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‘Saw 5-fold growth in account opening by women last year’: Ravi Kumar, co-founder, and CEO, Upstox | INTERVIEW

Upstox, tells Urvashi Valechat that Upstox aims to have over 300 million customers in the next five years. Edited excerpts:

CRISIL Ratings forecasts that while the brokerage industry will see net positive growth in FY22, it is likely to be muted as account additions would not be as high as in FY21. How would the slowing account additions impact your business?

We believe the momentum that the industry gained last year will continue well into this year. Statistically speaking, the number of demat account additions has been steadily growing. At Upstox, we have seen a steep rise in account openings, raising our market share by over two times compared to a year ago. Simultaneously, an increasing number of participants are diversifying their investment portfolio beyond traditional financial instruments, especially into equity-based instruments. While increasing demat account openings is just one part of our expansion plan, we also focus on growth through new product offerings and services.

Which direction are the markets headed in? What are your concerns with respect to the current market and what kind of returns are expected from the markets?

The fast-spreading second wave of Covid-19 in India along with vaccine supply issues have caused volatility in the markets for a while now. There are many important triggers that are currently swaying the investor sentiment, which are likely to impact the Indian markets.

Any other strategic decisions that Upstox would likely make?

At Upstox, our vision is to make investing simple, affordable and accessible to people from all walks of life, and we are on track to achieve it. While we have over three million customers currently, our customer base has grown three to four times in the last three years. We hope to continue this growth in the year ahead. We aim to have over 300 million customers in the next five years.

Could you give us details of the client base and growth areas?

We are now at 3 million customers. Over 60% of our customers are new to the market, while over 75% of the existing customer base is below the age of 35 years. We recorded five-fold growth in account opening by women in 2020, compared to 2019. In fact, more than 30% of them are housewives. Currently, over 70% of Upstox’s total customer base belongs to Tier-II and Tier-III regions. We believe that deep India will lead growth going forward.

How are you differentiating yourself from the other online broking players in the market?

Our biggest USP is that we are a technology-first company that offers financial services to its customers. Our platforms provide a better and more intuitive user experience. We closely look at our clients’ feedback, which helps us in making customer-centric innovations. From analysing the market to viewing charts and placing trades, everything can be done in a few taps on a mobile phone. This makes trading easier for first-time market participants. We launched Upstox Pro Web 3.0, which has an enhanced user interface for a better trading experience.

What are some key trends that you have observed with respect to your new investors?

Customers are vigorously embracing the potential of smartphones and are increasingly trading via mobile apps. More than 85% of Upstox customers place their daily trades on mobile phones. Growth of equity investing orders has gone up by 1.5x in March 2021 as compared to April 2020. Also, we have observed that a large number of individuals are looking for additional sources of income beyond traditional instruments. Hence, there is a surge in the number of retail investors in India.

Currently, over 70% of Upstox’s total customer base belongs to Tier-II and Tier-III cities, and we look forward to exploring the untapped market in the coming months.

Eqwires Research Analyst

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Petrol and diesel price today 3 May 2021: Fuel cost unchanged for 18th day; check prices in Mumbai, Delhi here

Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Hyderabad: Prices of Petrol and Diesel have now remained the same for eighteen consecutive days. Fuel prices were last cut on April 15. Today, the Petrol price in Delhi is Rs 90.40 per litre, while Diesel prices were at Rs 80.73 per litre. Fuel prices remain the highest in Mumbai at Rs 96.83 per litre for Petrol. Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL) and Hindustan Petroleum Corporation Ltd (HPCL) revise the fuel prices on a daily basis in line with benchmark international price and foreign exchange rates.

Mumbai’s petrol cost is the highest across major cities today at Rs 96.83 per litre while Diesel in the country’s financial capital costs Rs 87.81 per litre. The divergence in prices between Delhi and Mumbai is owing to different prices in different cities. Petrol and Diesel prices are fixed on the basis of freight charges, local taxes, and VAT. Currently, the base price of petrol in Delhi stands at Rs 32.67 per litre with a freight charge of Rs 0.28 per litre. Dealers are charged Rs 32.95 per litre, an excise duty of Rs 32.90 per litre is added to the same. Dealer commission of Rs 3.69 per litre is added to the same, along with Rs 20.86 per litre VAT.

Petrol, diesel prices in Chennai, Kolkata, Bengaluru, Hyderabad, UP, Punjab, Haryana, Pune
Chennai: Petrol prices – Rs 92.43 per litre; Diesel prices – Rs 85.75 per litre
Kolkata: Petrol prices – Rs 90.62 per litre; Diesel prices – Rs 83.61 per litre
Pune: Petrol prices – Rs 96.47 per litre; Diesel prices – Rs 86.13 per litre
Bengaluru: Petrol prices – Rs 93.43 per litre; Diesel prices – Rs 85.60 per litre
Hyderabad: Petrol prices – Rs 93.99 per litre; Diesel prices – Rs 88.05 per litre
Noida (UP): Petrol prices – 88.79 per litre; Diesel prices – Rs 81.19 per litre
Mohali (Punjab): Petrol prices – Rs 92.62 per litre; Diesel prices – 83.58 per litre
Chandigarh: Petrol prices 86.99 per litre; Diesel prices – Rs 80.43 per litre
Gurugram (Haryana): Petrol prices – Rs 88.37 per litre; Diesel prices – Rs 81.31 per litre
Crude Oil price rises
Optimism surrounding global demand pushed crude oil higher on Monday. US WTI crude futures for June traded at $63.94 per barrel, while Brent crude futures were up at $67.12 per barrel, according to Reuters.

