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A recent report by Axis AMC shed light on the burgeoning Indian mutual fund industry. Since March 2021, the MF industry has grown at a CAGR (compounded annual growth rate) of 23.65%, touching an AUM (asset under management) of Rs 67.25 lakh crore in October 2024. <keyword id="20300870" type="General" weightage="20" keywordseo="Equity-Mutual-Funds" source="keywords">Equity mutual funds</keyword>, which garnered Rs 41,886.69 crore during the month, saw a 58.96% YoY growth. The biggest contributor to the equity segment was sectoral funds, which captured 29.3% of net equity sales in October 2024. In all, they brought in Rs 12,278.78 crore during October 2024. The AUM of <keyword id="20890471" type="General" weightage="20" keywordseo="Hybrid-Funds" source="keywords">hybrid funds</keyword> also stood at Rs 9.24 lakh crore during the month, registering an annual growth of 47.8% and inflows worth Rs 16,863.30 crore during October 2024. Amidst this, the arbitrage funds led in net sales, capturing 3.61% of their AUM with monthly inflows worth Rs 7,181.70 crores. There and more people are entering the Indian markets, as is evident in the growing SIP corpus (Systematic Investment Plans), which saw contributions worth Rs 25,323 crore in October 2024, a 54.7% year-over-year growth. In October 2024, about 63,69,919 new SIPs were registered, taking the number of SIP accounts to a record high of 10,12,34,212 The growth in equity investments was largely led by retail investors and HNIs (high-net-worth individuals). Since March 2021, the retail segment in mutual funds has seen a 31.2% CAGR, while banks and foreign investors have recorded a CAGR of 31.8% during the same period. Corporations were the biggest contributors to debt mutual funds. Notably, the AUM of debt funds grew 14.8% over the previous year to stand at Rs 10,65,037 crore as of October 2024. The category saw net sales worth Rs 47,699 crore last month. Also testimony to the growing interest of investors in mutual funds were the figures of <keyword id="23958398" type="General" weightage="20" keywordseo="Passive-Mutual-Funds" source="keywords">passive mutual funds</keyword>, which recorded net sales worth Rs 8,025 crore during the month. Out of this, just index funds observed net sales of Rs 7,931 crore in the previous month. AUM from the top 30 Indian cities grew at 22.6% CAGR, whereas other cities grew at 27.8% CAGR since March 2021. FY25 also seemed to be the year where NFOs received an enthusiastic response from investors. So far, a total of 124 NFO schemes have managed to collect a total of over Rs 77,932 crore.

