A month after getting the Securities and Exchange Board of India's nod to launch an asset management company, Dutch financial services major Aegon and Religare Enterprises have decided to part ways.
It did come as a surprise when, last week, Religare Enterprises (promoted by the former promoters of Ranbaxy) decided to acquire a majority stake in the ailing Lotus India Asset Management Company. This is the first deal in India since the financial crisis caused the market to crash 23 per cent in October, and Lotus' assets under management from Rs 7,000 crore (Rs 70 billion) to about Rs 5,000 crore (Rs 50 billion).
Measured by returns in 2013, the top 10 funds had only three from large houses; nimble strategy could be a factor.
Govt's divestment plans encourage funds to bet big on state-owned firms.
Stock market is gearing up for an eventful week ahead where key triggers such as quarterly earnings from corporates, the US Fed interest rate decision and the upcoming Union Budget for 2026-27 would grab the limelight, analysts said.
Among Sensex firms, Asian Paints, Bajaj Finance, Tata Steel, Bajaj Finserv, ICICI Bank, Maruti, Reliance Industries, HDFC Bank and Mahindra & Mahindra declined. Tech Mahindra, Tata Motors, Infosys, HCL Tech, IndusInd Bank and UltraTech Cement were among the gainers.
This will be the first such deal since the global financial crisis caused the Indian stock markets to crash a record 23 per cent in October.
From the Sensex pack, Bharti Airtel, Titan, Tata Consultancy Services, Hindustan Unilever, Infosys, Nestle, Reliance Industries, Mahindra & Mahindra, HDFC Bank and Tata Motors were the biggest gainers. However, IndusInd Bank, Bajaj Finance and UltraTech Cement were the laggards.
Gold funds have returned -5.2 per cent, while the Sensex is down 7 per cent in the past year.
Singh brothers might be stopped by 'fit & proper' hurdle due to US drug norm violations; firm says confident of qualifying.
Godhwani's exit comes at a time when the company's fund raising plans and proposed related party transactions are under scrutiny, says N Sundaresha Subramanian.
At least 150 of the 205 employees at Lotus India Mutual Fund may lose their jobs.
In what is amongst the first focused fund in the space, India Media Entertainment Fund (IMEF) is raising Rs 500 crore, which will provide both equity as well as instruments like non-convertible debentures (NCD) to companies in the content, distribution platform and services areas. The private equity fund has appointed a high-profile advisory body which includes ad guru Prahlad Kakkar, managing director of Red Chillies Entertainment and cricket team KKR Sports, actress and entrepreneur Raadhika Sarathkumar, who has starred in Malayalam, Hindi and Kannada films and runs Radaan Mediaworks. It also includes Ramnath Pradeep, former chairman and managing director of Corporation Bank, and Rajesh Gupta, senior partner of law firm SNG Partners.
For instance, new fund offers of ICICI Prudential, Tata Mutual Fund and Fortis are on, while Religare, HDFC and Principal PNB have applied for launching NFOs.
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The investment is through the asset manager's holding company IIFL Wealth Management Limited.
Combination of term plans and mutual funds will provide the same benefits.
In a chat on rediff.com, Feroze Azeez offered valuable tips.
Foreign flows into Indian equities are expected to pause in the short to medium term, say analysts. The outlook is influenced by multiple factors, including rising oil prices, actions from global central banks, climbing bond yields, and the dollar index gaining prominence. "Valuations appear rich with the markets at record highs.
For the wealthy, post-tax returns of debt funds would work out better
Readying itself for a bank licence, Anil Ambani-led group's Reliance Capital on Wednesday said Japan's Sumitomo Mitsui Bank and Nippon Life would become its strategic partners in the proposed banking venture, with each having 4-5 per cent stake.
In his first two years, Tyagi, a Himachal Pradesh cadre IAS officer, has implemented challenging stock market reforms and taken action against high-profile corporate entities.
Ajit Mishra, vice president, Research, Religare Broking, answers queries on how to invest in stocks.
With the July 1 deadline to apply for bank licence fast approaching, aspirants are scrambling to meet the Reserve Bank of India's (RBI) eligibility criteria to apply.
Ajit Mishra, vice president, research, Religare Broking, answers your stock market queries.
Licence winners are expected to be announced by the first quarter of 2014.
Experts say a turnaround may happen after the general elections.
Ajit Mishra answers reader queries on the stock market.
National Demorcatic Alliance ministry's list of assets is fairly wide -- from land and property to vehicles and, for quite a few, guns. Nivedita Mookerji reports
The scrutiny is expected to be over this month itself.
Close to a million small shareholders have stake in nine NCLT-bound companies
Subramaniam feels it does make sense to have some overlay in lump sum if one has the cash to do so.
Ajit Mishra, vice president, Research, Religare Broking, answers your stock market queries.
While the BSE's asking valuation is reasonable, compared to peers, there are some factors that long-term investors need to consider before investing.
NCLT allows Shivinder to withdraw petition against his brother Malvinder. Final decision to be taken by family members in their presence.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Retail investors may burn their fingers investing in them, especially if the markets correct, experts tell Sanjay Kumar Singh
'Focus on companies with healthy balance sheets and return ratios.'
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Exuding confidence in setting up a profitable banking venture, industrialist Anil Ambani on Tuesday said the proposed bank will help lower Reliance Capital's debt to one-fourth of current levels and would be listed as a separate entity in three years.
