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<ul><li>Market regulator SEBI has sought explanation from mutual funds for delaying payments due to investors.</li><li>Top mutual funds in India are citing reasons to delay repaying investors' money.</li><li>The crisis in India's shadow banks caused by massive defaults by IL&amp;FS and Essel Group is unraveling.</li><li>The Economist had warned of such a crisis earlier calling it India's 'Lehman moment'.</li></ul>When an investor buys a mutual fund, specifically invests in a fund that lends money to corporate borrowers, for a fixed period of a time, it is expected that the fund would return the money to the borrower at the end of the tenure based on the agreed terms. That trust that keeps the mutual fund market running is being tested in India. Two of the country's biggest fund houses, that invest the money pooled in from eager investors, have sought <a href="https://economictimes.indiatimes.com/mf/mf-news/essel-group-troubles-have-hdfc-kotak-mutual-fund-seeking-roll-overs/articleshow/68828851.cms" data-type="tilCustomLink" target="_blank">to delay the payments due to the clients</a>. Market regulator, the Securities and Exchange Board of India, has finally swung into action and has written to Kotak Asset Management Company and HDFC Asset Management Company seeking clarification regarding delays in repayment to investors of fixed maturity plans, <a href="https://www.cnbctv18.com/finance/fmp-crisis-kotak-mutual-funds-hdfc-amc-under-sebi-lens-2942511.htm" data-type="tilCustomLink" target="_blank">according to a CNBC-TV18 report</a>. On Monday, Kotak Mutual Fund informed its investors that it would not be able to redeem the securities held by the investors because one of its loans, to the struggling Zee Group has soured. The borrower has sought additional time to repay the debt, and the investors who had trusted their savings with the fund have become collateral damage. 
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 HDFC Mutual Fund, the country’s largest, said it would roll over one of its fixed maturity plans, which is due for redemption on April 15. However, this financial services major that manages billions of people's wealth, has given the payment delay an ironic twist. “The purpose of rollover/ extension is due to current interest rate scenario and portfolio positioning, the yields prevailing in the short maturity bucket present an option for investors to lock in their investments at current prevailing yields,” HDFC MF told its investors. Break it down In simple words, the company is citing high interest rates for short-term loans as an opportunity to reinvest the money that is due. However, can they take that decision unilaterally, without the investors' consent? "Extensions are not possible unless the investors agree. Something like 75% of the investors in that particular scheme have to agree to a rollover. Otherwise a close-ended debt fund has to mature and the money has to be given," Ananth Narayan, professor of finance at SP Jain Institute of Management and Research, told a television channel. The question to ask is will a bank give you more time to pay your dues because someone else failed you? No. Similarly, the fund house is trusted to repay the investors' at maturity, the end of a previously agreed time period. At that point, the choice is with the investors if they want to roll-over the investment for a longer duration or redeem it right away. "We will have to wait for more details. It seems similar to the Kotak situation where some papers might not be liquid enough which is why this option is being provided to investors. I will be very happy if I am wrong and the company clarifies very soon.," Narayan added in his comments. If indeed HDFC Mutual is in a hurry to make the most of rising short-term interest rates in the market, it could start a new fund and investors can be invited to pool in money again based on a new agreement. What seems to be missing in the fund's offer is an explicit consent. Lehman moment The fear in the market is that an increasing number of mutual funds are trying to brush their bad investments in companies like IL&amp;FS, Essel Group etc. under the carpet. In late 2018, many bad business decisions of the past led a set of Indian behemoths to default on their loans leaving behind a financial mess that <a href="https://www.economist.com/business/2018/11/08/indias-banking-system-is-flirting-with-a-lehman-moment" data-type="tilCustomLink" target="_blank">the Economist called India's Lehman moment</a>. The reference is to the collapse of the global investment bank, Lehman Brothers, in 2008 that led to the <keyword id="83197" type="ORGANIZATION" weightage="20" keywordseo="Global-financial-crisis">global financial crisis</keyword> and a widespread panic that shut all taps for credit across the world. The fear was more Indian financial firms may face losses in the days to come that may lead to a cash crunch and panic within the country, something that seems increasingly plausible with the recent sequence of events. The shadow banks, non-banking financial companies and mutual funds, which had lent money to IL&amp;FS and Essel Group to stand have their backs broken by the massive unpaid dues. IL&amp;FS had a debt of $13 billion when it defaulted on some of it. About 10 fund houses had lent to 16 companies belonging to Essel Group with the promoters' shares as security. To their surprise, the fund managers found out later that some of those shares were already pledged to other lenders. India's problem with unpaid loans, and those at the risk of default, is much bigger than these two. In <a href="https://www.business-standard.com/article/finance/npa-woes-india-beats-italy-to-be-world-s-worst-non-performing-loan-ratio-119021900322_1.html" data-type="tilCustomLink" target="_blank">February this year</a>, the country beat Italy to bag the infamous of having the world's highest proportion of bad loans. What was earlier seen as a problem limited to the banks, it is now becoming evident that the damage may be far wider. Now, the small investors fear for their money that is stuck with the stressed mutual funds. The market regulator SEBI that is expected to protect small investors is still silent. SEE ALSO: <a href="https://www.businessinsider.in/markets/lok-sabha-elections-2019-adds-to-the-markets-fears-from-us-fed-minutes-and-imf-forecast/articleshow/68826392.cms" data-type="tilCustomLink" target="_blank">India's 2019 election is only one of the market's many worries</a>

