Axis AMC Launches Axis India Manufacturing Fund, Eyes Rs 3 lakh cr AUM by March; Expects Rs 2,500 cr from new fund

The Axis Bank subsidiary which competes with 44 other players, is also eyeing around Rs 3 lakh AUM by the end of this fiscal, given the market rally. The fund house opened the year with an AUM (assets under management) over Rs 2.25 lakh crore

MUMBAI, 29 NOVEMBER, 2023 (NHM/ Babita Prabhakar M.): Axis Mutual Fund on Wednesday launched a manufacturing fund and has set a target of collecting at least Rs 2,500 crore during the offer period.

The Axis Bank subsidiary which competes with 44 other players, is also eyeing around Rs 3 lakh AUM by the end of this fiscal, given the market rally.

The fund house opened the year with an AUM (assets under management) over Rs 2.25 lakh crore.

The open-ended equity scheme represents the manufacturing theme and opens for subscription from December 1 and closes on December 15.

The fund will track Nifty manufacturing index and will be managed by Shreyash Devalkar and Nitin Arora, the company announced here.

If 10 per cent of the investment is redeemed/switched within 12 months from the date of allotment there will be no exit load, while for the remaining investment there will be a 1 per cent charge, B Gop Kumar, managing director & chief executive of the fund house said.

On the overall AUM target for the year, Kumar said the growth has been very good for the company and hopes to close the year with Rs 2.8-3 lakh crore in AUM driven by SIPs and fixed-income funds.

On the new fund offer, Raghav Iyengar said they have set an internal target of collecting at least Rs 2,500 crore during the offer period.

Kumar said the fund will endeavour to harness the potential of the country's growing manufacturing theme, which of late has been gaining increased traction.

The fund managers see increased scope for exports to the US and Europe, when it comes to capital goods and power section equipment.

The country is transitioning rapidly, thanks to significant government impetus, favourable policy frameworks, and the improving cost competitiveness, said Ashish Gupta, chief investment officer.Ends

Union AMC launches Union Children's Fund

MUMBAI, NOVEMBER 27, 2023 (NHM):  Union Asset Management Company Pvt. Ltd., Investment Manager to Union Mutual Fund, sponsored by Union Bank of India and Japan's Dai-ichi Life Holdings, Inc., today announced the launch of Union Children's Fund - an open-ended fund for investment for children, having a lock-in for at least 5 years or till the child attains the age of majority (whichever is earlier).

The New Fund Offer (NFO) of Union Children’s Fund (‘the Scheme') will open on November 28, 2023 and close on December 12, 2023. The Scheme will re-open for ongoing sale and repurchase within 5 business days from Allotment.

Benchmarked against S&P BSE 500 Index (TRI)^^, the Scheme aims to generate long-term capital appreciation by investing in a mix of securities comprising equity, equity-related securities and debt instruments as per the asset allocation pattern of the Scheme with a view to providing investment solution to investors.

The minimum application amount for investment in the Scheme is Rs 1,000 and in multiples of Rs. 1 thereafter.

G Pradeepkumar, Chief Executive Officer (CEO) of Union AMC, said, "We are excited to announce the launch of Union Children's Fund. At a time when inflation is on the rise, it has become challenging for people to invest for their children's future needs. In this scenario, imagine a future where each child's dreams have no limits, where his/her potential is nurtured, and where every milestone is supported with unwavering love and financial well-being. That's exactly what Union Children's Fund aims for – to help you plan for your child’s bright future. This investment can be a tangible expression of your love and commitment towards your child.”Ends

Sunpure forays into packaged jaggery market targets Rs 120 crore Annually

MUMBAI, 21 NOVEMBER, 2023 (NHM): Sunpure, an edible oil brand, introduces a new product category – packaged jaggery. Sunpure Jaggery Powder and Sunpure Jaggery Block. The company aims to expand the new products to its existing markets across Karnataka, Maharashtra, Kerala, Andhra Pradesh, Telangana, Goa, and Tamil Nadu in the next month.

MK Agrotech, the parent company of Sunpure, is a karnataka based organisation focused on integrating technology and tradition in the food sector. The company aims to expand its presence as a pan-India FMCG brand. Considering the growing health consciousness among Indian consumers and their preference for healthier alternatives to refined white sugar, the company decided to enter the new segment with Sunpure Jaggery. 

 “India is one of the leading exporters of jaggery in the world and the domestic market for packaged jaggery is ripe for disruption. With mounting health concerns due to growing incidence of diabetes, heart diseases and obesity-related issues, more and more Indian consumers today are replacing white sugar with jaggery, an unrefined natural sweetener made from sugarcane juice. What’s more, jaggery also offers numerous nutritional benefits, making it a healthy addition to the household pantry staples,” Sridhar Vaidyanathan, chief operating officer, MK Agrotech, said. 

