ABSLAMC
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India regulator alleges Bank of America breached insider trading rules in 2024 deal
BofA arm violated rules in share sale of ABSL AMC, says SEBI notice
Breakdown of 'Chinese walls' between deal team and other arms, says notice
Notice cites BofA arms' interactions with HDFC Life, Norges Bank and Enam Holdings
Adds SEBI's comments in notice on what BofA said during the investigation, in paragraphs 20-24
By Jayshree P Upadhyay
MUMBAI, Jan 8 (Reuters) - India's markets regulator has accused a Bank of America (BofA) BAC.N unit of violating insider trading rules and breaking internal "Chinese walls" in a 2024 share sale, a notice showed.
The Securities and Exchange Board of India (SEBI) notice followed its investigation into the conduct of the bank's domestic securities unit in managing a March 2024 stock sale of Aditya Birla Sun Life Asset Management (ABSL AMC) ADIE.NS.
The investigation found the bank's deal team, while holding unpublished price-sensitive information on the share sale, contacted potential investors "directly/indirectly", said the notice, which is not public and has been reviewed by Reuters.
At the deal team's request, the bank's broking arm, research team, and Asia-Pacific syndicate team reached out to investors and shared valuation reports and other confidential details, the October 30-dated notice said.
"The conduct highlights the failure of (the bank's) deal team to maintain Chinese walls with broking/research arms, impacting safekeeping of confidential information and internal controls," SEBI said.
It added that the bank suppressed material facts and made false statements during the probe.
Bank of America and SEBI did not respond to emailed queries from Reuters.
The Wall Street Journal first reported the SEBI notice to the bank, citing people familiar with the matter.
The bank has filed an application with SEBI to settle the charges without admitting guilt, a source with direct knowledge of the matter said. The application is under review, added the source, who spoke on condition of anonymity due to the sensitive nature of the issue.
The case first came to light in 2024 via a whistleblower complaint, which led to an internal bank probe and the exit of senior officials.
IMPROPER CONTACT WITH INVESTORS?
SEBI's notice cites the bank's interactions with three investors: HDFC Life HDFL.NS, India's second-largest private insurer; Norges Bank NOCB.UL, Norway's central bank, and Enam Holdings, an Indian investment firm.
Indian insider trading rules, like those in many other countries, prohibit an investment bank from sharing price-sensitive information without a legitimate purpose with employees outside of the deal team once it has been appointed to manage a transaction.
SEBI said in this case the bank's research, broking and Asia-Pacific teams sought investor feedback after the bank was appointed to manage the transaction on February 28, 2024 and before the formal announcement of the share sale on March 18, which it said was a breach of the rules.
The notice cites one such example where the deal team asked the broking arm to provide a valuation report for ABSL AMC and its sponsor, Aditya Birla Group, to Enam Holdings, a potential investor in the share sale that was worth $177 million.
In another instance, the deal team requested the APAC syndicate team in Hong Kong - not a part of the deal team - to seek feedback from Norges Bank on its interest in the offering.
"As such, information related to dealings with ABSL AMC was not handled by (the bank) on a ‘need-to-know’ basis,” SEBI said, adding that broking, research, and syndicate teams acted on behalf of the deal team.
The notice did not provide evidence of an exchange of specific price-sensitive information in any of the interactions.
HDFC Life, Norges Bank and Enam Holdings did not respond to emailed queries. ABSL AMC also did not respond.
“This case looks less like classic insider trading and more like an internal-controls failure, which can attract serious regulatory action,” said Sumit Agrawal, Senior Partner at Regstreet Law.
BANK FLIP-FLOPPED ON CONVERSATIONS, SAYS SEBI
The SEBI notice said that in response to its queries, the bank initially denied any meetings or communication with investors regarding the share sale and said its internal legal review found no violation of Indian regulations.
The bank claimed investor feedback was generic and preceded its appointment to manage the share sale, the notice said.
It was only after SEBI confronted the bank with responses from HDFC Life and Enam that it acknowledged conversations with potential investors about the share sale, it said.
The notice said the bank told SEBI that three officials were asked to resign or leave in November 2024 for violating internal protocols by not taking clearances for meeting with potential investors and obstructing investigations, and not for breaching securities laws.
The bank "tried to make untrue statements or suppress material facts while furnishing information to SEBI”, the notice said.
(Reporting by Jayshree P Upadhyay; Editing by Muralikumar Anantharaman)
(([email protected]; 9920092491; Reuters Messaging: Twitter: @jaysh88))
BofA arm violated rules in share sale of ABSL AMC, says SEBI notice
Breakdown of 'Chinese walls' between deal team and other arms, says notice
Notice cites BofA arms' interactions with HDFC Life, Norges Bank and Enam Holdings
Adds SEBI's comments in notice on what BofA said during the investigation, in paragraphs 20-24
By Jayshree P Upadhyay
MUMBAI, Jan 8 (Reuters) - India's markets regulator has accused a Bank of America (BofA) BAC.N unit of violating insider trading rules and breaking internal "Chinese walls" in a 2024 share sale, a notice showed.
The Securities and Exchange Board of India (SEBI) notice followed its investigation into the conduct of the bank's domestic securities unit in managing a March 2024 stock sale of Aditya Birla Sun Life Asset Management (ABSL AMC) ADIE.NS.
The investigation found the bank's deal team, while holding unpublished price-sensitive information on the share sale, contacted potential investors "directly/indirectly", said the notice, which is not public and has been reviewed by Reuters.
At the deal team's request, the bank's broking arm, research team, and Asia-Pacific syndicate team reached out to investors and shared valuation reports and other confidential details, the October 30-dated notice said.
"The conduct highlights the failure of (the bank's) deal team to maintain Chinese walls with broking/research arms, impacting safekeeping of confidential information and internal controls," SEBI said.
It added that the bank suppressed material facts and made false statements during the probe.
Bank of America and SEBI did not respond to emailed queries from Reuters.
The Wall Street Journal first reported the SEBI notice to the bank, citing people familiar with the matter.
The bank has filed an application with SEBI to settle the charges without admitting guilt, a source with direct knowledge of the matter said. The application is under review, added the source, who spoke on condition of anonymity due to the sensitive nature of the issue.
The case first came to light in 2024 via a whistleblower complaint, which led to an internal bank probe and the exit of senior officials.
IMPROPER CONTACT WITH INVESTORS?
SEBI's notice cites the bank's interactions with three investors: HDFC Life HDFL.NS, India's second-largest private insurer; Norges Bank NOCB.UL, Norway's central bank, and Enam Holdings, an Indian investment firm.
Indian insider trading rules, like those in many other countries, prohibit an investment bank from sharing price-sensitive information without a legitimate purpose with employees outside of the deal team once it has been appointed to manage a transaction.
SEBI said in this case the bank's research, broking and Asia-Pacific teams sought investor feedback after the bank was appointed to manage the transaction on February 28, 2024 and before the formal announcement of the share sale on March 18, which it said was a breach of the rules.
The notice cites one such example where the deal team asked the broking arm to provide a valuation report for ABSL AMC and its sponsor, Aditya Birla Group, to Enam Holdings, a potential investor in the share sale that was worth $177 million.
In another instance, the deal team requested the APAC syndicate team in Hong Kong - not a part of the deal team - to seek feedback from Norges Bank on its interest in the offering.
"As such, information related to dealings with ABSL AMC was not handled by (the bank) on a ‘need-to-know’ basis,” SEBI said, adding that broking, research, and syndicate teams acted on behalf of the deal team.
