Trackpad
BSE StAR MF creates SIP storm in Indian Mutual Funds Industry
India's largest digital Infrastructure, BSE StAR MF recorded 6000 SIP in single a day by Arihant Capital on August 20, 2018. Mutual funds Distributors leveraging BSE StAR MF have created progressively and frequently creating records for SIP registration in a single day. It started with 301 SIP registrations in a single day couple of months back by BSE StAR MF Distributor, Progressively multi Records
were made by different BSE StAR MF Distributors and on August 20, 2018, recorded over 6000 SIP by Arihant Capital in single day. Shri Ashishkumar Chauhan, MD & CEO, BSE said "After witnessing this milestone, all AMCs will also wholeheartedly work with BSE Star MF to reduce their distribution cost and automate the distribution processes. It is estimated that each mutual fund order placed on BSE StAR MF saves mutual fund industry more than Rs 300/- per transaction. BSE StAR MF now contributes over 37 per cent of new SIP Registration in Mutual Funds Industry as on July 2018."
The robustness and seamlessness of BSE StAR MF along with Swiftness of Distributors, query resolution through real time interaction through BSE StAR MF users telegram group has created an ideal ecosystem for all stakeholders in India Mutual Funds Industry. This Digital Revolution in MFs in India on BSE StAR MF is now being experienced by over 14000 IFAs/MFDs, adding over 2500 new Distributors Every Month; overall distribution network of over 2 lakh in over 3,000 towns across India. In current Fiscal till 20th August 2018, BSE StAR MF had processed over 1.17 crore Transaction amounting to over Rs.58,000 crores, that is 2.6 times over same period of last fiscal.
Ashok Leyland Wins Defence Tender Ashok Leyland announced yet another tender win for Defence Tracked Combat Vehicle. This tender is for developmental work and marks Ashok Leyland's foray into tracked vehicle business after bagging many other defence deals. The company will collaborate with Combat Vehicles Research and Development Establishment (CVRDE), Chennai for manufacture, assembly and testing of lightweight clutch for the design and development of weight optimized 1500 hp Automatic Transmission for Main Battle Tanks.
Land mobility solution for Indian troops is a key focus area for the company and Ashok Leyland is keen on tapping huge repowering and upgrading orders for Russian built BMPs/Tanks that are expected from the Indian Army. Ashok Leyland is the flagship automaker of the Hinduja Group and is the largest supplier of Wheeled Military Vehicles to Indian Army. The company claims to be the only vehicle manufacturer in India with indigenously designed, developed and manufactured power packs beyond 350 HP.
IPO Update: ONGC to list ONGC Videsh
Under pressure to reach its divestment target, the Government of India is eager to list ONGC Videsh to unlock its value. If the government's proposal is approved this will be another important IPO to watch out for. Government has asked ONGC to list ONGC Videsh, reported an international new agency on Tuesday. ONGC Videsh Limited is a central public sector enterprise (CPSE) of the Government of India and a wholly-owned subsidiary of Oil and Natural Gas Corporation Limited (ONGC). The company is engaged in the exploration for oil and gas outside India. ONGC Videsh has stakes in 38 oil and gas projects in 17 countries. For FY18, ONGC Videsh reported highest-ever production of 14.16 MMTOE, which is an increase of 11 per cent. The company's turnover was Rs. 104.18 billion, and PAT was Rs. 9.81 billion.
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