Page 17 - Banking Finance November 2024

MUTUAL FUND

Axis MF launches nifty 500

value 50 Index Fund
Axis Mutual Fund has announced the
launch of Axis Nifty500 Value 50 Index
Fund, an open-ended index fund aimed
to replicate the performance of the
Nifty500 Value 50 Total Return Index Ò»©­
(TRI).
The new fund offer or NFO of the
scheme opens for subscription on Oc-
tober 4 and will close on October 18.
The scheme objective is to invest in
stocks comprising the Nifty500 Value
50 Index (the index) and aim to provide
returns before expenses that corre- LIC Mutual Fund launches manufacturing Fund
spond to the Nifty500 Value 50 TRI LIC MF has launched LIC MF Manufacturing Fund, an open-ended scheme
subject to tracking error. following the manufacturing theme. The fund will invest in manufacturing
theme that covers sectors like automobiles, pharmaceuticals, chemicals, heavy
The scheme will be benchmarked engineering products, metals, shipbuilding and petroleum products etc.
against Nifty500 Value 50 TRI. The
scheme will be managed by Karthik RK Jha, MD & CEO, LIC MF said, "India's robust GDP growth, rapid urban-
Kumar and Hitesh Das. ization, the growing middle-class population, the government's export in-
centives and policy initiatives like Production Linked Incentive scheme and
The minimum application amount is Rs
'Make-in-India' are driving demand for manufactured goods. Consequently,
100 and multiple of Re 1 thereafter.
the country is largely being developed as a manufacturing hub for the world.
The index will be rebalanced on a semi- Further, manufacturing has a major role to play in making India a $5-trillion
annual basis in June and December.
economy by 2027. As a result, the investors in the manufacturing theme
may benefit from the current positive outlook for the constituent sectors."
Net FBI inflows rise to $5.5
Yogesh Patil, CIO-Equity, LIC MF said, "Initiatives such as 'Make in India',
billion in Apr-Jul 'Atmanirbhar Bharat' and the Production Linked Incentive schemes, com-
India's net foreign direct investment bined with global supply chain shifts is leading towards India through 'China
(FDI) during the April-July period of the +1' and 'Europe +1' opportunities. These efforts are anticipated to unlock
current financial year (FY25) rose to potential across allied sectors, driving comprehensive economic growth and
$5.5 billion compared to $3.8 billion in position India as a global manufacturing hub."
the year-ago period, according to the
latest report by the Reserve Bank of in the year-ago period, the RBI data RBI's state of the economy report.
India (RBI). showed. Net FDI flow dropped sharply to $9.8

The increase was due to an improve- Manufacturing, financial services, com- billion in FY24 from $28 billion in the
ment in gross inward FDI, which grew munication services, computer ser- previous year. In FY22, net FDI flows
by 23.6 per cent year-on-year (Y-o-Y) to vices, electricity, and other energy into the country were $38.6 billion.
$27.7 billion during the four months of sectors accounted for more than three-
FY25. fourths of the gross FDI inflows. LIC Mutual Fund to reduce

Repatriation and divestment by those "With more than three-fourths of the minimum SIP limit to Rs.
who made direct investments in India flows, the major source countries were
rose to $15.9 billion in the four months Singapore, Mauritius, the Netherlands, 100/day
of the financial year from $14.7 billion the US, Belgium, and Japan," said LIC Mutual Fund has reduced the mini-

BANKING FINANCE | NOVEMBER | 2024 | 15