Lic Mutual Fund

LIC MF may consider IPO once AUM reaches Rs 1 trillion: MD RK Jha

LIC Mutual Fund might consider an IPO once its asset under management (AUM) reaches the Rs 1 lakh crore mark, which it was targeting by FY'26, a top official said on Friday. At present, LIC MF's AUM was around Rs 38,000 crore, a significant jump from Rs 16,526 crore in FY'23. "We have grown by 67 per cent in FY'24 and our current growth run rate is 30 per cent," LIC MF Asset Management Ltd MD and CEO RK Jha told PTI. He said the current equity contribution across all funds is 47 per cent, with debt accounting for the remaining 53. Institutional and corporate investors have put their money mostly in debt funds, while retail participation is skewed towards equity, he added. "We want retail or equity weightage to grow to 65-70 per cent when we hit Rs 1 lakh crore," he said, acknowledging the ambitious nature of the target with 15 months remaining. Jha said that to achieve it, LIC MF has taken several initiatives. Among them is expanding its offices by tapping the vast network of Lif

Hyundai IPO subscribed 18% on Day 1; LIC MF reduces minimum SIP limits

Shares of Garuda Construction and Engineering ended with a 12.5 per cent gain on Tuesday

LIC Mutual Fund launches Manufacturing Fund, targets Rs 60,000 cr AUM

LIC Mutual Fund on Friday launched a new Manufacturing Fund, an open-ended equity scheme, and said it is looking to achieve an asset under management of Rs 60,000 crore this fiscal. The new fund offer (NFO) will remain open for subscription till October 4 while the units under the scheme would be allotted on October 11, the company said. It also said that the scheme will be benchmarked to the Nifty India Manufacturing Index (Total Return Index). The scheme aims to provide a diversified portfolio of companies that come under the ambit of manufacturing theme, including automobiles, pharmaceuticals, chemicals, heavy engineering products, metals, shipbuilding, and petroleum products, among others, the company said. "The main objective of launching the manufacturing fund is to create wealth for the investors who will be joining this scheme and which will be mainly investing into manufacturing theme companies," R K Jha, Managing Director and Chief Executive Officer, LIC Mutual Fund told .

LIC MF plans to launch bite-size SIPs in October; aims Rs 1 trn AUM by FY26

To focus on new physical branches in B30 cities

Stocks to watch: Infosys, LIC, NLC India, Mukka Proteins, Zomato

Stocks to track on March 07, 2024: Mukka Proteins is set to make its stock market debut on Thursday at an issue price of Rs 28 per share

LIC MF chalks out growth path, aims for Rs 1 trillion AUM by 2026

With new CEO at helm, fund house to focus on performance, distribution reach

LIC Housing Finance Q3 profits more than doubles, hits Rs 1,163 crore

Mortgage lender LIC Housing Finance on Friday reported a more than two-fold jump in profit at Rs 1,163 crore in the third quarter ended December 2023. The housing finance subsidiary of LIC had earned a net profit of Rs 480 crore in the same quarter a year ago. Its total income increased to Rs 6,792 crore during the quarter under review against Rs 5,876 crore in the same period last year, LIC Housing Finance said in a regulatory filing. The interest income of the company rose to Rs 6,744 crore as against Rs 5,839 crore in the third quarter of the previous year. During the quarter ended December 31, 2023, the company has made a provision of Rs 50.32 crore in respect of Investment in Alternate Investment Funds (AIFs) pursuant to a Reserve Bank of India circular dated December 19, 2023. However, the company's Capital Adequacy Ratio improved to 19.77 per cent as against 17.74 per cent at the end of December 2022.

Sebi disposes of adjudication proceedings against state-owned LIC

Sebi on Thursday disposed of adjudication proceedings against state-owned LIC with respect to alleged violations of mutual fund norms. The case pertained to the insurer's shareholding in IDBI Mutual Fund. In a 12-page order, Sebi said the alleged violation on part of LIC is to be viewed in the context of the efforts taken by it to complete the merger of IDBI Mutual Fund with LIC Mutual Fund, and disposed of the adjudication proceedings. The regulator had conducted an examination in the matter of alleged non-compliance of MF (Mutual Fund) regulations by LIC with a focus to ascertain if there was any violation of the rules. During the course of examination, the regulator observed that IDBI Bank is the sponsor of IDBI Mutual Fund and directly holds 66.67 per cent and 33.33 per cent equity stake through IDBI Capital Markets & Securities in IDBI AMC, respectively. Also, IDBI Bank holds 100 per cent stake in IDBI MF Trustee Company Ltd. Thereafter, Sebi issued a show cause notice to LI

