FII, DII data: FPIs bought shares worth Rs 644 cr, DIIs sold shares worth Rs 597 cr on August 9, Wednesday

Foreign institutional investors (FII) bought shares worth net Rs 644.11 crore, while domestic institutional investors (DII) sold shares worth net Rs 597.88 crore on August 9, 2023, according to the provisional data available on the NSE.

For the month till August 9, 2023, FIIs sold shares worth net Rs 4,804.47 crore while DIIs bought shares worth net Rs 4,149.49 crore. In the month of July, FIIs bought shares worth net Rs 13,922.01 crore while DIIs sold equities worth net Rs 1,184.33 crore.

“Domestic equities reversed their losses following a recovery in the global markets after the Italian authorities clarified that the new tax could not breach 0.1% of a lender’s total assets. Nifty traded in negative territory for the most part of the session, however, last-hour buying at lower levels helped indices to close near the day’s high with gains of 62 points at 19633 levels. Among sectors Metals, Oil & Gas, Auto, and Consumer Durables were top gainers,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services.



“As expected, Indian equities are consolidating given the cautious global scenario and consistent selling by FIIs.Tomorrow, we expect the market to see some volatility as RBI will announce its policy decision outcome on the weekly F&O expiry day. Further, RBI’s commentary would be largely tracked to understand their future course of action,” Siddhartha Khemka added.

On Wednesday, benchmark Indices NSE Nifty 50 and BSE Sensex ended in the green, with gains led by Metal and Media. The NSE Nifty 50 climbed 61.70 points or 0.32% to 19,632.55 and BSE Sensex gained 149.31 points or 0.23% to 65,995.81. In sectoral indices, Bank Nifty fell 83.75 points or 0.19% to 44,880.70, Nifty Financial Services fell 0.21%, Nifty PSU Bank slipped 0.10% and the Realy Index tanked 1.28%, while Nifty IT gained 0.37%, Nifty Pharma surged 0.76% Nifty Auto climbed 0.93%, Nifty FMCG rose 0.54%, Nifty Metal surged 2.03% and Nifty Media soared as much as 2.10%. The top gainers on Nifty 50 were Dr Reddy’s Labs, JSW Steel, Hindalco Industries, Tata Motors and Mahindra & Mahindra, while the top losers were Divi’s Labs, Apollo Hospitals Enterprise, Maruti Suzuki India, Bajaj Finance and Asian paints.

Foreign institutional investors (FII) or Foreign portfolio investors (FPI) are those who invest in the financial assets of a country while not being part of it. On the other hand, domestic institutional investors (DII), as the name suggests, invest in the country they’re living in. Political and economic trends impact the investment decisions of both FIIs and DIIs. Additionally, both types of investors  –  foreign institutional investors (FIIs) and domestic institutional investors (DIIs) – can impact the economy’s net invent flows.stme

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InsuranceDekho looks to turn profitable by FY24-end

For the insurtech company, an initial public offering (IPO) is “some time away” because right now it wants to be a good scalable organisation, said CEO and co-founder Ankit Agrawal.

                                                              

Goldman Sachs and TVS Capital-backed InsuranceDekho is looking to turn profitable at the end of the current financial year as it plans to double its business during the year.

For the insurtech company, an initial public offering (IPO) is “some time away” because right now it wants to be a good scalable organisation, said CEO and co-founder Ankit Agrawal. “The idea is that we should be a profitable company by the end of this financial year,” Agrawal told FE in an interview.


The company is looking to exit the current financial year at an annualised premium run rate of Rs 5,000 crore and doubling the business. “We should hopefully get to around Rs 4,000-crore premium on a full-year basis. We should have penetrated to the maximum number of places in the country,” the CEO said.

During the last financial year, the company clocked Rs 1,938-crore premium. It exited FY23 at the an annualised premium run rate of Rs 3,000 crore.

Launched in 2017, the company has adopted broadly three strategies to grow its business — deepening footprints, opening new business lines and adding more manpower.

InsuranceDekho is planning to be present in over 300 cities from 150 cities at present. Currently, the company has around 1,500 employees and it is looking to add more people. Moreover, it plans to double the number of agents to around 200,000 this fiscal.

In FY24 so far, the insurtech player has acquired two firms —Verak, a Mumbai-based SME insurance distribution startup, and IRSS, a Gujarat-based insurance distributor.

“We are always looking at inorganic opportunities. This is a good market to look at inorganic opportunities. We are evaluating a couple of companies. We are open to acquire small regional brokers and tech companies,” the CEO said.

