Why we are obsessed with money

What a way to exist!

For most of us, practically the whole day all we are thinking is about money and more specifically how to have more money!

As if money was the only thing in life. Unfortunately for most of us, circumstances just do not permit any other thought!

We are running behind money most of the time which is almost akin to have become obsessed with money. Everything that we are doing in life is centred around money.

Unfortunately, this is because we need money for anything and everything that we do. There’s nothing wrong and what are you doing, however the problem is that over time, it becomes a compulsive habit to keep earning more.

That’s where the danger is. The problem is that there is a point where from we chase money as an addiction, we chase money because we like to do so. If we did not chase money we would not know what to chase now because we get out identity from money and the amount of money we have.

Another thing is that right from childhood we are always taught and our minds are conditioned that everything that we are doing is going to be for the sake of earning money.

There is no one who told you that money is just a means, and then there is something greater in life to achieve. Some examples are legacy; building something, charity; to giving something / helping someone, passion; pursuing something and living; simply to enjoy life and your money

We have got addicted to this and how!

There are three reasons for this:

First, we are what we do. It is the human behaviour. I know I should exercise and I don’t. I know I should eat healthy and I don’t. I know I should spend time with my kids and I don’t. I know that, yes, money isn’t going to make me happy and I still keep trying to make money.

We live by the laws of inertia, in a pattern which is hard to break. But we have to break it. For ourselves and for the sake of people and reasons for which we are chasing money.

Secondly, we need signals of progress. Money is a measure of how far you have progressed in life. The more the money you have the more you can make sure your progress. It’s simply the logic of evolution. People need validation of their success. Bigger house, bigger car, branded goods and list goes on.

Thirdly, it’s the easy way out. It’s only human to avoid difficult things. Important things are very difficult to measure.  Have I been a good father or husband? Have I groomed my child well?  Such things take years to measure and we still don’t have answers.

So, should we not be focused on creating money for ourselves?

I’m not saying that. Definitely create. Take care of yourself for sure!! Use it to the maximum to make yourself happy!!! You need a certain amount and beyond that is extra.

The definition of their certain amount is naturally different from one person to another. If that extra is going to happen easily, without stress and without your involvement, then its fine. Basically don’t kill yourself for that extra. Be Smart.

Kartik Jhaveri is an expert at planning money, life and aspirations. He is a certified financial planner, wealth manager and financial freedom coach.

How the RBI actually helps you

RBI

Most of us in Mumbai, see this huge structure called the Reserve Bank of India and wonder what it really does. It’s also a tourist attraction!! It has so many other offices and again one wonders why they need to have so many offices. I’m going to try and highlight a very interesting part of RBI’s work and how it helps us directly on a day-to-day basis.

The RBI does a review of the monetary policy of the country at frequent intervals during the year. So how does the monetary policy help us investors to take smart decisions?

Monetary policy is a tool by which the RBI decides to raise interest rates or reduce interest rates or keep them steady.

In our country, as we’re an oil importing nation, this decision is very closely linked to Oil. Oil to a large extent contributes to inflation. We all know what happens when inflation keeps rising. We in India unfortunately do not see too much of inflation falling and things becoming cheaper.

Oil is Not Well

So when oil prices rise i.e. we see a rise in crude oil prices almost instantly we can expect rising food prices. This is because there is going to be a rising cost pressure for manufacturing & services. This rise obviously gets passed onto the retail consumers.

When this happens RBI adopts a hawkish stance, tries to pull money out of the system by raising interest rates. Now when interest rates rise no one seems to be interested in borrowing. This immediately puts a brakes on money circulation.  Less money chasing goods decreases the demand for money. This way it controls inflation.

There is yet another tool that the RBI has and that is known as the CRR or the cash reserve ratio.  This ratio in simple words means the amount of cash that the bank must maintain with the RBI as the percentage of the total assets. So when this increases banks are forced to park more with the RBI and this is also a way to control inflation.

On the other hand when things look dull, when there is a recession of sorts, the RBI comes to the rescue and gets into action to kickstart growth in the country. It does this by lowering the interest rates. This we all will understand quite easily because we see a direct benefit of this happening. We see a fall of interest outgo in our EMI’s for the home loan that we are carrying. New loans become cheaper.