India's 'Lehman moment' seems closer than ever as top mutual funds defer dues to investors

Mumbai, Mar 6 () Asset management companies are staring at a Rs 3,345.48-crore hole in their books with their exposure to the equity and bonds of Yes Bank, which is under a 30-day moratorium, according to data from Morningstar. As of January 31, 2020, nearly two dozen mutual fund houses have exposure of close to Rs 526.42 crore to the stock, while 11 have invested Rs 2,819.06 crore in the bonds of the troubled private sector lender, as per the data. The Reserve Bank of India (RBI) on Thursday evening capped withdrawals at Rs 50,000 per depositor for a month and imposed strict limits on operations at the country's fourth-largest private lender that faced "regular outflow of liquidity" after an effort to raise new capital failed. As per the data, SBI Mutual Fund has the highest exposure of Rs 152.83 crore, followed by Rs 142.02 crore by HDFC Mutual Fund in the bank's equities, as at the end of January. Kotak Mutual Fund's exposure was Rs 62.60 crore, while Nippon India Mutual Fund invested Rs 61.21 crore in stocks of the bank. UTI Mutual Fund's exposure was Rs 33.18 crore in the stocks of the bank. Nippon India has the highest exposure of Rs 1,806.28 crore to debt issued by the bank. Earlier in the day, Nippon India Mutual Fund said it has marked down the value of its investments to zero in bonds issued by Yes Bank. In addition, the fund house has imposed a limit of Rs 2 lakh on fresh inflows into the impacted schemes till further notice, it said in a statement. Franklin Templeton and UTI Mutual Fund invested Rs 475.72 crore and Rs 336.67 crore, respectively, in bonds of the lender. Kotak MF's exposure to bonds was Rs 93.83 crore as on January 31, 2020. Mahindra Mutual Fund said it has nil exposure to Yes Bank. "Mahindra Credit Risk Yojana had a net exposure of 1.83 per cent in Yes Bank as of December 31, 2019. We had continued to pare down exposure in Yes Bank, due to the management's inability to demonstrate raising risk/ equity capital," the mutual fund house said in a statement. In February, the company fast-paced its exit from the residual exposure in the bank and have completely exited the same, it said. Quantum Mutual Fund's Fund Manager (Fixed Income) Pankaj Pathak said, "Quantum Liquid Fund prioritises safety and liquidity over returns and invests only in less than 91 day maturity instruments issued by government securities, treasury bills and top rated PSUs." HV HRS

