Bajaj Finserv gets SEBI approval for mutual fund business

Bajaj Finserv is likely to enter mutual fund business by end-2012

Bajaj FinServ, the financial services arm of Bajaj Group, has received approval from the capital markets regulator SEBI for setting up mutual fund business and is likely to enter the fray by end-2012, the company's managing director Sanjiv Bajaj told reporters on the sidelines of the India Economic Summit of the World Economic Forum on 13th November.

Mr Bajaj, however, said the company's consumer lending business may be hit going forward. "Going ahead, it (consumer lending) will slow down. Consumer lending is the last one to be affected in a high rates cycle and I see some impact on the vertical," Mr Bajaj said.

Bajaj FinServ's business plans continue to be "steady" even as fears of a slowdown are being expressed, he said. "The market is large enough for us to find our attractive business," he said adding that a lot remains to be done on the inflation front.

Bajaj Finserv posted a more than two times rise in its net profit at Rs158 crore in the second quarter of current fiscal on the back of sound rise in income in its general, and life insurance business among others. Net profit during the July-September period of the company was at Rs69 crore.

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Gold hits new high at Rs29,295 on marriage season demand

Trading sentiments bolstered on heavy purchases for the ongoing marriage season and investor shifting their funds from weakening stocks to rising bullion. The uptrend was further supported by firming global trend on a decline in the dollar as the appointment of new governments in Greece and Italy boosted demand for the metal as an alternative asset

New Delhi; Gold in India touched a new all-time high level on Monday, rising by Rs30 to Rs29,295 per 10 grams, driven by sustained buying by stockists and jewellers to meet the demand for the ongoing marriage season, amid a firming global trend, reports PTI.

The precious metal had touched a high of Rs29,140 on 9th November.

Silver followed suit and gained Rs150 to Rs58,000 per kg on increased offtake by industrial units and jewellery makers.

Trading sentiments bolstered on heavy purchases by stockists and retailers for the ongoing marriage season and investor shifting their funds from weakening stocks to rising bullion.

The uptrend was further supported by firming global trend after gold advanced as a decline in the dollar after the appointment of new governments in Greece and Italy boosted demand for the metal as an alternative asset.

Gold in global markets, which normally set price trend on the domestic front, gained 0.4% to $1,796.27 an ounce in Singapore.

On the domestic front, gold of 99.9% and 99.5% purity added another Rs30 each to Rs29,295 and Rs29,155 per 10 grams, respectively, a level never seen before. However, sovereigns held steady at Rs23,300 per piece of eight grams in limited deals.

In line with a general firming trend, silver ready rose by Rs150 to Rs58,000 per kg and weekly-based delivery by Rs245 to Rs57,995 per kg. Silver coins met with resistance at existing higher level and lost Rs2,000 to Rs65,000 for buying and Rs66,000 for selling of 100 pieces.

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Euro crisis impacting growth, to hurt exports: FM

Finance minister Pranab Mukherjee said that while India’s export sector has performed well so far this year, the tendency of some developed countries to resort to protectionist measures in the face of downturn of their economies would have a bearing on the country’s exports

New Delhi: Finance minister Pranab Mukherjee on Monday said the euro zone crisis is impacting the country's growth and will hurt exports in coming months, reports PTI.

“The recent development in the Eurozone has heightened uncertainty in financial markets. India’s short-term growth prospects have been adversely impacted,” he said while inaugurating the India International Trade Fair here.

The minister further said the tendency of certain developed countries to adopt protectionist measures during a downturn would have a bearing on India’s exports, which have reported impressive growth so far this year.

“India's export sector has performed well this year. I must add that the tendency of some developed countries to resort to protectionist measures in the face of downturn of their economy is a matter of grave concern, not only to our exports, but also to the recovery of the world as a whole,” he said.

“If the Eurozone crisis prolongs, growth in exports will be impacted,” he added.

Industrial production slipped to a two-year low of 1.9% in September. Overall economic growth in the first quarter of the fiscal stood at 7.7%, the lowest rate experienced in 18 months.

The Reserve Bank of India (RBI), India's central banking system, has already revised its growth projection for 2011-12 downward to 7.6% from 8.5% in the previous fiscal, mainly on account of the global economic slowdown and stubborn domestic inflation.

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