Individuals are motivated to go out and make purchases, whether it is for a washing machine or a piece of real estate. Businesses are motivated to go out and borrow to buy more machinery, to expand capacity, to hire more staff and manpower and basically do everything that will add to the growth of business.

Economic growth results as a result of all this. It is also during this time that stock market rises, we see a rally in stock prices and mutual fund NAV’s jumping higher and higher each day. There is prosperity all around.

Critical Role

As you can see that the central bank of the country has a very very important role to play.  If it makes a mistake, things can go really wrong.  Imagine like the USA or Japan if our interest rates were very low; everyone would run to borrow, they would borrow more than they require because it would be cheap and easy to borrow. And that is very individuals would run into what is known as the debt trap, because someday you’ll have to pay back.

Each day the central bank attempts to make sure that everything in our country remains stable and financially there’s nothing that goes wrong dramatically.

Kartik Jhaveri is an expert at planning money, life and aspirations. He is a Certified Financial Planner, Wealth Manager & Financial Freedom Coach.

The year of the bond, once again!

We are not talking of James Bond, we are talking of investment bonds.

We are in a situation where the fixed deposit rates are at a general low and there is a lot of discontent among depositors of fixed deposits.

Whenever we see a situation like this, one way or the other, the bond markets come to the rescue. It comes to the rescue of smart depositors, who are agile to move their money from fixed deposits to bond funds.

Let’s understand what is happening and why.

What Exactly is Happening in the Bond Markets?

It is likely that in this year, investors of bond funds will make handsome gains. Bond prices may rise and there may be capital gains. Investors of bond funds not only earn the rate of interest, but also earn capital gains. So that way, they make more than the return they would make on fixed deposits. The returns could be a high single digit or sometimes as high as double digits.

Over three years, this will become practically tax free or the tax would be a very small amount. So, basically, I am thinking that a rally will happen in the bond market. There are three main reasons for this — reduction in government borrowing (which is favourable), recovery of trading losses (which is favourable) and no change in monetary policy (which is neutral).

A word of caution, however, that such bond market investments are also subject to bond-market volatility and should be considered ideally with the help of a financial expert.

Before proceeding further, let us, therefore, quickly explain a bond, bond fund and bond market. We need to do this because few people understand the bond markets and even fewer invest in the bond markets.

Bond is nothing, but a commercial transaction where the borrower is issuing a bond to the lender and the lender will earn a certain rate of interest. When interest rates fall, everyone becomes interested in owning that bond.

As a result, the demand for the bond increases, the price of the bond increases and the bondholder makes capital gains.

A bond fund is a fund where ordinary investors pool in their money and a fund manager buys them a portfolio of bonds.

Moving onto the Reasons For a Rally in Bond Funds…

Now, the fundamental reason for a rally is reduction in interest rates as it stimulates economy and growth.

Firstly, the government is a massive borrower of funds. So a reduction in government borrowing reduces the demand for money in the economy. As a result, prices of bonds rise and this contributes to capital gains for bond holders.

Secondly, the Reserve Bank of India (RBI) recently announced that the commercial banks and RBI, which are the largest lenders to the government, will have another year to offset losses they have incurred on account of buying government bonds in the past. This action will lead to a rise in the price of bonds and this contributes to capital gains for bond holders.

Lastly, on one side due to the rise in oil prices, there is more inflation and thus more money is needed for circulation in the economy. On the other side, many government bonds are maturing, which will provide money supply. So, it is likely that we see a neutralising effect and thus RBI will take no action. This inaction here will support capital gains as explained above. Hence, this year might be a year of good gains for the bond investors.

Kartik Jhaveri is an expert at planning money, life and aspirations. He is a Certified Financial Planner, Wealth Manager & Financial Freedom Coach.

Five new financial goals for you this summer

I am going to try and explain to you why the summer holidays of April and May are great months to get a lot of things started, financially speaking.

This time period in a way resets the financial clock. You also have the option to hit the reset button on everything you have done so far; financially speaking of course and hope to do better things better than you did last year.

Let’s look at some of the new and unusual things to do in April.

