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jimmiejcrochet · 4 years

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Liquidity effect greater than Covid19 for Nifty50, leading to Sector Rotation.

In our earlier post we had looked at Economy is Not Equal to Nifty50

Nifty now back at 10k from the highs of 12400 and lows of 7500.

Most of the global indices have now recovered more than 50-60% of the fall. Nasdaq has hit a new all time high. Around the world stimulus is coming from the government but in India the stimulus seems to be coming from the investors

1) The 21 lakh crores stimulus is actually 2 lakh crores

Source -

Why the ₹20-lakh crore stimulus adds up to just ₹2-lakh crore direct impact

2) The Indian Investor Stimulus to Equity Markets every year at 2 lakh crores !!

a) The SIP Inflow – 1 lakh crores

How much will it be in 2020-2021 ? For now the SIP aum is now almost 1/3rd of the total Equity aum and a lot of SIPs are turning flat to negative on 2-3-5 years time frame. Will be interesting to see behaviour in current times.

Why is this 1 lakh number big ? Compare it with FII action annually.

Above is considering even in Primary Market ( IPO) . Secondary market numbers lower. Even in 2008 the FIIs sold less than 1 lakh crores.

In March 2020 FIIs sold 65k crores and DIIs bought 55k crores. May and June FIIs turned buyers and markets have been inching up. Risk-On and Risk-Off continues without any economic or earnings growth which will lead to both turning buyers together.

b) LIC investment into Equities at Rs 70000 cr in 2020.

LIC investment into Equities at Rs 70000 cr and it generally averages more than 50000 cr a year.

c) EPFO investment into Equities

This is closer to 25000-30000 cr a year as per estimates. No direct source link but most of this money now goes into Nifty50 ETFs and now SBI Nifty50 aum has crossed 60k crore thanks to EPFO.

If this was not enough now we are seeing increased participation in Direct Equities across the world and in India.

1) United states

Young investors pile into stocks, seeing ‘generational-buying moment’ instead of risk

This website is interesting - https://robintrack.net/symbol/DAL ( Warren Buffet is selling Delta and Robinhooders buying.)

2) India

India’s lockdown mints more than a million new stock traders

Zerodha & IIFL Securities – Unique New Accounts Breakout in March

Source – IIFL Investor Presentation

Source – Tweet

Will do a detailed post on Flows to Floats again in coming weeks. Domestic Flows have taken the Equity Ownership to almost 15% of India compared to 18-20% of FIIs. A big change in the making if we see economic recovery in coming years.

( One of the reasons I like Broking companies for long term now is that the next shift could be direct equity participation and most broking companies are at cheap valuations. A company like Emkay Global is below cash or a IIFL securities has a large Real Estate Rental, BSE has more cash than market cap and a big building and CDSL shares, Motilal Oswal & ICICI Securities are solid brands. NAM India a good asset management co.) Disclosure – Biased and Invested. Do your own research.

Conclusion – There is a lot of liquidity chasing Equities and most of if it is coming through the Institutional Route – Mutual Funds, LIC, EPFO . This is leading to the flow finding relatively better placed sectors and will continue to do so till Flows do not shift to Redemptions. SIP and Mutual Funds Inflow data for May-September will give more insights. Sector Rotation is going to be the way forward to look for ideas.

SECTOR ROTATION

( Source of data – NSE and collated by my team mate Harsh Doshi )

We will look at the sectors from the peaks and troughs in the Nifty chart.

1) All time highs 20th January 2020. 2) 14th February 3) The Big Gap down from 5th March breaks 11k. 4) 7511 Bottom post lockdown start

Format of the data is falls from the 1st 3 dates to 4th June 2020 and recovery from the lows of 24th March to 4th June 2020

We did this another data driven article on 24th March 2020 – Do read

Equity–Never been so Bad so Quick. What Next ?

Excerpt from the post

The 2020 move did some things very differently. No euphoric move in end of 2020 like in 2007. The fall has seen no relief rallies of any sort. If this is the case the historical expectation of a sideways consolidation and a retest may not happen. So the recovery can even be very ferocious.

Shorts need to be extremely careful. This is not the time to panic and sell. It will take a lot of guts to buy equities today. But this is the time when multi-fold returns happen over next few years , if we survive the covid-19

The SectorWise Data

In the current post we are only looking at Nifty 50 stocks. Will mostly write another post with data on all other stocks in NSE universe.

The Nifty Performance

20-01-2020 12-02-2020 05-03-2020 24-03-2020 NIFTY -17.64% -17.54% -10.71% 28.98%

1) Banking and Financial Services – Hit on all time frames and a meek recovery.

One thing is clear the sector most hit from Covid19 and Lockdown is Banks and Financials due to the leveraged nature of the business.

FINANCIAL SERVICES 20-01-2020 12-02-2020 05-03-2020 24-03-2020 AXISBANK -43.68% -45.77% -39.59% 35.10% BAJAJFINSV -44.78% -45.91% -40.47% 17.53% BAJFINANCE -41.92% -49.42% -44.31% -2.52% HDFC -25.21% -24.69% -16.37% 21.96% HDFCBANK -18.54% -18.15% -11.21% 33.16% ICICIBANK -33.28% -35.04% -29.27% 20.35% INDUSINDBK -67.54% -66.15% -59.78% 38.42% KOTAKBANK -14.30% -19.15% -16.04% 20.27% SBIN -44.30% -45.38% -39.38% -4.53%

2) Automobiles – Did not fall much but What a Recovery and now close to where they were at 11k + Nifty !!

Automobiles have been the biggest surprise in terms of recovery as well as stocks like Hero Moto Corp is just 5% from the price where it was when Nifty hit an all time high. Two Wheelers have done well. Maybe the markets expect Two Wheelers to recover the fastest.

AUTOMOBILE 20-01-2020 12-02-2020 05-03-2020 24-03-2020 BAJAJ-AUTO -10.32% -11.53% 2.95% 43.69% EICHERMOT -17.89% -9.00% -1.31% 23.47% HEROMOTOCO -4.78% -5.07% 11.45% 41.37% M&M -14.47% -8.64% 1.21% 80.33% MARUTI -24.51% -20.15% -11.65% 25.36% TATAMOTORS -49.36% -42.23% -21.47% 44.06%

3) Cements – Not as much of a fall and a decent recovery.

Cement sector price moves have been pretty range bound. The market-men talk about how the world needs to learn from the Cement sector in terms of controlling cement prices.

CEMENT & CEMENT PRODUCTS 20-01-2020 12-02-2020 05-03-2020 24-03-2020 GRASIM -22.64% -20.86% -12.13% 49.41% SHREECEM -6.50% -12.39% -6.23% 27.39% ULTRACEMCO -13.69% -13.42% -8.31% 27.76%

4) FMCG & Consumer Goods – Expensive valuations now moving towards Vanity.

Stocks like Britannia ITC Nestle are higher than what they were at 11k + Nifty. ITC , Britannia has been the biggest surprise in terms of recovery. . India does not have any FANG type stocks and the only ones where earnings may not collapse crazily seems to be consumer goods and so the space continues to keep getting expensive. Till how long ? Remember Hindustan Unilever had a 12 year zero return ( ex of div)

Asian Paints continues to baffle most. The joke is Market thinks people may not pay loans but will definitely get their house painted. A good short ?

ITC limited did not see a re-rating for a long time and now is higher than 5th March prices whereas it should take a sales hit due to lockdown more than a Britannia. Relatively cheaper a reason for attractiveness now ?

CONSUMER GOODS 20-01-2020 12-02-2020 05-03-2020 24-03-2020 ASIANPAINT -7.15% -9.35% -8.42% 12.57% BRITANNIA 12.86% 11.91% 12.25% 48.45% HINDUNILVR 2.79% -6.19% -4.40% 4.57% ITC -18.69% -7.67% 4.60% 31.40% NESTLEIND 12.91% 6.81% 5.01% 29.15% TITAN -17.13% -22.43% -21.82% 20.62%

5) IT - Did not fall but recovery also has been meek but most stocks not far from the highs of 11k-12k Nifty

IT has been one sector in India which has done really well in terms of Cash Flow generation and Distribution to Shareholders but has always been considered a few steps away from Disruption and Inflection. For example TCS may beat Hindustan Unilever on most parameters of growth, return ratios but will never command similar valuation coz of risk of disruption . Not the worst impact and that's why not a sharp fall and a slow steady recovery.

IT 20-01-2020 12-02-2020 05-03-2020 24-03-2020 HCLTECH -4.49% -8.35% -2.36% 27.32% INFY -8.71% -10.18% -7.03% 18.95% TCS -5.72% -5.74% -3.71% 20.14% TECHM -28.91% -32.65% -26.83% 9.88% WIPRO -14.78% -13.54% -7.99% 19.85%

6) PHARMA – The Big Gainer from the Sector Rotation

The biggest gainer in the sector rotation has been Pharma. This is seen across microcaps to largecaps. Pharma sector topped out in 2015 with some exceptions like Divis ipca etc which recovered very fast in 2018-2020. The recovery has been the sharpest in Pharma and most names are much much higher than the 20th January Nifty highs. Can it be a leader sector going forward ?

PHARMA 20-01-2020 12-02-2020 05-03-2020 24-03-2020 CIPLA 33.54% 43.51% 45.53% 69.88% DRREDDY 29.51% 23.99% 24.43% 38.64% SUNPHARMA 5.94% 14.85% 17.60% 42.07%

7) Telecom – Strong getting Stronger

After almost a 10 year hiatus the sector has been gaining strength in last 2-3 years and now the two biggies Bharti Airtel and Reliance are close to all time highs. Can it continue leadership.

