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<ul><li>HNI share by value in companies listed on NSE went down to 1.9%, in the third quarter as compared to the last quarter, said a <keyword id="198574" type="General" weightage="20" keywordseo="prime-database" source="Orion">Prime Database</keyword> report. </li><li>Infosys, Bajaj Finserv and Kotak Mahindra are among the top companies with HNI holdings by value. </li><li>Here are some of the top small cap stocks where HNIs holdings are over 40%. </li></ul>High networth individuals (HNIs) held stocks worth ₹5 lakh crore in NSE-listed companies, as on 31 September, 2022, as per a Prime Database report. Individuals with over ₹5 crore investible surplus are defined as HNIs. Those with over ₹25 crore of investible surplus are defined as ultra HNIs. “HNI share by value in companies listed on NSE went down to 1.9% as on September 30, 2022 from 2.08% as on June 30, 2022,” the report said. While Infosys, Bajaj Finserv and Kotak Mahindra are the top companies with HNI holdings by value, here are some small cap stocks where HNIs have the highest stake – all above 40%. <div type="image" title="HNI-" msid="95584991" hostid="261" sizebytes="59432"></div> Debcock Industries HNI holding: 52.3% Market cap: ₹118 crore This Rajasthan-based company runs a hotel in Deoli, manufactures agricultural products and has entered into the business of mining granite and marble near Kekri district in Ajmer. In the September quarter, its net profit stood at ₹7 crore on revenue at ₹45 crore. Hotel Rugby HNI holding: 44.87% Market cap: ₹7 crore The company that offers catering services to weddings and other events said in its annual report that it has not been earning from its main business activities, and is looking out for new business avenues. In Q2, it posted a net loss of ₹12.63 lakh, and ₹0.03 lakhs in revenue. Oriental Trimex HNI holding: 42.93% Market cap: ₹26 crore The Greater Noida-based company is engaged in the business of processing rough marble blocks into slabs and tiles. The company imports its raw materials, but also has a mining lease in Odisha. In Q2, it posted a net loss of ₹20 lakh and a revenue of ₹3.37 crore. Jyoti Structures HNI holding: 42.42% Market cap: ₹907 crore The company is engaged in the business of providing turnkey solutions for power transmission projects. It has two manufacturing units in Nashik and Raipur and also takes up projects internationally. In Q2, it posted ₹4 crore net loss, and 14 crore in revenue. Som Distilleries &amp; Breweries HNI holding: 42.33% Market cap: ₹777 crore As the name suggests the company manufactures alcoholic beverages like beer, whisky, vodka, gin, rum, and brandy along with non-alcoholic drinks like cranberry, orange, and tangy lemon fruit drinks. Zenith Steel Pipes &amp; Industries HNI holding: 42.28% Market cap: ₹72 crore The Mumbai-based manufacturer of steel pipes caters to various applications like water distribution, fire fighting systems, scaffolding and more. Nandani Creation HNI holding: 41.45% Market cap: ₹99 crore Nandani Creation is a fashion company that designs and produces women’s apparel like dresses, tunics, tops and more. The Rajasthan-based company also has a store named Amaiva. Cigniti Technologies HNI holding: 41.19% Market cap: ₹1,624 crore The Hyderabad-based company is primarily known for its software product testing services but also claims to offer digital engineering services to help accelerate the digital transformation of its clients.

These small cap companies have attracted big investments from high-networth individuals

