Investment in equity mutual funds surged over five-fold to Rs 94,151 crore in the June 2024 quarter against Rs 18,358 crore a year ago, driven by a strong economic environment, supportive government fiscal policies, investors confidence and robust stock return.
This has also pushed the industry’s assets under management (AUM) by 59 per cent to Rs 27.68 lakh crore in June from Rs 17.43 lakh crore a year ago, data from the Association of Mutual Funds in India (AMFI) showed.
The robust gain in the asset base was also replicated in the growth of investors in equity mutual funds, with the number of folios closing at 13.3 crore, adding an investor base of over 3 crore.
The significant gain in equity folios indicates broader participation across investor segments, driven by improved financial literacy and accessible investment platforms, Trivesh D, COO of stock trading platform Tradejini, told PTI.
According to the AMFI data, equity-oriented mutual fund schemes invested Rs 94,151 crore in
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Investment in equity MFs surge 5-fold to Rs 94,151 cr in June quarter (28-07-2024)
Trump pledges to fire SEC Chair Gensler, hire people who ‘love’ crypto (28-07-2024)
He also pledged to form a crypto industry presidential advisory council, create a stablecoin framework, and called for a scale-back in enforcement
Mcap of 6 of 10 valued firms jumps Rs 1.85 trn; LIC, Infosys top winners (28-07-2024)
The combined market valuation of six of the top 10 valued firms jumped Rs 1,85,186.51 crore last week, with Life Insurance Corporation of India (LIC) and Infosys emerging as the biggest gainers.
Last week, the BSE benchmark climbed 728.07 points or 0.90 per cent.
The valuation of LIC surged Rs 44,907.49 crore to Rs 7,46,602.73 crore. Infosys added Rs 35,665.92 crore to its market valuation at Rs 7,80,062.35 crore.
ITC’s valuation soared by Rs 35,363.32 crore to Rs 6,28,042.62 crore.
The market capitalisation (mcap) of Tata Consultancy Services (TCS) jumped Rs 30,826.1 crore to Rs 15,87,598.71 crore and that of Bharti Airtel climbed Rs 30,282.99 crore to Rs 8,62,211.38 crore.
HDFC Bank’s valuation rallied Rs 8,140.69 crore to Rs 12,30,842.03 crore.
However, the mcap of Reliance Industries tumbled by Rs 62,008.68 crore to Rs 20,41,821.06 crore. The valuation of ICICI Bank declined by Rs 28,511.07 crore to Rs 8,50,020.53 crore.
State Bank of India’s mcap declined by Rs 23,427.1 cro
Fed rate decision, Q1 earnings to drive stock markets this week: Analysts (28-07-2024)
The US Fed interest rate decision, ongoing quarterly earnings, macroeconomic data and FII trading activity are the major triggers that will drive stock markets this week, analysts said.
Investors would also track global market trends and the movement in global oil prices for further cues.
“This week, the focus will shift to global cues, particularly the US markets, Santosh Meena, Head of Research, Swastika Investmart Ltd said. The US Federal Reserve is set to announce its interest rate decision on July 31, which will be crucial as the market anticipates a potential rate cut soon this year. Additionally, other macroeconomic data from the US and China will be closely monitored. On the domestic front, Q1 earnings will remain a key trigger, with many large companies scheduled to report their results,” Meena said.
GAIL, Adani Power, Bank of Baroda, BHEL, Coal India, M&M, Maruti, Tata Steel, Adani Enterprises and Tata Motors are among the companies which will announce quarterly …
Trump calls for US to become crypto capital at Nashville bitcoin conference (28-07-2024)
Former President Donald Trump on Saturday laid out his plans to wholeheartedly embrace cryptocurrency if elected for a second term, telling hundreds of cheering supporters of the digital tokens that he wants the US to be a bitcoin superpower under his leadership.
In his keynote address at a bitcoin conference in Nashville, Tennessee, the Republican presidential nominee promised to make the United States the crypto capital of the planet and create a bitcoin strategic reserve using the currency that the government currently holds.
He also promised to remove Securities and Exchange Commission Chair Gary Gensler if elected and implement a crypto advisory council, teasing the crowd by asking attendees if anyone wanted to join.
We will have regulations, but from now on the rules will be written by people who love your industry, not hate your industry, he said.
Trump’s keynote address at the Bitcoin 2024 conference showed how radically his position on cryptocurrency has changed over time.
Asahi Songwon Colors reports consolidated net profit of Rs 5.17 crore in the June 2024 quarter (27-07-2024)
Sales rise 30.64% to Rs 134.28 crore
NTPC consolidated net profit rises 12.33% in the June 2024 quarter (27-07-2024)
Sales rise 12.64% to Rs 48520.57 crore
Jaiprakash Power Ventures consolidated net profit rises 81.86% in the June 2024 quarter (27-07-2024)
Sales rise 2.75% to Rs 1754.70 crore
Dr Reddy’s Laboratories consolidated net profit declines 0.90% in the June 2024 quarter (27-07-2024)
Sales rise 13.87% to Rs 7672.70 crore
Premco Global consolidated net profit declines 2.29% in the June 2024 quarter (27-07-2024)
Sales rise 10.43% to Rs 27.21 crore