'Mutual funds' exposure to Yes Bank at Rs 3,345 cr'

New Delhi, Nov 26 () Two asset management companies -- ICICI Prudential Mutual Fund and HDFC Mutual Fund -- on Tuesday said they have received payments to the tune of Rs 437 crore from Subhash Chandra's Essel Group.
 Individually, ICICI Prudential MF has got Rs 270 crore as repayment and interest from the Essel Group, while the same for HDFC MF has been pegged at Rs 167 crore.
 With this repayment, ICICI Prudential Mutual Fund's exposure to Essel Group has come down to nil.
 "Pursuant to the sale of shareholding by the promoters of ZEEL, ICICI Prudential Mutual Fund has received repayment of the total principal amount invested along with the accrued interest thereon. Subsequently, as on date, none of the schemes of ICICI Prudential MF have any investments in debt instruments issued by the promoter group companies of ZEEL," the fund house spokesperson said.
HDFC MF said that the company holds certain non-convertible debentures (NCDs) of the Essel Group that are secured by a pledge of listed equity shares. The carrying value of these NCDs as at September 30, 2019 was Rs 275.63 crore.
 "The company has received a total of Rs 166.86 crore towards part repayment of the said NCDs and interest thereon, from the issuer through sale of certain listed equity shares comprising part of the collateral. The value of the residual pledged listed equity shares as at November 25, 2019 is Rs 143.95 crore," the fund house informed the stock exchanges.
 On Monday, Subhash Chandra resigned as chairman of his flagship company Zee Entertainment Enterprises Ltd (ZEEL) with immediate effect. He will remain the company's non-executive director, which he founded in 1992.
 His resignation came at a time when the debt-ridden group is looking to further divest promoters' stake in the company to repay the debts
 Essel Group on November 20 had said it is planning to sell 16.5 per cent stake in its flagship ZEEL to financial creditors to meet its loan repayment obligations.
 In September, the group had sold 11 per cent stake in ZEEL to Invesco-Oppenheimer fund for over Rs 4,224 crore and then retired debt worth Rs 4,000 crore.
 Atlanta-based Invesco already held 7.74 per cent stake in ZEEL since 2002.
 Promoter and promoter group shareholding in the company went down to 22.37 per cent in the quarter ended September 30, from 35.79 per cent in the quarter ended June 30. SP SHW
SHW

ICICI Pru MF, HDFC MF receive payments from Essel Group

New Delhi, Mar 9 () Two more mutual fund houses, Franklin Templeton MF and Baroda MF, have decided to side-pocket their exposures to Yes Bank bonds following the rating downgrade of troubled private lender's debt instruments.This takes the total number of fund houses side-pocketing or segregating their exposures to Yes Bank bonds to five.Three fund houses -- UTI MF, Nippon India MF and PGIM India MF -- on Friday announced to side-pocket or segregate their exposures to bonds of the private sector lender.The move is aimed at preventing the distressed assets from damaging the returns generated from more liquid and better-performing assets.The development comes after the downgrade of debt instruments of Yes Bank to ''D'', which is below investment grade, by rating agency Icra. Yes Bank on Thursday was put under a moratorium, with the RBI capping deposit withdrawals at Rs 50,000 per account for a month and superseding its board.In a statement, Franklin Templeton MF, which had an exposure of Rs 294 crore to Yes Bank debt, has created segregated portfolios in four of its schemes.The four schemes are Franklin India Debt Hybrid Fund, Franklin India Dynamic Accrual Fund, Franklin India ShortTerm Income Plan and Franklin India Credit Risk Fund.Pursuant to the downgrade of rating of debt instruments of Yes Bank to default category by Icra on March 6, Baroda MF, in a separate statement, said it has proposed to create a segregated portfolio in respect of its two schemes -- Baroda Treasury Advantage Fund and Baroda Credit Risk Fund -- of the private lender with effect from Friday, subject to approval from the board of directors of Baroda Trustee India Pvt Ltd.Overall, mutual fund houses had an exposure to the tune of more than Rs 2,800 crore to Yes Bank bonds at January-end.The RBI, in a notification, on Thursday said the financial position of Yes Bank has undergone a steady decline largely due to inability of the bank to raise capital to address potential loan losses and resultant downgrades, triggering invocation of bond covenants by investors, and withdrawal of deposits.The bank has also experienced serious governance issues and practices in the recent years which have led to steady decline of the bank, it added.The central bank has appointed former CFO of public sector lender State Bank of India Prashant Kumar as an administrator.In December 2018, regulator Sebi had permitted mutual funds to create segregated portfolios, or side-pocketing, with respect to debt and money market instruments. In case of a credit event that is a credit downgrade, like below investment grade and similar, segregated portfolio may be created.Creation of segregated portfolios is a mechanism to separate distressed, illiquid and hard-to-value assets from other more liquid assets in a portfolio. SPBAL

