The company’s net profit jumped nearly 6-fold to Rs 47.13 crore for Q1FY24, backed by a near 4-fold growth in revenue.
Posts in category Business Standard
Paytm rallies 12% as Vijay Shekhar Sharma buys 10.3% stake from Antfin (07-08-2023)
On closing of this transaction, Sharma’s shareholding in Paytm (direct and indirect) will increase to 19.42 per cent, whereas Antfin’s shareholding will reduce to 13.5 per cent
China or India? Where should investors put their money in coming Asia boom (07-08-2023)
Goldman Sachs Group Inc. analysts expect India’s share of global equity market capitalisation to quadruple between now and 2075-reaching 12 per cent, when it will be neck and neck with China’s
Investors in India see yet another year of high rates on price shock (07-08-2023)
Overnight-indexed swaps show that India’s borrowing costs are likely to decline only in the second half of 2024, a shift from earlier when they were pricing in two reductions after the June meeting
Gold, silver prices remain unchanged, yellow metal trading at Rs 601,60/10g (07-08-2023)
The price of 22-carat gold was also unchanged at Rs 55,150.
Stocks to Watch today, Aug 07: Yatharth, TD Power, RIL, BoB, GNFC, Zen Tech (07-08-2023)
Stocks to watch on August 07, 2023: Shares of consumer discretionary such as Dixon Tech and Amber Enterprises are expected to be in focus after government relaxed curbs on laptop imports.
Market LIVE: Sensex pare gains, up 200pts; DB Realty zooms 17%, Keystone 9% (07-08-2023)
Stock market LIVE updates on August 7, 2023: Shares of Paytm jumped 9 per cent after the company said Vijay Shekhar Sharma will purchase 10.30 per cent stake in Paytm from Antfin
Nifty50 major hurdle at 19,300; Bias for Bank Nifty bearish in near-term (07-08-2023)
According to Ravi Nathani, an independent technical analyst, a downward correction is likely for Nifty50 if it breaches below 19,300-mark
Punjab & Sind Bank plans to foray into MF space; to finalise partner by Sep (06-08-2023)
In a bid to expand fee-based income, state-owned Punjab & Sind Bank is planning to foray into mutual fund space and hopes to find a partner by September, a senior official has said.
“The bank has already floated a Request for Proposal to finalise a partner in the Fintech space, and we hope to conclude the process soon,” Punjab & Sind Bank managing director Swarup Kumar Saha told PTI.
He expressed hope that the bank would be able to zero in on a partner by the end of the second quarter and start operations during the current financial year.
The asset management business would help the bank in increasing fee income by cross-selling products, he noted.
There are 44 asset management companies operating in India. Assets Under Management (AUM) management by these companies stood at Rs 44,39,187 crore as of June 30, 2023.
The AUM of the Indian MF Industry has grown from Rs 8.11 lakh crore at June-end 2013 to Rs 44.39 lakh crore as of June 30, 2023, more than a five-fold increase in a
MF houses go slow on NFOs, file draft papers for 59 schemes in Apr-Jul (06-08-2023)
With a wide array of existing mutual fund schemes, asset management companies are going slow on launching new ones in a highly competitive landscape as they filed draft documents for 59 new fund offerings (NFOs) in the first seven months of the year.
In comparison, draft papers for 70 NFOs were filed in the year-ago period. In 2022, a total of 228 new schemes were floated against 140 in 2021, industry data showed.
Moreover, the remaining months of 2023 are not expected to see NFO numbers anywhere close to those of 2022 or 2021, SAS Online founder and CEO Shrey Jain said.
The reasons behind the decline in NFOs could be a combination of the factors as the mutual fund industry’s dynamics are influenced by various internal and external factors.
“AMCs may be concentrating on managing and promoting their existing schemes, rather than launching new ones. This strategy allows them to maximise the returns for existing investors and maintain stable assets under management,” Jain said.
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