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Gold prices flat as international prices fall on strong US data; where is MCX gold headed?

Gold was trading flat to negative on Friday, mirroring the trend in international spot prices where strong US economic data and elevated Treasury yields dampened the yellow metal’s appeal. On the Multi Commodity Exchange, gold June futures were trading Rs 25 down at Rs 46,701 per 10 gram, as against the previous close of Rs 46,726. Silver July futures were also flat at Rs 68,627 per kg, down from the previous close of Rs 68,637. Analysts say that the trend in dollar has been pretty bearish as the rupee has appreciated in recent sessions. Otherwise, the subdued dollar, dovish Fed and massive stimulus bill announced by Biden are positive for gold. “Currently MCX gold price is hovering near the crucial 46600 zone, if it falls below that then the downtrend may continue till 45000. However, a reversal may again push prices to 48000,” Rahul Gupta, Head of Research, Emkay Global Financial Services, told Financial Express Online.

Globally, spot gold slipped 0.3 per cent to $1,765.15 per ounce, down nearly 0.6 per cent so far in the week. US gold futures were down 0.1% to $1,765.60 per ounce. Despite the decline, bullion was poised for its first monthly gain of this year, having jumped to a two-month high of $1,797.67 on April 22, according to Reuters. Benchmark US 10-year Treasury yields hovered near a more than two-week high, increasing the opportunity cost of holding non-yielding bullion.

Back in the domestic market, gold and silver prices corrected sharply in the previous session. The US GDP rose 6.4 per cent sequentially in the first quarter of 2021 and 5.53 lakh initial jobless claims were filed over the past week, with government support. “Mixed data came from the US economy, however, lower interest rates will provide support for gold and silver. For today we expect some profit booking in gold and silver over positive US GDP data,” Anuj Gupta, VP — Commodity and Currencies Research, IIFL Securities, told Financial Express Online. He advised traders to go for ‘sell’ in gold at Rs 46,800 with the stop loss of Rs 47,100 for the target of Rs 46,300 per 10 gram. “They can also go for sell in silver at Rs 68,900 with the stop loss of Rs 69,400 for the target of Rs 67,500,” he added.

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Gold demand bounces back: Here’s how much gold Indians bought in Jan-Mar

India’s gold demand recovered during the January-March period to witness a growth of 37 per cent at 140 tonne compared to the same quarter of 2020, due to ease of COVID-related restrictions, pent up demand and softening of prices of the yellow metal, according to the World Gold Council (WGC).

The overall gold demand stood at 102 tonne during the first quarter of 2020, as per WGC data. Gold demand in value terms increased by 57 per cent during the first quarter of this calendar year to Rs 58,800 crore compared to Rs 37,580 crore in the corresponding period of 2020.

Total jewellery demand was up by 39 per cent at 102.5 tonne compared to 73.9 tonnes during January-March 2020.
In terms of value, jewellery demand grew by 58 per cent to Rs 43,100 crore from Rs 27,230 crore in the same quarter of last year.

Investment demand for the quarter under review increased by 34 per cent to 37.5 tonne in comparison with 28.1 tonne in the same period of 2020, while in value terms it was up by 53 per cent at Rs 15,780 crore from Rs 10,350 crore during January-March of last year.

Total gold recycled in the country witnessed a drop of 20 per cent during the first quarter of this calendar year at 14.8 tonne compared to 18.5 tonne in the same quarter of 2020. Net bullion imports in India during January-March 2021 stood at 301 tonne compared to 83.1 tonne in the corresponding period of last year, an increase of 262 per cent.

“India’s first quarter of CY 2021 gold demand rose 37 per cent to 140 tonne on the back of COVID containment and positive sentiment following the start of the vaccination programme. “A combination of softening gold prices to around Rs 47,000 per 10 grams, buoying consumer sentiment following sharp pick-up in economic activity and return of social activities like weddings supported a 39 per cent growth year-on-year (YoY) in gold jewellery demand at 102.5 tonne,” WGC Managing Director, India, Somasundaram PR told PTI here.

The average domestic gold price of Rs 47,131 per 10 gram was 14 per cent higher YoY but 6 per cent lower quarter-on-quarter and 16 per cent lower than the August 2020 peak of Rs 56,000, he noted. “Slide in gold prices below Rs 50,000 removed a psychological barrier for the consumers and spurred bargain buying and wedding-related accumulation, releasing pent-up demand. Indian retail gold investment demand also improved for a third consecutive quarter. Bar and coin demand grew 34 per cent YoY, the strongest first quarter in India since 2015,” he pointed out.

Further, he said, a reduction in customs duty on gold, together with an appreciating rupee throughout much of the quarter, also helped lower prices and presented significant buying opportunities for retail investors. Robust consumer demand, combined with stock building among the trade ahead of key festivals, including Akshaya Tritiya in May, were the primary drivers of the strong rise in imports, Somasundaram said.

“The outlook for the coming quarter is, however, cautious. As lockdowns are re-imposed in various regions of the country in response to rising COVID-19 cases, consumer confidence has dipped. This is likely to impact wedding demand in the second quarter,” he said.

Digital and omni-channel retail strategies developed over the last year by many players may cushion the drop unlike the second quarter of 2020, but the current crisis is beyond just economics and logistics, therefore, sentiment may be affected till large scale vaccination is achieved, he opined.

“We are unable to quantify the impact on full year gold demand as we do not have sight of several critical factors currently at play,” he added.

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