INDIA OVERSEAS FUNDS
NFO Alert: PGIM India Mutual Fund launches healthcare fund
PGIM India Mutual Fund launched PGIM India Healthcare Fund, an open-ended equity scheme focused on healthcare and pharmaceutical companies. The NFO is open from November 14 to December 3. The fund aims to capitalize on India's growing healthcare sector, driven by factors like low cost, innovation, and rising health insurance awareness.
India-focused offshore funds under ED scanner for rule violations
The Enforcement Directorate (ED) in India is investigating wealthy individuals who have been investing in offshore funds that primarily invest in Indian equities. This practice, while potentially motivated by profit or currency advantages, is considered a violation of India's foreign exchange regulations and could lead to significant penalties for those involved.
Canara Bank labels Rcom loan accounts as "fraud"
Canara Bank has declared loans given to Reliance Communications and its unit as fraudulent. The bank alleged the Anil Ambani-promoted company misappropriated Rs 1,050 crore by diverting funds for purposes other than sanctioned. Reliance Communications refuted the allegations, stating the loans were taken before insolvency proceedings began and are protected under insolvency laws.
Indian firms go slow on overseas borrowing this year
Higher availability of domestic credit and the volatile currency that pushed up hedging costs prompted Indian firms to go slow on overseas borrowings.
Overseas Expenses: A parent's guide to managing study abroad finances
Sending your child to study abroad? Careful financial planning is key. From navigating hidden costs in international payments to understanding currency fluctuations, this article provides a guide for Indian parents to manage the financial aspects of their child's international education journey.
D-Street likely to see $2.5 billion inflows as MSCI increases India weights
In an announcement on Thursday, MSCI said it has added five stocks - BSE, Voltas, Alkem Laboratories, Kalyan Jewellers, and Oberoi Realty - to its Global Standard Index; while reducing the weights of Adani Green, RIL, ICICI Bank, Infosys, GMR Airports, and Adani Power.
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How are international funds taxed?
India is among the top 5 countries by market capitalisation, but its share in the global market capitalisation is between 4-5%. Given this low share, wealth managers feel there is a need to diversify equity portfolios geographically to manage risk and participate in industries, tech and firms that are not available in the Indian stock market.
Sebi allows MFs to invest in overseas funds with exposure to Indian securities
The move is aimed at facilitating ease of investment in overseas MF/UTs, bringing transparency in the manner of investment, and enabling MFs to diversify their overseas investments, Sebi said in a circular.
Sterling & Wilson hives off data centre business, raises Rs 1,000 crore
Promoter Khurshed Daruvala and his family will own a 30% stake in the new data centre entity, Sterling & Wilson Data Center Pvt Ltd, while the rest will be held by investors.
Nippon India Mutual Fund suspends subscription in Hang Seng, 3 other international funds
Nippon India Mutual Fund has suspended subscriptions for four international funds effective October 18 to avoid breaching overseas investment limits, following regulatory guidelines.
Barrage of stock supply is latest test for Dalal Street
A surge in share supply from IPOs, such as Hyundai's $3.3 billion listing, and institutional sales is pressuring Indian equities amid weak earnings and $7 billion in foreign investor outflows. Despite strong domestic investments, the NSE Nifty 50 Index is down over 5%.
PSU stocks crash up to 47% from peak. Is the reign of rail & defence over?
PSU stocks have seen significant declines, with some dropping over 40% from their 52-week highs due to expensive valuations and government share sales. Stocks like Cochin Shipyard, Mangalore Refinery, and HUDCO have been notably affected. Despite short-term turbulence, long-term prospects for rail and defence sectors remain positive.
Indian stocks head for most monthly foreign outflows in 4 years
Overseas investors have withdrawn over $7 billion from Indian stocks in October, marking the highest outflows since March 2020, as sentiment shifts towards China amid stimulus measures.
Stock to watch: Bandhan Bank shares in focus on RBI approval for appointment of MD and CEO
The Reserve Bank of India approved Partha Pratim Sengupta as MD and CEO of Bandhan Bank for three years. He is expected to take charge by November 10, 2024. Sengupta was previously with State Bank of India and Indian Overseas Bank. Bandhan Bank completed a forensic audit related to insurance claims and expects a payout of Rs 1,231.29 crore.
RBI approves Partha Sengupta as Bandhan Bank MD & CEO
Partha Pratim Sengupta will become the new managing director and CEO of Bandhan Bank. The Reserve Bank of India has approved his appointment for three years starting no later than November 10, 2024. The bank also completed a forensic audit on its insurance claims, resulting in a payout of Rs 1,231.29 crore.
How to invest in NPS Vatsalya: 6 banks that have launched NPS Vatsalya, a pension scheme for minors
How to invest in NPS Vatsalya:The NPS Vatsalya program allows parents to make monthly investments starting from as low as Rs1,000, with no upper limit. It is designed to support the government's pledge to ensure overall financial security by providing its members with a secure and dignified financial future.
