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June turned out to be a blockbuster month for thematic/sectoral <keyword id="19929240" type="General" weightage="20" keywordseo="mutual-funds" source="keywords">mutual funds</keyword>, which managed to amass Rs 22,351.69 crore during the month, the highest amongst all equity mutual funds. Overall, equity mutual funds saw <keyword id="19967545" type="General" weightage="20" keywordseo="inflows" source="keywords">inflows</keyword> worth Rs 40,537 crore, whereas debt mutual funds saw significant outflows of about Rs 1.07 lakh crore. Within this category, liquid and overnight funds saw maximum outflows. As Himanshu Srivastava, Associate Director – Manager Research, Morningstar Investment Research India noted, since June is a quarter end month, debt-oriented schemes, as expected, witnessed a net outflow. Only funds with a duration profile of less than 1 year, like low duration and money market funds, saw inflows. "The net outflow across the board could also be on the back of investors shifting towards equity markets in expectation of better returns, as the equity markets continue to touch all time high levels after the election results were announced. Between May and June, the number of folios in the debt segment fell from 7,091,977 to 7,013,214, which is a drop by 78,763 folios. In May, the number of folios fell by 26,088 folios". "Moreover, uncertainty over the interest rate cut cycle has also been keeping investors in tenterhooks. With no clarity on the probable timing for the beginning of interest rate cut cycle, investors, for a time being, would have decided to adopt a wait and watch approach and stay away from categories which are exposed to interest rate risks such as Dynamic and Gilt", he continued. <h2>SIP figures touch all-time highs</h2> As <keyword id="22344564" type="General" weightage="100" keywordseo="AMFI-data" source="keywords">AMFI data</keyword> further revealed, the number of new SIPs registered in June 2024 stood at a staggering 55,12,962. With this, the total number of SIP accounts in the country reached 8,98,66,962, inching up marginally from 8,75,89,485 in May 2024. SIP contributions also stood at an all-time high of ₹ 21,262.22 crores in June 2024 as against ₹ 20,904.37 crores in May 2024. The AUM of retail folios, which comprise of equity, hybrid and solution oriented was Rs 36,32,226 crores for June 2024. In <keyword id="22344565" type="General" weightage="20" keywordseo="hybrid-schemes" source="keywords">hybrid schemes</keyword>, multi-asset allocation funds garnered Rs 3,453.12 crore in June, and Arbitrage funds saw inflows worth Rs 3,836.58 crore. The only hybrid scheme to see net outflows were conservative hybrid funds, which shed Rs 130.57 crore. June marked the 40th consecutive month of positive inflows for <keyword id="20210668" type="General" weightage="20" keywordseo="equity-funds" source="keywords">equity funds</keyword> since March 2021. As Feroze Azeez, Deputy CEO, Anand Rathi Wealth Limited highlights, "SIP numbers are hitting peaks every month, accumulating a stellar ₹21,260 crore. This strengthens the fact that Indian investors are resilient and are participating in the long-term growth of the market. The overall market behaviour supported by numbers suggests that investors are strategically positioning themselves with cautious yet optimistic approach for long-term growth". Last month, the Indian MF industry hit the Rs 60 trillion mark for the first time. Exactly 10 years ago, in 2014, the industry's AUM stood at Rs 10 lakh crore. Just 6 months ago, its AUM was Rs 51 lakh crore. Anand Vardarajan, Chief Business Officer - Key Clients &amp; Alternate Investments, Tata Asset Management underlines that is growth is a huge validation when it comes to expanding retail investor's base and investors themselves choosing mutual funds as a reliable investment vehicle for wealth creation. This is further underscored by the fact that the addition in six months is equal to what the industry has seen in ten years ago! <h2>Large and Mid Cap funds find investors </h2>After garnering consistently high inflows in the recent past, small cap funds amassed Rs 2,263.47 crore, a slightly sobering figure. Midcap funds saw inflows worth Rs 2,527.84 crore. On the other hand, inflows in large-cap funds dipped at significantly to stand at Rs 970.49 crore. Far more investments went towards the large and mid-cap funds, which saw inflows worth Rs 2,912.19 crore. Melvyn Santarita, Analyst – Manager Research, Morningstar Investment Research India notes that these substantial net inflows can be attributed to the election results announced earlier in the month. Investors have remained optimistic and invested on policy continuity and anticipated reforms, expecting stability within the coalition government at the Centre. It was this optimism that propelled markets to new all-time highs. The multi-cap category witnessed the second highest net inflows in June 2024 among the equity-oriented categories amounting to INR 4,708.5 crores which was its 3rd highest net inflows ever over a monthly period. Categories which are biased towards the large-caps segment like flexicap (Rs 3,058 crores) and Value (Rs 2,027 crores) saw robust inflows during the month. "While markets have been in a prolonged bull run, there are concerns about overvaluations in certain areas, particularly in the mid and small-cap segments. Consequently, investors may be opting to invest in large-cap segments, where valuations are more favorable", Santarita highlighted. "However, they also continued their investments in mid and small caps, since the returns generated by mid and small cap segment over the last few years haven’t got unnoticed. Hence, the categories having substantial exposure in these two segments have witnessed strong net inflows. It is important to note that mid and small cap segments are highly volatile. While they can give exceptionally high return in up markets, they can fall equally hard in down markets. It’s important for investors to take exposure in these funds in line with their risk appetite", he cautioned. However, Hitesh Thakkar, Acting CEO, ITI Mutual Fund is confident of the immense wealth creation opportunities mutual funds will offer in the coming 5-7 years to retail investors. "Mutual fund is one of the preferred, transparent &amp; cost-effective investment products in India and is well accepted by retail investors. The trend is positive for Mutual fund industry future growth. There are chances that Industry will cross milestone of ₹100 lakh crores AUM by 2030”, he says. <h2><keyword id="19895579" type="General" weightage="20" keywordseo="gold" source="keywords">Gold</keyword> continues to glitter </h2>Net flows in Gold ETFs continued to be robust in June 2024, standing at Rs 726 crores. However, this was slightly below the net flows witnessed in May (Rs 827 crores). "Over the years, Gold has gained prominence as an effective diversifier, prompting many investors to include Gold ETFs in their portfolios. Gold prices also saw some slight correction in June which spurred buying from investors", underlines Santarita. However, the reason why inflows in gold ETFs have remained patchy as compared to equity is due to the significant gap in the returns offered. "Gold has done fairly well over the last year but dwarfs in comparison to how equities. Also, some investors could be choosing to opt for a risk-on approach to investing with the anticipation of a reversal in rate cycle going ahead", he continues.

