Reblog: Reliance Nippon Life IPO review


Reliance Nippon Life Asset Management Ltd. (RNL) (erstwhile known as Reliance Capital Asset Management Ltd.) is one of the largest asset management companies in India, managing total AUM of Rs. 3,625.50 billion as of June 30, 2017. RNL is involved in managing (i) mutual funds (including ETFs); (ii) managed accounts, including portfolio management services, alternative investment funds (“AIFs”) and pension funds; and (iii) offshore funds and advisory mandates. It is ranked the third largest asset management company, in terms of mutual fund quarterly average AUM (“QAAUM”) with a market share of 11.4%, as of June 30, 2017, according to ICRA. RNL started mutual fund operations in 1995 as the asset manager for Reliance Mutual Fund, managed QAAUM of Rs. 2,229.64 billion and 7.01 million investor folios, as of June 30, 2017. It managed 55 open-ended mutual fund schemes including 16 ETFs and 174 closed-ended schemes for Reliance Mutual Fund as of June 30, 2017. RNL has a pan-India network of 171 branches and approximately 58,000 distributors including banks, financial institutions, national distributors and independent financial advisors (“IFAs”), as of June 30, 2017.

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Nifty settles below 9,800, down over 1.5% for the week; Sensex ends flat


Benchmark indices pared gains to end flat, losing over 1.5% in the week on foreign fund outflows amid worries that the government may widen its fiscal deficit target of 3.2% of gross domestic product for the year ending in March 2018 to boost an economy that grew at a slower pace than expected.

Broader markets outperformed benchmark indices with BSE Midcap and BSE smallcap indices gaining 0.8% and 1% respectively. Both indices ended over 1% for the week

Foreign investors net selling equities worth $1.1 billion during the month. They had sold worth $2 billion in shares in August.

Bajaj Auto, Adani Ports, GAIL and Eicher Motors gained the most on both indices, while HUL and Wipro were the top losers.

Realty firm Godrej Properties today said it has entered into a joint venture agreement with Royale Builders and Developers to develop a 13-acre group housing project in north Bengaluru.

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Sensex pares gains to turn flat, Nifty below 9,950; L&T up 4%


Equity benchmarks ended flat with a positive bias on Friday. L&T, HDFC Bank and ITC helped the market close higher but Infosys and HDFC capped upside.

The 30-share BSE Sensex was up 24.78 points at 31,687.52 and the 50-share NSE Nifty gained 4.90 points at 9,934.80.

The market breadth turned negative in afternoon trade today as about three shares declined for every share rising on the BSE.

IDBI Bank shares gained a percent as the board of directors has approved divestment of its stake in SIDBI.

Glenmark Pharma shares dropped more than 3 percent after brokerage house Credit Suisse slashed its target price on the stock to Rs 650 from Rs 750 per share.

Bajaj Finance shares fell more than 3 percent in the afternoon as the company raised funds through QIP at a discount to its floor price.

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Benign reaction to UK poll verdict; Sensex, Nifty erase losses to end on Friday in green


The benchmark indices ended marginally higher on Friday tracking mixed trend seen in global markets as investors reacted benignly to the UK poll verdict, which left no single party with a clear claim to power.

The S&P BSE Sensex settled at 31,262, up 48 points, while the broader Nifty50 closed at 9,668, up 21 points.

In the broader market, the S&P BSE Midcap and the S&P BSE Smallcap indices gained 0.3% and 0.5%, respectively.

The breadth, indicating the overall health of the market, was positive. On the BSE, 1,380 shares rose and 1,289 shares fell. A total of 187 shares were unchanged.

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