This is the company's maiden long-term loan from the NHB and it opens up an additional avenue for long-term, low-cost funding, it said, adding that the money will help it expand its financing solutions to the underserved population, SMFG Grihashakti Chief Executive Deepak Patkar said. Read on to know more:
SBI Funds Management is a joint venture between State Bank of India and Amundi, the largest European asset manager. It leads the market with an assets under management (AUM) of over Rs 8.50 lakh crore as of December 2023. Shamsher Singh, the managing director & chief executive, said, the new index fund is a smart-beta strategy that allocates equal weight to all stocks, instead of considering market cap as the sole criteria.
Small-cap funds accounted for most of the investments for the 15th straight month at 38.57 billion rupees, more than one-fifth of the overall equity mutual fund inflows. In contrast, mid-cap funds saw inflows nearly halving month-on-month to 13.93 billion rupees, while large-caps witnessed outflows of 2.81 billion rupees, in December.
"The push towards smaller ticket size SIPs will help improve participation amongst smaller investors which will emanate into further expediting expansion of the retail base in the country," Zerodha Fund House CEO Vishal Jain said. Further, SIPs' Assets Under Management (AUM) jumped 38 per cent to Rs 9.31 lakh crore at the end of November 2023 from Rs 6.75 lakh crore at the end of December 2022.
Leveraging its branch network in North and West India, CGCL aims to cross-sell insurance products to its customers. The company also plans to provide tailored insurance solutions to its borrower clients, offering comprehensive coverage against life and non-life risks.
Ashv Finance's managing director Nikesh Kumar Sinha said the company aims to disburse Rs 390 crore of loans under the rooftop solar space in the next five years.
The company plans to open 10 more branches by March to take its overall network to 40 branches, and will be adding about 175 employees to take its overall staff size to 500 by March 2024.
Shriram Life Insurance Ltd has reported a profit after tax for the three months ended September 30, 2023, at Rs 31.1 crore, the company said on Friday. The company, jointly promoted by Sriram Group and South Africa-based financial services group Sanlam Ltd had reported a profit after tax at Rs 35.6 crore during the corresponding quarter of last year.
Cholamandalam Investment and Finance Company Limited (Chola), the financial services arm of the Murugappa Group, on Thursday reported a 35% rise in profit after tax (PAT) in the September quarter 2023 of Financial Year 24
Given that Indian students have alternative destinations for their education, the AUM growth of education loan NBFCs is unlikely to be significantly affected.
"Given the current interest rate scenario and uncertainty over the direction of interest rates in the country, it appears that many investors continue to adopt a cautious stance and wait for further indication on interest rates to make investment decisions. Also, a rally in the equity markets could have also prompted investors to shift their focus from debt to equity," Melvyn Santarita, Analyst - Manager Research at Morningstar India, said.
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