Daily Groww Digest 4 Sept 2023 --------------------- Se | Groww Digest
Daily Groww Digest
4 Sept 2023
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Sensex 65,628.14 ▲ 0.37%
Nifty 19,528.80 ▲ 0.48%
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Metal, PSU bank, and IT stocks rose the most today.
Consumer durables and FMCG stocks fell.
All Asian markets closed in the green. Hong Kong and China’s markets were the top gainers.
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More...
+Ratnaveer Precision IPO has been subscribed 5.77 times so far. Retail investors have subscribed 7.65 times. It is open till 6 Sept.
+India’s electricity usage rose 16% year-on-year in August to 151.66 billion units.
+Diesel usage fell 2.9% and petrol usage rose 0.4% in August. Aviation fuel: usage up 9.5%, LPG: up 4.4%.
+EMS Limited IPO will be open between 8-12 Sept.
+Jupiter Life Line IPO will be open between 6-8 Sept.
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Stocks in the news
Kotak Mahindra: Uday Kotak resigned as MD and CEO.
IndiGo: IndiGo and Air India will set up their leasing business at GIFT City, Gujarat.
Coal India: 13% year-on-year growth in production at 52.3 million tonnes in August.
Oil India: approved equity contribution of Rs 1,738 cr in North East Gas Distribution Company (its Joint Venture with Assam Gas Company).
GMR Power: subsidiary, GMR Smart Electricity Distribution, got a Rs 5,123.37 cr order from the UP government.
Zomato: its Czech based step-down subsidiary is filing for liquidation.
HAL: shareholders approved stock split.
Biocon: acquired Eywa Pharma Inc's manufacturing facility in the US for around Rs 63 cr.
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Word of the Day
EXIM Bank
The Export-Import Bank of India is a government institution that helps Indian businesses in their international trade.
EXIM Bank has 2 main functions:
- It provides financial support to companies that want to sell their products abroad.
- It acts like an insurance company for Indian businesses in global trade.
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6 Day Course
Theme: finance certifications
Day 1: Monday
There are many type of certified financial professionals in India.
Each of them is licensed to perform a different function.
In this week’s course, we’ll explore some of these certifications, their capabilities, and their limitations.
Let’s start with Chartered Accountant (CA).
Those who are certified CAs are famous for performing audits and filing taxes for their clients.
They are also involved in advisory, compliance, consulting, bankruptcy proceedings, and assurance of many finance-related matters.
There are a few other tasks also in which they are involved.
Sometimes, they advise their clients with regard to investing also — but that is not a part of their CA certification.
Missed last week's course? You can download the course PDF - click to download: https://bit.ly/45x3yiF
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Featured Question
“It is mentioned above that SIP is not allowed in closed ended funds. But tax saving funds are having locking period and hence are closed ended type but allows SIP. Why is it so ?”
This can be a bit confusing.
Tax saving mutual funds are open-ended mutual funds (technically speaking).
They are open-ended mutual funds — that have a lock-in period of 3 years.
That is why you are able to do an SIP into them.
In close-ended mutual funds, you have to invest by a certain date.
And you can take out money from these close-ended mutual funds only on a certain date (after the lock-in ends).
In case of tax-saving mutual funds, the money is locked-in for 3 years from the date of investment.
After those 3 years, the amount remains invested in the mutual fund.
But you can take it out any time you want (just like any other open-ended mutual fund).
Note: Tax saving mutual funds and ELSS funds are the same thing.
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That's it for now. See you tomorrow!
