Category Archives: News

DSP Mutual Fund launches DSP Banking & Financial Services Fund

Mumbai, November 21, 2023: The Banking and Financial Services sector has been a structural growth story in India, which is evident in its outperformance over the broader Nifty 50 Index on all 10-year periods. The returns from the sector have also been more consistent across time periods compared to the broader Nifty 50 Index. However, the sector has been underperforming the Nifty 50 Index since September 2019. Hence, the possibility of a reversal in underperformance combined with reasonable valuations for the Banking and Financial Services sector along with their strong balance sheets present an interesting opportunity to investors.

 DSP Mutual Fund announced the launch of DSP Banking & Financial Services Fund (DSP BFSF), an open-ended scheme that offers investors an opportunity to partake in the long-term structural opportunity in the banking and financial services space. Apart from banks, the sector also encompasses major areas like NBFCs including Housing Finance Companies, Life Insurance, Non-Life Insurance, AMC, Exchanges, and depositories, which have all grown at a faster rate than the nominal GDP of India in the last 15 years. All these combined make up a profit opportunity of over $ 4 Trillion.

 The Nifty Financial Services TRI has also delivered over 12% returns in 90% of time over a 7+ year timeframe compared to 52% for Nifty 50 TRI. Banking, Financial Services, and Insurance (BFSI) forms 38% of the profit pool of the Top 500 companies in India but is just 26% of the market cap. The last 10-year profit growth for BFSI was 17% compared to 10% among Top 500 companies excluding BFSI. Bank balance sheets have also grown stronger with lower NPAs. This could aid a sustained pick up in credit growth.

DSP BFSF follows a stock-specific approach that favors business fundamentals over market outlook and attempts to have a high active share compared to the benchmark. It also has the flexibility for Global Investments where the Fund Manager can invest in selective fundamentally sound businesses internationally which is not available in India.

 Under normal circumstances, the asset allocation of DSP BFSF would be between a minimum of 80% to a maximum of 100% in equity and equity-related securities of companies in the Banking and Financial services sector, up to 20% in equity and equity-related securities of other companies, up to 20% in debt and money market instruments and up to 10% in units issued by REITs and InvITs.

The New Fund Offer for DSP BFSF will open for subscription on November 20 th, 2023, and will close on December 4 th, 2023.

 “Companies in the BFSI sector have large profits compared to other sectors. The profit pool is also growing due to the addition of diverse businesses across insurance companies, mutual funds, wealth management firms, tech platforms supporting the industry, payments, and fintech. We prefer to raise money in such sectors with long-lasting growth when their prices are falling or consolidating. Lenders also have leverage as raw material and hence go through cycles of volatility. In recent years, stocks in the BFSI space have corrected, thus increasing the margin of safety for an investor. We are happy to launch the NFO when valuations are reasonable,” says Kalpen Parekh, MD & CEO, of DSP Mutual Fund.

HDFC Life enters into a Corporate Agency tie-up with Karnataka Bank to offer life insurance solutions to its customers

Mumbai, November 21, 2023: HDFC Life, one of India’s leading life insurers, and Karnataka Bank have entered into a Corporate Agency (CA) arrangement.

This CA arrangement will enable customers of Karnataka Bank to avail HDFC Life’s wide range of life insurance products which include solutions for protection, savings and investment, retirement, and critical illness.

 India is largely underinsured. The protection gap in India is higher than that of most developed markets. For every individual with responsibilities, it is necessary to secure themselves and their families financially. Life insurance is a product that not only provides financial security but also enables individuals to save over the long term in a disciplined manner thus fulfilling their long-term financial goals.

 HDFC Life constantly endeavours to reach out to individuals across geographies thus ensuring that they are protected with a financial safety net. This partnership with Karnataka Bank will further strengthen HDFC Life’s efforts towards Insuring India.

 By combining Karnataka Bank’s century-old banking experience and HDFC Life’s expertise in providing quality life insurance products, this collaboration is set to deliver a host of benefits along with superior service to customers seeking financial security and life protection.