“Unlike traditional jaggery sold in open markets or other packaged jaggery products available in the market, Sunpure Jaggery’s USP is that it is produced using traditional methods with skilled manpower in hygienic conditions, and without the use of any harmful chemicals, artificial colours, or commonly used preservatives. You may notice that Sunpure Jaggery is darker in colour due to the absence of bleaching agents; it is 100% natural and safe,” added Mannan Khan, Director, MK Agrotech. 

 The packaged jaggery market in India reached Rs 55.6 billion in 2022 and is projected to reach Rs 122.1 billion by 2028, with a growth rate (CAGR) of 14.1% over five years. Sunpure aims for an annual revenue of Rs 120 crores in this segment. In Mumbai, the products have been introduced under Riso Jaggery powder and Riso Jaggery block. Sunpure had acquired Riso, a premium edible oil brand in Maharashtra, in February this year to enhance its presence in the Western market.Ends

Rockingdeals Circular fixes price band at Rs 136-140 for IPO, issue to open on November 22

MUMBAI, 18 NOVEMBER, 2023 (NHM): Rockingdeals Circular Economy Limited has fixed the price band for its proposed initial public offering of shares at Rs 136-140 a share. The IPO will open for subscription to investors on November 22 and close on November 24.

The company plans to raise Rs 21 crore through fresh issue of shares. It plans to raise a portion of this from qualified institutional investors under the anchor allotment scheme. 

The anchor placement will take place on November 21. Faridabad-based Rockingdeals is a B2B sourcing platform for unboxed, certain refurbished, and excess inventory products across the consumer retail space.

The company has over 18 categories of stock keeping units (SKU), which include electrical appliances (Syska, Havells, LG, Panasonic, Usha, Crompton, Luminous, Phillips, etc.), apparels & footwear (Zara, Nike, Campus, etc.), speakers (Boat, JBL, Gizmore), mobiles and mobile accessories (Lenovo, Boat, Gizmore, etc.), and various other products.

These products are obtained from e-commerce vendors of platforms like Snapdeal, affiliates of Flipkart and Amazon, companies like GO Auto, Salora International, Zazz Technology Connect, and dealers and distributors like Matrix Housewares, Raj Agency, Sudhi Enterprises, etc. 

The company plans to utilise the proceeds from the fresh issue towards funding its working capital requirements, building the brand, marketing and advertising, and for general corporate purposes. For FY23, the company reported a revenue of Rs 15.2 crore and a profit of Rs 1.54 crore.

Corporate Capital Ventures Pvt Ltd is the book running lead manager to the issue. The company aims to get listed on the NSE Emerge platform.Ends

6 men, 5 women from Mum in State probables, National Basketball Championship

MUMBAI, NOVEMBER 13, 2023 (NHM): Six men and five women from Mumbai are among the probable players picked to represent Maharashtra in the 73^rd Senior National Basketball Championships, to be held in Ludhiana from December 3 to 10, 2023.

Due to the ongoing dispute between two factions in Maharashtra, the BFI appointed Shaktisinh Gohil as Chairman of the Organising Committee to conduct selection trials and Abdul Hamid Khan, Sambhaji Kadam, Arnika Gujar Patil (all ex-internationals) Gurudutt Nayak (ex-Nationals) Dr Jamir Sayyed – National Level Coach and Director of Sports, S K Gandhi College (Dr Babasaheb Ambedkar Marathwada University) as selectors.

 

The selectors have picked the probables from among 78 men’s players and 48 women players from various districts, who participated in the trials.

 

A preparatory camp for the teams will be held in Mumbai from November 18 to December 1, following which the final 12 players who will represent Maharashtra will be selected.

 

Selected players  (men): Sidddhant Shinde , Rajender Singh, Mohd Yousuf Sayyed, Michael Raj, Sameer Qureshi (all Pune), Faiz Firoz Shaikh (Mum S E), Faisal Khan, Ashraf Siddiqui (Mum S W), Rushabh Kalbhor, Yash Shetty (Mum Central), Vijay Sule (Mum North), Parth Kale, Tanmay Mali (Thane), Kapil Gaikwad, Ashish Borde (Ahmednagar), Sahil Shaikh (Solapur), Ambhore Parashram (Aurangabad), Tanay Thatte (Satara), Tanuk Gurnule (Nagpur).

 

Women: Pooja Doshi (Dhule), Shivani Bagade (Kolhapur), Sakshi Pandey, Ameesha Joshi (Mum S E), Vaishali Singh (Mum S W), Anshika Kanojia, Suzanne Pinto (Mum North), Shomira Bidaye, Siya Deodhar (Nagpur), Mansi Nirmalkar, Aanaya Bhavsar,  Arya Riswadkar, Durga Dharmadhikari (Pune), Avisha Gurav (Satara), Sanika Phule (Kolhapur),  Aruja Kamble (Solapur).

