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New Delhi, Feb 4 (IANS) Focus on the rural economy in the budget has been waning over the years and in such a scenario a revival of the rural economy would take time, <keyword id="45949" type="General" weightage="100" keywordseo="jm-financial" source="Orion">JM Financial</keyword> said in a report. In the absence of a specific focus on the rural economy in the <keyword id="6360189" type="General" weightage="50" keywordseo="union-budget" source="Orion">Union Budget</keyword> for 2023-24, analysts don't see immediate triggers for revival in the rural economy. Moreover in the absence of specific or enhancement of allocation towards the rural economy, we believe that the rural environment would have to revive on its own. Hence we would view businesses dealing with price sensitive low ticket items as less likely to benefit, JM Financial said. An attempt is made to make the new tax regime more attractive after getting a low response in FY23, however we believe the benefits in the form of tax saving on enhanced no-tax limit (INR 0.2mn) is unlikely to spur demand in a meaningful manner, JM Financial said in a report. Unlike the anticipation by a section of the market, rural focus was missing in the budget announcements. The expectations of a populist budget was linked to 9 state elections in 2023, moreover with FY24 being the last full year budget before the general elections in CY24. However, we believe that the schemes relating to empowerment of women <keyword id="75772" type="General" weightage="50" keywordseo="self-help-groups" source="Orion">Self Help Groups</keyword>, artisans and setting up of digital infra for agriculture and farmer centric solutions would provide opportunities in the rural economy to improve their livelihood, JM Financial said. Moreover, the budgetary allocation towards rural centric schemes like <keyword id="6361863" type="General" weightage="50" keywordseo="mgnrega" source="Orion">MGNREGA</keyword> and PM <keyword id="865803" type="General" weightage="50" keywordseo="gram-sadak-yojana" source="Orion">Gram Sadak Yojana</keyword> has been declining ever since FY22. Even the sentiments as collated by CMIE show a declining trend in the rural economy ever since June '22 whereas the sentiments in the urban economy seem to be holding up well, JM Financial said. In the absence of a specific focus on the rural economy, we don't see immediate triggers for revival in the rural economy, the report said. The latest rabi sowing has been progressing well even on a higher base of last year, except in the case of wheat. Subsidy burden has been the major pain point in India's fiscal, led by rising fertilizer and food prices. Fertilizer subsidy was increased by INR 1.1tn in FY23 over and above the budgeted figures of INR 1.05tn. Allocation towards fertilizer subsidy has been made to the extent of INR 1.75tn in FY24. We believe with easing inflationary pressures, the government could have limited the allocation to INR 1.4tn, as fertilizer prices have moderated by 40% from its peak. However, the geo-political situation is still in a flux and the government's higher allocation seems prudent at this juncture. Food subsidy has been pegged at INR 1.97tn (vs INR 2.9tn FY23RE), as the outlay would be reduced with the discontinuance of the PM Garib Kalyan Yojana. On an overall level, subsidies form 1.2% of GDP vs 1.9% in FY23RE. Past data indicates that the exuberance or otherwise relating to the budget day normalizes within a month in the equity markets. Moreover, a substantial positive performance in Nifty was witnessed in the week following the budget day only during FY16, FY20 and FY21. The personal income tax changes in the Union Budget affect many but the impact is low, Credit Suisse said in a report. The split of salary income by income groups shows that while the number of filings is mostly by low-income groups, the bulk of the taxes come from high income. 56% of the filers belong to the low-income group but they add to just 2% of the tax collected. People earning more than Rs 10mn are less than 1%, but they add to 10% of the tax collected, the report said. Inflows from small savings deposits have shrunk considerably. Small saving deposits for government have been declining, and at the current pace, can be 20% YoY lower for FY23. This may still be marginally better than budgeted, though these flows are generally larger nearer to the year-end. While bank deposit rates have risen considerably, NSSF rates remained low for most of FY23, were raised in Jan-2023. The Centre continues to remain dependent on small savings flows to fund the deficit, Credit Suisse said.