 Speaking on the arrangement, Ms. Vibha Padalkar, MD & CEO of HDFC Life said, “It gives us great pleasure to partner with Karnataka Bank. Given the under-penetration, there is tremendous potential for life insurance in our country. Life insurance is the first step towards financial planning and we believe it is a must-have for every individual with responsibilities. With our rich experience in managing bancassurance partnerships, we aim to offer a comprehensive suite of product solutions and best-in-class servicing, leveraging our investments in technology. We look forward to working closely with the Karnataka Bank team for the benefit of their customers”.

 Speaking about the new association, Mr. Srikrishnan H, MD & CEO of Karnataka Bank expressed “We are excited to partner with HDFC Life in our centenary year.  This collaboration aligns with our commitment to enhancing the suite of financial products and services available as a choice to our customers. It reflects our dedication to providing holistic financial solutions through our wide distribution and digital network and ensuring the well-being and security of our customers and their families.”

 HDFC Life has always had a customer-centric approach. The Company’s flagship products are designed keeping in mind different customer needs. HDFC Life’s claims intimation process is available online. Customers and claimants can avail the services without having to step outside their homes.

Canara Bank launches new products on its 118th Founder’s Day

On the occasion of 118th Founder’s Day, Canara Bank’s MD & CEO Shri K Satyanarayana Raju along with the Executive Directors launched various new products & services for the customers. The new products & services namely:

Corporate ai1 – will cater to the diverse needs of the Corporate Customers of the Bank, who can perform Banking transactions through Corporate Internet Banking and on the ‘Canara ai1 Corporate’ App interchangeably.

Whatsapp Banking Channel – provides 18 services to customers such as balance inquiries, mini statements, etc by simply sending a Hi/Hello message on 9076030001.

Canara UPI 123 Pay – an IVR-based UPI solution for feature phone users. Account holders of any Bank can avail of this facility in 10 Indian languages including English.

Coal India Limited celebrates 49th Foundation Day

 The 49th Foundation Day celebrations of Coal India (CIL) began in the morning at its Corporate Office in Kolkata with Shri P. M. Prasad, Chairman, CIL, and Functional Directors paying floral tributes at the Martyrs’ Memorial. On this occasion, Corporate, Individual, and group awards were conferred in the evening by the Chairman of Coal India Limited.

From Politicians to Sportsmen, Cinestars to Common Man all paid their heart touching Tributes to Saharasri

· Amitabh Bachchan, Yogi Aditya Nath, Akhilesh Yadav, P.V. Sindhu, Yuvraj Singh, Saina Nehwal, Abhishek Bachchan, Riteish Deshmukh, Anupam Kher, Pullela Gopichand, Madhur Bhandarkar and many more paid tributes to Saharasri and called his demise a big loss to the country

· Sahara Group said it has robust fundamentals and a well-defined organizational structure. ‘We are committed to upholding the legacy of Saharasri and will continue to honor his vision in driving the organization with the same force and determination’

Kolkata, 21st November 2023: Managing Worker and Chairman of Sahara India Pariwar, one of the biggest conglomerates of India, Subrata Roy Sahara, fondly called Saharasri, received heart-touching tributes from people from all walks of life. Uttar Pradesh Chief Minister Hon’ble Shri Yogi Aditya Nath expressed his deepest sorrow on the death of Saharasri while the former Chief Minister of Uttar Pradesh Shri Akhilesh Yadav said it was an emotional loss of the state and our country as Saharasri was not only a successful businessman but also a person of big heart who helped and supported countless individuals.

Saharasri passed away on 14th November 2023 at 10.30 pm due to cardiorespiratory arrest following an extended battle with complications arising from metastatic malignancy, hypertension, and diabetes at Kokilaben Dhirubhai Ambani Hospital & Medical Research Institute in Mumbai. He was brought to Lucknow on 15th November and the last rites took place on 16th November. In this moment of sorrow his wife Smt. Swapna Roy, daughter-in-law Smt. Richa Roy – wife of his elder son Shri Sushanto Roy and Smt. Chandni Roy – wife of younger son Shri Seemanto Roy received immensely emotional condolences from thousands of people. The spokesperson of Sahara India Pariwar said that at this moment of great sorrow, both the Deputy Managing Workers of Sahara India Pariwar Shri O.P. Srivastava and Shri J.B. Roy – younger brother of Subrata Roy Sahara provided paternal support to the family and the entire Sahara India Pariwar.

