OVERSEAS FUNDS
Greenko gets NABFID sanction for Rs 6200 cr; to prepay overseas bonds
NABFID has sanctioned Rs 6200 crore from which Greenko will use to pay back foreign bond investors for bonds maturing in January and July next year, these people said on the condition of anonymity as the process for the buyback has still not started.
US cyber crimes: Overseas scammers are swiping billions from Americans every year, and getting away with it
Scammers are stealing billions from Americans yearly, exploiting technology and targeting older adults. Sophisticated fraud schemes overwhelm law enforcement and rarely lead to prosecution. With elder fraud complaints rising, experts call for coordinated efforts from private industries and the government to combat this escalating crime wave effectively.
FPIs return to fin services, buy over Rs 9,000 cr in June
Foreign investors renewed buying in automobiles, information technology (IT), construction materials, oil & gas and consumer durables sectors.
Brokers' MTF hits record Rs 73,600 crore amid market highs, surging retail participation
Sebi's MTF framework mandates collateralising existing shares. Kotak Securities cautions investors on MTF investments amidst surging margin funding in anticipation of Modi 3.0 budget.
Samvardhana Motherson raises $350 million via bonds
The bonds were sold by a subsidiary, SMRC Automotive Holdings Netherlands, and are priced at 140 basis points above the five-year US treasury, currently trading at about 4.30%. After taking into account the costs, the bond was priced at a yield of 5.72%.
First day JPM flows not a deluge, but bankers confident of steady flow going ahead
From Thursday to Friday, foreign portfolio investors (FPIs) increased their holdings in the index-eligible Fully Accessible Route (FAR) suite of government bonds by Rs 1,545.16 crore, bringing the total to Rs 1.86 lakh crore, according to data from the Clearing Corporation of India Ltd (CCIL) released at 6 pm. This increase left traders somewhat disappointed, as some market segments had anticipated a surge exceeding Rs 10,000 crore on Friday alone.
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'Good FATF rating to help India Inc raise overseas funds without elaborate background checks'
India has been given a good FATF rating, allowing domestic companies to access overseas investments without extensive background checks and enhanced due diligence processes. The Financial Action Task Force (FATF) praised India for its high level of technical compliance and its efforts in anti-money laundering and countering terror financing.
How financing is turning out to be a bigger roadblock for EVs
Electric vehicle financing presents varying rates across different vehicle types, with banks and NBFCs playing a crucial role in offering competitive options. Understanding the evolving landscape of interest rates and the influence of factors like EV batteries is essential for customers looking to finance their electric vehicles effectively.
Funds circling India debt risk being tripped Up by red tape
China's tax exemptions on bond investments set a precedent for India's sovereign debt market, likely attracting more foreign investors. The hurdles faced by outsiders in accessing the market include lengthy documentation, tax treaty variances impacting returns, and the need for registration via custodian banks for trading in certain bonds.
How cheap are electric vehicle (EV) loans? This depends on two factors
EV loan interest rates: For electric passenger vehicles, the rates are competitive with internal combustion engine (ICE) vehicles and sometimes even lower. However, for electric two-wheelers, the rates tend to be consistently higher, varying based on the brand and the customer's credit profile.
Hinduja rejigs fundraise plan for Reliance Capital deal
Hinduja Group, the winning bidder for Reliance Capital, is reworking its fundraising plan to raise ₹7,500 crore from domestic and overseas private credit funds at 15%. The Reserve Bank of India seized control of Anil Ambani-owned Reliance Capital due to governance concerns. Nageswara Rao Y was appointed as the administrator.
GRM Overseas board okays fundraise of Rs 136.5 crore
The funds raised will also expand India's “10X” brand, making it a comprehensive food FMCG product company. The funds will also be allocated to explore future inorganic growth opportunities, including strategic mergers and acquisitions, and improve operational capabilities. These activities may be undertaken directly by the Company or through its subsidiaries or joint ventures.
Overseas Indians parked $1 billion in NRI deposits in April
During the month a bigger chunk was garnered under the NRE (RA) with deposits worth $583 million, while $483 million flows were in FCNR(B) scheme. In addition to these two schemes, NRIs also park funds in NRO or non-resident ordinary deposit schemes. The funds in these schemes are meant for local use by the NRI and repatriable upto a certain limit. About $27 billion is the outstanding amount parked in this scheme compared to the outstanding amount of $99 billion in NRE(RA) and $26 billion in FCNR(B).
RBI to face problem of plenty: Prepare for bond sales
The RBI's challenge for the year may not be inflation but liquidity. Government spending resumption and overseas fund flows complicate monetary policy effectiveness.
PSU bank stocks: 10 multibaggers in 5 years of Modi government
PSU bank stocks have soared during Modi's second term, with Indian Overseas Bank leading at 472% returns. Despite this, they trade at a discount, making them potential outperformers. CLSA identifies SBI, Canara Bank, and Bank of Baroda as Modi stocks poised for growth.
