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  MF  BIRLA SUN LIFE EQUITY FUND-G     434.87    (-0.14)       BNP PARIBAS MIDCAP FUND-G     20.833    (0.047)       DAIWA INDUSTRY LEADERS-G     12.78    (0.11)       FRANKLIN INDIA FLEXI CAP FUND-G     54.6949    (0.0617)       FRANKLIN INDIA HIGH GROWTH COMPANIES FUND-G     25.2803    (0.0694)       IDFC PREMIER EQUITY FUND - REGULAR PLAN-G     62.7543    (0.2868)       IDFC STERLING EQUITY FUND - REGULAR PLAN-G     32.9105    (-0.0206)       MORGAN STANLEY A.C.E. FUND - REGULAR PLAN-G     20.697    (-0.161)       RELIANCE GROWTH FUND-G     725.7006    (5.6466)       RELIANCE REGULAR SAVINGS FUND - EQUITY OPTION-G     47.0991    (0.0678)       SBI CONTRA FUND-G     79.7042    (0.5199)       SUNDARAM SELECT MIDCAP FUND - REGULAR PLAN-G     288.2426    (0.8953)      

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Date:  23/09/2014
MFs’ aggressive NFO sales pitch under Sebi radar
Are fund houses returning to their old ways? Capital market regulator Sebi, in various meetings with fund officials of late, has raised concerns over some of the aggressive selling practices of several asset managers to push their new fund offers (NFOs). This comes on the heels of a separate audit Sebi conducted on mutual funds a couple of months ago to see whether they unlawfully paid extra commission to distributors strictly meant for securing investors outside the top 15 cities. This comes on the heels of a separate audit Sebi conducted on mutual funds a couple of months ago to see whether they unlawfully paid extra commission to distributors strictly meant for securing investors outside the top 15 cities. (ET)
Date:  23/09/2014
Sensex reverses losses to close 116 points up
The 30-share benchmark S&P BSE Sensex index reversed earlier loses to close in the green on Monday, led by shares of consumer durables and fast moving consumer goods companies. The Sensex closed 0.43%, or 116.32 points, up at 27,206.74, while the National Stock Exchange’s broader barometer 50-share Nifty added 0.31%, or 24.85 points, to end at 8,146.30 points.(Mint)
Date:  23/09/2014
Govt's investor of last resort sells in bull run
So far this quarter, insurance companies, led by Life Insurance of Corporation of India (LIC), have offloaded stake worth about Rs 17,000 crore, despite a seven per cent rise in the market during this period. The aggressive selling comes at a time when mutual funds and foreign institutional investors (FIIs) have been heavy buyers of equities. Mutual funds bought shares worth about Rs 12,000 crore and FIIs purchased shares of about Rs 25,000 crore.Market players believe LIC might have sold stake to make room to participate in the government’s disinvestment programme, estimated to raise about Rs 40,000 crore in FY15. Insurance companies had also sold holdings due to redemptions in unit-linked insurance plans (Ulips), said companies in this segment. A senior LIC official said the selling was in line with a churn in the company’s portfolio, as well as its profit-booking strategy.(BS)
Date:  23/09/2014
Street expects RBI to hold rate for entire year
The current financial year might end up being the first in seven years to see the Reserve Bank of India (RBI) keeping the benchmark repo rate unchanged, indicates a Business Standard poll among 15 financial experts, days before the central bank’s review of its monetary policy. As many as nine respondents — all leading names in the public sector, private and foreign banks, as well as other financial intermediaries — said RBI would hold the repo rate at eight per cent at least until the end of March 2015. There are, of course, a few bravehearts who are betting on a repo rate cut of 25 basis bps (four of the 15) to 75 bps (one) and even 100 bps (one). The repo rate — the rate at which banks borrow from the central bank — was last kept unchanged through a financial year in 2007-08, at 7.75 per cent.(BS)
Date:  22/09/2014
Small MFs specialize to beat bigger peers
Now that sponsors of all asset management companies (AMCs) have to maintain a minimum networth of Rs.50 crore in their own mutual fund (MF) houses, the question of whether small fund houses are serious or not has been resolved. Or so it seems, at least from the regulator’s end. But the debate is much wider: Can small MFs survive in the competitive industry? Last week, PineBridge Asset Management Co. Ltd exited the Indian MF business; Kotak Mahindra Asset Management Co. Ltd bought its schemes. Amid giants that come with track records of more than 10 years—and some of their schemes are managed by star fund managers—how can small firms attract investors, give them a better experience and compete with the larger firms in a meaningful manner? And, more importantly, can they find takers in the so-called “Beyond the Top 15” (B15) cities?(Mint)
