Month: September 2021

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CoinDCX launches sign language learning module on crypto currency

On the occasion of International Sign Language Day, cryptocurrency exchange CoinDCX on Thursday launched a specially designed learning module on blockchain and crypto currency for the hearing-impaired community.

The module, which is in sign language and free for all, is available at the company’s education learning portal – DCX Learn, a release said. To create this course, DCX Learn has collaborated with Yunikee.com, a startup that helps organizations and non-governmental organizations (NGOs) build products and services for the hearing-impaired community in Indian sign language.

Users can visit the DCX Learn YouTube channel to access the pilot video of the course. A certificate is also provided post completion of the course.

CoinDCX aims at introducing similar courses in many other languages including Indian regional languages to ensure the knowledge around crypto is accessible to everyone, the release said.

Under its #TryCrypto mission, the company has allocated USD 1.3 million and aims to introduce 5 crore Indian users to the crypto ecosystem.

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Elon Musk, Jeff Bezos, Warren Buffett, others lose over $26 billion wealth due to Evergrande crisis

Evergrande, the biggest real estate developer in China, and a global Fortune 500 company, which is staring at bankruptcy, hit the world’s biggest fortunes, with the richest people losing billions of dollars. The world’s top 10 richest people, such as Elon Musk, Jeff Bezos, Bill Gates, Mark Zuckerberg, Warren Buffett, and others lost over $26 billion. Tesla Inc.’s Elon Musk, the world’s richest billionaire, saw his net worth falling by $7.2 billion to $198 billion, according to the Bloomberg Billionaires Index. Amazon.com Inc. founder Jeff Bezos lost $5.6 billion, with a net worth of $194 billion. In comparison, the S&P 500 index tanked 1.7 per cent to $4,357.73, posting its worst daily performance since May this year. Monday’s sell-off dragged the S&P 500 index 4.3 per cent down from its 52-week high of $4,545.85.

Evergrande founder and Chairman Hui Ka Yan, who stood at 359th spot on the Bloomberg Billionaires Index list, saw a drop in his wealth ranking as the company’s shares fell to their lowest levels in over 11 years. Evergrande shares were last seen trading at this level in May 2010. His net worth stood at $7.3 billion, down nearly $16 billion on a year-to-date basis.

Who lost how much wealth
As of 21 September 2021, Tesla’s famed CEO Elon Musk continues to be the world’s richest person on the planet with a net worth of $198 billion, despite a fall of $7.15 billion. Amazon.com Inc founder Jeff Bezos stood at second spot with $194 billion net worth, with a fall of $5.2 billion. The other three people in the top five list were Louis Vuitton SE group head Bernard Arnault with $157 billion (down $2 billion), Microsoft co-founder Bill Gates with $149 billion (down $1.94 billion), and Facebook founder Mark Zuckerberg with $132 billion (down $3.27 billion) net worth. So far this week, the top five richest people have lost over $26 billion.

According to the Bloomberg Billionaire Index, Google co-founders Larry Page and Sergey Brin were at the sixth spot ($124 billion, down $1.9 billion) and seventh position ($119 billion, down $1.8 billion), respectively. Former CEO of Microsoft, Steve Ballmer stood at eighth position in the list with a net worth of $105 billion (down $1.9 billion). Larry Ellison of Oracle Corporation was at ninth position with a total net worth of $100 billion (down $764 million), and multi-billionaire investor Warren Buffet stood at 10th position with a total net worth at $100 billion (down $701 million).

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Nifty seen at 18600 in 3 months, Bank Nifty may add 1400 pts; these stocks look to rally

NSE Nifty 50 will likely add 800 points in the next three months to hit 18,600 by the end of the year 2021; while Bank Nifty may rise another 1,400 points to reach 39,400 by December end, analysts say. The structural uptrend of Nifty 50 looks intact, ICICI Direct said in a research note. The brokerage firm sees BFSI, IT, telecom, auto, capital goods, realty and infrastructure stocks contributing the most to the Nifty 50 gain. Nifty 50 is on a record setting spree, rising to just shy of 17,800 in morning deals on Friday. The 50-share Nifty has added nearly 600 points, or 3.4 per cent, so far in September.