US Fed rate cut: Do international mutual funds look attractive now?
The US Federal Reserve's recent rate cut of 50 basis points may make international mutual funds more attractive, depending on investor risk tolerance. Emerging markets could offer growth opportunities with higher volatility, while developed markets might see muted gains due to inflationary pressures. Investors should consider the impact on currencies and global economic conditions.
Phoenix Overseas IPO opens. Check issue size, price band, GMP and other details
Phoenix Overseas will launch its SME IPO today, aiming to raise Rs 36 crore. The IPO includes fresh equity shares and an offer for sale, with a price band of Rs 61-64 per share. The company is involved in trading and exporting agricultural products and manufacturing fashion accessories. The subscription period runs from September 20 to September 24.
Bajaj Finance, Chola Invest and HDB raising $1.3 bn in overseas loans
Three of India's top non-banking finance companies, including Bajaj Finance, have raised $1.3 billion through overseas bank loans to diversify funding amid tighter RBI regulations. Bajaj Finance, Cholamandalam Investment and Finance Co, and HDB Financial Services secured loans priced at 135 basis points over the three-month SOFR.
Resident OCI cardholders eligible for loans to study abroad, says RBI
The Reserve Bank of India has clarified that Overseas Citizens of India (OCI) cardholders residing in India are eligible for education loans for studies abroad. However, OCIs residing outside India can only get loans from Indian banks for studying within the country. This clarification came after banks sought guidance on the matter.
September seasonality weighs on SBI, other PSU bank stocks. Should you buy, hold or sell?
Historically, September hasn't been kind to these three banks. BoI has seen declines in 9 out of the last 10 Septembers, while SBI and Bank of Maharashtra have fallen 8 times each during the same period. On average, their September returns are negative, with BoI at -7.7%, SBI at -3.4%, and Bank of Maharashtra at -3.7%. The most significant drop occurred in 2020, during the Covid-19 pandemic, with losses ranging from 18% to 23%.
Punish the guilty, don't crack down
RBI should identify culprits misusing this well-intentioned facility and make an example of them as credible deterrence. There have been instances in the past when regulators intending to punish erring corporates, and to prevent the occurrence and recurrence of malfeasance, have tweaked rules, making life difficult even for law-abiding businesses. This is unfair. Now is the time for RBI to show that it's indeed mindful of the needs of Indian companies to go global, but at the same time, non-negotiable to errant businesses using that very excuse to peddle their malpractice.
Should the RBI Consider Raising Overseas Investment Limits for Mutual Funds?
These investments include international fund of funds (FoFs), direct equities, international ETFs, and domestic equity schemes. With the substantial increase in forex reserves, many believe that raising the overseas investment limits is both timely and necessary
Revival in overseas fundraising by Indian companies reflects shifting domestic credit market dynamics: RBI Bulletin
Indian firms are turning to international markets to raise funds as global investor interest grows, and borrowing costs improve, reported the RBI. This external borrowing trend coincides with a decline in FDI inflows to $28.1 billion in 2023 from $49.3 billion in 2022, and banks are gearing up to strengthen their capital.
Robust growth ignites rally in new-age stocks, 45% gains made in 6 months
New-age stocks surged recently, thanks to higher revenue growth and increased profitability through reduced spending. The ET E-commerce Index rose 45% in six months. Shares of Zomato, Paytm, and PB Fintech showed notable gains. Foreign institutional investors significantly increased their stakes, supporting the growth of these companies.
Govt eases cross-border share swap rules to woo foreign money
India updated its foreign investment regulations to facilitate cross-border share swaps and exclude certain OCI investments from being considered as indirect foreign investment. The amendments aim to attract more investment, particularly in startups, and streamline rules, aligning them with other regulations and requiring government approval for FDIs from neighboring countries.
Canara Bank plans overseas bond issue to raise $300 million
Canara Bank aimed to raise a minimum of $300 million by issuing bonds internationally to bolster its liability franchise amid strong credit growth. The bank enlisted DBS Bank, Mitsubishi UFJ Financial Group, and BNP Paribas for this effort. This was its first bond issue in over five years, intended to broaden its funding sources.
Global mutual funds underperform with just 3% return in 2024. Will they bounce back?
In 2024, international mutual funds yielded an average return of 2.74%, underperforming across most categories. Out of 65 funds, only six saw double-digit gains. Mirae Asset funds led in returns, while some, like HSBC Brazil Fund, suffered losses. Experts advise careful diversification and increased cash holdings for investors.
'Good FATF rating to help India Inc raise overseas funds without elaborate background checks'
India has been given a good FATF rating, allowing domestic companies to access overseas investments without extensive background checks and enhanced due diligence processes. The Financial Action Task Force (FATF) praised India for its high level of technical compliance and its efforts in anti-money laundering and countering terror financing.
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