TELECOM 20-01-2020 12-02-2020 05-03-2020 24-03-2020 BHARTIARTL 8.44% 2.23% 4.70% 36.53% INFRATEL -1.28% -10.01% 2.00% 54.28% RELIANCE 0.61% 4.85% 17.58% 63.41%

Not putting data for Oil and Gas, Metals, Construction, Power services as lower weightage and the fall has been in line with the Index.

To sum it up its almost 50-50 for underperformance on all time frames. Banks and Financials, Oil and Gas, Metals, Construction form the 20-25 stocks which have been hit. Given the highest weight of Banks and Financials we can conclude ex of Nifty we are back to 11k-11.5k !!

Sector Returns 20-01-2020 to 03-06-2020 Returns 12-02-2020 to 03-06-2020 Returns 05-03-2020 to 03-06-2020 Returns 24-03-2020 to 03-06-2020 Nifty -17.6% -17.5% -10.7% 29.0% Stocks outperforming Nifty 22 24 25 26 Stocks underperforming Nifty 28 26 25 24

Conclusion

The large caps in Nifty which may be relatively less impacted by Covid19 and Lockdown have recovered in a big way. But these companies are relatively better to the rest and not at an advantage.

Consumers, Auto, Paints look overheated and one needs to avoid or even look for short ideas when price action changes.

Even the Nifty at 10100-10200 looks stretched, but price action yet to reverse.

Leadership status of Banks and Financials is now gone and Telecom,Pharma,IT showing signs of leadership.

As a whole a lot of largecaps are no more interesting as buy ideas with risk-reward not being great. Like March end was not a time to sell , this is not a time to buy.

One can only look at selective bets in the broader markets as there the falls have been sharper and recoveries could be really sharp. Many range breakouts seen giving trading opportunities and in some cases could be major bottoming out.

Worst Strategy - Multibaggers in bull market, ‘safe leaders’ in bear market?! Time to keep researching microcaps,smallcaps,midcaps, new sectors.

Will try to make a post on broader market behaviour if possible( very time consuming.)

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DISCLOSURE Nooresh Merani

Securities covered above: All mentioned in the above post

SEBI Registration disclosure - Investment Adviser ( INA000002991)

Financial Interest:

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Nooresh Merani and his family/associates/ analysts have not received any compensation from the company/third party covered in the above report/article ever.

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The views expressed are based solely on information available publicly and believed to be true. Investors are advised to independently evaluate the market conditions/risks involved before making any investment decision

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Liquidity effect greater than Covid19 for Nifty50, leading to Sector Rotation. published first on your-t1-blog-url

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tradenivesh · 5 years

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Budget has enough firepower to put India on 6% track in FY21; Coronavirus concerns weigh

Trade Nivesh | If the Coronavirus situation mounts further, it will certainly have serious repercussions on the global economy.

While Budget 2020 fell short on overall general expectations and could have done more to revive consumptions or investments, we still believe that it gave enough firepower to achieve a 6 percent growth in FY21, Lav Chaturvedi, ED & CEO, Reliance Securities, said in an interview with Moneycontrol’s Kshitij Anand.

Q) Markets seem to be inching higher and probably climbing all wall of worries, at a time when inflation is on the rise, IIP suggests contraction and earnings have been Ok. On the global front, Coronavirus is making investors edgy. What is fueling the upside in markets?

A) Key indices like Nifty along with few key sector indices have moved up significantly. However, the action has been restricted to a relatively smaller universe of stocks.

The trend of broad market breadth parameters like the number of stocks recording fresh 52-week highs compared to stocks recoding 52-week lows clearly indicate that the participation is not as broad-based as it seems.

Further, the Coronavirus outbreak has made global investors jittery, but at the same time, it offers healthy business opportunities especially for India as we have seen that Indian manufacturers witnessed increased numbers of orders from other countries due to supply disruption from China markets.

Also, the money is flowing through ETFs and Mutual funds, both with active participation from domestic as well as overseas markets.

Low-interest rates offered by banks and suboptimal returns from other asset classes like real estate is also aiding the flows into the equities.

Q) Do you think the Budget 2020 had enough firepower to push the economy back towards 6% in FY21?

A) While Budget 2020 fell short on overall general expectations and could have done more to revive consumptions or investments, we still believe it gave enough firepower to achieve a 6 percent growth in FY21.

A series of measures to revive the rural economy as to doubling the farm income by 2022 and an 18 percent increase in the government’s capital expenditure allocation are positive steps to make desired growth.

Further, the government’s strong commitment to reviving infrastructure development under the National Infrastructure Pipeline will go a long way to ensure economic prosperity.

Q) Coronavirus concerns are mounting and if the situation escalates further do you think it will have a long-lasting impact on the Indian economy and impact earnings of India Inc.?

A) If the coronavirus situation mounts further, it will certainly have serious repercussions on the global economy. However, looking at tight measures taken by various countries, a widespread global impact appears to be difficult, but trade activities may be impacted to an extent.

For India, this could be a blessing in disguise as this may open sizeable business opportunities. In addition to this, huge consumption potential within India is enough to withstand any global slowdown.

In short, we are still not perturbed much about Coronavirus outbreak as of now and we expect this epidemic to ease out shortly.

Q) What is your take on December quarter earnings? Are there any green shoots?

A) Concerns of demand related issues continued to prevail during the quarter which was evident from muted revenue growth registered by various companies. Benign input costs aided companies to report decent operating performance.

However, if we go by the management guidance or communications after the result, most of them are of the view that rural uptick is on the cards and likely pickup in infrastructure activities will result in a healthy business environment going forward. Our in-house view is that FY21E will be a better year for corporate earnings.

Q) What is your take on LIC going public? It would no doubt become the most valued company in terms of market cap but will the government make this happen in the next 12 months or so? Challenges and opportunities?

A) We believe that LIC IPO can happen in the next 12 months or so. Apart from amendments of certain defined rules that may be required, LIC possesses a behemoth of tangible assets across the country which may need an assessment from a fair value perspective.

A successful listing will bring more transparency and will bring LIC at par with private insurance companies which will bode well for investors and policyholders.

Q) Mutual fund investors are showing their confidence despite weak macros and volatile equity markets which is a positive sign. Investors have pumped Rs 1.2 lakh crore into various mutual fund schemes in January. But, this time small & midcap schemes also attracted a large sum of money. Do you think the lull in small & midcaps is over?

A) Our in-house view is that unlike last year this year is likely to see the relatively broad-based rally and quality mid-caps and small-caps are likely to outperform the benchmark.

Q) Valentine’s Day just went by – when did your love with capital markets begin?

A) My name is Lav hence I could relate better to Valentine's day! Having said that my love with Capital Markets started during my school days and I have had a healthy journey so far. Capital Market is like any marriage or love…where Commitment is of essence!

#trade nivesh #coronavirus #intraday stock tips

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peppernephew7-blog · 5 years

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Financial sector unnerved by DHFL's payment default

Nomura analysts said the Reserve Bank of India and the government would need to segregate the potential solvency issue at DHFL from liquidity issues at other larger wholesale NBFCs and HFCs.

The latest default on interest payments by Dewan Housing Finance Corporation (DHFL) can accentuate contagion risk in the Indian financial sector as banks, pension and mutual funds, and insurance companies have an exposure of around Rs 1 trillion to the company, warn analysts.

It is crucial, they say, the company sell its assets in time and the government steps in to prevent the DHFL contagion spreading to other financial firms.

“This default could also accentuate contagion risk in the financial sector (in the backdrop of IL&FS’ default last year), leading to higher costs and polarisation of funds to better-rated NBFCs - those with liquid balance sheets will also be better off,” global financial firm CLSA said in a note on Thursday.

Nomura analysts said the Reserve Bank of India and the government would need to segregate the potential solvency issue at DHFL from liquidity issues at other larger wholesale non-banking financial companies (NBFCs) and housing finance companies (HFCs).

“A possible solution could be to provide a liquidity line to solvent NBFCs/HFCs so that the DHFL issue does not lead to a contagion,” they said in a statement.

The fear of a contagion was highlighted by CARE Ratings on Wednesday when it said there had been a deterioration in the liquidity profile of DHFL, with cash and liquid investments decreasing within a month from Rs 4,668 crore (including reserve requirement) as on March this year to Rs 2,775 crore on April 30.

DHFL is expecting a negative cumulative mismatch of around Rs 4,180 crore between June and August in its cash inflows and outflows, CARE said.

Indian banks will have to take a significant haircut and make provisions as they gave loans worth Rs 50,000 crore by way of loans and bonds to DHFL.

Besides, life insurers, including Life Insurance Corporation (LIC), and pension funds have an exposure of another Rs 30,000 crore to the company.

Dewan Housing also raised deposits of Rs 10,000 crore, or 10 per cent of its total liability, from retail investors. It raised another Rs 10,000 crore from mutual funds and via external commercial borrowings.

“Mutual funds, with an exposure of Rs 5,000 crore, or 0.4 per cent of debt AUM, will be the first to take mark-to-market (MTM) hits of as much as 75 per cent.

"Banks will also face similar MTM risks on bond books, but for loans they will follow 90 days past overdue for NPLs (non-performing loan) and time-based provisioning that starts from 15 per cent,” CLSA said.

Analysts said timely sale of DHFL assets would be the key to its survival.

The group has already sold its stake in affordable housing finance company Aadhar, which would bring in Rs 2,700 crore, and plans a three-way split of the company into retail book, corporate book & SRA-financing (slum redevelopment) book and then sell portfolios.

On June 4, DHFL missed interest payments on its NCDs amounting to Rs 960 crore raised in June last year.

According to the trust deed, the company has seven working days to make the payment before it is termed as default.

The company has said it would start repayment from next week.