The notice did not provide evidence of an exchange of specific price-sensitive information in any of the interactions.
HDFC Life, Norges Bank and Enam Holdings did not respond to emailed queries. ABSL AMC also did not respond.
“This case looks less like classic insider trading and more like an internal-controls failure, which can attract serious regulatory action,” said Sumit Agrawal, Senior Partner at Regstreet Law.
BANK FLIP-FLOPPED ON CONVERSATIONS, SAYS SEBI
The SEBI notice said that in response to its queries, the bank initially denied any meetings or communication with investors regarding the share sale and said its internal legal review found no violation of Indian regulations.
The bank claimed investor feedback was generic and preceded its appointment to manage the share sale, the notice said.
It was only after SEBI confronted the bank with responses from HDFC Life and Enam that it acknowledged conversations with potential investors about the share sale, it said.
The notice said the bank told SEBI that three officials were asked to resign or leave in November 2024 for violating internal protocols by not taking clearances for meeting with potential investors and obstructing investigations, and not for breaching securities laws.
The bank "tried to make untrue statements or suppress material facts while furnishing information to SEBI”, the notice said.
(Reporting by Jayshree P Upadhyay; Editing by Muralikumar Anantharaman)
(([email protected]; 9920092491; Reuters Messaging: Twitter: @jaysh88))
India regulator finds BofA shared confidential information ahead of 2024 block trade, WSJ reports
Adds details from WSJ report, background from paragraph 3 onwards, BofA declining comment in paragraph 6
Jan 7 (Reuters) - India's markets regulator has found that Bank of America BAC.N improperly shared material non-public information about a $180 million block trade of stock and misled the authorities about it, the Wall Street Journal reported on Wednesday, citing people familiar with the matter.
The Securities and Exchange Board of India accused BofA in November of improperly sharing information related to the sale of shares in Indian asset manager Aditya Birla Sun Life AMC ADIE.NS in 2024, the report said.
SEBI's so-called "show cause notice" said that the bank's deal team shared price-sensitive information with employees who were not directly involved with the deal, according to the report.
The regulator also accused the bank of providing false statements to its investigators after they inquired about the alleged leak and said the bank had failed to build appropriate guardrails to protect confidential information about capital-markets transactions from leaking, the report said.
BofA is preparing a response to SEBI's accusations and is expected to seek a settlement in the millions of dollars without admitting or denying wrongdoing, the Journal reported.
Reuters could not immediately verify the report. SEBI did not immediately respond to Reuters' request for comment outside business hours. BofA declined to comment.
The Journal first reported a whistleblower complaint alleging the leak in 2024, but a BofA spokesperson had then told Reuters that it had found no evidence to support the claims.
Sharing non-public information ahead of an announcement can allow some investors to profit from expected price moves. The practice is illegal in India and several other markets.
After initially telling SEBI that its processes related to the block trade were above-board, BofA later corrected the record with the regulator following its own internal probe and turned over records showing people outside the deal team had communicated with investors about the deal, the Journal reported on Wednesday.
Reuters reported in 2024 that three BofA investment bankers in India left the company as it probed the allegations.
(Reporting by Chris Thomas in Mexico City, Rishabh Jaiswal in Bengaluru; Editing by Alan Barona)
Adds details from WSJ report, background from paragraph 3 onwards, BofA declining comment in paragraph 6
Jan 7 (Reuters) - India's markets regulator has found that Bank of America BAC.N improperly shared material non-public information about a $180 million block trade of stock and misled the authorities about it, the Wall Street Journal reported on Wednesday, citing people familiar with the matter.
The Securities and Exchange Board of India accused BofA in November of improperly sharing information related to the sale of shares in Indian asset manager Aditya Birla Sun Life AMC ADIE.NS in 2024, the report said.
SEBI's so-called "show cause notice" said that the bank's deal team shared price-sensitive information with employees who were not directly involved with the deal, according to the report.
The regulator also accused the bank of providing false statements to its investigators after they inquired about the alleged leak and said the bank had failed to build appropriate guardrails to protect confidential information about capital-markets transactions from leaking, the report said.
BofA is preparing a response to SEBI's accusations and is expected to seek a settlement in the millions of dollars without admitting or denying wrongdoing, the Journal reported.
Reuters could not immediately verify the report. SEBI did not immediately respond to Reuters' request for comment outside business hours. BofA declined to comment.
The Journal first reported a whistleblower complaint alleging the leak in 2024, but a BofA spokesperson had then told Reuters that it had found no evidence to support the claims.
Sharing non-public information ahead of an announcement can allow some investors to profit from expected price moves. The practice is illegal in India and several other markets.
After initially telling SEBI that its processes related to the block trade were above-board, BofA later corrected the record with the regulator following its own internal probe and turned over records showing people outside the deal team had communicated with investors about the deal, the Journal reported on Wednesday.
Reuters reported in 2024 that three BofA investment bankers in India left the company as it probed the allegations.
(Reporting by Chris Thomas in Mexico City, Rishabh Jaiswal in Bengaluru; Editing by Alan Barona)
FUNDVIEW-India's ABSL AMC ups long-duration government bond bets, sees more rate easing
By Dharamraj Dhutia and Khushi Malhotra
MUMBAI, July 28 (Reuters) - India's Aditya Birla Sun Life ADIE.NS Asset Management Company is turning overweight on longer-duration government bonds, including 10-year, 30-year and 40-year maturities as it bets on at least one more rate cut, a senior executive said on Monday.
"If we look at the sovereign yield curve, the one-three year bonds have rallied, but the 10-year, 30-year and 40-year bonds are at a very good space and as a result we are overweight duration, looking at that point," said Sunaina da Cunha, co-head fixed income (credits) at ABSL AMC, that manages debt assets worth 2.23 trillion rupees ($25.78 billion).
Even 10-year state government bonds offer attractive spreads, she said, adding the fund will stick to an accrual strategy.
The 10-year benchmark 2035 bond yield IN063335G=CC stood at 6.36%, while 30- and 40-year yields IN30YT=RR, IN40YT=RR were at 7.01% and 7.06%, respectively.
With the Reserve Bank of India's policy rate at 5.50%, the fund manager expects at least one more 25-basis-point cut.
"Food inflation would be kept under control, and good monsoon and spatial distribution will also provide us benefit. This opens up reasonable amount of space for a rate cut," she said.
Fiscal policy remains in consolidation mode and has already done its part; with inflation running below target, it's now up to monetary policy to respond.
"A 25 basis point rate cut is definitely on the cards, and there is a possibility of another 25 bps after that."
Despite the preference for longer duration government bond exposure, the fund house prefers lower tenors on their corporate bond investments.
"On the shorter end, we are overweight on short-term two-three years corporate bonds, because there is still a decent spread in the two-three years bonds, so there is juice there."
The AAA-rated corporate bond yields were at a spread of around 80 basis points over the corresponding government bond yields.
($1 = 86.4910 Indian rupees)
(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Nivedita Bhattacharjee)
By Dharamraj Dhutia and Khushi Malhotra
MUMBAI, July 28 (Reuters) - India's Aditya Birla Sun Life ADIE.NS Asset Management Company is turning overweight on longer-duration government bonds, including 10-year, 30-year and 40-year maturities as it bets on at least one more rate cut, a senior executive said on Monday.