<ul><li><keyword id="6358021" type="General" weightage="50" keywordseo="budget" source="Orion">Budget</keyword> announcement of 20% tax on foreign investments to make investments in the US markets less appealing. </li><li>Direct investments in the US markets remain viable only for a tiny minority of high and ultra high-networth individuals (HNI/UHNIs). </li><li>Retail investors should consider exposure to the US markets through Indian mutual funds that invest in US <keyword id="6354298" type="General" weightage="20" keywordseo="stocks" source="Orion">stocks</keyword> and funds. </li></ul>While one cannot buy a Tesla car in <keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword> yet, one can buy shares of the electric vehicle (EV) giant. Similarly, one can also invest in shares of Apple, Meta (earlier Facebook), Alphabet (parent company of Google) and other US tech giants. To invest directly in US stocks from India, one needs to send money abroad under the liberalised remittance scheme (LRS). However, a budget proposal to impose a 20% tax collected at source (<keyword id="6357150" type="General" weightage="80" keywordseo="tcs" source="Orion">TCS</keyword>) on foreign remittances under LRS without any threshold limit has made investing directly in foreign stocks, especially in US stocks, less attractive for investors. Earlier, a 5% TCS was applicable on outward remittances above ₹7 lakh. <cmsannotation type="cmsannotation" annotationid="20% tax on foreign investments to hit retail investors hard" comment="subhead2" text="20% tax on foreign investments to hit retail investors hard">20% tax on foreign investments to hit retail investors hard</cmsannotation> Manish Chowdhury, head of research at Stoxbox, a subscription-based value broker, says “The budget proposal would prove to be a deterrent for small-time investors, as it would mean a large upfront cash outflow. Moreover, we believe that the change in TCS will adversely affect investing platforms, especially aimed at retail investors, who are more glued to direct investing in international stocks.” Currently IndMoney and Vested Finance are two such platforms that help Indian investors invest in US stocks and exchange-traded funds (ETFs). Pratik Oswal, head, ETFs and Index Funds, Motilal Oswal Financial AMC says that since this means that 20% of the sum invested abroad will be used for tax purposes and locked away at zero-percent interest till you file your taxes, it will mean an additional cost to the investor. It is to be noted that the tax paid can be claimed as credit. “While the TCS of 20% is a sentiment damper for Indians who would like to create a corpus outside of India and invest to meet future dollar commitments, it should not be confused as a sunk cost or additional cost. The TCS will be reflected as tax credit in your Form 26AS. So, the amount of TCS can be claimed as credit against tax payable while filing income tax returns,” says Sumita Pillai, chief executive officer of Torus Private Wealth. In case the TCS is higher than your tax payable, you will get a refund. <cmsannotation type="cmsannotation" annotationid="Direct investments in the US markets to get costlier" comment="subhead2" text="Direct investments in the US markets to get costlier"> Direct investments in the US markets to get costlier</cmsannotation> In another development, in January 2023, RBI asked SBM Bank to stop LRS transactions till further notice. Both IndMoney and Vested Finance have tie-ups with SBM Bank to make the process of investing faster and cheaper. “Vested Direct, our unique, low-cost digital fund transfer solution is supported by SBM India. With the help of Vested Direct, we were able to lower the overall cost of depositing funds to investors,” says Viram Shah, founder and CEO, Vested Finance. However, after the RBI directive, that is no longer possible. Shah clarifies that the introduction of this ruling means they will not be processing any new deposits using Vested Direct in the interim. This means that investing abroad through the LRS route is now more cumbersome and costly, the way it was a few years ago. This is definitely a dampener when it comes to Indians investing abroad. <cmsannotation type="cmsannotation" annotationid="Alternative option for investing in the US markets" comment="subhead2" text="Alternative option for investing in the US markets">Alternative option for investing in the US markets</cmsannotation> The above platforms provide investors an option to directly invest in US stocks. However, Indian investors can also get exposure to the US markets indirectly through international mutual funds that invest in the US stock markets. Says Chowdhury, “With the policy change, investing in equities globally through a direct route has definitely become more expensive. However, investors can continue to take exposure in global equities through mutual funds and ETFs because they are still exempt from LRS. We continue to advise small investors to invest in global equities through the indirect route as it saves them from the hassles of setting up the infrastructure for direct investing and also does not involve upfront costs.” Agrees Oswal, “Investors looking at global options should look at mutual funds because they are a lot cheaper right now.” However, a lot of these mutual funds in India cannot accept fresh <keyword id="6355120" type="General" weightage="20" keywordseo="Investment" source="Orion">investment</keyword>s because they have either already exhausted or are about to exhaust the limit of $7 billion to invest in overseas securities and funds. The entire industry is hoping for higher limits to be put in place. “When these mutual funds stop accepting fresh investments, direct investments outside of India via LRS will be the only route available to invest outside of India. That route will make sense for only a very tiny minority of HNIs ( high-networth individuals) and UHNIs (ultra high-networth individuals),” says Avinash Luthria, a financial planner &amp; SEBI registered investment advisor, referring to high and ultra-high-networth individuals. Investors who want to invest in the US market through mutual funds should reach out to the asset management company (AMC) and find out which funds are still accepting fresh investments. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/india-a-long-term-investment-destination-even-among-g-20-countries/articleshow/97875443.cms">India a long-term investment destination even among G-20 countries</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/passenger-vehicles-recorded-highest-ever-sales-this-january-says-siam/articleshow/97874958.cms">Passenger vehicles recorded highest-ever sales this January says SIAM</a>