Image used for representation purpose only

Photograph: Rupak De Chowdhuri/Reuters

Source: https://www.rediff.com/business/report/financial-sector-unnerved-by-dhfls-payment-default/20190607.htm

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yoursvaibhav · 3 years

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Season 1 – Savings – ‘Nill to Some’ in last 70 years

In earlier days say like 1930s to 1950s the kids aged five to twelve years had six to ten siblings and their respective parents could afford to educate the first two or three of them. Younger ones were educated either at their grandparent’s home or the elder siblings paid for their younger ones as all grew together. The parents never worried or thought about how would they bear the expenses for these kids, educate them for job worthy, marry them and set them free.

Then came the era of 1960s to 1990s, the children born in these years were two to four siblings, parents became a bit more cautious and started savings for their kids’ education and marriage and all bringing up expenses. The parents of these years were mostly govt servants or semi govt jobs and some got into education and teaching. In this era Insurance of self and family was restricted to LIC and financial planning was aided by some Govt schemes, gold or some bank savings. Don’t be surprised to know that persons who attained superannuation from active service in 1980s and 1990s didn’t have a bank account even.

As mentioned earlier, the parents could bear the fees of first two kids and for rest kids it was done by others, hence there was no point of having savings. Yes my good friend gold was always decently stored in such households. And many believed it to be savings for a critical day. The obsession for gold still continues. Second most important aspect of savings / assets was land / house made on own land.

As the generation grew older, parents shifted with eldest sons, the ancestral house was sold and each of children would get his / her share as per love and understanding amongst all. Each individual took his / her share and migrated, either to a different town or the newly developed outskirts of the same town and build the house / flat as per the requirement of the new generation. Any Savings? Could not be as all was invested in the new house plus some soft loan from banks or friends/ relatives.

These set of people mentioned above are maximum who retired from active job between 1990 to 2010. They always had limited expenses and with their own house they all survived their retirement and some shifted with their sons / daughters family.

As they amicably settled in their limited expenses, need of financial planning was never felt. And biggest support was the pension to the retirees from Govt jobs. Whatsoever was the pension amount plus some meagre savings made their retired life happy.

The other set of people were employed in Private jobs or no pension jobs. Private jobs paid well and hence lifestyle improved and expenses grew. After spending well they had savings in banks. Also banking sector came up with loan products and easy EMIs

The generation which got their first pay cheque in the years 2005 to 2010 were told by their seniors and parents to have awareness of Savings and Investing for future after all decent necessary expenses. In this same period 2005 to 2010 many insurance companies brought in their products for savings and investing ‘small amounts’ to get good returns in future, but still everyone understood one good friend LIC. What have you done for investments and tax planning, prompt was the response I have one two or three LIC policies. What would that policy give in return and maturity amount was not known to many. Complete awareness and total solution was still not known. It was hazy. Internet searches were also limited in these years.

So where did these people / generation spend? Good clothes, latest furniture, LCD / LED TVs, coolers became ACs, desktops and above all mobiles. Good thing was they were cautious and calculative in spending.

Savings? Yes, they had better bank balance than their seniors and parents. Yes, for sake of investments they had some policies which their young friends sold , who joined the Insurance sector, “Bhai ek policy le le , mera target ho jayega”

The Best era starts… 2011 to 2018 (this is called Best as worst was also witnessed from 2019 to 2021)

Corporate culture, private jobs, malls, shopping, gadgets, foreign travels, Big car, home (flat purchase) , heavy pay cheques, good increments on job switching, TV and AC for each room. Lifestyle changed !

Acquisition of any material thing from Rs 500 for a coffee to a flat in a multistoreyed apartment all looked affordable and on a click of mouse the search could start and the end was possession.

Financial Planning? Yes, it is the next level after “savings”, it started budding and practiced and preached by some smart individuals.

Savings, investments all types of insurance (gold, land, home, home loan, medical, accidental, cancer, term plan) started getting discussed. Also planning for future goals like child’s education, his / her marriage, retirement. Mutual funds, SIP, Calculators, NPS, Term Plan, PF, VPF, Home on loan or stay rented throughout life all was discussed, debated, deliberated amongst the youth. Generation who started earning in 2000 till 2018 all started sharing their knowledge and it became a subject and agenda of meetings, while the elderly senior citizens enjoyed as they were more or less settled.

It is a long way to go, till each person whether earning or not, in age group of 25 to 45, as on today, understands the importance of financial planning, corpus money and retirement planning with funds for goals.

Author wishes to submit a disclaimer that he has immense respect for the Senior generations and their lifestyle. He has no biasness towards any investment mode and model, product or company.

