Brokerages have lowered the price targets of asset management companies (AMCs) since they failed to beat revenue growth expectations in the January-March quarter (fourth quarter, or Q4) of 2022-23 (FY23). The regulator's plans to lower the fee charged by AMCs also added to concerns. While HDFC AMC and Nippon Life India AMC reported modest growth in revenue from operations in Q4FY23, UTI AMC and Aditya Birla Sun Life AMC delivered yet another weak quarter.
Reserve Bank of India has turned down Hongkong and Shanghai Banking Corporation Ltd's plans to pick up about 20 per cent stake in UTI Bank by restricting its approval for acquisition of only 14.6 per cent stake
UTI Mutual Fund plans to foray into the pension sector once the government sets up Pension Fund Regulatory and Development Authority in October this year.
Asset Management Companies (AMCs) demonstrated improved business metrics in the first quarter ended June 2023 (Q1FY24), but a sharp run-up in stocks leaves little room for further upside in the immediate term, say analysts. During this quarter, HDFC AMC reported a 10 per cent year-on-year (YoY) rise in revenue from operations at Rs 575 crore. Nippon India's revenue from operations went up 12 per cent to Rs 354 crore.
rediffGURU Ulhas Joshi answers your mutual fund queries.
UTI Bank Ltd has posted a 45.02 per cent increase in its net profit at Rs 52.18 crore (Rs 521.8 million) for the first quarter ended June 2003 as against Rs 35.98 crore (Rs 359.8 million) for the corresponding quarter last fiscal.
HDFC Bank's latest shareholding data showed that the room for foreign investment has fallen just 5 basis points short of the threshold set by Morgan Stanley Capital International (MSCI) to fully include the stock in its indices. Currently, the index provider has applied an adjustment factor of 0.5 since the foreign room is less than 25 per cent. Removal of the adjustment factor will result in inflows of a massive $4.8 billion (Rs 40,000 crore) into HDFC Bank, according to Brian Freitas, a New Zealand-based analyst with Periscope Analytics.
Omkeshwar Singh, head, Rank MF, a mutual fund investment platform, answers your queries.
rediffGURU Ulhas Joshi answers your mutual fund queries.
Rejecting UTI's contention that there was no deficiency of service or negligence on its part, the court agreed with the District Consumer Forum rulings that UTI was bound to pay the amount to the unit-holders.
Following the footsteps of the Central Board of Direct Taxes, the Employees Provident Fund Organisation has entrusted the UTI Investor Services with the job of creating the required infrastructure for issuing its much-bragged social security number.
Four regionally strong banks -- Bank of India, Corporation Bank, Allahabad Bank and Oriental Bank of Commerce -- are in the fray to buy out sponsor's stake in UTI Mutual Fund that manages assets worth Rs 20,000 crore
IDBI Bank, UTI Bank, Citibank and Standard Chartered Bank on Wednesday came together to launch an independent shared automatic teller machine network, covering six million cardholders in 100 cities of India.
Life Insurance Corporation and UTI Mutual Fund are in the fray for entering the lucrative pension business, which is slated to grow to Rs 50,000 crore (Rs 500 billion) by 2010.
Although net inflows into equity mutual funds deteriorated month-on-month (M-o-M) in March 2024 to Rs 22,576 crore (excluding Hybrid), down 15 per cent M-o-M (up 12 per cent Y-o-Y), asset management companies (AMCs) had a great year with robust growth in assets under management (AUMs). AMCs are likely to report strong PAT growth (30-40 per cent Y-o-Y) in Q4FY24 on the back of AUM growth. In Q4FY24, domestic mutual fund (MF) industry's quarterly average AUM grew by 34 per cent Y-o-Y and 10 per cent quarter-on-quarter (Q-o-Q) to Rs 54 trillion ($652 billion).
Omkeshwar Singh, head, Rank MF, a mutual fund investment platform, answers your queries:
Besides these entities, IDBI Capital was shortlisted by the interim pension regulator PFRDA for acting as a fund manager and asked to submit bids.
UTI Bank has posted a 44.82 per cent rise in its net profit at Rs 278.31 crore (Rs 2.78 billion) for the financial year ended March 31, 2004 as against Rs 192.18 crore (Rs 1.92 billion) in 2002-03.
rediffGURU Ulhas Joshi recommends five factors you need to look at to evaluate the performance of two schemes.
The financial numbers for 2023-24 (FY24) of the four pure-play listed asset management companies (AMCs) have enthused the Street. All firms listed robust growth in net profit and revenue both during the January-March quarter (Q4) of FY24, as well as in full FY24. The strong performance comes amid a positive growth environment for the sector, led by tailwinds such as sharp growth in assets under management (AUM) and robust performance in equity offerings.
'Who is telling the truth? Former finance secretary Ajit Kumar or disgraced former UTI chairman P S Subramanyam?' asks Paranjoy Guha Thakurta.
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries
'Midcap and smallcap indices are trading in the expensive zone.'
This is a good opportunity for long-term investors to pick quality small and midcap stocks at reasonable valuations.
The government has earmarked about Rs 3,500 crore for foreclosing seven assured return schemes of Unit Trust of India but feels that cash outgo would be nominal going by the experience of flagship scheme US-64.
These are usually found among small and midcaps. It is not easy to find such stocks, especially after a strong bull market, discovers Debashis Basu.
