoa leads to increase in enquiries for saplings


With the demand for cocoa increasing in the international and domestic markets, this crop is gaining attention among farmers now.

A Kishore Kumar Kodgi, President of the Central Arecanut and Cocoa Marketing and Processing Cooperative (Campco), told businessline that there has been an increase in the enquiries for the supply of cocoa saplings this year.

The cooperative had supplied around 20,000 saplings to its grower-members in 2023. This year, he said, the demand for saplings has increased to 75,000 from the growers. Based on these enquiries, the cooperative is working with some nurseries to supply cocoa saplings to its grower-members.

Apart from the traditional cocoa-growing regions along some parts of coastal and Malnad Karnataka, farmers from places such as Tumakuru and Davanagere are also showing interest this year to take up cocoa cultivation, he said.

Rise in prices

Meanwhile, the price of cocoa has seen an increase in the domestic market. Campco offered a maximum of ₹170 a kg for wet cocoa beans and a maximum of ₹580 a kg for dry cocoa beans on June 17. On June 10, it had bought wet cocoa beans in the price range of ₹120-160 a kg and dry cocoa beans at ₹500-540 a kg.

On June 14, September US cocoa futures closed at $9,719 a tonne and July London cocoa futures closed at £8837 a tonne.

In April, the price of the crop had hit an all-time high of $12,000 a tonne in the international market. In fact, Campco had offered a maximum of ₹960 a kg for dry cocoa beans and ₹320 a kg for wet cocoa beans by the end of April.

A year ago, the domestic price for cocoa was around ₹55 a kg for wet cocoa beans and around ₹220 a kg for dry cocoa beans.

Quoting sources, a recent Reuters report said that Ghana, which is the second largest producer of cocoa in the world, is looking to delay delivery of up to 3,50,000 tonnes of beans to the global market to next season due to poor crops. It said Ghana pre-sold some 7,85,000 tonnes worth of cocoa beans for the 2023-24 (October-September) season, but will likely only be able to deliver some 4,35,000 tonnes.

Cocoa cultivation in Ghana has been affected by adverse weather conditions, disease and illegal gold mining that often displaces cocoa farms, it said.

Ghana and Ivory Coast together constitute nearly 60 per cent of the total global cocoa production.





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Controversy erupts in Kerala over Congress’ social media post mocking PM Modi’s meeting with Pope Francis


The Congress in Kerala on Monday tendered an apology to the Christian community a day after one of its social media posts taking a dig at Prime Minister Narendra Modi over his recent meeting with Pope Francis triggered a political row in the state.

The party also withdrew the post from its official X handle.

In a fresh post on its X handle, the state unit of the grand old party said it tendered an unconditional apology to the Christian faithful if its earlier post had caused any “emotional or psychological distress” to them.

In the explanatory post, the party further said the people in the state clearly know that it is not the tradition of the Indian National Congress to insult and disparage any religion, religious priests or idols.

The party said no Congress worker would even entertain the remotest thought of insulting the Pope, whom Christians around the world consider as God-like.

However, the party is not hesitant to mock PM Narendra Modi, who insults the faithful of the country by calling himself God, the post said.

In that way, people would understand the communal minds of BJP state chief K Surendran and others to portray the Congress’ attempt to mock Modi’s “shameless political games” as an insult to the Pope, it said.

Hitting out at Surendran and other BJP leaders who triggered a row over the issue, the Congress further said their attempt was to “downgrade” the Christians as a group of people who have no self-respect and are the ones who spread communal venom as soon as they inject it.

“If there is any genuine love for the Christian community, then Modi and his cohorts, who remained silent when their churches were burned down in Manipur, should first tender an unconditional apology to the Christians,” the party added.

The BJP in Kerala on Sunday hit out at the Congress party in the state over its social media post on Modi’s meeting with Pope Francis during the G7 Summit and alleged that it’s X handle was seemingly run by “radical Islamists or Urban Naxals.” The grand old party had earlier posted a picture of PM Modi with the Pope on its X handle along with a sarcastic comment that “Finally, the Pope got a chance to meet God!” Irked by the post, BJP state chief Surendran had accused the Congress’ state unit of posting derogatory and humiliating content against nationalistic leaders on its social media handle.

He alleged that AICC general secretary K C Venugopal was certainly aware of the post and sought to know whether party chief Mallikarjun Kharge and senior leader Rahul Gandhi endorsed it.

Soon after his criticism, the Congress again gave a sarcastic reply through it’s X handle and wished “better luck next time” to Surendran and others from “Modi ka parivar”.

“Better luck next time, @surendranbjp, @Georgekurianbjp and others from Modi ka parivar!” the Congress in Kerala said in the post.

Prime Minister Modi on Friday invited Pope Francis to visit India and said he admired the pontiff’s commitment to serving the people.

They met with a warm embrace at the Outreach session of the G7 Summit in Italy where they joined other world leaders to deliberate on the topic of Artificial Intelligence, Energy, Africa and the Mediterranean.





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