"If we look at the sovereign yield curve, the one-three year bonds have rallied, but the 10-year, 30-year and 40-year bonds are at a very good space and as a result we are overweight duration, looking at that point," said Sunaina da Cunha, co-head fixed income (credits) at ABSL AMC, that manages debt assets worth 2.23 trillion rupees ($25.78 billion).
Even 10-year state government bonds offer attractive spreads, she said, adding the fund will stick to an accrual strategy.
The 10-year benchmark 2035 bond yield IN063335G=CC stood at 6.36%, while 30- and 40-year yields IN30YT=RR, IN40YT=RR were at 7.01% and 7.06%, respectively.
With the Reserve Bank of India's policy rate at 5.50%, the fund manager expects at least one more 25-basis-point cut.
"Food inflation would be kept under control, and good monsoon and spatial distribution will also provide us benefit. This opens up reasonable amount of space for a rate cut," she said.
Fiscal policy remains in consolidation mode and has already done its part; with inflation running below target, it's now up to monetary policy to respond.
"A 25 basis point rate cut is definitely on the cards, and there is a possibility of another 25 bps after that."
Despite the preference for longer duration government bond exposure, the fund house prefers lower tenors on their corporate bond investments.
"On the shorter end, we are overweight on short-term two-three years corporate bonds, because there is still a decent spread in the two-three years bonds, so there is juice there."
The AAA-rated corporate bond yields were at a spread of around 80 basis points over the corresponding government bond yields.
($1 = 86.4910 Indian rupees)
(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Nivedita Bhattacharjee)
Indian asset managers climb on proposal to advise pooled funds
** Indian asset management companies climb after country's markets regulator proposes allowing them to provide investment management to pooled funds such as family offices or offshore funds with a few investors
** Gains led by HDFC Asset Management Co's HDFA.NS 2.5% climb, followed by UTI Asset Management's UTIA.NS 2.4% rise
** Nippon Asset Life NIPF.NS and Aditya Birla Sun Life ADIE.NS trading 0.2% higher each
** Gains also after Antique Stock Broking's initiation on these asset managers with "buy", citing a scope of over 15% annual growth for India's mutual fund industry
** Avg rating on all four AMCs at "buy" - data compiled by LSEG
** YTD, HDFA outperforms among pack with ~22% climb, followed by NIPF's 7.4% rise; ADIE and UTIA down 2.8% and 0.5%, respectively
(Reporting by Kashish Tandon in Bengaluru)
** Indian asset management companies climb after country's markets regulator proposes allowing them to provide investment management to pooled funds such as family offices or offshore funds with a few investors
** Gains led by HDFC Asset Management Co's HDFA.NS 2.5% climb, followed by UTI Asset Management's UTIA.NS 2.4% rise
** Nippon Asset Life NIPF.NS and Aditya Birla Sun Life ADIE.NS trading 0.2% higher each
** Gains also after Antique Stock Broking's initiation on these asset managers with "buy", citing a scope of over 15% annual growth for India's mutual fund industry
** Avg rating on all four AMCs at "buy" - data compiled by LSEG
** YTD, HDFA outperforms among pack with ~22% climb, followed by NIPF's 7.4% rise; ADIE and UTIA down 2.8% and 0.5%, respectively
(Reporting by Kashish Tandon in Bengaluru)
Aditya Birla Sun Life AMC March-Quarter Consol Net Profit 2.28 Bln Rupees
April 28 (Reuters) - Aditya Birla Sun Life Amc Ltd ADIE.NS:
DIVIDEND OF 24 RUPEES PER SHARE
MARCH-QUARTER CONSOL NET PROFIT 2.28 BILLION RUPEES
MARCH-QUARTER CONSOL REVENUE FROM OPERATIONS 4.29 BILLION RUPEES
Source text: [ID:]
Further company coverage: ADIE.NS
(([email protected];;))
April 28 (Reuters) - Aditya Birla Sun Life Amc Ltd ADIE.NS:
DIVIDEND OF 24 RUPEES PER SHARE
MARCH-QUARTER CONSOL NET PROFIT 2.28 BILLION RUPEES
MARCH-QUARTER CONSOL REVENUE FROM OPERATIONS 4.29 BILLION RUPEES
Source text: [ID:]
Further company coverage: ADIE.NS
(([email protected];;))
Aditya Birla Sun Life Amc Dec-Quarter Consol Net Profit 2.24 Bln Rupees
Jan 27 (Reuters) - Aditya Birla Sun Life Amc Ltd ADIE.NS:
DEC-QUARTER CONSOL NET PROFIT 2.24 BILLION RUPEES
DEC-QUARTER CONSOL REVENUE FROM OPERATIONS 4.45 BILLION RUPEES
Source text: [ID:]
Further company coverage: ADIE.NS
(([email protected];;))
Jan 27 (Reuters) - Aditya Birla Sun Life Amc Ltd ADIE.NS:
DEC-QUARTER CONSOL NET PROFIT 2.24 BILLION RUPEES
DEC-QUARTER CONSOL REVENUE FROM OPERATIONS 4.45 BILLION RUPEES
Source text: [ID:]
Further company coverage: ADIE.NS
(([email protected];;))
Aditya Birla Sun Life Amc Sept-Quarter Consol Net Profit 2.42 Bln Rupees
Oct 28 (Reuters) - Aditya Birla Sun Life Amc Ltd ADIE.NS:
SEPT-QUARTER CONSOL NET PROFIT 2.42 BILLION RUPEES
SEPT-QUARTER CONSOL REVENUE FROM OPERATIONS 4.24 BILLION RUPEES
Source text: [ID:]
Further company coverage: ADIE.NS
(([email protected];;))
Oct 28 (Reuters) - Aditya Birla Sun Life Amc Ltd ADIE.NS:
SEPT-QUARTER CONSOL NET PROFIT 2.42 BILLION RUPEES
SEPT-QUARTER CONSOL REVENUE FROM OPERATIONS 4.24 BILLION RUPEES
Source text: [ID:]
Further company coverage: ADIE.NS
(([email protected];;))
Aditya Birla Sun Life Amc Names Pradeep Sharma As CFO
Aug 29 (Reuters) - Aditya Birla Sun Life Amc Ltd ADIE.NS:
ADITYA BIRLA SUN LIFE AMC - NAMES PRADEEP SHARMA AS CFO
Source text for Eikon: ID:nBSELnbPr
Further company coverage: ADIE.NS
(([email protected];))
Aug 29 (Reuters) - Aditya Birla Sun Life Amc Ltd ADIE.NS:
ADITYA BIRLA SUN LIFE AMC - NAMES PRADEEP SHARMA AS CFO
Source text for Eikon: ID:nBSELnbPr
Further company coverage: ADIE.NS
(([email protected];))
Aditya Birla Sun Life Amc June-Quarter Consol Net Profit 2.36 Billion Rupees
July 24 (Reuters) - Aditya Birla Sun Life Amc Ltd ADIE.NS:
ADITYA BIRLA SUN LIFE AMC JUNE-QUARTER CONSOL NET PROFIT 2.36 BILLION RUPEES
ADITYA BIRLA SUN LIFE AMC JUNE-QUARTER CONSOL REVENUE FROM OPERATIONS 3.87 BILLION RUPEES
Further company coverage: ADIE.NS
(([email protected];))
July 24 (Reuters) - Aditya Birla Sun Life Amc Ltd ADIE.NS:
ADITYA BIRLA SUN LIFE AMC JUNE-QUARTER CONSOL NET PROFIT 2.36 BILLION RUPEES
ADITYA BIRLA SUN LIFE AMC JUNE-QUARTER CONSOL REVENUE FROM OPERATIONS 3.87 BILLION RUPEES
Further company coverage: ADIE.NS
(([email protected];))
Aditya Birla Sun Life AMC Dividend Of 13.5 Rupees Per Share
