Birla Sun Life launches subscription through debit card, daily systematic transfer plans and step-up SIPs
Birla Sun Life Asset Management Company Ltd (BSLAMC) has launched an array of customer centric facilities to enhance the customer experience and convenience. These are subscription through debit card, every day systematic transfer plan (STP) and systematic investment plan (SIP) with step-up option.
BSLAMC has launched the debit card payment on its website through a secure platform such that existing investors would be able to use their debit card (VISA) while making additional subscriptions through their secured login section on the AMC website. This service has been introduced to enhance customer convenience as not many investors have access to internet banking for their bank accounts. Currently, subscriptions can be made through banks which are available on the VISA platform, offering features in line with the RBI guideline on 3D security.
Prior to this, BSLAMC had also launched mobile investment manager through which existing customers could manage their investments from the convenience of their mobile phone by registering for the service. Initiatives like the debit card payment and the mobile investment manager facilitate paperless transaction capabilities and go a long way in supporting the environmental cause.
If the Nifty breaks today’s low, it may hit 4,625
Moody’s downgrade of State Bank of India, India’s biggest lender, sent the stock tumbling 5% in intraday trade and resulted in the market closing in the negative for the third straight day. We had mentioned yesterday that the Nifty may fall to the level of 4,700. Today, the benchmark Nifty closed at 4,772, its lowest since 29 August 2011. The intraday high of 4,870 is the lowest after 15 February 2010. The Nifty made a lower low, lower high and lower close for the second day in a row, which indicates a strong downtrend. From here if the index breaks today’s low, we may see the Nifty touch the level of 4,625.
The market extended its losses for the third day on weak cues from the global arena. Fears that a banking crisis in Europe would impact the global economy weighed down on investors, pulling down markets across the globe. The Nifty opened 26 points lower at 4,824 and the Sensex resumed trade at 16,082, down 69 points. Realty, banking and metal sectors witnessed selling pressure in early trade.
The market traded sideways, hovering on both sides of the neutral line till noon trade but received a severe jolt after news came in that global rating agency Moody’s Investor Services downgraded State Bank of India (SBI) to ‘D+’ from ‘C-’. The downgrade resulted in the stock falling to its lowest since 7 September 2009 on the bourses. The stock closed at 1,794.05, the lowest since 7 September 2009 on the NSE.
The SBI downgrade, as well as a cut in the European indices in opening trade resulted in the domestic market falling to its intraday low at around 1.30pm. At the lows, the Nifty went back to 4,732 and the Sensex tumbled to 15,745. The decline in the market lured investors to pick up stocks at cheaper prices, resulting in a marginal recovery. But still, the market settled lower for the third day in a row with the Nifty down 77 points at 4,772 and the Sensex closing trade at 15,865, a cut of 287 points. Today the NSE saw volumes of 57.93 crore shares.
The advance-decline ratio on the NSE was 521:1218.
Among the broader indices, the BSE Mid-cap index declined 1.28% and the BSE Small-cap index fell 1.09%.
Barring the BSE Capital Goods index, which closed up 0.57%, all other sectoral gauges settled in the red. The main losers were BSE Bankex (down 3.09%), BSE Auto (down 1.94%), BSE PSU (down 1.77%), BSE Oil & Gas (down 1.74%) and BSE Metal (down 1.48%).
The top Sensex gainers were Maruti Suzuki (up 2.73%), Larsen & Toubro (up 1.42%), Wipro (up 1%), Tata Steel (up 0.65%) and BHEL (up 0.45%). The major losers were Coal India (down 4.98%), ICICI Bank (down 4.59%), Tata Motors (down 4.35%), SBI (down 4.08%) and Mahindra & Mahindra (down 3.89%).
The top Nifty performers were Maruti Suzuki (up 2.57%), L&T (up 2.11%), Wipro (up 1.97%), BHEL and Siemens (up 0.78% each). The top five stocks that dragged the index lower were Tata Motors (down 4.85%), ICICI Bank (down 4.43%), M&M (down 4.31%), SBI (down 3.63%) and Jindal Steel (down 3.48%).
Markets in Asia ended in the red as European policymakers on Monday delayed the approval of a fresh bailout to Greece, raising new worries about its default. This apart, South Korea’s manufacturing activity growing at the slowest pace in 11 months in September added to the woes.
The Hang Seng declined 3.40%; the Jakarta Composite fell 2.37%; the KLSE Composite lost 0.45%; the Nikkei 225 slipped 1.05%; the Straits Times tanked 3.45% and the Seoul Composite shrank 3.59%. Bucking the trend, the Taiwan Weighted added 0.48%. The Chinese market is closed for a week-long holiday.
Back home, foreign institutional investors were net sellers of shares worth Rs825.89 crore on Monday. On the other hand, domestic institutional investors were net buyers of stocks worth Rs295.35 crore.
DLF Foundation, the corporate social responsibility arm of the country’s largest realty firm DLF, said it will invest Rs200 crore to establish 250 centres for skill training of one million unemployed youth. These centres would come up under flagship programme DLF LIFE (Learning Initiatives For Employment). The first centre was inaugurated at Okhla, in the national capital, on Monday. The stock shed 0.05% to close at Rs200.65 on the NSE.
National Aluminium Company (Nalco) signed an agreement in Jakarta today for setting up a half-a-million tonnes per annum aluminium smelter and a 1,250MW coal-based power plant in Indonesia’s East Kalimantan province at an investment of $4.5 billion. The investment will be deployed through a Nalco-led joint venture, in which it will have a majority 75% equity. The remaining equity in the JV will be held by a local coal mining firm. Nalco gained 0.16% to close at Rs61 on the NSE.
Film exhibitor and distributor PVR today said it will invest Rs100 crore in the next fiscal to expand its movie screening network across India. The company, which had earmarked Rs100 crore for this fiscal, said it has invested up to Rs40 crore till now. The stock declined 3.70% to end at Rs117 on the NSE.
The facility christened as ATMfunds@Union Bank will be available to all the customers of Union Bank, who have a debit card
Union KBC Asset Management Company Pvt Ltd (Union KBC), a subsidiary of Union Bank of India, is to introduce mutual fund-related transactions through ATMs.
Initially, the facility christened as ATMfunds@Union Bank will be available to all the customers of Union Bank, who have a debit card. The facility will be launched nationwide this month, Mr G. Pradeepkumar, CEO of Union KBC, said on Monday.
It will also be launching online facilities for mutual fund-related transactions shortly. Union Bank KBC has also introduced UB KBC Prabodh, a series of investor awareness programmes for mutual fund investors.
According to Union KBC, Prabodh is a commitment to provide 1,000 AMFI Investor Awareness Programmes for investors across India over the next 12 months.
Prabodh is a multi-layered initiative, not only focused on education, but also the practical goal of getting more informed clients to invest in mutual funds.
The company, which already has two mutual fund products - equity fund and liquid fund - would be coming out with a tax-saving mutual fund product soon. The company could able to collect Rs166 crore from the equity fund since its launch in June.