FIVE Financial News

By Fraser Stark

₹1,000 crore each as of 31 August 2023, according to an annual list published by Hurun India on Tuesday. These entrepreneurs comprised 66% of the 1,319 such super-rich individuals in the country, up from54% five years ago. The list saw 278 new entrants, a sharp recovery from the drop seen last year owing to volatility in financial markets.

“It’s much more fun to give while you are alive than to give when you are dead,” said Chuck Feeney, one of America’s most prolific philanthropists.

The outbreak of conflict in the Middle East is adding to a long list of concerns that has investors dumping developing-nation assets for the safety of the dollar. 

Reliance Industries Chairman Mukesh Ambani overtook Adani Group's Gautam Adani to become the richest Indian, Hurun India Rich List 2023 released on Tuesday showed. Adani in 2022 was ahead of Ambani by Rs 3 lakh crore. However, Ambani bridged the gap and trumped it in 2023 as his wealth was higher by Rs 3.3 lakh crore.

Vivek Jain, Vice-President, Policybazaar.com and Pankaj Mathpal, MD, Optima Money Managers, in conversation with ET Now. What kind of ULIPs are we talking about? The modern ULIPs are said to be more investor-friendly and looking at the increasing exposure in small and midcaps, specific midcap and small cap ULIPs have been launched. These insurance companies are really trying hard to not only woo investors but also trying to make the most of the trend wherein smallcaps and midcaps are ruling as far as returns are concerned in the portfolio. Considering the costing that is involved in a ULIP plan and the return that they need to churn out, what does having exposure in small and midcaps work for an investor? Vivek Jain: Let me start off with talking a bit about the new age online ULIPs and talking a bit about their costs. Tthere are four key types of costs in a ULIP plan but in the new age ULIPs, the premium allocation charges are generally not there. The policy admin charges are also generally not there or are very low. There is a charge of life insurance which is the mortality charge that in the new age ULIPs is generally returned at the time of maturity. So the life cover that you are getting in a ULIP is generally is not costing you anything because that gets returned at the time of maturity.

However magnificent the “Magnificent Seven" tech titans might be, it is probably time for investors to look past them—way past. Of the 3,000 companies that make up virtually all of America’s stock market, an index representing the most valuable one-third, the Russell 1000, is looking healthy again. Stocks can be a harbinger of economic downturns, but a false alarm after last year’s mild bear market seemed to prove economist Paul Samuelson’s quip that “the stock market has predicted nine out of the last five recessions." Look below the hood, though, and stocks’ message about the economy is more concerning.

Prestige Estates Projects jumped nearly 19% intraday to hit a fresh 52-week high of Rs 796.40 on the NSE, in turn helping the Nifty Realty index scale its 15-year high level of 612.25. The price action was accompanied with strong volume as more than 69.32 lakh shares changed hands on the NSE around 12:50 pm, with the total traded value of the stock standing at Rs 520.11 crore. The gains were on the back of the real estate company registering the highest sales of Rs 11,007.3 crore in H1 FY24, up 69% year-on-year (YoY), while the quarterly sales jumped 102% YoY to Rs 7,092.6 crore during Q2FY24. The sales during this period is attributed to 6.84 mn square feet volume with an average realisation of Rs 10,369 per square feet, which rose 29% YoY for apartments/villas and average realisation of Rs 6,753 per square feet for plot, up 62% YoY. The group sold 3,659 units during Q2 FY24.

Radhika Gupta, MD & CEO, Edelweiss AMC, says “I do not think the portfolio for a future India can only be a largecap centric portfolio which is what they used to be. The portfolio is going to be a lot more balanced. It cannot be a fully mid and smallcap portfolio, perhaps. But it probably will be an equal weight portfolio of large, mid and small caps. The Indian opportunity is truly multi-sectoral and multi-cap in nature.” You have come out with a very interesting note and research. What are those factors which are coming together to make this decade a potentially good decade for corporate India, for macros and which will be getting reflected in markets as well? Finally markets are an outcome of corporate profitability and of what the economy is going to deliver and as people, we spend a lot of time talking about short-term markets but really what we are investing in when we are investing in funds is investing in India and India's decade.