Mutual fund AUM crosses the Rs 60 lakh crore mark, SIP nos. and AUM touch all-time highs

<ul><li>High vegetable inflation, driven by hardening onion prices, has kept food inflation at 8.66% in February.</li><li>With low reservoir levels in many states, food inflation in FY25 is expected to be driven by monsoons, say experts.</li><li>The RBI is focused on bringing inflation below 4% and might continue the status quo for a longer time now, believe experts. </li></ul>In February, retail inflation came in on expected lines at 5.09%. However, high vegetable inflation, driven by hardening onion prices has kept food inflation up at 8.66%. Experts now believe that the <keyword id="19899810" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="keywords">Reserve Bank of India</keyword> (RBI) which has been focussed on bringing inflation to 4%, will maintain the status quo in the upcoming credit policy. “We expect inflation to average 4.8% in FY25. Given that the RBI Governor has been highlighting the aim of getting inflation to 4% on a durable basis, the policy rates are likely to be kept on hold in the upcoming policy meeting, with no change in stance,” said <keyword id="20938330" type="General" weightage="20" keywordseo="rajni-sinha" source="keywords">Rajni Sinha</keyword>, chief economist, CareEdge Ratings. Regulator to continue cautious stance Despite expectations from the market, the RBI has maintained its ‘withdrawal of accommodation’ stance in the last policy meeting in February. This policy, aiming to curtail inflation further, entails a reduction of easy money supply in the system, which started during the initial COVID-19 phase. RBI governor <keyword id="19913110" type="General" weightage="20" keywordseo="shaktikanta-das" source="keywords">Shaktikanta Das</keyword> had also earlier spoken about the risk of food inflation spilling into broader inflation. “We retain our view that RBI will remain cautious on volatile food inflation trajectory and hence prefer to remain in pause mode on rates till August policy. However, with RBI already having continuously fine-tuning liquidity and easing overnight rates closer to the repo rate, we see room for a shift in stance in the June policy,” said <keyword id="20169699" type="General" weightage="20" keywordseo="upasna-bhardwaj" source="keywords">Upasna Bhardwaj</keyword>, chief economist at <keyword id="19938495" type="General" weightage="20" keywordseo="kotak-mahindra-bank" source="keywords">Kotak Mahindra Bank</keyword>. Agrees Akhil Mittal, Senior Fund Manager-Fixed Income, <keyword id="20929846" type="General" weightage="20" keywordseo="tata-asset-management" source="keywords">Tata Asset Management</keyword>, “We anticipate the regulator to maintain a cautious stance. We think RBI would rather continue with stability priority and continue maintaining the 4% inflation target as sacrosanct, and hence we do not see a premature easing from RBI.” Vegetable inflation zooms, pulses in a tough zone Vegetable inflation came in high at 30.3% in February, and experts believe that pricey onions will keep food inflation elevated. Inflation in pulses, spices and eggs also saw double-digit inflation. Edible oils and fats have brought down inflation to an extent with negative growth. The food basket has nearly 50% weightage in the consumer price inflation (CPI) data. “Inflation is purely a food inflation-driven phenomenon which will continue to pressurise inflation in the coming months. Besides, horticulture output this year is expected to be lower than last year. Cereals, eggs, sugar, spices and pulses are the other pain points here,” comments <keyword id="20102121" type="General" weightage="20" keywordseo="madan-sabnavis" source="keywords">Madan Sabnavis</keyword>, chief economist at Bank of Baroda. The outlook for food prices is also bleak with lower reservoir levels and their impact on agricultural output. “The ongoing high inflation in specific food categories, including cereals, pulses, spices, and vegetables pose a risk of potentially broadening price pressures and de-anchoring inflationary expectations. Reservoir levels, particularly in eastern and southern India, persist at lower levels. Consequently, the forthcoming monsoon in FY25 holds significant importance for the trajectory of food inflation,” said Sinha. Core inflation has however remained soft, staying below the 4% threshold for three consecutive months. Rural inflation came in higher at 5.3%, while urban inflation is at 4.8% — mostly due to higher weightage of food products in the former index. Twelve of India’s 22 states saw inflation of above 5.1%. Odisha had the highest at 7.6%, while Delhi saw the lowest at 5.3%.

RBI likely to maintain status quo after food inflation keeps Feb print high, say experts

