CAPITAL ASSET
Sebi approves IIHL's acquisition of Invesco's PMS business
Capital market regulator Sebi has granted its approval to Hinduja Group firm IndusInd International Holdings for the acquisition of Invesco AMC's portfolio management services business.
Will strive to make SBI most valued financial institution: Chairman Setty
C S Setty, the new Chairman of SBI, outlined his vision to enhance the bank’s net profit and establish it as India's 'Best Bank'. With a vast customer base and significant market capitalisation, Setty thanked his predecessors and vowed to build on their achievements. He highlighted the critical role of SBI in India’s evolving economy.
New capital gains taxation rules: Investors can pick assets purely on merit rather than to optimise tax outgo
After the recent budgetary changes, you can build your investment portfolio without being dictated by tax gains.
Table Space to invest $100 million to expand office space portfolio
Table Space intended a $100 million investment in office buildings, beginning with a Rs 450 crore acquisition of 900,000 sq ft in Pune. Having raised $325 million in 2022, the Bengaluru-based company manages over 10.5 million sq ft nationwide. It plans to expand by 5 million sq ft to meet increasing demand for flexible office space.
Triveda closes first round of realty fund
Triveda Capital, a Sebi-registered AIF, secured ₹80 crore at its first-close towards an overall goal of Rs 250 crore. The fund aims to reach $1 billion in assets under management within five years, primarily investing in plotted development projects in major South Indian cities. Initial investments have already been identified.
CVC just one of levers that can drive Aavas growth
The lender has retained the future AUM growth guidance at 22-25% amid various growth levers including higher in-house sourcing of customers, deeper penetration in existing markets while increasing presence in new territories and focus on digital platforms while serving customers.
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Wealth management startup Neo Group secures Rs 400 crore from MUFG Bank, Euclidean Capital
The Peak XV Partners-backed firm is building a wealth management platform focused on the premium segment of Indian consumers. The funds will be used to expand Neo's wealth management division and support its asset management business. The company is also creating a platform for a consolidated portfolio reporting across products, asset classes and instruments.
REITs Association says Hindenburg claim baseless, misleading
The Indian REITs Association (IRA) has refuted the claims of US-based short seller Hindenburg that regulatory changes were made to favor a major financial conglomerate, and called them "misleading" and "baseless."
Focused MFs' asset base rises 31% to Rs 1.43 lakh cr in June qtr; up to 60% returns last year
Focused mutual funds, which invest in a concentrated portfolio of stocks, are gaining traction among investors with the asset base of the category growing to Rs 1.43 lakh crore in three months ended June 2024, marking an increase of 31 per cent from a year ago.
New energy unlocked, Godrej Industries Group is ready for faster & bigger play, says Pirojsha Godrej
Pirojsha Godrej revealed strategic plans for Godrej Industries Group (GIG) post the recent division of family assets. The amicable split has enabled faster decision-making and capital allocation. GIG aims to scale its businesses in FMCG, real estate, and financial services, with a Rs 5,000 crore investment into Godrej Capital and a future IPO. The division focused on fair valuations and maintaining robust family relationships, enabling continued collaboration on projects. The Godrej brand will be used selectively by both sides to preserve its integrity.
Aiming to manage assets worth Rs 50,000 cr by 2028 with emphasis on MSME loans: Godrej Capital's CEO
Utilising digital platforms for streamlined loan applications, automated credit scoring and fast disbursement can help MSMEs bridge their credit gap, according to Manish Shah, MD & CEO of Godrej Capital.
O’Neil Capital Management India launches ONeil India Quant Fund
The Indian asset management setup of the legendary investor William O’Neil, O’Neil Capital Management (OCM India), has launched a Category III Quant alternative investment fund (AIF).
Sebi fines JM Financial MF, ex-CEO, others for violations
Sebi fined JM Financial Asset Management, its trustee company, former CEO Bhanu Katoch, and four others ₹2 crores for mutual fund rule breaches. An unusual NAV increase occurred in JM Low Duration Fund due to the sale of DHFL's defaulted securities. They bought into the schemes during this period, engaging in unfair trade practices.
Bank of Baroda Q1 Results: Profit rises 9.5% to Rs 4,458 crore
Bank of Baroda (BoB) on Wednesday reported a 10 per cent increase in standalone net profit to Rs 4,458 crore in the June 2024 quarter, helped by a decline in bad loans. The state-owned bank had posted a net profit of Rs 4,070 crore in the year-ago period.
Yen rises after Japan hikes interest rates, eyes turn to Fed
The yen rose against the dollar Wednesday after Bank of Japan hiked interest rates for the second time in 17 years, while equity markets climbed on growing hopes for a cut in US borrowing costs. "The timing of this (July) interest rate hike is probably appropriate," he said.