Mutual funds in spotlight: Industry grew at 23.65% CAGR since March 2021

<ul class="summary-list"><li>A new study shows 51.6% of US stocks since 1925 lost value over their lifetimes.</li><li>But there are steps one can take to mitigate risk, says Lance Roberts.</li></ul>It may come as a surprise that most stocks lose value over their lifetimes, given the long-term outperformance of major indexes like the S&amp;P 500.A <a target="_blank" href="https://download.ssrn.com/2024/10/1/4897069.pdf?response-content-disposition=inline&amp;X-Amz-Security-Token=IQoJb3JpZ2luX2VjEC0aCXVzLWVhc3QtMSJHMEUCIQDN0qA7vH3iVQ7kMnZb4o9%2B6lcNFjaOmf49w%2Bw5bU5jTwIgcl%2BOpTpgkU0WOQS0sUYTeqH4vOVA8%2B8E6WE59iHcgnEqxgUIlv%2F%2F%2F%2F%2F%2F%2F%2F%2F%2FARAEGgwzMDg0NzUzMDEyNTciDCv3AwTMvnly0NCcWyqaBSrLGbVPR%2FoKw54NV4LpS3q9DrkC7NW5xBeK2ftAprs7ZR3zweHEhwYokQZoeckyXVjOYsfI5OgW5X%2Bhoc1%2BXcM0CqhRVsDEfiBV4qaTawLsmCdPLxe25894Br3LsWasPrlqCZAH0%2BxqDk2kc9I8ll7kgw29%2Bmxqt0yMQeFb94WPydLAWP2stv7jD115u2xfyuzvMlKTlQ8n4q5ZgJrPTd0kZ6g17XIlXbj8IL%2BvVqr7whu15KdngyMNqBNVU9GkBTLR81ubC8l%2B%2FTW3xSxgv6BbMntgX35R6HQv2uOzghLnb1qbkEdKYJFV4R62Fte8CUaOCwctmVXfLasGnKnT5BSiEdYnOhZQbdlmUPn%2FAWZdQRjqL8wm0iDfuM4BtEY1z0ciIiJ4NY0j7oglRko3K4qqP40u1U6CaAH2DhQeFdhQKa439hGN9RDg9RBi3%2FJ3onq6CHpFJuwtPv8Yku5vVy6xtVdk3YQ96ByG3T1VmjbABE3GdTwdsUxl%2BQfCS3RY%2FjHUDhbCai6ISC224s0DqUFs8FScV5TgvzgtkV8H4DuKVmOiK5qPX7vYHRRhbwcuBjxYMYZQjiAoTTckr2YYAKBnKsROl%2FnNdm4G5ajKXDWMAg9Qr2lp7MOSOYS2HRoUq3WQM%2BqPFe5dvmhJAi0VdiglMOVr2nOKLlcJYslVEmVSPh1gsSwc%2FuGB3zqv4nMD9aF9yURFCH3D4hSVN7yxxfiICYhDa7ShR7zJrYlE3ynmdUq93rBo7BNZYUB9osihmSdmZ%2BmgMv7JbliHmQQ3%2BAcziK6rMzmyeIRnAvLRc2RBywKi0xELG%2BhdhhaHjhpIfp2om%2FUK0K40CScj8RPLooS%2BESjM7Um1N3VZOe6BAOYE5BLTmiyHG1QMezDZ9tq4BjqxATVtLNrOOHOYEAQZIosRIxp1zb2GclGkoEhSicOA%2BE%2BbO2hvslHnjd40DFltPtmBYF11Njs6G5hJhfO692AkL4qSuuMuHPv7kdkzrC8POj3h6JnqrPdWUkFqC%2F3UWvPe87E26USmQo59UWLnXFizN94H58Zcmu5wf9eSMFxKG4clIBMWdttM170wHE3yM%2FIChBmKC8unL1x%2BrW9N%2Fub9QEc8ltLUIq3rvQN8AOBHPZYX8A%3D%3D&amp;X-Amz-Algorithm=AWS4-HMAC-SHA256&amp;X-Amz-Date=20241021T213401Z&amp;X-Amz-SignedHeaders=host&amp;X-Amz-Expires=300&amp;X-Amz-Credential=ASIAUPUUPRWEZRIUPSYY%2F20241021%2Fus-east-1%2Fs3%2Faws4_request&amp;X-Amz-Signature=1021ef908b230aa75cb64668700a9ac247e2301ab654cc87622c3e6185016a1c&amp;abstractId=4897069">recent paper</a> from Arizona State University professor Hendrik Bessembinder found that 51.6% of 29,078 US stocks since 1925 have lost value from when they were listed. The median return of those stocks was -7.4%.If you're an investor who likes to keep your money in individual stocks instead of an index fund, those might be scary statistics. But there are a few steps you can take to mitigate risk, according to RIA Advisors Chief Investment Strategist Lance Roberts, who discussed the paper in a recent note.To start — it's advice you hear time and again — make sure your money is diversified enough.Diversification comes in many forms. In addition to putting money into stocks, perhaps consider investing in bonds and real estate, Roberts said. You could also consider spreading your money across a number of different industries and sectors, instead of having your whole portfolio in, say, a few tech stocks. A simple way of doing that could also be putting money into an index fund.You can also set up stop-loss orders. This can be done in a brokerage account, and your position is sold if a share price falls to a certain point. There's also the trailing stop-loss order, Roberts said, which adjusts based on upward movements in a stock's price. So a 5% stop-loss limit, for example, moves up to correspond to a level 5% below a stock's rising price, but will never dip below the original stop-loss limit."This safeguard ensures that you are not solely reliant on timing the market, which, as we all know, is nearly impossible to do consistently," Roberts said.And third, take profits on gains. With Nvidia and other AI stocks delivering ungodly returns over the last couple of years, this piece of advice might be good for investors in those firms to hear. It can be tempting to stay fully in a stock that has treated you well. But doing so may also melt away the wealth you've built if the stock has a sudden turnaround, Roberts said."This is not an uncommon issue that I always see with clients and prospects," Roberts wrote. "Greed comes in three destructive forms: 1) the need to make more, 2) the lack of knowing when "enough is enough," and 3) the unwillingness to pay taxes."He suggested a strategy resembling something like taking half of your gains and buying safer assets like Treasurys, and said to keep in mind that paying taxes on capital gains can be cheaper than suffering losses."As investors, it's crucial to understand that market gains are never guaranteed and that the risks of overexposure can be devastating," Roberts said. If you're "riding the wave of massive market gains, ask yourself: Is now the time to take some chips off the table? Are your investments aligned with your long-term goals and risk tolerance?"

A new study shows most stocks have lost value in the last 100 years. Take these 3 steps to protect your portfolio.

