Saturday 30 May 2015

Indian Economy grows 7.3% in FY15


India’s gross domestic product (GDP) has grown by 7.3% in 204-15. The growth is based on a new methodology of calculating GDP, with 2011-12 being the new base year, as against 2004-05 used earlier. According to this methodology, the economy has expanded 6.9% in 2013-14, and 5.1% in 2012-13.

India’s growth this time is a little lower than China’s 7.4% (2014). However, March end growth for India (7.5%), was greater than that of China’s 7%.

Agriculture and allied sector has registered a growth of just 0.2%, due to sub-normal monsoon and unseasonal rains prediction. Finance Minister Arun Jaitley said, “Agriculture and exports are two sectors of concern.” hief Economic Advisor Arvind Subramanian said higher farm output would have lifted overall economic growth. “GDP growth lower by 0.1 per cent (compared to the advance estimate) could be a statistical error,” he said.

Growth in industrial production stood at 4.8%, better than the estimate of 4.8%. the manufacturing sector has seen a growth of 7.1%. The service sector has registered a double digit growth of 10.1%.
The government expects the economy to grow 8.1-8.5 per cent in 2015-16.


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Friday 29 May 2015

Get a chance to write on this Blog.

Get a chance to write on our company blogs, the topic being "Islamic Finance".

For further info, email us at contact@pragmaticwealth.net

The best article gets published on our company blog. Come and show your writing prowess. 

Show your interest in Islamic Finance and get published on our Company Blog.

Details about the competition:

The article should be based on “Islamic Finance” only.

The article should be of minimum 300 words.

All articles should be sent via email only, directed to contact@pragmaticwealth.net with the subject line “Islamic Finance Blog Competition”.

The article should be attached to the email in a word document, and should be titled “Islamic Finance Blog”. The title/ heading of your blog should be on your word document.

Your details (name, contact number, age, profession, industry, company name) should be mentioned in the email.

The article should be your own. Copied materials from internet/magazines/other writer’s work will not be accepted.

Mention the source of the quotation/ reference made in the article.

In case, your article appears on our blog, you will be notified through email.

The contest closes June 30th, 2015.

For reference, visit our blog http://pragmaticwealthblogs.blogspot.in/

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Islamic Finance Glossary (Part - 1)


Bai Muajjal (Deferred Payment Contract)
A contract involving the sale of goods on a deferred payment basis. The bank or provider of capital buys the goods (assets) on behalf of the business owner. The bank then sells the goods to the client at an agreed price, which will include a mark-up since the bank needs to make a profit. The business owner can pay the total balance at an agreed future date or pay by installments over a pre-agreed period. This is similar to a Murabaha contract since it is also a credit sale.

Bai al Dayn Debt financing:
The provision of financial resources required for production, commerce and services by way of sale/purchase of trade documents and papers. Bai al-Dayn is a short-term facility with a maturity of not more than a year. Only documents evidencing debts arising from bona fide commercial transactions can be traded.

Bai al Salam
This term refers to advance payment for goods which are to be delivered later. Normally, no sale can be effected unless the goods are in existence at the time of the bargain. But this type of sale forms an exception to the general rule provided the goods are defined and the date of delivery is fixed. One of the conditions of this type of contract is advance payment; the parties cannot reserve their option of rescinding it but the option of revoking it on account of a defect in the subject matter is allowed. It is usually applied in the agricultural sector where the bank advances money for various inputs to receive a share in the crop, which the bank sells in the market.

Bai Bithaman Ajil
This contract refers to the sale of goods on a deferred payment basis. Equipment or goods requested by the client are bought by the bank which subsequently sells the goods to the client an agreed price which includes the bank's mark-up (profit). The client may be allowed to settle payment by instalments within a pre-agreed period, or in a lump sum. Similar to a Murabaha contract, but with payment on a deferred basis.


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Wednesday 27 May 2015

Performance of Sensex and Nifty vs.ITE-3


In Feb 2009, Pragmatic Wealth Management (PWM) launched ITE Shariah Indices comprising of Shariah Compliant stocks screened as per the guideline of Shariah Board. 
The ITE Shariah Indices are derived from the ITE Shariah Compliant Universe. The universe of listed companies on the BSE (Bombay Stock Exchange) and NSE (National Stock Exchange) are screened for Shariah Compliance and the ITE Shariah Compliant Universe is derived. 