Mutual funds continue to side-pocket exposures to Yes Bank bonds

New Delhi, Mar 6 () Three mutual fund houses UTI MF, Nippon India MF and PGIM India MF on Friday decided to side-pocket their exposures to Yes Bank bonds following the rating downgrade of troubled private lender's debt instruments.This is subject to approval from the board of trustees of respective fund houses.The move will prevent the distressed assets from damaging the returns generated from more liquid and better-performing assets.The development comes following the downgrade of debt instruments of Yes Bank to 'D', which is below investment grade, by rating agency ICRA.In a statement, UTI MF said it has proposed to create a segregated portfolio in respect of debt securities of Yes Bank in its two schemes - UTI Credit Risk Fund and UTI Medium Term Fund - effective from Friday, subject to approval from the Board of Trustees.Nippon India MF has also proposed to create segregated portfolio of securities of Yes Bank held in the schemes with effect from Friday.Further, processing of subscriptions and redemptions in the schemes would be suspended on the day of the credit event (March 6, 2020) till trustees approval for segregation is received, it added.In view of the downgrade of the securities to default grade, the PGIM India has proposed to segregate its holdings from Friday.In December 2018, regulator Sebi had permitted mutual funds to create segregated portfolios, or side-pocketing, with respect to debt and money market instruments. In case of a credit event that is a credit downgrade, like below investment grade and similar, segregated portfolio may be created.Creation of segregated portfolios is a mechanism to separate distressed, illiquid and hard-to-value assets from other more liquid assets in a portfolio. SP MKJ

