 "Stock market, Sensex")
Demand for silver ETFs
The Securities and Exchange Board of India (Sebi) is seeing growing demand from market players to allow exchange-traded funds (ETFs) on silver amid a sharp runup in the price of the metal. On a year-to-date basis, the silver price in the domestic market has surged over 40 per cent, pipping gold, which has gained 32 per cent. Gold ETFs in India are mainly offered by mutual funds (MFs). In recent months, inflows into this instrument have seen a huge spurt. Current regulatory provisions allow MFs to launch only schemes having exposure to physical gold through gold ETFs.
Samie Modak
Bank branches push MF products
With interest rates on fixed deposits at the lower end, banks have started to push mutual fund (MF) products of their own MF arms as an alternative. "Certain banks' branches are asking savers, especially retirees, to consider MF products, with the lure of higher yields or returns," said an advisor. Some of the PSU banks' branches are also telling their customers to consider making investments in new fund offerings that are being floated by their MF arms. In the current times when loan growth is weak, it helps banks by earning fee income on the sale of third-party products.
Jash Kriplani
Open offer revision or power rally?
Shares of ABB Power Products and Systems gained as much as 16 per cent last week. The sharp up-move has been led to speculation that the promoters of the company might revise upwards the open offer price. The open offer price of ABB Power has become a contentious issue, with some asking the company's promoters to revise upwards the price. “The sharp rally has led to optimism that the open offer price will be revised higher. However, the rally could simply be on account of buying interest in power stocks,” said an analyst. Shares of other companies in the sector, such as BHEL, NTPC, and Power Grid, too, have posted sharp gains this month, so far.
Samie Modak
