An upgrade by rating agency CARE in Jharkhand Roads Projects from Care D to Care C resulted in the net asset value of four of Aditya Birla Sunlife Mutual Funds debt schemes gained between 0.32-3.98% in a single day. ABSL Medium term plan saw the maximum gain of 3.98%, ABSL Dynamic Bond Fund saw gain of 0.81%, ABSL Credit Risk Fund saw gain of 0.55 and the ABSL Short Term Fund saw gains of 0.32%. Rating agency Care upgraded Jharkhand Roads Projects Implementation Company Pvt Ltd from Care D to Care C. With this all three rating agencies- CRISIL, India Ratings and Care have rated the paper at C. As a result as per external valuation agencies’ matrix, the paper will now get valued at 65% instead of the earlier 50% valuation, which has resulting in the NAVs moving up. The fund house had stopped accepting fresh money in two of its debt schemes — ABSL Medium Term Fund and ABSL Credit Risk Fundfrom May 22 as it belived it could see substanital gains in some of its papers and … [Read more...] about Jharkhand Paper upgrade sees Aditya Birla Mutual Fund NAVs rise up to 4%
ETMutulFunds.com receives several messages from our readers on our Facebook page everyday. At least a few of them are related to ULIPs or Unit Linked Insurance Plans. Surprisingly, most of these ULIP owners believe they have invested in a mutual fund scheme. Most often they are surprised when we point it out to them that they have bought an insurance product, and we will not be able to offer a detailed response because we run a mutual fund forum. Sure, insurance companies and their sales forces used to sell ULIPs as an investment product during the initial years of privatisation of the insurance sector. The first generation ULIPs had a hefty commission structure. Often, insurance agents used to pocket around 60% of the first premium as commission. Rampant mis-selling finally attracted regulator's attention and the second generation ULIPs with lower commissions and larger insurance cover were rolled out. Since then ULIPs have gotten better. However, misselling of these products … [Read more...] about What is ULIP? How is it different from a mutual fund?
“If you think of the stock market as a way for investors to harness the economic power of gross domestic product and capitalizing on that, a growing portion of that activity today is being held by private investors today as opposed to being in the public markets,” said David O’Meara, senior defined contribution strategist at consulting firm Willis Towers Watson. … [Read more...] about Column: What would private equity funds in 401(k)s mean for retirement savers?
“It’s depressing to see the data that among the developed world, we’re having the worst situation, but we’re looking for the big industry trends that will persist no matter how long (COVID-19) goes on and will continue afterwards,” said Michael Lippert, whose Baron Opportunity (BIOUX.O) fund is up 30.7% for the year to date. … [Read more...] about Top-performing U.S. equity funds this year are betting on a transformed world
Private lender Kotak Mahindra Bank has raised Rs 7442 crore through a Qualifed Institutional Placement (QIP) of 6.5 lakh equity shares. The raise is part of a reported $2B funding plan which aims to dilute founder-promoter Uday Kotak’s stake in the lender to 26% before August 2020. The QIP fund raise, which was approved by the bank’s board on April 22 and by the bank’s shareholders on May 25, will pare down Uday Kotak’s stake to 28.94%.The QIP of 6.5 lakh equity shares was offered to investors at Rs 1145, a discount of 5% when compared to its CMP in the market. Investors who had been allotted more than 5% of the placement include the Invesco Oppenheimer Developing Markets Fund, which was allotted 52.16 lakh shares representing 8.02% of the total issue and the Canada Pension Plan Investment Board which was allotted 46.25 lakh shares, representing 7.12% of the total issue. ICICI Prudential Mutual Fund, through eighteen schemes was also allotted 40.96 lakh shares … [Read more...] about Kotak Mahindra Bank raises Rs 7442 crore through QIP