With the West Bengal Assembly bypolls around the corner, a recent analysis by the West Bengal Election Watch and Association for Democratic Reforms (ADR) has shed light on the profiles of candidates in the fray. The study reveals that among the 41 candidates contesting in the upcoming bypolls, seven have serious criminal cases pending, while another seven are crorepatis. <h2>Criminal cases: BJP tops the list</h2>The ADR analysis shows that out of the seven candidates with serious criminal cases, four are from the Bharatiya Janata Party (BJP), two from the Trinamool Congress (TMC), and one from Congress. These cases range from non-bailable offences to electoral violations and financial fraud, with maximum punishments extending to five years or more. Offences in this category include serious crimes such as murder, kidnapping, and violations of the Prevention of Corruption Act or crimes against women. The bypolls will take place on November 13 in the constituencies of Coochbehar Sitai (SC), Haroa, Naihati, Medinipur, Taldangra, and Madarihat (ST). However, the affidavit for one candidate, independent contestant Pankaj Lohra from Madarihat (ST), could not be reviewed due to missing documents. <h2>Wealthiest candidates</h2>In addition to those with criminal cases, seven candidates declared assets exceeding Rs 1 crore. Congress leads in this regard, with three crorepati candidates, followed by the BJP with two, and the TMC and CPIM(L) with one each. According to the affidavits, the wealthiest candidate is TMC's <keyword id="23849799" type="General" weightage="20" keywordseo="sanat-dey" source="keywords">Sanat Dey</keyword> from Naihati, who has assets worth Rs 4.9 crore, including Rs 1.8 crore in immovable property. Following him is BJP's Ananya Roy Chakraborty, who is contesting from Taldangra, with assets totalling nearly Rs 3 crore. TMC’s Shyamal Kumar Ghosh, running for the Medinipur seat, declared assets of approximately Rs 1.69 crore. On average, the candidates’ assets are valued at around Rs 58.14 lakh. In contrast to the wealthiest candidates, Kashikanta Barman from the Kamatapur Peoples Party (United), contesting from Coochbehar Sitai (SC), has declared the lowest assets, amounting to just Rs 5,000. This wide range of wealth highlights the diverse financial backgrounds of candidates in the bypolls. (With inputs from agencies)

West Bengal bypolls to feature seven candidates with serious criminal cases including murder and kidnapping

Indian banks are expected to have steady growth in earnings and returns over the next 3–4 years, according to a recent report by Jefferies. It expects a 13% compound annual growth rate (CAGR) in loan growth for banks between FY24 and FY27, helmed by a supportive environment and expected adjustments in interest rates. "We expect steady growth in earnings and stable returns, Over FY24-27, the banks we cover should see 13% CAGRin loans We factor 25-50 bps cut in rates, &amp; depending on timing, NIMs will move," the report said. Depending on the timing, these rate cuts could impact banks' <keyword id="20076541" type="General" weightage="20" keywordseo="net-interest-margins" source="keywords">net interest margins</keyword> (NIMs), which measure the difference between interest income generated and interest paid to depositors. The report also notes that banks' net interest income (NII), a critical metric that is reflective of how much a bank earns from its lending, could grow at a steady 12% CAGR, which would support overall earnings growth. <h2>Rate cuts probable next year</h2>Per SBI Mutual Fund's monthly outlook for November 2024, while markets were initially speculating possible rate reductions in December this year or February next year these chances now stand dampened due to two reasons. First, elevated CPI numbers in September, which stood at a nine-month high, underlined the stickiness of food inflation. Secondly, RBI governor Das recently highlighted his hawkish stance at a conference, stating that "rate cuts at this stage would be premature and risky’. The report further adds that February 2025, or even April, would be a better time to discuss repo rate cuts in India. Even <keyword id="19985925" type="General" weightage="20" keywordseo="bank-credit-growth" source="keywords">bank credit growth</keyword> has continued to outpace deposit growth for two years now. However, they seem to be inching closer in the recent past. For instance, in October 2024, while bank credit growth remained at 12.7%, the deposit growth rate followed closely at 11.8%. This also means that banks are witnessing an elevated bank credit-to-deposit ratio, standing at 77% in October. <h2>Risks in unsecured lending </h2>However, Jefferies noted some areas of caution that could influence growth in other revenue streams, particularly fees. Growth in fees may be at risk due to expected declines in the disbursal of unsecured loans, which generally carry higher interest rates and generate higher fees for banks. October saw stress and defaults rising in the unsecured lending space, prompting the RBI to intervene. As a result, unsecured loans by banks have only grown by 12.1%, the lowest since the pandemic. Despite these risks, the report expects banks' return on assets (ROA) and return on equity (ROE) to remain healthy, underscoring the sector's stable profitability potential. The report also highlights that while the Nifty Banks index has risen by 19% over the past year, it has still underperformed the broader Nifty index, which delivered 27% returns in the same period. BSE Bankex has been along similar lines, generating returns worth 19% over one year. While the Nifty banks' index has a YTD (yield to date) of 7.63%, it continues to trail Nifty's YTD of 11.30%