20% tax on foreign remittances make foreign investments unviable for retail investors

10 best tax-saving investments

<ul><li>The company had seen its IPO being oversubscribed by 159.33 times the offer value.</li><li><keyword id="5030468" type="UNKNOWN" weightage="20" keywordseo="EaseMyTrip">EaseMyTrip</keyword>’s IPO comes at a time when the fears of another lockdown are surging in the country, which could potentially affect travel.</li><li>However, ahead of its IPO, EaseMyTrip seemed optimistic about the travel industry.</li></ul>Easy Trip Planners Ltd, the parent company of online travel aggregator platform EaseMyTrip, which made its debut in the stock market today, saw its share price list at ₹212.25 at 9.50 am, 13.5% higher than the IPO issued price of ₹186-187 per share. However, within minutes of trading the share price fell to ₹204 at 10.13 am. Since its listing, the company’s market value rose to ₹2,305 crore. In the grey market, the shares of the company were trading at ₹160-165, as per <a href="https://www.livemint.com/market/ipo/easy-trip-planners-ipo-grey-market-premium-listing-gains-allocation-dates-in-10-points-11615094894205.html">reports.</a> However, the grey market is not an official measure of the market premium. The company had seen its IPO being oversubscribed by 159.33 times the offer value, with its QIB portion being subscribed 78 times, HNI 384.26 times and retail 70.78 times. EaseMyTrip’s IPO comes at a time when the fears of another lockdown are surging in the country, which could potentially affect travel. With the rising number of COVID-19 cases, several states have issued advisory while many cities are now subject to lockdowns or night curfews. However, ahead of its IPO, EaseMyTrip seemed optimistic about the travel industry. “In our third quarter of 2020, we have already recovered 70% of where we were during the same period last year,” Prashant Pitti, director at Easy Trip Planners (the parent company of EMT) told Business Insider in an interview. The company is an exception among a large pool of internet companies, which have tried to get listed – EaseMyTrip has bootstrapped its way to the public markets. Founded in 2008, the company is India’s second largest travel aggregator. EMT claims to have achieved profitability and calls itself “the only profitable company among key OTAs (online travel aggregators) in India”. According to a CRISIL report, as of FY20, EMT had a market share of 5% in India. However, the company believes that it would have gained market share in the last year. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/delhi-high-court-brings-up-civil-prison-for-violation-directs-future-group-to-recall-approvals-granted-to-future-retail-reliance-deal/articleshow/81570521.cms">Kishore Biyani vs Amazon – Delhi High Court brings up ‘civil prison’ for violation by Future Group, asks for recall of approvals granted to Future Retail-Reliance deal</a> <a href="https://www.businessinsider.in/business/corporates/news/accenture-announces-one-time-bonus-for-all-employees-as-the-tech-giant-sees-robust-revenue-growth/articleshow/81572548.cms">Accenture announces one-time bonus for all employees as the tech giant sees robust revenue growth</a>

EaseMyTrip lists at 13.5% premium – but gives up some of the listing gains soon after

