Page 6 - Iifl

IIFL Mutual Fund launches India's first passive tax-saver fund

The scheme, which opened for subscription on Thursday, will mimic the Nifty 50 index

Near-term headwinds likely to keep staffing solution companies muted

But valuations have turned attractive after sharp corrections since January

IIFL Wealth rebrands as 360 ONE, to rename its MF, PMS and AIF schemes too

The company says it manages over Rs 3.3 trillion through its various mutual fund, PMS, AIF and other products

IIFL Finance's Q2 net profit rises 36% to Rs 397 crore; total income up 19%

IIFL Finance on Wednesday reported a 36 per cent rise in its consolidated net profit at Rs 397 crore in the September quarter. The non-banking finance company had posted a net profit of Rs 292 crore in the same quarter of the preceding fiscal year. The company's total income during the July-September period of 2022-23 rose to Rs 2,051.44 crore as against Rs 1,713.37 crore in the year-ago period, it said in a regulatory filing. The consolidated statement includes results of four subsidiaries -- IIFL Home Finance, IIHFL Sales Ltd, IIFL Samasta Finance and IIFL Open Fintech Pvt Ltd.

IIFL Wealth & Asset Management Q2 PAT rise 23% to Rs 173 cr; revenue up 12%

IIFL Wealth & Asset Management on Wednesday reported a 23 per cent growth in profit after tax (PAT) to Rs 173 crore for three months ended September 2022. The company had posted a PAT of Rs 140 crore in the same quarter of the last fiscal, IIFL Wealth & Asset Management said in a statement. The company's total revenue rose 12 per cent to Rs 405 crore in the second quarter of 2022-23, from Rs 362 crore in the same quarter of preceding fiscal. The company's board declared the third interim dividend of Rs 17 per share. "In the near term, we are cognizant of the global volatility which can provide both challenges as well as opportunities. We continue to look out for exciting new products and opportunity areas, while remaining relatively cautious in our approach," the company's MD and CEO Karan Bhagat said. He, further, said that people and technology remain the company's key investment themes. It would continue to add new talent and deep expertise to the organization.

Retail position in derivatives reaches excessive levels, says study

Currently, retail open interest in index futures is about 153,000 contracts. In stock futures, however, about 1.11 million contracts - near historic peak levels

Markets may remain volatile with selling bias: IIFL Securities chairman

In a Q&A, R Venkataraman says the markets seem to be hoping against hope that rate hikes will not need to be sharp going ahead so as to trigger a global recession

India's rich club grows to 1,103; Zepto's Kaivalya youngest in Hurun list

More than 82% of the billionaires on the list are above the age of 50, and only 0.6 per cent of the rich in the list are below the age of 30, said the Hurun India study

Zepto's Kaivalya Vohra youngest Indian with net worth above Rs 1,000 crore

Vohra stood at the 1,036th spot in the IIFL Wealth Hurun India Rich List 2022, with a net worth of Rs 1,000 crore

12 Indians have a net worth of more than Rs 1 trillion, shows a new report

The IIFL Wealth Hurun India Rich List 2022 showed that 100 start-up founders in India have a net worth of more than $10 billion

Consumption trends signal strong FY23 for mall operator Phoenix Mills

Company's recovery and expansion after impact of Covid-19 expected to improve rentals and occupancies

Fitch affirms rating for 4 NBFCs, maintains stable outlook for all

The financial condition of Shriram Transport Finance, Muthoot Finance, Manappuram Finance and IIFL Finance is satisfactory, says agency

Financials, FMCG get nearly half of FPI flows in August, says report

Despite the positive flows, the allocation in IT at 10.7 per cent dropped for the fifth consecutive month and is the lowest since March 2018

Consumer durables firms may have to wait until Q3 to find their sea legs

Hypercompetition, high-cost inventory, and volume-over-margins delay gains

CDC Group sells 3.56% stake in IIFL Finance for Rs 453 cr via open market

CDC Group Plc, the development finance institution owned by the UK government, on Friday divested a 3.56 per cent stake in IIFL Finance Ltd for Rs 453 crore through an open market transaction. According to the bulk deal data available with the National Stock Exchange (NSE), CDC Group Plc sold 1,35,01,587 shares of the company. The shares were disposed of at an average price of Rs 335.64 apiece, valuing the transaction at Rs 453.16 crore. Meanwhile, Morgan Stanley Asia Singapore Pte picked up the shares of the company. As of the June quarter, CDC Group plc, which is one of the public shareholders of IIFL Finance, owned 1.35 crore shares, amounting to a 3.56 per cent stake in the company, the shareholding pattern showed. Shares of IIFL Finance closed 5.62 per cent lower at Rs 331.50 on NSE.

ICICI Sec, Axis Cap among 5 bankers to manage govt's HZL stake sale

Also, HDFC Bank and IIFL Securities will act as investment bankers and work with the government and handle the share sale offers, the official said

CCI approves acquisition of stake in IIFL Home indirectly by ADIA Group

The proposed transaction relates to the acquisition of up to 20 per cent stake in IIFL Home Finance by Platinum Owl C 2018 RSC Ltd, a trustee acting for Platinum Jasmine Trust.

SaaS company CleverTap Raises $105 mn in funding round led by CDPQ

It runs a cloud service that helps digital brands to increase customer retention

ICICI Securities June quarter results rained on by overcast broking biz

ICICI Securities client growth moderated to 27.7 per cent to 450,000, while active customers rose only 5.3 per cent QoQ to 3.2 million

Tata Communications: Ongoing supply-side headwinds to hurt near term

Original equipment manufacturer (OEM) lead time issues, which had worsened during the April-June quarter, rose four times as compared to the earlier 12-16 weeks.