Date:  22/09/2014
Portable PF A/c number to be launched on October 16
Retirement fund manager EPFO's ambitious project to provide portable universal PF account numbers (UAN) to its subscribers will be launched on October 16. Besides, the government will launch unified web portal LIN (Labour Identification Number) for simplifying business regulations and bringing in transparency and accountability in labour inspections by various agencies and bodies under the administrative control of Labour Ministry. Prime Minister Narendra Modi is likely to launch both LIN web portal and UAN on October 16 as per the Plan chalked out by the Labour Ministry. "Labour Secretary had called a meeting for the launch of UAN and LIN yesterday. The ministry has planned to launch both LIN portal and UAN on October 16," a senior official said. (ET)
Date:  22/09/2014
Markets back in defensive mode
The euphoria that had begun in the run-up to Narendra Modi’s victory in the Lok Sabha elections seems to be waning, with the stock markets returning to the defensive mode. Over the past three months, the weight of information technology (IT), pharmaceutical and fast-moving consumer goods (FMCG) companies has risen sharply on the indices. These three sectors now account for a little more than a third of the combined market capitalisation (free-float) of the National Stock Exchange’s Nifty50 index, compared with 31 per cent at the end of May this year. The only exception in this pack has been ITC, whose stock is languishing due to the current health minister’s strong anti-smoking stance. The defensive stocks’ share on the index had peaked to around 37 per cent in October last year. In contrast, cyclical and interest-rate-sensitive sectors are now retreating. (BS)
Date:  20/09/2014
Gold declines most in 14 mths, silver dips to 14-week low
Gold hit a 14-month low due to poor demand and shifting of investment from commodities to other investment avenues, including the dollar index and equity. Standard gold at Zaveri Bazaar here fell below the psychological barrier of Rs 27,000 per 10g and closed at Rs 26,870 per 10g on Friday. Similarly, silver fell by Rs 400 to settle on Friday at Rs 41,000 a kg. This level of gold was earlier seen on July 19, 2013, when it had closed at Rs 26795 per 10g. The present level of silver was earlier seen at Rs 40,850 a kg, 14 weeks earlier on June 6.(BS)
Date:  20/09/2014
Sensex caps its biggest weekly winning run in two years
Indian stocks advanced for a sixth week, the longest weekly run in more than two years, as shares related to e-commerce climbed following Alibaba Group Holding Ltd’s record initial public offering in the US. Info Edge (India) Ltd led a rally among domestic e-commerce-related companies after Alibaba raised $21.8 billion. Maruti Suzuki India Ltd increased to a record. Jet Airways (India) Ltd climbed the most in a week after a local unit of Moody’s Investors Service, upgraded its rating. Tata Consultancy Services Ltd (TCS) paced gains among technology shares. The S&P BSE Sensex fell less than 0.1% to 27,090.42 at the close on Friday. For the week, it added 0.1%. Alibaba and shareholders including Yahoo Inc. sold 320.1 million shares for $68 each, after offering them for $66 to $68, according to a statement. In India, Flipkart.com and Amazon.com Inc. (Mint)
Date:  20/09/2014
Kotak AMC buys PineBridge MF
Kotak Mahindra Asset Management Company, the country’s ninth biggest fund house in terms of assets, has acquired the local schemes of PineBridge Mutual Fund, for an undisclosed sum, subject to regulatory approvals. PineBridge MF had assets under management (AUM) of only Rs 660 crore. The deal marks a third exit of a foreign fund house in less than a year and underscores the challenging conditions for smaller entities. In the previous nine months, Morgan Stanley sold its domestic MF business to HDFC AMC and ING MF was acquired by Birla Sun Life AMC. The Kotak deal size couldn’t be ascertained but those in the sector said the transaction value would be lower than recent acquisitions, struck at four to six per cent of the total asset size of the fund house.(BS)
Date:  20/09/2014
Rupee slips, pound gains weight
Following Scotland voting to stay as part of the United Kingdom in a referendum on independence, the pound strengthened in international markets. As a result, the rupee weakened against it. In the recent past, the rupee had strengthened against the pound, on rising speculation that Scotland might no longer be part of the UK. “The split from the union was expected to be disruptive and the pound was looking vulnerable. Now, a downside has been averted. The global impact was not expected to be large, since the UK, though part of the European Union, is out of the currency area (it did not adopt the euro when most of continental Europe did),” said Harihar Krishnamoorthy, head, fixed income, currency & commodities, First Rand Bank. He said the effect on the rupee was through the trading dynamics of global currencies.(BS)