These days, even small investors can also buy government bonds. In India, purchasing government bonds is easier than ever using a mobile app or a web based app of NSE (National Stock Exchange). The NSE app for buying government bonds is “NSE goBID“. NSE makes available to the users both a mobile app as well as a web based platform. When you buy government bonds via these apps, youa re buying them in the primary market. What you can buy on these apps? You can use these apps to buy the following kinds of bonds: <ul><li>Long-term government bonds that you can hold for a long period from 5 to 40 years</li><li>Treasury bills (T-bills) which you can hold for less than 1 year </li></ul>Here is how and why you must buy government bonds To be able to buy these government bonds, you need to complete the registration on NSE goBID. The registration is a simple process that you can complete online. Here are the other details you will have to know before buying the government bonds or T-bills. Before November 2017, small investors or common people could never buy Government Securities (G-Secs) like bonds and T-bills. After the RBI commenced the “Non-competitive Bidding Facility“, G-secs became easily available for common people. Bonds or T-bills are G-secs provided by government of India for the purpose of borrowing money from investors. While the big investors are entities like banks, insurance companies, mutual funds, trusts, and corporates, smaller investors will mean HNI’s, NRIs, HUF members, and individuals. Earlier, the G-sec market was predominantly available only to big investors like banks, insurance companies and mutual funds. For small investors, it was a difficult process to invest in bonds. Also since the big players would deal with larger volumes, the small investors could not compete with them during the process of auctioning. The non-competitive bidding process announced by the RBI made it possible for the small investors and individuals to buy government bonds using the NSE goBID app with the minimum value of the bond being Rs.10,000. The investors will get the bonds at the weighted average rate and they need not worry about the auction. You can think of investing in government bonds when you will not need the invested money oer a short time and if fixed income is your top priority. People seeking financial independence and retired persons usually prefer to invest in government bonds more than others. Government bonds assure security as well as generate a regular income. Another impetus for many people to invest in government bonds is that the interest generated from one type of government bonds is not liable to income tax. Those people who are in the maximum tax bracket will find this a highly profitable option. Most kinds of government bonds are listed for trading on the stock exchange which is known as the secondary market. Once you buy these bonds, you can also sell them to interested buyers in course of time. However, it is advisable that you hold the government bonds for its full tenure (5, 10, 15, 20, or 30 years as is the case may be) to get the fullest benefits.