#investment #investing #savings #budgeting #financialfreedom

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supervidyavinay · 4 years

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Ajit Dayal, Founder, Quantum Advisor, is back in circulation. Though he left Quantum Mutual Fund three years ago, Dayal continues to be the face of the fund house for its most loyal investors. Shivani Bazaz of ETMutualFunds.com caught up with Dayal to find out his thoughts on a wide range of issues from the current pandemic to the future of value investing. Edited interview.We spoke to you last when you were leaving Quantum Mutual Fund almost three years ago. How have you been? What keeps you busy these days?Barring trying to avoid COVID-19, I have been well – and busy. While the succession plan had been put in place prior to my resignation from the Boards of the Sponsor and Quantum AMC in August 2017, there was still a residual hand holding that took up some of my time in the following year. In October 2018, I was drawn back to help Quantum in the efforts that we had started on converting our Integrity screen in our investing process to a full-fledged ESG-integrated approach. We had started building teams in 2014 for ESG and I spent some time over the past year on ensuring this process was completed. So, I have retired in one sense – but I let the passion drive me and direct my involvement with Quantum Mutual Funds and the Sponsor. You still seem to travel a lot, especially abroad. Is there anything left of the India Story abroad?I spend my time travelling to educate people on the reality of India and asking them not to get caught up in undue optimism or pessimism. The BRIC fairy tale penned by Goldman, Sachs hurt India because it numbed Indian policy-makers into believing that India would rise to some Super Power status because some overpaid economists with little Indian knowledge mandated so on their spreadsheets! By the time of the Great Financial Swindle and the collapse of Lehman in September 2008, the India story was in danger because of the UPA government’s focus on growth at any cost – including questionable and possibly corrupt deals, as has been seen in many court verdicts. The Modi win in May 2014 was seen by many as a re-set and an opportunity for the realization of the Great India Dream. Sadly, the Modi government has proved and shown its inexperience and incompetence when dealing with economic matters. Their mastery over winning elections and toppling state governments is well established and proven. However, while that may allow a consolidation of social power and a dominance of religious beliefs – it does not feed the stomachs or the aspirations of the poor and the middle class. The disastrous demonetisation of November 2016, not only aborted the trajectory of an economy that was about to take off after a great kharif crop in 2016, but rolled back the clock on gains made by small businesses and farmers by adding to their debt levels due to a frozen, cashless economy. The GST is, in my view a fundamentally flawed policy authored by the Congress and, sadly, adopted by the BJP. Furthermore, the penchant for issuing one circular a week for two years to explain GST highlights the lack of understanding by the policy makers of the reality of business and also adds heft to my basic premise that GST is a flawed policy because it hurts the smaller companies and limits the flexibility of every state to create its own business plan. Given the distortions that exist in the reality and perception of India – either bullish or bearish – my travels will continue, subject to COVID!Indian economy was already passing through a very bad phase when the pandemic hit the country. How do you view the current situation?Clearly, the Demonetisation of 2016, the GST of 2017, the collapse of IL&FS of 2018 and the continued support by the political class of the real estate sector – which supports zombie ghost buildings and prevents markets from functioning - has led to a sharp slowdown in the Indian economy and a near-freeze of the banking system for over 2 years. The unexpected COVID has hit a death-blow to India from a social and economic perspective. Rather than stepping in to send the patient to the ICU, the central government is busy spending money on a new Parliament complex and, in Mumbai, the state and municipal government is spending 100x more on a coastal road being built for 50,000 cars rather than hospital beds which are needed for millions. The mutual fund industry got a Rs 50,000 crore bailout from the RBI within 48 hours of the Franklin Templeton debacle and has access to bank loans. The migrant workers are still finding and self-funding their way back to their villages and the Atmannirbhar is now a fancy word for a more blunt “you are on your own – the government has deserted you” state of mind. In a recent article I pointed out that less than 5% of companies may have cash to pay salaries for 6 months – by the time you add interest payments and other fixed costs, companies will not have the ability to survive this unnecessarily long lockdown. Basically, the lockdown was a failure of the central government to plan and the states that have done well are those with better local governments. Maharashtra and Gujarat were failed models and Karnataka and Kerala, to name a few, had successful plans. Multinationals looking to relocate to India will be haunted by the images of the migrant workers and of the bungling by certain states, including the failure of the Gujarat model and the confusion of the Maharashtra government. When an MNC is trying to de-risk its supply chain, it will not seek another risky host state!The government’s stimulus package seems to have disappointed almost everyone. How do you rate the government's efforts to revive the economy?The government remains clueless on policy. While its citizens are dying, it is worrying about fiscal deficits. The government has now evolved a class partition within migrants. The more successful migrants like fund managers get a bail out, some migrants may sit at home and raise thousands of crores in rights issues supported by government agencies and public money, the less successful get to walk 600 km to reach their villages and can audition for a TV series on Survival. Indian industrialists continue to give their standard “8 on 10” for every useless policy from any government. The only thing that will work now is a direct transfer of 4% of GDP or Rs 9 lakh crore - sending Rs 10,000 per month for 6 months to 150 million households in India. We need to rescue the largest and most distressed people in our society. The BJP government has done a fantastic job of accelerating the programmes started by the UPA: MNREGA and the Jan Dhan accounts. Now is the time to activate this facility and use it as a safety net for society. Keep in mind that 4% of GDP given to the poor will lead to consumption – that will boost the recovery of the economy, of society, and mitigate the human tragedy to some extent. Having LIC subscribe to a rights issue of Reliance or a Bharti does not help the economy – it helps those specific companies and their shareholders.The great Indian middle class is facing serious threat due to the Covid-19 pandemic. A lot of job cuts and pay cuts are threatening the very existence of the middle class. Will it further dent the consumption story?Since 2009, a sample of 180 listed companies sourced from Equitymaster had profits of Rs 29 trillion (Rs 29 lakh crore) and paid out 63% of that as dividends of Rs 18 trillion. If they had kept aside a 20% reserve pool – for bad times such as a drought year or a COVID pandemic – they would have had internal reserves to pay salaries for up to 4 months without seeking alms from the government. The certainty of the salary cheque for middle class and lower class India would have been a huge morale booster and allowed a quick recovery from urban India. In the 1980s I criticized corporate India for being inefficient and sleepy and helped import the concepts of financial discipline and efficiency that came along with the fund flows from foreign portfolio investors. Alas, today, we live in the era of companies focused on quarterly profits and maximizing shareholder value and suppressing their duty to look after the human capital that actually makes the company profitable. With the exception of the glorified CEO and senior managers who are paid too much money. An economy is only as strong as the depth and breadth of the middle class and aspiring lower classes. COVID has shown how we have little respect for this backbone of future prosperity.Even their investments are not in great shape. Debt mutual funds have completely betrayed the trust of investors. First, it was a series of downgrades and defaults, now a mutual fund just shut its debt schemes to tide over a difficult situation. Many mutual fund investors have started saying mutual funds sahi nahi hai. As an outspoken critic of the industry, what is your take on the industry?I could write – and probably should write – a book on how the mutual fund industry has become the prime example of a great idea gone wrong. Conceptually, the mutual fund is a great way for most people to invest their savings in the financial markets. Sadly, SEBI uses capital requirements as a filter to separate the crooked from the good. And look where we are. In 2005 investors were mis-sold the BRIC story and the damage to their portfolios after 2008, caused investors to shy away from mutual funds until Prime Minister Modi brought a renewed sense of vigour to the Indian economy. Though the economic promise was not delivered, the confidence and faith saw more inflows into mutual funds in the past 5 years than in the previous 22 years. All this means is that, sadly, the CEOs and Star Fund Managers of many mutual fund houses rubbed their hands in glee and sold more toxic products to gullible investors. Franklin Templeton is not the only fund house that took wild bets to earn more returns so that they could gather more assets. Look at the facts sheets of the top fund houses in January 2020 and see the games they were playing with investors’ money to gather more assets. It is scandalous and shameful. SEBI should cancel the licenses of these Asset Gathering fund houses. They have proven themselves to be unfit and improper to manage retail money. Let them use their PMS licenses to gamble with the more sophisticated or aware HNI money if they wish. Mutual fund is a sahi vehicle - but investors have to realise that many of these branded fund houses are cowboys shooting from the hip.Many equity mutual fund investors, including seasoned investors, are struggling to make sense of the stock market that is increasingly driven by excess global liquidity. You are lucky if your fund manager is adventurous enough to pay the extra high price for the stocks. How does a value investor like you see the situation?The foundation of my investment experience is built on the “value” style of investment as taught to me by Tom Hansberger, who was a partner of the legendary Sir John Templeton. Over the past 5 years, value has become less relevant as a style of investing. In the US, the technology stocks dominate market movements. In India 3 stocks (HDFC, HDFC Bank, Reliance) accounted for 66% of the gains in the BSE-30 Index between May 2014 till the market peak in January 2020. So it is a concentrated market movement. Knowing that “value investing” may fall out of favour in a changing world we had built the Quantum Equity Fund of Funds which captures styles from large cap to small cap to growth as a complementary to the Quantum Long Term Equity Value Fund. We have, for years, been suggesting that investors allocate their equity across styles by investing 80% in the other styles and 20% in the value style for a blended and smoother return. This formula has worked and I hope people did – and will – try it! The Value Fund was the first fund we launched because that is what we knew well – and then we built teams to identify and build solutions around other styles of investment and other asset classes. Today, with just 8 funds, you can use a building block Lego-style to create a financial solution to match your needs, keeping the Value fund as one portion of your allocation bucket.The underperformance of Quantum Long Term Equity Fund has been a cause of concern for many value investors. Do you think value investing has lost its relevance in the current market scenario? In fact, most value funds have been languishing at the bottom in the last few years. And many investors believe we are again going to see liquidity chasing a few select stocks. Please comment.Value as a style of investing is struggling – worldwide. I see that helping in the near term but the long term benefits of an allocation only to a value fund remains in doubt. After COVID, many companies will be in trouble as they may not have strong balance sheets. So the Value stocks should, generally, have more cash and less debt and have a better chance of survival. After that survival is known and when the economy picks up steam - maybe in the middle of 2021 - then the debate is whether the similar Top 3 stocks will account for 66% of the gains in the future. One needs to recognize that these styles of investment are all like pathways to the divine. There are varied levels of risk in a small cap, mid cap, growth or value approach but they seek the same objective: returns. Personally, I have a blended portfolio with the Equity Fund of Funds and the Value Fund and suggest that investors should consider that.Be sensible, be safe, and be diversified. This was the advice you had given to ETMutualFunds.com readers in the last interview. (Read: We have done all that we said we would do) Does the advice remain the same?Yes, the returns you seek is not an end in itself, made in isolation. The returns an investor seeks is an objective to achieve a future goal. No one has any idea which asset class will do well in a one, three or five year period. Therefore, you must have your safe money in liquid funds, your money for future needs in equity funds and your insurance in gold savings funds. Quantum MF has built these simple solutions methodically, brick by brick. My savings are housed there! from Economic Times https://ift.tt/3hAIvUa

#News #Economy #COVID19

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summariesandsomesuch · 4 years

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LIC is huge, people are stupid

AUM of 30 lakh crore, annual premiums of 3.8 lakh crores. 19K cr in just commissions to agents. All Indian mutual funds combined are less than 27L crore. It collects 4x the annual premium of the next biggest insurer - SBI Life. (After SBI, theres ICICI and then HDFC) and growing premium by ~20% a year.

LIC is very opaque. Even in participating policies (i.e., non term, i.e., those that give you back something if you don’t die), it does not disclose how much it will be sharing. It just gives you the money it thinks is right. These are non-linked. i.e., not linked to performance of their investing your money. Good thing is non-participating will never pass on the loss to you. In linked, you get a the money that was made on your premiums (minus the management fees that LIC takes) - in this case, losses can pass, but we’re talking of LIC that invests in THE MOST SECURE products - central and got bonds, AAA rated corporate bonds etc. Plus you only get paid after 15 years, so you don’t bother yourself with yearlyy returns. Some state governments have defaulted on small amounts (2-5 cr) in the past, but thats not even pennies. Why did LIC choose these bonds and allowed govts to default is another opaque matter and we’ll not know anything till it goes public.

The reason most of the policies with LIC are non-linked is because it has been existing for a long time in the past when people were more weary. Even now, its majority presence is in Rural areas where people do not want to take any risk and are happy with just getting their money back. For companies that work mostly in urban areas, say HDFC, the ratio of linked and non-linked is 50-50.

Term policies cost significantly less than participating, but just because people are told “that they’ll get the money back” they think they’re not being ripped off. Truth is, insurer makes just as much, if not more in both plans. They only keep the small amount as provisions for deaths etc which is equivalent to term policy premium. The rest they invest and give back to you for a 4-5% return that even you could have easily earned on an FD. So literally no benefit to you, but loads to LIC. It’s really a function of how badly designed products actually appeal to investors simply because you use terms like, “I get your money back.”

For every surrender, LIC only give back a part of premium - not whole - and there it makes free profit. For every year that medical sciences get better and people’s life span increases, LIC makes more profit. Its a profit making machine, printing money from everything it touches.

Oh, and because its only accountable to the GOI and the GOI doesn’t care because LIC doesn’t pay taxes (whaaaa?) it just keeps adding the huge profits it makes to the provisions. In terms of the cash flow, all this goes into investments and LIC’s AUM grows and grows and grows. LIC holds 15L cr in central govt bonds, rest in states and corporate bonds.

At this point, LIC has 32K cr ,NPAs. of 32L cr AUm. Thats 1% NPAs. And ITS ALREADY BEEN PROVISONED FOR! so they have, basically 0% NPAs.

Also they’re invested everywhere from banks to MFs to REs. There’s mch more, but you get that they’re huge and highly attractive. So if it ever goes public, it will see a lot of people willing to dip their toes. But the offering would be small, like in case of IRCTC and so the prices will rise and it might lose charm by becoming too expensive, but that only remains to be seen whenever it files it prospectus.

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vsplusonline · 5 years

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Where should my dad invest after retirement? Answers to your personal finance queries

New Post has been published on https://apzweb.com/where-should-my-dad-invest-after-retirement-answers-to-your-personal-finance-queries/

Where should my dad invest after retirement? Answers to your personal finance queries

Q. My dad is retiring this month from service. He will get a substantial lump sum in the form of gratuity, provident fund and other dues. How should he invest this money?

A. We assume a key goal, post-retirement, will be to earn regular cash flows to either meet his living expenses or supplement the pension he’s receiving from his employer.

Apart from this, even after retirement, it is important to have a growth component to one’s portfolio that can grow one’s capital to keep up with inflation. Without this, the capital investments may lose value with time, given the bite of inflation. Presently, after sharp cuts in interest rates by the Monetary Policy Committee, fixed deposits from leading banks offer interest rates of 6.1-6.5% (taxable) for 1- to 5-year terms which are quite unattractive. We can suggest three other regular income options that offer a better combination of safety with returns.

Your father can park the first ₹15 lakh of his retirement proceeds in the Senior Citizens Savings Scheme offered by the post office and also available at leading banks. This is a government-backed small savings scheme on which the Centre resets interest rates each quarter. For the current January to March 31 2020 quarter, the rate offered is 8.6% per annum, which is far higher than the rates on bank deposits. Investments are locked in for five years, with extension of the maturity date allowed after five years. Interest is paid out on a quarterly basis to the investor.