Date:  19/09/2014
Non-life insurance space to have innovative products soon
Customers might soon see specific general insurance products suited to their profession, income-bracket, age and need, if the recommendations of the Working Group on File & Use guidelines for the non-life sector is accepted by the Insurance Regulatory and Development Authority (Irda). The working group has said general insurers can launch a product for a short period in a defined pilot area with defined exposure limits on a pilot basis after informing Irda. After gaining experience on the product, they might finalise the product and take it through approval process depending upon whether it is a retail product or commercial. Rakesh Jain, CEO of Reliance General Insurance, said from a use-and-file perspective, insurers will be enabled to offer customised products for different individuals rather than generic products.(BS)
Date:  19/09/2014
India ranks 6th in billionaire numbers
India has retained its sixth position in the number of billionaires residing in the country. It is home to 100 such people, with a collective net worth of $175 billion. Globally, the number of ‘uber-rich’ people has reached a record 2,325. According to the Wealth-X and UBS Billionaire Census 2014, released on Wednesday, though the number of billionaires in the country has decreased from 103 last year, India still enjoys a decent sixth position (the same as last year) in the top 10 league. Interestingly, India has a higher number of billionaires than Switzerland, Hong Kong and France, among others. With 28 billionaires, financial capital Mumbai is among the top 20 ‘billionaire cities’ globally — the top being New York, which is home to 103 billionaires.(BS)
Date:  19/09/2014
Markets gain the most since June on Fed comfort
Indian markets on Thursday posted their biggest single-day gains in more than three months, mainly buoyed by the US Federal Reserve’s decision of not increasing interest rates. Optimism over the country’s trade ties with China and short-covering by traders, who had earlier sold on fears of an unfavourable call by the US Fed, also aided the rally. The BSE Sensex rose 480.92 points (1.81 per cent) from its previous close to end at 27,112.2, while the NSE Nifty gained 139.25 points (or 1.75 per cent) to 8,114.8. The respective gains for both indices were the biggest since June 2. By absolute gains in terms of points, the rally was the biggest since May 12. “The market was worried about the outcome of the US Fed meet and its impact. Since that event risk is over, the market has rallied. Going ahead, there might be short-term corrections before other big event risks but the overall outlook for equities remains positive,” said Edelweiss Securities CEO Vikas Khemani.(BS)
Date:  19/09/2014
Sensex far below its peak in dollar terms
Adjusted for the dollar, the Sensex is at a lower level for foreign investors than in January 2008. Currently, the BSE Dollex 30, an index that looks at Sensex returns adjusted for changes in the dollar, is at 3,654.87, significantly lower than its peak of 4,365 on January 8, 2008. To touch its all-time high, the Sensex will have to rise another 710.13 points, or 19.42 per cent. Without factoring in the rupee-dollar exchange rate, the index has been touching new all-time highs repeatedly. On Thursday, it closed at 27,112.21, about 27.84 per cent more than its January 2008 high. The National Stock Exchange’s Defty Index (showing the Nifty adjusted for the dollar) is 17 per cent off its highs.(BS)
Date:  19/09/2014
Crisil launches first inflation-linked government securities index
Crisil Research, a unit of credit rating agency Crisil Ltd, on Thursday launched India’s first inflation indexed government securities index (the Crisil IIGS Index), which will track the performance of a portfolio of inflation-linked government securities. Crisil believes the index will provide market participants an appropriate and easily accessible benchmark to measure and analyse the performance of such securities, the agency said in a statement. That apart, this total return index seeks to capture returns on inflation-linked securities due to coupon accruals and price change, both adjusted for inflation. The launch comes as part of Crisil’s ongoing effort to develop and maintain representative indices for the debt market. In addition to this index, the agency currently maintains 37 indices across bond, gilts, money market, hybrid and commodity segments, which are used by asset managers for benchmarking their products and portfolios.(Mint)
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