FPI buying of debt via voluntary retention route gathers pace
Foreign holdings in India's debt market have surged, with FPI investment in the voluntary long-term route hitting $508 million in May. Recent deals by companies like Vedanta and Nirma have contributed to the rise, with market players expecting further activity as Indian sovereign debt joins a JP Morgan index.
This equity mutual fund category offers lowest return in 10 years
The international funds category has offered the lowest return in the last 10 years, an analysis of performance by ETMutualFunds showed. This category offered an average return of 6.75% in the same time period.
Silver ETFs beat smallcap, largecap MFs with 26% return in 2024 so far
Silver ETFs outperformed smallcap and largecap mutual funds in 2024, with a 26% return so far. Silver funds, dedicated to investing in silver, delivered an average return of 26.08% in 2024, with top performers including HDFC Silver ETF and UTI Silver ETF FoF.
SBI Mutual Fund and Zerodha Mutual Fund files draft documents with Sebi
The minimum application amount will be Rs 5,000 and in multiples of Re 1 thereafter. The quant fund will be benchmarked against Nifty 200 - TRI. The scheme will be managed by Sukanya Ghosh and Pradeep Kesavan.
'AAP got Rs 7 crore foreign funds from 2014 to 2022': ED to MHA in August
Enforcement Directorate informed Union Home Ministry that Aam Aadmi Party received Rs 7.08 crore foreign funds from 2014 to 2022, violating Foreign Contribution Regulation Act, Representation of People Act, and Indian Penal Code. Funds came from multiple donors in US, Canada, Australia, Saudi Arabia, UAE, Kuwait, Oman, and others, with concealed identities to bypass restrictions on foreign donations.
Sebi plans to allow local MFs to invest in overseas funds
Currently, there is ambiguity regarding rules on investments in such overseas funds. This deters mutual funds from investing in those overseas mutual funds and index funds that invest in a basket of countries, including India.
Sebi mulls facilitating MFs to invest in overseas funds with exposure to Indian securities
The Sebi caveat is such overseas funds should not be more than 20% of their net assets. The move would help keep Indian fund of funds (FoFs) true to their label, coupled with cost effectiveness, for investors.
Restructuring impacts even the smallest player: 5 not so much talked about PSU banks
When it comes to PSU banks, all the limelight is taken by the top players, like SBI, BoB, PNB and one or two others. But the fact is that there are many other small PSU banks, which of course have smaller books and less of national presence, but the fact is that they have been also the beneficiary of the “ reconstruction and restructuring" (R&R) which both government and RBI have done in the banking sector in the last seven years. The good part of any R&R exercise in banking is that all the players whether it is small or large have to follow the rules and that ensures that the operating matrix improves across the sector and which leads to long term beneficial impact. We take a look at 5 small PSU banks, which are not normally in news, but over years they have also seen an improvement in their working. Yes, they have their own risks in terms of loan book and other business risk, but then because they are under owned in institutional space, a bit of institutional buying can lead to sharp re-rating.
Financial services faces heavy FPI selloff
FPIs sold shares worth ₹27,140 crore across 14 sectors in April 16-30 period. Other than financials, information technology (IT), fast- moving consumer goods (FMCG) and oil & gas sectors were among the sectors that witnessed large outflows.
IOB puts 92 bad loans worth Rs 13,000 crore on the block
The sale is the Chennai-based bank's attempt to explore other avenues for recovery when cases in the National Company Law Tribunal (NCLT) are delayed beyond any timeline, IOB executive director Joydeep Dutta Roy said.
IEG says reapplied for FCRA licence with all papers now
According to FCRA rules amended in 2020, "An application for renewal of the certificate of registration shall be made to the Central government in electronic form in Form FC-3C, accompanied with an affidavit executed by each office-bearer, key functionary and member in Proforma 'AA' appended to these rules within six months from the date of expiry of the certificate of registration."
Mutual fund investors are left with these options after RBI's curb on overseas investments
Of the 69 international funds, 26 have been closed in some capacity. Some have been toggling flows intermittently due to limited capacity. Pratik Oswal, Head, ETFs and Index Funds, Motilal Oswal AMC, points out, “We have some headroom to invest abroad, but we are not encouraging large investors and are giving preference to retail SIP contributions.” What should mutual fund investors do now?
International ETFs trading at premium compared to their NAV. Watch out before you buy
Many international ETFs are trading at a premium compared to their indicative intraday value (I - NAV) after the market regulator Sebi asked mutual funds to stop fresh subscriptions in their overseas ETFs from April 1.
International MFs dominate list of losers in 2024 so far. Here’s the break up
ETMutualFunds analysed the performance of equity mutual funds in 2024 so far and found that the equity schemes that gave double-digit negative returns were from the same category which was international funds. Here is the break-up of schemes that lost the most in 2024 so far, according to the data by ACE MF.
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