Government bonds India - how to buy government bonds in India

<ul><li>A total of 58 ultra-luxury homes have been sold across the top 7 cities in 2023 to date.</li><li>Apartments continued to be the favoured property choice among high net worth individuals (HNIs), comprising 53 out of 58 deals.</li><li>The surge in sales of <keyword id="386983" type="General" weightage="20" keywordseo="luxury-homes" source="Orion">luxury homes</keyword> is also linked to the reconfiguration of HNI investment strategies. </li></ul>A 19,000 odd sq ft apartment in <keyword id="1159814" type="General" weightage="20" keywordseo="Malabar-Hills" source="Orion">Malabar Hills</keyword> Mumbai costs almost ₹100 crore more than a Bungalow in <keyword id="19667909" type="General" weightage="20" keywordseo="Golf-Link-Delhi" source="Orion">Golf Link Delhi</keyword>! While we all know that Mumbai property is more expensive than in Delhi, is that the only reason? Research data by real estate services company ANAROCK throws up some interesting insights on ultra-luxury homes (priced &gt;₹40 Cr). The report reveals how the ultra-rich think when it comes to buying a home. The ultra-wealthy also have distinct FOMO Among affluent Indians, there exists a discernible fear of missing out (FOMO) when it comes to securing the most coveted properties. This urgency to acquire the most desirable options before others contributes significantly to the heightened interest and transactions in this niche market segment. Not surprisingly, ANAROCK Research data reveals a 247% annual increase in the total sales value of ultra-luxury homes from the beginning of 2023 compared to the entire year of 2022. Says Anuj Puri, Chairman, ANAROCK Group,, “A total of 58 ultra-luxury homes have been sold across the top 7 cities in 2023 to date, for a collective sales value of approx. ₹4,063 Cr. In contrast, the whole of 2022 saw a total of 13 ultra-luxury homes sold in these cities for a total sales value of approx. ₹1,170 cr. In terms of ultra-luxury property sales, 2023 has already made Indian real estate history even before it is over.” Apartments remain the preferred property type Apartments continued to be the favoured property choice among HNIs, comprising 53 out of 58 deals, while the remaining five transactions were for bungalows. Approximately 79% of these transactions were carried out by business professionals, with an additional 16% facilitated by senior executives from various diverse sectors. The remaining 5% of deals involved politicians and Bollywood celebrities. Surge in sales linked to reshuffling of HNI investment portfolios This surge in sales of luxury homes is also linked to the reconfiguration of HNI investment strategies. Concerns about potential stock market volatility, largely influenced by ongoing geopolitical tensions, have prompted a shift in investment portfolios. Consequently, there's been a notable inclination towards investing in ultra-luxury homes as a more stable and secure asset class. The response from top-tier Grade A developers further validates this trend. These developers are amplifying their efforts to introduce more properties within the ultra-luxury category, catering to this escalating demand. Also, the demand for luxury and ultra-luxury residences has notably increased post-pandemic. HNIs and ultra-HNIs are actively purchasing such homes, viewing them as lucrative investments, as well as for personal use. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;background-color:#a054a0;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">City </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;background-color:#a054a0;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Micro-market </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;background-color:#a054a0;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Property-Type </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;background-color:#a054a0;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total Cost (₹/Crore) </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;background-color:#a054a0;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Area (in Sq. Ft.) </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mumbai </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Worli </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Apartment </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">230 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">29,885 </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mumbai </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Malabar hill </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Penthouse </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">253 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">12,624 </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mumbai </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Malabar hill </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Apartment </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">369 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">27,160 </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Delhi </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Golf Links </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bungalow </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">160 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">19,440 </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mumbai </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Malabar hill </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Apartment </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">263 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">19,254 </td></tr></tbody></table> Source: ANAROCK Research

FOMO and market volatility concerns key behind wealthy Indians lapping up ultra-luxury homes

