Equity MFs log Rs 10,585 cr inflow in July
Investors pumped a staggering Rs 10,585 crore in equity mutual funds in July, mainly driven by strong corporate earnings and near normal monsoon. With this, total inflow has reached to over Rs 43,300 crore in equities during the current financial year (April-July), according to the data from the Association of Mutual Funds in India (Amfi). Strong inflow pushed the asset base of equity mutual funds (MFs) by more than 10% to Rs 8.3 lakh crore by July-end from Rs 7.5 lakh crore at end-March. According to Amfi data, equity and equity-linked saving schemes saw an inflow of Rs 12,409 crore in April, Rs 12,070 crore in May, Rs 8,237 crore in June and Rs 10,585 crore in July.
Small stocks fail to impress; fall up to 13% so far in 2018
BSE's smallcap and midcap indices have failed to impress, with smaller stocks falling up to 13% so far this year against their bigger peers. While the midcap index fell by 1,580.74 points or 8.86% so far this year, fall in the smallcap has been more sharp as it plunged 2,488.03 points or 12.93%, an analysis of the performance of the indices showed. On the other hand, the 30-share blue chip Sensex has gained 3,795.17 points or 11.14%. The Sensex scaled its lifetime peak of 38,076.23 on August 9 this year. The smallcap index hit an all-time high of 20,183.45 on January 15 and the midcap index touched its record high of 18,321.37 on Jan 9.
NTPC to set up a subsidiary for coal mining soon
State-run power giant NTPC will soon set up a subsidiary to handle its coal mining operations and also plans to enter commercial coal mining after meeting its requirement, an official said. The power sector behemoth also has a plan to list the coal subsidiary subsequently on stock exchanges. "The NTPC will set a coal subsidiary. It would cover operations of its all coal mines and will be run like a coal company. It will have a culture of coal mining. This will help in recruiting professional and have a different cadre which would eventually help in their career progression," the official said on the condition of anonymity. The power PSU has been allotted 10 coal mines to meet its fuel requirement of which work has been started in five mines.
TVS launches new scooter, 3-wheeler in Philippines
TVS Motor Company yesterday said it has launched two new products -- scooter TVS Dazz and three-wheeler TVS King -- in the Philippines market. With TVS Dazz, the company is expanding its scooter portfolio, while with TVS King it is foraying into the three-wheeler segment in the Philippines. TVS Dazz, a 110-cc scooter, has been developed to meet Euro 3 standards, while TVS King is a 200-cc three-wheeler passenger carrier, the company said in a statement.
Median salary to see double digit growth: TeamLease
Median salary of corporate India is expected to record a double digit growth with a minimum rise of 10% over the next few months, says a report. Staffing company TeamLease Services in its annual report on 'Jobs & Salaries Primer Report (FY2017-18)' expects a double digit salary growth with an increase of minimum 10% and maximum of 15% for this fiscal. The report further noted that certain profiles offer significantly high salary growth like certified ethical hacker in telecommunications (18.16%) and embedded technologies engineer in power & energy (17.29%), wellness advisor in healthcare & pharmaceuticals (16.27%) and merchant relations executive in e-commerce with (16.19%).
Cosmos Bank fraud: NPCI says its systems fully secure
The National Payments Corporation of India (NPCI) yesterday said its systems are "fully secure" and the cyber fraud of more than Rs 90 crore at Pune-based Cosmos Bank happened due to a malware-based attack on the lender's IT system. Hackers managed to siphon off over Rs 90 crore through a malware attack on the server of the bank and cloning thousands of debit cards, Cosmos Bank chairman Milind Kale had said. The fraudulent transactions were carried out on August 11 and August 13 and the malware attack by the hackers originated in Canada, he said.
Jio starts registration for broadband service
After 4G mobile services, Reliance Jio yesterday started registration for optical fibre based fixed-line broadband service through which it has claimed to offer download speed of one gigabit per second. "JioGigaFiber. Make your neighbourhood #Gigaready with Gigabit wifi, TV, smart home, free calling and more," read the registration option in MyJio App. At present, major rivals of Jio offer download speed up to 100 megabit per second for around Rs 1,000 per month for home users. Jio claims to offer around 10 times more speed to home users. Though the company has not disclosed its price yet, however, there have been reports that it will trigger a stiff competition among telecom firms.
OYO acquires Weddingz.In
Hospitality firm OYO has said it has acquired wedding banquet company Weddingz.In for an undisclosed amount. The acquisition is a step towards the company expanding its play field to real estate sector, OYO said in a statement. "What this partnership facilitates is combining OYO's capabilities of asset management and technology with the scale Weddingz.In offers in India's fragmented USD 40 billion weddings industry," OYO Chief Strategy Officer Maninder Gulati said.