Amongst the first who met with Smt. Swapna Roy in Mumbai immediately after the death of Saharasri was Shri Amitabh Bachchan who was accompanied by his son Shri Abhishek Bachchan and his daughter Ms. Shweta Bachchan Nanda. They reached the Sahara Star Hotel in Mumbai to pay their last respects. Shri Amitabh Bachchan used his blog also to mourn the loss. World Badminton Champion P.V. Sindhu said, ‘It is heartbroken to learn about the passing of Saharasri. He has always treated me with nothing but love, affection, and respect.

Saharasri founded Sahara India Pariwar in 1978 with Rs. 2000, one 10’ x 12’ office room, and 2 assistants, and transformed the landscape of micro-saving in India. He offered financial services to the unbanked and financially excluded population by educating and inculcating the habit of saving in them. In 2004, Sahara Group was termed by Time magazine as “the second-largest employer in India” after Indian Railways. The group operates through more than 5,000 establishments spread across India and has a field and office workforce of around 12 Lakhs under the Sahara India umbrella.

On the question of what is the way forward for the group, Sahara said “Sahara India Pariwar is a professionally managed organization. The organization has robust fundamentals and a well-defined organizational structure. All the business verticals are already headed by the efficient and professionally skilled people of their respective fields. Hon’ble Saharasri Ji has always been and will always remain our source of inspiration. Sahara India Pariwar is committed to upholding his legacy and will continue to honor his vision in driving the organization with the same force and determination.”

Subrata Roy Sahara, more than a businessman, was a nationalist and philanthropist. Post Kargil War, the then Prime Minister of India Shri Atal Bihari Vajpayee praised Sahara India led by Subrata Roy Sahara for providing financial support to the 320 families of martyrs. He received profound affection from Mother Teresa on many occasions. Saharasri Subrata Roy gave financial assistance to families of martyrs of the Kargil war, and Mumbai terror attack by paying five times their gross salaries for the next ten years and beyond for those families who had underage children, Dantewada Massacre victims, assisted the victims of natural calamity by getting them relocated and rehabilitated, took healthcare services to the remote corners of the country via a fleet of mobile health vans, initiated adult literacy and vocational training programs, started projects for the rehabilitation of physically challenged people and annually organized mass marriages ceremony for 101 underprivileged girls from all faiths and communities of the society.

Subrata Roy Sahara was a prime promoter and patron of Indian sports. He himself was fond of badminton and used to play every day. He strongly believed that sport is the most healthy, energetic, and spirited facet of society, and promoted Indian sports on regional, national, and international levels. Apart from sponsoring the Indian Cricket and Hockey Teams for more than a decade, Sahara adopted Indian Boxing, Wrestling, Archery, Shooting, Track and field, Tennis, and Volleyball and extended support to a large number of sportspersons across these sporting disciplines.

The deep relationship that Saharasri enjoyed with the players can be gauged through the condolence message from the great Cricketer Yuvraj Singh who said, ‘Saharasri was a great man and a warrior. When I got diagnosed with cancer, he was one of the few people who stood by me and supported me. Saharasri’s sad demise is a huge loss and a very difficult void to fill.

“It’s not very Bollywoodish!” says Parmeet Sethi while sharing about his experience creating Hack Crimes Online on Amazon miniTV

Mumbai, 20th November 2023: Amazon miniTV – Amazon’s free video streaming service, recently premiered its latest cybercrime drama, Hack Crimes Online, a unique tale of hackers in India. Based on a novel by India’s prominent cyber-crime investigator, Mr. Amit Dubey, the engaging series directed by Parmeet Sethi features Vipul Gupta and Riddhi Kumar in pivotal roles. With cybercrime rising on an exponential basis, the series aims to drive awareness amongst audiences on the perils prevalent in today’s digital world and how to safeguard oneself. The director, Parmeet Sethi recently shared interesting insights towards the making of the show.