UTI MF, Nippon India MF, PGIM MF to side-pocket exposures to Yes Bank bonds

New Delhi, Feb 18 () Two mutual fund houses, UTI MF and Nippon India MF, have side-pocketed their exposures to Vodafone Idea in a bid to prevent the distressed assets from damaging the returns generated from more liquid and better-performing assets. The move comes following a rating downgrade of Vodafone Idea debt by CARE Ratings to 'BB-', which is below the investment grade. In a statement, UTI AMC said its board of trustees approved the creation of segregated portfolio in five schemes -- UTI Credit Risk Fund, UTI Bond Fund, UTI Regular Savings Fund, UTI Dynamic Bond Fund and UTI Medium Term Fund. "With effect from February 17, 2020, securities of Vodafone Idea Ltd will be segregated from total portfolio," it added. These five schemes have exposure of Rs 186 crore in debt instruments issued by Vodafone Idea. Nippon India MF, separately, said it has decided to create segregated portfolio of securities (or side pockets) of Vodafone Idea held in three schemes -- Nippon India Strategic Debt Fund, Nippon India Credit Risk Fund and Nippon India Hybrid Bond Fund -- from Monday (February 17) to protect the interest of the investors. The fund house has an exposure of a little over Rs 227 crore to Vodafone Idea debt across these three schemes. "In light of no further relief and the Supreme Court's reiteration of the requirement to make the payment imminently, the company's operations are likely to become unviable unless there is significant equity infusion," Nippon India said in a note to investors. "The promoters of VIL (Vodafone Idea Ltd) have hinted that they will be unable to continue the operations of the company on a going-concern basis unless there is meaningful relief on the AGR dues," it added. Last month, Franklin Templeton MF side-pocketed exposure to the telecom player after rating agencies had downgraded the non-convertible debentures of Vodafone Idea to below investment grade. Prior to that, Franklin Templeton MF, which had an exposure of over Rs 2,000 crore to Vodafone Idea in six of its schemes, had marked down its investment in the securities issued by the telecom player to zero. The fund house had markdown the schemes on the same day when the Supreme Court rejected the telecom player's review plea related to over Rs 40,000 crore in adjusted gross revenue (AGR)-related dues to the government. In December 2018, regulator Sebi had permitted mutual funds to create segregated portfolios, or side-pocketing, with respect to debt and money market instruments. In case of a credit event that is a credit downgrade, like below investment grade and similar, segregated portfolio may be created. Creation of segregated portfolios is a mechanism to separate distressed, illiquid and hard-to-value assets from other more liquid assets in a portfolio. SP HRS

UTI MF, Nippon India MF side-pocket exposure to Vodafone Idea

Mutual fund industry to see many mergers in next couple of years, says Aditya Birla Sun Life AMC’s CEO

New Delhi, Jan 26 () Franklin Templeton Mutual Fund, which recently marked down its investment in the securities issued by Vodafone Idea to zero, has said its board has approved the creation of segregated portfolios (or side pockets) to hold these securities in six of its schemes.
 The move will help prevent the distressed assets from damaging the returns generated from more liquid and better-performing assets.
 The board of trustees of Franklin Templeton MF has approved the creation of segregated portfolios in six schemes -- Franklin India Low Duration Fund, Franklin India Dynamic Accrual Fund, Franklin India Credit Risk Fund, Franklin India Short Term Income Plan, Franklin India Ultra Short Bond Fund and Franklin India Income Opportunities Fund.
 "With effect from January 24, various securities issued by Vodafone Idea in the schemes will be segregated from the total portfolio," the fund house said in a statement.
 The decision has been taken in order to protect the value for existing unitholders in these schemes, it added.
 Earlier, rating agencies had downgraded the non-convertible debentures (NCDs) of Vodafone Idea to below investment grade.
 On January 16, Franklin Templeton, which had an exposure of over Rs 2,000 crore to Vodafone Idea in six of its schemes, had marked down its investment in the securities issued by the telecom player to zero.
 "We would like to reiterate that this fair valuation only reflects the realisable price of the relevant securities on the date of valuation and does not indicate any reduction or write-off of the amount repayable by Vodafone Idea. We continue to engage with the company in the best interest of our investors," the fund house had said.
 The fund house had markdown the schemes on the same day when the Supreme Court rejected the telecom player's review plea related to over Rs 40,000 crore in AGR related dues to the government.
 This markdown led to a drop of 4 to 7 per cent in the schemes' net asset values (NAVs) that were exposed to the debt instruments of Vodafone Idea.
 Overall, the mutual fund industry had an exposure of more than Rs 3,300 crore to Vodafone Idea.
 In December 2018, regulator Sebi had permitted mutual funds to create segregated portfolios or side pocketing with respect to debt and money market instruments. In case of a credit event that is a credit downgrade, like below investment grade and similar, segregated portfolio may be created.
 Creation of segregated portfolios is a mechanism to separate distressed, illiquid and hard-to-value assets from other more liquid assets in a portfolio. SP ABM
ABM