Revival of rural economy to take time in the absence of triggers: JM Financial

Mumbai, Jan 23 () JM Financial on Thursday reported a 14.6 per cent rise in its net income to Rs 157.5 crore for the December 2019 quarter, despite a muted growth in total income as its disbursals shrunk during the period.
 The net income during the December 2018 quarter was Rs 137.46 crore.
 The company's total income inched up 0.52 per cent to Rs 905.45 crore, the city-headquartered company said in a statement.
 Reflecting the crisis in the NBFC sector since September 2018 following the bankruptcy of IL&amp;FS and the resultant risk aversion to the sector, JM Financial saw its loan book steeply falling to Rs 12,662 crore in the quarter from a high Rs 16,136 crore in December 2018.
 Similarly, its gross non-performing assets (NPAs) and net NPAs rose almost three times to 1.56 per cent and 1.35 per cent, respectively, from 0.68 per cent and 0.57 per cent, respectively, in December 2018.
 "Given the overall challenging environment, we had a good quarter led by investment banking and wealth management businesses. We have significantly de-grown our wholesale book but retail mortgage presence has increased and we continue to grow that business. The distressed credit team is focused on recoveries," said Vishal Kampani, managing director of JM Financial Group.
 He said the investment banking, wealth management and securities business gained traction during the quarter and the pipeline for investment banking transactions continues to remain healthy.
 On the spike in bad loans, he said the company has managed to reduce the SMA2 (special mention account-2) numbers from 1.94 per cent of the portfolio to 0.73 per cent. This has mainly been a result of timely asset sales.
 As guided earlier, debt-equity and net debt-equity ratios stand at 1.78 and 1.36, respectively, he added.
 JM Financial's shares closed 5.36 per cent higher to Rs 107.20 apiece on the BSE, against the Sensex's gain of 0.66 per cent after four successive days of steep fall. BEN HRS

JM Financial net income jumps 14.6 pc in December quarter

Mumbai, May 6 () JM Financial on Wednesday reported a marginal 1.5 per cent rise in consolidated net income to Rs 130.6 crore for the three months period to March on a 6.12 per cent growth in revenue.The numbers would have been higher had it not been for a one-time provision of Rs 175 crore to deal with the uncertainties arising from COVID-19 pandemic, the company said in a statement.The company reported a total revenue of Rs 840.58 crore in the reporting quarter, registering a growth of 6.12 per cent over the same period previous fiscal, it said.For the full year, consolidated net profit declined 4.75 per cent to Rs 545 crore, while revenue slipped a marginal 1.3 per cent to Rs 3,453.55 crore.The numbers have been hit as the asset quality suffered during the year, with gross bad loans more than doubling to 1.65 per cent of the total book, compared to 0.68 per cent in March 2019 and net non-performing assets also more than doubled to 1.13 per cent from 0.55 per cent. The company said its SMA-2 (Special Mention Accounts) have increased from 0.73 per cent of the portfolio to 2.10 per cent of the portfolio during the quarter."The numbers take into consideration the impact of the pandemic and is captured in expected credit loss and fair value of investment. The group has taken gross provisions (including fair value loss) of Rs 175 crore on account of the COVID pandemic," the group's managing director Vishal Kampani said.While the past 18 months have been challenging for NBFC sector due to the stressed credit environment and slowing growth, the situation further worsened with COVID-induced national lockdown, he explained.Despite this, the company could maintain strong liquidity buffers and healthy leverage ratios that reflected in the cash/cash equivalent of Rs 3,412 crore as of end March and one of the lowest net debt-equity ratio of 1.04x, he added.The AUM (assets under management)/AUA (assets under administration) of wealth management business rose to Rs 44,883 crore excluding custody assets, up from Rs 41,886 crore in March 2019 but lower than Rs 46,886 crore as of December 2019.During the quarter, the average daily trading volume stood at Rs 13,894 crore.The total mortgage lending book, including the loan book of JM Financial Credit Solutions and JM Financial Home Loans stood at Rs 7,651 crore.As of end March, the consolidated loan book stood at Rs 11,530 crore, distressed credit business AUM at Rs 11,490 crore, wealth management AUM Rs 44,880 crore, and mutual fund AUM at Rs 6,110 crore.In the run up to the earnings announcement, the JM Financial counter rallied 10 per cent to close at Rs 62.80 on the BSE, whose benchmark Sensex gained 0.74 per cent. BEN BAL