In February, the company raised $150 million in Series A funding consisting of a mix of equity and debt. Goldman Sachs Asset Management and TVS Capital Funds led the equity round.

Agrawal said the company does not have further capital raising plans currently as it is well capitalised. “We are very well capitalised. I don’t think we will be looking at raising capital. I think the company has enough capital to sustain itself,” he added.

InsuranceDekho is a brand name owned by Girnar Insurance Brokers (GIBPL), which was incorporated in 2016 and was granted the licence to act as a direct insurance broker by regulator Irdai in 2017.

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Are NPS subscribers free to choose annuity schemes and ASPs of their choice? PFRDA clarifies

National Pension System (NPS) subscribers can choose the pension scheme and Annuity Service Providers (ASPs) of their choice at no extra fee or charges

                                                                       

National Pension System (NPS) subscribers can choose the pension scheme and Annuity Service Providers (ASPs) of their choice at no extra fee or charges, according to a recent clarification issued by Pension Fund Regulatory and Development Authority (PFRDA).

“NPS Subscribers are entitled to exercise their individual choice when selecting an Annuity scheme and ASP, based on their individual requirements and specific needs,” PFRDA said in a circular dated July 27, 2023.

At the time of exit from NPS, subscribers are mandatorily required to purchase an annuity that provides a monthly or periodical annuity (pension) from an ASP empanelled with the Authority. In certain situations, a limited exemption has been allowed by the Authority from the requirement of the purchase of an annuity.

The freedom to choose the pension scheme and ASP will help subscribers in optimizing their retirement planning experience.
Fees and Charges

According to the circular, there is no extra fee or charges on the subscribers other than the premium approved by the insurance regulator (IRDAI) for the annuity product.

“There shall be no additional fees or charges on the subscriber(s) other than the premium approved by the Insurance Regulatory and Development Authority of India (IRDAI) for the annuity product,” PFRSA said.

“However, any taxes or other levies payable to the Government, or any charges by the regulator are excluded from this limitation,” it added.

Further, the pension regulator said that there should be no additional intermediation expense or charge in respect of the annuity product issued to the subscribers. “ASP can deploy no agency or intermediary for sourcing Annuity from NPS Subscribers. The annuities under NPS are to be issued under direct channel,” it said.

The responsibility of monitoring compliance with the duties and obligations as laid down under the Exit Regulations and Circulars issued by the Authority is with the compliance officer of the ASP.

“ASP and the Compliance Officer shall also take steps to address the grievances reported to them by subscribers who have
purchased annuities from the ASP, upon exit from the NPS,” the regulator said

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Income Tax Return Due Date AY 2023-24 News Live: Last Date not Extended, 6.13 crore ITRs filed. File Today

 

Income tax Return filing on www.incometax.gov.in, ITR Due Date AY 2023-24 Latest News Updates on July 31: Today is the due date of ITR filing for taxpayers whose accounts don’t need to be audited.

Income tax Return filing on http://www.incometax.gov.in, ITR Due Date AY 2023-24 Latest News Updates on July 31 deadline: Today is the due date of ITR filing for taxpayers whose accounts don’t need to be audited. If you haven’t filed your ITR for AY 2023-24 (FY 2022-23) yet, you must do it by the end of the day today. It is now almost certain that there will not be an extension of the ITR filing Due Date for AY 2023-24. More so because it seems most of the taxpayers have already filed their returns, a day before the end of the due date.

Data shared by the Income Tax Department show that more than 6.13 crore ITR have already been filed till July 30. Till July 31 last year, only around 5.83 crore returns were filed. Moreover, a large number of taxpayers have also received refunds.

In recent weeks, several reports confirmed that the Government was not planning to extend the due date beyond July 31. So if your book of account doesn’t need to be audited, ensure to file your ITR today to avoid the consequences of not filing ITR by July 31. This blog provides recent updates on the ITR filing Due Date on July 31 along with relevant last-minute tips to help you file your returns. Stay Tuned

Income Tax Return Due Date Extension News on July 31, Latest Updates on ITR Due Date, Latest ITR Filing News Today, ITR Due Date News on July 31: Will there be ITR Due Date Extension? Income Tax Refund News, ITR Filing Errors and Mistakes To avoid.

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Utkarsh Small Finance Bank IPO Listing: Shares have bumper debut on bourses, list at 60% premium

 

Utkarsh Small Finance Bank debuted on the bourses with a 60% premium, listing at Rs 39.95 versus the issue price of Rs 25.