Indian banks to have steady growth in earning over next 3-4 years, fees from unsecured lending may dip, notes Jefferies report

Imagine this. You have a younger sibling you’re mighty envious of. And why not? Unlike you, they seem to enjoy all the freedom and money in the world. They party like there’s no tomorrow, and here you are, stuck in a boring, ultra-disciplined but responsible routine that feels completely devoid of any independence, and mostly, funds. But of late, things are changing. This sibling is in massive trouble and just cannot escape the parent’s wrath anymore. Long story short, the party is over, and it is time to go back home. The rising defaults on this sibling’s part have now begun pulling the entire house down, thereby attracting the regulator’s ire. <h2>The Wild West of microfinance and unsecured loans</h2>It's hard to ignore the issues with microfinance and unsecured loans in India. Many saw them as a small gamble and ignored the rising defaults much like the younger siblings’ tantrums, and now they find themselves in hot waters. The skyrocketing instances of non-payments aren't a micro-issue anymore and are threatening the stability of the entire banking system. In the quarter ended September 30, 2024, 5 of India’s 8 largest private sector <keyword id="19934118" type="General" weightage="20" keywordseo="banks" source="keywords">banks</keyword> reported a steep rise in their bad loan book, mostly thanks to microfinance loans. Some banks, in a bid to strengthen their fortress against these <keyword id="142154" type="General" weightage="100" keywordseo="bad-loans" source="Orion">bad loans</keyword>, have significantly upped their provisions. For instance, <keyword id="46717" type="General" weightage="20" keywordseo="IndusInd-bank" source="Orion">IndusInd Bank</keyword> set aside Rs 525 crore during July and September 2024 to battle the menace of defaults on microfinance loans, which make up about 9% of its total loan book. See, banks rely heavily on their interest income, which they earn from advancing loans. Any loan where the borrower has not paid interest to the bank or defaulted for 90 days or more becomes bad, i.e., an <keyword id="79363" type="General" weightage="20" keywordseo="npa" source="Orion">NPA</keyword>, or non-performing asset for the bank. And who likes things going bad? Simply put, there has been a steep rise in three areas, much to the dislike of banks and MFIs (micro-finance institutions). But hey, it's mostly their doing! <ol><li>GNPA ratio (gross net performing assets): The quantum of non-performing assets a bank has in proportion to its total assets.</li><li>Provision: The amount banks set aside to take care of such NPAs.</li><li>Slippage ratio: The rate at which good girls go bad, or the speed at which good loans turn into NPAs</li></ol>But how are these plaguing the Indian banking sector? And what does the road ahead look like? We decode it for you. <h2> Microfinance: A not-so-micro-menace</h2>Microfinance loans were initially brought forth for low-income households and individuals, i.e. for those who might not generally have access to traditional ways of credit, like bank loans and more. They don’t require collateral or an asset to be pledged in lieu of the loan, making it a tad bit easier for borrowers. As of June 2024, the amount of outstanding loans in the microfinance industry stood at a staggering Rs 4,20,256 crore. Of this, NBFC-MFIs accounted for 40% and banks made for 33% of these. In 2022, <keyword id="30067" type="General" weightage="20" keywordseo="RBI" source="Orion">RBI</keyword>, in a bid to inspire some competition in this space, did something radical-they did away with the ceiling on how much interest MFIs could charge their customers. Previously, MFIs could add up to 12% to their cost of acquiring funds to determine the final interest rate chargeable to the consumer. So, assuming that Bank A incurs a 5% cost to acquire funds for further loaning, A could charge up to 17% interest from the end consumer. So, interest rates were in the hands of MFIs, and boy, did they have a gala time with it. Instead of spurring some healthy competition, as RBI expected, MFIs and banks went rogue and all guns blazing, competing for the title of “Who will charge the highest interest?” Recently, RBI banned 4 microfinance institutions (MFIs), namely Asirvad Micro Finance Limited, Arohan Financial Services Limited, DMI Finance Private Limited, and Navi Finserv, from disbursing loans effective October 21, 2024. Why? Because they were charging 14% extra interest over their original cost of funds. To maintain their loan books (and pockets), banks and NBFCs resorted to shady practices like netting off loans, which RBI has now advised MFIs against. Here, lenders allow borrowers to settle a previous outstanding loan by issuing them a new loan! As crazy as it sounds, it helped banks to report less of their total assets as NPAs, since the new credit would