Daily Groww Digest 1 Sept 2023 --------------------- Se | Groww Digest
Daily Groww Digest
1 Sept 2023
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Sensex 65,387.16 ▲ 0.86%
Nifty 19,435.30 ▲ 0.94%
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Metal, PSU bank, and auto stocks rose the most today.
Healthcare and pharma stocks fell.
All Asian markets except Hong Kong rose today.
US added 1.87 lakh new jobs in August. Unemployment rate now stands at 3.8%.
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Auto Sales for August
Automakers released their sales numbers for August. Here are the highlights:
Maruti Suzuki: sales rose 14.48% to 1.89 lakh units (highest ever).
Tata Motors: sold 78,010 units, 1.06% decline year-on-year.
Mahindra: sales rose 19% to 70,350 units.
Ashok Leyland: sales increased 10.30% to 15,576 units.
Eicher Motors: sales increased 10.66% to 77,583 units.
TVS Motor: sold 3.46 lakh units, increase of 3.61%
Bajaj Auto: sales fell 15% to 3.42 lakh units.
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More...
+India's GST collection stood at Rs 1.59 lakh cr in August, 11% year-on-year increase.
+Countdown for India’s first solar mission ‘Aditya L1’ has started; launching tomorrow.
+UPI crossed 10 billion transactions in August, highest ever.
+Rishabh Instruments IPO was subscribed 31.65 times. Retail investors subscribed 8.43 times.
+The government has increased jet fuel prices by around 14% to Rs 1.12 lakh per Kl.
+Commercial LPG price has been reduced by Rs 158.
+RBI mentioned that 93% of Rs 2,000 notes have been returned to banks.
+Real estate company Arkade Developers has applied to go for an IPO.
+Jupiter Life Line Hospitals IPO will be open between 6-8 Sept. Price band is Rs 695 to 735 per share.
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Stocks in the news
Bajaj Auto: subsidiary Bajaj Auto Consumer Finance has received RBI approval to start NBFC business.
HFCL: raised Rs 353 cr through a qualified institutional placement (QIP).
BSE (company): increased its share buyback offer price to Rs 1,080 from Rs 816.
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Word of the Day
Lien
The legal claim on an asset in the settlement of a debt is known as a lien.
Consider taking a loan from a friend.
To make sure you repay them, they can request something (like gold, real estate, etc) that is valuable to you. This item is called a collateral.
Lien is the power to claim this collateral in case the loan is not repaid on time.
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6 Day Course
Theme: mutual fund companies
Day 5: Friday
Many mutual fund companies were started by existing banks.
Example: HDFC, SBI, ICICI, etc.
One important detail investors must know is that these are separate companies. They are not operated as the same company.
Many times, these are jointly run with another asset management company.
Example: ICICI Prudential — here ‘Prudential’ is the partner company and the mutual fund company is called ICICI Prudential Mutual Fund
Note: there are mutual fund companies started by non-bank companies.
Example: Tata Asset Management, Motilal Oswal Asset Management, etc.
Missed last week's course? You can download the course PDF - click to download: https://bit.ly/3YOLJsU
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Featured Question
“What are the open ended and fixed ended funds? When we invest an SIP is it mandatory to decide for how many years that we need to invest? Or we can invest for the period based on the need and can be withdrawn?”
Open-ended mutual funds do no have any lock-in period.
Most investors stick to open-ended mutual funds.
Close-ended mutual funds have a lock-in period.
SIPs are not allowed in close-ended mutual funds.
In case of SIPs in open-ended mutual funds, you need not decide the time period.
Once you invest via SIP, the amount will remain invested — until you withdraw it.
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That's it for now. See you tomorrow!