  • Make a learning budget

Learn something about money or anything you like. The best way to make money is to learn something about money. Just like if you wanted to learn cooking you will get into the cooking class. If you wanted to learn swimming you would enrol in the swimming class. If you find learning about money is too daunting task than learn something which is close at to your heart or related to your work. If you learn something new, there’s a possibility that you will use your new ideas to generate new income and in turn that will generate new wealth for you.  So make a budget, enrol somewhere and spend that budget. How about a % of your annual income? Spend it for sure!

  • Plan a unique holiday 

When you’re by yourself and without your mobile phone you will have the opportunity to think! When you have time to think, suddenly good ideas will come to your mind.  You may think this is silly but you can be sure that you will be amazed if your drivers experiment just once. So it might be a good idea to go for a holiday just by yourself. If you find that too intimidating, join a group of strangers. You can combine that with the adventures experience if you like.  Be extra careful if you’re going with your special buddies. Do this only if they are going to be in a position to help you discuss your idea and make it bigger. They must play the role of complimenting your thoughts. So make a schedule to do this holiday and obviously make a budget to make it happen. Think & create new ways of making wealth.

  • Make a prediction and make it happen

Be brave. Let’s aim to grow and multiply net worth by 50% by the time you come to the end of this financial year. This is not a joke and it is easier than you can imagine.  I’m speaking about NETWORTH and I’m not talking about return on investment. If your networth is Rs. 100 today, all I’m saying is that let’s aim to make this a 150 by the end of this year. This networth comprises of all your savings till date. This can be achieved by simply saving aggressively every month for the next twelve months. Just put this into a recurring deposit or liquid fund so you don’t spend it.  We just have to prove to ourselves that this is possible. Where and how we will invest this money will think about that later.

  • Eliminate a negative belief 

I want to give you an exercise here. Write down all your negative beliefs you have about money and wealth. Most people are not able to achieve the desired level of wealth because they think about wealth negatively. So even if you are earning a good amount of income you will never see yourself becoming wealthy. Examples are money causes problems, money causes a fight, managing money is complicated etc. Then for each negative thought, you have written down the positives i.e. the opposite for a few months. Soon negatively biased feelings will evaporate.

  • Make a new investment; something you have not done before

Again here you do not have to be a financial expert. The idea is to learn something new. There are hundreds of investment options. Our objective here is to learn something new. Talk to your advisor and seek his or her guidance. Just a word of caution here; don’t do anything which is speculative or is something that you just can’t understand. Do what do find easy you understand and do that then.

Kartik Jhaveri is an expert at planning money, life and aspirations. He is a Certified Financial Planner, Wealth Manager & Financial Freedom Coach.

Seeking financial freedom? The time is NOW!

John Lewis famously remarked, “If not now, then when? If not us, then who?” This is so appropriate in the current financial world that we live in.

That statement will leave to rest every other argument that is conservative and against the idea of wealth creation. We are often faced with the situation where there is no option but to create wealth. Read on to know why!

Interest rates are painfully low. For all those diehard fans of guaranteed investment returns, there’s hardly any place to go to. Thinking of fixed deposits? Feeling happy with 7%? And fully taxable? That period is over. Period.

That doctrine of investing into pure fixed deposits and similar instruments is unfortunately standing challenged. There is no option but to sprinkle it with a combination of a little something that will add to the returns earned from fixed income type of securities. In fact this category of investors are in a way, best placed in terms of the current tax laws.

They can earn about 9-10% with minimal or near zero tax over about five years and more. Starting to generate rate of return above the inflation level of 7% is starting to create wealth. So there it is; there is no option but to move in the direction of creating wealth.

For more evolved investors, who invest in equities and who and still sitting on the sidelines tend to run out of patience every now and then. They are sometimes waiting for the right time, sometimes waiting for correction, sometimes waiting for valuation and sometimes waiting for just nothing. Sometimes, just too busy to take action!

I totally understand not wanting to lose hard-earned money. But if the money does not move it will stagnate. That’s the problem with money.

