Inflows into Equity Mutual Funds slow in September 2023 on rising redemptions

The mutual fund industry maintained its growth momentum in September 2023 despite some moderation in inflows into equity funds. Total assets under management (AUM) of the industry stood at Rs.46.6 trillion at the end of September, largely unchanged from August 2023 levels. Equity and equity-oriented funds, which make up the largest component of mutual fund […]

Sterlite Power Grid transfers three assets to InvIT Indigrid

IndiGrid, India’s first infrastructure investment trust for power assets, said it has acquired three transmission assets from its sponsor at a cost of 1,410 cr, taking the total assets under management to 5,300 cr. The company said it will also invest Rs 232 cr into Patran Transmission Company Limited, a unit of Techno Electric & […]

Mahindra Finance gets Mutual Fund license, to focus on rural markets

Mahindra Finance said it has received a license to operate Mutual Funds via its subsidiary Mahindra Asset Management Company. Mahindra Finance is currently engaged in vehicle financing, and is part of the Mahindra Group. It plans to tap into its existing network of dealers and customers to sell its mutual fund products. “Our customer base […]

Pramerica buys Deutsche Bank’s asset management business in India, Dewan Housing to float JV

Pramerica Asset Managers, the asset management business in India of Pramerica Investment Management, said it had agreed to buy Deutsche Bank’s India asset management business. Separately, Dewan Housing Finance Corporation Ltd also said that it had decided to acquire 50% of the equity share capital of Pramerica Asset Managers Private Limited — the asset management […]

One of India’s largest mutual funds lends to Ujjivan microfinance lender

Bangalore-based Ujjivan Financial Services has become the first microfinance institution in India to raise funds directly from mutual funds, and that too one of the largest mutual funds in India. It raised Rs 50 cr from an unnamed mutual fund by placing ‘commercial paper’ (a kind of debt). “This is the first CP issuance by […]

Mutual fund goes light on Bharti Airtel, Idea, ONGC, Cairn India

ICICI Prudential, India’s fifth biggest mutual fund by equity holdings, increased its cash holdings in May by selling most of its holdings in Bharti Airtel and much of its holdings in ONGC, Crompton Greaves, Cairn India, Hindalco and SJVN, publicly available numbers revealed. Mutual funds typically increase cash holdings when they expect share prices to […]

Indiabulls Asset Mgmt to invest Rs 10,000 cr through real estate funds in 5 years

Just in case you are one of those people who believe that the Indian real estate market still has upside, Indiabulls Asset Management has launched its maiden real estate fund. The Rs 500-cr fund will invest in residential projects in top 5 cities in India. “We plan to scale up our AIF / Co-investment presence […]