cover pending installments of the borrower’s previous loan. Then there was the issue of borrowers overleveraging, i.e. taking multiple loans using different IDs from various lenders and then failing to honor any of them. The consequence? Banks and NBFCs end up with massive NPAs. Data from credit bureaus suggests that over the last quarter, there was a 17.2% rise in the number of borrowers who had 5 or more active loans at the same time. <h2>Growth &gt; Caution</h2>It's an age-old tale unfolding yet again in India’s banking sector- Icarus flew too close to the sun and eventually, fell to its death. Between April and June 2024, NBFCs microfinance portfolio jumped by 2.7%. If you see this in terms of loan sources, microfinance loans issued by banks grew by 11.2% in Q1FY25. But the same portfolio in NBFCs swelled by almost double-23.9%. While most of these loans had an average ticket size between Rs 30,000-50,000, there was a sharp spike in the number of loans that had a ticket size of Rs 80,000 or more. Data suggests that as of March 2024, more than 12% of all microfinance borrowers had over 4 or more active loans. In dating parlance, this is a classic case of borrowers going polyamorous, minus the honesty and transparency. Not the best of situations, you'd agree! <h2>Will banks and NBFCs stand up to this stress?</h2>If their results for Q2FY25 are to be believed, NBFCs are not handling the pressure all that well. Or even slightly well. Only a few banks like Bank of Baroda (BoB), ICICI, and Indian Bank were up for the battle, even witnessing a decline in their loan delinquencies. Some others, like IndusInd Bank, saw their stock dip by a massive 16.2% over the last 5 days. Its slippages in the previous quarter burgeoned from Rs 15.3 billion in Q1FY25 to Rs 17.9 billion in Q2. As a result, the bank pushed a staggeringly high amount of money to create an NPA cushion for itself. While its management has highlighted its preference for secured lending, that was hardly reflected in its actions during the quarter, where growth in unsecured personal loans remained exceptionally high at over 7% on a QoQ basis. Turns out, only 44% of customers in IndusInd Banks’ microfinance loan portfolio were exclusive to it. The rest 47% were, you guessed it right-polyamorous! 27% had borrowed from another lender as well, apart from IndusInd Bank, while 20% were those who had outstanding loans with two other lenders, apart from IndusInd Bank. IndusInd Bank’s credit card segment did not miss the NPA bus and accounted for 7-8% of its GNPAs. Canara Bank’s total slippages during the previous quarter jumped to Rs 11.1 billion, up by 24.7% QoQ, and making up for 3.6% of its total loans. As for Bandhan Bank, its <keyword id="763994" type="General" weightage="20" keywordseo="Gross-NPA" source="Orion">gross NPA</keyword> for Q2FY25 inched up on a QoQ basis, up from 4.23% in Q1, to 4.68% in the second quarter. <keyword id="62152" type="General" weightage="20" keywordseo="IDFC-bank" source="Orion">IDFC Bank</keyword>’s heavy provisioning for its NPAs marred its profits significantly, causing its PAT (profit after tax) to dip by 73% on a YoY basis. Data from ICRA Analytics suggest that the AUM (asset under management) growth in microfinance loans and unsecured (personal and business) loans by the NBFCs will moderate to 10-12% and 19-21%, respectively, in FY2025 compared to 30% and 38%, in FY2024. Says A M Karthik, Senior Vice President &amp; Co-Group Head, Financial Sector Ratings, ICRA, “As bank funds constitute a larger share in the overall funding of NBFCs, a slower credit flow from banks to the NBFCs will compress their AUM growth. The NBFCs in unsecured and digital lending businesses shall face a higher squeeze in funding compared to others, and the unsecured lending space will continue to be a source of stress in the near term.” There has been uninhibited growth in unsecured loans, apart from just the microfinance segment. For instance, Axis Bank’s gross slippages jumped by Rs 4,443 crore, largely thanks to its unsecured business. The same is the case with Yes Bank, which saw 35–40% of its retail slippages emerging from the unsecured loan portfolio. Kotak Mahindra Bank was also quick to follow Yes Bank’s suit, with around 35%-40% of its slippages coming from credit cards. <h2>How is the road ahead?</h2>While RBI has just cracked its whip and served a warning at the moment, experts at Morgan Stanley believe that more changes (read regulatory lashes) are underway. Moreover, with both festive and wedding seasons underway in our country, unsecured lending might pick up momentum, much to the disdain of the calibrated approach banks have been taking towards it so far. But if the situation doesn't improve, RBI will not waste any time in becoming the typical tyrannical Bollywood headmaster who runs his dominion with an iron fist and takes things (and ceiling rates) into their own hands. However, that's a story for another day.