Infra, construction sector continue to remain attractive for long term: Sudip Bandyopadhyay
There are two things happening. One is, the banks which were very efficient, their asset quality improvement cycle is over and we will not probably see further asset quality improvement for these efficient frontline banks.Now, asset quality improvement is coming in banks which were laggard erstwhile. Let us say PNB, there is an asset quality improvement, there is a Bandhan Bank there is asset quality improvement.
IL&FS Transportation gets bourses'nod to issue units of roadstar InvIT
IL&FS Transportation Networks Ltd secured approval to issue units of the Roadstar Infra Investment Trust, aiming to list by December. Road assets with an enterprise value of Rs 8,000 to Rs 8,500 crore will be part of the trust. Units will be allocated to Roadstar Infra Private Ltd and IL&FS creditors, offering returns from toll collections and annuities.
Capital Small Finance Bank Q1 Results: Net profit flat at Rs 30 crore, NII up at Rs 99 crore
Capital Small Finance Bank's net profit for the June quarter remained flat at Rs 30.02 crore against Rs 30.1 crore in the year ago period even as its net interest margin improved 60 basis points year-on-year to 4.2%.
Sebi spent Rs 62 crore in 5 years on investors' education, awareness on F&O trade risks
Capital markets regulator Sebi has spent a little over Rs 62 crore in the last five years for investors' education activities, including for awareness of risks and volatility in the Futures & Options (F&O) segment, Parliament was informed on Tuesday.
Vizag Steel Plant misses payment, lenders look for cover
Government-owned Rashtriya Ispat Nigam Ltd (RINL) missed a payment to lenders due to financial stress, raising alarms among stakeholders. With Rs 14,000 crore in term loans and Rs 15,000 crore in fund-based limits, the company defaulted on a Rs 410 crore payment on June 30. The State Bank of India is the major lender, followed by Canara Bank and Indian Bank. Some banks have made precautionary provisions of 15% of their exposure. The Reserve Bank of India mandated that banks sign an inter creditor agreement to take immediate action. The company is operating at a low capacity of 30% and faces additional issues due to unpaid customer invoices. The government may sell non-core assets to reduce debt. Minister HD Kumaraswamy assured assistance to increase production capacity.
Bandhan Bank Q1 Results: Profit soars 47% YoY to Rs 1,063 crore; NII jumps 21%
Bandhan Bank on Friday reported 47% growth in its consolidated net profit at Rs 1,063 crore in the first quarter, compared with Rs 721 crore in the last year period.
Punjab & Sind Bank Q1 Results: Net profit rises 19% to Rs 182 crore
State-owned Punjab & Sind Bank on Friday reported a 19 per cent rise in net profit to Rs 182 crore in the June 2024 quarter, helped by a decline in bad loans. The Delhi-based lender had earned a net profit of Rs 153 crore in the year-ago period.
Overall a good Budget; focus will now shift to earnings, valuations & global markets: Dipan Mehta
I think liquidity flows are strong because the returns in the market are high. So, where there is money to be made, it does not matter if you have to pay more tax, that asset class will keep on attracting more and more flows.
Budget 2024: S Naren on India's fiscal prudence and market implications
The challenge to the markets has got nothing to do with the budget. The challenge to the market is that there is very elevated investor sentiment and valuations are not cheap across the board.
Centre takes knife to T-bill issuances; short-term borrowing costs to ease
Bond traders have little visibility on when the inflation-wary Reserve Bank of India may cut rates, but the Centre has done its bit to pave the way for a drop in short-term sovereign debt yields by announcing a reduction of Rs 1 lakh crore in its borrowing through Treasury Bills in the Budget.
Short term capital gains on listed equities hiked from 15% of 20%: How will it impact your investments?
The Finance Minister has proposed an increase in short-term capital gains tax from 15% to 20% for equity investments sold before 12 months. This change is intended to address the perceived benefit enjoyed by high net worth individuals. It is important for investors to consider the implications of this tax hike on their investment strategies.
Budget a missed opportunity, say crypto startups
Crypto startups expressed disappointment with Budget 2024, as they had anticipated tax rate cuts on virtual digital assets (VDAs). Union Finance Minister Nirmala Sitharaman made no announcements regarding crypto taxes in the Budget, which the crypto industry views as a missed opportunity to support crypto startups and investors.
Union Budget 2024: How will LTCG and STCG be applied to mutual funds?
Finance Minister announces changes in tax rates for short term and long term gains on financial assets. Market experts express mixed reactions to the budget, highlighting concerns for specific asset classes. Overall, the budget is seen as pragmatic from a financial market perspective.
Disappointed with Budget? Hunt for stocks in these 10 sectors
Aimed at the trinity of fiscal prudence, investment, and growth momentum, the Union Budget saw the introduction of employment incentives and a simplified income tax regime, which should boost consumption.
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