 

Medanta announces Q2FY24 results: Net Profit rise up 46% to Rs 125 crore

MUMBAI, 11 NOVEMBER, 2023 (NHM): Medanta-operator Global Health Ltd reported a 46 percent year-on-year (YoY) rise in net profit at Rs 125 crore for the July-September period of the current financial year.

The company reported a net profit of Rs 86 crore in the year-ago period.

The hospital operator's revenue for the quarter came in at Rs 844 crore, reflecting a 24 percent rise YoY from Rs 679 crore.

Its earnings before interest, taxes, depreciation, and amortization (EBITDA) was at Rs 213 crore against Rs 156 crore in the same quarter of the previous financial year.

The EBITDA margin for the July- September quarter was reported at 25.2 percent as against 23 percent for the same period a year ago. 

Country’s top athletes to lead in excess of 18000 participants in VVMCM 2023 11th Edition

Ace athlete Parul Chaudhary to be Event Ambassador of VVMCM 2023

MUMBAI, NOVEMBER 7, 2023 (NHM/ BABITA P.M.): Continuing in its tradition of promoting India’s top sporting talent, multiple Asian Games medalist and ace athlete Parul Chaudhary will be the latest jewel to adorn the crown of the 11^th Vasai Virar Municipal Corporation Marathon (VVMCM), to be held on December 10, 2023.

 

Gold medalist in the 5000m and silver medalist in the 3000m steeplechase at the recently concluded Asian Games in Gangzhou, Parul Chaudhary will grace the VVMC Marathon with her presence as Event Ambassador, which will see the country’s leading long distance runners vying for a piece of the Rs 54 lakh prize money purse, it was announced by the Hon’ble Municipal Commissioner of VVCMC, Anilkumar Pawar (IAS) at a press conference, here, on Tuesday.

 

Sharing the stage with Parul as ‘Face of the Event’ will be Rudranksh Patil from Thane, a member of the Asian Games gold medal winning team in the 10m Air Rifle event. The 19-year-old Rudranksh has also secured qualification to the 2024 Paris Olympic Games after wining gold in the 10m air rifle event at the ISSF World Shooting Championships in 2022.

 

The Vasai Virar Municipal Corporation Marathon has once again attracted the country’s top long distance athletes. The Full Marathon will feature two time defending champion and course record holder (2:18) Mohit Rathore of UP, besides Aurangabad’s Dhanwant Prahlad, with a PB of 2:20. 38; Tirtha Pun from the Gorkha Regiment, Army, with a PB of 2:22, Rajasthan’s Hemant Singh, with a PB of 2:22.24 and Tribhuwan from the Kumaun Regiment, Ranikhet, who has a PB of 2:26.

 

The Half Marathon for women will feature Maharashtra’s Prajakta Godbole, who has PB of 1:14.21, besides Rima Patel (Railways) , 2^nd runner up in the Delhi Half Marathon (1:17.45) and Tamshi Singh (Ranikhet, Uttarakhand), winner of the World 10K, to name a few.

 

The Half Marathon elite field for men will be led by Armay’s Dharmender, who as aPB pf 1:03.54, Maharashtra’s Vivek More, PB of 1:06 and Anand Singh Rawat, who represented the country at the World Cross Country Championships in Feb 2023.

 

To also reward the participants, it has been decided to give every runner a branded running T shirt from the renowned sports brand Berge. Besides this, every participant will get a 3D Finisher’s medal, a loaded goodie bag, hot breakfast, timing certificate valid around the world and a free finish photograph. Besides this, all outstation participants will be provided with free stay and all their meals will be taken care of by the Corporation.

 

Partners to the event: The occasion was also used to introduce the partners to the event, IASIS Hospital, Medical Partner and Enerzal, Hydration Partner, Art Media, Outdoor Media Partner and Viva College, Virar as Venue Partner. The event is being promoted by Aryanz Sports.

 

To ensure a safe run to all participants and prompt and quick medical action in the event of any untoward incident, extensive facilities will be put in place for Race Day. There will be a Medical Base Camp at the New Viva College, which will have an ICU setup provided by IASIS Hospital that will be staffed by Cardiologists and doctors from the hospital as well as from the Medical Associations of Virar, Nalla Sopara and Vasai. Seven fully equipped Cardiac Ambulances will be stationed along the route, along with ambulances at each of the 17 medical stations on the route. There will also be 40 doctors patrolling the route on motor bikes to ensure a quick response time in case any of the participants require medical assistance.

 

The race route will have adequate water and energy drink stations, besides food, cool sponge and orange stations.

 

Photography Competition: For the first time, the Vasai Virar Municipal Corporation Marathon has instituted an award for the Best Published Photograph of the Marathon. Cash Prizes of Rs 15,000, Rs 10,00 and  Rs. 5,000 will be awarded to the top three winners. Ends