Share markets in India are presently trading marginally higher.
The BSE Sensex is trading up by 162 points, up 0.4% at 43,799 levels.
Meanwhile, the NSE Nifty is trading up by 44 points.
Tata Motors and Tata Steel are among the top gainers today. BPCL and Hero MotoCorp are among the top losers today.
The BSE Mid Cap index is trading up by 0.6%
The BSE Small Cap index is trading up by 0.4%
On the sectoral front, stocks from the metal sector are witnessing most of the buying interest.
On the other hand, stocks from the IT sector are witnessing most of the selling pressure.
US stock futures are trading lower today, indicating a negative opening for Wall Street indices.
Nasdaq Futures are trading down by 6 points (down 0.1%), while Dow Futures are trading down by 110 points (down 0.4%).
The rupee is trading at 74.54 against the US$.
Gold prices are trading flat at Rs 50,858 per 10 grams.
Moving on to stock-specific news...
Among the buzzing stocks, today is Reliance.
The retail arm of Reliance Industries (RIL) - Reliance Retail Ventures has acquired online furniture and home decor store Urban Ladder as it seeks to expand its offerings and digital footprint.
Reliance Retail Ventures bought a 96% stake in Urban Ladder for Rs 1.8 billion, RIL said in a statement, adding it has the option to acquire the remaining stake and plans to invest Rs 750 million in it by December 2023.
The aforesaid investment will further enable the group's digital and new commerce initiatives and widen the bouquet of consumer products provided by the group while enhancing user engagement and experience across its retail offerings.
The deal comes at a time when Reliance Retail is flush with cash, having raised more than Rs 470 billion by selling nearly 10% stake to a clutch of investors.
Urban Ladder, meanwhile, has fallen into hard times. Its last fundraising effort was in 2018 at a post-money valuation of Rs 7.7 billion, or US$ 100 million today.
At the time of writing, the Reliance share price was trading flat on the BSE.
Moving on to news from the mutual fund's space...
HDFC AMC Appoints Navneet Munot As MD & CEO
HDFC Asset Management Company, on November 16, appointed Navneet Munot as the Managing Director & CEO of the company. He will succeed the present Managing Director Milind Barve.
Navneet Munot is currently the Chief Investment Officer (CIO) at the SBI mutual fund company, where he has worked for twelve years.
On June 12, Mr. Barve was re-appointed as the managing director of the company, not liable to retire by rotation, for a further period effective from November 1, 2020, up to January 31, 2021, subject to the approval of the members at the ensuing Annual General Meeting.
He had then expressed his desire to not seek an extension of his current term as the managing director which expires on October 31, 2020, as he will be turning 63 this year.
However, in order to provide adequate time to the company for identifying a successor in accordance with the succession planning process and to ensure continuity and smooth functioning of the business of the Company, Barve agreed to an extension of three months as the Managing Director of the Company effective from November 1, 2020, to January 31, 2021.
HDFC AMC has assets under management of Rs 3.54 lakh crore as of September 30, 2020.
We will keep you updated on all the news from this space. Stay tuned.
Speaking of mutual funds, have a look at the chart below which shows recent net inflows into equity funds:
Investors did well to pour more money into stocks (via mutual funds) in April 2020 and thus, take advantage of the sharp correction.
However, it goes all downhill after that. Inflows fell in both May as well as June this year when stocks were still on sale.
In fact, they fell by a whopping 97% in June 2020.
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