COVID-19 provision takes toll on JM Financial, reports almost flat net at Rs 130.6 cr

<div class="KonaFilter image-container display-table float_right"><div><div class="image">Bilal Fawzi / AP</div></div></div>In addition to seizing key towns in Iraq, Sunni militants in the country have demonstrated a remarkable ability to control and amplify their message far beyond the Middle East.
"The advance of an army used to be marked by war drums. Now it's marked by <a href="http://www.bbc.com/news/technology-27869112">volleys of tweets</a>," extremism researcher J.M. Berger <a href="http://www.theatlantic.com/international/archive/2014/06/isis-iraq-twitter-social-media-strategy/372856/">wrote recently</a> in The Atlantic.
With sophisticated social media campaigns, slick graphics, and professional video production, the propaganda campaign from the Islamic State of Iraq and the Levant (ISIS) has helped bring in new recruits and terrified its enemies long before they came under attack, The Guardian <a href="http://www.theguardian.com/world/2014/jun/23/who-behind-isis-propaganda-operation-iraq">reports</a>.
The ISIS blitz through Mosul, Iraq's second-largest city, was presaged by an hour-long film the group posted days before - leading many Iraqi soldiers to strip off their uniforms and flee before the shooting even started.
The film, called "The Clanging of the Swords IV," is a far cry from shaky camera footage of IED strikes that has been carried on Al Jazeera or jihadist forums over the past decade. Instead, it features Hollywood-like sensibilities and production values, with slow-motion explosions, graphics of sniper crosshairs, and aerial drone footage, <a href="http://observers.france24.com/content/20140613-hollywood-fim-jihadist-propaganda-isis">according</a> to France24.

"The video was a message to ISIS' enemies," Abu Bakr al-Janabi, an Iraqi ISIS supporter who claims to have knowledge of the group's media operations, told The Guardian. "It's ISIS saying to them: look what will happen to you if you cross our path. And it actually worked: a lot of soldiers deserted once they saw the black banners of ISIS."
On Facebook and Instagram, the group's members keep outsiders abreast of what's happening where they are <a href="http://www.buzzfeed.com/jonstone/foreign-jihadi-fighters-in-iraq-and-syria-keep-tweeting-pict">with artsy photos</a>, and they often game Twitter to inflate their message and branch out. ISIS has been ingenious in taking over Twitter hashtags to get its message trending, through the use of a sophisticated Android app that supporters download, allowing the group to post messages to their accounts.
As J.M. Berger <a href="http://www.theatlantic.com/international/archive/2014/06/isis-iraq-twitter-social-media-strategy/372856/">writes</a>:
The app first went into wide use in April 2014, but its posting activity has ramped up during the group's latest offensive, reaching an all-time high of almost 40,000 tweets in one day as ISIS marched into the northern Iraqi city of Mosul last week. On Sunday, as the media reported on the group's advance toward Baghdad, hundreds of Dawn app users began sending thousands of tweets featuring an image of an armed jihadist gazing at the ISIS flag flying over the city, with the text, "We are coming, Baghdad".
The volume of these tweets was enough to make any search for "Baghdad" on Twitter generate the image among its first results, which is certainly one means of intimidating the city's residents. 
Its messaging has also been bolstered by an influx of recruits <a href="http://www.vice.com/en_uk/read/british-jihadis-beheading-prisoners-syria-isis-terrorism">from the U.K.,</a> who have brought their knowledge of the English language and western pop culture.
<div class="KonaFilter image-container display-table float_left"><div><div class="image"><a href="http://www.theguardian.com/world/2014/jun/23/who-behind-isis-propaganda-operation-iraq">ISIS (via The Guardian)</a></div></div></div>The result: Clever Photoshops of fighters on posters with slogans like "This is our Call of Duty" - a reference to the popular video game - or "You Only Die Once, Why Not Make it Martyrdom." In one case, ISIS even doctored a photo of Michelle Obama holding a <a href="http://www.businessinsider.com/isis-bringbackourhumvee-2014-6">sign that said</a> "#BringBackOurHumvee" in reference to its seizure of American-made trucks, weapons, and other equipment from the fleeing Iraqi army.
But while ISIS is certainly winning the social media game, it's important to remember much of its propaganda serves to instill fear in the other side, and doesn't necessarily reflect what's really happening on the ground.
"The fear about ISIS storming the capital [of Baghdad] is borne out of their social media campaign, not reality," the Guardian's Middle East correspondent, Martin Chulov, <a href="http://www.theguardian.com/world/2014/jun/23/who-behind-isis-propaganda-operation-iraq">told</a> a colleague recently. "They don't have the manpower to do that."

