GROWW BANKING & FINANCIAL SERVICES FUND
Valuations take centre stage as Sensex touches new peak
Majority of the Sensex constituents now trade above their respective long-term average valuations. It means investors need to be selective while accumulating blue chip names.
Quant Mutual Fund raises bet on HDFC Bank shares, top holding in most schemes
Geojit Financial Services' Dr. V K Vijayakumar anticipates HDFC Bank's augmented Nifty weight to fuel additional delivery based buying, boosting the stock under active funds' support.
HDFC Bank shares jump 3% to fresh high, investors eye Rs 1,900-level on MSCI boost
HDFC Bank's shares surged approximately 3% to reach a new 52-week high on Wednesday. Investors reacted positively to news suggesting a potential increase in the bank's weightage in the MSCI Emerging Markets index. Doubling lenders' weightage in the global index can attract FII flows, ranging from $3.2 bn to $4 bn.
Unstoppable bulls! HDFC Bank drives Sensex past 80,000 for the first time, Nifty hits record high
Indian market soared to all-time high with HDFC Bank surge propelling Sensex past 80,000 and Nifty nearing 24,300. Kotak Mahindra, JSW Steel, PFC, REC, Auto also showed significant gains in the bullish market.
U-Turn: Sensex, Nifty erase gains after hitting record highs
From the Sensex pack, Infosys, HCL Tech, TCS, and Bharti Airtel opened higher, while Tata Motors, Kotak Mahindra Bank, Bajaj Finance, and ICICI Bank opened in the red.Shares of Kotak Mahindra dropped 2% after US short-seller Hindenburg said that the lender created and oversaw a fund that Hindenburg investors used to short Adani stocks.
Vraj Iron and Steel IPO subscribed nearly 40 times so far on last day. Check GMP and other details
Analysts advised investors to subscribe to the Vraj Iron and Steel IPO as the company's well-established and strategically located manufacturing facilities, coupled with a focus on value-added products and ongoing expansion plans, position it for future growth. The company's shares are trading with a premium of Rs 90 in the unlisted market,
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No more licensed biz, Paytm to focus on distribution model
Digital payments major Paytm wants to stay away from getting into any regulated businesses and would rather focus on building distribution heft. The senior leadership have taken a conscious call to not go after regulatory licenses but rather work with licenced entities and distribute products better.
Groww user alleges 'fraud', says app shows mutual fund investment but can't redeem, company denies; what are lessons for MF investors?
Groww faces 'fraud' allegation: A customer's complaint against Groww, has sparked concerns over investment safety via execution-only platforms (EOPs). The investor alleged via social media that investments made through Groww could not be withdrawn despite the app showing them as invested. Groww responded, asserting no deduction occurred and the mutual fund transaction did not take place. The incident underscores broader worries among investors about data reliability on fintech apps. ET Wealth delves into the details surrounding the incident. What could mutual fund investors learn from this incident?
Vraj Iron and Steel IPO opens. Should you subscribe to this issue?
Considering the Vraj Iron and Steel IPO, investors can explore the opportunity to invest in a company with manufacturing plants in Chhattisgarh, focusing on Sponge Iron production and various steel products. The IPO presents a chance to be part of a well-established firm with growth prospects and strategic manufacturing facilities.
Groww offers user refund after allegations of fund deduction without investment emerge
A Groww user alleged that the platform deducted money without making an investment, prompting Groww to issue a refund and clarification. The company acknowledged an error in the user's dashboard and confirmed no transaction took place. They credited the claimed amount back to the user as a goodwill gesture and requested his bank statement for verification. Groww assured users of its commitment to resolving such issues promptly and transparently, emphasizing no money was deducted. An expert advised careful research before using newer investment platforms.
India can achieve a growth rate of 8-9% by 2031: KV Kamath
Today, capital growth happens through cash accruals, through equity raising as required, and access to capital markets, so that part is probably going to be so in the future also, except for infrastructure. So, where will financial services then, as we understand, go? Basically, it will need to drive the aspirations of the people. The retail at large and this is so everywhere in the world.
Steering climate risk: How banks can be future-ready
Companies worldwide are assessing climate change risks, including the banking and financial services sector. Climate variability impacts sectors like agriculture, infrastructure, and energy, heavily reliant on banks for financing.
Parag Parikh Flexi Cap Fund increases stake in ITC, HDFC and Kotak
Parag Parikh Flexi Cap Fund increases stake in ITC, HDFC, and Kotak while making exits from Bajaj Finance and HUL in May. The largest flexi cap fund manages assets worth Rs 66,383 crore and is benchmarked against Nifty 500- TRI.
Stock brokers push lending; InsuranceDekho’s latest acquisition
Happy Tuesday! Tech-first broking companies are looking to diversify into the credit business to build a larger financial services play. This and more in today’s ETtech Morning Dispatch.
