Top MF picks and drops

Infotech companies and automobile makers were among the top 10 large-cap stocks picked up by India’s mutual funds in May, data from global investment research firm Morningstar shows. On other extreme, four public sector enterprises counted among the top  large-cap stocks sold by MFs last month.

Housing Development Finance Corporation (HDFC), Infosys, ITC, HCL Technologies, Maruti Suzuki, Sun Pharmaceuticals, State Bank of India, NTPC, Tata Motors and HDFC Bank were the most bought 10 large-cap stocks in May.

MPC members voted unanimously for 25 bps rate hike

RBI governor Urjit Patel voted for interest rate hike citing inflation risks and related uncertainties whi­le his deputy Viral Acharya felt there was no alternative to it by 25 basis points, as per the minutes of the monetary po­l­icy committee (MPC) meeting released on Wednesday.

After over four years, the Reserve Bank of India raised the short-term le­n­ding rate (repo) to 6.25 per cent on June 6 after MPC headed by Patel unanimously voted for the hike on inflationary concerns.

MSMEs account for 23% of industrial credit at Rs 12.6 trillion

Commercial lending stood at Rs 54.2 trillion as of March 2018, with micro and SME (small and medium enterprises) segments contributing nearly 23 per cent to overall growth.

“Total on-balance-sheet commercial lending exposure of banks and financial institutions stood at Rs 54.2 trillion, as of March 2018 with micro and SME segments constituting Rs 12.6 trillion, which is nearly 23 per cent of outstanding commercial credit,” a Cibil-Sidbi report said on Wednesday.

BoM chief arrested in Rs 3,000 cr scam case

Maharashtra police has arrested Bank of Maharashtra CMD Ravindra P Marathe (in pic) and former chief Sushil Muhnot for sanctioning Rs 3,000 crore loan through fraudulent means to Pune-based real estate company DSK Group.

Remittance norms tightened

RBI on Tuesday tightened norms for liberalised remitt­a­nce scheme (LRS) by ma­king quoting of permanent account number (PAN) mandatory even for transactions below $25,000.

Under LRS, all resident individuals, including minors, are allowed to freely remit up to $2,50,000 per financial year for any perm­issible current or capital account transaction or a combination of both.

RBI revises up housing loan limits under priority sector

Housing loans of up to Rs 35 lakh, for dwellings costing less than Rs 45 lakh, will be treated as priority sector lending (PSL) to give a fillip to the low-cost segment, the Reserve Bank of India (RBI) said on Tuesday. PSL loans are relatively cheaper than market interest rate.

Fund outflows relentless; rupee may touch 70-level by year-end

Global trade war is weighing heavily on Indian markets. The rupee continued to reel under severe pressure amid a steady outflow of foreign portfolio money. The domestic currency closed at one-month low of 68.38 against the US dollar on Tuesday, down 40 paise from its previous close. As the political heat also adds to the investor sentiment, experts in foreign exchange said the rupee may test the 70 level towards end-2018.

Sena, JDU, SP join Delhi CM supporters

Amid the tug of war between the AAP dispensation and Lieutenant Governor, Delhi chief minister Arvind Kejriwal has found the support of three more regional players — Shiv Sena, Samajwadi Party (SP) and Janata Dal United.

While senior SP leader Ram Gopal Yadav visited deputy chief minister Manish Sisodia and Health minister Satyendar Jain at the hospital, and assured them that if need be, “we will also sit on dharna”, JD(U) spokesperson Pawan Verma told a TV news channel on Sunday, “An elected government should be allowed to work without any interference.”