Is the lending party over? The dangerous tango of Indian banks with microfinance and unsecured loans

<keyword id="20762025" type="General" weightage="100" keywordseo="silver-prices" source="keywords">Silver prices</keyword> have reached a significant milestone on Monday, touching Rs 1,00,000 on the Multi Commodity Exchange (MCX) for the March contract. According to the experts, this surge is being driven by escalating <keyword id="19955176" type="General" weightage="20" keywordseo="geopolitical-tensions" source="keywords">geopolitical tensions</keyword> in the Middle East, actions by China, and uncertainties related to the upcoming U.S. elections. These global risks are pushing silver prices to fresh all-time highs, as investors seek <keyword id="21286754" type="General" weightage="20" keywordseo="safe-haven-assets" source="keywords">safe-haven assets</keyword> amidst the growing instability. "Silver prices have aligned with expectations, and we anticipate a potential rally towards the usd 40 mark in the next six months. <keyword id="23623786" type="General" weightage="20" keywordseo="MCX-March-contract" source="keywords">MCX March contract</keyword> silver tested Rs 1 lakh, as geopolitical tensions are expected to continue supporting its safe-haven appeal. Additionally, high ETF investments and China's economic support contribute to a positive outlook. With <keyword id="23623788" type="General" weightage="20" keywordseo="gold-silver-ratio" source="keywords">GOLD SILVER RATIO</keyword> dropping towards the 80 level, it is likely to outperform gold. We expect silver to reach Rs 1.3 lakh by March 2025" said Ajay Kedia, Director of <keyword id="23623787" type="General" weightage="20" keywordseo="Kedia-Advisory" source="keywords" meta.keywordsubtype="org" meta.entityname="Kedia Advisory" meta.hostid="261" meta.entityid="Kedia Advisory">Kedia Advisory</keyword>. Silver remains strong in the market, with industrial demand expected to further boost prices. Analysts predict that silver could soon approach the USD 40 mark, as demand continues to rise. The metal plays a key role in industries such as electronics, solar energy, and manufacturing, making it highly sought after for both investment and practical purposes. In the commodity markets, contracts refer to agreements to buy or sell a specific quantity of a commodity at a predetermined price on a future date. These contracts are standardized and traded on exchanges like MCX. Traders use them to hedge against price fluctuations or to speculate on price movements. For instance, in the case of silver, the March contract represents an agreement to trade silver at a fixed price in March, allowing traders to lock in prices now to avoid future volatility. The ongoing geopolitical tensions and global risks are driving the prices of commodities like silver, as investors look for stability in uncertain times. The surge in silver prices reflects both the increasing demand for industrial use and its value as a safe-haven asset. With the global outlook remaining uncertain, silver could see further gains in the coming months.

Silver touches Rs 1 lakh mark on MCX march contract

<ul class="summary-list"><li>The US dollar is likely to be the first asset to signal what markets think the election result will be.</li><li>Strong liquidity and global 24-hour trading activity make the dollar a reliable indicator.</li></ul>The US dollar might be the most important asset to watch for a potential read on the US election results as the votes are tallied this week.Raymond James' chief investment strategist David Zervos said that the US dollar will be the first asset to telegraph the likely winner as markets digest the implications of a Donald Trump or Kamala Harris presidency. In an interview with CNBC, Zervos said the dollar "will be the most liquid and the most transparent messaging to what we are getting markets to do because that's where people could put money to work fast."He highlighted that the US dollar is traded 24/7 with massive liquidity from trading parties around the world. Therefore, as election results roll in during the late hours of Tuesday night and into Wednesday morning, the dollar will likely be the first asset class to move on the results.The <a target="_blank" class="" href="https://www.businessinsider.com/market-impact-presidential-election-scenarios-trump-harris-stocks-bonds-crypto-2024-10">dollar is seen as rising under a potential Trump presidency,</a> as his tariff proposals would likely raise interest rates, which in turn would lead to a stronger dollar.On the flip side, a falling US dollar would likely suggest that a Kamala Harris victory is reflected in the election results because <a target="_blank" class="" href="https://www.businessinsider.com/market-impact-presidential-election-scenarios-trump-harris-stocks-bonds-crypto-2024-10">interest rates are seen as more likely to continue falling under a Harris administration,</a> putting downward pressure on the dollar.As for how to get a read on who markets think will win, <a target="_blank" class="" href="https://markets.businessinsider.com/index/us-dollar-index">the US dollar index </a>will be a strong gauge of how traders are digesting the early election results. The index measures the dollar against a basket of other major currencies and <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/donald-trump-trade-rally-betting-markets-kamala-harris-bitcoin-djt-2024-10">has rallied over the past month</a> as former President Donald Trump gained momentum in the polls and in betting markets.Beyond the dollar index, Zervos said it would be important to watch moves in <a target="_blank" href="https://markets.businessinsider.com/currencies/usd-cny">the dollar relative to the Chinese renminbi</a>. "Dollar-China has been a big trade because people saw that as a real Trump winning trade, meaning he's going to go hard on China," Zervos said. "That's got a lot of crowded positioning in it. I'd be watching dollar-China very closely overnight," Zervos said.Zervos expects a relief rally in risk assets as uncertainty surrounding the election begins to fade, assuming the results are decisive and known relatively soon."I think people really want to see smoothness here, then we can just see risk assets do better, we could see credit do better. We could see the panicky trades that people might have put on get pulled off," Zervos said.Ultimately, Zervos said he'll change his stock and bond investments based on the dollar's reaction to the election results."We watch the dollar, that's our first indication of where the repositioning is taking place and then we can feed that back into bonds and stocks and different sectors," Zervos said.

