Equity MFs Sahi Hai say investors, nearly double inflows to Rs 4.3 lakh crore
Net inflows into equity-oriented schemes rose 95% to ₹4.3 lakh crore in September 2024 from ₹2.21 lakh crore a year ago, while inflows through systematic investment plans (SIP) increased by 41% to ₹2.43 lakh crore, compared with ₹1.72 lakh crore in the same period.
Hyundai India to list today, runaway gains unlikely
As of Monday evening, the unofficial grey market premium (GMP) – the price over the IPO price in the unofficial market that investors pay for the shares before listing – of Hyundai bounced to ₹90, or 5% of the IPO price of ₹1,960. It had fallen to a discount of ₹30 on Friday.
Hyundai remitting IPO proceeds weighs on rupee
Outflows caused by Hyundai Motor routing funds to its parent in South Korea after the IPO also put pressure on the rupee, dealers said. The automaker is listing its stock in the biggest-ever IPO in the country – and the biggest initial share sale in the world in 2024.
Vedanta Resources subsidiary raises $300 million via tap issue
The fund-raise happened within the initial price guidance of 10.07%. The funds will be used to partially refinance $606 million of its outstanding 13.875% notes due in 2028, people aware of the development said.
NRI deposits flows doubled to $7.8 bn in April-August: RBI Bulletin
The Indian diaspora is showing strong confidence in the Indian economy, with NRI deposit inflows more than doubling to $7.8 billion from April to August this year, compared to $3.7 billion in the same period last year, according to the Reserve Bank of India.
Balu Forge Q2 Results: Ashish Kacholia portfolio company delivers 107% YoY jump in PAT
Balu Forge Industries reported a 107% YoY rise in consolidated net profit for Q2FY25 to Rs 48 crore, driven by a 60% increase in revenue and expanded EBITDA margins. The company benefits from the China+1 strategy and is investing in new capabilities to fuel future growth.
Stable trend in financials crucial for Godavari Biorefineries
Godavari Biorefineries aims to raise Rs 555 crore through an IPO scheduled for October 23-25, 2024. The funds will be used to repay debt and for an offer for sale. The promoter stake will drop from 81% to over 63%. The company produces sugar, ethanol, and bio-based chemicals, with significant market presence in these sectors.
Rupee closes at record low of 84.0725 against US dollar on outflows, strong dollar index
The Indian rupee hit a record low of 84.0725 against the US dollar, driven by outflows from local equities and debt, and Hyundai’s fund repatriation. The Reserve Bank of India’s likely intervention helped limit further losses, while fluctuations in the dollar index ahead of US elections also influenced the rupee’s performance.
Gold, silver hit all-time high on Diwali demand
Gold prices reached a new high of Rs 80,650 per 10 grams in the national capital. Silver also rose significantly by Rs 5,000 per kg, reaching Rs 99,500 per kg. The hike was driven by the Middle East conflict, rate cuts by the People’s Bank of China, and increased demand during the festive season.
Finance minister Nirmala Sitharaman calls on US investors to tap opportunities in India
Finance minister Nirmala Sitharaman urged US pension funds and institutional investors to invest in India. At a roundtable in New York, she highlighted India’s strong economic growth and investment opportunities. India is projected to remain the fastest-growing major economy, with growth rates of 7% and 6.5% this fiscal and the next, respectively.