Four new fund offers (NFOs) having equity allocations of more than 65 per cent are currently open for subscription and close towards the end of the month. The NFOs include Franklin India Equity Savings Fund (NFO period: Aug 03-17), UTI Equity Savings Fund (Aug.10-24), Tata Multicap Fund (Aug 17-31) and BNP Paribas Consumption Fund (Aug.17-31).
Companies and Markets
Companies & Markets
The domestic market witnessed selling pressure as the S&P BSE Sensex ended in the red with a loss of 188 points, or 0.50 per cent, to close at 37,663. The Nifty 50 Index shed 50 points, or 0.44 per cent, to settle at 11,385.05. Selling was seen in metal and mining stocks and also on heavyweights like Reliance Industries. The broader market also fell with the BSE Mid-Cap Index down 0.48 per cent and the Small-Cap falling 0.20 per cent.
Multi Commodity Exchange of India (MCX) and India Bullion and Jewellers Association (IBJA) will jointly explore the viability of setting up a bullion spot exchange.
Both organisations signed an MoU for various cooperation activities for the growth and development of the bullion industry, which also includes a spot exchange. The government had earlier announced plans to establish trade efficient and consumer friendly system of regulated gold exchange in the country for bullion stakeholders for efficient price discovery and transparency.
Along the river Beas in North India sits a sprawling spiritual commune that’s somewhere between a traditional ashram and a Florida gated community. There’s a grand meeting hall with tiered spires and pearl domes, but also tract housing and an American-style supermarket. It’s home to 8,000 devotees of the Master: Gurinder Singh Dhillon.
Large-cap stocks which have largely missed the current rally and are having reasonable valuations were among the top picks of mutual funds in July.
The top 10 purchases by the funds last month include relative under-performers like ITC, ICICI Bank, Bharti Airtel, Lupin, HDFC, Wipro, Eicher Motors and TVS Motor Company. Data released by Morningstar shows mutual funds have booked profit in large-cap names that had a good run in the recent market rally, like Maruti Suzuki India, Kotak Mahindra Bank, IndusInd Bank, HDFC Bank and Asian Paints.
In a step that can remove the stigma attached to psychological ailments, Irdai has asked insurance companies to make provisions for medical insurance covering treatment of mental illness.
The Mumbai zone of the Central GST Commissionerate has launched an enquiry into an alleged tax evasion involving three private banks and a payment bank.
In what is being seen as a possible case of under-reporting transactions, the total evasion could be to the tune of Rs 100 crore or more. The anti-evasion wing of the indirect tax unit is probing the cases to ascertain if the transactions were in accordance with the laws, including RBI guidelines.
With the Reserve Bank of India tweaking key policy rates, the mutual fund yield is likely to touch double digits by the end of this fiscal. The benchmark yield has risen to 7.79 per cent at present from 6.5 per cent a year ago.
Investor grievances pending with Sebi dropped by 16 per cent to nearly 3,800 at the end of 2017-18 with the markets regulator working on their expeditious disposal, according to a Sebi report.
The number of pending actionable grievances stood at 4,476 as on March 31, 2017.
According to the SCORES data, such complaints numbered at 3,771 as on March 31, 2018, registering a fall of 15.75 per cent from the year-ago period.
Indian PE funds have returned significant amount of capital to their investors and July 2018 recorded 11 exits totalling $376 million, says an EY report.
According to the report, there were eight exits worth $352 million in July last year.
Through exit route, private equity investors realise the return on their investment after a certain amount of time. Some of the widely used exit routes include Initial Public Offering (IPO), secondary buyout and through open market.