Weather forecast for the week in India from 7th Oct to 13th Oct

North and northwest India - The weather is expected to be warm and dry in Delhi and north India for almost entire week, except on Friday, the 11thwhen light showers could lash many parts of Delhi, Punjab, Haryana and northwest U.P. This will happen as a feeble western disturbance will pass through the Himalayan region. Weather on Saturday and on the day of Dussehra will be a bit humid due to humid northeasterly winds. Skies will be mainly clearly to partly cloudy and minimum temperatures will rise by 2 to 3 degrees, making the nights a bit uncomfortable. Day temperatures will maintain near the normal average, i.e. between 33 to 34degrees. West Rajasthan will once again be the hottest place in India, with maximums touching 39 degrees in Jaisalmer. However, the southestern parts of Rajasthan will receive light to moderate rain on Tuesday and Wednesday due to clouding effects from the Bay of Bengal.

East and Northeast India After experiencing unusual heavy showers (Allahabad - 200.8mm on 4th October), weather in the entire east India will turn mostly dry from Wednesday onwards and rainfall figures will fall drastically. Till then, good showers will continue to lash east U.P and Bihar. Also, heavy showers are expected to occur in many parts of Gangetic West Bengal, including Kolkata. Temperatures may fall temporarily and drastically in areas of heavy rain but may remain near normal or marginally below normal throughout the week. Maximums which were maintaining 4 to 5 degrees below normal will again start rising in northeast India. Rain will be scanty all week. Assam and Arunachal will experience hot and dry days.

Central India This monsoon has proved to be one of the wettest in years for entire central India. Monsoon will be active here and rain will continue for the entire week. As the cyclonic circulation persists over Madhya Pradesh, moderate to heavy rain will occur in many parts of south and east Gujarat, west Madhya Pradesh, south Chhattisgarh, Vidarbha and Orissa. Madhya Maharashtra is also expected to get moderate rain towards the beginning and end of the week due to the same circulation. Skies will be mostly cloudy to overcast in entire central India and mercury levels will drop and remain 2 to 4 degrees below normal on an average. Night will be breezy and comfortable. However, the people of Orissa may witness heavy showers on Sunday,  disrupting Dussehra celebrations.

South India It will be a rainy week for many places in Peninsular India this week. Light rain will occur along the path of the trough which extends from east Madhya Pradesh, running across Rayalseema, up to north Tamil Nadu. Interior Karnataka could receive good showers on Tuesday and Wednesday whereas Telangana and north coastal Andhra Pradesh could receive rain on Friday. Rain will be scanty along the entire west coast of peninsular India this week. Temperatures will rise in south Kerala and south Tamil Nadu, settling in the mid thirties, as no rain is expected to occur here. Weather on the day of Dussehra will be warm and partly cloudy.

Photo by Soumen Nath.

 

By: Skymetweather.com

23.07 | 0 komentar | Read More

SBI Mutual Fund announces changes

SBI Mutual Fund has announced change in minimum new purchase amount, additional purchase amount and redemption amount under the following schemes with effect from  October 03, 2013.

Accordingly, the revised provisions will be:

SBI Magnum Equity Fund, SBI Magnum Balanced Fund, SBI Arbitrage Opportunities Fund, SBI Bluechip Fund, SBI Magnum Multicap Fund, SBI Magnum Global Fund, SBI Magnum Multiplier Plus Scheme, SBI Magnum Comma Fund, SBI Contra Fund, SBI Emerging Businesses Fund, SBI FMCG Fund, SBI IT Fund, SBI Pharma Fund, SBI Nifty Index Fund, SBI Magnum Midcap Fund, SBI PSU Fund, SBI Infrastructure Fund, SBI Magnum Income Fund, SBI Magnum Income Fund - Floating Rate Plan - Saving Plus Bond Plan, SBI Magnum Income Fund - Floating Rate - LTP, SBI Regular Savings Fund, SBI EDGE Fund, SBI Magnum Children's Benefit Plan, SBI Magnum Monthly Income Plan, SBI Magnum Monthly Income Plan Floater, SBI Short Term Debt Fund, SBI Dynamic Bond Fund, SBI Magnum Gilt Fund - Long Term - Growth Option, SBI Magnum Gilt Fund - Long Term - Dividend Option, SBI Magnum Gilt Fund-Short Term - Growth Option, SBI Magnum Gilt Fund - Short Term - Dividend Option:

Revised minimum new purchase amount: Rs 50,000 and in multiples of Rs 1

Revised minimum additional purchase amount: Rs 10,000 and in multiples of Rs 1

Revised minimum redemption amount: Rs 10,000

Revised minimum redemption (in units): 10 units

SBI Premier Liquid Fund:

Revised minimum new purchase amount: Rs 5,000 and in multiples of Rs 1

Revised minimum additional purchase amount: Rs 1,000 and in multiples of Rs 1

Revised minimum redemption amount: Rs 1,000

Revised minimum redemption (in units): 100 units

SBI Magnum Insta Cash Fund - Liquid Floater Plan, SBI Magnum Insta Cash Fund - Cash Plan and SBI Ultra Short Term Debt Fund:

Revised minimum new purchase amount: Rs 5,000 and in multiples of Rs 1

Revised minimum additional purchase amount: Rs 1,000 and in multiples of Rs 1

Revised minimum redemption amount: Rs 1,000

Revised minimum redemption (in units): 1 unit

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Religare Invesco Arbitrage Fund declares dividend

Religare Invesco Mutual Fund has announced dividend under the dividend option and direct plan - dividend option of Religare Invesco Arbitrage Fund, an open ended equity scheme. The record date for declaration of dividend is October 10, 2013

The amount of dividend will be Rs 0.09 per unit under dividend option and Rs 0.06 per unit under direct plan - dividend option on the face value of Rs 10 per unit.

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ICICI Pru Multiple Yield Fund-Sr 2 Plan E declares dividend

Oct 07, 2013, 08.09 PM IST

ICICI Prudential Multiple Yield Fund - Series 2 - Plan E announces dividend, for which the record date is October 10, 2013

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Canara Robeco MF announces change in fund manager

Canara Robeco Mutual Fund has announced change in the fund management responsibilities under Canara Robeco Monthly Income Plan, Canara Robeco Balance, Canara Robeco InDiGo Fund and Canara Robeco Gold Savings Fund with effect from October 07, 2013.

Accordingly, the new fund managers will be:

Canara Robeco Monthly Income Plan: Avnish Jain & Ravi Gopalakrishnan

Canara Robeco Balance: Krishna Sanghavi & Avnish Jain

Canara Robeco InDiGo Fund: Avnish Jain & Kiran Shetty

Canara Robeco Gold Savings Fund: Avnish Jain & Kiran Shetty

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See lower short term rates; MSF cut as indicated: Axis Bank

The Reserve Bank (RBI) on Monday slashed the marginal standing facility (MSF) by 50 basis points (bps) to 9 percent. Srinivasan Varadarajan, executive director of Axis Bank feels that the steps were in line with the central bank's indications earlier. Overall, the adjustments in terms of all the rates for the short end will be lower, he tells CNBC-TV18.

On expectations of a repo rate hike on October 29, Varadarajan says he would wait for more quantitative easing in terms of repo rate.

Also read: Capital infusion won't help PSU banks; stay away: IDBI Cap

Below is the edited transcript of his interview to CNBC-TV18.

Q: How is life going to become easier tomorrow? Near term borrowing could get substantially cheaper for you if you floated a CD (certificate of deposit) tomorrow?

A: It is sticking to the script which RBI had indicated, but we would see further and further steepening of the curve. They are clearly bringing short term rates lower and steepening of the curve is being worked on.

You are going to have some amount of infusion between 7.5 and 9 percent also to the seven and 14 day repo, which is 0.25 percent of NDTL. Calibration in terms of overall rate for the short end will be lower.

Q: If you are a wholesale borrower, your cost goes down immediately by 0.5 percentage point?

A: I would assume so.

Q: What is your guess of the next step from the RBI? Experts say that the repo hike on October 29 is very much on the cards, though they would want to see the CPI on Friday and WPI coming next Monday. Nevertheless, that hike is there. Between now and October 29, the RBI could act with the same amazing alacrity on either removing quantitative caps or perhaps reducing the MSF further. Would you expect those kinds of steps?

A: What they have done right now is on the repo side. They can continue to increase it rather than increasing the cap under the repo borrowing. So, they have the ability to infuse liquidity at a price. They possibly can work on in it in terms of calibrating till October 29.

Possibly, I would wait for more quantitative easing in terms of repo rate and stuff like that on October 29. Till then, I would think they would use this variable rate repo.

Q: What will that do to overnight rates? After all variable rate repo is slightly new creature for the markets. So, immediately you would think the overnight rate will come down?

A: We will have to first see the repo. Naturally, there would be a bias under 9 percent in overnight rates.

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Fag end monsoon rain may boost wheat production

Rain during September in wheat producing areas in the north could boost the output well over the previous record of 94.88 million tones produced in 2011-12. According to agriculture experts, rain in parts of Punjab, Haryana and west Uttar Pradesh during the last days of September will keep the soil moist that will benefit the Rabi crop especially the wheat during sowing period.

Sowing of wheat- the main Rabi (winter) crop- normally starts in October and harvesting takes place in March-April. Planting in irrigated areas will start in the first week of November. Agriculture experts claim that if the temperatures remain good at various stages of the crop growth, the record of 94.88 million tones of wheat produced in 2011-12 could be breached in the financial year 2013-14.

