Insurance behemoth LIC on Tuesday said it has garnered a little over Rs 5,627 crore from anchor investors led primarily by domestic institutions ahead of its mega initial public offering (IPO). Anchor Investors' (AIs) portion (5,92,96,853 equity shares) was subscribed at Rs 949 per equity share, the insurer said in an early morning filing to exchanges. Out of the allocation of about 5.9 crore shares to AIs, 4.2 crore shares (71.12 per cent) were allocated to 15 domestic mutual funds through 99 schemes, the filing said.
'Investors need to find out how the FMP's assets are distributed and ensure the investments are in high-quality names.'
Kaizad Bharucha, executive director of HDFC Bank, emerged the highest earning banker for 2021-22 (FY22). This was revealed in a remuneration assessment of the country's top bankers, according to annual reports. Bharucha, who oversees wholesale banking at HDFC Bank, received Rs 10.64 crore remuneration in FY22, mainly due to Rs 4.46 crore as performance bonus. Although earned between 2017-18 and 2020-21 (FY21), the bonus payout was partly paid in FY22.
IndusInd Bank was the top gainer in the Sensex pack, rallying over 15 per cent, followed by Bajaj Finance, HDFC, Axis Bank, ICICI Bank, M&M and SBI. On the other hand, Sun Pharma, Nestle India, NTPC, HCL Tech and Bajaj Auto were among the laggards.
'Largely, new demat accounts are now being opened by the younger crowd, particularly GenZ.' 'This is great news since younger investors start their journey with very little capital, so they are risking less.'
Outlook Money answers your insurance and mutual fund queries.
Rajan's appointment will be perceived as a positive development.
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries.
Money managers have turned cautious about the technology space.
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries.
GST will now apply to mutual funds, loan instalments and credit card dues.
The government is not in favour of selling UTI Mutual Fund to a private player and has insisted that one of the existing sponsors buy it by this fiscal.
MFs have garnered record assets in the past one year, led by increased investor participation through SIPs and robust returns in mid-cap schemes.
The BSE's arm Asia Index has announced Wipro will replace Bajaj Auto in the 30-share Sensex. The move is part of a semi-annual rebalancing exercise and will take effect when the market opens for trading on December 20. On account of the rejig, Wipro will see buying by passive funds to the tune of Rs1,300 crore, while Bajaj Auto will see selling of Rs 636 crore, estimate analysts.
Nikunj Saraf, Vice President Choice Wealth, answers your queries.
SBI was the top gainer in the Sensex pack, spurting over 2 per cent, followed by TCS, Tech Mahindra, HUL, Bajaj Finance, Kotak Bank and Titan. On the other hand, IndusInd Bank, PowerGrid, Bharti Airtel, Asian Paints and HDFC Bank were among the laggards.
The Securities and Exchange Board of India (Sebi) on Monday relaxed the norms for valuing perpetual bonds. The norms, which had sought to value banks' deemed residual maturity of Basel III additional tier 1 (AT1) bonds as 100-year debt from April 1, were strongly opposed by the finance ministry. In a statement released on Monday, the regulator said the maturity would be 10 years until March 31, 2022, and would be increased to 20 and 30 years over the subsequent six-month period.
The government will raise at least Rs 2,250 crore (Rs 22.5billion) for selling its residual stake in the country's top carmaker Maruti Udyog Ltd to banks and financial institutions, as it has fixed a floor price of Rs 760 a share.
In a live chat on rediff.com held on Friday, July 11, well-known equity specialist Devang Mehta discussed what effect the Budget will have on the stock markets -- from how NOT to lose money in the markets to which are the safest stocks.
Piramal Enterprises' bid for debt-ridden DHFL received the most votes from lenders at the close of the voting process on Friday, sources said. Piramal Enterprises' bid received 94 per cent votes as compared to 45 per cent for the US-based Oaktree Capital. Voting was done on various parameters, including qualitative and quantitative.
SBI's ownership should give confidence to depositors and lenders about the bank's solvency.
Brokerages are expanding the universe of stocks they cover amid a boom in the market. Several stocks in the mid-cap universe are now tracked by more analysts than they were a year ago. For instance, SBI Cards and Payment Services is now tracked by 17 brokerages, compared to just four a year ago.
High rates of such schemes deter banks from dropping borrowing rates - and thus lending rates
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
The ED case follows the police complaint for alleged criminal conspiracy and defrauding investors.
Why are investors gung-ho about State Bank? asks Tamal Bandyopadhyay.
Invest 5 to 10 per cent in a banking sector fund. Ensure that mutual fund's portfolio includes all three players -- private sector banks, public sector banks and NBFCs.
Dalal Street is bullish on invest
On an average, small-cap funds have generated annualised returns of 67.5% in the last two years. Large-cap funds and mid-cap funds have given average annualised returns of 41.3% and 53.4% respectively.
Insurance firms have designed amazing retirment plans to lure more customers.
It is best not to get carried away by returns or take a short-term view of the markets, says Bhavana Acharya.
'If I close my housing loan, are there any investment avenues (the investment should provide liquidity) to save tax?'
The governor made it clear that the RBI is aware of what's happening and acts accordingly, but doesn't make a noise about that, points out Tamal Bandyopadhyay.
'67 per cent of our transactions happen digitally and about 93 per cent of transactions happen outside the branch.' 'Despite that, there is ample scope for promoting banking-related activities in branches.' 'So, for some time, we will have to, probably, live with the same structure.'
'The effect will be seen two-three quarters down the line.'
Mukesh Ambani-led RIL, which had a cash chest and marketable securities worth over Rs 90,000 crore (Rs 900 billion) at the end of the last fiscal, is known for very effectively managing its financial resources by placing them in liquid instruments and highly rated securities.
Overall, the MF industry saw nearly Rs 5 trillion, or 18 per cent, of asset erosion in March, with the asset base shrinking to Rs 22.26 trillion from Rs 27.22 trillion at February-end.