April 26 (Reuters) - Aditya Birla Sun Life Amc Ltd ADIE.NS:
DIVIDEND OF 13.5 RUPEES PER SHARE
ADITYA BIRLA SUN LIFE AMC MARCH-QUARTER CONSOL NET PROFIT 2.08 BILLION RUPEES VERSUS PROFIT 1.36 BILLION RUPEES
ADITYA BIRLA SUN LIFE AMC MARCH-QUARTER CONSOL REVENUE FROM OPERATIONS 3.66 BILLION RUPEES VERSUS 2.97 BILLION RUPEES
Source text for Eikon: ID:nNSE7ZKftd
Further company coverage: ADIE.NS
(([email protected];;))
April 26 (Reuters) - Aditya Birla Sun Life Amc Ltd ADIE.NS:
DIVIDEND OF 13.5 RUPEES PER SHARE
ADITYA BIRLA SUN LIFE AMC MARCH-QUARTER CONSOL NET PROFIT 2.08 BILLION RUPEES VERSUS PROFIT 1.36 BILLION RUPEES
ADITYA BIRLA SUN LIFE AMC MARCH-QUARTER CONSOL REVENUE FROM OPERATIONS 3.66 BILLION RUPEES VERSUS 2.97 BILLION RUPEES
Source text for Eikon: ID:nNSE7ZKftd
Further company coverage: ADIE.NS
(([email protected];;))
India's HDFC AMC gains after JP Morgan upgrades stock, sets Street-high PT
** Shares of HDFC Asset Management Company HDFA.NS rise 2.25% to 3,726.70 rupees
** JP Morgan upgrades the stock to "overweight" from "neutral", raises PT to Street-high of 4,450 rupees
** The new PT implies an upside of 22% in nine months over its last close
** Brokerage values stock at 38 times 12-month forward earnings
** HDFA is trading at trailing twelve months (TTM) P/E of 43.81, compared to Aditya Birla Sun Life ADIE.NS, Nippon Life India Asset Management Company, and UTI Asset Management Company UTIA.NS, whose TTM P/E is in between 16-35 as per LSEG data
** JP Morgan expects HDFA to benefit from higher fund inflows
** Adds risk around regulations is largely mitigated, sees stable margins on the back of 25% rise in assets under management in FY24
** The avg recommendation of 19 analysts tracking HDFA is equivalent to "buy"; median TP, excluding JP Morgan's, is 3,440 rupees - LSEG data
** HDFA shares up 16.6% in 2024 so far, compared to 2% drop in financial services index .NIFTYFIN
(Reporting by Bharath Rajeswaran in Bengaluru)
(([email protected]; +91 9769003463;))
** Shares of HDFC Asset Management Company HDFA.NS rise 2.25% to 3,726.70 rupees
** JP Morgan upgrades the stock to "overweight" from "neutral", raises PT to Street-high of 4,450 rupees
** The new PT implies an upside of 22% in nine months over its last close
** Brokerage values stock at 38 times 12-month forward earnings
** HDFA is trading at trailing twelve months (TTM) P/E of 43.81, compared to Aditya Birla Sun Life ADIE.NS, Nippon Life India Asset Management Company, and UTI Asset Management Company UTIA.NS, whose TTM P/E is in between 16-35 as per LSEG data
** JP Morgan expects HDFA to benefit from higher fund inflows
** Adds risk around regulations is largely mitigated, sees stable margins on the back of 25% rise in assets under management in FY24
** The avg recommendation of 19 analysts tracking HDFA is equivalent to "buy"; median TP, excluding JP Morgan's, is 3,440 rupees - LSEG data
** HDFA shares up 16.6% in 2024 so far, compared to 2% drop in financial services index .NIFTYFIN
(Reporting by Bharath Rajeswaran in Bengaluru)
(([email protected]; +91 9769003463;))
Aditya Birla Capital, Sun Life (India) AMC Investments Propose To Sell 11.47% Stake In Aditya Birla Sun Life AMC - Filing
March 18 (Reuters) - Aditya Birla Sun Life Amc Ltd ADIE.NS:
ADITYA BIRLA CAPITAL AND SUN LIFE (INDIA) AMC INVESTMENTS PROPOSE TO SELL 11.47% STAKE IN ADITYA BIRLA SUN LIFE AMC VIA OFFER FOR SALE - EXCHANGE FILING
FLOOR PRICE OF ADITYA BIRLA SUN LIFE AMC OFFER FOR SALE AT 450 RUPEES PER SHARE - FILING
Source text for Eikon: ID:nBSE1Kp7lN
Further company coverage: ADIE.NS
(([email protected];))
March 18 (Reuters) - Aditya Birla Sun Life Amc Ltd ADIE.NS:
ADITYA BIRLA CAPITAL AND SUN LIFE (INDIA) AMC INVESTMENTS PROPOSE TO SELL 11.47% STAKE IN ADITYA BIRLA SUN LIFE AMC VIA OFFER FOR SALE - EXCHANGE FILING
FLOOR PRICE OF ADITYA BIRLA SUN LIFE AMC OFFER FOR SALE AT 450 RUPEES PER SHARE - FILING
Source text for Eikon: ID:nBSE1Kp7lN
Further company coverage: ADIE.NS
(([email protected];))
India's HDFC AMC tops performance among listed fund houses, Nuvama says
** Enhanced fund performance along with strong distribution network led to rising AUM in outperforming fund schemes of HDFC Asset Management Co HDFA.NS, says Nuvama Institutional Equities
** Nuvama says HDFC AMC's fund performance improved as rated AUM in outperforming schemes rose to 88% from 74.8% in May 2023
** Nippon Life India Asset Management's NIPF.NS large-cap and equity funds contributed to strong fund performance, taking NIPF's AUM in outperforming schemes to 70.9% from 45.5% in May
** Brokerage says AUM performance improved for Aditya Birla Sun Life AMC ADIE.NS while flagging a deterioriation in UTI Asset Management Co's UTIA.NS AUM
** Nuvama maintains "hold" on HDFA, NIPF, while retaining "buy" rating on ADIE, UTIA
** Nuvama adds unlisted ICICI Prudential AMC has highest share of rated AUM in outperforming schemes at 90.6%
** As of last close, HDFA up 17.9% YTD, NIPF risen 14.6%
** ADIE climbed 9.4% YTD, UTIA gained ~2%
(Reporting by Rama Venkat in Bengaluru)
** Enhanced fund performance along with strong distribution network led to rising AUM in outperforming fund schemes of HDFC Asset Management Co HDFA.NS, says Nuvama Institutional Equities
** Nuvama says HDFC AMC's fund performance improved as rated AUM in outperforming schemes rose to 88% from 74.8% in May 2023
** Nippon Life India Asset Management's NIPF.NS large-cap and equity funds contributed to strong fund performance, taking NIPF's AUM in outperforming schemes to 70.9% from 45.5% in May
** Brokerage says AUM performance improved for Aditya Birla Sun Life AMC ADIE.NS while flagging a deterioriation in UTI Asset Management Co's UTIA.NS AUM
** Nuvama maintains "hold" on HDFA, NIPF, while retaining "buy" rating on ADIE, UTIA
** Nuvama adds unlisted ICICI Prudential AMC has highest share of rated AUM in outperforming schemes at 90.6%
** As of last close, HDFA up 17.9% YTD, NIPF risen 14.6%
** ADIE climbed 9.4% YTD, UTIA gained ~2%
(Reporting by Rama Venkat in Bengaluru)
More Indian asset managers shift overseas business to GIFT City
By Jayshree P Upadhyay
Mumbai, Feb 9 (Reuters) - Several Indian asset managers said they are moving, or planning to move, some offshore fund business from financial centres such as Dubai and Singapore to a finance hub in the western state of Gujarat to gain better access to India's capital markets.