 While speaking about directing the most challenging scene, Parmeet said, “All of the scenes are easy and difficult, but the one we shot in the dumpyard was the most difficult. The garbage had many burning mountains, and shooting with the toxic fumes everywhere was extremely challenging. It was 40 degrees outside, which made things even more difficult. That was one of the most difficult scenes we had to shoot.”

Furthermore, he spoke about the difference between directing a series and a film, and said, “The differences are not many, but there is a much more realistic undertone in series nowadays, while films can be a little larger than life with songs in them, although we have a song in this series too. But I think the series has a little more realism, and I have also tried to capture it in Hack Crimes Online. It’s not very Bollywoodish. Secondly, the kind of topics that you take up also matter in films; we think towards commercial aspects, here we are not limited to that.”

 Hack Crimes Online is streaming exclusively on Amazon miniTV. You can download the Amazon miniTV on Playstore or watch it within the Amazon Shopping App or Fire TV.

On Sushmita Sen’s 48th birthday, here are 5 reasons why Sushmita Sen personifies as the fierce sherni!

Love, courage, and compassion – three words that summarize what Sushmita Sen is for us! She inspired us to lead a mindful life and never give up no matter what. Her personification of a mother turning Don to protect her children as Aarya Sareen in Disney+ Hotstar’s series Aarya truly brought out a wave of fierce depiction of women on screen. Join us in celebrating the OG Sherni’s birthday by recounting her unabashed moments from her life as Aarya.

 Taking on a new challenge without a second thought
It’s never too late to take on new challenges and Sushmita Sen has proven it and how! Raising the bar of fitness, Sushmita Sen did all her action sequences by herself and diligently prepared for it. While this Sherni looked in the eye of the storm even when her health was tricky, her spirit remained unabashed.

 Bouncing back stronger than ever!
We all know of the health scare Sushmita Sen went through during the filming of Disney+ Hotstar’s series Aarya Season 3 but without batting an eye, she got back to the sets stronger than ever. She inspired all of us and set an example that if we push for it, anything is possible. Not sure about you, but we think Sushmita Sen is truly a superwoman!

Embracing motherhood
We have seen Sushmita Sen’s loving role as a mother off and on screen and it made us feel closer to her candid self. So, when Sushmita Sen as Aarya Sareen fiercely walked the fire to protect her children and her family, we could see her motherhood flowing into the character and made us believe each and every word she spoke as a mother.

 Practiced the art of learning and unlearning
From winning the title of Miss Universe to playing the deadliest Don, there’s nothing that Sushmita Sen hasn’t aced in life. She has never shied away from talking about her process with which she kept up with the world and unapologetically believed in her chosen path. With Aarya as well, she walked the delicate path of being the hero as well as the villain and came off as a character that the audience would relate with.

 Looks like that could kill!
We are aware of the effect Sushmita Sen can have on people but if looks could kill, Sushmita Sen would top the charts! Sushmita Sen is a person that can own any look she wishes. In the Disney+ Hotstar series Aarya, we saw her in royal sarees to polished coats and she made it all look so mesmerizing.

Over 3000 runners at Kanha Shanti Vanam and 13000 from around the world participate in the Granules Green Kanha Run’s 2nd edition for a greener planet

Hyderabad, 20 November 2023: Heartfulness Institute in association with Granules India launched its second edition of the Granules Green Kanha Run at Kanha Shanti Vanam (the headquarters of Heartfulness in the outskirts of Hyderabad) with over 3000 participants from Kanha Shanti Vanam and 13000 more joinings virtually from 60 cities from India and abroad. The first edition was successfully held earlier this year edition of the Green Kanha Run. The second edition is aimed at ‘racing into a greener future’ – an initiation of a grand venture to plant 25,000 trees in the three editions of the half marathon. The Granules Green Kanha Run is being supported by the Ministry of Youth Affairs & Sports and Fit India. Noted Indian cricketers Ravi Shastri, R Shridhar, and Bharat Arun have also voiced their support for the run.