Hit the Ground Running

Inaction and inactivity kills it. Makes it costly to hold. Makes us lose opportunities, sometimes small and sometimes significant. I know of many people including my dad, who just kept investing into equities and holding forever. No doubt they were hugely (big HUGELY) better off then the people in the same time zone. I think they could have done far better with some smart lessons on asset allocation. This is because if they compare the growth rate of their holding over a period of 20 or maybe 30 years the compounded rate of return earned is often not impressive.

It is just marginally better or a few percentage points above the fixed deposit rate. Hence the need for asset allocation, which simply put is not to have all eggs in one basket at any given point in time. These sections of investors anyways create wealth, and, asset allocation is the tool that ensures that the process of wealth creation continues uninterrupted. So again there it is; even for this section there is not option but to start enhancing their wealth creation activities, else returns will continue to remain forever mediocre.

Then there are skeptics and there is nothing much for skeptics of everything, except that they need a serious dose of financial education. Perhaps what if needed is a proof of concept and for that, which better country to live in other than India where financial transparency in investments is so high that I sometimes feel, it comes from another planet.

 Your Money Needs Action

Today, there is a whole lot of variety to choose from and we have never been more spoilt for choice. But the most important thing in all this is to understand that your money needs action. It needs activity and for that the time is now!

And furthermore, if you asked me this question 10 years ago; I would have said that, the Time is NOW. If you ask this question 10 years hence, I will still say the Time is NOW. Any time is the right time to start the process of creating wealth. All that is important is that you take your first step; then continue it all the way with zeal and determination… till you have the level of wealth that you desire. And if you accumulate more than you need, still do it and share it with the world.

If you want your financial freedom; then the Time is NOW!

Kartik Jhaveri is an expert at planning money, life and aspirations. He is a Certified Financial Planner, Wealth Manager and Financial Freedom Coach.

Young Turks: Here’s the success story of venture fund Aspada

Venture fund Aspada was co-founded by Kartik Srivatsa and Thomas Hyland in 2012 and has made 17 investments so far across Fin-tech, agriculture, health and edu-tech startups.

Young Turks takes a look at their investment thesis, their differentiated VC model and meet three of their portfolio companies – Capital Float that underwrites unsecured loans to startups and SMEs; Dunzo, a hyper local concierge and delivery player that is also Google’s first direct startup investment in India; WayCool, a Chennai-based agriculture-tech startup.

COVID Impact: Total job losses estimated at over 10 lakhs, reveals Betterplace report

One of India’s largest tech platform for Blue-collar workforce management, Betterplace has launched its yearly blue-collar jobs report for the second consecutive year. The report which is based on data from the past 5 years, 1000+ companies, 20,000 pin codes, 80 Lakh employees & millions of data points gives insights into the ground realities, pandemic impact concluding with the path to recovery.

Key findings of the report:

  • Overall demand for jobs in 2020 would be 14 lakhs
  • The gig economy will lead 80 percent of overall demand
  • Demand is at 70 percent of 2019 levels
  • Demand in Q2 2020 dropped by 80 percent of Q1 2020
  • Q4 2020 likely to close at 90 percent of Q1 2020

The Betterplace Job Report 2020 indicates that as the economy is beginning its recovery, sectors like delivery and healthcare will surpass pre-COVID levels and job opportunities will see massive growth in tier 2 and 3 cities. Bangalore and the 4 metros will generate 70 percent of demand pre-COVID levels.

The paradigm & reality shift that is poised to sweep across the blue-collar ecosystem is the expectations of the job seekers and its impact on their employers. The migrant workforce returning to work due to the necessity of sustaining a livelihood expects a healthy,  safe & stable work environment. Visibility of guaranteed income and healthcare insurance cover is uppermost in the minds of the migrant workforce.

Pravin Agarwala, Co-founder CEO, Betterplace, says, “The COVID outbreak in India impacted the blue-collar sector more than any other. Lakhs of migrants walking back to their villages which led to their absence in industry and our daily lives demonstrated how urban India is dependent on this workforce. With the onset of the festive season across the country, it is heartening to see Governments and private sector employers rising to this challenge because they expect the festive season to pave the way for the recovery. Based on our report, we are already seeing green shoots appear in demand generation in cities like Bangalore, Hyderabad, Mumbai and Delhi. This report reinforces the fact that the jobs pipeline on the ground is robust. With the application of AI-based technology which matches skills and Jobs, both the job seekers and employers will be winners. As a result, our country and economy wins.”