LIC Mutual Fund completes the takeover of IDBI Mutual Fund schemes

At the end of June, the AUM of LIC MF and IDBI MF stood at Rs. 18,400 crore and Rs. 3,650 crore, respectively

LIC Mutual Fund completes merger of IDBI MF to diversify offerings

LIC Mutual Fund (LIC MF) on Monday said it has completed the takeover of schemes of IDBI Mutual Fund. The move is in line with LIC MF's aim to strengthen and diversify its product offerings, expand footprint and grow its assets under management (AUM) to emerge as a leading fund house in the country, according to a statement. The merger is effective from July 29. As of June 2023, LIC MF had an AUM of Rs 18,400 crore, while IDBI MF had Rs 3,650 crore. With the completion of the merger, out of 20 schemes of IDBI MF, 10 will be merged with similar schemes of LIC MF and the remaining 10 will be taken over by LIC MF on standalone basis, which will take its total scheme count to 38, the statement noted. With this merger, investors who have invested in IDBI MF schemes, will get access to LIC MF's diversified basket of product offerings covering equity, debt, hybrid, solution oriented themes, ETF and Index funds. "The merger complements our goal to strengthen our scheme offerings in the .

IDBI Mutual Fund signs agreement to transfer schemes to LIC MF

Merger likely to make LIC MF the 22nd largest fund house by AUM

Merger between LIC MF and IDBI MF in advanced stage: LIC Mutual Fund MD

Merger between LIC Mutual Fund and IDBI Mutual Fund is at a "fairly advanced stage", a top official said on Thursday. "The process is on, it is at a fairly advanced stage," LIC MF's managing director and chief executive T S Ramakrishnan told reporters, when asked about reports of the merger. Recent media reports have said that LIC Mutual Fund plans to absorb IDBI Mutual Fund following a regulatory diktat barring a single promoter from owning more than 10 per cent stake in two asset management companies. IDBI Bank, the parent of IDBI MF, is majority owned by LIC for the last few years. Ramakrishnan added that as and when LIC MF, the 22nd largest MF in the country with over Rs 18,000 crore in assets under management, is in a firm comment on the merger process, it will inform everybody. According to reports, there were two attempts to sell IDBI Mutual Fund that could not be successful, and it resulted in the merger with a company owned by the same parent. Meanwhile, Ramakrishnan said

In catch-up game, LIC MF aims to enter big boys' club in next 5 yrs

LIC AMC, which has been stuck with fixed income schemes for long, has filed for three new schemes in the debt equity and money market spaces and has 26 schemes running now

LIC Mutual Fund eyes collecting Rs 1,000 cr from new money market fund

LIC Mutual Fund is targeting to collect Rs 1,000 crore from its new money market fund launched on Wednesday. The new fund is an open-ended debt scheme that facilitates investing in money market instruments, it said in a statement. Nityanand Prabhu, executive director and business head of LIC MF, told PTI that it has set an internal target of garnering at least Rs 1,000 crore from the scheme during the primary subscription period. The fund, targeted mainly at corporate investors, is open for two days from Wednesday for the subscription. It will reopen on August 3, Rahul Singh, a senior fund manager -- fixed income & a vice-president at LIC Mutual Fund, said. Prabhu said the fund launch comes at an appropriate time as spreads between corporate bonds and the repo rate are retracing towards their mean of 1.07 per cent, making money market funds a favourable option to invest. The fund proposes to invest in money market securities having up to one-year maturity, along with an option to

LIC MF aims to increase assets under management to Rs 30,000 cr this fiscal

LIC Mutual Fund expects to make gains from IDBI Mutual Fund merger and new fund launches which will help in increasing its assets under management to Rs 30,000 crore by March.

Markets are now looking at FY23 earnings: Yogesh Patil of LIC MF Asset Mgt

In a Q&A, the head of equity at the fund shares his investment strategy and key takeaways from the June 2021 quarter results of India Inc

LIC MF launches daily SIP scheme in five equity, two hybrid schemes

The fund house which clocks an SIP inflow of around Rs 230 million every month expects the number to go up to Rs 300 million

LIC Mutual Fund eyes 30% business growth this year, despite weak show in Q1

To achieve this growth, the fund house is banking on growing its business from beyond B-15 cities

Financial, metal sectors are likely to lead earnings revival: LIC MF

Interview with Ramnath Venkateswaran, fund manager - equity at LIC Mutual Fund

LIC Nomura Mutual Fund is LIC MF again after Nomura quits

The two new partners in LIC MF are GIC Housing Finance and Corporation Bank, with 11.7% and 4% stake, respectively