<ul><li>Gold prices might see volatility in the short term based on changing expectations of the US Fed’s interest rate cuts.</li><li>Its long-term appeal as a safe haven asset remains unchanged due to rising geopolitical uncertainty.</li><li>Investors must make staggered investments into gold at these current prices, advise experts. </li></ul>The world is seeing ‘the great gold rush’! The yellow metal hit another new life high last week. Even as its prices hover around ₹67,000 per 10g — trading close to lifetime highs — analysts are not worried. They say that there is still juice left in the bullion to provide good returns for long-term investors. “We have a bullish outlook in gold for the calendar year 2024, we expect gold might touch $2,280 &amp; $2,350 in the international market, in rupee also it might touch around ₹68,500 to ₹70,000,” says <keyword id="20929844" type="General" weightage="20" keywordseo="rahul-kalantri" source="keywords">Rahul Kalantri</keyword> VP of commodities at Mehta Equities. Last week, gold prices rallied by 4%, aided by a fall in the US dollar and bond yields. Its sharp surge was unexpected and out of fist for many experts, and it could fluctuate in the near term based on changing the US Fed’s interest rate cut expectations. Yet, few doubt its long-term appeal. “While there will be fluctuation in the short term, gold has given solid returns for long-term investors. Due to the geopolitical situation and sentiment in the global economy, it will see good demand. Besides, there is no trigger that will put negative pressure on gold,” Hareesh V, head of commodities at Geojit Financial Services tells Business Insider India. Central banks, hedge funds &amp; more As many economies across the world face negative GDP growth, slowdown and more uncertainty, gold’s appeal as a safe haven asset has been growing. Central banks across the world bought a record 1081.9 tonnes in 2022 and 1037.4 tonnes in 2023, as per the <keyword id="20195223" type="General" weightage="20" keywordseo="world-gold-council" source="keywords">World Gold Council</keyword>. Many classes of investors are betting on it. “Hedge funds also increased their long bet on gold at record levels. Record $11.3 billion flowed in the gold market after it broke its major resistance of $2,050 per troy ounce in the international markets,” said Rahul Kalantri. As per the Commodity Futures Trading Commission data, net long positions increased to 1,09,763 contracts, a whopping jump of 95% from last week. This indicates that they are betting on its long-term value creation. “The global gold exchange-traded funds (ETF) inflows which are negative so far, may contribute to large inflows into gold in coming months. In addition, geopolitical factors may keep risk premium higher in gold prices over the long term,” says Tapan Patel, fund manager – commodities, <keyword id="20929846" type="General" weightage="20" keywordseo="tata-asset-management" source="keywords">Tata Asset Management</keyword>. How should investors look at gold? Investors, however, must be ready to see volatility in the short term, caution experts. A relentless rally in any commodity entails several risks, at least in the short term. “The global market is uncertain about the time and quantum of the rate cuts from the <keyword id="19901377" type="General" weightage="20" keywordseo="us-federal-reserve" source="keywords">US Federal Reserve</keyword>. The long-term price volatility may ease gradually once the US Fed starts the first pivot of the current rate cycle which will support gold prices to rally further as we have seen historically,” explains Tapan Patel. Experts advise investors to make staggered investments in the commodity. “One can invest in gold on a systematic basis, in small grammage preferably. Because in the long-term it’s a solid asset. It has almost doubled in the last five years,” says Hareesh. <keyword id="20929845" type="General" weightage="20" keywordseo="agrees-patel" source="keywords">Agrees Patel</keyword>, “Investors may increase gold exposure at least 8-10% of the portfolio in a staggered manner from the current price levels ahead of market uncertainty and high volatility. Gold provides value protection to the portfolio during market uncertainty.”

Gold rush to continue as experts expect prices to touch ₹70k/10g, staggered investment advised

<keyword id="19922074" type="General" weightage="20" keywordseo="Reserve-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank" meta.hostid="261" meta.entityid="Reserve Bank">Reserve Bank</keyword> Governor Shaktikanta Das on Thursday said surge in top-up <keyword id="21191532" type="General" weightage="20" keywordseo="housing-loans" source="keywords">housing loans</keyword> is not a system-wide issue but confined to few entities. Briefing media after the announcement of bi-monthly monetary policy review, Das said, "regulatory requirements in top-up housing loans are not being followed by certain entities and it is not a system-level problem." Such cases are being dealt at the supervisory level bilaterally, he said. Banks and <keyword id="19938300" type="General" weightage="20" keywordseo="NBFCs" source="keywords" meta.keywordsubtype="org" meta.entityname="NBFCs" meta.hostid="261" meta.entityid="NBFCs">NBFCs</keyword> have also been offering top-ups on other collateralised loans like gold loans. "Such practices may lead to loaned funds being deployed in unproductive segments or for speculative purposes. Banks and NBFCs would, therefore, be well-advised to review such practices and take remedial action," he said. Therefore, he said, banks should adhere to regulatory prescriptions relating to loan-to-value (LTV) ratio, risk weights and monitoring of end use of funds with regard to top-ups. Das further said that the divergence between loan and deposit growth may create asset liability mismatch or <keyword id="22712997" type="General" weightage="20" keywordseo="liquidity-management-issue" source="keywords">liquidity management issue</keyword>. It may potentially expose the banking system to structural liquidity issues, he said. He urged banks to mobilise deposits through innovative products and services by leveraging their vast branch network. On inflation, Das said, it is moderating but the pace of disinflation is uneven and slow. Pinning hopes on monsoon, which is 7 per cent higher than long-term average so far, the Governor said, it will have a good impact on Kharif output as well as Rabi because of improvement in moisture content in the soil. SEE ALSO:<a href="https://www.businessinsider.in/business/news/ola-wants-to-re-enter-the-quick-commerce-business-to-take-on-blinkit-and-swiggy-instamart/articleshow/112364583.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/news/ola-wants-to-re-enter-the-quick-commerce-business-to-take-on-blinkit-and-swiggy-instamart/articleshow/112364583.cms" target="_blank">Ola wants to re-enter the quick commerce business to take on Blinkit and Swiggy Instamart</a><a href="https://www.businessinsider.in/finance/banks/news/rbi-mpc-meet-cheque-clearing-time-reduced-upi-limit-increased-for-tax-payment/articleshow/112366099.cms" target="_blank"></a> <a href="https://www.businessinsider.in/finance/banks/news/rbi-mpc-meet-cheque-clearing-time-reduced-upi-limit-increased-for-tax-payment/articleshow/112366099.cms" target="_blank">RBI MPC meet – Cheque clearing time reduced, UPI limit increased for tax payment</a><a href="https://www.businessinsider.in/business/auto/news/tata-curvv-ev-with-up-to-585-km-range-launched-starting-at-17-49-lakh/slidelist/112342769.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/tata-curvv-ev-with-up-to-585-km-range-launched-starting-at-17-49-lakh/slidelist/112342769.cms" target="_blank">Tata Curvv EV with up to 585 km range launched starting at ₹17.49 lakh</a>

