HSBC Financial News

Best-performing Flexi Cap Mutual Funds in 1 year (till July 11, 2023): Most of the Flexi-cap mutual funds schemes had a good run in one year. While a majority of these funds have given over 18% annualised returns under the direct plan in one year, the low-performing schemes have given 13% to 15% returns in 1 year. However, as many as 16 flexi cap schemes have been able to beat their respective benchmark indices in this duration, according to data on AMFI’s website at the time of writing.

Indian equities have been upbeat as foreign institutional investors have remained net buyers of local shares since March. The Indian economy seems relatively better placed than peers amid fears of a global recession and more interest rate hikes by central banks of developed economies.  A series of high-frequency indicators, such as manufacturing data, capex from state and central governments, and tax receipts, both direct and indirect, have seen an uptick recently. These all bolster the health and promise of India's economic landscape, but what makes it outperform other Asian markets? “We believe there is a key driver at the heart of this exuberance - lower commodity prices.

HCL Technologies Ltd is likely to have seen subdued growth in June quarter earnings, due to a slowdown in technology spending and weak profitability. The software major’s consolidated net sales are expected to rise a mere 0.6% sequentially in the quarter to Rs 26,756 crore, according to the average of estimates given by 11 brokerages. Consolidated net profit is set to fall 4.3% sequentially to Rs 3,812 crore, the estimates showed.

Reliance, Infosys and ITC, ahead of key inflation data from India and the US to be released on Wednesday. A rise in auto and consumer stocks, tracking their Asian and European peers higher on hopes of a China stimulus package also helped the 30-share S&P BSE benchmark Sensex climb 274 points or 0.42% to settle at 65,618. The broader NSE Nifty surged 83 points or 0.43% to end at 19,439.

The buoyant mood sparked by China’s latest economic support measures didn’t last long on Tuesday as European stocks and US futures wavered after policy makers’ warnings of higher-for-longer interest rates.

rupee ended higher on Monday, snapping a four-session losing streak, as weaker-than-expected U.S. jobs data lowered expectations that the Federal Reserve would be more hawkish than previously anticipated. The rupee ended up 0.2% at 82.5650 to the dollar, compared with 82.74 and recorded its best session since June 16.

NSDL) has filed its Draft Red Herring prospectus with the Securities and Exchange Board of India (Sebi) for an IPO. The IPO, which is an offer for sale (OFS) of 57,260,001 shares, will see IDBI Bank, NSE, SBI, HDFC Bank and Union Bank of India paring stakes. Post IPO, the dates of which are not yet announced, the stock would be listed on BSE.

CRISIL Report). The company plans to raise funds via Initial Public Offering through issue of equity shares of face value Rs.

Best-Performing Small Cap Mutual Fund Schemes in 1 year (till July 6, 2023): Direct plans of most of the small-cap mutual fund schemes have given over 25% annualised returns in one year. Data on AMFI’s website at the time of writing shows that direct plans of as many as four small-cap funds have given 40% or more returns in one year. The top-performing scheme has given 45% returns.

Healthcare led by Azad Moopen have initiated stake-sale talks with private equity groups such as Blackstone and KKR among others, said people aware of the matter. The promoters may even be open to selling a controlling stake in their India-listed hospital chain to capitalise on the ongoing sectoral consolidation, the people said. Aster Healthcare operates 32 hospitals, 127 clinics, 521 pharmacies, 16 laboratories and 189 patient experience centres in seven countries in West Asia and India.

The NY Fed's New York Innovation Center worked with banks - including Citi, HSBC and Wells Fargo - as well as Swift and SETL on the PoC exploring a Regulated Liability Network (RLN), which is envisioned as an interoperable network for wholesale payments operating on a shared multi-entity distributed ledger.The experiment was designed to see whether shared ledger technology could tackle some of the frictions - such as speed, cost, off-hours availability, and the settlement process - that traditional payment systems suffer from.A working group split into three stream looking at the business applicability, technical feasibility, and legal viability of using shared ledger technology to settle the liabilities of regulated financial institutions through the transfer of central bank money. The business workstream concluded that a global, near real-time, 24/7, dollar payment system could be delivered through the RLN concept, enhancing the processing of cross-border payments denominated in USD.

Reliance Jio Infocomm could sign a contract worth $1.7 billion with Nokia this week to purchase 5G network equipment, according to news report by Economic Times. The contract could be signed as early as Thursday in Helsinki, Finland, where Nokia is headquartered, the report added.

Best Performing Tax Saving (ELSS) Mutual Fund Schemes in 1 year (till July 5, 2023): Except for one scheme, direct plans of all other tax-saving mutual fund schemes have given over 20% annualised returns in one year. Data on the website of the Association of Mutual Funds in India (AMFI) at the time of writing shows that direct plans of as many as 11 ELSS funds have given over 27% returns in this duration.

London–based HSBC, the eighth-largest bank in the world, will conduct a series of trials and experiments utitlizing quantum encryption technology in collaboration with Amazon Web Services, BT and Toshiba.

HDFC Bank will replace Housing Development Finance Corporation in FTSE All-World index, effective July 13, following the completion of the merger of the two entities, the global index aggregator said. HDFC Bank will be added to the index with a total of 3,082,056,076 shares, and an investability weighting of 95.98%, FTSE Russell said in a release. HDFC Bank will remain a part of the FTSE MPF-All World, FTSE Global Large Cap, and FTSE Emerging indices, while HDFC will be deleted from these indices.

Top Performing Large Cap Mutual Funds in 1 year (till July 4, 2023): Several large cap mutual fund schemes have over 20% returns in one year. Data on the website of the Association of Mutual Funds in India (AMFI) at the time of writing shows that direct plans of as many as 20 large-cap schemes have given over 23% returns in this duration.

HSBC has formed a new unit to focus on artificial intelligence, as large banks continue to focus on how to utilise technology that is expected to automate back office processes in the sector.

LONDON (Reuters) — British finance minister Jeremy Hunt gave his backing to the country's financial regulator FCA to ensure banks are passing on better savings rates to consumers.

Caroline Connellan (pictured) served as CEO and executive director Brooks Macdonald.

HSBC, NatWest, Lloyds and Barclays are among the banks expected to meet with the regulator on Thursday.

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