Militants In Iraq Are Better On Social Media Than Most Actual Companies

<div class="KonaFilter image-container display-table"><div><div class="image">Youtube</div></div></div>
The Arab Spring has become the <a href="http://www.economist.com/news/middle-east-and-africa/21604230-extreme-islamist-group-seeks-create-caliphate-and-spread-jihad-across">Jihadi Spring</a> as Libya devolved into <a href="http://www.latimes.com/world/middleeast/la-fg-us-libya-20140627-story.html#page=1">lawlessness</a>, Egypt reverted military dictatorship, and the uprising in Syria turned into a sectarian civil war that's engulfing Iraq.
On Sunday, the extremists ISIS militants that are leading the Sunni insurgency in Iraq <a href="http://justpaste.it/g178">announced</a> the creation of the Islamic State (IS), or "Caliphate," with its chief Abu Bakr al-Baghdadi "the Caliph" and "leader for Muslims everywhere."
IS is <a href="http://www.nytimes.com/2014/06/29/opinion/sunday/in-iraq-and-syria-isis-militants-are-flush-with-funds.html?hp&amp;action=click&amp;pgtype=Homepage&amp;module=c-column-top-span-region%C2%AEion=c-column-top-span-region&amp;WT.nav=c-column-top-span-region&amp;_r=3">well-funded</a> (largely from <a href="http://www.mcclatchydc.com/2014/06/23/231223/records-show-how-iraqi-extremists.html">extortion and selling oil</a>) and has become attractive for extremists across the globe who want to join global jihad. The group is also savage, crucifying rival Syrian rebels and chopping off the hands of thieves.
Most importantly, IS is consolidating news gains in Iraq while also <a href="Iraqi%20Army%20Retreats%20From%20Saddam's%20Hometown%20As%20Assault%20On%20ISIS%20Falters%20%20%20Read%20more:%20http://www.businessinsider.com/r-iraqi-army-presses-tikrit-assault-as-lawmakers-scramble-to-fill-posts-2014-29#ixzz363IlxeLA">holding off Iraqi government forces </a>that are bolstered by Iranian-trained militias.
The areas under IS control (in gray) stretch from Aleppo in northwest Syria to Fallujah in central Iraq to a <a href="http://www.businessinsider.com/extremist-militants-overran-an-iraq-jordan-border-post-near-saudi-arabia-2014-6">border post</a> near both Jordan and Saudi Arabia.
<div class="KonaFilter image-container display-table click-to-enlarge"><div><div class="image"><a title_source="@deSyracuse" title_caption="Green: Mainstreem Syrian rebels; Red: Assad regime; Pink: Iraqi government; Yellow: Kurds." class="zoomin" href="https://static-ssl.businessinsider.com/image/53aae73869bedd4318c768a3-960/syria and iraq civil war 24 june 2014 by @desyracuse.png"></a><a href="https://twitter.com/deSyracuse">@deSyracuse</a>Green: Mainstreem Syrian rebels; Red: Assad regime; Pink: Iraqi government; Yellow: Kurds.</div></div></div>
The move is seen by experts as a direct challenge to al-Qaeda as the world's premier jihadist organization.
<blockquote class="twitter-tweet" lang="en">
No matter ISIS perceived legitimacy/illegitimacy, Al-Qaeda Central is in massive trouble now. Welcome to the new era of international jihad.
- Charles Lister (@Charles_Lister) <a href="https://twitter.com/Charles_Lister/statuses/483272538835804160">June 29, 2014</a></blockquote>