Surge in top-up housing loans not system-wide issue, says RBI Governor

<ul><li>In the last two years, interest rates on loans have gone up by 1.9% – undoing the <keyword id="6357050" type="General" weightage="20" keywordseo="EMI" source="Orion">EMI</keyword> mathematics of most borrowers. </li><li>Most experts predict that there are more rate hikes coming as early as December. </li><li>For auto and <keyword id="35519" type="General" weightage="20" keywordseo="home-loans" source="Orion">home loans</keyword>, borrowers can consider extending their tenures if the burden is higher. </li></ul>Be prepared to pay more interest if you want to borrow to buy a home or a car. The era of low interest rates has formally ended, with the Reserve Bank of India kicking off its rate hike cycle in May. The repo rate or the rate at which central banks lend to banks has risen by 1.9% after four consecutive hikes. That means EMIs will only go up making it costlier for borrowers. While existing borrowers of home loans may see their tenures go up, equated monthly installments (EMIs) of personal loans and <keyword id="35527" type="General" weightage="20" keywordseo="auto-loans" source="Orion">auto loans</keyword> will rise further after today’s 50 basis point rate hike. "The Reserve Bank of India has hiked the repo rate by 50 basis points. This marks the fourth consecutive rise in the repo rate, bringing it to 5.9%. This will definitely impact the new and existing borrowers. However, this decision has been made to curb the rising inflation. With India’s inflation rate being 7%, the value of the currency might fall without the intervention of the RBI in order to try and sustain it and bring it down," said HP Singh, chairman &amp; managing director of Satin Creditcare Network. Home loans Let’s look at home loans first. If you have ₹50 lakh outstanding with a bank at an 8.5% interest rate spread across 20 years, the effective EMI you have is at ₹43,391. However, if the 50 basis point hike is passed on to the loan, the EMI will go up to ₹44,986 – an effective increase of ₹595 per month. For every one lakh of home loan for this tenure, the EMI will go up by ₹32. Auto loans The net impact is different for auto loans where the tenures are shorter but interest rates are different. For example if you have a ₹10 lakh auto loan at around 8.6% interest rate for a tenure of seven years, your EMI has been at ₹15,887. Again, in the changed interest rate regime, it would come up to ₹16,140 every month – an effective increase of ₹253. For every lakh of an auto loan for the said tenure, the EMI will go up by ₹25. Personal loans For a personal loan that’s spread across two years, the EMI for a ₹3 lakh loan at 11.4% would be at ₹14,038. After an interest rate reset, it would go up to ₹14,108 — an effective increase of ₹70. Increasing loan tenure? In the last two years, interest rates on loans have gone up by 1.9% – undoing the EMI mathematics of most borrowers. For auto and home loans, borrowers can consider extending their tenures if the burden is higher. However, it is to be noted that extending tenures will increase the interest payable across the years — and especially for large loans like home loans, the net payable will balloon correspondingly. The other factors that play a role in tenure extension would be the borrower’s age – while younger borrowers can afford it, most people must clear off long term loans before retirement age of 60. More hikes ahead? When he announced the rate hikes today, RBI governor <keyword id="6359111" type="General" weightage="20" keywordseo="shaktikanta-das" source="Orion">Shaktikanta Das</keyword> said that the consumer price inflation is still above the central bank’s tolerance level. “Going forward, the RBI will remain vigilant, agile and nimble in its liquidity management operations and would use all instruments at its disposal to mitigate the spillovers of global financial market volatility on domestic financial markets,” said Das. It means going ahead, there could be more rate hikes on the horizon and a lot of experts predict that too. “We continue to expect another 35 bps hike in December followed by a pause with the RBI assessing Fed actions, and impact of past rate hikes on domestic growth and inflation,” said Suvodeep Rakshit, senior economist at Kotak Institutional Equities. Those who have banked on low interest rates offered during the pandemic to take home loans, might have to adjust their monthly math — but the burden of growing interest is what most people across the world have been dealing with and partial prepayments will help if it can be afforded. Since more rate hikes might be coming, it would be a good idea to pay off personal loans if possible as they can get costlier. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/markets-shrug-off-50-bps-salvo-by-the-reserve-bank-of-indias-as-hike-largely-priced-in/articleshow/94550783.cms">Markets shrug off 50 bps salvo by the Reserve Bank of India’s as hike largely priced in</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/tata-tigor-ev-vs-tata-tiago-ev-comparison-of-price-and-features/slidelist/94551771.cms">Tata Tigor EV vs Tiago EV - which one should you buy?</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/presidential-commission-recommends-stamping-of-h-1b-visas-inside-us/articleshow/94551768.cms">Presidential commission recommends stamping of H-1B visas inside US</a>

