Page 7 - Asset Management

BOI Q2 net down 8.65% YoY on rise in provisions for standard assets

Earnings, asset quality profile improve for public sector lender

ICICI Securities Q2 PAT down 14% to Rs 300 cr; total income up marginally

ICICI Securities on Thursday reported a 14 per cent decline in profit after tax to Rs 300 crore in the three months ended September 2022 In comparison, the company had posted a Profit After Tax (PAT) of Rs 351.2 crore in the same quarter preceding fiscal, ICICI Securities, a subsidiary of ICICI Bank, said in a statement. The company's total income rose to Rs 865.63 crore in the second quarter ended on September 30, 2022 from Rs 856.56 crore in the year-ago period. "We had a satisfactory quarter and are progressing well on our articulated strategy of pursuing long-term sustainable growth by continuing to diversify in favour of non-broking business. For this, we are investing in right kind of products, services, partnerships. Today, broking revenue is about a third of our overall revenue, against two thirds a couple of years back," Vijay Chandok, Managing Director and CEO of ICICI Securities, said. The board has declared an interim dividend of Rs 9.75 per share in first half of FY23

HDFC AMC second quarter PAT rises 6% to Rs 364 cr; total income up 7%

HDFC Asset Management Company (AMC) on Wednesday reported a 6 per cent growth in profit after tax (PAT) at Rs 364.1 crore for the July-September quarter of the current financial year. In comparison, the asset management firm had a PAT of Rs 344.5 crore in the same quarter of preceding fiscal, HDFC AMC said in a filing to stock exchanges. Total income rose 7 per cent to Rs 648.9 crore for the quarter ended on September 30, 2022 from Rs 608.4 crore in the year-ago period. HDFC AMC, an investment manager to HDFC Mutual Fund, has a diversified asset class mix across equity and fixed income. The fund house managed an average assets under management (AAUM) of Rs 4.29 lakh crore for the quarter ended September 30, 2022 compared to Rs 4.38 lakh crore in the same quarter of preceding fiscal, registering a drop of 2.2 per cent. Its market share was 11 per cent in quarterly AAUM of the mutual fund industry. HDFC AMC stock rose 1.34 per cent to settle at Rs 1,960.20 on the BSE.

What is insider trading?

Sebi recently levied about Rs 6 lakh fine on three individuals for violating the insider trading norms in the shares of PVR Ltd. But what exactly is insider trading? Let's find out more in detail

Stay invested in US funds even if returns aren't attractive currently

It helps to diversify geographically; while YTD returns of Indian markets are positive and US markets negative, the opposite will also happen at some other time

QSR chain Wow! Momo raises Rs 125 cr from OAKS Asset for business expansion

"We expect Wow! Momo to not only gain domestic market share in India but also to be the first global sized QSR company from India," said Vishal Ootam, founder and CEO of OAKS Asset Management

Lacking discipline to stay invested? Retirement funds are a good option

Others should invest in pure equity and debt funds, or go for EPF and NPS

REC okays subscribing 50% equity in asset management firm PFC Projects

State-owned REC Ltd board has approved a proposal for subscribing 50 per cent equity not exceeding Rs 50 crore in PFC Projects, a power asset management company for taking over stressed assets. As per a BSE filing, PFC Projects is a 50:50 joint venture company with the PFC for taking over stressed/NPA (bad loan) assets in the power sector, subject to requisite approvals. The REC board in a meeting on August 4, 2022, approved a proposal for the subscription of 50 per cent equity shareholding not exceeding Rs 50 crore in PFC Projects Ltd (in the Power Asset Management Company), the filing said. The board also approved the proposal for the sale and transfer of Neemuch Transmission Limited to M/s Power Grid Corporation of India Ltd, the successful bidder selected through a tariff-based competitive bidding process. The board also approved the incorporation of a project-specific special purpose vehicle (SPV), as a wholly-owned subsidiary of REC Power Development & Consultancy Limited ..

Panel led by cabinet secy seeks more info on Central Electronics sale

Privatisation of state-owned firm held up after money laundering case against top bidder

HDFC AMC reports 9% decline in profit to Rs 314 cr in June quarter

HDFC Asset Management Company (AMC) on Friday reported a 9 per cent decline in profit after tax at Rs 314.2 crore in the three months ended June 2022. In comparison, the asset management firm had posted a Profit After Tax (PAT) of Rs 345.4 crore in the year-ago period, HDFC AMC said in a regulatory filing. The company's revenue from operations rose 3 per cent to Rs 521.6 crore in the first quarter of FY23 from Rs 507.1 crore in the same quarter preceding fiscal. Its Average Asset Under Management (AAUM) stood at Rs 4.15 lakh crore for the June quarter. The same was Rs 4.17 lakh crore for the corresponding period last year. HDFC AMC, investment manager to HDFC Mutual Fund, has a diversified asset class mix across equity and fixed income/others. It also has a countrywide network of branches along with a diversified distribution network comprising banks, independent financial advisors and national distributors.

Front-running scandal at Axis Mutual Fund set to rock $465-bn MF industry

Axis Asset Management Co, India's seventh largest mutual fund manager and partly owned by Schroders, in May sacked two employees, including its chief dealer, amid an ongoing internal probe

States to get matching amounts from Centre for SPSEs' privatisation

The Centre has allocated Rs 5,000 crore for disinvestment of SPSEs and asset monetisation

Edelweiss MF dismiss report of business sale, term reports as 'baseless'

We remain excited about the prospects of this business and remain committed to investing in its growth, said Edelweiss MF CEO

Investing all my money in biz not best way to grow wealth: Ambit's Wadhwa

Veteran financier Ashok Wadhwa talks to Pavan Lall about mistakes and opportunities

NAM India's Q4 profit after tax rises by 5% to Rs 175 crore

In comparison, the company had a profit after tax (PAT) of Rs 166.77 crore in the same quarter preceding fiscal, NAM India said in a regulatory filing to stock exchanges

On Sebi diktat, mutual funds step up hunt for risk professionals

The hiring spree is expected to jack up costs for the industry

Baroda BNP Paribas MF's Suresh Soni on markets and more

Baroda Mutual Fund and BNP Paribas Mutual Fund recently merged to become Baroda BNP Paribas Mutual Fund. Its CEO Suresh Soni spoke to Krishna Veera Vanamali on markets and the mutual fund industry

CLSA upgrades HDFC, Nippon Life India AMCs from 'outperform' to 'buy'

CLSA believes domestic AMCs will have huge growth potential, given the huge underpenetration of MFs in the country

SBI planning to offload 6% stake in AMC through initial public offer

SBI currently holds 63 per cent stake in the mutual fund company and the remaining 37 per cent stake is held by AMUNDI Asset Management through a wholly owned subsidiary, Amundi India Holding

Private credit fashions a cautious entry, attracts attention of PE players

Despite differences over the projected size of this market, a growing number of PE funds are testing the waters