A second scheme is the Pradhan Mantri Vaya Vandana Yojana from LIC which allows an upfront investment of up to ₹15 lakh per individual. The scheme pays out guaranteed pensions on a monthly, quarterly, half-yearly or yearly basis at rates of 8%, 8.05%, 8.13% or 8.3% respectively on initial investment. The scheme carries a 10-year lock-in period. If the policy purchaser doesn’t survive the term, the purchase price is refunded to the nominee.

A third option is to invest in GOI Savings Bonds that offer 7.75% interest per annum. The bonds, available on tap from banks, lock in the investor’s money for 7 years and allow you to earn either regular interest payouts or a cumulative value at maturity. The bonds need to be held to maturity and are unlisted and non-transferable. The interest on all of the above options is taxable and the post-tax interest, depending on your father’s tax slab, may be lower than the rates mentioned above. However, these schemes still score for their high interest rates compared with bank deposits despite their high safety as central government-backed schemes.

After deploying 75% of his retirement proceeds in the above three options, your father should invest about 25% of his capital in a multi-cap equity fund with a good track record. This investment should be in the growth option so that it can deliver capital appreciation that will boost his portfolio returns to keep up with inflation.

Apart from these options, your father should also have some money, equal to nine months’ living expenses, parked in a deposit with a leading bank that can be withdrawn at any time for emergencies. It would be wise to get a health insurance cover to protect his finances from medical emergencies.

Q. I’m 22 and earn ₹3 lakh a year. I don’t have any expenses as I am staying with my parents. I want to know where to invest the money so that it will give me good returns.

A. Your choice of investment options will depend on what you want to save up towards. It would be a good idea to map out your financial goals over the next one year, 3-5 years and longer time frames. Once you have such goals in place, you’ll need to quantify the target corpus for each.

For 1-year goals, we suggest you use a recurring deposit with a leading bank to invest. For 1-3 year goals, fixed deposits or SIPs in short-duration debt mutual funds would be ideal. For 3-5 year terms, the post office time deposit or corporate bond mutual funds that invest mainly in safe instruments would be good options. Towards more-than-5-year goals, you can invest in SIPs in multi-cap equity funds. When choosing funds, be sure to select those with a good 10-year record of outperforming their benchmarks and category, or take the help of a qualified adviser.

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jayantharde · 5 years

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Life Insurance Plans for Every Working Woman

Women today are more socially motivated and work hand in hand with their husbands to meet their needs and give their children a better future. Over two-thirds of India’s women are family breadwinners or co-breadwinners. But they are able to let the men in the family take over when it comes to their financial planning. Unfortunately, as far as the house ladies are concerned, the attitude towards money is still pretty much the same as it was decades ago. Working women need to know that if they share all other family responsibilities, they also need to come up with some smart financial planning that can help them protect their lives against uncertainties that can affect their financial status.

In all facets of life, women have broken barriers-whether it’s the glass ceiling in the corporate world or international records in various sectors. In terms of investment, however, women in India have been rather hesitant to deviate from conventional forms of investment such as gold and bank deposits. There’s one investment, though, that is extremely crucial for everyone that we don’t really think about life insurance. While life insurance has grown into a variety of instruments that provide protection and security for life, our thoughts on this worthy investment remain basic. There are various life insurance policies that cater to women’s needs in different stages of their lives. Whether you are a young professional who is still trying to figure out your investment options or a mother who is looking to secure the future of your kids. Here is the list of life insurance you can go for explained by Jayant Harde:

The First Time Investor & Term Plans

Probably one of the simplest tools-term plans-is the first type of life insurance. As the name suggests, term plans are basic life insurance covers that have a fixed period of time with systematic premium payouts. The flexibility of the cover and the added tax advantages it provides under section 80C of the Income Tax Act, 1961 must be one of the greatest benefits of the term plan.

The systematic investor & ULIPs

ULIPs or Unit Linked Insurance Plans are ideal for women who have a fair understanding of their income, expenditures, needs and wishes. If you’re keen to make strategic investments but wary of trying high-risk instruments directly, ULIPs are great for you! These are long-term investments with a minimum lock-in period of 5 years which yield considerably higher returns while also ensuring the safety and security of their families. Like mutual funds, the fact that ULIPs are also excluded from the Long Term Capital Gains Tax also gives them an upper hand in the investment market.

New Moms & Endowment Plans

Becoming a mother is a huge milestone and on one’s way adds heaps of responsibilities. The best way to embark on this journey must be to ensure your child has a safe and secure future, even in the event of uncertainty. This is the image of an endowment strategy. It is a typical option for life insurance offering a lump-sum payout.

Women & Critical Illness Plans

One of the most common myths about term insurance is that you only need some plan which provides a bigger payout! As our needs change from time to time, with this we need to upgrade our life insurance policy. This is the reason every woman needs to invest with Critical Illness Cover in Life insurance policies. Combined with the sheer increase in susceptibility to critical illnesses such as cancer and heart disease, the high-stress environment in which we live has made this investment a must for every financial plan. A Critical Illness Protection Plan allows every woman to eliminate the financial stress of dealing with health issues such as cancer or heart disease by allowing access to lump-sum payouts of a portion of your life insurance coverage that helps manage the financial side of the disease.

To know more about best LIC plans, you can visit our website https://www.jayantharde.com or contact our representative at +91 712 2282029 or meet us at 51, Gurukripa, Old Sneha Nagar, Wardha Road, Nagpur – 440015.

Source: https://hardejayant.blogspot.com/2020/02/life-insurance-plans-for-every-working.html

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inkariasacademyworld · 5 years

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Insurance Sector In India

Insurance Regulatory and Development Authority (IRDA)

Established in 1999 under the IRDA Act

Responsible for regulating, promoting and ensuring orderly growth of the insurance and re-insurance business in India.

Insurance Sector in India The Indian Insurance Sector is basically divided into two categories – Life Insurance and Non-life Insurance.

Both the Life Insurance and the Non-life Insurance is governed by the IRDAI (Insurance Regulatory and Development Authority of India).

Among the life insurers, Life Insurance Corporation (LIC) is the sole public sector company. Apart from that, among the non-life insurers there are six public sector insurers. The Non-life Insurance sector is also termed

Insurance gap: It is a measure of the total value of assets divided by the value of assets that are protected by an insurance cover.

Insurance penetration: It is the ratio of the total premium underwritten in a particular year to the GDP of the country or industry. It was 3.49% in 2016-17.

'Penetration' states the value of total premiums in relation to GDP, while 'Gap' measures the total cost not covered by insurance policies.as General Insurance.

In India, the insurance gap has widened from $19.7 billion in 2012 to $27 billion in 2018, even though non-life insurance penetration has improved marginally from 0.7 per cent of Gross Domestic Product (GDP) in 2012 to 0.9 per cent as of 2018.

The Indian insurance market is a huge business opportunity. India currently accounts for less than 1.5 per cent of the world’s total insurance premiums and about 2 per cent of the world’s life insurance premiums despite being the second most populous nation.

India’s life insurance sector is the biggest in the world with about 360 million policies which are expected to increase at a Compound Annual Growth Rate (CAGR) of 12-15 per cent over the next five years. The insurance industry plans to hike penetration levels to five per cent by 2020.

India had also increased FDI limit to 49 per cent from 26 per cent in insurance sector to increase the

Govt’s Initiatives for Insurance National Health Protection Scheme launched under Ayushman Bharat to provide coverage of up to Rs 500,000 to more than 100 million vulnerable families for secondary and tertiary care hospitalization.

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY) to cover all poor households will bring the security of insurance benefits to the marginalised sections, giving basic economic protection in cases of death or injury through accidents of a family member.

Prime Minister Jan Dhan Yojana (PMJDY) proposes to bring 60-crore basic accounts within its fold and providing services of micro insurance and unorganised sector pension schemes through these accounts, which will further bolster the economic security of lower income groups.

Pradhan Mantri Fasal Bima Yojana (PMFBY) provides crop insurance to farmers against any losses to their crops.

Role of Insurance

Provide safety and security: Insurance provide financial support and reduce uncertainties in business and human life.

Generates financial resources: It generate funds by collecting premium which are further invested in government securities and stock. It also helps in providing Employment opportunities leading to capital formation.

Promotes economic growth: It generates significant impact on the economy by mobilizing domestic savings. It provides capital into productive investments especially for long-term investment needs. It enables to mitigate loss, financial stability and promotes trade and commerce activities those results into economic growth and development.

Spread of financial services in rural areas: IRDA Regulations provide certain minimum business to be done in rural areas, in the socially weaker sections.

Spreading of risk: Insurance facilitates spreading of risk from the insured to the insurer. A large number of persons get insurance policies and pay premium to the insurer. Whenever a loss occurs, it is compensated out of funds of the insurer.

Challenges in Insurance Sector Low Awareness: A huge part of Indian population does not use health insurance to finance their medical expenditures. A large majority of people in India believe that health insurance is not a worthy investment and therefore, avoid buying such insurance products.

Poor Distribution: Distribution outside large cities is poor. There are large parts of the country where access to general insurance is limited. The reason insurers and distributors do not build a presence in small towns is that it is unviable.

Fewer product innovations: While many essential products to mitigate risk are available, there are gaps in the insurance product portfolio that leaves large risks uninsured.

Pricing: Insurers have been focusing on growing sales even if that creates a distortion in pricing for individuals.

Perception by influencers: Another major challenge is posed by the media and influencers. Often, the life insurance industry is portrayed in a negative manner and hence the consumers become skeptical of the life insurance industry. The result is that, they may not purchase life insurance, even though a legitimate need exists.

Way forward

Promote Awareness: It is necessary to promote more awareness among public about benefits of insurance. It can be raised through videos, social media, ads, organizing campaigns etc.

