Performer Financial News

CEO, Bajaj Finserv Asset Management said, “Our Banking and PSU Fund opens the door for investors to tap into the fixed income investment opportunities available in the banking and PSU space while enjoying the benefits of professional fund management. It is suitable for investors who want relatively stable investment options for their capital.

KMAMC said, “With the launch of Kotak Consumption Fund, we are offering a window for our investors to be a part of the country’s fast-evolving consumption story. It’s about tapping into the shift from basic to smart - from analog to digital, from feature phones to smartphones, and from single-brand to multi-brand retail choices.

ICRA expects the strong demand in the second half of this fiscal year to contribute to double digit revenue growth for the hospitality industry in fiscal year 2024. «ICRA expects the Indian hotel industry to report double-digit revenue growth in FY2024, supported by the sustenance of domestic leisure travel, demand from meetings, incentives, conferences, and exhibitions (MICE), and business travel, along with an increase in foreign tourist arrivals (FTAs). The industry has also benefited from the G20 summit and the ongoing ICC World Cup 2023,» the company said in a statement.

Top US banking regulators have updated decades-old rules that are meant to tackle redlining and boost lending to lower-income areas. 

Telangana High Court is currently deliberating on a plea filed by a woman who was denied an interview for the position of office subordinate (attender) at a district court. The woman, who had applied for the job that required a minimum qualification of class 10, was not called for an interview because she had appeared for Intermediate and degree exams. The plea, being heard by Chief Justice Alok Aradhe and Justice NV Shravan Kumar, highlights the issue of whether someone can be barred from applying for a job due to possessing qualifications higher than the advertised requirement.

Harsha Upadhyaya, CIO-Equity, Kotak AMC, says “from a medium- to long-term perspective, we still continue to be quite positive on India from both earnings perspective as well as how markets are expected to behave. However, in the very short term given the kind of strong performance that we have seen and some reversal inflows as well as some red flags that I mentioned, probably markets would kind of show some weakness or consolidate at current level.” Upadhyaya also says that “although the earnings expectations are much higher in the midcap basket, I would say that most of that positiveness is also discounted in terms of valuations. I would say, if the markets go into a correction mode or into a decline, we will probably see more downside volatility on the midcap side rather than the largecap side.” Let us try and get your understanding of the current market movement. How is the market looking to you, talking about a few quarters down the line? Quite bullish from an undertone perspective I would say. However, for the past two months, we have seen some red flags emerging as well as foreign liquidity turning negative. For September and up until now in October, we have seen foreign institutional investors selling about $3 billion worth of Indian equities. We have also seen crude oil moving up beyond $90 per barrel level and monsoon which ended the season with the deficiencies of about 6% or so is also a red flag.

Network People Services Technologies Limited witnessed huge buyuing during morning deals and hit upper circuit on NSE. The NSE listed stock today opened upside and went on to hit 5 per cent upper circuit within few minutes of stock market opening bell. The stock was in uptrend after announcement of strong Q2 results 2023 and H-1FY24 bnumbers.

Electric bus maker PMI Electro Mobility Solutions on Wednesday announced raising funds in the form of strategic investment to the tune of Rs 250 crore from Piramal Alternatives, the fund management business of the Piramal Group. The freshly raised capital will bolster company's business expansion and sustainability issues, PMI Electro Mobility said in a statement.

₹250 crore from Piramal Alternatives, the fund-management arm of the Piramal Group, to bolster its green mobility initiatives. Piramal Alternatives made the investment from its Performing Credit Fund (PCF), a sector-agnostic vehicle that caters to the capital needs of companies operating in the mid-market segment. The investment was made in the form of convertible securities.

The Indian hotel industry is expected to report double-digit revenue growth in FY24, supported by the sustenance of domestic leisure travel, demand from meetings, incentives, conferences, and exhibitions (MICE), and business travel, along with an increase in foreign tourist arrivals (FTAs), said a report by ICRA. The industry has also benefited from the G20 summit and the ongoing ICC World Cup 2023, it added. 

Bajaj Finserv Asset Management has launched its fourth fixed-income investment product – Bajaj Finserv Banking and PSU Fund. It is an open-ended debt scheme investing in Debt instruments of banks, Public Sector Undertakings, Public Financial Institutions and Municipal Bonds with relatively high-interest rate risk and moderate credit risk.