The Indian government is promoting the Gujarat International Finance Tec-City, or GIFT City, as a "gateway for global capital and financial services for the economy" and is trying to attract companies through tax-breaks and other incentives.
In the last six months, about eight of the 10 biggest Indian asset managers by assets have either relocated their business, or set up new funds or filed for permits to move to GIFT City, according to executives at these funds.
"The stable regulatory regime and proximity to the Indian markets is driving our decision," said Swarup Mohanty, chief executive of Mirae Asset Investment Managers, which has shifted a $200 million Hong Kong based fund to GIFT City and is in "active" consideration to move a second fund.
Mirae Asset Investment Managers is the Indian unit of South Korea's Mirae Asset Financial Group.
Mirae expects to manage $435 million out of GIFT City in the near term. The fund has a total of 1.46 trillion Indian rupees ($17.58 billion) of assets under management in India.
GIFT City offers companies that set up there a 10-year tax break and does not charge taxes on transfer of funds from overseas jurisdictions. There are no capital gains taxes for investing in units set at up GIFT City, similar to Singapore or Dubai.
"It is substantially more cost effective to run a fund in GIFT City as compared to Mauritius and Singapore due to lower cost of living, rentals and cost of manpower," said Sachin Samant, president banking and financial institutions group at Kotak Mahindra Bank. The bank has an office at GIFT City and has been helping funds set up their operations there.
DSP Mutual Fund, which manages $20 billion in assets in India and offshore, plans to move its Mauritius-based operation, which manages $450-500 million in assets, to GIFT City by March, said Jay Kothari, a senior vice-president.
Aditya Birla Sun Life AMC, India's sixth largest asset manager with 3.08 trillion rupees under management, is also moving operations from Dubai and Singapore to GIFT City.
"Outside of multiple inbound funds, we have one outbound fund and have an approval to set up an ESG-focused fund with seed investment already in place," said A. Balasubramanian, chief executive for Aditya Birla Sun Life AMC.
Over 80 fund managers with commitments of $30 billion and investments of over $2.93 billion have been set up in GIFT City in the last three years, according to data from the International Financial Services Regulatory Authority (IFSCA), which regulates financial services in GIFT City.
($1 = 83.0290 Indian rupees)
(Reporting by Jayshree P Upadhyay; editing by Miral Fahmy)
(([email protected]; 9920092491; Reuters Messaging: Twitter: @jaysh88))
By Jayshree P Upadhyay
Mumbai, Feb 9 (Reuters) - Several Indian asset managers said they are moving, or planning to move, some offshore fund business from financial centres such as Dubai and Singapore to a finance hub in the western state of Gujarat to gain better access to India's capital markets.
The Indian government is promoting the Gujarat International Finance Tec-City, or GIFT City, as a "gateway for global capital and financial services for the economy" and is trying to attract companies through tax-breaks and other incentives.
In the last six months, about eight of the 10 biggest Indian asset managers by assets have either relocated their business, or set up new funds or filed for permits to move to GIFT City, according to executives at these funds.
"The stable regulatory regime and proximity to the Indian markets is driving our decision," said Swarup Mohanty, chief executive of Mirae Asset Investment Managers, which has shifted a $200 million Hong Kong based fund to GIFT City and is in "active" consideration to move a second fund.
Mirae Asset Investment Managers is the Indian unit of South Korea's Mirae Asset Financial Group.
Mirae expects to manage $435 million out of GIFT City in the near term. The fund has a total of 1.46 trillion Indian rupees ($17.58 billion) of assets under management in India.
GIFT City offers companies that set up there a 10-year tax break and does not charge taxes on transfer of funds from overseas jurisdictions. There are no capital gains taxes for investing in units set at up GIFT City, similar to Singapore or Dubai.
"It is substantially more cost effective to run a fund in GIFT City as compared to Mauritius and Singapore due to lower cost of living, rentals and cost of manpower," said Sachin Samant, president banking and financial institutions group at Kotak Mahindra Bank. The bank has an office at GIFT City and has been helping funds set up their operations there.
DSP Mutual Fund, which manages $20 billion in assets in India and offshore, plans to move its Mauritius-based operation, which manages $450-500 million in assets, to GIFT City by March, said Jay Kothari, a senior vice-president.
Aditya Birla Sun Life AMC, India's sixth largest asset manager with 3.08 trillion rupees under management, is also moving operations from Dubai and Singapore to GIFT City.
"Outside of multiple inbound funds, we have one outbound fund and have an approval to set up an ESG-focused fund with seed investment already in place," said A. Balasubramanian, chief executive for Aditya Birla Sun Life AMC.
Over 80 fund managers with commitments of $30 billion and investments of over $2.93 billion have been set up in GIFT City in the last three years, according to data from the International Financial Services Regulatory Authority (IFSCA), which regulates financial services in GIFT City.
