BSE, Morningstar launch website for mutual funds

According to Morningstar India, the website would provide rich content to the users and would make available our proprietary data points, including our style box, star ratings and analyst ratings

BSE Ltd (formerly Bombay Stock Exchange Ltd) in collaboration with Morningstar India, today launched a website to empower investors with relevant information and tools on evaluating mutual fund investment opportunities.

BSE has tied up with Morningstar, a leading independent investment research company with presence in 26 countries across the globe. Morningstar provides data on approximately over 330,000 investment offerings worldwide including stocks, mutual funds, etc along with real-time global market data on more than 5 million equities, indexes, futures, options, commodities, precious metals, foreign exchange and treasury markets.

Aditya Agarwal, MD of Morningstar India, said “The website would provide rich content to the users and would make available our proprietary data points, including our style box, star ratings and analyst ratings.” The URL of the website is http://bseindia.morningstar.in

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Federal Bank hikes interest rates on foreign currency deposits

The revised rates are effective from 1st December

Federal Bank has hiked the interest rates on non resident term deposits. Revised rates of interest for NRE term deposits for 1 year to less than 2 years, 2 years to less than 3 years and 3 years and above would be 3.82%, 3.51% and 3.64% respectively.

For FCNR deposits in US Dollar, the revised rates for 1 year to less than 2 years, 2 years to less than 3 years, 3 years to less than 4 years, 4 years to less than 5 years and 5 years only are 2.32%, 2.01%, 2.14%, 2.35% and 2.59% respectively. The revised rates are effective from 1st December

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Factory output index marginally down to 51 in November

The HSBC Factory Purchase Managers’ Index declined marginally to 51 in November from 52 in the previous month. The fall has been attributed to a slight decline in new export orders on the back of uncertain global conditions

Factory output, as measured by the HSBC Factory Purchase Managers’ Index (PMI), declined marginally to 51 in November from 52 in the previous month. The fall has been attributed to a slight decline in new export orders on the back of uncertain global conditions. While the latest reading pointed to an improvement in business conditions in the Indian manufacturing sector, the rate of growth was marginal and weak in the context of historical data, HSBC Markit said in a release.

The HSBC India Manufacturing PMI is based on a survey of purchasing executives in over 500 manufacturing companies. An index reading above 50 indicates an overall increase in that variable, below 50 an overall decrease.

The slower rise in new orders resulted in backlogs of work increasing sharply. The November data also signalled a fall in employment in the manufacturing sector for the fourth month in a row.

Input prices faced by manufacturers in India rose substantially during November, with the rate of cost inflation accelerating slightly to a three-month high. Higher raw material prices were cited as the main driver of the rise in costs.

Commenting on the India Manufacturing PMI survey, Leif Eskesen, chief economist for India & ASEAN at HSBC said, “Manufacturing sector continues to grow at a slower clip led by a deceleration in domestic orders. Despite this, manufacturers still struggle to keep up with new orders and inflation pressures are not abating. This suggests that the RBI will have to keep monetary conditions tight for an extended period.”

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