Here is how much your EMI will go up after the recent repo rate hike

New Delhi, Reliance Capital's (RCAP) expression of interest (EOI) for asset monetisation garnered mega response with 60 bids being received. <keyword id="13222" type="DOMAIN" weightage="20" keywordseo="SBI">SBI</keyword> Life and Apollo are among the 10 new bidders who have submitted expressions of interest for Reliance Capital's assets, taking the total number of bids to 60. December 1 was earlier the deadline for the submission of EOIs. Over 60 different bids have been received with SBI Capital Markets Limited and JM Financial Services Limited, the advisors to the lenders. Later the date for submitting the bids was extended to December 17. Over eight bidders have bid for entire RCAP assets on an as-is-where-is basis. The prominent among them are Oaktree, J.C. Flower and multiple ARCs. For Reliance General Insurance, which is owned 100% by RCAP, there are 18 bidders and prominent among them are, Chryscap, J.C. Flower, Blackstone, KKR, CVC Capital Partners, and Bain Capital. For Reliance Nippon Life Insurance, in which RCAP owns 51% controlling stake, has received 16 bids, including Bain Capital, NIIF, Arpwood Partners, Dabur Investments, Bandhan Bank, and <keyword id="884924" type="COMPANY" weightage="20" keywordseo="Multiples-Asset-Management">Multiples Asset Management</keyword> among others. For Reliance Securities, there are eight bidders, including Bain Capital, Religare Broking, Edelweiss Securities and other ARCs. For Reliance ARC, there are six bidders, including Bain Capital, International Asset Reconstruction Company and other ARCs. For Reliance Health, there are eight bidders - Blackstone, Bain Capital, Arpwood Partners, and other ARCs. There are also multiple bidders for RCAP's stake in ICEX and Paytm E-commerce business. Reliance Capital asset monetization process, to unlock value of its underlying businesses and to make RCAP debt free, was launched on October 31, 2020. The monetization process being run under the aegis of Committee of Debenture Holders and <keyword id="10477607" type="COMPANY" weightage="20" keywordseo="the-debenture-trustee-vistra-itcl-india-ltd">the Debenture Trustee Vistra ITCL India Ltd</keyword> - which represents 93% of total outstanding debt of Reliance Capital. EOIs were invited for all or part of RCL's stake in the following key subsidiaries and assets individually or in any combination thereof. This includes 100% stake in Reliance General Insurance Company Limited (RGI). It has a paid up capital of Reliance General Insurance is ₹252 crore as of September 30, 2020. It is the 4th largest <keyword id="10477608" type="COMPANY" weightage="20" keywordseo="private-general-insurance-company">Private General Insurance Company</keyword> with market share of 4.5% as of March 2020 in the General Insurance category. It has shown consistent growth in AUM Year-on-Year with investment book of ₹12,315 crore as on September 30, 2020. The company performed its best even during COVID times with Gross Direct Premium Income of ₹4,501 crore during the first six months of FY20- 21. It has a strong distribution network of 134 branches with amongst largest agency force of 46,742 as of September 30, 2020 across the country. Bids have been invited for 51% stake in <keyword id="10203731" type="COMPANY" weightage="20" keywordseo="reliance-nippon-life-insurance-company-limited">Reliance Nippon Life Insurance Company Limited</keyword> (RNLI). The paid up capital of Reliance Nippon Life Insurance is ₹1196 Cr. as of September 30, 2020. RNLI is a joint Venture with Japan's largest life insurer - Nippon Life which holds 49 % shareholding. It is the 10th largest <keyword id="10203730" type="COMPANY" weightage="20" keywordseo="private-sector-insurer">Private Sector Insurer</keyword> (in terms of Individual WRP) and amongst largest Non-Banca company with a network of 717 offices. It witnessed sharp turnaround in performance during FY19-20 with a profit after tax of ₹35 crore and 75% growth (12% CAGR) in embedded value over last four years. It has an impressive claim settlement ratio of 98.1% in FY19-20 and a higher Solvency ratio of 207% (as against regulatory requirement of 150%). As on September 30, 2020, the AUM was ₹21,912 crore and an individual premium market share of 2.20% amongst private insurers. Bids have been invited for 100% stake in Reliance Securities Limited - Broking &amp; distribution company offering services across asset classes including equities, commodities, derivatives, currency, mutual funds, bonds and corporate FDs. Also on offer is a 100% stake in Reliance Financial Limited - RBI registered NBFC, engaged in the business of financing, money lending, capital market linked financing activities, 49% stake in Reliance Asset Reconstruction Limited which manages portfolio of ₹1,996 crore as on September 30, 2020. A 20% stake in Indian Commodity Exchange is also being bid. Other key shareholders in ICEX are Central Warehousing Corporation, MMTC Limited, Indiabulls Housing Finance Limited, Indian Potash Limited and Bajaj Holdings and Investments. ICEX is a SEBI regulated commodity derivatives exchange. There is also 100% stake in Reliance Health Insurance Limited. Other PE investments like Naffa Innovations Private Limited, Paytm E-Commerce Private Limited. RCL's key businesses and subsidiaries are performing well and business will continue as usual. The management, professional team, customer and partners will be unaffected by the proposed asset monetisation programme of RCAP. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-spicejet-interglobe-aviation-tata-motors-pfizer-asian-paints-niit-lupin-and-others/articleshow/79849749.cms">Top stocks to watch – SpiceJet, InterGlobe Aviation, Tata Motors, Pfizer, Asian Paints, NIIT, Lupin, and others</a> <a href="https://www.businessinsider.in/stock-market/news/how-to-check-mrs-bectors-food-specialities-ipo-allotment-status-online/articleshow/79808672.cms?upcache=2">Mrs Bectors Food Specialities IPO allotment today: Here’s how to check share allotment status</a> <a href="https://www.businessinsider.in/business/startups/news/google-microsoft-invest-in-dailyhunt-for-its-short-video-platform-josh-making-it-the-latest-unicorn-in-india/articleshow/79850804.cms">Google, Microsoft invest in DailyHunt for its short video platform Josh – making it the latest unicorn in India</a>

Reliance Capital asset sale: SBI Life and Apollo join the race, nearly 70 bids received so far

<ul><li>The shares of Indian pharmaceutical giant <keyword id="6358361" type="DEFINITION" weightage="20" keywordseo="biocon">Biocon</keyword> Limited dropped by over 4% to ₹ 321.5 on May 15, as the company’s profit declined by 42% in the fourth quarter ending March. </li><li>The net profit plummeted to ₹123.4 crore, compared to ₹ 213.7 crore during the same quarter last year. </li><li>However, at least five <keyword id="6357979" type="UNKNOWN" weightage="20" keywordseo="mutual-funds">mutual funds</keyword> invested in Biocon Limited in April, 2020. </li></ul>The shares of Indian pharmaceutical giant Biocon Limited dropped by over 4% to ₹ 321.5 on May 15, as the company’s <a href="https://www.moneycontrol.com/news/business/earnings/biocon-q4-profit-declines-42-to-rs-123-crore-5269571.html">profit declined by 42% in the fourth quarter</a> ending March 2020. The biopharma major with a market value of over $5 billion blamed the COVID-19 crisis for the fall. The net profit plummeted over 42% to ₹123.4 crore compared to the same time last year. In fact, the company’s expenses incurred in research and development also went up by over a third to ₹125 crore year-on-year. <div type="twitter" handle="Bioconlimited" handlename="Biocon" image="http://pbs.twimg.com/profile_images/458867693701963776/dMf0zAwY_normal.jpeg" favoritecount="43" retweetcount="6" status="#BioconFY20 Revenue Up 15% at Rs 6,529 Cr; led by a strong performance by #Biologics which grew by 29%, Small Molec… https://t.co/KSu15NEDTG" createdat="1589508383000" id="1261115679383728129"></div> “We are dealing with unprecedented challenges related to COVID-19 and as a science-led company we are engaged in several initiatives spanning diagnostic tests, vaccines and therapies towards combating COVID-19, said Kiran Mazumdar-Shaw, Executive Chairperson. <div type="Article" hostid="261" msid="75751469" title="Bajaj Finance’s quarterly earnings may not reflect the real potential for rebound⁠ after Sitharaman’s big push for MSME" mstype="2" mssubtype="0"></div> However, Biocon was one of the better performing stocks in April, gaining more than 23% in the month. At least five asset management firms added Biocon to their mutual fund portfolio in that period. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Asset management firm </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Market Value </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Percentage of portfolio </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Shares </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Baroda Asset Management India Limited </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">19.6 Crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.04% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">555,000 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">BOI AXA Investment Managers Private Limited </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2.5 Crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.27% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">71,365 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">L&amp;T Investment Management Limited </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10.4 Crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.04% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">295,283 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tata Asset Management Limited </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">13.9 Crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.07% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">393,300 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Quant Money Managers Limited </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2.37 Crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6.46% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">66,890 </td></tr></tbody></table> See also: <a href="https://www.businessinsider.in/india/news/all-the-world-bank-support-that-india-has-received-since-covid-19-breakout/articleshow/75750830.cms">All the World Bank support that India has received since COVID-19 breakout</a> <a href="https://www.businessinsider.in/science/environment/news/nasa-is-funding-four-research-projects-to-figure-out-how-covid-19-will-damage-the-world/articleshow/75753861.cms">NASA is funding four research projects to figure out how COVID-19 will damage the world</a>