Multiple Channels of Distribution: This is a key determinant of success for companies which creates larger database. Linking insurance with allied finance products like housing loan, mutual fund investment in companies, banks credit cards etc are the new channels for life insurance.

Huge Untapped Market: Middle class people are having more awareness than the lower class and high class people. The demographics and macro-economic factors in India are diverse and insurance systems have to be aligned to other programmes in the country in order to target every section.

Better regulation: Regulatory policies can be made to ensure that insurance companies focus more on insurance targets than profitability.

Use of Technology: Stakeholders will have to leverage Internet and other technology options to provide single window service so as to cross-sell and retain customers. It will also be easier and cheaper for them to process requests, claims settlement process, complaints and payments online.

#Insurance Sector In India #indianeconomy #upscexam #upsccoaching #best ias coaching in chennai #chennai #annanagar #inkar #inkariasacademy

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cakandivali · 5 years

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Tougher liquidity norms may help HDFC, Bajaj Fin to outperform

Latest Updates - CA Mitesh The central bank’s proposal to enforce strict liquidity norms on NBFCs should help companies backed by large parent groupings and strong credit rating, such as Bajaj Finance, HDFC and L&T Finance, to outperform and help speed up industry consolidation.Besides the above, brokerages also expect Mahindra & Mahindra Financial Services (MMFS), LIC Housing, Cholamandalam Financial (CIFC) and Shriram Transport (STFC) to outrun peers in an industry facing an existential crisis, brought about largely by asset-liability mismatches and liquidity constraints.Certain brokerages believe that the liquidity crisis after the IL&FS defaults in September had prompted most large NBFCs to maintain liquidity buffers that, in effect, comply with the proposed central bank norms. Adherence to such prudential norms should further reduce the impact on margins at these lenders.“In practice, most large NBFCs have already started maintaining a liquidity buffer since the liquidity crunch started in September 2018,” IDFC Securities said in a report. “Liquid assets included in the buffer may not exactly match RBI requirements but can be easily converted to meet the requirements – for instance liquid mutual funds not specifically mentioned as high quality liquid assets by RBI can be converted to g-secs without haircuts. MMFS, STFC, Bajaj Finance, (and) CIFC already have a month or more of liquidity cushion.”To be sure, compliance with the central bank norms would have a cost for most NBFCs and housing finance companies (HFC), crimping profit growth.“Liquidity Coverage Ratio (LCR) norms would affect the margins and returns of NBFCs and HFCs,” said Jefferies in a report. “HFCs usually have higher ALM (asset liability management) gap and may see higher impact. We maintain our preference for NBFCs and HFCs with better credit ratings and stronger parentage or ALM profiles.”After RBI draft guidelines, brokerages also believe that the National Housing Board (NHB), which regulates home financiers, may soon bring in its own set of rules to manage sectoral risks.“We think the National Housing Bank is likely to announce similar guidelines for HFCs too,” said Morgan Stanley in a report.Brokerages also believe that these guidelines would help boost longer term returns on NBFC investments, reducing credit costs and improving investor confidence.“This is a long-term positive for the entire NBFC sector as it will bring discipline in terms of liability management,” said Phillip Capital in its report.The central bank has proposed strict norms - granularity in ALM buckets, liquidity buffer by way of investments in government securities, and mandatory maintenance of cash levels. NBFCs must also set up risk monitoring tools for early warning indicators of stress, the regulator has proposed. Chartered Accountant For consultng. Contact Us: http://bit.ly/bombay-ca

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aminalatif · 6 years

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ILFS: IL&FS debt fiasco: How the credit raters missed an epic fail

NEW DELHI: Indian authorities have spent the week containing the collateral damage from the IL&FS group struggling to service Rs 91,000 crore in debt. Next up on their agenda is figuring out why the country’s credit rating agencies didn’t see the crisis coming.

IL&FS Group is a vast conglomerate with a complex corporate structure that funds infrastructure projects across the world’s fastest-growing major economy. The financier, set up in 1987, and its listed subsidiaries have powered India’s infrastructure boom– including the Chenani-Nashri road tunnel, India’s longest–and raised billions of dollars from the country’s corporate debt market.

In July, company founder Ravi Parthasarathy stepped down, citing health reasons. In August a default within the group rattled India’s money markets, added to pressure on corporate bond yields and sparked a sell-off in the stock market. The Reserve Bank of India (RBI) has initiated a special audit, given the potential systemic risk the group poses to other non-bank lenders and worries about Rs 3,600 crore of repayment obligations coming due over the next six months.

The nation’s credit rating industry has come under scrutiny after the firms that assessed IL&FS, including the local partners of Moody’s Investors Service and Fitch Ratings, failed to see the financial troubles brewing at the financier. The group’s debt burden jumped 44 per cent in the year ended March 31 from 2015.

“Rating agencies need better market intelligence and surveillance rather than depending upon historical data and some structure based on past estimates.” said Nirmal Gangwal, founder of Brescon Corporate Advisors Pvt., a distressed asset turnaround specialist. “They also need to factor changes on the ground like change of leadership, cash flow management in recent past and market environment.”

GREAT UNRAVELING

The credit rating companies’ failure to foresee the great unraveling at IL&FS has left the top economic policymakers, including RBI governor Urjit Patel and finance minister Arun Jaitley, facing contagion risk to the broader financial sector.

“There is definitely a case for revisiting ratings standards and the whole rating framework,” Rajiv Kumar, financial services secretary said in an interview. “Some kind of accountability needs to be there. It has to be made more robust.”

IL&FS is a huge borrower, accounting for 2 per cent of outstanding commercial paper, 1 per cent of debentures and as much as 0.7 per cent of banking system loans. The group itself in turn acts as a key source of capital to non-bank lenders. Another worry is a stampede by individual investors out of fixed-income mutual funds that will force portfolio managers to sell other companies’ debt securities to cover redemption requests, setting off a vicious cycle.

“We have not had this kind of a systemic event of this magnitude in the bond market before in India, and so we don’t really have a precedent as to how to deal with it,” said Kunal Shah, a debt fund manager who oversees nearly $1.7 billion at Mumbai-based Kotak Mahindra Life Insurance Co.

Until July, India’s credit rating companies had investment grade ratings on billions of dollars of corporate debt raised by the IL&FS Group and its subsidiaries. The first signs of trouble came in June, when the special purpose vehicles tied to IL&FS Transportation Networks Ltd., a group subsidiary, defaulted on its debt obligations. More defaults in other parts of the empire followed in August and September.

In August, major credit rating companies such as ICRA, a unit of Moody’s, Fitch-owned India Ratings & Research and CARE began to cut their rating for the group’s parent company, Infrastructure Leasing & Financial Services. More rating downgrades to default status came in September. All three rating assessors declined to comment.

PROJECT SLOWDOWN The burning question now is whether credit analysts should have seen the financial reckoning at the IL&FS group earlier. It was no secret that funding costs for companies in India surged as the interest rates in the nation’s credit markets hit multi-year highs. For IL&FS, short-term debt increased 30 per cent to Rs 1,35,60 crore in the year to March 31, according the company’s annual report.

The pace of new infrastructure projects has slowed down in India, and some of IL&FS’s own construction projects, including roads and ports, have faced cost overruns amid delays in land acquisition and approvals. Disputes over contracts have locked about Rs 9,000 crore of payments due from the government.

Indian credit ratings companies rely on the same “issuer-pays” model common in the U.S. that allows the entity issuing a financial instrument to pay credit analysts upfront to rate the underlying securities. S&P Global, Moody’s and Fitch were criticized for placing profits before investors when rating mortgage securities in the run-up to the US financial crisis in 2008.

“Where we have gone wrong in India is where regulators have written regulations that force regulated entities, such as banks, mutual funds, to use the rating,” said Professor Ajay Shah with the National Institute of Public Finance and Policy in New Delhi. “A rating company should be just a research company, which has to sink or swim based on the value that it contributes to the institutional investor.”

IL&FS group’s investment grade rating was based on the strength of the investors in the parent company, according to an official at a rating company. The lender’s investors include Life Insurance Corporation (LIC), India’s largest life insurer; State Bank of India (SBI), its largest bank; and Housing Development Finance Corporation (HDFC), its largest mortgage lender. Japan’s Orix Corporation is the company’s second-largest shareholder.

The central bank deserves some of the blame, the person said, because it tolerated the excessive dependence on debt used for project funding in India.

Shriram Subramanian, the founder of Mumbai-based proxy advisory firm InGovern Research Services Pvt., says Indian credit analysts aren’t skeptical enough and assume wrongly that big investors will bail out companies in a jam.

“In most cases, they take into account projections given by managements which tend to be rosy,” said Subramanian. “Rating companies have a role to play in rating the various securities, but they need to increase their sophistication by developing models that account for various scenarios.”

Regulatory measures should be on the table, according to the head of a rating assessor. “The regulators should seriously consider mandatory rotation of the rating agency of an issuer just like the rotation of auditors,” Sankar Chakraborti, chief executive officer at Acuité Ratings & Research Limited, a local ratings company. “This will allay the concern that a very long association between issuer and rating agency may allow scope for complacency.”

Credit rating firms in India’s big Asia economic rival, China are also facing increasing scrutiny as authorities look to rein in risks and foreign investors have long cited inflated ratings offered by local firms as a key reason for not buying onshore corporate notes.

While penalties had previously been restricted to discreet warnings, regulators in August banned a rating company for a year from assessing bonds. China opened the door for foreign rating companies last year. Yet so far, no international raters have set up wholly-owned units in the country.

For IL&FS, rating company ICRA, flagged the group’s “elevated leverage” in March but kept its investment grade rating because of “experienced senior management team and its significant track record of operations in the infrastructure domain.”