Franklin Templeton MF sidepockets exposure to Vodafone Idea

Online auto classified platform <keyword id="1980082" type="PERSON" weightage="20" keywordseo="Cartrade">CarTrade</keyword> Tech on Friday said it has raised Rs 900 crore from anchor investors ahead of its initial public offering, which opens on Monday. The company has decided to allocate 55,59,664 equity shares to anchor investors at Rs 1,618 apiece, valuing the transaction size to Rs 899.55 crore, according to a circular uploaded on the BSE website. Nomura, HSBC Global, Goldman Sachs, Jupiter India Fund, Elara India Opportunities Fund, Aditya Birla Sun Life Insurance Company, Bajaj Allianz Life Insurance Company, Bharti Axa Life Insurance Company, Axis Mutual Fund (MF), HDFC MF, Kotak MF and Sundaram MF are among the anchor investors. The initial share-sale will be entirely an offer for sale (<keyword id="883402" type="ORGANIZATION" weightage="20" keywordseo="OFS">OFS</keyword>) of 18,532,216 equity shares. Among the investors participating in the OFS are -- CMDB II (22.64 lakh equity shares), Highdell Investment Ltd (84.09 lakh shares), Macritchie Investments Pte Ltd (50.76 lakh shares), and <keyword id="11723135" type="UNKNOWN" weightage="20" keywordseo="springfield-venture-international">Springfield Venture International</keyword> (17.65 lakh shares). Currently, CMDB II holds 11.93 per cent stake in CarTrade, Highdell Investment owns 34.44 per cent stake, MacRitche Investment has 26.48 per cent shareholding, and Springfield Venture International holds 7.09 per cent stake in the company. The public issue, with a price band of Rs 1,585-1,618 a share, will open for subscription on August 9 and conclude on August 11. At the upper end of the price band, the <keyword id="6354763" type="UNKNOWN" weightage="20" keywordseo="ipo">IPO</keyword> is expected to mobilise Rs 2,998.51 crore. Half of the issue size has been reserved for qualified institutional buyers (QIBs), 35 per cent for retail investors and the remaining 15 per cent for non-institutional investors. Founded in 2009, CarTrade is backed by marquee investors -- <keyword id="6402698" type="UNKNOWN" weightage="20" keywordseo="warburg-pincus">Warburg Pincus</keyword>, Temasek, JPMorgan and March Capital. The CarTrade platform allows customers to buy and sell used cars as well as new cars. The firm is a multi-channel auto platform with coverage and presence across vehicle types and value-added services through its brands -- CarWale, CarTrade, <keyword id="209119" type="COMPANY" weightage="20" keywordseo="Shriram-Automall">Shriram Automall</keyword>, BikeWale, CarTrade Exchange, Adroit Auto and AutoBiz. The company's consumer platforms i.e. CarWale, CarTrade and BikeWale, collectively get 3.2 crore average unique visitors every month (during the three-month period ending March 31, 2021), and Shriram Automall and other auction platforms had 8,14,316 vehicles listed for auction during FY21. The company generates revenues from commission and fees from auctions and re-marketing services, online advertising solutions, lead generation, technology-based services to OEMs, dealers, banks and other financial institutions, and inspection and valuation services. Axis Capital, Citigroup Global Markets India, Kotak Mahindra Capital Company and <keyword id="6600258" type="UNKNOWN" weightage="20" keywordseo="Nomura-Financial-Advisory">Nomura Financial Advisory</keyword> and Securities (India) Private Limited are the investment bankers to the issue. SEE ALSO <a href="https://www.businessinsider.in/stock-market/news/krsnaa-diagnostics-ipo-open-today-check-out-how-to-apply/articleshow/85017014.cms">Krsnaa Diagnostics IPO opens—here is all you need to know</a> <a href="https://www.businessinsider.in/business/startups/news/these-are-some-of-the-highest-paid-founders-of-indian-startups-tapping-capital-markets-this-year/slidelist/85005261.cms">These are some of the highest paid founders of Indian startups tapping capital markets this year</a>