The other reason of this expected record output is satisfactory water levels in the reservoirs in the wheat producing areas. Water levels in the country's reservoirs have risen to 130 billion cubic meters now, as against 155 billion cubic meters of usable storage capacity. The reservoir position is very good in the north, south and west. There hasn`t been much improvement in central India due to less rainfall. Good rains have taken the water reservoir levels in the country to a 10-year high.

By: Skymetweather.com

23.07 | 0 komentar | Read More

RBI move to lower short-term rates; see repo hike: HDFC Bk

The Reserve Bank (RBI) on Monday reduced the marginal standing facility (MSF) by 50 basis points (bps). Ashish Parthasarthy, head treasurer of HDFC Bank expects a fall in short-term rates by almost 50 basis points in the near-term. The reaction will be in all tenures and government securities (G-Secs) across the curve, he tells CNBC-TV18.

He expects the apex bank to hike repo rates going forward. Obviously, one will wait and see inflation numbers and take a call, Parthasarthy adds.

Also read: RBI eases liquidity, cuts MSF rate by 50 bps to 9%

Below is the edited transcript of his interview to CNBC-TV18.

Q: By how much will the short term rates fall tomorrow?

A: The immediate overnight rates will fall by 50 bps and you could see a reasonably good reaction in all the short-term rates; in CDs and CPs of a similar magnitude.

Q: When you say short-term, would you think only three-six month fall or can you see the rate falling all the way up to one year?

A: You will have some reaction in all the tenures without doubt and not just one year. We would also have reactions on G-Secs across the curve. At the longer end, it will be lower than 50 bps, at the shorter end you would see a reduction of around 50 bps.

Q: What is the next move of the RBI? Would you say that a repo hike is still very much there in the next policy or would you wait to watch the inflation numbers on Friday and Monday?

A: I would broadly agree with that. Prior to rupee depreciation, the inflation trajectory what was being expected, and now there has been a significant difference that it is going to be much higher. Just to correct for that, there could be a possibility of a repo rate hike. One will have to obviously wait and see the numbers and then take a call.

Q: Would you agree that the cap might go? You have raised the liquidity issue prominently.

A: As I reiterate the fact that they have come out with 7 and 14 day repos and with some cap there, I will not be totally surprised if the full cap does not go from overnight Liquidity Adjustment Facility (LAF).

Q: You will be surprised if it didn't go?

A: Didn't go fully. It would be increased from the 0.5 percent of NDTL.

Q: But would it remain?

A: There would be some cap. That is possibly the intention. Otherwise just getting 7 and 14 day repo and placed with a full availability of LAF on overnight then that 7 and 14 may become infructuous going down the line.

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Repo rate may surge; RBI must bring OMCs back in mkt: Pros

The Reserve Bank of India on Monday cut the marginal standing facility (MSF) rate by 50 bps to 9 percent . Speaking to CNBC-TV18 on the central bank moves going forward, Samiran Chakraborty of Standard Chartered says there is no harm if the RBI waits for the inflation data on Friday and Monday. Though, he adds, that a hike in repo rate is likely in October.

However, Manoj Rane of BNP Paribas feels a couple of moves prior to a repo rate hike are still left. The RBI should make the repo rates operative rate again and get oil marketing companies (OMCs) back in the market from where they have been currently taken out.

Below is the verbatim transcript of the experts' reaction to the RBI's steps.

Samiran Chakraborty, Standard Chartered

Q: How does this marginal standing facility (MSF) cut impact the market? Tomorrow are we going to see an impact on the 10-year bonds as well on long-term paper or will the impact be felt only in the short term?

A: The bigger impact is going to be on the shorter end and then we were anticipating the curves to steepen and that anticipation will play out in the very near-term. For the longer end the two issues that will be very important are, what will be the signal on the repo rate and how much fiscal slippage we see, but that we will see a little later, not immediately.

Q: There are some entities in the financial system, non-banking financial companies (NBFC), but also some smaller banks that depend on raising money through certificate of deposits (CD) or commercial papers (CP). Would you suspect that they are all going to pay about half a percentage point less, they are all going to be a bit better off from tomorrow?

A: Absolutely. The stress on systemic liquidity will be less with the MSF rate coming down by 50 bps. As of now, there is no announcement of any significant liquidity injection other than the open market operations (OMO) that we have seen. So, it is the cost of liquidity which will come down, but not the quantum of liquidity which is going to go up.

Q: What can be the next move by RBI? Is a repo hike still possible in the next policy or would you wait to watch the inflation numbers on Friday and Monday?

A: There is no harm in waiting for the inflation numbers and seeing how much it is reflective of inflationary pressures increasing at least in a momentum sense. Overall, we are still of the camp that we are going to see a rate hike in October as well, particularly since the consumer price index (CPI) has got a lot of attention from the new governor and it continues to remain very high. The quickness, with which he is reducing the MSF rate, indicates that on repo rate side as well he will be quite quick to react to the inflation risks.