ITE Shariah 35
ITE Shariah 35 is a well-diversified 35 Large cap stock Index and comprises of 09 core Shariah Compliant Economy Sectors as defined by the Islami Tijara Equity Sector & Industry Classification (ITE-SIC). ITE Shariah 35 launched in 2009 has been backtracked from 01 Jan 2003 by the Index Research Group (IRG), at PWM.

ITE Shariah 35 is owned and managed by Pragmatic Wealth Management Pvt. Ltd. PWM is India's first specialized company focused on Shariah Compliant Wealth Management. ITE Shariah 35 is based on the free-float market capitalization-weighted methodology.

ITE Shariah Index Covers over 71% of total Float-adjusted Market cap of ITE Shariah Compliant Universe. The Index is thus a barometer and captures the happenings in the 09 core Shariah compliant economy sectors.

The performance of our index has always surpassed the performance of its benchmark, i.e., Sensex and Nifty. Have a look at the below table. For further information on our indexes, products and services, please visit http://www.pragmaticwealth.net/Default.aspx





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Saturday 16 May 2015

Market Brief


Markets on Friday ended with marginal gains and the week ended on almost flat note. This is the third week that markets have not registered any substantial gain or fall, signaling indecisiveness in the market, this is primarily due to mixed news flows with some positives and few negatives. Poor exports despite weakening rupee are a bad signal but at the same time the imports have also fallen. Rising crude oil prices and increase in domestic petrol and diesel prices are worrisome. With important reform bills still pending in the Parliament is also a cause of concern in the near term. Optimism in the Global markets have given some solace to our market and restricted a complete sell-off.

Indian equity markets are very critically poised and have been trading in a tight range between 8000 and 8360 on the Nifty. Further news flows will determine the direction for the market, although, short and the medium term trend are down, hence, bad or negative news flows will bring down the markets sharply. In terms of technical level, a close below 8000 will prove very fatal for the market and it will witness a prolong correction and eventually Nifty could test 7400 – 7500, which is also justified from price to earning perspective. However, in event of positive news flows, if the market breaks out 8360, it will witness a swift throwback rally that would initially test 8500.
Investors are advised to exercise caution and as suggested earlier, exit from under performing stocks and remain at-least 20 to 25 percent in cash. Deep corrections should certainly be used for buying since the bull market is still intact, it is only the short and the intermediate trend which is down, and is instrumental in keeping the markets jittery and volatile. 


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Friday 15 May 2015

How Superior is the day “Friday”


1.    The Fire of Hell is not burnt on Friday

2.    Friday Night, the doors of hell are not opened up

3.    Muslims who die on Friday, are given the status of “Martyrs”

4.    If the day of Haj falls on Friday (Akbari Haj), then the person performing this Haj gains 70 times the sawab of Haj.

5.    One good deed on Friday , its sawab is multiplied 70 times.

6.    Durud Sharif recited on Friday, is listened by Prophet Muhammad (Sallal lahu Ta’ala alayhi wassallam) himself.

SUBHAN ALLAH!!!

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Wednesday 13 May 2015

Auto Components Sector in India - A Study


On the canvas of the Indian economy, auto industry occupies a prominent place. Due to its deep forward and backward linkages with several key segments of the economy, automotive industry has a strong multiplier effect and is capable of being the driver of economic growth. A sound transportation system plays a pivotal role in the country's rapid economic and industrial development. The well-developed Indian automotive industry ably fulfils this catalytic role by producing a wide variety of vehicles: passenger cars, light, medium and heavy commercial vehicles, multi-utility vehicles such as jeeps, scooters, motorcycles, mopeds, three wheelers, tractors etc.

The automotive sector is one of the core industries of the Indian economy, whose prospect is reflective of the economic resilience of the country. Continuous economic liberalization over the years by the government of India has resulted in making India as one of the prime business destination for many global automotive players. The automotive sector in India is growing at around 18 per cent per annum.

The automotive industry comprising of the automobile and the auto component sectors has made rapid strides since delicensing and opening up of the sector to FDI in 1991. The industry had an investment of about Rs. 50,000 crore in 2002-03 which has gone upto Rs. 80,000 crore by the year 2007. The automotive industry has already attained a turnover of Rs. 1,65,000 crore (34 billion USD). The industry provides direct and indirect employment to 1.31 crore people. The contribution of the automotive industry to GDP has risen from 2.77% in 1992-93 to 5% in 2006-07. The industry is also making a contribution of 17% to the kitty of indirect taxes of the Government.