The Betterplace Job Report 2020, also gives insights into sector & city trends.

Demand generation

  • 1/3rd of the demand for jobs will come from 3 Southern states – Karnataka, Tamil Nadu and Telangana
  • City wise maximum job creations will happen in Bangalore with 58,000 jobs followed by Hyderabad, Delhi, Mumbai

Migration trends

  • Bangalore and Hyderabad top destinations for job seekers
  • Four big states are home to over 70 percent of the migrants’ workforce
  • Reverse migration and COVID impact in Q2
  • Top 5 cities from where the workforce reverse migrated – Mumbai, Bangalore, Delhi NCR, Hyderabad and Chennai
  • Top 6 states from where the migrants returned- UP, Bihar, Rajasthan, MP, Jharkhand and Odisha

Path to recovery

  • Facility management segment will close the year at 90 percent of Jan 2020 demand levels with close to 60,000 openings
  • The delivery segment will surpass January 2020 numbers
  • On-demand driver segment was the worst hit accounting for 44 percent job losses

The migrant workforce is expected to return in search of jobs as the fear of pandemic subsides and the need for earnings will drive them back. The employers who would provide them with a stable, safe and healthy work environment would attract a majority of the returning crowd.

Saurabh Tandon, Co-founder COO, Betterplace, says, “We believe that demand generation will be faster in tier 1, 2 3 cities like Hyderabad, Pune, Noida, Gurgaon. As per the Job report 2020, reasons for recovery will be driven by factors like the critical need to rebuild support systems for essential goods, continuity of businesses, better understanding and infrastructure to fight the Pandemic. As the report indicates that safety and health are now of paramount concerns on both sides of the aisle, the Blue-collar segment will embrace digital transformation at every level – right from digital onboarding, payroll, attendance and flexible hours. Large employers have already taken a lead in this direction, we expect mid-size companies in security and facility also to embrace digitalization across their distributed workforce management verticals.”

 

Maha govt considering resumption of local trains in Mumbai for all: Aaditya Thackeray

The Maharashtra government is seriously considering resumption of normal local train services in Mumbai by October 15, Shiv Sena mouthpiece ’Saamana’ on Wednesday said quoting state minister Aaditya Thackeray. According to the Sena publication, Thackeray who is the environment and tourism minister, said the issue of resumption of suburban train services for common citizens is being considered as part of efforts to bring the state’s economy back on track.

In a bid to curb the spread of COVID-19, the local trains are currently being run only for essential services staff, state and central government staff, employees of nationalised and private banks, PSUs and pharma companies, and QR code-based identity cards are mandatory for them.

”The government is seriously considering starting normal train services for citizens by October 15. The decision will be taken after ensuring all COVID-19 related safety protocols are followed,” Thackeray said.

He also said that to reduce vehicular traffic, a proposal of keeping offices and commercial establishments working for 24 hours is being considered. It is difficult to reschedule the office hours since there are different kinds of offices and commercial establishments in Mumbai, the minister said.

He said the government was in talks with offices, establishments and corporates regarding working hours. The government is also in talks with the Railways to increase the frequency of these train services, the minister said.

COVID-19 Impact: Over 10 lakh blue-collar jobs lost; income loss pegged at Rs 2467 cr a month

real estate

One of India’s largest tech platforms for blue-collar workforce management, Betterplace, has launched its yearly jobs report. The total jobs lost are estimated at over 10 lakhs while the income loss is pegged at Rs 2467 crore per month.

The report, which is based on the data from the last 5 years of over 1000 companies, 20,000 pin codes, 80 lakh employees, gives insights into the ground realities, pandemic impact concluding with the path to recovery.

Here are the key findings of the report:

  • Overall demand for jobs in 2020 would be 14 lakhs
  • The gig economy will lead 80% of overall demand
  • Demand is at 70% of 2019 levels
  • Demand in Q2 2020 dropped by 80% of Q1 2020
  • Q4 2020 likely to close at 90% of Q1 2020

The Betterplace Job Report 2020 indicates that as the economy is beginning its recovery, sectors like delivery and healthcare will surpass pre-COVID levels and job opportunities will see massive growth in tier 2 and 3 cities. Bangalore and the 4 metros will generate 70% of the demand of pre-COVID levels.