Tirthankar Patnaik, Religare Capital

Q: What will be the equity market's reaction tomorrow?

A: It is going to be very positive. Clearly, liquidity has been eased at the near end of the curve and the offer of 7 day and 14 day repos to the tune of about 25 bps of the net demand and time liabilities (NDTL) adds nearly Rs 18,000-20,000 crore at the margin and so clearly this is a big positive. Yes Bank , IndusInd Bank , a lot of NBFCs are likely to see big jumps in the market tomorrow.

Q: Would banking stocks in general do better, should there also be mark-to-market (MTM) gains?

A: Yes, definitely. One would expect the entire banking pack to do better. Today, banks have started out quite weak, but over the term of the day we saw banking stocks pick up which should see a return tomorrow. What is interesting is that the Reserve Bank of India (RBI) has not really removed the limits on the overnight funding rates at the repo.

At this point you will still have to see what happens at the overnight rate. It is not as if the system was borrowing huge amounts at the MSF over the last couple of days. After the advance tax numbers had come up MSF borrow had come off from about Rs 90,000 crore odd to barely Rs 40,000-45,000 crore. In terms of easing liquidity, I am not sure if the central bank really saw this as a point. It is not as if the system was really borrowing a lot.

Manoj Rane, BNP Paribas

Q: Do you think the rupee will be able to weather this with equanimity the fact that all these money market crutches are going away for the rupee?

A: Several of us have been urging RBI to ease back specifically the very short term liquidity tightness. They had created it. It was a bit of a self goal, given the fact that it had very little to do with the currency speculation. That has really been proven and accepted at RBI.

I am impressed with the alacrity with which the new regime at RBI has moved because the 100 basis points reduction was only last week and one would have felt that they would have done a calibrated reduction down to moving entirely to repo.

The very fact that they have acted so fast is heartening. Markets will take comfort from the fact that they are very responsive to whatever they perceive as correct and whatever feedback they get from the market.

Q: What do you expect is the next move from RBI?

A: We are couple of moves prior to a repo rate hike which might happen at some point based on data. But the first two moves are, one, to make the repo rates operative rate again which is to make the MSF rate as irrelevant by removing the cap. The second one is to get the oil marketing companies back into the market from where they have been currently taken out.

Q: Do you expect this to come before the October 29 policy? You think they will be able to remove that 50 percent cap?

A: I would be surprised if it doesn't come before the October 29 policy.

23.07 | 0 komentar | Read More

Cap infusion in PSU banks to push consumer sentiment: Takru

Banking secretary Rajiv Takru believes the move taken by the government to infuse Rs 14,000 crore into the public sector banks will boost the growth and the consumer sentiment. The steps are taken so that PSU banks could offer loans at cheaper rates to selected sectors such as two-wheeler, consumer durables .

Speaking to CNBC-TV18's Aakansha Sethi, Takru says that if one buys more goods, then manufacturing gets a boost along with all the collateral benefits. It will promote people involved in manufacturing, he adds.

Below is the verbatim transcript of Rajiv Takru's interview on CNBC-TV18

Q: The finance minister has announced the scheme for more capital infusion in banks above and beyond what was in the Budget. How much are you going to allocate to banks in this fiscal for capital infusion above Rs 14,000 crore?

A: The announcement is actually based on need. We have a fair idea of the items and the sectors where demand is a little sluggish. This is based on hard data and not on speculation, emotions, it is based on tax collections of the government excise collections and so on.

So, we exactly know the items and have picked up the ones that pertain to the festival season things like white goods, manufacturing sector related items.

It appeared that there was a need to stimulate demand there and consequently this was discussed between the finance minister and the RBI governor.

We felt that the sector requires a little push, a little encouragement and because there is demand in the market due to the festival season, so if we could make things a bit easier for the people, it would help.

It has a double effect, one, the consumer gets positively affected. Secondly, the sector itself, which must be suffering because of sluggish demand, gets a boost. If you buy more such goods then manufacturing gets a boost and then all the collateral benefits of that, all the people who are involved in manufacturing get a boost.

Q: While it is a great idea in theory nobody denies it. The question that is being raised is that in a year when you have fiscal constraints how much beyond Rs 14,000 crore can you allocate to banks or is it going to be just that Rs 14,000 crore?

A: This is over and above Rs 14000 crore. I don't think anybody needs to worry about where the government is getting its money from. The government has the money to put it into the scheme and this is useful because whatever money you give to the banks, they will leverage.

Q: How much more above Rs 14000 crore?

A: I think you will have to wait for that for a couple of days but the leveraging is normally in the ratio of 1:10.

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