BUSINESS
WhiteOak Capital AMC collects Rs 550 cr via Flexicap Fund NFO
The fund aims to build an active, well-diversified portfolio, representing a cross-section of companies across major industries, economic sectors, and market cap segments. "Given this was our maiden retail mutual fund offering, all we expected was a willingness from industry participants to experience us with a wide-spread participation and a critical mass of investor base on which to deliver performance and build track record.
24 coal mines record 100% production in July
According to the provisional statistics of the Ministry of Coal, during July this year, Coal India Ltd (CIL), Singareni Collieries Company Ltd (SCCL) and captive mines/others registered a growth of 11.12 per cent and 44.37 per cent by producing 47.33 MT and 9.80 MT coal, respectively. However, SCCL registered a negative growth of 32.51 per cent during the month.
Rupee depreciates 12 paise to close at 79.64 against US dollar
At the interbank foreign exchange market, rupee ended at 79.64, after opening strong at 79.2225 from its previous close of 79.52. The Brent crude oil prices in the international market has risen sharply and at the close of Indian market hours, it was $98.39 a barrel, up 1.02 per cent. The rupee appreciated in the early trade after the US inflation data for July came in below the estimates, raising hopes that the Federal Reserve may not be that aggressive in hiking interest rates in its next meeting.
IMFL maker Radico Khaitan's net falls marginally in Q1
The Indian Made Foreign Liquor (IMFL) maker has reported an operational income of Rs 3,188 crore and a net profit of Rs 58.28 crore for the period ended June 30. For the corresponding period last year, the company had earned an operational income of about Rs 2,884 crore and a net profit of Rs 59.82 crore. During the period under review, the company had sold 6.82 million cases, an increase of 21.5 per cent as compared to the corresponding period of the previous year.
Benchmark indices up post below estimate US inflation data
At close, Sensex ended up 515.31 points or 0.88 per cent at 59,332.60, while Nifty ended 124.25 points or 0.71 per cent higher at 17,659.00. On the BSE, 1,843 shares advanced, 1,548 declined while 144 remained unchanged. Axis Bank, Bajaj Finance, HDFC, Tech Mahindra and TCS were the top gainers on the BSE on Thursday. The BSE smallCap rose 0.83 per cent, midcap was up 0.52 per cent, while largecap rose 0.75 per cent.
Overnight funds witness inflows in July after one month pause
According to the AMFI data, overnight fund saw inflows worth Rs 19,918.66 crore, as compared to Rs 20,668.02 crore outflows in the previous month. June remained the only month where the overnight funds had witnessed outflows. Overnight funds are debt funds that invest in overnight assets or securities having a maturity of one day. This fund is considered safest among debt funds with zero interest rate risk and minimum credit risk. These funds are suitable for risk-averse investors who want to invest their money in a fund, but only for a short time. These funds are better means to utilise one's idle money.
Foreign investors pour over Rs 12,000 cr in Indian equity in last 10 days
"There is a complete reversal of FPI activity in the Indian stock market. FPI who were relentless sellers in the Indian market from October 2021 to June 2022 turned net buyers in July and the buying continues in August, so far. The change in FPI strategy has imparted strength to the recent market rally," said Dr V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
ICICI Bank market-cap hit Rs 6 lakh cr, stock rises record high
The stock has surpassed its previous high of Rs 859.70, which had hit on October 25, 2021. At 2.48 p.m., shares of the bank were trading at Rs 860.25, up 11.50 or 1.35 per cent from its previous close. In the last one month, the stock of private lender has gained more than 12 per cent. Before ICICI Bank hitting Rs 6 lakh crore market-cap mark, Reliance Industries, Tata Consultancy Services, HDFC Bank, Infosys and Hindustan Unilever have also hit this mark.
British investments in India continue since East India Company
According to Grant Thornton Bharat's latest Britain Meets India (BMI) report 2022, the UK remained the sixth-largest investor in India, with a cumulative investment of about $31.92 billion in 2000-22. This constituted around 5.4 per cent of the total foreign direct investment (FDI) into India. Despite low-key merger and acquisition (M&A) activity, the India-UK corridor witnessed 13 deals including India's Wipro Ltd acquiring Capco, Reliance Group acquiring Faradion Ltd and Bharti Enterprises acquiring Oneweb Ltd, the report noted.
Hyundai to recall over 70K vehicles over faulty parts
Hyundai is recalling 70,582 units of six models that include the Xcient QZ heavy duty truck and the County bus, the Ministry of Land, Infrastructure and Transport said in a statement. Along with Hyundai's recall, Mercedes-Benz Korea is also set to recall 438 units of five models, including the EQE 350+ and EQS 450+ pure electric sedans, reports Yonhap News Agency.
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