The paradigm & reality shift that is poised to sweep across the blue-collar ecosystem is the expectations of the job seekers and impact on their employers. The migrant workforce returning to work due to the necessity of sustaining a livelihood expects a healthy, safe & stable work environment. The visibility of guaranteed income and healthcare insurance cover is uppermost in the minds of the migrant workforce.

Pravin Agarwala, Co-founder and CEO, Betterplace, said, “Based on our report, we are already seeing green shoots appear in demand generation in cities like Bangalore, Hyderabad, Mumbai and Delhi. This report reinforces the fact that the jobs pipeline on the ground is robust. With the application of AI-based technology which matches skills and jobs, both the job seekers and employers will be winners. As a result, our country and economy wins.”

The Betterplace Job Report 2020, also gives insights into sectors & city trends.

Demand generation

-1/3rd of the demand for jobs will come from 3 southern states – Karnataka, Tamil Nadu and Telangana
-City wise maximum job creations will happen in Bangalore with 58,000 jobs followed by Hyderabad, Delhi, Mumbai

Migration trends

-Bangalore and Hyderabad top destinations for job seekers
-Four big states are home to over 70% of the migrants’ workforce
-Reverse migration and COVID impact in Q2
– Top 5 cities from where the workforce reverse migrated – Mumbai, Bangalore, Delhi NCR, Hyderabad and Chennai
– Top 6 states from where the migrants returned – UP, Bihar, Rajasthan, MP, Jharkhand and Odisha

Path to recovery

-Facility management segment will close the year at 90% of Jan 2020 demand levels with close to 60,000 openings
-The delivery segment will surpass Jan 2020 numbers
-On-demand driver segment was the worst hit accounting for 44% job losses

The migrant workforce is expected to return in search of jobs as the fear of pandemic subsides and the need for earnings will drive them back. The employers who would provide them with a stable, safe and healthy work environment would attract a majority of the returning crowd.

Saurabh Tandon, Co-founder and COO, Betterplace, says, “We believe that demand generation will be faster in tier 1, 2 3 cities like Hyderabad, Pune, Noida, Gurgaon. As per the job report 2020, reasons for recovery will be driven by factors like the critical need to rebuild support systems for essential goods, continuity of businesses, better understanding and infrastructure to fight the Pandemic.”

“As the report indicates that safety and health are now of paramount concerns on both sides of the aisle, the blue-collar segment will embrace digital transformation at every level – right from digital onboarding, payroll, attendance and flexible hours. Large employers have already taken a lead in this direction, we expect mid-size companies in security and facility also to embrace digitalization across their distributed workforce management verticals,” added Tandon.

Sunstone Eduversity raises Rs 24 crore to accelerate adoption of industry-ready higher education

Sunstone Eduversity, an edtech startup, has raised Rs 24 crore in Series-A funding. The funding was led by Saama Capital, Helion Advisors, PeopleStrong. Existing investors, Prime Venture Partners, Rajul Garg and Purvi Capital also participated in the round.

The company will use the fresh capital to invest in its technology platform, hiring and curriculum, and also strengthen its efforts in creating industry-ready professionals and building network of colleges across multiple cities.

Ashish Munjal, Co-Founder, Sunstone Eduversity, said, “We are delighted to welcome Saama Capital into the Sunstone family. Sunstone Eduversity is fixing the problem of large scale skill gaps in students by adopting one simple principle- accountability. We focus on imparting practical skills training instead of outdated theory and remote learning methods. For the batch of 2019-21, we generated more than 450 internship offers even during this pandemic.”

Sunstone operates on a pay after placement model. Students pay a nominal registration amount as an upfront fee and the remaining fee is to be paid only after getting placed at a job at the completion of the 2 year full time program.

Kiranbir Nag, Partner, Saama Capital said, “With its technology-focused, data-centric approach and alignment with the students, we believe Sunstone is well-placed to bring about a shift in the present higher education system by equipping the students with the latest tools that would make them ready for real-world job opportunities.”

