Prime Investor asks investors to exit all Franklin funds
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“Underperformance of the equity mutual fund schemes, slide in assets under management (AUM), loss of confidence, and botched handling of events, likely flight of talent and change of sponsor are some reasons that have led to this decision,” said Prime’s co-founder Vidya Bala.
In response to an email query on the matter, a Franklin spokesperson reiterated its commitment to the Indian mutual fund industry.
Prime Investor, a Chennai-based independent research firm, has asked investors to exit from all schemes managed by Franklin Templeton Mutual Fund.
“Underperformance of the equity mutual fund schemes, slide in assets under management (AUM), loss of confidence, and botched handling of events, likely flight of talent and change of sponsor are some reasons that have led to this decision,” said Prime’s co-founder Vidya Bala.
Domestic stocks may kick off Thursday s session on a positive note, tracking overnight Fed minutes that suggested the US economy was recovering and that the central bank would take some time before rolling back the loose money policy. Mixed cues from other Asian markets, however, may keep the upside capped.
Here s breaking down the pre-market actions.
STATE OF THE MARKETS
Nifty futures on the Singapore Exchange traded 56.50 points, or 0.38 per cent, higher at 14,920 in signs that Dalal Street was headed for a positive start on Thursday.
Tech View: Nifty at inflection point
Nifty needs to break above the key resistance at 14,900 level. Once that happens, the index may see a rally towards 15,300 and beyond that to 15,450 mark, analysts said. A break above 14,900 level and the coil will unwound and one can expect a swift move, they said.
: Thursday, April 8, 2021, 5:33 PM IST
Luxury housing, growing digitalization, and warning for Franklin Templetonâs investors: Three things Teji Mandi investors should know on April 8, 2021
Growing Demand for Luxury Housing
Luxury housing sales in Indiaâs seven major markets went up 21% in February to 8,219 units from 6,786 units a year ago, according to a report by real estate data analytics firm PropEquity.
Delhi-NCR emerged as the biggest market with a 54% increase in luxury housing sales. Mumbai Metropolitan Region (MMR) was next with a 37% increase, followed by Bengaluru (13%), Pune (12%), Chennai (8%), and Kolkata (7%).
New project launches in the luxury segment have also gone up. A report from Anarock also suggests that nearly 5,300 luxury homes are launched between January and March 2021 in the top seven markets, a 31% jump from 4,040 units a year ago. It is an indication that the high demand for luxury homes is likely to continue in 2021.
Despite headwinds, IT sector in India is rising
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The IT sector continues to be a net hirer with a focus on digital upskilling, Nasscom said
(Bloomberg)
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India’s technology sector grew 2.3% year-on-year on the back of rapid acceleration in digital transformation and tech adoption, though global output is estimated to have shrunk by 3.2% led by the pandemic, Nasscom said in its Strategic Review 2021 titled ‘New World: The Future is Virtual’.
Despite headwinds in 2020, Indian tech contributed about 8% relative share to the national gross domestic product, with 52% relative share in services exports, and 50% share in total foreign direct investment based on inflows from April to September 2020.
Tata Motors unit fixes deadline to turn entire portfolio electric.The company will invest £2.5 bn a year to drive its electrification plans, develop connected services and data-centric technologies