BRUSSELS/LONDON (Reuters) -Heineken retained its full-year outlook on Wednesday, bolstering shares in the world's second largest brewer even as it sold less beer.

Narendra Modi will on Thursday launch a scheme in Maharashtra aimed at benefitting over 86 lakh farmers and launch projects worth over Rs 7,500 crore and then travel to Goa to inaugurate the 37th National Games. An official statement said Modi will begin his Maharashtra tour by offering prayers at the famous Shri Saibaba temple in Shridi and inaugurate its new «darshan queue complex». He will perform «Jal Pujan» of Nilwande Dam and dedicate a canal network of the dam to the nation and later attend a public programme in Shirdi to inaugurate and lay the foundation stone of multiple development projects worth about Rs 7,500 crore in sectors like health, rail, road and oil and gas.

₹2,50,00,000 divided into 25,00,000 equity shares of ₹10 each. Udanvat is incorporated with an object to carry out business activity of owning and leasing of Aircraft," said Adani Ports. Adani Ports share price today opened at ₹771.25 against the previous close of ₹771.10 and rose about 1.6 per cent to the level of ₹783.30.

Pakistan lost to India, it saw second loss against Australia on 20 October while the most ‘embarrassing loss’ came after Afghanistan thrashed Pakistan by 8 wickets which was also Afghanistan's first-ever win over Pakistan in eight ODIs. With this disastrous performance of the Pakistani team, reports have stated that Captain Babar Azam is likely to be replaced as the captain after the World Cup 2023.

Top 10 equity funds in 2023. We thought of identifying the schemes that have lost the most in 2023. We looked at the equity and equity-oriented categories: large cap, mid cap, large & mid cap, multi cap, flexi cap, focused, value/contra, small cap, ELSS, sectoral/thematic, aggressive hybrid, arbitrage, balanced advantage and dynamic asset allocation, equity savings, index and ETF schemes. We considered regular and growth option schemes. We were in for a pleasant surprise. Most equity schemes offered positive returns in 2023. There were very few schemes that offered negative returns. And the biggest losers (we chose four schemes that lost over 5%) were from the international fund category. See table below for details. Mirae Asset Hang Seng TECH ETF lost the most of around 11.27% in 2023. The scheme was launched in December 2021. The scheme lost 6.45% in 2021 and 18.77% in 2022.

ANI, Sumit achieved a remarkable feat by breaking records, including the Asian Para Games, World record, and Asian record, with a throw of 73.29 meters. He achieved this performance during his third attempt of the day, securing the gold medal. Meanwhile, Pushpendra Singh secured the bronze medal in the same event.

Deutsche Bank on Wednesday reported a third-quarter net profit of 1.031 billion euros ($1.06 billion), slightly beating expectations despite an 8% fall on the previous year and ongoing struggles in the lender's investment unit.

Ladder7 Financial Advisories said, “Arbitrage fund is a low-risk fund that can possibly give four to five per cent returns every year. This will be a good place to park for any short-term needs as this is treated as an equity fund for taxation purposes. The STCG tax is hence only 15 per cent till the completion of 12 months and 10 per cent after that after the initial LTCG amount of ₹1 lakh." Hiren Thakkar, Chartered Accountant Proprietor, Hiren S Thakkar & Associates explains how this is the perfect time to invest in arbitrage funds due to uncertainty and high valuations.

Vedanta, India's largest diversified natural resources company, rallied 2% to ₹219.40 per share during Wednesday's early trading session. This rise came after an exchange filing made by the company on Tuesday, announcing the appointment of Ajay Goel as the new Chief Financial Officer (CFO) and Key Managerial Personnel (KMP) of the firm, effective October 30, 2023, replacing Sonal Shrivastava, who resigned from the post of CFO and KMP of the company with effect from the close of business hours on October 24, 2023, due to personal reasons. Goel left his previous role at Vedanta earlier this year to join the education startup BYJU's.

Lok Sabha elections. However, negotiations for seat sharing remain unresolved. Further, on BJP's claim that the upcoming state poll is semifinals for the Lok Sabha polls, Kharge rejected the idea saying as ‘every state has different election issues’.