All the absurdities in the stock market

<ul><li>White Oak Capital’s wholly owned subsidiary GPL Finance and Investments had acquired YES Asset Management Company last year.</li><li>On Thursday, the subsidiary received the nod from regulator <keyword id="35210" type="General" weightage="20" keywordseo="sebi" source="Orion">SEBI</keyword> to become the sponsor of YES MF.</li><li>With this, India will now have four new fund houses coming up soon -- Groww, Zerodha, Samco MF and White Oak Capital.</li></ul>Wealth management firm White Oak Capital has received approval from India’s market regulator to get started with the <keyword id="598742" type="General" weightage="20" keywordseo="mutual-fund-business" source="Orion">mutual fund business</keyword> after it acquired YES Mutual Fund (MF) last year. <br /><br />In September 2020, the investment management firm had bought YES MF from YES Bank, which was struggling with bad loans and raising fresh capital.<br /><br />The transaction will be completed in the next few weeks.<br /><br />GPL Finance and Investments, White Oak Capital’s wholly owned subsidiary, received Securities and Exchange Board of India’s nod to become the sponsor to the newly owned AMC. Sponsor can be seen as the promoter of the associate company. <br /><br />YES MF is the smallest amongst the 44 fund houses in the ₹36 trillion industry with ₹81.45 crore average assets under management (AUM) as of June quarter, according to the Association of Mutual Funds in India.<br /><br />Commenting on the development, <keyword id="1603586" type="General" weightage="20" keywordseo="prashant-khemka" source="Orion">Prashant Khemka</keyword>, founder at White Oak Capital said, “We have instituted a performance-first culture at our firm, earning the confidence of investors globally who have entrusted us with assets of over ₹40,000 crores in the past four years. We are excited about offering our investment expertise to retail investors across the country.”<br /><br />Khemka is the former chief investment officer (CIO) and lead portfolio manager at Goldman Sachs Asset Management. <br /><br />Aashish P Somaiyaa, who will be taking over as chief executive officer of the AMC said, “We continue to build a seasoned team of industry professionals to provide best in class investment products to retail investors. We will look forward to covering India well beyond the metro cities including B30 locations, to achieve higher inclusivity through omni-channel presence across physical, virtual and digital channels.” B30 cities include tier II and tier III cities.<br /><br />Last week, Samco MF, an online discount broker, announced its entry into the mutual fund business. With this, India will now have four new fund houses coming up soon -- Groww, Zerodha, Samco MF and White Oak Capital. <br /><br />SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/ipo-bound-pine-labs-raises-another-100-million/articleshow/86262592.cms">IPO-bound Pine Labs raises another $100 million</a><br /><br /><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/indias-bad-bank-get-government-nod-green-lights-narcl-with-30600-crore-guarantee/articleshow/86262155.cms">India's bad bank get government nod — green lights NARCL with ₹30,600 crore guarantee</a><br />

Wealth management firm White Oak Capital gets SEBI’s nod to enter mutual fund business

