Motilal Oswal MF launches a new fund focusing on current capex cycle



Motilal Oswal MF launches manufacturing fund


Motilal Oswal Mutual Fund (MF) on Thursday announ­ced launch of its manufacturing fund with focus on the current capex cycle. The fund house said India has a huge manufacturing opportunity on the export front with sectors like chemicals, pharma, industrial machi­n­ery, and automotive likely to emerge as key drivers. “Manufacturing focused funds could add diversifi­cation to an investor’s portfolio. There’s a multitude of sectors which offer exponential opport­u­nity to country’s exports,” said Niket Shah, CIO, Motilal Oswal MF. 


Navi MF launches Nifty 500 Multicap 50:25:25 index fund


Navi Mutual Fund (MF) on Thursday launched a multicap index fund, which will track the Nifty 500 Multicap 50:25:25 index. The index allocates fixed weights of 50 per cent, 25 per cent, and 25 per cent to large, mid, and smallcap segments of the market, respectively. According to the fund house, the investment across the market segments will help mitigate risk by reducing concentration in any single marketcap category. 

First Published: Jul 18 2024 | 11:43 PM IST



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Former Alibaba India head, 9Unicorn partner launch Rs 1,000 cr fund


The fund is also backed by Indian family offices and market leaders like Paytm, Zomato, Browserstack, Livspace, PharmEasy, and VideoVerse who will also double-up as mentors for the fund’s portfolio companies. | Representative image


Former head of investments at Alibaba Group’s India business Raghav Bahl and 9Unicorns ex-partner Soham Avlani on Thursday announced the launch of PROMAFT Partners — a Rs 1,000-crore venture capital fund.


The sector-agnostic fund seeks to invest in companies that have proven exceptional ‘product-market-fit’. It plans to make 10-12 investments, with two-three investments in a year.


“Growing without product-market-fit is like driving fast in the wrong direction. And product-market-fit without sustainable competitive advantage doesn’t create shareholder value. We encourage our entrepreneurs to grow slowly, while investing in the core fundamentals of the business.


“We plan to make two-three investments per year. We are backed by prudent investors, which gives our entrepreneurs the advantage to build for the long term,” Bahl said.


The fund is also backed by Indian family offices and market leaders like Paytm, Zomato, Browserstack, Livspace, PharmEasy, and VideoVerse who will also double-up as mentors for the fund’s portfolio companies.


“We believe that this vintage encourages entrepreneurs to develop capital efficient businesses while the absence of large funds has resulted in valuations to sober down. We remain excited about this environment as it provides for a highly attractive ‘risk-return profile’ for both investors and entrepreneurs,” said Avlani.


Both Bahl and Avlani have been involved in investing and managing large portfolios, which includes brands such as Swiggy, Paytm, BigBasket, XpressBees, TaxiForSure, VideoVerse, and PharmEasy. Their portfolio has returned over USD 1 billion in profitable cash exits from India.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Jul 18 2024 | 11:41 PM IST



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Tech rally propels markets to new highs; Nifty gains 0.8% nears 25K



Benchmark indices notched up new record highs, with the benchmark Nifty nearing the 25,000-mark, boosted by a rally in information technology (IT) stocks on earnings optimism. Also, strong inflows from foreign portfolio investors (FPIs) amid positive global cues also underpinned the gains.


Gaining for a fourth day, the Sensex  crossed the 81,000 mark for the first time and closed at 81,343, with a gain of 627 points, or 0.8 per cent. From intra-day lows, the index climbed nearly 1,000 points. The Nifty50 index rose 188 points, or 0.76 per cent, to end the session at 24,801, a gain of 0.8 per cent. The index is now less than a per cent shy of the 25,000 milestone.


IT bellwether Tata Consultancy Services (TCS) was the biggest gainer in the Sensex pack and the biggest contributor to index gains, followed by Infosys. TCS gained 3.3 per cent, and Infosys rose 1.9 per cent. TCS’s stock has gained 10 per cent since it declared its quarterly results last week, lifting the IT pack. The Nifty IT index has jumped over 7 per cent during the same period. The IT titan’s stock surged after its first-quarter results for 2024-25 surpassed analyst expectations.


The latest boost, however, came from LTIMindtree’s better-than-expected results. The rally in IT stocks could sustain as Infosys, whose quarterly results were announced post-market hours, raised its revenue guidance for 2024-25  (FY25) to 3-4 per cent, an upward revision from the 1-3 per cent the company had guided in the last quarter of FY24.


Analysts said the upbeat guidance from India’s second-largest software exporter by revenue suggests a boost in technology spending due to a resilient global economy.


“Both the IT bellwethers are showing single-digit growth. But expectations were low because of the slowdown in the global economy. They have done alright but nowhere near what they achieved in the past. This is a relief rally because of that,” said UR Bhat, co-founder of Alphaniti Fintech.


Regarding the robust buying by FPIs, Bhat said they have withdrawn a lot in the cash segment from India in the past few years, and the confidence in earnings growth is perhaps bringing them back. The FPIs on Thursday were net buyers of Rs 5,484 crore.


In India, the equity market is largely on an upward trajectory after a brief but sharp decline on the day of the Lok Sabha election results on June 4. From election result-day lows, the Nifty has jumped over 16 per cent, buoyed by hopes of policy continuity and strong macroeconomic indicators.


The market’s trajectory will now depend on whether the FPI flows continue and the union budget next week.


“There is value in the IT sector, and maybe the worst is behind them now in terms of growth and margins. Markets might consolidate at these levels, and we may see some sectoral rotation,” said Andrew Holland, CEO of Avendus Capital Alternate Strategies.


Overall market breadth, however, was weak, with 2,549 stocks declining and 1,372 advancing. More than two-thirds of Sensex stocks gained. Bajaj Finserv and Mahindra were the best-performing stocks after TCS.


The mcap of all BSE-listed companies rose to Rs 454 trillion ($5.43 trillion).

First Published: Jul 18 2024 | 7:52 PM IST



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Board of Ircon International approves change in CEO


At meeting held on 18 July 2024

The Board of Ircon International at its meeting held on 18 July 2024 has approved the appointment of Hari Mohan Gupta, CMD, IRCON
(DIN:08453476) as Chief Executive Officer (CEO) and KMP of the Company w.e.f. 1 July 2024 (AN), vice Ashish Bansal (DIN:10328174).

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First Published: Jul 18 2024 | 7:40 PM IST



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Board of Ircon International approves closure of Indian Railway Stations Development Corporation


At meeting held on 18 July 2025

The Board of Ircon International at its meeting held on 18 July 2024 has approved the following:

The Ministry of Railways has ‘in-principle’ decided for closure of Indian Railway Stations Development Corporation (IRSDC), a joint venture company of IRCON (IRCON holds 26% equity share in IRSDC). The Ministry of Railways has also issued directions for initiating the necessary procedural formalities for handing over of the assets, projects etc. to Zonal Railways/ Rail Land Development Authority (RLDA) and initiating closure of IRSDC.

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First Published: Jul 18 2024 | 7:38 PM IST



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Bank of India raises Rs 5000 cr via Infra bond issuance


Bank of India announced that its issue of Long Term Bonds (Infrastructure) of Rs 5,000 crore on a private placement basis received total bids amounting to Rs 15,318 crore in overwhelming response
from investors. The issue was oversubscribed by 7.66 times against the base issue size of Rs.2,000 crore. Further, Bank has decided to accept bids of Rs.5,000 crore at coupon rate of 7.54% p.a.

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First Published: Jul 18 2024 | 7:32 PM IST



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