($1 = 83.0290 Indian rupees)
(Reporting by Jayshree P Upadhyay; editing by Miral Fahmy)
(([email protected]; 9920092491; Reuters Messaging: Twitter: @jaysh88))
Strong equity inflows to boost Indian asset management firms - Nuvama
** With outlook for equity markets improving, regulatory concerns waning, asset management co stocks can do well in FY24, Nuvama says
** Benchmark Nifty 50 index .NSEI up 16% YTD, extending record high rally
** Nuvama picks HDFC Asset Management HDFA.NS and Nippon Life India Asset Management NIPF.NS as its top bets
** For FY24 to date, strong SIP inflows have driven active equity net inflows to 1.22 trillion Indian rupees ($14.63 billion)(+18.9 YoY), Nuvama says
** Brokerage adds equity assets under management are at all-time high of 25.8 trillion rupees
** HDFA last down 0.2% at 2,981 rupees and NIPF up 1.1% at 438.50 rupees
** HDFA up 36% YTD, NIPF up 76% so far this year
($1 = 83.3797 Indian rupees)
(Reporting by Sethuraman NR in Bengaluru)
(([email protected]; (+91 9945291420); Reuters Messaging: [email protected]))
** With outlook for equity markets improving, regulatory concerns waning, asset management co stocks can do well in FY24, Nuvama says
** Benchmark Nifty 50 index .NSEI up 16% YTD, extending record high rally
** Nuvama picks HDFC Asset Management HDFA.NS and Nippon Life India Asset Management NIPF.NS as its top bets
** For FY24 to date, strong SIP inflows have driven active equity net inflows to 1.22 trillion Indian rupees ($14.63 billion)(+18.9 YoY), Nuvama says
** Brokerage adds equity assets under management are at all-time high of 25.8 trillion rupees
** HDFA last down 0.2% at 2,981 rupees and NIPF up 1.1% at 438.50 rupees
** HDFA up 36% YTD, NIPF up 76% so far this year
($1 = 83.3797 Indian rupees)
(Reporting by Sethuraman NR in Bengaluru)
(([email protected]; (+91 9945291420); Reuters Messaging: [email protected]))
India's Aditya Birla Sun Life AMC down after Q2 profit fall
** Shares of Aditya Birla Sun Life AMC ADIE.NS fall as much as 4.8% to 423 rupees, their steepest intraday pct decline since March 27
** Co's Q2 consolidated net profit fell 7.1% YoY
** Expenses surged 11.3% after a jump in employee benefit expenses; revenue climbed 7.7%
** Mean rating of eight analysts is "hold;" median PT is 437 rupees - LSEG data
** Stock last down 2.7%, taking YTD decline to 5%
(Reporting by Varun Vyas in Bengaluru)
** Shares of Aditya Birla Sun Life AMC ADIE.NS fall as much as 4.8% to 423 rupees, their steepest intraday pct decline since March 27
** Co's Q2 consolidated net profit fell 7.1% YoY
** Expenses surged 11.3% after a jump in employee benefit expenses; revenue climbed 7.7%
** Mean rating of eight analysts is "hold;" median PT is 437 rupees - LSEG data
** Stock last down 2.7%, taking YTD decline to 5%
(Reporting by Varun Vyas in Bengaluru)
India's Aditya Birla Sun Life AMC Sept-Quarter Consol Net Profit Falls
Oct 26 (Reuters) - Aditya Birla Sun Life Amc Ltd ADIE.NS:
SEPT-QUARTER CONSOL NET PROFIT 1.78 BILLION RUPEES VERSUS 1.92 BILLION RUPEES
SEPT-QUARTER CONSOL REVENUE FROM OPERATIONS 3.35 BILLION RUPEES VERSUS 3.11 BILLION RUPEES
Source text for Eikon: ID:nBSE6TNwVh
Further company coverage: ADIE.NS
(([email protected];))
Oct 26 (Reuters) - Aditya Birla Sun Life Amc Ltd ADIE.NS:
SEPT-QUARTER CONSOL NET PROFIT 1.78 BILLION RUPEES VERSUS 1.92 BILLION RUPEES
SEPT-QUARTER CONSOL REVENUE FROM OPERATIONS 3.35 BILLION RUPEES VERSUS 3.11 BILLION RUPEES
Source text for Eikon: ID:nBSE6TNwVh
Further company coverage: ADIE.NS
(([email protected];))
Aditya Birla Sun Life AMC- Harish Krishnan Joins As Co-CIO, Head Equity
Oct 6 (Reuters) - Aditya Birla Sun Life Amc Ltd ADIE.NS:
ADITYA BIRLA SUN LIFE AMC- HARISH KRISHNAN JOINS AS CO-CIO, HEAD EQUITY
(([email protected];))
Oct 6 (Reuters) - Aditya Birla Sun Life Amc Ltd ADIE.NS:
ADITYA BIRLA SUN LIFE AMC- HARISH KRISHNAN JOINS AS CO-CIO, HEAD EQUITY
(([email protected];))
India's markets regulator to ease proposals on mutual fund fee structures - sources
By Jayshree P Upadhyay
Aug 2 (Reuters) - India’s markets regulator will put forth two options to water down its earlier proposal to levy a standard investor fee on mutual funds, to limit the impact on the profitability of the 44.3 trillion-rupee ($537.75 billion) asset management industry, two sources with direct knowledge of the matter said.
The changes, following a push-back from the industry, will be part of a discussion paper likely to be issued in the coming weeks, the sources said. A discussion paper is the first step in crafting regulations.
Both sources declined to be identified as they are not authorised to speak to the media.
A spokesperson for the Securities and Exchange Board of India (SEBI) did not respond to an email sent on Monday.
The regulator is exploring an option to let mutual funds charge higher fees with all expenses, including brokerage and taxes paid by fund houses, the sources said.
SEBI's original proposal allowed fund houses to charge a maximum fee of 2.55% of the assets under management (AUM) with all expenses, including brokerage costs.
A final decision will be taken after receiving feedback on the discussion paper, but the industry expects it to be set at a level which has a "marginal impact" on profitability, said one of the sources.
In a presentation to the regulator in June, the industry argued that the original proposals would squeeze the profitability of almost all asset management companies (AMCs) by 20-80%, said the second source.
The other option is to exclude brokerage and taxes but the investor fees will be lower, the sources said.
Arbitrage funds that buy and sell securities frequently and hence have a higher tax burden, will be allowed to choose the second option, the sources added.
Both options were discussed with an internal committee finalising rules on July 21, according to the first source.
SEBI's discussion paper on mutual fund fees, first released on May 18, drew the ire of the industry, prompting the regulator to defer a decision to it June 29 board meeting.
At a news conference following the board meeting, SEBI's chairperson, Madhabi Puri Buch, said the regulator would issue a fresh discussion paper which will make the industry "quite happy."
($1 = 82.3800 Indian rupees)
(Reporting by Jayshree P Upadhyay; Editing by Dhanya Ann Thoppil)
(([email protected]; 9920092491; Reuters Messaging: Twitter: @jaysh88))
By Jayshree P Upadhyay
Aug 2 (Reuters) - India’s markets regulator will put forth two options to water down its earlier proposal to levy a standard investor fee on mutual funds, to limit the impact on the profitability of the 44.3 trillion-rupee ($537.75 billion) asset management industry, two sources with direct knowledge of the matter said.
The changes, following a push-back from the industry, will be part of a discussion paper likely to be issued in the coming weeks, the sources said. A discussion paper is the first step in crafting regulations.
Both sources declined to be identified as they are not authorised to speak to the media.
A spokesperson for the Securities and Exchange Board of India (SEBI) did not respond to an email sent on Monday.
The regulator is exploring an option to let mutual funds charge higher fees with all expenses, including brokerage and taxes paid by fund houses, the sources said.
SEBI's original proposal allowed fund houses to charge a maximum fee of 2.55% of the assets under management (AUM) with all expenses, including brokerage costs.
A final decision will be taken after receiving feedback on the discussion paper, but the industry expects it to be set at a level which has a "marginal impact" on profitability, said one of the sources.
In a presentation to the regulator in June, the industry argued that the original proposals would squeeze the profitability of almost all asset management companies (AMCs) by 20-80%, said the second source.
The other option is to exclude brokerage and taxes but the investor fees will be lower, the sources said.
Arbitrage funds that buy and sell securities frequently and hence have a higher tax burden, will be allowed to choose the second option, the sources added.
Both options were discussed with an internal committee finalising rules on July 21, according to the first source.
SEBI's discussion paper on mutual fund fees, first released on May 18, drew the ire of the industry, prompting the regulator to defer a decision to it June 29 board meeting.
At a news conference following the board meeting, SEBI's chairperson, Madhabi Puri Buch, said the regulator would issue a fresh discussion paper which will make the industry "quite happy."
($1 = 82.3800 Indian rupees)
(Reporting by Jayshree P Upadhyay; Editing by Dhanya Ann Thoppil)
(([email protected]; 9920092491; Reuters Messaging: Twitter: @jaysh88))
India's asset managers slip on Jio Financial-BlackRock JV news
By Bharath Rajeswaran
BENGALURU, July 27 (Reuters) - Shares of asset management companies declined on Thursday, a day after Jio Financial Services JIOF.NS, part of the Mukesh Ambani-led Reliance Group said it will form a joint venture with U.S.-based BlackRock Inc BLK.N to launch services in India.