Utkarsh Small Finance Bank IPO: Utkarsh Small Finance Bank shares listed at 59.8% premium over IPO price on NSE and BSE amid positive domestic market. The shares debuted at Rs 39.95 on the BSE, as compared to the issue price of Rs 25. A positive listing was expected as ahead of the market debut, Utkarsh Small Finance Bank shares were trading at a premium of Rs 16.10 in the grey market.
Utkarsh Small Finance Bank IPO subscription data

Utkarsh Small Finance Bank IPO opened for subscription on 12 July and the issue was fully subscribed 110.77 times on the last day of subscription, helped by overwhelming participation from institutional buyers. The Qualified Institutional Buyers (QIBs) category was subscribed 135.71 times, the portion for non-institutional investors received 88.74 times subscription and Retail Individual Investors (RIIs) quota got oversubscribed by 78.38 times. Employees bid 18.02x for their reserved portion.
The price band for its public issue at Rs 23-25 per equity share. At the upper end of the price band, the company’s promoters and shareholders seek to raise Rs 500 crore from the IPO. The IPO comprises a fresh issue of shares, with no OFS component. Following the listing, the promoter’s holding will be diluted to 69.28% from 84.75%.The price band for its public issue at Rs 23-25 per equity share. At the upper end of the price band, the company’s promoters and shareholders seek to raise Rs 500 crore from the IPO. The IPO comprises a fresh issue of shares, with no OFS component. Following the listing, the promoter’s holding will be diluted to 69.28% from 84.75%.


“USFB is in constant efforts to improve its business with deeper insights into customer trends, and develop customized products for its customer segments. It intends to further the growth through diversification of product offerings, customer segments and geography supported by technology, process and data analytics. With improvement in NIMs and NPAs in declining trend over the last three years, growth in earnings remains strong. On FY23 financials, the IPO is valued at 6.8x P/E and 1.1 times P/BV, we recommend SUBSCRIBE to this issue for the long term,” said Reliance Securities in a note.

About Utkarsh Small Finance Bank

USFB, as a small finance bank, offers a range of asset products, including micro-banking loans, retail loans, wholesale lending, housing loans, commercial vehicle/construction equipment loans, and gold loans. The bank also provides savings accounts, current accounts, term/recurring deposit accounts, and non-credit offerings such as ATM-cum-debit cards, bill payment systems, distributed third-party point-of-sales terminals, mutual funds, and insurance products.

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FII, DII data: FPIs bought shares worth Rs 2115 cr, DIIs sold shares worth Rs 1317 cr on Tuesday, 18 July

 

FIIs bought shares worth a net of Rs 15,160.29 crore while DIIs sold shares worth a net of Rs 7,869.36 crore for the month till 18 July.

Foreign institutional investors (FII) purchased shares worth a net of Rs 2,115.84 crore, while domestic institutional investors (DII) sold shares worth a net of Rs 1,317.56 crore on 18 July, according to the provisional data available on the NSE.

For the month till 18 July, FIIs bought shares worth a net of Rs 15,160.29 crore while DIIs sold shares worth a net of Rs 7,869.36 crore. In the month of June, FIIs bought shares worth a net of Rs 27, 250.01 crore while DIIs purchased equities worth a net of Rs 4, 458.23 crore.

“Domestic equities extended their record high-runs with Nifty touching a new high of 19819. The index opened higher and traded sideways to close with marginal gains of 38 points at 19749 levels. The broader market however underperformed with the Nifty midcap 100 ending flat to negative while the Nifty smallcap 100 was down -0.9%. Among sectors, IT was the top gainer up 1% followed by oil & gas. Continuing its current record-breaking rally, Nifty crossed the 19,800 mark – just 200 points away from the 20k zone,” said Siddhartha Khemka, Head – Retail Research, MOFS.

“We expect the gradual up move in the market to continue given the positive macro and micro factors. We suggest investors to look for buy on dips strategy as the Q1 earning season is expected to be healthy. On the global front, Investors look ahead to a busy week of earnings, including quarterly results from some of the largest U.S. banks. Today’s (Tuesday) release of U.S. retail sales and IIP data would be important from U.S. Fed’s interest rate decision perspective,” Siddhartha Khemka added. 