Devansh Jain, Wholetime Director, Inox Wind, says “in Inox Wind as well, over the next 12 to 15 months, our target is to go net debt-free. Hopefully, we will achieve that much sooner than our internal guidance. Every quarter should be better than the previous quarter, at least for the next four to six quarters. So hopefully, given the huge wealth we have created for our investors across Gujarat Fluoro and other companies, we should be doing that at the Wind level and the Green level in the near future as well.” First up, let us discuss the stake sale that you have announced in one of your wind energy SPVs. What kind of inflows are you expecting on account of this sale? When will that money come in and what does it do to your debt? Yesterday we announced the sale of a 50 MW operational SPV called Nani Virani. As you may be aware, we have sold four such SPVs in the past. This was the last SPV. We have committed that over the course of this financial year, it is our target to make Inox Green net debt-free. Broadly, the sale of this asset will give us close to Rs 300 crore, including the debt which goes off. So that Rs 300 crore goes off towards the Inox Green balance sheet, which makes it a net debt-free company.

The Promise and Challenges of Tokenization

Sonam Udasi, Senior Fund Manager, Tata Mutual Fund believes large caps may offer better value in the near term. However, it is the potential rather than the size that determines the company’s relative attractiveness. In an interview with Mint, he says as India moves from a $2,300 per capita income economy towards $4,000 over the next five years, many new segments, and companies will mushroom and grow robustly.

United Nations: Russia faces a tough fight to regain a seat in the U.N.'s premiere human rights body in Tuesday's election in the General Assembly, which voted last year to suspend Moscow after its invasion of Ukraine. The 193-member assembly will be electing 15 members to the Geneva-based Human Rights Council, with candidates put forward by the U.N.'s five regional groups.

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Rahul Shah, V-P, Equity Advisory, MOFSL, says “it looks like markets will continue to do well. It does not look like a sell-off is imminent. Maybe, the market will shed 4-5% and then stabilise there and again, build it back to the game. We should continue to hold on with this opportunity and in a sell-off, one should participate.” From a financial market standpoint, is it time to move on? We see a lot of concerns going on globally. From India’s perspective, there are two-three things. The markets are still trading at reasonable valuations. Midcaps and smallcaps valuations are rich and largecaps have underperformed. From the overall market perspective, there’s no big negative. Also, it looks like it will be a good earnings season. My sense is largecap stocks will outperform midcaps and smallcaps might take a breather, but whenever we see the largecaps performing, midcaps and small caps also rally. But after the midcap and smallcap rally, It is time for the largecaps. Usually in an election year, just before the elections, the last 20-25 years’ data suggests that markets have rallied between 10% and 32%,.

Satwiksairaj Rankireddy and Chirag Shetty secured the number one spot in the Badminton World Federation (BWF) Rankings on Tuesday, becoming the first duo from the country to reach the landmark. Following their gold medal win at the men's doubles competition at the recently concluded Asian Games in Hangzhou, 'Sat-Chi', as the duo is known to fans, made a jump of two spots to achieve the top spot. After Prakash Padukone, Saina Nehwal and Kidambi Srikanth, they are the fourth Indians to achieve the top ranking.

The Albanese government will adopt a new definition for “critical minerals” influenced by the needs of Australia’s defence and trade partners, in a move that could drive domestically abundant commodities such as coking coal, bauxite and iron ore onto the list.

London | England’s high court has begun hearing a case brought by four small business owners, who say National Australia Bank and its former British unit Clydesdale & Yorkshire Bank, now known as ASX-listed Virgin Money, crippled them financially through allegedly mis-selling fixed-rate business loans.

Boston Consulting Group sacked four personnel from its business in Australia and New Zealand after receiving 10 formal complaints about their behaviour during the past five years.

These actively-managed schemes are benchmarked against Nifty Smallcap 100 — TRI, Nifty Smallcap 250 — TRI, and S&P BSE 250 Small Cap — TRI. These benchmarks offered an average return of 31.74%, 29.75%, and 29.95% respectively. Top five schemes by AUM or assets

England vs Bangladesh Live Score, Cricket World Cup 2023 Updates After a setback against New Zealand in their first match of the ICC World Cup 2023 on October 5, England find themselves in a troubling situation. However, performances from Joe Root and Jos Butler were noteworthy. Conversely, Bangladesh began their World Cup campaign on a high note, defeating Afghanistan on October 7.