How tech-first stock brokers are diversifying into lending
Stock broking startups are focusing on consumer loans as they look to diversify their business area. Large stock brokers like Groww and Angel One are disbursing strong numbers for personal and consumer loans. Groww is facilitating disbursement of around Rs 250 crore of personal loans every month, while Angel One is handing out around Rs 50 crore monthly.
Oxyzo FY24 operating revenue up 59% to Rs 903 crore, net profit at Rs 290 crore
Oxyzo Financial Services, the lending arm of OfBusiness, reported a 59% increase in operating revenue to Rs 903 crore for FY24. The company raised $200 million at a unicorn valuation from investors like Alpha Wave Global. Ruchi Kalra leads Oxyzo, which has a net worth of Rs 2,600 crore.
Angel One to undertake corporate restructuring, create holding company
Angel One, the country’s third largest stock broker, is set to undertake a major corporate restructuring exercise, according to two people in the know. Angel One is setting up a holding company under which all its different business entities will be held as subsidiaries.
Jio Financial Services launches app to take on its fintech rivals
Jio Finance will offer UPI payments, bill payments, insurance advisory and digital banking. Eventually Jio Financial Services will offer credit products like loans against mutual funds, home loans and others to its customers through the app.
Traders bearish on June, Nifty slips 216 points
Analysts said foreign fund managers have predominantly rolled over bearish positions to June, while domestic traders remained bullish though the benchmark indices extended losses to the fifth straight trading session.
Reliance launches beta version of JioFinance app to offer UPI, digital banking, loans on mutual funds
Jio Financial Services introduced the beta version of the Jio Finance app, offering UPI, digital banking, and mutual fund loans. Key features include instant digital account opening and streamlined bank management. The app integrates various financial services like digital banking, UPI transactions, and insurance advisory. Future plans include expanding loan solutions, starting with mutual fund loans.
Bank-based mutual funds offer 5.43% return to investors in 2024 so far
Bank-based mutual funds gave an average return of 5.43% in 2024 so far. There were 18 schemes in the category in the period, according to the data by ACE MF.
Govt planning new way to save you from bank and other financial scams
Amidst the surge in phone call scams, the Department of Telecom (DoT) has unveiled a new solution to differentiate between authentic calls and those orchestrated by fraudsters. As per reports from ToI, the DoT has designated a distinct 10-digit numbering series commencing with 160 for service and transactional calls originating from governmental bodies, regulatory agencies, and financial institutions.
RBI imposes penalty on Yes Bank and ICICI Bank
The penalty is imposed on Yes Bank because it levied charges on customers for non-maintenance minimum balance in certain savings accounts with insufficient or zero balance, which is in violation of RBI's guidelines, while ICICI Bank sanctioned term loan/ loans to certain entities in lieu of or to substitute budgetary resources envisaged for certain projects.
Indian fund managers embrace Warren Buffett's advice: The rise of index funds in India
Indian fund managers are embracing Warren Buffett's advice by turning to index funds, which offer simplicity, low cost, and stability. The rise of index funds in India has revolutionized the investment landscape globally and locally.
Betting on disruptors in India’s BFSI sector: Insights from Beams Fintech Fund, Sagar Agarvwal
The Fintech and Financial Services sector has grown exponentially in the last few years, and yet much more is to be achieved. In India, the sector contributes nearly one-third of the GDP and $1.3 trn in market cap. Additionally, disruptive products by fintech companies, aided by innovation-friendly policies have made India one of the fastest-growing financial services market in the world. As a result, there are ample opportunities for investments in this space.
Valuations of large private banks oblivious to improved earnings outlook: Santanu Chakrabarti, BNP Paribas
Analyst Santanu Chakrabarti from BNP Paribas highlights undervaluation in large private banks despite positive surprises. Despite a strong FY24, largecap private bank stock price performances were mostly muted. The FY26 look-through on earnings growth is expected to be rosier. HDFC Bank is recommended with a target price of Rs 2,470.
Save Solution receives $13 million private equity funding
Private equity investor Incofin Investment Management has invested $10 million SaGgraha Management Services, a business correspondent wholly owned by SAVE Solutions, which itself provides the last mile banking services in the rural hinterlands through its some 10000 touchpoints.
Parag Parikh Flexicap Fund added ITC, Power Grid, ICICI Bank to its portfolio in April
Parag Parikh Flexicap Fund added 3.90 lakh shares of ITC to its portfolio in April. The shares increased from 7.31 lakh crore in March to 7.35 lakh crore in April. The fund house added 4.80 lakh shares of ICICI Bank, with a combined market value of Rs 3.36 lakh crore.
Groww and Worldline ePayments secure online payment aggregator licence from RBI
The PA licence will allow Bengaluru-based Groww to process online payments by itself. The licence was issued in the name of the company's subsidiary payment business Groww Pay.
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