Inflow into largecap mutual funds turned positive for the first time since March with investors putting in Rs 700 crore in October.
At Kotak Mahindra Bank, Ashok Vaswani was chosen as the managing director and chief executive officer in October to fill in for Uday Kotak. Vaswani will take charge from January 1, 2024.
Cipla got a booster dose after Blackstone made a proposal to acquire a 33.46 percent stake in it for $3.8 billion. Torrent Pharma homed in on the drug maker soon with a non-binding bid at a 30 percent premium over Blackstone's offer. Private investment firm Bain Capital and Dr Reddy's Laboratories were also in fray for Cipla.
The buzz over Maruti Suzuki turned louder when the auto giant, a late entrant into electric vehicles, declared plans to roll out six EVs by the turn of the decade. The six models are likely to jack up EV sales for Maruti Suzuki to 15-20 percent of the total sales volume by 2030.
Lower discretionary spending on technology and delayed decision making because of recessionary headwinds in the West have lowered the appetite for the Infosys, driving the IT major to cut its revenue growth guidance sharply for the fiscal year to just 1-3.5 percent from 4-7 percent in constant currency terms.
Nuvama Institutional Equities said that the resilience of retail participants once again defied the equity bears. "Despite volatility and weak market performance in October, equity schemes continued to attract strong inflows," the brokerage firm said. Equity mutual funds saw a net inflow of Rs 20,000 crore in the month as against Rs 14,100 crore in September.
Small and midcap schemes recorded sustained inflows of Rs 4,500 crore and Rs 2,400 crore in October.
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