After studying law I vectored towards journalism by accident and it's the only job I've done since. It's a job that has taken me on a private jet to Jaisalmer - where I wrote India's first feature on fractional ownership of business jets - to the badlands of west UP where India's sugar economy is inextricably now tied to politics. I'm a big fan of new business models and crafty entrepreneurs. Fortunately for me, there are plenty of those in Asia at the moment.
The assets under management of the mutual fund industry rose to Rs 50.77 lakh crore in December from Rs 49.05 lakh crore in November 2023.
MF assets cross Rs 50 lakh crore in December
The assets under management of the mutual fund industry rose to Rs 50.77 lakh crore in December from Rs 49.05 lakh crore in November 2023. While the industry took 50 years to reach Rs 10 lakh crore in AUM, the last Rs 10 lakh crore was amassed in just over a year. In December 40 lakh SIPs were started while 20.8 lakh were discontinued. (Business Standard, Indian Express)
Sony plans to call off $10 billion marriage with Zee
Sony plans to call off its impending merger with Zee Enterprises due to the failure of Zee to meet its obligations. There is still no clarity on whether Punit Goenka will agree to step aside until he is cleared of charges by SEBI that he siphoned off money. Lawyers of both sides are still working on finding a breakthrough but it is likely that Sony could send a termination notice as early as January 22. (Economic Times)
Top employees of Ola Electric and FirstCry set to make a windfall
Top executives at Ola Electric and FirstCry are in line for a big payday if and when the companies list. At Ola Electric the top 10 executives are sitting on a pile of Rs 16,792 crore while at FirstCry they could make Rs 2,467 crore. These numbers are based on the valuations of the companies in their public funding rounds. Both firms filed for IPOs in December. Overall, Ola Electric employees own 7.6 percent of the company and at FirstCry they own 12.4 percent of the company. (Mint)
India bonds set to be included in Bloomberg Emerging Market Index
Indian government bonds through the fully accessible route are set to be listed in the Bloomberg Emerging Market Index. This will be phased over a 5-month period starting September 2024. The bonds will be included at 20 percent of their weight and the weight will be progressively increased. (BusinessLine)