What is it that the markets have liked about this Budget? Would you say this relief rally is because we went into the Budget so light and corrective?
Partly that but also partly because of the Budget itself. 75% of what I asked for has been given by the finance minister. The key is that in the runup to the Budget, the market was very apprehensive because bad news is bad news and market discounts bad news. There was fear that the Budget was going to be a very conservative one.
First of all, the finance minister has taken the bold step of raising the fiscal deficit up to almost 7%. It is a very challenging task. She has taken the bull by the horns. The second is while agreeing to take fiscal deficit up, she has made a very smart choice by increasing infra allocation by 35% to Rs 5.5 lakh crore. So, the quality of the expenditure is good. The third is dealing with the problems of financing growth. We have been talking about the bad bank proposal. So imagine the burden lifting if the
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January 28, 2021
Principal Global Services, technical support and services arm, to continue
Sundaram Asset Management Company, a wholly owned subsidiary of Sundaram Finance, has acquired Principal Asset Management business in India for ₹338.53 crore. Principal Asset Management has assets under management of ₹7,447 crore as of December-end with about 90 per cent of this in equity-oriented schemes.
As part of the deal, Sundaram AMC will buy out the entire share capital of Principal Asset Management, Principal Trustee Company and Principal Retirement Advisors.
The transaction is subject to the receipt of necessary regulatory approvals and SEBI prescribed processes.
Sunil Subramaniam, Managing Director, Sundaram Asset Management Company, said the transaction will strengthen Sundaram MF presence in the market place with the addition of a range of schemes with a good long term performance track record across the large and mid-cap segments.
Sundaram Asset Management Company (Sundaram), a 100 per cent subsidiary of Sundaram Finance Ltd, has announced the purchase of the core businesses of Principal Asset Management Pvt Ltd. Value of the transaction is around Rs 338.53 crore. Sundaram will acquire the schemes managed by Principal Asset Management Pvt Ltd and acquire 100 per cent of its share capital, along with that of Principal Trustee Company Pvt Limited, and Principal Retirement Advisors Pvt Ltd. The transaction is subject to the receipt of necessary regulatory approvals and Sebi prescribed processes, and Principal will continue to operate the businesses until the deal is closed. Sundaram is a leading player in the fund management space with a 25-year track record. It has over Rs 40,000 crore in assets under management, the majority of which are in equity-oriented schemes.
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