Shrugging off firm global cues, the benchmark S&P BSE Sensex came off a two-month intra-day high to end just nine points up at 20,159.12 after disappointing results from Larsen & Toubro. In an otherwise narrow range of trade, the 30-share index resumed lower but recovered at mid-session on firm Asian cues as well as positive European openings, reaching 20,264.90, the highest level since the close of 20,286.12 on May 17. After L&T?s Q1 results were announced, the index came off the intra-day high and settled at 20,159.12, a gain of 9.27 points, or 0.05% ? its highest close since 20,215.40 on May 30. L&T posted a 12.46% decline in standalone net profit for the quarter ended June 30 on subdued revenue growth and a drop in other income. The L&T counter accounted for a drop of 70.74 points on the Sensex.
Portfolio managers? AUM reaches R7 lakh crore
Wealthy investors are reposing greater faith in their portfolio managers for investments or
advisory services, as the assets under management of such entities have reached a record level of R7 lakh crore in the Indian capital markets. According to Sebi, Assets Under Management (AUM) of portfolio managers increased to R7.01 lakh crore at the end of June, from R6.17 lakh crore in the previous month. This is the 14th consecutive monthly rise in AUMs of portfolio managers, who mostly manage investments or provide
advisory services to High Networth Individuals (HNIs). The total AUM has nearly doubled since the data was first released by the market regulator Sebi in December 2010.
Sanjiv Sud appointed retail banking head at HSBC India
HSBC India has appointed Sanjiv Sud as head of retail banking & wealth management. Sud will be responsible for HSBC?s premier and advance propositions, wealth management, liabilities, consumer assets, NRI business and the distribution network. Prior to his current appointment, Sud ran HSBC?s Asia-Pacific Consumer Assets business from Hong Kong.