Why the US dollar is the most important asset to watch as the election results come in

<keyword id="19895995" type="General" weightage="20" keywordseo="HDFC-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="HDFC Bank" meta.hostid="261" meta.entityid="HDFC Bank">HDFC Bank</keyword> on Saturday posted a marginal 5 per cent increase in its standalone profit at Rs 16,821 crore in the second quarter ended September 2024. The country's biggest private sector lender had earned a <keyword id="19942166" type="General" weightage="20" keywordseo="net-profit" source="keywords">net profit</keyword> of Rs 15,976 crore in the same quarter a year ago. Total income increased to Rs 85,500 crore during the quarter under review against Rs 78,406 crore in the same period last year, HDFC Bank said in a regulatory filing. The bank reported <keyword id="20202322" type="General" weightage="20" keywordseo="interest-income" source="keywords">interest income</keyword> of Rs 74,017 crore during the quarter compared to Rs 67,698 crore in the same period a year ago. Net Interest Income (NII) improved to Rs 30,110 crore, from Rs 27,390 crore in the second quarter of previous year, registering a 10 per cent growth. As regards asset quality, the bank witnessed slight deterioration with gross <keyword id="19927319" type="General" weightage="20" keywordseo="Non-Performing-Assets" source="keywords">Non-Performing Assets</keyword> (NPAs) rising to 1.36 per cent of the gross loans by the end of September 2024 from 1.34 per cent a year ago. Similarly, net NPAs or bad loans rose to 0.41 per cent from 0.35 per cent at the end of the second quarter of the previous fiscal. On a consolidated basis, the bank logged a growth of 6 per cent in net profit to Rs 17,826 crore as against Rs Rs 16,811 crore in Q2FY24. SEE ALSO:<a href="https://www.businessinsider.in/personal-finance/news/best-credit-cards-for-online-shopping-in-india/articleshow/114354358.cms" target="_blank"></a> <a href="https://www.businessinsider.in/personal-finance/news/best-credit-cards-for-online-shopping-in-india/articleshow/114354358.cms" target="_blank">Best credit cards for online shopping this festive season</a><a href="https://www.businessinsider.in/tech/mobile/webstories/best-smartphones-under-25000-in-india-in-october-2024/slidelist/114339207.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/best-smartphones-under-25000-in-india-in-october-2024/slidelist/114339207.cms" target="_blank">Best smartphones under ₹25,000 in India in October 2024</a><a href="https://www.businessinsider.in/stock-market/webstories/waaree-energies-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/114350114.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/webstories/waaree-energies-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/114350114.cms" target="_blank">Waaree Energies IPO – Price band to risk factors, all you need to know</a>