The company’s shareholders are scheduled to meet on Saturday to vote on increasing its authorized capital, which will start its plan to “restore normalcy,” Vice Chairman and Managing Director Hari Sankaran said in a note to employees this month.

“Certain conflicts of interest inherent in the current structure prevalent in India need to be reviewed,” said Sunil Sharma, executive director & chief investment officer at Sanctum Wealth, which manages $1 billion. “Greater disclosure and access to information needs to be mandated.”

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Best insurance policy?

"Best insurance policy?

Hi there, i am in Indian working in Bahrain. i am working in a small firm with a small salary. i would like to know about a good insurance policy which can cover child education, pension, health insurance and a life insurance all together. can we get all this in one insurance policy? i want to full detail like how much if i pay monthly and what i will get in returns?

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Best insurance policy?

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I am self employed and live in missouri and am having trouble finding health insurance.

Car insurance ?

who knows the most cheapest it car insurance company plz ?

Important question regarding auto insurance while renting a vehicle?

Does anyone have any idea about how much a person is liable for if they rent a car from a place such as Avis, Hertz or Thrifty without paying for the insurance coverage they offer? A friend of mine doesn't have her own car so therefore she doesn't have any insurance. She is renting a car for the weekend and wasn't sure about her liability with or without purchasing the insurance coverage thru the rental agency. Any answers would be great as we all know that those rental insurance programs offered by car rental agencies can be quite expensive:-)""

""Fines for driving Suspended license,No insurance and expired tags?

i got pulled over because my tags were expired. i didnt do anything wrong though..driving anyways. i was 17 when this happened. can anyone tell me how much on average i will have to pay for the ticket?

Auto Insurance agents in Tennessee... Does my 17 year old with a permit?

need to be listed on my policy? I have heard several different answers to this. Also, I've heard he has to be listed but the insurance company cannot rate him until he gets his license, therefore, they cannot charge me more for him. Any help is greatly appreciated.""

Cheapest car insurance for 17 year old?

Taking my driving test soon and buying a cheap car (500 - 700) it will probably be a citron saxo or something like that. Who are the cheapest company to insure with?

Where can you get insurance for Judo?

I am on my Mom's plan, but would like to have a specific insurance for Judo. I am not competing, just recreational judo. Thanks. I'm 19 years old and live at home. I'm in college. I live in Minnesota.""

How much will insurance cost lower by taking online driver's ed in Florida?

I'm 18 years old and I live in Tallahassee, Florida. I used to have a 1996 Mazda Protege DX and it cost me $127.00 a month with Acceptance Insurance. I never have had a ticket or have been in a wreck. I see some people who have way newer cars than I do and insurance is way cheaper for them. How much will insurance, on average, lower a month if I plan on taking online driver's ed in the state of Florida?""

Insurance for a newly licensed driver?

I'm an underage driver; do I need insurance if my parents are in the car with me? Or does their insurance cover me? I'm in TX btw

Why is car insurance more expensive based on age than value?

I am trying to shop for a new car but I want to know if I can manage the monthly expenses such as insurance and gas. I am interested in the 2011 Nissan Altima 2.5 S Coupe the Kelley Blue book value for the car is $17,000. The car has really good gas but I was shock to see the estimated quote for car insurance to be over a $100 a month. I was also interested in the 2008 Lexus IS 250 and the Kelley Blue Book value is $21,000. The gas for the car is okay but not as good as the nissan but the estimated car insurance quote to my surprise was only $45 a month. That doesn't really make any sense shouldn't it be more expensive since the car is worth more?""

Which auto insurance do you recommend?

I had a Scion XA 2006 and I just got a MINI Cooper 2007. I was insured under my parents insurance at AAA but with the change of cars our insurance would increase twice as much. I'm going to leave their policy and open my own. I'm 22 and I'm a full time student (GPA 3.5), which insurance do you recommend? I have road side assistance with AAA.""

For those 16-18 with a car in your name?

since ill be getting a car soon my parents wants to know how much insurance would cost me for ive been looking around on internet but i think it would be better if it comes from some one around my age what type of car, make you drive what insurance company age, gender, how long u been driving with insurance how much it cost for you each month THANK YOUU""

Auto insurance?

i have had my license for a little over 2 years now. My first year pay for auto insurance was 200$ a month (roughly) on my second year pay it was raised to 250$ a month (roughly). i have never gotten into an accident or gotten any tickets (never even been pulled over...). is it normal for auto insurance to be raised by that much, i know for newer drivers its a lot but i figured it would start high then get lower not start low then get higher. i have arbella mutual ins. and driving a toyota corolla ce perfect condition with no problems with it. i live in MA. if that makes a difference""

Does my car insurance help me get another car if my car is totalled?

I was in a car accident last week, which wasn't my fault. The auto body shop said my car is totalled because of the damages, it can't get fixed. The other person's insurance is going to pay it off because of the loss, I have full coverage and my question is, can my insurance get my another car or do I have to get it myself? I got it in April, gave a down payment, and have only made one payment. I need a car badly for work!!""

How much will my insurance cost?

I like in Florida, I own a 87' thunderbird no replacement coverage, I haven't been in any accidents, have no tickets and I took drivers ed, I've been driving for over a year and I want to be able to own my car so when I'm 18 my parents can't tell me I can't go out. How much will the monthly payments be on that?""

What is the difference between group health insurance plan and individual health insurance plans?

What happens if you are about 10 days late paying for your car insurance?

School is about to start, and i have an insurance payment coming up on the same week i needed money the most to pay for school supplies including a graphing calculator that costs over $100. If i spend this money, i won't be able to afford car insurance till the week after and i might be 7-10 days late paying for car insurance. Will anything bad happen if i'm late?""

Where can i get cheap car insurance?

iv found a car ita a puegout 206 n its 2002, 50000 miles n its a 1.1. i expected the insurance to be cheap but everywhere i look i keep getting insurance quotes which are around 2000 quid im like what the hell!!! so does anyone know anywhere tht gives gd qoutes???""

What is an insurance quote?

I just want to know what it is because I always here it on car insurance commercials

Best insurance policy?

https://www.linkedin.com/pulse/what-should-i-expect-pay-car-insurance-jonathan-dean/"

0 notes

insurancepolicies8-blog · 6 years

Text

Health Insurance For Individuals - Three Steps To Signing On With Cheaper Health Plan

People living in Texas need for getting Texas insurance coverage plans. These types of good for many people reasons. It's very important for anybody that really wants to save her or himself a lot of money just once the worst will happen. This is also good for companies because insurance plan for employees means that employees are staying healthy and producing. It is also good for hospitals, given that people can't afford a huge bill honest. During about I also went via a very painful divorce. On one hand, my self-esteem was growing and on the other hand, includes declining promptly. As result, the only truth I owned was which was a brilliant woman. I could not even say I was a good woman, for the purpose good woman would divorce her husband's comments? Employer sponsored SBI health insurance in most cases have low copays and low deductibles. And a people still prefer to back off from plans that you do not have copays or have a better deductible.

A tiny that "insured" means "free". I recently read that they costs a health insurance company $35 - $50 to process a $25declaration. That's just wasteful. To decide upon the right policy, each and every need devote much of the or the time not vital to visit places and speak with various some individuals. With the creation of computer technology reaching out to all varieties of people, it's totally get all the information in your 'window' - step in a matter of a return. If you do not know how to make utilization of this facility, just spend quality time over channel link pr. There are websites that build a varied group of tasks including details about bike insurance to forex services to term insurance. Suze Orman: Stop! Forestall! There isn't friends in the globe. Not one friend inside of the world whenever it is really a true friend that would recommend order an entire life insurance policy. A snook, an individual who wants for taking you, somebody who in my personal opinion is and not a friend maybe. But there isn't anyway a pal would accomplish it. Does that answer your question immediately? For example if buy LIC Jeevan Anand endowment plan of Rs.2,500,000 for 25 years you upwards paying close to Rs.1 lack per year whereas for term plan you needs to pay just Rs.5600.

The remaining sum purchase invest in mutual fund through systematic plan you are fetch much more return compared to what your insurance broker will get for anyone. So next time when an insurer calls an individual does ask him about the lic term plan he will offer to you and the probabilities are you in no way get the decision again. Let us take the of The state of az. The AHCCCS really popular in Arizona. It offers so many offers for that low income people. For example it gives the low income health plan which covers the price pregnancy the particular baby Arizona plans. Many . just an instance. You can get this regarding plans in almost all of the states the actual day America. All the 50 states provide a whole lot of insurance policy plan. And, undertake it ! really move your long term insurance policy without is going to be insurance lower cost. Just take some to be able to get quotes on your other policies -- Auto, health and home. A male was inside a make savings of $2,000 plus on his motor insurance by visiting one of those sites. You might not make savings anywhere close to the next but be sure that if you visited five insurance quotes sites just last month, you'll possible save several hundred cash.

0 notes

cyberdelusionphilosopher-blog · 6 years

Text

Health Insurance for my son?

"Health Insurance for my son?

I need a low cost health insurance plan for my son. I live in orange county, CA and I DO NOT qualify for medi-cal or healthy families. I make too much money. I do not need health insurance for myself because I can still be on my parents insurance until im 25. My work also does not offer health insurance.

BEST ANSWER: Try this site where you can compare quotes: : http://averageinsurancecosts.xyz/index.html?src=tumblr

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Looking to insure a Corvette.?

I'm a 16 year old kid ill be 17 in a few months. I am currently saving money to buy a car and my dad will match what i make to buy a car. but that's not my question, like every teenage boy who takes an interesting we all want one thing: sports car. Of course, i looked into cars like the Mitsubishi Eclipse or whatever but my dream is a corvette. Ive looked at prices for a c4 or c5 vette and to buy them i can manage, its the insurance that's worrying me. Can someone give me an idea of insurance costs for a c4 or c5 corvette for a 17 year old kid? I'd appreciate all the help i can get.""