Sunstone received 10,000+ applications this year as compared to 2,500 last year and has enrolled 1,000 students this year, a 3x growth over last year.

With the growing number of new-age businesses and dynamic job profiles, the requirement of graduates with a high-level domain knowledge and core competencies is the need of the hour. Sunstone claims it works closely with corporates to develop industry ready specializations such as BFSI, Logistics, Analytics, Sales Management, Digital Marketing and others. T

The programs are designed to equip the students with the required expertise to tackle everyday business problems and build competencies across industry verticals. The venture claims its industry-focused and constantly updated curriculum coupled with dual specializations.

About the company: Founded by IMT-Ghaziabad alumnus Ashish Munjal and Piyush Nangru, Sunstone has eight partner institutions in six cities and will have 20 partners in 15 cities by July 2021. The venture claims its graduates of the batch of 2018-20 secured 100 percent placements. Some of the prominent recruiters were Axis Bank, HDFC, WNS, Genpact, Amazon, TCS, Karvy, Byjus, Reliance Retail, PolicyBazaar and Swiggy among others.​

Govt extends due date for furnishing annual return in GSTR-9 and GSTR 9C for FY19 to October 31

GST

The government has extended due date for furnishing annual return in GSTR-9 and GSTR 9C for financial year 2018-19 from September 30 to October 31

After obtaining due clearances from the Election Commission in view of the Model Code of Conduct, the government has extended this deadline, CBIC said in a Twitter post.

This is a developing story. Details will be added soon

Shell plans to cut up to 9,000 jobs in transition plan

Royal Dutch Shell announced on Wednesday plans to cut up to 9,000 jobs, or over 10 percent of its workforce, as part of a major overhaul to shift the oil and gas giant to low-carbon energy. Shell, which had 83,000 employees at the end of 2019, said that the reorganisation will lead to annual savings of USD 2 billion to USD 2.5 billion by 2022.

Shell last month launched a broad review of its business aimed at deeply cutting costs as it prepares to restructure its operations as part of a shift to low-carbon energy.

The Anglo-Dutch company said it expected to cut 7,000 to 9,000 jobs by the end of 2022, including some 1,500 people who have agreed to take voluntary redundancy this year.

Also Read: Disney to lay off about 28,000 parks unit employees due to coronavirus hit

In an operations update, Shell also said its oil and gas production was set to drop sharply in the third quarter to around 3,050 barrels of oil equivalent per day due to lower output as a result of the coronavirus pandemic and hurricanes that forced offshore platforms to shut down.

HDFC Bank to waive 50% processing fees on auto, personal, business loans; launches ‘Festive Treats’ offers

HDFC Bank farmers loan

HDFC Bank said that it will offer a 50 percent off on the processing fees on auto loans, personal loans and business growth loans and zero processing fee on two-wheeler loans as a part of its ‘Festive Treats’ 2.0 offer.

The bank on Wednesday announced a slew of offers and deals on all banking products from loans to bank accounts, with over 1000 offers from leading players and over 2,000 hyper-local offers through tie-ups with local merchants across semi-urban and rural locations.

On the heels of its Summer Treats festival, the bank expects mobiles, consumer durable, and electronics categories to do well in addition to apparels, jewellery and dining-in due to the festive season.

“The offers will be available across the entire range of financial solutions for retail as well as business customers with discounts on processing fee on loans, reduced EMIs, cashback, gift vouchers and more benefits,” the bank said in a release.

HDFC Bank has also tied up with several retail brands to offer discounts, cashback and extra reward points on both in-store and online purchases.

It has also tied up with hyperlocal stores and kiranas to line up over 2000+ offers at the regional level.

“These are unprecedented times. What we have witnessed is that even during this period the people of our country have shown courage and resilience. The launch of FestiveTreats is our effort to celebrate this spirit of India. Post lockdown we are seeing green shoots. We want to create positivity and boost consumption. We want to be there for our customers and ensure that they have everything they need to meet their demands this year,” said Aditya Puri, MD, HDFC Bank.

Among these offers, HDFC Bank customers can avail cashback of up to Rs 7,000 on all Apple products including the newest launches. A shopper can avail of cashback of up to 22.5% and convert their purchases into a no extra cost EMI on leading brands such as Samsung, LG, Sony, Godrej and Panasonic.