Introduction
The Indian auto components industry is one of the fastest growing industries and is riding on the success of the automobile sector. Coupled with growing demand and technological advancements, the auto components industry in India has emerged as a key market in Asia as well as the world. The country currently supplies auto components to a number of international automobile makers, such as General Motors, Toyota, Ford and Volkswagen, amongst others.
A joint report of Automotive Component Manufacturers Association of India (ACMA) and McKinsey forecasts automotive component to be a US$ 100 billion industry by 2020, compared with about US$ 35.1 billion today. The report predicts revenue to come from both local sales and exports.
Currently, India is ranked 22 among global component exporting countries. China is at the third spot on the list led by Germany and the US. According to the McKinsey report, India will jump to 9th spot in exports by 2020.

Market size
The Indian auto-components industry can be broadly classified into the organised and unorganised sectors. The organised sector caters to the original equipment manufacturers (OEMs) and consists of high-value precision instruments while the unorganised sector comprises low-valued products and caters mostly to the aftermarket category.


AUTO ANCILLARY: MAJOR SEGMENTS AND CORRESPONDING SUB-SEGMENTS

Majority of Indian auto component exports are to countries in Europe, which account for 35 per cent followed by countries in North America with 26 per cent.
The export of auto components showed a great deal of improvement registering a growth of 16.7 per cent to Rs 61,487 crore (US$ 10.04 billion) in 2013-14 from Rs 52,690 crore (US$ 8.61 billion) in 2012-13. Also, with the automotive sector being a key driver of the economy and growth returning to vehicle consumption in the past few months, ACMA expects the industry to grow by 4–6 per cent in FY15.


The cumulative foreign direct investment (FDI) inflows into the Indian automobile industry during the period April 2000 – August 2014 was recorded at US$ 10,119.68 million, as per data published by the Department of Industrial Policy and Promotion (DIPP), Government of India.


Investments
The investments and developments in the automobile components sector in the past few months are as follows:
·         Honeywell Turbo Technologies has entered into an agreement with Tata Group to develop its first ever petrol turbocharged engine. The new Tata Revotron 1.2T engine launched in the 2014 Tata Zest delivers improved power and torque and a multi-drive mode.
·         TE Connectivity, a manufacturer of connectors for electric, electronic and internet systems, is establishing an integrated manufacturing facility in Bengaluru at an investment of Rs 300 crore (US$ 49.03 million). The plant, measuring 280,000 sq ft, will create jobs in areas of assembly, packaging, moulding, stamping, tooling machine components, cable processes, etc.
·         Volkswagen India plans to export half the cars it will make at its Chakan plant this year, after having sold 100,000 units in the previous year with exports standing at 25 per cent.
·         Tata Cummins, a joint venture (JV) between Cummins Inc and Tata Motors, inaugurated its third manufacturing facility at the Cummins Megasite in Phaltan, Maharashtra to manufacture diesel engines. The new plant will build the ISL and QSL 8.9 litre engines to cater to the global power generation, industrial and automotive markets.
·         TVS Group Company Sundram Fasteners Ltd has reported a 29 per cent increase in net profit at Rs 38 crore (US$ 6.21 million) during the quarter ended June 30, mainly on increased exports. A drop in finance charges and a rise on operating margin supported profit margins has been attributed to the increase of exports.
·         Varron Group, which specialises in manufacture of aluminium ingots, has planned an aggressive roadmap with the commissioning of a Rs 700 crore (US$ 114.41 million) facility in Nagpur. The new integrated plant in Nagpur will have a capacity to produce 30,000 tonnes of ingots each month which will give Varron an opportunity to supply directly to OEMs.
·         Precision manufacturing firm Aequs has opened a new automotive components plant at its 250- acre Special Economic Zone (SEZ) in Belgaum to support its expansion plans in the US and European markets. The plant will roll out engine and transmission parts, sub-assemblies, assemblies as well as add machining capacity of over 100,000 hours annually.