Biocon was a hot stock before the latest earnings— from Tata Asset Management to Baroda AMC, at least five mutual fund houses added it to their portfolio

The funeral of industrialist Cyrus Pallonji <keyword id="6391150" type="General" weightage="100" keywordseo="mistry" source="Orion">Mistry</keyword>, a scion of the <keyword id="261354" type="General" weightage="50" keywordseo="shapoorji-pallonji-group" source="Orion">Shapoorji Pallonji Group</keyword>, shall be held here on Tuesday morning, his family said in a moving tribute, though they omitted any reference to the tycoon's brief tenure in <keyword id="6355725" type="General" weightage="50" keywordseo="tata-group" source="Orion">Tata Group</keyword>. "It is with utmost sadness that we announce the sudden and untimely demise of our beloved Cyrus Pallonji Mistry, 54. He succumbed to injuries from an unfortunate car accident on Sunday," said the family. He is survived by his wife Rohiqa, sons Firoz and Zahan, mother Patsy Mistry, sisters Laila Rustom Jehangir and Aloo Noel Tata and brother <keyword id="844645" type="General" weightage="50" keywordseo="shapoor-mistry" source="Orion">Shapoor Mistry</keyword>. Born on July 4, 1968, Mistry earned a civil engineering degree from London's Imperial College of Science and Technology and a postgraduate degree of Master of Science in Management from London Business School. CPM, as he was fondly known, was a voracious reader and joined the family business in March 1991 as a Director, overseeing the group's construction business. Mistry's entrepreneurial <keyword id="34279" type="General" weightage="50" keywordseo="mindset" source="Orion">mindset</keyword> helped the Shapoorji Pallonji Group achieve many milestones over the past two decades, including one of India's first integrated, project-financed power plants, and the development of India's first biotechnology park. With his vision and eye for detail, he was instrumental in steering the Group from a pure contractor to a 'value-added' player, by developing competencies in allied areas such as EPC and 'Design &amp; Build'. He also envisioned, and oversaw, the evolution of the Group into an end-to-end business group, spanning design and engineering, construction, and asset development, and committed to a journey of lifelong learning across multiple disciplines. Despite his success, Mistry always kept a low profile, away from the limelight, deeply valued righteousness and honesty, and was known for his transparency and integrity in all his business dealings, it said. "He was extremely humble, approachable to all, and always lent a helping hand to the less fortunate. Deeply loved by his family, he was a friend to countless many. We pray that his soul rests in eternal peace," the family said. Mistry's last rites shall be performed at the Worli Crematorium at 11 a.m. on Tuesday. "A friend to many, loved by all. A life well lived," the bereaved family added, requesting "No condolence visits please". The young tycoon Mistry's abrupt departure stunned the country and left the Indian corporate world shocked. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/indias-external-debt-rose-8-2-in-2021-22-to-620-billion/articleshow/94017888.cms">India's external debt rose 8.2% in 2021-22 to $620 billion</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/marriage-is-a-sacrament-says-centre-to-sc-in-restitution-of-conjugal-rights-case/articleshow/94017818.cms">Marriage is a sacrament says Centre to SC in restitution of conjugal rights case</a>

Mistry's funeral on Tuesday, family's moving tribute omits Tata stint

<ul><li>The new fund offer opened on Feb 14 will close on Feb 28. </li><li>The fund will invest in everything from share market to debt to exchange-traded commodities. </li><li>For example, if the share market is going down and copper prices are rising, it will keep the investment in good stead. </li></ul>Tata Mutual Fund has launched 'Tata Multi Asset Opportunities Fund'. This is a diversified fund that will invest in a wide range of assets from equity and debt to exchange-traded funds commodity derivatives. The minimum application amount for this fund is ₹5,000 and in multiples of ₹1. The diversification in investments will adjust the risk and offer better returns, according to Tata Asset Management. For example, if the share market is going down and copper prices are rising, it will keep the investment in good stead. 25% of the investors’ money will be invested in exchange-traded commodity derivatives, where a maximum of one in every ten rupees can be invested in any one commodity. “"Negative correlation between different assets ensures not all investments fail at the same time giving stability to the portfolio,” Chief Investment Officer Rahul Singh said. What are commodity derivatives? Derivatives allow investors to profit from the trade without actually possessing the commodity. The buyer of a derivatives contract, essentially, buys the right to exchange a commodity at a certain price sometime in the future date. What is an exchange-traded fund? An exchange-traded fund (ETF) is a type of security that involves a collection of securities—such as stocks—that often tracks an underlying index, like the Nifty or Bank Nifty, although they can invest in any number of industry sectors, the Investopedia explains. They are in many ways similar to mutual funds; however, they are listed on exchanges and ETF shares trade throughout the day just like ordinary stock. 'Tata Multi Asset Opportunities Fund' will invest in such exchange-traded funds that invest in commodity derivatives. Investment options The scheme presents two types of investment plans namely ‘Regular Plan’ (for applications routed through distributors) and ‘Direct Plan’ (for direct applications). Both these categories again give two options each namely ‘Growth Option’ and ‘Dividend Option’. If you do not tick the options you find on the application form, your units will be allotted by default under the ‘Direct Plan – Growth Option’. If the dividend amount receivable by an investor is less than ₹500, it will compulsorily reinvested in the same way as before. Whereas the distribution of dividend (more than ₹500) will be at the discretion of the Trustees. There is no entry load (a charge for investing) but the investor will have to pay an exit charge of 1% of the net asset value (NAV) if he/she chooses to pull money out or switch to another fund within the first year. Minimum redemption amount will be ₹500 or 50 units or account balance whichever is lower. There are no guaranteed returns. SEE ALSO: <a href="https://www.businessinsider.in/personal-finance/news/checkout-top-10-sip-mutual-funds-for-investment-in-2020/articleshow/72859378.cms">best sip mutual funds for 2020</a>

