Artha Bharat Investment launches GIFT City's first physical gold fund

Artha Bharat launches GIFT City's first physical gold fund, while Kusumgar prices its IPO and benchmark indices extend gains for a third straight session

Artha Bharat Investment Managers IFSC, a fund management entity, announced the first physical commodity fund Artha Bharat FinMet Physical Gold Fund in GIFT City. It is in partnership with Singapore-based precious metals specialist FinMet, which serves as the investment advisor for the open-ended passive funds. The fund will track international spot gold prices and allocate most of its assets to London Bullion Association standard gold bars traded on the India International Bullion Exchange in the GIFT-IFSC. The scheme offers weekly subscriptions and redemptions with a total expense ratio of 0.65 per cent per annum. The gold will be stored in India International Depository IFSC insured vaults.

 

 

Kusumgar fixes IPO price band at ₹398-419 per share 

Synthetic textile maker Kusumgar has priced its ₹650 crore initial public offering (IPO) at ₹398-419 per share. The IPO is entirely an offer for sale and the proceeds will go directly to the selling promoters. The issue opens on Wednesday, July 8, and closes on Friday, July 10. Investors can bid for atleast 35 shares and in multiples thereof. 

Moneyview, Chandan Steel get Sebi nod to float IPOs 

Fintech unicorn Moneyview and Chandan Steel have secured Sebi’s approval to raise funds through initial public offerings (IPOs), an update with the regulator showed on Friday. Moneyview filed preliminary IPO papers with Sebi in March, while Torrent Gas confidentially submitted draft documents with the regulator in April. The confidential filing route allows companies to submit draft offer documents to Sebi for review without immediately making commercially sensitive information public. 

Markets extend winning streak to third session

 

Benchmark equity indices Sensex and Nifty ended higher on Friday, extending their winning momentum to the third day running, amid a rally in IT stocks and a softer-than-expected US jobs data tempering expectations of near-term monetary tightening by the Federal Reserve. 

The 30-share BSE Sensex climbed 261.79 points, or 0.34 per cent, to settle at 77,763.91. During the day, it jumped 655.4 points, or 0.84 per cent, to 78,157.52.The 50-share NSE Nifty went up 95.15 points, or 0.39 per cent, to end at 24,270.85. 

In Sensex, HCLTech surged 5.79 per cent, followed by Tech Mahindra which climbed 1.81 per cent. Bharti Airtel, Sun Pharma, Bajaj Finserv, UltraTech Cement, Tata Steel Bajaj Finance, Tata Consultancy Services, and ICICI Bank were also among 

the winners. 

Axis Bank, State Bank of India, Mahindra & Mahindra, and Larsen & Toubro were among the laggards. 

“Sentiment was further lifted by positive outcomes from the India-Japan Summit and continued recovery in the IT sector,” Vinod Nair, Head of Research, Geojit Investments Ltd, said. 

On the domestic front, softening crude oil prices remain a key macro tailwind, supporting the inflation outlook, external balances, and overall economic stability, he added.