CarTrade raises ₹900 crore from anchor investors ahead of its IPO, issue opens on Monday

<ul><li>Shares of <keyword id="141413" type="General" weightage="20" keywordseo="zee-entertainment-enterprises" source="Orion">Zee Entertainment Enterprises</keyword> gave 40% returns in one trading session and today the stock is up 4% as analysts turn positive on the stock.</li><li>Analysts believe resignations of independent directors have brought back investor confidence and triggered the stock for good.</li><li>Moreover, talks of potential takeover of the company have also added to the optimism around the company’s stock.</li></ul>After resignations of two independent directors, thousands of investors picked up <keyword id="51166" type="General" weightage="20" keywordseo="zee-entertainment" source="Orion">Zee Entertainment</keyword>’s stock, on Tuesday, including marquee investor Rakesh Jhunjhunwala. This is because resignations of independent directors brought focus back to the company's growth and an end to concerns over corporate governance. Moreover, <a href="https://www.livemint.com/companies/news/zee-entertainment-stock-surges-on-takeoverhopes-11631646395943.html">talks </a>of potential takeover of the company have also added to the optimism around the company’s stock. Post the resignations, several brokerages that were negative on the stock or had recommended a sell or reduce rating turned positive. This sudden change in the investor mindset boosted the company's stock by 40% in one trading session. <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Brokerages </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Stock rating </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Dolat Capital </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">BUY </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Kotak Institutional Equities </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">BUY </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Deen Dayal Investments </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">BUY </td></tr></tbody><tbody></tbody><tbody></tbody></table> All this, after the broadcaster’s largest shareholder Invesco, which holds 7.7% stake in the company, demanded resignation of Ashok Kurien and Manish Chokhani along with that of the managing director Punit Goenka. This was followed by a report from proxy advisory firm Institutional Investors Advisory Services (IIAS) that highlighted concerns over the managing director’s increasing salary and asked shareholders not to vote for re-appointing independent directors Ashok Kurien and Manish Chokhani on the company's board. <a href="https://www.business-standard.com/article/companies/invesco-seeks-egm-to-remove-punit-goenka-from-zee-entertainment-board-121091301555_1.html">Reportedly</a>, Punit Goenka’s salary was increased by 46%, higher than what was approved by shareholders in the 2020 annual general meeting. At the same time, employees were not given any raise for FY21. "We have persistently highlighted in our notes of potential change in management, improvement in cash flows and traction in digital business as key re-rating triggers. With one of the key triggers getting activated we upgrade our target multiple from with the target price of ₹328 (vs. ₹204 earlier) and rating to BUY (from Reduce)," said Dolat Capital according to media reports. Zee Entertainment Enterprises may attract more investors if the concerns raised by Invesco get addressed, said Abneesh Roy of Edelweiss Securities in an interview with CNBC-TV18. However, Roy thinks Zee shares going back to ₹600 apiece currently looks difficult as volatility continues, while valuation re-rating will happen and shares will go beyond the target price of ₹343. He expects further improvement in market share for Zee next quarter onwards. Karan Taurani, senior vice president-research analyst, Elara Securities said that if the new management does come in, we do see a re-rating trigger here, which means stock price would rise. “Looking at the peer comparison in terms of growth and valuations, Zee as a company has not done that bad. The performance metrics have deteriorated in the last two and a half to three years because they would always outperform the industry growth rate but now, they are coming almost at par with the industry growth rate,” said Taurani. Analyst Jaykumar Doshi at Kotak Institutional Equities has upgraded the stock to BUY (from REDUCE). “Zee’s valuations have been constrained by governance concerns and structural risks. The market has ascribed negative value to ZEE5 due to a lack of confidence in the management. Irrespective of how this plays out, we expect a re-rating,” he said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/these-stocks-that-are-into-clean-and-renewable-energy-supporting-the-climate-change-wave/slidelist/86220985.cms">5 multibagger stocks that are into clean and renewable energy supporting the climate change wave</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/government-picking-up-a-stake-in-vodafone-idea-might-be-a-remedy-worse-than-the-disease-say-experts/articleshow/86221662.cms">Government picking up a stake in Vodafone Idea ‘might be a remedy worse than the disease’, say experts</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/retail/news/long-before-mukesh-ambani-set-his-eyes-on-the-millions-of-mom-n-pop-stores-a-bunch-of-e-commerce-startups-were-preparing-the-ground-they-are-now-getting-their-due/articleshow/86220950.cms">Long before Mukesh Ambani set his eyes on the millions of mom-n-pop stores, a bunch of e-commerce startups were preparing the ground ⁠— they are now getting their due</a>