NSE Nifty 50: Target 18,600 by December-end 2021
Indian equities are in the middle of a multi-year secular bull cycle, the note said. The technical setup suggests that Nifty may maintain the rhythm of rallying at least 32 per cent from April lows of 14,151 to 18,600 by December — like recent major rallies, it said. An intermediate correction of 5-6 per cent towards the 10-week average would offer incremental buying opportunities to the investors. Nifty rallied 32 per cent during March-April last year; 34 per cent during June-August; and 35 per cent during October 2020-February 2021. “The index followed a specific rhythm since April 2020 where the magnitude of each major rally has been at least 32%, containing in-between corrective phases of 5-6%. The current rally since April 2021 lows of 14,151, so far has gained 23%,” ICICI Direct said.

Bank Nifty: Target 39,400 by December-end 2021
Bank Nifty index has registered a breakout above the last three months broad range (34,000-36,300), indicating a resumption of up move. “Going ahead, we expect the index to accelerate its positive momentum and rally past its previous all-time high (37,708) and head towards 39,400 levels in CY21 as it is the 123.6% external retracement of the entire previous decline (37,708-30,406),” the note said. The ‘buying on declines’ strategy has worked well over the past 15 months; hence, any breather in the coming week would offer an incremental buying opportunity in quality banking stocks, it added.

These sectors, stocks may help pocket gains
BFSI: HDFC, Kotak Mahindra Bank, SBI, Canara Bank, Bajaj Finserv, M&M Finance
IT & Telecom: TCS, Tech Mahindra, Reliance Industries Ltd (RIL), Bharti Airtel, Mphasis, LTTS, Firstsource
Consumption: Asian Paints, Titan, Pidilite, Varun Beverages, Dixon Technologies, Havells, Trent
Auto: Tata Motors, Ashok Leyland, Escorts, Balkrishna Industries, Minda Industries
Capital goods: L&T, Siemens, HAL, BEL, Grindwell Norton
Metals: Tata Steel, Hindalco, SAIL, Tata Metaliks, Vardhman Speciality Steel
Infra and Realty: Concor, KNR Consts, Orient Cement, DLF, Brigade Enterprises, Godrej Properties
Healthcare: Divis Laboratories, Cipla, Sun Pharma, Laurus Labs, Abbott India, Fortis Healthcare
Chemicals: Navin Fluorine, Deepak Nitrite, Tata Chemicals, PI Industries, Nocil
Others: Gujarat Gas, Butterfly, Interglobe Aviation, Balrampur Chini, Indocount Industries, Gateway Distriparks

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T+1 settlement system is in the interest of market participants: Sebi chairman

Capital markets regulator Sebi chairman Ajay Tyagi on Thursday said the T+1 (trade plus one day) settlement cycle is in the interest of all market participants and the new system will not lead to fragmentation of liquidity. T+1 means that market trade-related settlements will need to be cleared within one day of the actual transactions taking place. Currently, trades on the Indian stock exchanges are settled in two working days after the transaction is done (T+2).

“Early settlement will be good for all market participants. It is in the interest of everyone and the new system will not lead to fragmentation of liquidity,” Tyagi said in an event organized by the Confederation of Indian Industry (CII). This comes amid brokers’ association raising concerns over the implementation of the shorter settlement system.The Securities and Exchange Board of India (Sebi), earlier this month, allowed exchanges to move to the T+1 settlement cycle on an optional basis.

As of now, Sebi has introduced this mechanism on an optional basis, so exchanges will decide whether to implement the T+1 settlement or continue with the T+2 old mechanism. The new mechanism will come into force on January 1, 2022. This is not the first time that Sebi has chosen to shorten the settlement cycle. Earlier in 2002, the capital markets regulator had cut the number of days in the settlement cycle from T+5 days to T+3 days, and then in 2003, it was reduced to T+2 days.

Tyagi said that the Indian markets have been witnessing a boom in fundraising through initial public offerings (IPOs). During the last 18 months, growth oriented technology companies have raised a sum of around Rs 15,000 crore through IPOs. Their filings with SEBI at present show a pipeline of around Rs 30,000 crore.

Funds raised through IPOs in the ongoing fiscal till-date are almost equal to what was raised in the entire financial year 2020-21, which was Rs 46,000 crore, he said. The Sebi chairman said that individual investor participation in the market has increased by “leaps and bounds”. On an average, about 4 lakh new demat accounts were opened per month in 2019-20, which increased to 12 lakh per month in the 2020-21, he said. The trend gets further accentuated during the current financial year 2021-22 — on an average 26 lakh demat accounts have been opened per month, he added.

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