 The run was flagged off by Ms. Nandini Agasara (Asian Games Bronze Medalist in athletics) and Coach Mr. Ramesh for the 21km timed Sai Reddy Gudda Lake Run category. 10km timed Yatra Garden run was flagged off by Ms. Uma Chigurupati- Director of Granules India, (the Title Sponsor of the Granules Green Kanha Run), and Mr. Prateek Srivastav, Community Impact Lead, PayPal Hyderabad flagged off the 5km timed Forest run. Mrs. Pratima K. Patel- wife of beloved Rev. Daaji – Spiritual Guide of Heartfulness and President of Shri Ram Chandra Mission flagged off the 2km Family run. This is the first time the global run category has been introduced to encourage participants worldwide to join in from their locations, ensuring that distance is no barrier to making a difference.

 Mr. Anil Arora- President and Head of Global Operations of Granules India, Mr. Anant Sanjeev Doogar- Director of Nile Mile, Marathon Partner of Granules Green Kanha Run; and Rev Daaji – Spiritual Guide of Heartfulness and President of Shri Ram Chandra Mission gave away the awards.

The flag-off timings (race timings) are 21km- 05:45 am; 10km- 06:25 am; 5km- 07:30 am and 2km- 07:50 am. Overall Winner was chosen based on Gun Time; Age Category winners were chosen based on Chip Time. A runner would start his race within 15 minutes from their respective Flag Off Time of the race. Cut-off time for finishing the race was 3hrs 30 mins for 21km; 90 mins for 10km; 60 mins for 5km: no cutoff time applicable for 2km.

 Mrs. Uma Chigurupati, Executive Director – Granules India Limited said, “It is an exhilarating experience to see the level of participation. Fitness and the environment are the core of my heart. The Granules Green Kanha run has given the platform for the runners to show their support for both fitness and the environment. I hope the message reaches more and more people and they start taking fitness and environment as part of their daily lives.”

 Rev. Daaji – Guide of Heartfulness and President of Shri Ram Chandra Mission said, “Our mission is to raise the green cover on earth and sensitize people on the importance of a healthy ecosystem. It also begins with holistic wellness and our relationship with the environment. Our ancient traditions have always taught us to worship nature. We have also associated our holistic wellness with respect for nature. The Granules Green Kanha Run is successfully driving the message.”

This year’s marathon editions are themed around Water, and the subsequent two-year marathons will be themed around Fire and Earth respectively – making for the three important nature elements that symbolize Heartfulness’s commitment to nurturing and safeguarding the environment. At the end of the three-year cycle, participants will interlock their earned medals from each year, forming a unified symbol of their contribution to a unified, healthier world.

 In the first edition, 3,500 dedicated runners joined the movement, leading to the plantation of 4,000 trees. Esteemed personalities like Pulella Gopichand, Honourable Union Minister of Sports Shri Anurag Thakur ji, Honourable Minister of Sports for Telangana, Shri Srinivas Goud, and Uma Chigurupati from Granules were present, adding luster to the event and showing their staunch support for a healthier environment.

 The Granules Green Kanha Run is being supported by Granules Trust as title sponsor apart from Hyderabad Runners as a community partner, Medicover Hospitals as Recovery and Medical partner, Decathalon as Gifting partner, Timing Miles as timing partner, Nile Mile as a marathon partner, Hira Pipes as goodwill sponsor and T-tales and Smart Farmers as Goodies Partner, Westin, Eblu, HTC Global Services, and Fever FM. All the proceeds of the marathon will go towards the Forests by Heartfulness initiative.

 The Granules Green Kanha Run is a groundbreaking marathon event aiming to combine physical fitness and environmental responsibility. The event is a stride towards a significant change, nurturing a culture of health, unity, and environmental conservation.

RBI’s new regulations for NBFCs by Mr. Umesh Revankar, Executive Vice Chairman, Shriram Finance

“The new regulatory measures from RBI certainly make everyone anxious and NBFCs will now do well to closely monitor their margins. The regulator is wary of multiple loans to individuals that are mostly happening in the digital lending space where the end use of the loan isn’t always crystal clear. I think most of the established NBFCs and banks are mindful of it and exercise fair control over their portfolio. Today, credit decisions rely heavily on data from the bureau and hence I believe there is no need to panic. The RBI must be having more data analytics and insight, maybe proactively drawing attention to the issue which is a good idea since it’s better to err on the side of caution.”