HDFC Bank Q2 profit soars 5% to ₹16,821 crore

<ul class="summary-list"><li>The UK is using profits from Russia's frozen assets to offer a $3 billion loan to Ukraine.</li><li>The loan is part of a larger $50 billion aid package from G7 nations to Kyiv.</li></ul>The British government is tapping Russia's frozen assets for a loan to Ukraine, with the intention of helping Kyiv secure more military and fund reconstruction costs.The loan, which amounts to £2.3 billion, or $3 billion, is being provided using profits generated from Russian assets, according to a <a target="_blank" class="" href="https://www.gov.uk/government/news/uk-strengthens-national-security-and-bolsters-ukraines-war-chest-with-226-billion-military-loan">memo</a> on the UK government website. The package adds to the $16.6 billion that the British government has already given to Ukraine for support.The loan is part of a larger <a target="_blank" class="" href="https://www.businessinsider.com/russia-frozen-reserves-funds-us-sanctions-g7-ukraine-aid-outlook-2024-8">$50 billion funding package</a> the G7 nations have pledged to Ukraine. Bloomberg reported that other G7 nations are expected to confirm the size of their loans in a meeting on Friday. "By using the money generated from these sanctioned Russian assets, we can help turn the tables on Putin's war machine. This urgent funding will directly support Ukraine's defence using the proceeds from assets that had helped fuel Putin's aggression," John Healey, the UK Defence Secretary, said in a statement.About <a target="_blank" class="" href="https://markets.businessinsider.com/news/currencies/russian-frozen-assets-ukraine-war-loan-50-billion-g7-retaliation-2024-6">$322 billion of Russian assets</a> were frozen abroad as the West imposed sanctions to hobble the Kremlin's war machine following the invasion of Ukraine in 2022. The $280 billion of the funds frozen in Europe are expected to generate around up $3billion to $5 billion of profits each year, per Bloomberg's report.

Russia's frozen assets are being used by the UK for a $3 billion loan to Ukraine

The Indian <keyword id="22196321" type="General" weightage="20" keywordseo="credit-card-industry" source="keywords">credit card industry</keyword> is struggling to grow, as new issues slow down on a year-on-year (YoY) basis. Not only has the growth i.e. issuance of new credit cards slowed down, but lenders are also becoming increasingly cautious of the asset qualities, a recent report by Nomura showed. From 19% in July 2024, the growth in the <keyword id="6368202" type="General" weightage="20" keywordseo="credit-card" source="Orion">credit card</keyword> spendings came down to 13% in August 2024. The year-to-date (YTD) growth has also significantly declined in FY25, currently standing at 17%, markedly down from 28% in FY24. For the fifth consecutive month, the number of new credit cards added to the system remained well below the 1-million, or 10 lakh mark. Around 9.2 lakh credit cards were added during the month, a slight uptick from the 7.55 lakh cards that came into the system In July 2024. However, there is growth in this space nevertheless, with about 10.55 crore active credit cards at present, marking a 15.6% YoY increase. Even the annualised spend per card, or the average amount spent via an annual card during an year grew 1% YoY to Rs 1.87 lakh. But this was far less than the 7% growth annual spends via one credit card saw in FY24. Meanwhile, what continues to burgeon consistently is the outstanding amount on these credit cards, which ballooned to Rs 2.7 lakh crore in June 2024, up from Rs 2.6 lakh crore in March 2024, and around Rs 2 lakh crore in the year ago period. To put this in perspective, pre-pandemic, the total outstanding amount stood at Rs 87,686 crore, which marks a 24% CAGR in this amount, in just a span of 5 years. <h2>Large drops, slowdown to sustain</h2>Even the monthly expenditure per card dropped 2% YoY to Rs 16,000 in August, 2024. Subsequently, the transaction volume via credit cards also dipped to 1.6% in August, along with the total amount of <keyword id="21084888" type="General" weightage="100" keywordseo="credit-card-spending" source="keywords">credit card spending</keyword>, which fell to Rs 1.69 lakh crore in August, from Rs 1.73 lakh crore in July. Also, there has been a hefty cutdown in provisions made for credit card reward points, which reflects in the quantum of credit card benefits that have been mowed out by companies of late, making credit cards far less lucrative than before. <h2>HDFC takes lead </h2>During August 2024, <keyword id="19895995" type="General" weightage="20" keywordseo="HDFC-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="HDFC Bank" meta.hostid="261" meta.entityid="HDFC Bank">HDFC bank</keyword> added a total of 2.41 lakh credit cards, taking its total tally of active credit cards to 2.19 crore. <keyword id="19900482" type="General" weightage="20" keywordseo="ICICI-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="ICICI Bank" meta.hostid="261" meta.entityid="ICICI Bank">ICICI Bank</keyword> came a second distant, adding 1.45 lakh credit cards during the month, which means that the second-largest credit card issuer now holds over 1.75 crore active credit cards. Axis Bank and SBI Cards also added 1.27 lakh and 1.1 lakh cards, respectively to their repertoire during the month, while the growth numbers at Kotak Mahindra Bank remained largely flat, stagnating the bank's total card tally at 54.13 lakh. This was due to the ongoing ban on the bank due to its weak IT infrastructural issues imposed by RBI in April 2024. If anything, the bank's number of credit cards declined by 61,191 during the month. Even as the festive season approaches, experts think that it is unlikely to make a major dent in credit card spendings, which are expected to see a further slowdown in the quarters to come.

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