How much would car insurance cost for me if I got a car?

I'm 22 years old and have been driving since I was 18. Never got pulled over, a ticket, or in any accidents since I've been driving. Been on my moms insurance since then but I'm looking into getting my own used car and just curious as to how much it would cost for someone like me.""

16 yo male car insurance cost?

I will be driving my moms 2011 ford fiesta i have taken drivers ed i live in Ohio and the good student offer wont use how much does drivers ed take off

About how much of your base pay do you spend every month? (US Military).?

I am just curious. I will go into the US Army as an E2. (So I will be making $1568.7). How much do you spend on car, insurance, phones and internet? (I do not drink.)""

What would my annual insurance be on a 2007 Honda Cbr 125?

I just turned 16, recieved my M1, Got a bike (125 cbr), going for my M2 in acouple days. Havent placed insurance on the bike yet. Im wondering what my annual cost will be with low coverage ect (lowest possible)""

Why can my insurance company ask if I other insurance?

Every year my insurance company denies my claims until I send them a form telling them I don't have any other coverage. Why can they do this? Is there an agency I can file complaint with to try and stop this practice? This seems to me that it is equal to invasion of privacy, if the claim is legitimate why don't they just pay it?""

Buying auto insurance?

Is it possible for someone to buy auto insurance with their brother?

Health Insurance for my son?

Where should I go for auto insurance?

I'm looking for an auto insurance agency in Cupertino Ca, I'm new to the area and not sure who I should go with. Any suggestions?""

Car buying/drive test/insurance question.?

By June 16th, the first day of my job, I will need to not only buy a car, but purchase insurance and schedule/complete/pass my drive test. Now, this could be my young naive mind talking, but I am a very alert driver, maybe a little fast, but VERY alert. When doing behind the wheel, I went on the freeway after only 1 hour and the guy said I'm only the second person he's felt comfortable with doing that. But my question is, in what order should i do this (car, test, insurance) and how much preparation/time does each take. i'm hoping for my parents to stop fighting so my dad can buy a new one and give me his truck, but there are no guarantees. By the way, I am 16, and don't think this is some worthless endeavor by a kid with no money. I have saved for over 3 years (I know have over 10000$ but I have to buy everything, but my parents will pay for half of the insurance costs. THANKS""

Would anybody please tell me what do I have to do to become a car insurance broker?

I am interested in car insurance industry and would like to become an insurance broker. I don't know the course or the line to follow.

Does anyone no of affordable maternity insurance?

My daughter is now almost 9 months old. I'm planning to get pregnant again in december. I'll be 20. Witch means that the insurance i had before MCHP will not cover me. You have to be younger then 19, and i don't live in Maryland anymore. Does any one no of any health programs that are affordable in Pennsylvania or any state for that matter? I'm married and my husband is the only one who works at this time so i was kinda looking for something on the lines of MCHP. For those who don't no what that is, its when the sate covers your pregnancy minus a few cost. Please Help! O and if your just going to rag on me for being to young and stupid dont even bother!""

""Affordable, good quality health insurance for California residents?""

I'm a college student, 19 years old (20 in March) and my mom is 58. We both need health insurance...what are some of your experiences with Kaiser, Blue Shield, Blue Cross, etc...? What would you recommend? Just looking or some input! Thanks<3""

Car insurance advice?

how much money will it cost to insure a 1.4 - 1.6 litre car? I'm 17 and this will be my first car. thanks

What is the best car in group 16 insurance?

I have been offered a company car at work and can go up to group 16 insurance. I do a lot of miles but would like a sporty responsive feel. Thinking about a Cooper S or dare I say it one of the pokey diesels..! Any suggestions.....?

""Boyfriend totaled my car, i have a $500 collision deductable on my insurance?""

my boyfriend totalled my 17,000 car. the car was totally paid off and i have $500 deductable for collisions on my insurance,. he has liability on his insurance. does anyone knnow what will happen from here, since he was driving i dont know for sure what insurance covers and what i will have to pay""

Denied car insurance?

what happens if all the major car insurance companies deny you insurance if your a first time driver and have bad credit. geico and allstate denied me already. what can i do if they ALL deny me?

California Insurance with Arizona license?

If i change my California drivers license to an Arizona one, do i have to tell my insurance company? If i do will this affect my policy in any way? thanks!""

Should I get health insurance?

I am an overall healthy guy, but I do spend $30 a month on a prescription for my disorder and I visit my doctor every 3 months for $60. Is there a health insurance that will reduce my cost or is it not worth it?""

Do I need insurance to take my drivers test?

I want to get my licence and all I have to do is take the driving part. The car I am going to take my test in is insured in another persons name but since I'm not a registered driver on the car, am I still able to drive it just to take my test? I've tried getting on the policy but they will not insure me until I have a valid license, duh lol. So how exactly does this work?""

Cheap car insurance for 17 year old male?

I passed my driving test a few days ago and in two days i will have completed the PassPlus scheme. I was wondering if anyone knew of anywhere that i can get a cheap car insurance quote for a 1.2L 1996 corsa. Ive tried go compare, money-supermarket, confused... but the cheapest one is still just over 4,000! Quinn-Direct was 6,000! I am still in college and have a 2 jobs but i could never afford 4000 a year! I have heard of some places that have a rule that your not aloud to drive within certain time limits eg. 11pm - 5am. but i wouldn't be driving then anyway so that doesn't bother me. Any advice/tips would be appreciated, thanks""

What is the Average Cost for Health Insurance?

I want to buy health insurance? What is the average cost for health insurance? Thank you.

Does my son have to be put on my car insurance?

My son is 16 and he is driving my husbands car and my husband tells him that he cant drive the car everyday because he is not on the insurance. Does he have to be on the insurance?

Staying on my dads health insurance (i'm 24 and not in school)?

im confused for the most part about the affordable act im currently 24 and dont 25 until april of next year . my dad works for the county parks and recreation here in miami and up until a few years ago i was under his insurance. because im not a student i didnt qualify to be under his insurance. im unemployed and was thinking about purchasing a bronze/catastrophic level insurance. but with the act now passed could i latch on until im 26 under my dads coverage despite not being a student? thanks for the help in advance

""Any thoughts on the Acura TL vs. the 2007 Altima, insurance, cost, quality etc.?""

Any thoughts on the Acura TL vs. the 2007 Altima, insurance, cost, quality etc.?""

Help on car insurance.?

I am 17 yrs old. I am about to get a 2008 Honda accord but right now I drive a 2002 Cadillac escalade. my insurance is $130 a month right now and I was wondering if it would raise it? the escalade is an SUV, & it has a v8. the accord is ofcourse a car and its a 4 cylinder! ( if that makes a difference) thank you to all that answer! :)""

Insurance on a 1998 corolla?

i am a male, 19, g2 license, no dimerits, how much will it cost to insure a well sustained 1998 corolla? live in canada ontario, no dimerits at all, no tickets! (this will be under my name, my family has 2 cars under they're name already, the insurence company said they cant put my mom and dad's name under more than 2 cars so the third car would have to be under my name) also, would it be cheaper for my name to be under a brand new 2012 acura TL?""

Question regarding rental car insurance in the US?

Even though I don't live in the US I have a valid credit card issued in the US, I will be traveling to the US and renting a car I have asked and been told by the credit card company that using the credit card provides insurance. I have two questions: 1.- Would the insurance be valid even if I don't have a US driver licence? 2.- Would the car rental agency allow me not to purchase the insurance even though again I don't have a US drivers licence?""

I have Kansas Progressive Auto insurance. Will my insurance drop when I turn 25? And if so approx how much?

Any answers pertaining to age 25 &/or the state of KS is helpful. I can't find anything on Progressive relating to age & insurance rates. Thanks!

How much does insurance typicly cost for an 2003 kawisaki ninja 636?

i have my m2 (just got it) and i have full G car licence.. i just wanted to no around how much insurance i would have to pay for the bike for 3 months durring the summer. btw i am 18, and i have never been insured, i would just like a really rough estimate range""

Why are my car insurance quotes so high?

I am 17 years old, male, my birthday is 7/11/94. I am looking to buy a car to learn to drive in then finally fully insure. I have not passed my test you but when asked on insurance website's I have put under the 'time held licence for as 1 month just to get a realistic view. I have tried a huge variety of cars but I just can't seem to get them to a reasonable price. For example I have been quoted 5999 on a seat alto 1.0 litre on gocompare. I have also tried adding my father as an additional driver who has 15+ years of experience and no claims. I am currently a student and have stated that the car would be parked on the drive. I live in a semi detached house in a small town. Please can anyone help me on getting it down as low as possible. The only cars I would not consider are 1. citroen saxo, 2. ford ka, 3. any form of fiat.""

""I'm only a student & working part time, where can i get cheap car insurance...?""

I'm only working part time and i need to find a good insurance company, preferably one that won't charge me too much as i'm not earning a lot of money.""

Affordable health insurance in NYC?

Hi, I am 30 years old and my wife and I had a combined income of approx $62,000 for 2006. In august of this year I will be quitting my full time job and going back to school full time. My current salary is $50,000. I anticipate making no more than $20,000 while in school and not being able to get health insurance through work. My income for 2007 will screw up my chances of getting most federal aid for the first year and will probably exclude me from healthy NY as well. Insurance through school is about $600 a month. I've gotten quotes of $513 to $1200 a month for my wife and I. All I want is catastrophic coverage in case either of us have any major problems or I have an accident while riding my motorcycle (a means of transportation, not a toy). These online quotes are driving me crazy. Where is the best place for me to look for something that will cover these specific conditions and how much should I expect to pay? Thanks in advance!!""

Health Insurance for my son?

https://www.linkedin.com/pulse/insurance-more-expensive-07-civic-si-sedan-ex-coupe-joshua-mccormick"

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