Interest rates hit real estate sector

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Private equity investment in real estate declined has 5% year-on-year in April-June to $1.9 billion due to high interest rates. PE inflows stood at $2 billion in the year-ago period, a report by Anarock said. PE inflows stood at $1.4 billion in the first quarter of 2021-22, 0.2 billion dollars in Q1 FY21 and $1.7 billion in Q1 FY20. Foreign investors accounted for 94 per cent of the PE investments, while the share of domestic fund was 6 per cent. PE funding remained dominated in form of equity, which contributed 94 per cent to the total inflow.

Inflows into small cap funds jump 67%

Small cap mutual fund schemes witnessed a massive increase in inflow of funds by 67 percent in the month of June to hit a high of ₹5,471.75 crore against ₹3,282.50 crore in May. At the same time, large cap mutual funds saw an outflow of ₹2,049.6 crore against ₹1,362 crore in May, a jump of around 50 percent, data from Association of Mutual Funds in India showed. Besides large caps, another category of schemes that saw an increase in outflow was focussed funds, which grew by 8 percent from 943 crore in May to ₹1,018 crore in June.

Now, you can port your cards too!

From 1 October, all credit card, debit card and prepaid card customers in India will be able to port their networks. Just as you can port your mobile networks between Vodafone, Jio and Airtel, now card users would be able to port from Visa to MasterCard to RuPay or any other network or vice-versa of their choice. The Reserve Bank of India has issued a new circular that empowers debit, credit, and prepaid card users to select their preferred card network, which challenges the existing practice where card network options are predetermined by agreements between issuers and networks.

SAT refuses relief for Chandra, Goenka

The Securities Appellate Tribunal on Monday refused to grant an interim stay on market regulator SEBI’s order against Zee Entertainment’s Subhash Chandra and Punit Goenka. Sebi had barred the duo from holding any directorial position in any company.The petitioners are expected to challenge the ruling in the Supreme Court. The ruling again clouds the Zee-Sony merger. Zee’s shares fell as much as 5.7% after the ruling. The stock is down 16.6% so far this year after losing 25.2% in 2022.

Go Air RP invites bids for airline

A resolution professional appointed to oversee the insolvency process for Go Airlines has invited Expression of Interest for the sale of the carrier as part of the process. The last date for receipt of offers is August 9. This step formally begins the process of inviting buyers for the grounded airline. The airline company had filed for bankruptcy protection in May blaming “faulty” Pratt & Whitney engines for the grounding of about half its 54 Airbus A320neo planes.

Hyundai Exter launched @Rs 5.99 lakh

Hyundai has launched the Exter SUV in the Indian market. The new Hyundai Exter is the brand’s entry-level SUV and is offered with a starting price of Rs 5.99 lakh, while the top-spec variant retails for Rs 9.31 lakh, ex-showroom in Delhi. The Exter comes in 5 variants. The Korean carmaker announced that they have already received over 11,000 bookings for the SUV, with 38% of them being the AMT version. The factory-fitted CNG variant accounts for 20% of the bookings.

HDFC Bank extends date special FD scheme

HDFC Bank has yet again extended the special FD scheme for senior citizens offering higher interest rates. HDFC Bank’s special FD for senior citizens. Senior Citizen Care FD, was launched in May 2020. The last date to invest in the Senior Citizen Care FD plan has been extended to November 7, 2023, as per the bank’s website. An Additional Premium of 0.25% over and above the existing 0.50% shall be given to Senior Citizens

Cyient DLM lists with 52% premium

Cyient DLM got listed on bourses at a huge premium. It got listed on NSE at Rs 403 per share while its issue price was Rs 265 per share. This implies a premium of around 52%. During bidding it was subscribed more than 71 times. The shares closed at 420.75, a gain of 59% from the issue price. Brokerages generally gave subscribe rating as company has long term relations with client in highly technical industry which provides entry barrier.

Utkarsh Small Fin Bank fixes IPO price

Utkarsh Small Finance Bank on Monday fixed a price band of Rs 23-25 a share for its Rs 500-crore initial public offering. The bank’s IPO will open for subscription from July 12-14. The bidding for anchor investors will open on July 11. Utkarsh is looking to raise Rs 500 crore through fresh issue of equity shares. Proceeds from the fresh issue will be utilized to augment the lender’s tier 1 capital base to meet future capital requirements. Investors can bid for a minimum of 600 equity shares and in multiples of 600 equity shares thereafter.

IBA asked to start wage negotiations

The government has asked the Indian Banks’ Association to start the process of wage negotiations for the 12th Bi-partite settlement and finalise it by December 1, 2023. The wage revision for employees and officers of the public sector banks is due from November 1, 2022. The early wage revision would help improve working conditions and incentivise the banking sector employees.