Morning Alert.. *Equity euphoria boosts mutual fund investor a | Equity99

Morning Alert..
*Equity euphoria boosts mutual fund investor additions by 70% in FY24*
Mutual funds (MFs) added 70 per cent more investors in the financial year 2023-24 (FY24) than in FY23 on the back of an equity market turnaround. MFs onboarded 6.8 million unique investors in FY24, taking the total MF subscriber count to 44.5 million. In FY23, the additions stood at 4 million. The rebound in the pace of investor additions in FY24, according to experts, is largely a result of a reversal in equity market fortunes. The benchmark indices — Nifty 50 and Sensex — surged over 25 per cent in FY24, after delivering near-zero returns in FY23. The other factor is new fund launches in popular categories, as the promotion and marketing activities go up. Click here to follow our WhatsApp channelVenkat Chalasani, chief executive of Association of Mutual Funds in India (Amfi), said the investor confidence in MFs continued as the financial year drew to a close. “This is reflected in the systematic investment plan accounts that hit a record 83.9 million. The industry assets under management rose 35 per cent in FY24, the second-highest growth in a financial year.”

*ADB ups India GDP forecast to 7% for FY25 on investments, consumer demand*
The Asian Development Bank (ADB) on Thursday upgraded India’s gross domestic product (GDP) growth forecast for 2024-25 (FY25) to 7 per cent from 6.7 per cent earlier, citing better prospects of robust public and private investment and strong services sector growth. However, it said unanticipated global shocks, such as supply line disruptions to crude oil markets and weather shocks that impact agriculture output, are key risks to India’s economic outlook. The forecast is part of the latest edition of ADB’s flagship economic publication, Asian Development Outlook (ADO) April 2024, released on Thursday. “The triggers for FY25 growth will come from higher capital expenditure on infrastructure development both by central and state governments, rise in private corporate investment, strong service sector performance, and improved consumer confidence. Growth momentum will pick up in FY26 backed by improved goods exports and an increase in manufacturing productivity and agricultural output,” the ADB said.

*Global market action*
Dow Jones – Down by 0.10% or 40.07 points
FTSE – Down by 0.47% or 37.41 points
CAC – Down by 0.27% or 21.64 points
DAX – Down by 0.79% or 142.82 points
Gift Nifty – Up by 0.45% or 102.50 points

*FII/DII activities*
FII – Bought 2778.17 Cr worth of shares
DII – Bought 163.36 Cr worth of shares.

*Stocks with high delivery Percentage*
Sapphire Foods India Ltd – 94.1%
Aptus Value Housing Finance India Ltd – 92.1%
Emami Ltd – 88.1%
Ajanta Pharma Ltd – 87%
Shoppers Stop Ltd – 86.3%

*Primary market activities*
IPO opening today
Greenhitech Ventures Ltd (BSE SME) – Issue size 6.30Cr

Listing today
Bharti Hexacom Ltd (Main board) – Subscribed 29.88x

*Commodities updates*
Gold – Rs 73525/10gm, Silver – Rs 82880/kg, Brcrude – Rs 7096/barrel, Copper – Rs 816.50/kg.

*Corporate News*
RBL Bank appoints Murali Ramakrishnan as independent director for 4 years.

Tata Motors and Shell partner to expand EV charging network in India.

TVS SCS announces supplying 500,000 two-wheeler CKD kits to TVS Motor.