 "mutual funds")
Slowly but surely, mutual funds warm up to investment in REITs, InvITs
Mutual fund (MF) investments in real estate investment trusts (REITs) and infrastructure investment trusts (InvITs) have gone up significantly after the pandemic breakout, with many newer schemes maintaining some allocation to these new asset classes. Data compiled by PRIME Mutual Funds Database shows MF exposure to REITs and InvITs having surged many times over in the aftermath of the Covid-19 pandemic taking hold. Read more...
Govt-backed ONDC looks to take a bite from Zomato and Swiggy plate
Food aggregator platforms Swiggy and Zomato are facing stiff competition from government-backed Open Network for Digital Commerce (ONDC), which is offering users cheaper prices for the same food items. ONDC is a non-profit platform set up by the Department for Promotion of Industry and Internal Trade (DPIIT) as an alternative for online shopping. The network is not an app but a facilitative platform designed to “revolutionise” digital commerce. Read more...
Centre plans to tweak allocation of FAME funds for electric buses
The central government is planning to tweak the allocation of funds under its electric vehicle subsidy scheme towards electric buses (e-buses), Business Standard has learnt. The proposed plan is to divert unutilised funds for electric three-wheelers (E3Ws) towards sponsoring about 3,000 additional e-buses. “Around Rs 2,000 crore of the E3W category is still unutilised. We are planning to redirect it to buy 2,500-3,000 e-buses,” senior officials said. Read more...
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Q4 earnings: India Inc's net profit growth slowest in 11 quarters
The corporate results for the January-March 2023 quarter (Q4FY23) are turning out to be a whimper after a strong showing by early-bird companies. The combined net profits of 390 companies that have declared their fourth-quarter results are up just 2.3 per cent year-on-year (YoY) in Q4FY23, which is the worst performance by them since April-June 2020 (Q1FY21).
In comparison, their combined net profits were up 47.6 per cent YoY in Q4FY22 and 3.4 per cent in Q3FY23. Corporate earnings have taken a beating from a slowdown in revenue growth and a sharp rise in interest expenses. Read more...
To avoid 2022 crisis, Indian Railways ferries more coal for electricity
As Indian Railways looks to avert the crisis like last summer, preparations are under way to stock up coal at thermal power plants. Much like February and March, thermal coal movement in April was 5 per cent higher than the previous year, data from the Ministry of Railways shows.
While India prepares for a hot summer this year, 48.23 million tonnes (mt) of coal for thermal power plants was ferried by Indian Railways in April. Read more...
