In listless trading, the Sensex gained over 30 points to 18,537 on Monday on investor caution amid an all-party meet to break the parliamentary logjam over FDI in multi-brand retail, and weak global markets. Rise in heavyweights, such as Infosys, L&T, HUL, Bharti Airtel, Tata Motors, Tata Steel and Wipro, supported the rise. However, fall in M&M, HDFC Bank and ICICI Bank restricted the surge. Tata Steel gained 1.96% following the announcement to cut 900 jobs at its UK units. The BSE 30-stock index, Sensex, opened higher and moved in a narrow range of 18,590.33 and 18,508.79 before closing the day at 18,537.01, up 30.44 points, or 0.16%. The NSE 50-share Nifty also moved up 9.30 points, or 0.17%, to 5,635.90. Traders said the gains were also restricted ahead of the monthly settlement in the derivative contracts this week, besides mixed investor cues from global markets amid plans to finalise a bailout deal for Greece and budgetary impasse in the US.
UTI MF begins fresh search for full-time chief
UTI Asset Management Company, which runs one of the leading mutual funds of the country, has begun a fresh search process to find a full-time chief a position lying vacant for over 21 months now. The fund house on Monday released an advertisement inviting applications for the position of CMD, after its board last month agreed to initiate a fresh process to fill the position.
Kotak Sec launches Smart Order Routing
Kotak Securities has introduced a facility called Smart Order Routing (SOR), especially for its online retail clients. SOR allows an investor to automatically execute a trade at the best available price across multiple exchanges (currently, the NSE and the BSE). This facility, until now, was only offered to institutional clients by brokers. The system automatically lets investors and traders buy at the lowest price and sell at the highest price available across exchanges, at the time the order is placed. There is no additional charge for this service.
L&T Finance acquires Fidelitys Indian MF biz
L&T Finance, a subsidiary of L&T Finance Holdings, completed the acquisition of Fidelitys mutual fund business in India, the company announced on Monday. Post-acquisition, L&T MF has over R12,800 crore in managed assets with an investor base of close to 9.5 lakh investors. The AMC has appointed SN Lahiri as head of equities and Shriram Ramanathan as head of fixed income. Ashu Suyash, earlier the country head of India Fidelity International, is the CEO of L&T MF.
Karvy, CAMS show interest in verifying Sahara investors
At least four entities Karvy, CAMS, NSDL and CDSL have evinced interest in bidding for the job of verifying the genuineness of about 3 crore investors in the high-profile Sahara case on behalf of the Securities and Exchange Board of India (Sebi). Sebi is currently is in the process of selecting an in-person verification (IPV) agency to conduct face-to-face verification of an estimated 3 crore bondholders of two Sahara Group firms, by checking their identify and address proofs. The Supreme Court has asked Sebi to facilitate refund of about R24,000 crore with 15% annual interest to these investors after ascertaining their genuineness.