Zee Entertainment good to buy as concerns over corporate governance will be put to bed after management change, say analysts

New Delhi, May 20 () Franklin Templeton Trustee Services has appointed Kotak Mahindra Bank to work together with Franklin Templeton Asset Management (India) to assist the trustees in monetising portfolios of the six schemes that are being wound up. Kotak Mahindra Bank, through its debt capital markets team, will work closely with the Franklin Templeton Trustees, to assist with all portfolio actions in these six schemes that are being wound up, Franklin Templeton Mutual Fund said in a statement. Trustees of Franklin Templeton MF said that Kotak Mahindra Bank, a highly reputed firm with strong corporate governance practices and deep financial market experience, will, wherever required, act as their agent and provide its independent advice and assistance to the trustees through the entire process. The appointment will provide the trustees with the added experience and ability to monetise assets at the earliest possible time. "Franklin Templeton is committed to ensuring an orderly and equitable exit for all investors at the earliest possible time, and we will partner with the board of trustees and Kotak Mahindra Bank to ensure an efficient wind-up of these schemes, while preserving maximum value for our investors," said Sanjay Sapre, president of Franklin Templeton India. Sujata Guhathakurta, president (debt capital markets) at Kotak Mahindra Bank, said the bank is looking forward to working closely with the trustees and the asset management company (AMC) to assist them in wind-up of these schemes. Last month, the fund house had closed six of its debt funds, citing redemption pressures and lack of liquidity in the bond markets. These schemes, together having an estimate amount of over Rs 25,000 crore assets under management, were Franklin India Low Duration Fund, Franklin India Dynamic Accrual Fund, Franklin India Credit Risk Fund, Franklin India Short Term Income Plan, Franklin India Ultra Short Bond Fund, and Franklin India Income Opportunities Fund. SP HRS

Franklin Templeton appoints Kotak Mahindra Bank to assist in monetising assets of 6 wind-up schemes

New Delhi, Jan 6 () UTI Mutual Fund on Monday said it has received payments to the tune of Rs 20.5 crore from Altico Capital India, a lender to real estate companies.
Certain UTI Mutual Fund schemes invested in debt instruments of Altico that were downgraded to below investment grade by credit rating agencies in September 2019. Pursuant to this, UTI Mutual Fund schemes marked down their respective exposures to such instruments by 75 per cent.
Altico Capital, on December 30, distributed available cash to lenders in proportion to their respective overdue aggregate principal amount outstanding and along with applicable interest, the fund house said in a statement.
In connection with this, certain UTI Mutual Fund schemes received an aggregate amount of Rs 20.50 crore from Altico Capital and such schemes accounted for their respective portion of such amount, it added.
UTI Credit Risk Fund had an exposure of about Rs 200 crore in debt security of Altico Capital.
UTI MF's sponsors are State Bank of India, Punjab National Bank, Bank of Baroda and Life Insurance Corporation of India.
Last month, UTI MF filed draft papers with markets regulator Sebi to float an initial public offering and according to investment bankers, the issue size is expected to be around Rs 3,000 crore. 
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