On Monday, the country’s largest lender, State Bank of India (SBI) had also announced a slew of special offers on home, car, personal and gold loans for its retail customers ahead of the festive season.

SBI had announced a 100 percent processing fee waiver for all customers applying for Car, Gold, and Personal loan through its digital application, YONO.

Delhi accounted for highest number of crimes against foreigners in India last year: NCRB data

The highest number of crimes against foreigners in India in 2019 were recorded in Delhi (30.1 percent), followed by Maharashtra (11.7 percent) and Karnataka (11.2 percent), a latest government data showed.

A total of 409 cases of crimes against foreigners including rape, murder and theft were lodged in 2019, down from 517 in 2018 and 492 the year before, according to the National Crime Records Bureau (NCRB) data.

Delhi (123 cases), Maharashtra (48 cases) and Karnataka (46 cases) together formed 53 percent of the total cases during the year, the data showed. They were followed by Tamil Nadu (5.6 percent), Goa and Uttar Pradesh (both 5.1 percent), Haryana (4.6 percent), Rajasthan (3.9 percent), Kerala and Assam (both 3.7 percent) and Madhya Pradesh (3.2 percent), it showed.

Among the 409 cases lodged in 2019, the maximum 142 were for theft, 54 categorised as ’other IPC (Indian Penal Code) crimes’, 41 cheating, 26 assault on women with intent to outrage her modesty, 14 simple hurt, the data showed. There were 13 cases of murder, 12 rape and five kidnappings lodged during the year, the NCRB, which functions under the Union Home Ministry, stated.

Also 15 cases were lodged under the Immoral Traffic (Prevention) Act during the year, according to the data.

Brookfield REIT plans $600 million IPO by early 2021

Global investment major Brookfield Asset Management is set to file a draft offer document with the capital market regulator Securities & Exchange Board of India (SEBI) for a $600 million (around Rs 4,440 crore) initial public offering for its real estate investment trust (REIT).

This will the third REIT to be listed in the country after Embassy Office Parks and Mindspace Business Parks.

The REIT is sponsored fully by Brookfield and the company is set to raise up to $600 million.

The story was first published by moneycontrol.com that said the company’s plan is to launch the IPO by 2020 end or early 2021. It will be a combination of fresh issue and offer for sale. The exact timing depends on feedback from Sebi and the investors, moneycontrol reported quoting sources.

The Brookfield REIT has total assets of 14 million square feet, of which 10 million sq ft is completed, across cities such as Mumbai, Gurugram, Noida and Kolkata. It includes key properties like Kensington SEZ and Hiranandani Gardens, Powai.

A real estate investment trust or a REIT is a company that owns and operates income-producing real estate. REITs pool the capital of numerous investors and generate a steady income stream for investors. REITs invest in real estate property including offices, apartment buildings, data centers, hotels, hospitals, warehouses, among others.

Most REITs are publicly traded like stocks, which makes them highly liquid, unlike physical real estate investments.

VA Tech Wabag shares rally over 7% after preferential allotment to Rekha Jhunjhunwala

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The share price of VA Tech Wabag rallied over 7 percent on Wednesday after the company allotted 5 million shares worth Rs 80 crore to Rekha Jhunjhunwala, wife of ace investor Rakesh Jhunjhunwala via preferential basis.

The stock rose as much as 7 percent to Rs 204.8 per share on the NSE. However, at 10:30 am, the stock lost some steam to trade over 3 percent higher at Rs 197.25.

The company in its exchange filing said, “Board of directors approved the issue and allotment of 75 lakh equity shares of face value of Rs 2 each, for cash, at a price of Rs 160 per equity share aggregating to Rs 120 crore by way of preferential issue to four investors.”

The company had earlier decided to raise funds worth Rs 120 crore via a preferential basis. Therefore, on Tuesday, the company’s Board allotted 50 lakh shares to Rekha Rakesh Jhunjhunwala, 15 lakh shares to Basera Home Finance, and 10 lakh shares to Sushma Anand Jain and Anand Jaikumar Jain.

Since March lows, the stock has surged 181 percent to current levels.

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