Tata Mutual Fund has launched the ‘Tata Multi Asset Opportunities Fund’ for those who want to curb risk by diversifying investment

<ul><li>Indian Hotels — the hospitality arm of the <keyword id="6355725" type="ORGANIZATION" weightage="20" keywordseo="tata-group">Tata Group</keyword> that includes the <keyword id="6453087" type="COMPANY" weightage="20" keywordseo="taj-hotels">Taj Hotels</keyword> — is planning to put its properties under sale and lease back.</li><li>Six of the <keyword id="73077" type="PERSON" weightage="20" keywordseo="Ginger-Hotels">Ginger hotels</keyword> are already in line along with other hotels that come under joint ventures or associated companies.</li><li>Indian Hotels is planning on becoming ‘asset light’ as the Indian economy cools off and consumer spending is starting to slow down.</li></ul>Tata Group’s Taj Hotels aren’t going anywhere but some of its more budget offerings — like the Ginger hotel chain — are getting sold off but will be leased right back to them. Indian Hotels, the <a href="https://www.businessinsider.in/inside-taj-mahal-hotels-beautiful-and-luxurious-suites/articleshow/53549610.cms">hospitality arm</a> of the Tata Group that owns and operates the <a href="https://www.businessinsider.in/thelife/culture/the-25-best-hotels-in-india/slidelist/22493456.cms">Taj Hotels</a>, is looking to reduce its ownership of properties to 50% by 2022, as it wants to turn ‘asset light’. It has around 45 properties it owns under the Ginger brand, but wants to shed some weight by offloading 5-10% of the properties, and continue to operate it. 
 
 
 
 <div type="ExtQuote" text="As part of our Aspiration 2022 business strategy we are pursuing an asset light model. In line with this we propose to sell and lease back some of our Ginger properties in non metro towns. We will continue to operate these properties under a management contract after the proposed sale." auname="IHCL Company Spokesperson"></div>







 Retaining flagship properties The Managing Director and CEO of Indian Hotels, Puneet Chhatwal, told <a href="https://news.google.com/articles/CAIiEHD6x-q4b9jaA9jUjpJESRQqGQgEKhAIACoHCAow2pqGCzD954MDMM_yigY?hl=en-IN&amp;gl=IN&amp;ceid=IN%3Aen">Bloomberg</a><a href="https://theprint.in/economy/tatas-taj-hotel-chain-to-sell-assets-to-trim-debt-as-consumer-spending-slackens/274158/amp/?__twitter_impression=true"> </a>that while the company is looking to reduce its debt by getting rid of some of the <keyword id="507551" type="PERSON" weightage="20" keywordseo="budget-hotels">budget hotels</keyword> in its portfolio — the legacy and flagship properties, namely hotels within the Taj brand, aren’t up for grabs. However, as many as six of the Ginger hotels are already a part of the sale and lease-back plans. What this mean is that Indian Hotels will be selling the properties and then taking them up on rent so that the current management stays in place. This is also true with other hotels that are a part of joint ventures or under associate companies, according to Chhatwal. On the other hand, Indian Hotels also opened up three new hotels in key strategic markets like Goa and Agra as per last quarter’s <a href="https://www.ihcltata.com/investors/">earnings report</a>. It has also launched a new hotel brand called ‘SeleQtions’ to up its brand image. SeleQtions includes named and distinctive hotels as well as Chambers — India’s most iconic business club. Cutting down on debt India’s economy is <a href="https://www.businessinsider.in/indias-growth-will-come-from-cities-as-urban-indians-will-contribute-75-of-it/articleshow/70563586.cms">cooling down</a> and consumer spending is set to fall further, which is why Indian Hotels is looking to lighten its assets. Even, <a href="https://www.businessinsider.in/the-tata-group-has-two-airlines-and-two-more-to-choose-fromair-india-and-jet-airways/articleshow/70129384.cms">Jet Airways</a> going out of business hit the Tata-owned enterprise, forcing the company to write off some of its dues. Indian Hotels has been on the path to reduce its debt for a while. It has gone from ₹31 billion in 2017 to ₹20 billion as of March 2019. Tata Group’s Indian Hotels isn’t the only brand under the umbrella that’s being revamped. Tata Steel and <a href="https://www.businessinsider.in/interesting-facts-about-ratan-tata-favorite-company-tata-motors/articleshow/69970526.cms">Tata Motors</a> are also restructuring their portfolio to gain some headwind in the European markets. Note: The article has been updated to include the statement from IHCL spokesperson to clarify that they will still be operating Ginger hotels and the headline has been changed accordingly. See also: <a href="https://www.businessinsider.in/tata-is-planning-to-open-extreme-fast-fashion-stores-just-like-zara/articleshow/69938341.cms">Cheaper by the dozen: Tata wants to bring Instagram styles to stores, instantly</a> <a href="https://www.businessinsider.in/indiainsider/tata-lic-infosys-sbi-and-mahindra-are-among-the-top-10-indian-corporate-brands/slidelist/70256778.cms">Tata, LIC, Infosys, SBI, and Mahindra are among the top 10 Indian corporate brands</a> <a href="https://www.businessinsider.in/tata-motors-stock-price-falls-after-record-loss-due-to-jlr-troubles-in-china-and-uk/articleshow/67894956.cms">Tata Motors loses over a billion dollars in market value</a>