(For a detailed account of how ISIS formed and split from al-Qaeda, check out <a href="https://www.washingtoninstitute.org/uploads/Documents/pubs/ResearchNote_20_Zelin.pdf">this report by Aaron Zelin</a> of the Washington Institute and <a href="http://www.politico.com/magazine/story/2014/06/al-qaeda-iraq-syria-108214_Page2.html#.U6uNbpSwLWw">this Politico article</a> by Rania Abouzeid.)
To get an idea of the general IS mindset, here's what an ISIS fighter <a href="http://www.usnews.com/news/articles/2014/06/25/behind-the-black-flag-current-former-isil-fighters-speak">told al-Monitor</a>: 
"Look at Egypt. Look at the way it ended for Muslims who cast their vote for [deposed President] Mohammed Morsi and believed in your democracy, in your lies," The unnamed fighter said. "Democracy doesn't exist. Do you think you are free? The West is ruled by banks, not by parliaments, and you know that. You know that you're just a pawn, except you have no courage. You think of yourself, your job, your house … because you know you have no power. But fortunately, the jihad has started. Islam will get to you and bring you freedom."
Here are some tweets from experts in reaction to the creation of the Islamic State:
<blockquote class="twitter-tweet" lang="en">
ISIS no longer exists. It is now simply "The Islamic State" - i.e. immediate invitation for further pledges of allegiance. Key 24hrs ahead.
- Charles Lister (@Charles_Lister) <a href="https://twitter.com/Charles_Lister/statuses/483272047959613441">June 29, 2014</a></blockquote>

<blockquote class="twitter-tweet" lang="en">
Since it's called Islamic State now, leaders of groups outside Syria/Iraq that pledge bay'a to Baghdadi will claim they are in the IS now.
- Aaron Y. Zelin (@azelin) <a href="https://twitter.com/azelin/statuses/483288364011896832">June 29, 2014</a></blockquote>

<blockquote class="twitter-tweet" lang="en">
Holy shit, now it hits the fan.
- J.M. Berger (@intelwire) <a href="https://twitter.com/intelwire/statuses/483272029437566976">June 29, 2014</a></blockquote>

<blockquote class="twitter-tweet" lang="en">
Overall the caliphate announcement has a definite "if you're not with us, you're against us" tone that is probably ill-advised.
- J.M. Berger (@intelwire) <a href="https://twitter.com/intelwire/statuses/483293480655937536">June 29, 2014</a></blockquote>

Extremist ISIS Militants Have Declared A 'Caliphate' - Here's Their Response To Democracy

New Delhi, Jan 1 () Apeejay Surrendra Park Hotels has filed draft papers with markets regulator Sebi for its proposed initial public offering to raise up to Rs 1,000 crore.
The IPO comprises a fresh issue of up to Rs 400 crore and an offer-for-sale (OFS) of up to Rs 600 crore.
The amount to be raised through OFS comprises up to Rs 125.4 crore by promoter selling shareholder, up to Rs 354.9 crore by Apeejay Pvt Ltd, up to Rs 84.7 crore by Apeejay House Pvt Ltd and Rs 34.9 crore by investor selling shareholders, according to the draft red herring prospectus (DRHP).
The company proposes to utilise the net proceeds towards repayment/prepayment of certain borrowings availed and for general corporate purposes.
 The book running lead managers to the offer are ICICI Securities, Axis Capital and JM Financial.
 The shares of the company are proposed to be listed on the BSE and NSE.
 The company has presence in Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai, Delhi-NCR as well as in other major cities such as Coimbatore, Jaipur, Jodhpur, Jammu, Navi Mumbai, Raipur and Visakhapatnam, the DRHP stated.
 The hospitality company has pioneered the concept of luxury boutique hotel in India under "THE PARK" brand.
 The company is part of the Apeejay Surrendra group, a leading Indian conglomerate. 
 The group's business is spread across industries such as hospitality, shipping, tea, real estate, retail brands such as Oxford bookstores, and education. 
 SUM ANU
ANU
ANU

