Federal Bank Credit Card users will now get a Group Credit Shield facility that offers life cover equal to the credit limit up to a maximum of Rs 3 lakh. The Federal Bank has partnered with Ageas Federal Life Insurance to make this offer to its credit card users. In a statement, Federal Bank said that Group Credit Shield is an exclusive cover and equals the credit limit, up to a maximum of Rs. 3 Lakh for a term of 1 year. This product would require no additional documents or medical examinations. It is a single premium plan, catering to customers, especially millennials, who desire ease and convenience, while at the same time ensuring safety and security, the bank said. The Group Credit Shield plan can be bought online within 3 minutes with just a few clicks, it added.
Meanwhile – Bikaji Foods International Ltd IPO will open for public subscription on 3 November and will close on Monday (7 November). The anchor book for the IPO will open on November 2, Wednesday. For the Rs 881 crore IPO, the ethnic snacks company has fixed the price band at Rs 285-300 per equity share. The issue with a face value of Re 1 per equity share is an entirely an offer for sale (OFS) up to 2.93 crore shares by existing shareholders and promoter group entities. Investors can bid for a minimum of 50 equity shares and in multiples of 50 thereafter. JM Financial Ltd, Axis Capital Ltd, IIFL Securities Ltd, Intensive Fiscal Services Pvt Ltd, and Kotak Mahindra Capital Company Ltd are the book running lead managers to the issue. Shiv Ratan Agarwal and Deepak Agarwal are the promoters of the company and will sell 25 lakh shares each. Meanwhile, India 2020 Maharaja (PE Firm Lighthouse) will offload 1.21 crore shares, IIFL Special Opportunities Fund will sell 1.1 crore shares and Avendus Future Leaders Fund will offload 12 lakh shares.
Now an important news related to Indian currency – Rupee appreciated back till 82.34 levels last week after making a new all-time low in futures market amid weakness in dollar and rise in risk appetite in the domestic markets. Strength in dollar faded on anticipation that Fed may slow down the pace of rate hikes after November meeting. Some officials signalled their desires to slow down the pace of rate hikes soon. However, sharp gains were prevented on surge in crude oil prices. Indian Rupee is likely to depreciate back till 83.00 levels this week amid re-bounce in dollar and pessimistic global market sentiments. Dollar is gaining strength ahead of US Federal Reserve monetary policy meeting and rise in US treasury yields.
In another development – Shriram Life Insurance has launched a new plan – Shriram Life Premier Assured Benefit. The plan aims to help individuals aged 30 days to 50 years meet their recurring needs and achieve their major financial goals in life. Shriram Life Premier Assured Benefit is a non-participating life insurance savings plan offering guaranteed returns. It comes with Income and Settlement payout options. The plan offers ‘Life Plus’ coverage, wherein survival benefits are paid to the family as scheduled even after the life assured’s death. The insurers said that these benefits are paid over and above the Death Sum Assured. This provides selected payout benefits without any burden of premium payment on the beneficiaries if the life assured dies during the premium paying term.
Now some gadget related news – Google is reportedly working on expanding the Pixel 7 series. The smartphone is currently codenamed ‘Lynx’ and will most likely be called Google Pixel 7a. The upcoming device will be affordable and is said to debut in 2023. A 9to5 Google report states that Pixel 7a could receive a major upgrade over its predecessor. The phone is said to get a triple rear camera which will comprise of a 50 MP sensor, 64 MP telephoto sensor, and 13 MP ultra-wide-angle sensor. As per the report, the upcoming Google smartphone could be powered by the company’s own Google Tensor G2 chipset that were also seen in Pixel 7 and Pixel 7 Pro.
Lastly- Domestic benchmark indices extended gains into third straight day as global markets bounced back. BSE Sensex surged 787 points, or 1.3% to end at 60,747, while broader NSE Nifty 50 shut shop at 18,011, up 225 points or 1.26%. In the broader market, the BSE MidCap, and SmallCap indices edged 1.24% and 0.45% higher, respectively. Gains were broad-based as all the sectoral indices ended on a positive note. Financial Services, IT, Pharma, Auto, and Consumer Durable indices gained over 1% each, while others added up to 1%.