Cycling Financial News

On Tuesday, Bank of America strategists hiked their 2024 S&P 500 earnings per share (EPS) estimates to $250, up from the previous forecast of $235.

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₹52.7 trillion worth of assets under management (AUM) as of end January, and 150 million investor folios. On an average, over 1.2 million new folios have been added every month since April 2017. It is expected that the MF industry’s AUM will cross ₹100 trillion in the next nine or 10 years.

₹16.82 lakh ex-showroom, the company said on Monday. Tarun Garg, chief operating officer, Hyundai Motor India, said that the Creta N Line will feature a 1.5-litre turbo engine not available in the standard Creta. The model will have a tuned suspension to further enhance its performance, rear disc brakes and 18-inch alloy wheels to appeal to performance-oriented customers.

Amidst elevated valuations in small- and mid-cap stocks, investing in flexi-cap funds can provide a balanced approach to manage risks. As fund managers invest across large-, mid- and small-cap stocks without any restriction, such funds earn higher returns in the long-run and are ideal for core allocation.

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JPMorgan strategists said in a Monday note that the Magnificent Seven stocks are now cheaper compared to the broader equity market than they were five years ago, citing their most recent earnings data.

Gagan Banga, VC & MD, Indiabulls Housing Finance, says: “We have now reached a stage where over the last four to six quarters, we stabilised the overall business, scaled up the retail disbursals and whatever are the targeted segments for growth, the disbursals around that are coming along at a good pace. At this point in time, we believe that to grow and take the disbursals to the next level, we have set a goal that by the end of FY25, we should be disbursing close to about Rs 2,000 crore. By the end of FY26, we should be disbursing around Rs 3,000 crore a month.”

Investing.com — The U.S. dollar slipped lower in early European trade Monday, trading near two-month lows ahead of the release of key U.S. inflation data for more clues over the timing of the start of the anticipated Federal Reserve rate-cutting cycle. 

Read here: Sebi’s T+0 settlement plan will boost liquidity, but analysts warn of impact on brokers’ business model In the first phase, an optional T+0 settlement cycle for trades till 1:30 pm is envisaged, with the settlement of funds and securities to be completed on the same day by 4:30 pm. In the second phase, an optional immediate trade-by-trade settlement will be carried out for trades till 3.30 pm.

Ashish Gupta, CIO, Axis Mutual Fund, says “we have seen a big deleveraging of the corporate balance sheet and the expectation is that the next five-seven years will again be a deleveraging cycle for corporate India. We are still in the early part of the capex upcycle. So while multiples of some of these companies have gone up, the confidence stems from the fact that it is a multi-year cycle. Typically, these cycles last for seven-eight years. We are probably in the first couple of years of the upturn. Notwithstanding the elections, just the capex cycle has turned around and should benefit these companies.”

Yamuna Aarti at Vasudev Ghat, similar to the famous Ganga Aarti in Varanasi. The beautification and restoration work at the ghat is nearing completion, with silt removal currently in progress. Spread over 16 hectares, Vasudev Ghat is part of DDA's initiative to rejuvenate 66 hectares of ghats along the Yamuna riverbank from Wazirabad to the Old Railway Bridge, a TOI report stated. The Lieutenant Governor of Delhi, VK Saxena, is expected to inaugurate Vasudev Ghat on Tuesday. The horticulture, walkway, and restoration work at the ghat are almost complete. The main focus now is on clearing the silt so that the river water can reach the steps constructed at the bank, allowing the Aarti to be performed regularly. An MoU has already been signed with an organization that will conduct the Aarti every evening. Vasudev Ghat is a unique project among the ongoing restoration and rejuvenation projects of the Yamuna floodplains. It not only features green lawns, a 3-km cycling track, and a walking area, but also showcases a historic look with captivating artwork. The landscaping at the ghat has been done in the Charbagh style, incorporating elements like baradaris and chhatris inspired by the adjacent Qudsia Bagh garden.

funds’. The market regulator asked for a policy to be put in place to protect investors. The letter laid down two requirements for this policy. First, ‘appropriate and proactive measures are to be taken by AMCs and fund managers to protect investors, including, but not limited to, moderating inflows, portfolio rebalancing, etc.’ Second, it asked for ‘steps to ensure that investors are protected from the first-mover advantage of redeeming investors’. The specific threats that Sebi is pointing at and the measures to contain these are quite clear. The regulator is worried that if large inflows in small-cap funds continue, the quality and value of the portfolio holdings will inevitably drop. There is only so much worthwhile investable stock available in the smaller companies. The second concern is about what will happen if a small- and mid-cap crash does occur. The investors who exit as soon as a downturn begins can disproportionately benefit at the expense of those who remain, as their redemptions are likely to force fund managers to sell better quality holdings at unfavourable prices. This will compromise the fund’s quality and value for remaining investors. This is not a hypothetical situation; we have repeatedly seen it happen in debt funds.

ABSL Mutual Fund launched a thematic fund, providing investors a way to play the emerging ‘manufacturing’ theme. Fast forward nine years and the investors who stayed the course find the thematic fund’s 12.5% return since inception lower than the broader market return for the respective period. Thematic new fund offers (NFOs) make a tantalising proposition—targeted exposure to specific themes. But do these funds truly perform? Statistically, funds like ABSL Manufacturing that didn’t do well form 36% of the thematic NFOs launched in the past 10 years. A higher 64% have done better than the overall market since launch, an ET Wealth study shows. Game of themes The reason for AMCs coming up with more thematic NFOs in recent years has been largely due to the regulatory cap of a single fund per category. However, funds can have any number of unique themes. Between 2014 and 2017, there were only six thematic equity NFOs (actively managed), but in the 2018-23 period, 55 new funds came into the market. Buoyant markets have helped. With equities giving double-digit returns in four of these six years, thematic funds have easily attracted eyeballs.

startups — Fashinza and Virgio — backed by the likes of Accel and Alpha Wave have initiated a process to return most of the capital they had raised, after a change in their business models, people aware of the matter said. Both had failed to find traction in the original business plans for which they had raised the funds and so are now returning part of the money, the people said.

YSRCP's poll campaign from Andhra Pradesh's Bapatla district on Sunday, chief minister YS Jagan Mohan Reddy asserted that the upcoming elections were «one versus all». At his fourth 'siddham (ready)' rally in Addanki, which is dominated by Kammas, YSRCP chief Reddy set a target for his party to win all 175 assembly seats. He asked: «Why not 175?» Incidentally, Reddy's main rival, TDP supremo N Chandrababu Naidu, hails from the Kamma community. The rally was organised a day after TDP stitched an alliance with BJP and Jan Sena for the Lok Sabha and assembly polls in Andhra Pradesh.

Ramadan 2024 moon sighting: The sighting of the crescent moon marks the beginning of the holy month of Ramadan. The exact timing of the moon sighting can vary depending on geographical location and local moon sighting traditions. The beginning of Ramadan 2024 is determined by the Islamic calendar which is based on the lunar cycle and is 29-30 days long.