The week gone by saw markets on a roll and score handsome gains on every day of the week. BSESENSEX gained 1,812.44 points or 4.68% to close at 40,509.49 points. NIFTY gained 497.25 points or 4.36% to close at 11,914.20 points. The broader indices saw BSE100, BSE200 and BSE500 gain 3.73%, 3.35% and 3.06% respectively. BSEMIDCAP lost 0.32% while BSESMALLCAP lost 0.03%. While the benchmark indices have recovered and are now trading at 7-month high, they are yet to cross the highest levels recorded during the year. The Indian Rupee was flat and gained one paisa or 0.01% to close at Rs 73.13 to the US Dollar. Dow Jones had a stellar week and gained 904.09 points or 3.27% to close at 28,586.90 points. With these gains Dow is in positive territory for the year 2020 and is higher than the year end level of 28,538.44 points. The week was eventful with TCS announcing its results and a buyback of Rs 16,000 crs at a premium to the market price. The stock which was at Rs 2,737.40 rallied to close at Rs 2,814.95 for the week. It had opened the week with strong gains and clocked weekly gains of Rs 292.20 or 11.58%. Wipro has also announced a buyback and the board would be meeting on 12/13 October. The share rallied strongly to close at Rs 374.10, a gain of Rs 61.10 or 19.52%. Incidentally the two-buyback announcements and decent results from TCS, saw the sector register strong gains with BSEIT up 9.17% and BSETECK up 7.67%. They were ably supported by BSEBANKEX which gained 6.73%. The primary offering of 51 lac fresh shares from Likhitha Infrastructure Limited which was extended due to poor response from QIB's was subscribed. The issue was extended to close on Wednesday the 7th of October instead of the original 1st of October. The QIB portion of 50% was reduced to 1% and the QIB portion difference was added to HNI portion. The issue was subscribed 9.51 times with QIB portion subscribed 21.99 times, HNI portion subscribed 1.54 times and Retail portion subscribed 23.71 times. This change in allocation from 50% to 1% during the issue was unprecedented and throws up a window of opportunities going ahead. The mega reverse book building issue from Vedanta Limited met its expected end with the exercise failing at the very first hurdle. The company failed in garnering support of enough number of shares to take it to the threshold level of 90%. Against thelevel required of 134.10 cr shares, the company could garner support of just 125.47 cr shares. Though there were bids for over 11 cr shares which were pending to be confirmed over the last 24 hours or more, they failed to get confirmed clearly indicating that the idea was to get the issue past the first hurdle. The case needs to be investigated by the exchange as to who were the persons who had bid for over 11 cr shares and did not get them confirmed even after such a long time. The strictest action should be taken against them as the promoters and merchant bankers of Vedanta wanted the issue to be extended by at least one day. The failure to get the required number of shares required, saved Anil Agarwal the embarrassment of having to acknowledge the fact that against his delisting offer of Rs 87.25, the book was built at Rs 320, which is approximately 3.66 times higher. Readers would recall that the promoter Anil Agarwal had made a delisting proposal at Rs 87.25 which was below the book value of the share way back in May 2020. This is when Covid-19 had broken out and crude prices fell sharply, but had then recovered. The promoter Anil Agarwal who has a track record of being unfair to minority shareholders, reduced the book value of his company by taking a notional impairment loss in the books which brought his book value to a similar oneto the delisting price. Further it is alleged that at his behest a report was published by an institutional broker and one of the top four online retail brokers which stated that the reduced book value was certified by SEBI. Of course, the broker concerned had to issue a rejoinder and withdraw the same. Kudos to Life Insurance Corporation of India which made a public statement about their bid for 23.66 cr shares or 6.37% of the companies holding at Rs 320 which they felt was fair value. This emboldened the minority shareholders and also ensured that even if Anil Agarwal went past the first hurdle of getting bids for 134.1 cr shares, the book building price would be Rs 320. Of course, there would be an opportunity for giving a counter offer by Anil Agarwal. This price was beyond the capacity of Anil Agarwal to pay and hence failed. What next? Expect the company to distribute the dividend received from Hindustan Zinc and not distributed so far amounting to Rs 12 per share approximately for Vedanta shareholders. This is a big setback for Anil Agarwal as he has always 'managed' to get what he wants and make minority shareholders be at the receiving end. The primary issue from Angel Broking Limited listed on the bourses and had a poor showing losing Rs 30.15 or 9.85% on debut day. During the course of the week, after losing further ground, the share recovered some of the additional losses and closed at Rs 274.70, down Rs 31.30 or 10.23%. The week ahead sees shares of Mazagon Dock and UTI AMC list on Monday. While the former is expected to post gains on day one, the latter would be under pressure. On the covid-19 front, the world saw 3,74,75,839 patients of whom 10,77,594 died and 2,81,17,060 people recovered. In India we saw 70,53,806 patients, 1,08,371 deaths and 60,77,976 people recovering. Compared to the previous week the world saw 23,36,140 new patients, 39,567 deaths and 19,88,650 people recovering. In India the number of new patients was 5,04,433 people with 6,559 deaths and 5,68,010 people recovering. For the third week in a row, the number of people recovering is higher than new patients. Coming to the week ahead, the markets have turned super buoyant and there is always anxiety and nervousness at such heights. The same would continue and be the state of the market in the coming week. The present October series has seen gains of over1,100 points or 10.26%. This is a stupendous gain and we still have almost three weeks before expiry happens on Thursday the 29th of October. There is no doubt that these gains already registered are unsustainable and would be partly pared before expiry. The moot point is when, and whether we would gain further before the correction? I believe there is still some more to come before the correction but there would be wild swings. Even at the point of repeating an often quoted saying about the markets in Hindi would be apt at this time. "SAU SONAR KI, EK LOHAR KI", which means 100 strokes by the goldsmith are equal to one by the blacksmith. Trade cautiously and enjoy the market moves but become cautious and exit at the first signs of danger. (Arun Kejriwal is the founder of Kejriwal Research and Investment Services. The views expressed are personal) --IANS kejriwal/in

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