Weekend Wrap: From Petronet LNG to Siemens, top market movers and news of week | Stock Market News
Source: Live Mint
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India’s foreign exchange reserves saw a significant boost, increasing by USD 12.588 billion to reach an all-time high of USD 704.885 billion as of the week ending September 27, 2024.
This growth in reserves can be attributed to several factors, including rising foreign investments, positive trends in exports, and possibly interventions by the Reserve Bank of India (RBI) to stabilise the currency market. The surge indicates robust external economic health, which helps in reducing vulnerabilities to international financial uncertainties.
A higher reserve also means that India is in a stronger position to pay for its imports and manage short-term debt obligations. In uncertain global times, such reserves give India a cushion against potential external risks, such as fluctuating oil prices or geopolitical tensions.
Moreover, Manba Finance made a strong debut on the stock market, listing at a 25% premium over its issue price of ₹120 per share.
Similarly, KRN Heat Exchanger and Refrigeration enjoyed an exceptional start, listing at a premium of 114% over its issue price of ₹470. This substantial premium reflects optimism surrounding the company’s market position and future prospects.
Northern Arc Capital, a financial services company focused on providing debt to under-served sectors, listed at a 15% premium over its issue price of ₹188. The moderate premium suggests confidence in the company’s role in bridging credit gaps in the Indian market, although not as exuberant as the premiums seen with the other two companies.
Furthermore, Aditya Birla Sun Life AMC, ICICI AMC, and Axis AMC have each launched new fund offerings (NFOs) that cater to different segments of the investment market.
Aditya Birla Sun Life AMC introduced the ABSL CRISIL IBX AAA NBFC HFC Index Fund. This fund focuses on high-quality, AAA-rated non-banking financial companies (NBFCs) and housing finance companies (HFCs), offering a safer investment option in the debt market.
ICICI AMC launched the ICICI Prudential Nifty200 Value 30 Index Fund, which tracks the performance of 30 value stocks from the Nifty 200 index. This fund is designed for investors seeking exposure to value-driven companies with strong fundamentals.
Axis AMC unveiled the Axis Nifty500 Value 50 Index Fund, which invests in 50 value stocks from the Nifty 500 index. This fund aims to offer diversified exposure to undervalued stocks across various sectors.
Kuvera is a free direct mutual fund investing platform. Unless otherwise stated data sourced from BSE, NSE and kuvera.
