The recent rally in small and midcap (SMID) stocks is not backed by fundamentals and is a case of irrational exuberance, analysts at Kotak Institutional Equities said in a recent report. The fundamentals of most of these companies have, in fact, worsened over the last few months, they noted. Yet, some analysts expect the bull run in these stocks to continue amid intermittent corrections.
Posts tagged Rediff
Equity MF inflows hit 5-month high on record SIP run (19-09-2023)
The net inflows into active equity mutual fund (MF) schemes registered more than a twofold month-on-month rise in August, crossing Rs 20,000 crore, the highest in five months. This rise in net inflows was boosted by an 18 per cent growth in gross investments, driven by a record Rs 15,800 crore inflow through the systematic investment plan (SIP) route and Rs 5,000 crore collected by seven new fund offers (NFOs) in the active equity space, reveals data released by the Association of Mutual Funds in India (Amfi). Moreover, redemptions moderated in August, declining by 19 per cent to Rs 24,580 crore, after staying elevated in the previous three months owing to profit booking.
Court rejects Goyal’s plea for doctor, home food (18-09-2023)
A special court in Mumbai on Monday rejected Jet Airways founder Naresh Goyal’s applications seeking medical checkup by his personal doctor on regular basis and home-cooked food inside prison.
SC plea says Adani probe panel members conflicted (18-09-2023)
An expert committee, set up by the Supreme Court to probe allegations against the Adani group following a bombshell report from a US short seller, has members with potential conflict of interest, a fresh petition filed in the apex court on Monday said.
Sensex pares early losses, ends 242 points down (18-09-2023)
Among the Sensex firms, HDFC Bank, Bharti Airtel, Infosys, UltraTech Cement, Tata Steel, Wipro, Kotak Mahindra Bank, Reliance Industries, Tech Mahindra and JSW Steel were the major laggards. Power Grid, Titan, Mahindra and Mahindra and NTPC were among the gainers.
‘India’s economic growth in FY24 to be above 6%’ (18-09-2023)
India’s economic growth will be above 6 per cent in the current fiscal as the country has managed to strengthen its macroeconomic stability and performance even in a period of large global shocks, RBI Monetary Policy Committee (MPC) Member Ashima Goyal said on Monday. Goyal further said that a global slowdown reducing India’s export growth, geopolitics fueling oil and food prices, and erratic weather are some of the continuing risks that the country faces. “India has managed to strengthen its macroeconomic stability and performance even in a period of large global shocks.
‘Inputs ignored’: Dhanlaxmi Bank independent director resigns from board (18-09-2023)
Sridhar Kalyanasundaram, an independent director of private sector lender Dhanlaxmi Bank, has resigned from the board with effect from September 16. In his resignation letter, Kalyanasundaram has raised issues like factionalism in the board, his differences regarding rights issue and the alleged ‘lack of in depth banking knowledge’ in other members. This comes after Ravindran Pillai, head of RP Group, who holds 9.99 per cent stake in the bank (largest shareholder), came out with a special notice for removal of Kalyanasundaram.
33 pilots, 97 cabin-crew members found drunk on duty (18-09-2023)
In the first half of this year, 33 pilots and 97 cabin-crew members failed their compulsory alcohol tests, which are conducted either before or after flights, according to data from the Directorate General of Civil Aviation (DGCA). In contrast, in the first half of 2022, the DGCA data recorded only 14 pilots and 54 cabin-crew members being identified as intoxicated while on duty. This data has been reviewed by Business Standard. As per the DGCA rules, pilots and cabin-crew members have to undergo pre-flight breath-analyzer tests.
Technology stocks are back on fund managers’ radar (18-09-2023)
Mutual funds (MFs) have lined up information technology (IT) funds, indicating that technology stocks are back on fund managers’ radar after a hiatus. Over the past 18 months, stock prices for companies in the software space have either corrected or remained subdued. Fund houses have launched five IT-based sectoral funds in the past three months, with three of them taking the passive route.
HDFC Bank stock anticipates $600 mn in inflows (18-09-2023)
Shares of HDFC Bank will witness massive inflows totalling $600 million from passive trackers this week, predict analysts. This influx is attributed to the rebalancing activities in the S and B BSE Sensex and the Financial Times Stock Exchange (FTSE) indices. The Sensex is set for its quarterly rebalancing act on September 15 (date of adjustment), resulting in inflows of $102 million (approximately Rs 850 crore).