The Park Hotels files draft papers with Sebi for Rs 1,000 cr IPO

New Delhi, Jan 1 () Apeejay Surrendra Park Hotels has filed draft papers with markets regulator Sebi for its proposed initial public offering to raise up to Rs 1,000 crore.
The IPO comprises a fresh issue of up to Rs 400 crore and an offer-for-sale (OFS) of up to Rs 600 crore.
The amount to be raised through OFS comprises up to Rs 125.4 crore by promoter selling shareholder, up to Rs 354.9 crore by Apeejay Pvt Ltd, up to Rs 84.7 crore by Apeejay House Pvt Ltd and Rs 34.9 crore by investor selling shareholders, according to the draft red herring prospectus (DRHP).
The company proposes to utilise the net proceeds towards repayment/prepayment of certain borrowings availed and for general corporate purposes.
 The book running lead managers to the offer are ICICI Securities, Axis Capital and JM Financial.
 The shares of the company are proposed to be listed on the BSE and NSE.
 The company has presence in Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai, Delhi-NCR as well as in other major cities such as Coimbatore, Jaipur, Jodhpur, Jammu, Navi Mumbai, Raipur and Visakhapatnam, the DRHP stated.
 The hospitality company has pioneered the concept of luxury boutique hotel in India under "THE PARK" brand.
 The company is part of the Apeejay Surrendra group, a leading Indian conglomerate. 
 The group's business is spread across industries such as hospitality, shipping, tea, real estate, retail brands such as Oxford bookstores, and education. 
 SUM ANU
ANU

Park Hotels files draft papers with Sebi for Rs 1,000 cr IPO

Mumbai, Apr 7 () JM Financial Group has committed Rs 30 crore towards Covdi-19 relief measures under which it will give Rs 15 crore to the PM's relief fund and an equal amount will be contributed to work towards support for healthcare assistance to counter the pandemic."As the pandemic has emerged as a global challenge, we as socially responsible citizens and corporates must come together and contribute to combat the crisis. Together, with a collaborative vision and approach, we'll be able to overcome this unprecedented crisis," said group chairman Nimesh Kampani. *********Thyrocare slashes Covid testing prices *Leading lab chain Thyrocare has slashed its Covid test prices, offering a starting price of Rs 1,800 for hospitals to Rs 3,500 for individuals for home collections, and Rs 2,500 for group collections, effective Tuesday. A valid prescription from a doctor will be needed to book a test. Currently, the services at this cost are available within 300 km radius of its Mumbai lab. Soon it plans to start the collections nationally based on lockdown restrictions. Earlier the doorstep collection cost was Rs 4,500.The lab chain has also started mobile ambulance collection service at Rs 2,500.*****************Stempeutics Research, a group company of Manipal Education &amp; Medical Group, has partnered with a global consortium of cell therapy companies to seek European Commission funding to fight against the Corona pandemic.Under this partnership, Stempeutics will export its stem cell product Stempeucel for treating critically ill Covid patients with lung disease. First the product will be clinically tested and upon successful outcomes, it intends to export it on a regular basis. ********Anil Rawal is CEO of IntelliSmart* IntelliSmart Infrastructure, a joint venture of the government-run Energy Efficiency Services (EESL) and National Investment and Infrastructure Fund (NIIF) has appointed Anil Rawal as its chief executive. BEN MRMR

