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Weekly News 06th Feb 2023.pptx
- 2. Snapshot
Weekly Market Update
Budget Highlights 2023
SEBI proposes Direct
plans in AIF
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Chronology of Adani
Saga
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NFOs Launched This
Week
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Profit-booking trims MFs’
equity exposure
- 3. Weekly Market News
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SEBI Registered Investment Adviser (INA200006628)
Index % Change
(Last week)
% Change
(yearly)
Nifty 50 0.39% 1.15%
Nifty Midcap 150 1.31% 0.98%
Nifty Small Cap 250 2.00% -7.87%
Nifty IT 0.95% -13.4%
Nifty Bank 2.51% 6.73%
Nasdaq 100 4.28% -13.5%
S&P 500 2.15% -7.75%
Dow Jones 0.05% -3.32%
Nifty Pharma -1.97% -9.14%
- 4. Budget Highlights 2023
No tax on income up to Rs 7.5 lakh a year in the proposed
concessional tax regime (with inclusion of standard deduction
of Rs.50,000)
Govt proposes to reduce highest surcharge rate from 37% to 25%
in new tax regime
Capital expenditure increased by 33% to Rs. 10 lac crores to
enhance growth potential and job creation, crowd-in private
investments, and provide a cushion against global headwinds
Defense budget increased to Rs 5.94 lakh crore from last
year's Rs 5.25 lakh crore
KYC process to be eased with the use of Digilocker coupled
with 5G service, Aadhar (for individuals) & PAN (for non-
individuals) as common identifier for all digital systems
The unlimited exemption of LTCG (Long-term Capital Gains) on
house properties under section 54 and section 54F of Income
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SEBI Registered Investment Adviser (INA200006628)
- 5. SEBI proposes measures to make AIF more investor friendly
In a recent consultation paper, SEBI has proposed that AIFs be
mandated to offer the option of direct plans – with no
distribution or placement fees – to investors.
The securities market regulator has also proposed the
introduction of a trail model for the distribution commission
in AIFs.
The introduction of direct plans is to prevent AIF investors
from being charged twice.
SEBI has proposed that investors in Category III AIFs be
charged fees on a trail basis.
Those in Category I AIFs and Category II AIFs may also be
charged on a trail basis, but a certain higher amount of
placement/ distribution fee (one-third of the present value of
the total distribution fee) may be paid upfront in the first
year.
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SEBI Registered Investment Adviser (INA200006628)
- 6. Chronology of Adani Saga
© RightFocus Investments Pvt. Ltd.
SEBI Registered Investment Adviser (INA200006628)
• 7 listed Adani Group firms have an 85% downside due to extremely high valuations, alleged Hindenburg report
Jan 25th
• Adani Group CFO Jugeshinder Singh said that the FPO will go ahead for the stated duration, in the given price band
Jan 28th
• Adani group issued a 413-page rebuttal to allegations made by Hindenburg, adding that it was a move to misguide
Jan 29th
• The FPO closed and was completely subscribed with help from QIBs
Jan 31st
• Credit Suisse's private bank halted margin loans on Adani Bonds
Feb 1st
• The market regulator SEBI launched a probe into the $86 billion wipeout of Adani Group stocks
Feb 2nd
• Gautam Adani, Chairman & Founder of Adani group, reiterated that the Adani Enterprises FPO was being withdrawn
Feb 2nd
• It was revealed that SBI & LIC has a total exposure of Rs. 27,000 crores and Rs. 56,142 crore in Adani conglomerate
Feb 3rd
• S&P Global Ratings changed the outlook for Adani Ports and Adani Electricity from stable to negative
Feb 3rd
• The company’s stock hit its lowest circuit of 35 per cent loss but recovered slightly to close at Rs 1,586.80 apiece
Feb 3rd
• Over $110 billion was wiped out from 10 companies, including the flagship Adani Enterprises, related to Adani Group
Feb 3rd
• Quant Mutual Fund House made a complete exit from Adani Group stocks
Feb 4th
- 7. Profit-booking trims MFs’ equity exposure across sectors in
Dec
Mutual funds have reduced
their equity holding
across sectors in December
with steady profit-booking
by investors.
Fund houses hikes
investment in auto
ancillary to ₹40,935 crore
from ₹30,131 crore, fund
houses have cut their
investments across
refineries, chemicals,
FMCG and cement as the
high valuation of markets
remained a concern amid
recessionary trend in
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SEBI Registered Investment Adviser (INA200006628)
NFOs Launched This Week
Mirae Asset Mutual Fund has launched, Mirae Asset Flexi
Cap Fund:
The investment objective of the scheme is to provide long-term
capital appreciation from a portfolio investing predominantly
in Indian equity and equity related instruments across market
capitalization.
The NFO subscription was launched on 03rd Feb 2023 and will
close on 17th Feb 2023.
Fund Manager: Mr. Vrijesh Kasera
Axis Mutual Fund has launched the Axis Business Cycles
Fund:
The focus of the fund is to provide long term capital
appreciation by investing predominantly in equity and equity
related securities with a focus on riding business cycles
through dynamic allocation between various sectors and stocks
at different stages of business cycles in the economy.
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