HDFC Asset Management HDFA.NS, UTI Asset Management UTIA.NS and Aditya Birla Sun Life AMC ADIE.NS fell between 0.75% and 2%.
"The fear, probably, in the market is that if they (Jio Financial) go the telecom way and do their asset management foray at very low costs, it could create a little bit of heat among the other existing players," said Amit Kumar Gupta, founder at Fintrekk Capital.
Reliance had upended India's telecoms industry when it launched cheap data plans and free calls, triggering a price war in the sector.
"Whether Jio Financial Services and BlackRock will go all passive or all active (funds) or a mix of both remains to be seen."
Jio Financial and Blackrock are targeting an initial investment of $150 million each in the joint venture, Jio Financial said on Wednesday. The announcement follows the recent demerger of Jio Financial Services from Reliance Industries RELI.NS.
The JV with Jio Financial Services will be BlackRock's second attempt to enter the asset management industry in India, after exiting a JV with local financial firm DSP Group in 2018.
(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Nivedita Bhattacharjee)
(([email protected]; +91 9769003463;))
By Bharath Rajeswaran
BENGALURU, July 27 (Reuters) - Shares of asset management companies declined on Thursday, a day after Jio Financial Services JIOF.NS, part of the Mukesh Ambani-led Reliance Group said it will form a joint venture with U.S.-based BlackRock Inc BLK.N to launch services in India.
HDFC Asset Management HDFA.NS, UTI Asset Management UTIA.NS and Aditya Birla Sun Life AMC ADIE.NS fell between 0.75% and 2%.
"The fear, probably, in the market is that if they (Jio Financial) go the telecom way and do their asset management foray at very low costs, it could create a little bit of heat among the other existing players," said Amit Kumar Gupta, founder at Fintrekk Capital.
Reliance had upended India's telecoms industry when it launched cheap data plans and free calls, triggering a price war in the sector.
"Whether Jio Financial Services and BlackRock will go all passive or all active (funds) or a mix of both remains to be seen."
Jio Financial and Blackrock are targeting an initial investment of $150 million each in the joint venture, Jio Financial said on Wednesday. The announcement follows the recent demerger of Jio Financial Services from Reliance Industries RELI.NS.
The JV with Jio Financial Services will be BlackRock's second attempt to enter the asset management industry in India, after exiting a JV with local financial firm DSP Group in 2018.
(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Nivedita Bhattacharjee)
(([email protected]; +91 9769003463;))
India's Aditya Birla Sun Life Amc June-Qtr Consol Net Profit Rises
July 26 (Reuters) - Aditya Birla Sun Life Amc Ltd ADIE.NS:
INDIA'S ADITYA BIRLA SUN LIFE AMC JUNE-QUARTER CONSOL NET PROFIT 1.85 BILLION RUPEES VERSUS 1.03 BILLION RUPEES
ADITYA BIRLA SUN LIFE AMC JUNE-QUARTER CONSOL REVENUE FROM OPERATIONS 3.11 BILLION RUPEES VERSUS 3.05 BILLION RUPEES
Further company coverage: ADIE.NS
(([email protected];;))
July 26 (Reuters) - Aditya Birla Sun Life Amc Ltd ADIE.NS:
INDIA'S ADITYA BIRLA SUN LIFE AMC JUNE-QUARTER CONSOL NET PROFIT 1.85 BILLION RUPEES VERSUS 1.03 BILLION RUPEES
ADITYA BIRLA SUN LIFE AMC JUNE-QUARTER CONSOL REVENUE FROM OPERATIONS 3.11 BILLION RUPEES VERSUS 3.05 BILLION RUPEES
Further company coverage: ADIE.NS
(([email protected];;))
India's asset management stocks surge after regulator defers investor fee changes
** Shares of Indian asset management cos Aditya Birla Sunlife AMC ADIE.NS, HDFC Asset Management HDFA.NS, UTI Asset Management UTIA.NS and Nippon Life India Asset Management NIPF.NS surge between 5%-14%
** Markets regulator SEBI on Wednesday deferred a proposal on standard investor fees by mutual funds
** SEBI had in May proposed that mutual fund houses charge standardised fees from investors to ensure greater transparency
** SEBI will come out with another consultation paper to standardise investor fees for mutual funds, its chairperson had said on Wednesday
** "While we still await the shape of final regulations, improved prospects of a less disruptive outcome augurs well for AMC stocks," Kotak Institutional Equities said in a note
(Reporting by Nallur Sethuraman in Bengaluru)
(([email protected]; (+91 8061822737); Reuters Messaging: [email protected]))
** Shares of Indian asset management cos Aditya Birla Sunlife AMC ADIE.NS, HDFC Asset Management HDFA.NS, UTI Asset Management UTIA.NS and Nippon Life India Asset Management NIPF.NS surge between 5%-14%
** Markets regulator SEBI on Wednesday deferred a proposal on standard investor fees by mutual funds
** SEBI had in May proposed that mutual fund houses charge standardised fees from investors to ensure greater transparency
** SEBI will come out with another consultation paper to standardise investor fees for mutual funds, its chairperson had said on Wednesday
** "While we still await the shape of final regulations, improved prospects of a less disruptive outcome augurs well for AMC stocks," Kotak Institutional Equities said in a note
(Reporting by Nallur Sethuraman in Bengaluru)
(([email protected]; (+91 8061822737); Reuters Messaging: [email protected]))
Aditya Birla Sun Life AMC Raises Stake In Rategain Travel Technologies To 5.1917% From 1.9845% - Exchange Filing
June 5 (Reuters) - Exchange Filing:
ADITYA BIRLA SUN LIFE AMC RAISES STAKE IN RATEGAIN TRAVEL TECHNOLOGIES TO 5.1917% FROM 1.9845% - EXCHANGE FILING
Source text for Eikon: ID:nBSEFkQVM
Further company coverage: ADIE.NSRATE.NS
(([email protected];))
June 5 (Reuters) - Exchange Filing:
ADITYA BIRLA SUN LIFE AMC RAISES STAKE IN RATEGAIN TRAVEL TECHNOLOGIES TO 5.1917% FROM 1.9845% - EXCHANGE FILING
Source text for Eikon: ID:nBSEFkQVM
Further company coverage: ADIE.NSRATE.NS
(([email protected];))
Aditya Birla Sun Life Amc March-Qtr Consol Net Profit Falls
April 27 (Reuters) - Aditya Birla Sun Life Amc Ltd ADIE.NS:
DIVIDEND 5.25 RUPEES PER SHARE
MARCH-QUARTER CONSOL NET PROFIT 1.36 BILLION RUPEES VERSUS 1.59 BILLION RUPEES
MARCH-QUARTER CONSOL REVENUE FROM OPERATIONS 2.97 BILLION RUPEES VERSUS 3.24 BILLION RUPEES
Source text for Eikon: ID:nBSE97J8CL
Further company coverage: ADIE.NS
(([email protected];))
April 27 (Reuters) - Aditya Birla Sun Life Amc Ltd ADIE.NS:
DIVIDEND 5.25 RUPEES PER SHARE
MARCH-QUARTER CONSOL NET PROFIT 1.36 BILLION RUPEES VERSUS 1.59 BILLION RUPEES
MARCH-QUARTER CONSOL REVENUE FROM OPERATIONS 2.97 BILLION RUPEES VERSUS 3.24 BILLION RUPEES
Source text for Eikon: ID:nBSE97J8CL
Further company coverage: ADIE.NS
(([email protected];))
FUNDVIEW-India's short-end bonds attractive as rate cuts unlikely- ABSL AMC's Patil
By Dharamraj Dhutia
MUMBAI, April 25 (Reuters) - The shorter end of the Indian government bond yield curve looks attractive right now as the central bank is unlikely to cut interest rates this financial year as inflation risks prevail, a fund manager at Aditya Birla Sun Life Asset Management Co said.