TURNOVER 2009-14

Government Initiatives
The Government of India’s Automotive Mission Plan (AMP) 2006–2016 has come a long way in ensuring the growth of this sector in the global market. It has been expected that this sector's contribution to the GDP will double reaching a turnover worth US$ 145 billion in 2016 due to the government’s special focus on exports of small cars, multi-utility vehicles (MUVs), two and three-wheelers and auto components. Also, the deregulation of FDI in this sector has helped foreign companies to invest in huge amounts in India. “The government has instilled confidence in the market with assurance of positive policy changes. We hope that by the fiscal year 2014–15, capacity utilisation will go up to 90 per cent," according to Mr Harish Lakshman, President, ACMA.
The Government of India is in talks with ACMA and several industry bodies to extend the current excise duties concession beyond December 2014. Under the scheme, excise duties have been reduced for the following segments:

·         For small cars, motorcycle, scooters and commercial vehicles – duty has been reduced from 12 per cent to 8 per cent.
·         For mid-sized cars – duty has been reduced from 24 per cent to 20 per cent.
·         For large cars – duty has been reduced from 27 per cent to 24 per cent.

WHERE DOES INDIA STAND IN COMPARISON TO OTHER COUNTRIES

Road Ahead
According to ACMA, the Indian auto components industry is likely to grow to US$ 150 billion by 2020 with domestic market share of about US$ 85 billion. The Indian auto components industry is well poised to achieve strong growth in the coming years owing to rising domestic demand in the OEM market. Also, the decline in raw material cost, such as decrease in cost of rubber, will help in improving the operating margins and consequently aid in increasing the exports from the auto components sector in India.

The country is slowly gaining the position of global outsourcing hub for auto components:
·      
     The trend of auto ancillary majors getting into multiple automotive segments to shield from market fluctuation will be witnessed more in the coming years.

·      Low vehicle scrappage rate, need for frequent replacements and growing used vehicle market will drive the auto ancillary after-market
·      
     In order to improve cost competitiveness during market slowdown, vehicle manufacturers are reducing in-house component production and opting for outsourcing to reduce investment and technology up-gradation. This trend is expected to expand the domestic auto ancillary market and increase competitiveness.



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Sunday 10 May 2015

Market Brief (11th May 2015)


Markets ended the day on Friday on positive note, although the week ended on flat note after a throwback rally. Weakness in rupee and firm oil prices kept the markets nervous and indecisive. Going forward with a strong rally  in  the US markets would see a higher opening on Monday but it won't be sustainable and durable, at best the rally on the Nifty could test 8350 to 8400 and in best case 8500 from where the sell off would see lower levels coming. Domestic issues are looming large, below expected corporate result and higher expectation build-up in stocks and misperception are the major reasons for the ongoing correction. Going forward unless there is a remarkable improvement on policy front in terms of further reforms and implementations, the markets will find hard to progress. At best it may remain in the range between 8000 and 8500, however in case of further deterioration on the macro front and poor monsoon would be detrimental for the markets and the markets would drift below 8000 and that would be dreadful and markets would in that case see a sharp selloff to 7500 to 7700 on the Nifty, and we may expected a protracted and prolong correction period in the markets.


Investors should restrain from buying into this markets as of now and in fact use rally to exit from fundamentally weak stocks, at the same time one can continue to hold  outperforming stocks, particularly  those companies reported improved results sequentially year on year and are having least debt burden and good governance. This is a good portfolio restructuring time.


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Thursday 7 May 2015

Value of FII ownership on the ascend


Foreign institutional investor (FII) ownership in Indian companies fell 10 basis points during the March quarter. However, in value terms, FII ownership in Indian stocks increased from Rs 18.3 lakh crore in December 2014 to Rs 19.3 lakh crore, the highest since Prime Database started collecting the data. The total value of Indian-listed companies also reached highest-ever level during the March quarter. In terms of sectors, FIIs have highest exposure to banking stocks, followed by information technology.

Below you can see the Investment Details of FIIs yearly pattern.





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Wednesday 6 May 2015

Five reasons why the Sensex tanked over 700 points today


Here are five reasons why BSE Sensex dropped over 700 points today

1. Escalating market volatility, anxiety in derivatives market: The sell-off was triggered due to algorithmic trades, as Nifty dished below 200-day moving average (200 DMA). India’s volatility index rose nearly 16% in today’s trade to its highest level since February, indicating more fluctuations ahead. Foreign institutional investors (FIIs) have been unravelling their long positions and are simultaneously generating short positions, amounting to the already built pressure in the market.