JM Financial commits Rs 30 cr to fight Covid

Focused <keyword id="19929240" type="General" weightage="20" keywordseo="mutual-funds" source="keywords">mutual funds</keyword>, which invest in a concentrated portfolio of <keyword id="19905382" type="General" weightage="20" keywordseo="stocks" source="keywords">stocks</keyword>, are gaining traction among investors with the <keyword id="22748135" type="General" weightage="20" keywordseo="asset-base" source="keywords">asset base</keyword> of the category growing to Rs 1.43 lakh crore in three months ended June 2024, marking an increase of 31% from a year ago. Interestingly, some of the focused funds offered by the mutual fund houses such as <keyword id="22748136" type="General" weightage="20" keywordseo="Invesco-India-Focused-Fund" source="keywords" meta.keywordsubtype="org" meta.entityname="Invesco India Focused Fund" meta.hostid="261" meta.entityid="Invesco India Focused Fund">Invesco India Focused Fund</keyword>, Mahindra Manulife Focused Fund, JM Focused Fund, and <keyword id="19896378" type="General" weightage="20" keywordseo="hdfc" source="keywords">HDFC</keyword> Focused 30 Fund delivered a remarkable return of 40-60% in the past year, industry data showed. Focused funds are a type of mutual fund where the fund manager selects a concentrated portfolio of stocks, typically limited to a maximum of 30 due to regulatory constraints. This requires the fund manager to be highly skilled in stock selection, as they need to identify the best investment opportunities across the market without bias toward any specific market cap or sector. According to data from the <keyword id="20090034" type="General" weightage="20" keywordseo="association-of-mutual-funds" source="keywords">Association of Mutual Funds</keyword> in India (Amfi), the assets under management (AUM) of the focused funds were at Rs 1.43 lakh crore in the June quarter 2024-25 as compared to Rs 1.09 lakh crore in April-June FY24. This growth highlights the appeal of focused funds as an alternative to portfolio management services (<keyword id="19950020" type="General" weightage="20" keywordseo="pms" source="keywords">PMS</keyword>), especially with recent tax changes that make PMS less attractive due to higher costs and tax implications, Feroze Azeez, Deputy CEO, of Anand Rathi Wealth Ltd, said. "With the increase in taxation on both small-term capital gain tax and long-term capital gain tax, PMS portfolios are expected to see a drop in post-tax returns. For example, a PMS portfolio generating a pre-tax return of 14 % could see post-tax returns drop from 11.73 % to 11.29 %. This shift could lead to fund managers churning portfolios less frequently, which in turn will be affecting returns for investors," he added. Focused funds follow a similar concentrated portfolio strategy where the fund manager picks the top stocks and offers flexibility across market caps. Thus, becoming a more attractive option for investors looking to optimize their returns. Industry experts recommend investing in focused funds through systematic investment plans (SIPs) as a smart strategy in the current market environment of sector rotation and high valuations. Since these funds invest in a small number of stocks, SIPs can help reduce risk by spreading out investments over time. Overall, there are 31 focused schemes offered by different mutual fund houses in the category. These schemes have given returns of 19-60% in the last one year. In terms of returns, smaller funds have performed exceptionally well. The Invesco India Focused Fund delivered a remarkable return of over 60% in the past year, while Mahindra Manulife Focused Fund provided around 50% returns and JM Focused Fund offered a return of 45% during the period. With a corpus of Rs 1,552 crore as of June 2024, Mahindra Manulife Focused Fund has consistently performed well, securing the second rank for 1, 2, and 3-year periods. The fund delivered returns of 50%, 32%, and 26% over these periods, respectively. HDFC Focused 30 Fund achieved the top rank over the 3 years with a return of 28.63 %, while JM Focused Fund secured the third rank with a 25 % return during the same period. "The success of focused funds underscores the importance of skilled fund management and strategic stock selection," an industry expert said. Focused funds opt for a more targeted strategy rather than the broad diversification typical of traditional mutual funds. This approach helps fund managers make investments in a carefully selected group of stocks, reflecting their strongest investment beliefs. The concentrated nature of these portfolios requires careful selection of each stock, as the fund's performance heavily depends on these choices. Although these funds hold a limited number of stocks, they are structured to be sufficiently diversified to effectively manage risk. Overall, the assets of the equity mutual funds rose to Rs 27.6 lakh crore in June 2024 from Rs 17.43 lakh crore in June 2023.