Taj Hotels wants to turn asset light with its sell-and-lease-back strategy

Markets during the last week saw wild gyrations with the first three days seeing a sharp dip followed by a more than equally sharper rise and then yet another dip, to be back on neutral ground. Friday was a nothing day and markets ended marginally up. The week ended with a small negative bias and in what could be termed a highly volatile week. BSESENSEX lost 30.54 points or 0.05 per cent to close at 58,803.33 points while <keyword id="6354813" type="General" weightage="50" keywordseo="nifty" source="Orion">NIFTY</keyword> lost 19.45 points or 0.11 per cent to close at 17,539.45 points. The broader markets saw BSE100, BSE200 and BSE500 gain 0.20 per cent, 0.29 per cent and 0.38 per cent respectively. BSEMIDCAP gained 1.37 per cent while BSESMALLCAP was up 1.35 per cent. The <keyword id="91748" type="General" weightage="50" keywordseo="indian-rupee" source="Orion">Indian Rupee</keyword> gained 6 paisa or 0.08 per cent to close at Rs 79.80 to the US Dollar. Dow Jones continued to remain under pressure and lost on four of the five trading sessions. It lost 964.96 points or 2.99 per cent to close at 31,318.44 points. It is now down 13.81 per cent on a year-to-date basis. On a similar comparison, the Indian benchmark indices are up about one percent. India is now the world's fifth largest economy. It squeezed out the United Kingdom. GST collections for the month of August were at 1,43,612 crore. This is the sixth consecutive month that the collection is at Rs 1.40 lakh crore or higher. The primary market sees the issue from <keyword id="7111922" type="General" weightage="50" keywordseo="tamilnad-mercantile-bank-limited" source="Orion">Tamilnad Mercantile Bank Limited</keyword> tapping the markets with its fresh issue of 1,58,40,000 equity shares in a price band of Rs 500-525. The issue would raise Rs 792- 831.6 crore at the price band. The issue opens on Monday the 5th of September and closes on Wednesday the 7th of September. On Friday, the company completed allocation to anchor investors of 71,28,000 shares at Rs 510. In the last couple of years, one doesn't recall that the anchor book or allocation has been made at a price lower than the top end. Coming to the bank's performance, it is a 100-year-old private bank dominant in the state of <keyword id="20154" type="General" weightage="80" keywordseo="tamil-nadu" source="Orion">Tamil Nadu</keyword>. In terms of business as much as 75 per cent comes from the state of Tamil Nadu. The next chunk of business comes from the states of Maharashtra, <keyword id="37102" type="General" weightage="80" keywordseo="andhra-pradesh" source="Orion">Andhra Pradesh</keyword>, Karnataka and Gujarat which contribute about 16 per cent. The bank has grown very significantly during the Covid-19 pandemic. Its EPS has doubled from 2019-20 to 2021-22 from Rs 28.61 to Rs 42.34 and finally to Rs 57.67. It has a decent asset quality as well. Its gross NPAs were at 1.69 per cent while net NPAs were at 0.95 per cent for the year ended March 2022. The shares which are being offered at a price band of Rs 500-525 have a PE multiple of 8.67-9.10 times its FY 22 earnings. In terms of book value, the same is at Rs 374.41, which makes the issue at 1.4 times price to book. Looking at the allotment of anchors, it becomes clear that effectively the new price band is now Rs 500-510 and shares would be allotted at Rs 510. Readers may apply for the shares of the bank considering its fundamentals and pedigree, considering it's a 100-year-old bank. There may be limited upside on listing and investors should apply only for the medium term. Considering its peer group, the bank is adequately priced. There is a change introduced in the bidding process for IPOs with effect from 1st September. Bids made would have to be blocked by the end of the day before the final subscription figures are announced. This is in relation to the hue and cry that was raised where one saw thousands of applications not being banked post being bid. It was also noticed that issues which were subscribed at the end of the bidding time were actually undersubscribed post the final figures. This would put an end to bidding by investors who wanted to eat the cake and have it. Coming to the markets in the week ahead, we would see volatility continuing. While FPIs were buyers largely on most days in August, this is not the case in September and they were sellers as well. Things are not the best in US markets and the 75 basis points hike in the meeting to be held on September 20-21 is a foregone conclusion. What and how the markets react would be based on the commentary post the meeting outcome. Our markets would find strong resistance at the 17,750-800 levels and 59,450-59,550 levels. In case they do manage to break these levels for any reason, the previous tops made at 18,000 and 60,400 would be final resistances in the period coming up. Strong support exists at 17,350 and 58,200. If these break then the next level would be 17,000-17,050 and 57,250-57,350. The strategy for the week would be to continue selling on rallies and buying on sharp dips. Markets are in a trading zone and they need to make up their mind where they are headed in the medium term. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/former-tata-sons-chairman-cyrus-mistry-killed-in-a-road-accident/articleshow/93984352.cms">Former Tata Sons chairman Cyrus Mistry killed in a road accident</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/modi-and-industry-leaders-express-condolences-on-cyrus-mistrys-death/articleshow/93986009.cms">‘We shared a laugh last month on a park bench in London’, says former head of strategy at Tata Sons</a>

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Mutual fund AUM crosses the Rs 60 lakh crore mark, SIP nos. and AUM touch all-time highs

Ira Alok Puranik

RBI likely to maintain status quo after food inflation keeps Feb print high, say experts

Katya Naidu

Gold rush to continue as experts expect prices to touch ₹70k/10g, staggered investment advised

Katya Naidu

Surge in top-up housing loans not system-wide issue, says RBI Governor

PTI

Here is how much your EMI will go up after the recent repo rate hike

Katya Naidu

Reliance Capital asset sale: SBI Life and Apollo join the race, nearly 70 bids received so far

IANS

Biocon was a hot stock before the latest earnings— from Tata Asset Management to Baroda AMC, at least five mutual fund houses added it to their portfolio

Prerna Sindwani

Mistry's funeral on Tuesday, family's moving tribute omits Tata stint

IANS

Tata Mutual Fund has launched the ‘Tata Multi Asset Opportunities Fund’ for those who want to curb risk by diversifying investment

BI India Bureau

Taj Hotels wants to turn asset light with its sell-and-lease-back strategy

Prabhjote Gill

After a volatile week expect markets to remain rangebound says Arun Kejriwal

IANS

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