2. Growing crude oil prices: India, which imports two-third of its crude oil obligation, is directly knocked by rising crude oil prices. Today, benchmark Brent crude touched $68.55 per barrel, up 1.5% from its previous close. The benchmark had hit a low of $46.59 on 13 January and has escalated 47.48% since then.

3. Frail Asian markets and mounting sovereign bond yields: Asian stocks plunged to two-week low, dragged down by a sell-off in global sovereign bonds, as investors were anxious it might set off profit-booking in other asset classes. Long-term US Treasury yields rose on Tuesday to their highest level this year, with the 30-year US bond yield rising to 2.934%, the highest in five months and above its 200 DMA.

4. Ongoing tax string between foreign investors and Govt: The brawl between income tax authorities and foreign portfolio investors (FPIs) over the conservative levy of minimum alternate tax (MAT) has made foreign investors alert. FIIs have been net sellers of Indian equities in 11 of last 12 trading sessions of April in the cash sector, data from market regulator SEBI showed.

5. Weak private sector data: The HSBC India Composite Purchasing Managers’ Index (PMI) that indicates private sector activity fell to a six-month low of 52.5 in April as demand remained elastic, indicating that expectations from the change of guard at the Centre are waning.





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Tuesday 5 May 2015

COMMON INSTRUMENTS OF ISLAMIC FINANCE


Some common financial instruments currently being utilised in Islamic finance in various forms are as follows.

A. For financing working capital and liquidity management

1. Murabaha: This is effectively cost-plus financing, as used for trade and asset finance, allowing deferred payment by customers rather than lending money as in conventional loan. The bank purchases the requested commodity (thereby taking it on risk) and sells it to the customer at the agreed mark-up price. In recent times, Murabaha contracts have been the instrument of choice for many financial products, be it trade and asset finance or the provision of working capital facilities.

2.  Istisna’a: Along with Murabaha products, it is one of two types of finance which allows the sale of a Commodity prior to production. Istisna’a contracts are clearly aimed at long-term projects, and are frequently used to finance the construction of real estate developments and large assets such as ships.

        
B.  For asset finance

1. Ijara: This is a quasi-debt instrument, essentially equivalent to leasing. Often used in the context of home purchasing, most aspects of an Ijara are the same as those of conventional leasing, whereby the investor (lessor) purchases and leases the underlying asset to the prospective borrower (lessee) for a specified rent and term. Ijara are frequently used to finance the acquisition of real estate and equipment, although they have also been utilised to affect leveraged buy-outs in private equity transactions.

2Diminishing Musharaka: Recent times have witnessed a shift in emphasis away from Ijara towards diminishing Musharaka (DM) as a mode of financing Islamic mortgages. Many of the major Islamic Mortgage providers have either already switched to DM (HSBC Amanah uses DM) or are planning to do so imminently. DM is a hybrid financing technique involving both Ijara and Musharaka. It appeals to Islamic investors because it is based on the fundamental principle of sharing risk. The attraction for financiers is twofold, in that it can incorporate a variable rate of return and has a credit profile that would be acceptable to most conventional institutions.


CEquity based instruments

1. Musharaka: This is akin to a joint venture arrangement, through an equity participation contract. Ownership is distributed according to each partner’s share in the financing, and profit and loss is shared by the partners. Such contracts are often used in connection with large project finance and private equity funds. Despite it being a preferred option by many Islamic scholars, Musharaka captures only a tiny portion of all Islamic finance.

2Mudarabah: This is essentially an investment fund where one party provides the entire capital, and the other party provides the management (usually the bank, but can be the reverse). Profit sharing is agreed up-front, although the loss is borne by the provider of the funds alone.



DFixed income investment

1. Sukuk: This is an investment certificate (bond) that represents a proportionate interest in a well defined pool of assets that yield income and capital returns. Usually setup through the conventional Securitisation process, with a special purpose vehicle acquiring the assets, the returns from the assets is passed to sukuk holders (investors). Nowadays popular asset classes have included real estate. This method has been a popular way for many governments to raise funds for infrastructure, and accounts for the largest portion of Islamic finance.






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