On Tuesday, the domestic benchmark indices NSE Nifty 50 and BSE Sensex made new all-time highs again and ended broadly in green. The Nifty 50 rose 37.80 points or 0.19% to close at 19,748.25 after making a new 52-week high of 19,819.45 intraday. The Sensex jumped 205.21 points or 0.31% to settle at 66,795.14 after hitting a fresh all-time high at 67,007.02 intraday. In sectoral indices, Nifty Bank fell 0.11%, Nifty IT gained 1.04%, Nifty Private Bank rose 0.04%, Nifty Financial Services fell 0.21%, Nifty PSU Bank slipped 1.28%, and Nifty Media soared 1.99%. 

Foreign institutional investors (FII) or Foreign portfolio investors (FPI) are those who invest in the financial assets of a country while not being part of it. On the other hand, domestic institutional investors (DII), as the name suggests, invest in the country they’re living in. Political and economic trends impact the investment decisions of both FIIs and DIIs. Additionally, both types of investors  –  foreign institutional investors (FIIs) and domestic institutional investors (DIIs) – can impact the economy’s net investment flows.

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Best Mid Cap Mutual Funds in 3 years (July 2023): 10 schemes with 34% to 40% SIP returns

 Best-performing Mid Cap Mutual Funds in 3 years ( till July 14, 2023): A majority of Mid Cap Mutual Fund schemes have performed well in three years. As per data on the website of Association of Mutual Funds in India (AMFI) at the time of writing, as many as 10 mid-cap funds have given over 34% returns under their direct plans. The regular plans of these schemes have also given over 32% returns.

Data shows that direct plans of as many as 9 Mid Cap Funds have also beaten the performance of their respective benchmark indices in three years.

10 top-performing Mid Cap Funds in 3 years

Quant Mid Cap Fund

The direct plan of Quant Mid Cap Fund has given 40.82% returns while the regular plan has given 38% returns in 3 years. The scheme tracks NIFTY Midcap 150 Total Return Index, which has given 34.77% return in 3 years.

Motilal Oswal Midcap Fund

The direct plan of Motilal Oswal Midcap Fund has given 40.52% returns while the regular plan has given 38.85% returns in 3 years. The scheme tracks NIFTY Midcap 150 Total Return Index, which has given 34.77% return in 3 years.

SBI Magnum Midcap Fund

The direct plan of SBI Magnum Midcap Fund has given 37.21% returns while the regular plan has given 36.01% returns in 3 years. The scheme tracks NIFTY Midcap 150 Total Return Index, which has given 34.77% return in 3 years.

PGIM India Midcap Opportunities Fund

The direct plan of PGIM India Midcap Opportunities Fund has given 37.90% returns while the regular plan has given 35.58% returns in 3 years. The scheme tracks NIFTY Midcap 150 Total Return Index, which has given 34.77% return in 3 years.

HDFC Mid-Cap Opportunities Fund

The direct plan of HDFC Mid-Cap Opportunities Fund has given 37.03% returns while the regular plan has given 36.08% returns in 3 years. The scheme tracks NIFTY Midcap 150 Total Return Index, which has given 34.77% return in 3 years.

Nippon India Growth Fund

The direct plan of Nippon India Growth Fund has given 36.12% returns while the regular plan has given 35.09% returns in 3 years. The scheme tracks NIFTY Midcap 150 Total Return Index, which has given 34.77% return in 3 years.

Mirae Asset Midcap Fund

The direct plan of Mirae Asset Midcap Fund has given 35.55% returns while the regular plan has given 33.75% returns in 3 years. The scheme tracks NIFTY Midcap 150 Total Return Index, which has given 34.77% return in 3 years.

Edelweiss Mid Cap Fund

The direct plan of Edelweiss Mid Cap Fund has given 35.75% returns while the regular plan has given 33.73% returns in 3 years. The scheme tracks NIFTY Midcap 150 Total Return Index, which has given 34.77% return in 3 years.

Also Read: Best Large and Mid Cap Mutual Funds in 1 year (July 2023): 11 Schemes with 25% to 34% SIP returns

Union Midcap Fund

The direct plan of Union Midcap Fund has given 35.78% returns while the regular plan has given 33.95% returns in 3 years. The scheme tracksS&P BSE 150 MidCap Total Return Index, which has given 34.04% return in 3 years.

Kotak Emerging Equity Fund

The direct plan of Kotak Emerging Equity Fund has given 34.41% returns while the regular plan has given 32.76% returns in 3 years. The scheme tracks NIFTY Midcap 150 Total Return Index, which has given 34.77% return in 3 years.

#CapMutualFunds #CapMutualFunds

1. #LargeCapFunds #LargeCapFunds
1. #MidCapFunds #MidCapFunds
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