Daily Groww Digest 7 Sept 2023 --------------------- Se | Groww Digest
Daily Groww Digest
7 Sept 2023
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Sensex 66,265.56 ▲ 0.58%
Nifty 19,727.05 ▲ 0.59%
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Realty, media, and bank stocks rose the most today.
FMCG and pharma stocks fell the most.
All Asian markets closed in the red.
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More...
+Hitachi Payment Services announced the launch of India’s first-ever UPI-based ATM.
+Jupiter Life Line IPO has been subscribed 3.30 times. Retail investors have subscribed 3.08 times. It is open till 8th Sept.
+Pepsi is reportedly planning to build a Rs 778 cr factory in Assam.
+Luxury furniture brand Stanley Lifestyles has filed for an IPO.
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Stocks in the news
Vedanta: started a new subsidiary in Goa ‘Sesa Iron and Steel’.
Reliance: Reliance Retail has purchased a 51% stake in clothing brand Ed-a-Mamma.
Nazara Tech: SBI Mutual Fund will invest Rs 410 cr in the company.
L&T: got a Rs 33,260 cr order from Saudi Aramco.
United Breweries: appointed Vivek Gupta as MD & CEO.
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Word of the Day
OPEC+
A group of the world's major oil producing countries.
Includes Iran, Iraq, Kuwait, Saudi Arabia, Russia, etc.
Together, these countries decide how much oil they are going to produce. This, in turn, determines the price of crude oil.
If there's a lot of oil, prices are likely to be lower, and any person is likely to pay lesser for their petrol and diesel bills.
Opposite is also true.
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6 Day Course
Theme: finance certifications
Day 4: Thursday
MBA. Masters of Business Administration.
The MBA degree or certification has become one of the most sought-after degrees in finance.
Do note that many MBA programs have specializations like HR, marketing, finance, etc.
MBA can help students land many different kinds of jobs. These jobs may or may not be finance-related.
Having an MBA with a specialization in finance has become a common requirement for working in the finance and banking industries.
Portfolio managers are now required to have a degree in finance, law, accountancy, or business management.
When this rule was brought in, many portfolio managers enrolled for MBA courses to fulfill this requirement.
Missed last week's course? You can download the course PDF - click to download: https://bit.ly/45x3yiF
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Featured Question
“…Now I want to change my mutual fund. What will the tax implications if I transfer the money to another fund (there is a option in groww app that allows you to invest the money in another fund), if 1) The other fund say ABC is of the same fund house,2) not of the same fund house.”
This question has been shortened. It is a part of a longer question.
Taking out money from any mutual fund in any way attracts taxes.
There is no way to internally move money from one mutual fund to another mutual fund.
You have to withdraw from one to invest in another.
If 2 mutual funds are of the same fund house, you can use STP (systematic transfer plan) to move the money.
STP allows you to move money automatically over a period of time.
You have to:
-specify the mutual fund from which to withdraw
-specify the mutual fund to invest in
-specify the amount to withdraw and invest every month
There is no STP option in case the mutual funds are in different fund houses (AMCs).
STP is treated like withdrawing and investing — so it will attract relevant taxes.
The tax structure is different for different mutual funds and different time periods.
Do check which is applicable to your investment.
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That's it for now. See you tomorrow!