Focused MFs' asset base rises 31% to Rs 1.43 lakh cr in June qtr; up to 60% returns last year

New Delhi, Mar 4 () Agri post-harvest services platform Arya on Wednesday said it has raised USD 6 million (about Rs 43 crore) in pre-Series B funding from venture capital firm Omnivore and existing investor LGT Lightstone Aspada. The company plans to use the funding to accelerate the growth of their agri storage network, build their book in warehouse receipt financing, and lay the foundations of a pan-India agri warehousing marketplace, the company said in a statement. Arya plans to launch its Series B fundraising round by mid-2020. "Omnivore's coming on board will strengthen our next generation work to further improve efficiencies in the post-harvest ecosystem," Arya CEO and Co-founder Prasanna Rao said. LGT Lightstone Aspada had earlier invested in Arya's Series A round in December 2016. Based out of Delhi, Arya currently manages over 2.5 million tonnes of agri commodities in its 1,400 warehouses. Also, around 75 per cent of its warehousing capacity is located in primary and secondary markets. Arya is also launching a rural storage discovery platform aiming to build a pan-India agri warehousing marketplace. Until 2013, Arya was part of the JM Baxi Group. LUX RUJ

Arya raises USD 6 mn in pre-Series B funding

Sajjan Jindal-owned <keyword id="146214" type="General" weightage="100" keywordseo="jsw-infrastructure" source="Orion">JSW Infrastructure</keyword> has filed preliminary papers with capital markets regulator Sebi to raise up to Rs 2,800 crore through an initial public offering (<keyword id="6354763" type="General" weightage="80" keywordseo="ipo" source="Orion">IPO</keyword>) to retire debt and support its expansion plans. JSW Infrastructure will be the third company of the <keyword id="144036" type="General" weightage="80" keywordseo="jsw-group" source="Orion">JSW Group</keyword> to be listed on the bourses after JSW Energy and JSW Steel. The ports business of the JSW Group filed the DRHP on May 9. Going by the draft papers, the IPO is purely a fresh issue of equity shares with no offer-for-sale (OFS) component, and the promoters will not be diluting their current stake through the issue. The company will use the proceeds to retire its debt as well as to fund its capacity expansion projects, as per the draft red herring prospectus (DRHP). JSW Infrastructure has an installed cargo handling capacity of 153.43 million tonnes per annum (MTPA) for multi-commodity cargo including dry bulk, break bulk, liquid bulk, gases and containers. As of December 31, 2022, JSW Infrastructure had a net debt of Rs 2,875 crore. The company had a profit after tax (PAT) of Rs 447.2 crore in October-December 2022-23 and Earnings Before Interest, <keyword id="6368033" type="General" weightage="50" keywordseo="taxes" source="Orion">Taxes</keyword>, Depreciation, and <keyword id="990685" type="General" weightage="50" keywordseo="amortisation" source="Orion">Amortisation</keyword> (EBITDA) of Rs 1,268.6 crore. JM Financial Limited, Axis Capital Limited, Credit Suisse Securities (India) Private Limited, DAM Capital Advisors Limited, HSBC Securities and Capital Markets (India) Private Limited, ICICI Securities Limited, Kotak Mahindra Capital Company Limited, and SBI Capital Markets Limited are the book running lead managers. The equity shares are proposed to be listed on BSE and NSE. Besides, the Sajjan Jindal-owned JSW Group is also into cement, paints, venture capital and sports. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/receiving-calls-from-international-numbers-starting-with-254-84-63-report-and-block-say-experts/articleshow/100132580.cms">Receiving calls from international numbers starting with +254, +84, +63...; report and block, say experts</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sustainability/news/ibm-partners-with-nasa-to-monitor-natural-disasters-and-climate-change-using-ai/articleshow/100132462.cms">IBM partners with NASA to monitor natural disasters and climate change using AI</a>

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