A $4.5 billion fund manager talks about investments in PSU banks

<ul><li><keyword id="6653" type="General" weightage="20" keywordseo="icici-bank" source="Orion">ICICI Bank</keyword> stock has been on a gaining streak since the last five days, which led to bank’s shares crossing the ₹5 trillion mark.</li><li>The lender is now among the list of the most valued companies on Nifty 50 index.</li><li>With this, ICICI Bank becomes the second lender after <keyword id="6357149" type="General" weightage="20" keywordseo="hdfc-bank" source="Orion">HDFC Bank</keyword> and sixth company to achieve this milestone.</li></ul>ICICI Bank, one of the leading lenders in the country, has become more valued than ever before as its market capitalisation crossed ₹5 lakh crore today. <br /><br />With this, ICICI Bank became the second lender after HDFC Bank and the sixth company, overall, to achieve this milestone in India’s corporate history.<br /><br />It has joined the list of top companies with higher market cap -- Reliance Industries (RIL), Tata Consultancy Services (TCS), HDFC Bank, Infosys and Hindustan Unilever (HUL). These companies are known for their strong business capabilities and earnings performance.<br /><br /><table style="border-width: initial; border-style: none;" class="redcator-table-advance"><colgroup></colgroup><col /><col /><tbody><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Nifty 50 stocks above ₹5 trillion m-cap<br /><br /></td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Market cap (lakh crore)<br /><br /></td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Reliance Industries<br /><br /></td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">14.39<br /><br /></td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Tata Consultancy Services<br /><br /></td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">13.76<br /><br /></td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">HDFC Bank<br /><br /></td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">8.79<br /><br /></td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Infosys<br /><br /></td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">7.11<br /><br /></td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Hindustan Unilever<br /><br /></td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">6.46<br /><br /></td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">ICICI Bank<br /><br /></td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">5.01<br /><br /></td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table>Data: BSE as of 1 p.m. on September 1, 2021<br /><br />Overall, the ICICI Bank stock has been on a gaining streak since recent times as the bank reported better than expected earnings led by healthy net interest income and provisions.<br /><br /><strong>Prashant Khemka from White Oak Capital explaining why nearly a third of his portfolio is made of banking stocks<br /></strong><br />            <div type="Video" msid="85846202" hostid="261" title="A $4.5 billion fund manager talks about investments in PSU banks" dataSource="BUSINESSINSIDER" thumbUrl="https://denmark.timesinternet.in/cmslite/api/app/images.jpg?msid=85846202"></div><br />“COVID 2.0 has disrupted collections, leading to elevated slippages in the retail/business banking portfolio. However, the management is confident of improved asset quality trends over FY22, mainly from second half onwards. Restructured loans remain under control at 0.7% of loans. Provision coverage remains best in the industry and additional COVID-19 provision buffer (0.9% of loans) provides comfort on normalisation in credit cost,” said a report by Motilal Oswal. <br /><br />        <div type="image" title="ICICI Bank chart" height="900" width="1200" msid="85828311" hostid="261"></div><br />Shares of ICICI Bank have delivered average returns in comparison to other top bank stocks. It has gained 37%.<br /><br /><table style="border-width: initial; border-style: none;" class="redcator-table-advance"><colgroup></colgroup><col /><col /><tbody><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Peer Banks<br /><br /></td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">% returns in 2021<br /><br /></td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">HDFC Bank<br /><br /></td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">11%<br /><br /></td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">State Bank of India<br /><br /></td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">54%<br /><br /></td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">ICICI Bank<br /><br /></td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">37%<br /><br /></td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Axis Bank<br /><br /></td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">29%<br /><br /></td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Kotak Mahindra Bank<br /><br /></td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">-12%<br /><br /></td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table><br />A report by Centrum Capital feels that the non-performing assets (NPAs) of the bank may decline going ahead leading to lesser provisioning by the lender. It maintained a ‘buy’ rating on the stock with a target price of ₹780.<br /><br />Analysts at Motilal Oswal have also maintained a ‘buy’ rating on the stock as it expects earnings to remain strong after a steady June quarter. It has set a target price of ₹835. <br /><br />SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/international/news/sri-lanka-declares-economic-emergency-as-food-items-go-out-of-reach/articleshow/85827111.cms">Sri Lanka declares economic emergency as food items go out of reach</a><br /><br /><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/paytm-valuation-has-increased-by-nearly-40-a-share-heres-how/articleshow/85826886.cms">Paytm valuation has increased by nearly $40 a share — here’s how</a>

You Searched For "prashant khemka" and got 4 results

All the absurdities in the stock market

Business Insider India

Wealth management firm White Oak Capital gets SEBI’s nod to enter mutual fund business

Bhakti Makwana

A $4.5 billion fund manager talks about investments in PSU banks

Business Insider India

ICICI Bank becomes the sixth valuable firm in India with over ₹5 trillion mcap after RIL, TCS, HDFC Bank, Infosys, and HUL

Bhakti Makwana