"We believe the front end of the yield curve, in the 1-3 year range, offers the best risk-adjusted returns to investors," said Mahesh Patil, chief investment officer at ABSL AMC, which manages 1.42 trillion rupees ($17.34 billion) of debt.
The 1-3 year yields were trading around 6.90% on the day. And while the benchmark 10-year bond yield IN072633G=CC was at 7.10%, Patil does not expect it to sustain below 7.15%.
India's headline retail inflation eased to 5.66%, within the Reserve Bank of India's (RBI) tolerance band of 2%-6%, in March and is expected to dip below 5% in April.
Patil, however, said the recent easing in inflation was mainly due to a base effect.
"Core inflation remains sticky and close to the 6% level. There is an upside risk to food inflation given weather conditions and the risk of El Nino."
Nonetheless, the RBI unexpectedly maintained the status quo on interest rates earlier this month, defying market expectations of a 25 basis points hike. However, policymakers said further hikes could be warranted to bring inflation to its medium-term target of 4%.
But Patil expects the RBI to stay on a prolonged pause as rates are close to the long-term average, although he says the Federal Reserve may continue with its rate-hiking cycle.
Patil further said that a higher supply of domestic debt and tighter liquidity conditions may warrant open market purchases from the RBI in the later part of the financial year.
"So we believe that while supply is high, it will continue to get demand. The question is of whether sufficient demand is there at current rates or somewhat higher rates."
($1 = 81.9050 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Savio D'Souza)
By Dharamraj Dhutia
MUMBAI, April 25 (Reuters) - The shorter end of the Indian government bond yield curve looks attractive right now as the central bank is unlikely to cut interest rates this financial year as inflation risks prevail, a fund manager at Aditya Birla Sun Life Asset Management Co said.
"We believe the front end of the yield curve, in the 1-3 year range, offers the best risk-adjusted returns to investors," said Mahesh Patil, chief investment officer at ABSL AMC, which manages 1.42 trillion rupees ($17.34 billion) of debt.
The 1-3 year yields were trading around 6.90% on the day. And while the benchmark 10-year bond yield IN072633G=CC was at 7.10%, Patil does not expect it to sustain below 7.15%.
India's headline retail inflation eased to 5.66%, within the Reserve Bank of India's (RBI) tolerance band of 2%-6%, in March and is expected to dip below 5% in April.
Patil, however, said the recent easing in inflation was mainly due to a base effect.
"Core inflation remains sticky and close to the 6% level. There is an upside risk to food inflation given weather conditions and the risk of El Nino."
Nonetheless, the RBI unexpectedly maintained the status quo on interest rates earlier this month, defying market expectations of a 25 basis points hike. However, policymakers said further hikes could be warranted to bring inflation to its medium-term target of 4%.
But Patil expects the RBI to stay on a prolonged pause as rates are close to the long-term average, although he says the Federal Reserve may continue with its rate-hiking cycle.
Patil further said that a higher supply of domestic debt and tighter liquidity conditions may warrant open market purchases from the RBI in the later part of the financial year.
"So we believe that while supply is high, it will continue to get demand. The question is of whether sufficient demand is there at current rates or somewhat higher rates."
($1 = 81.9050 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Savio D'Souza)
Aditya Birla Sun Life AMC Says Kumar Mangalam Birla Resigns As Chairman
April 20 (Reuters) - Aditya Birla Sun Life Amc Ltd ADIE.NS:
KUMAR MANGALAM BIRLA RESIGNS AS CHAIRMAN
Source text for Eikon: ID:nBSE2rZRxv
Further company coverage: ADIE.NS
(([email protected];))
April 20 (Reuters) - Aditya Birla Sun Life Amc Ltd ADIE.NS:
KUMAR MANGALAM BIRLA RESIGNS AS CHAIRMAN
Source text for Eikon: ID:nBSE2rZRxv
Further company coverage: ADIE.NS
(([email protected];))
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What does Aditya Birla Sun AMC do?
Aditya Birla Sun Life AMC Limited is an investment management firm that offers portfolio advisory and wealth management services across India. It has a strong presence in the Indian mutual fund market catering to diverse customer requirements and risk profiles.
Who are the competitors of Aditya Birla Sun AMC?
Aditya Birla Sun AMC major competitors are HDFC Asset Mngt. Co, Nippon Life India As, Anand Rathi Wealth, UTI Asset Management, Prudent Corporate, Edelweiss Financial, 360 One Wam. Market Cap of Aditya Birla Sun AMC is ₹24,657 Crs. While the median market cap of its peers are ₹26,259 Crs.
Is Aditya Birla Sun AMC financially stable compared to its competitors?
Aditya Birla Sun AMC seems to be less financially stable compared to its competitors. Altman Z score of Aditya Birla Sun AMC is 41.0 and is ranked 4 out of its 8 competitors.
Does Aditya Birla Sun AMC pay decent dividends?
The company seems to pay a good stable dividend. Aditya Birla Sun AMC latest dividend payout ratio is 74.4% and 3yr average dividend payout ratio is 57.91%
How has Aditya Birla Sun AMC allocated its funds?
Companies resources are allocated to majorly unproductive assets like Cash & Short Term Investments
How strong is Aditya Birla Sun AMC balance sheet?
Balance sheet of Aditya Birla Sun AMC is strong. It shouldn't have solvency or liquidity issues.
Is the profitablity of Aditya Birla Sun AMC improving?
Yes, profit is increasing. The profit of Aditya Birla Sun AMC is ₹971 Crs for TTM, ₹931 Crs for Mar 2025 and ₹780 Crs for Mar 2024.
Is the debt of Aditya Birla Sun AMC increasing or decreasing?
Yes, The net debt of Aditya Birla Sun AMC is increasing. Latest net debt of Aditya Birla Sun AMC is -₹113.77 Crs as of Sep-25. This is greater than Mar-25 when it was -₹206.81 Crs.
Is Aditya Birla Sun AMC stock expensive?
Yes, Aditya Birla Sun AMC is expensive. Latest PE of Aditya Birla Sun AMC is 25.39, while 3 year average PE is 22.32. Also latest EV/EBITDA of Aditya Birla Sun AMC is 23.01 while 3yr average is 19.58.
Has the share price of Aditya Birla Sun AMC grown faster than its competition?
Aditya Birla Sun AMC has given lower returns compared to its competitors. Aditya Birla Sun AMC has grown at ~23.92% over the last 3yrs while peers have grown at a median rate of 37.02%
Is the promoter bullish about Aditya Birla Sun AMC?
Promoters seem not to be bullish about the company and have been selling shares in the open market. Latest quarter promoter holding in Aditya Birla Sun AMC is 74.82% and last quarter promoter holding is 74.85%
Are mutual funds buying/selling Aditya Birla Sun AMC?
The mutual fund holding of Aditya Birla Sun AMC is decreasing. The current mutual fund holding in Aditya Birla Sun AMC is 5.82% while previous quarter holding is 5.98%.