Advisers are suggesting Treasury Secretary Scott Bessent as a potential successor to Jerome Powell as Federal Reserve chair. While Kevin Warsh, a former Fed official, is also under consideration, Bessent's leadership in economic initiatives and trade negotiations positions him as a strong contender. Trump is expected to announce his decision soon.
Morgan Stanley has upgraded Grasim Industries to 'Overweight,' citing the paints business's scaling and improved visibility. The brokerage anticipates a 29% upside, raising the price target to 3,500. Grasim is expected to become a formidable number three player in the paints sector by FY28, with Ultratech Cement remaining a key value driver.
Wealth managers are offering Shapoorji Pallonji Group's $3.4 billion NCDs to high-net-worth individuals, requiring a minimum 10 crore investment in the secondary market. This move follows past volatility where smaller HNIs quickly exited positions. The current unrated tranche has less disclosure, aiming for patient capital and avoiding wide domestic HNI distribution.
Following the Reserve Bank of India's policy rate cut, several banks including HDFC, ICICI, IDFC First, and Kotak Mahindra have decreased fixed deposit interest rates by 10-35 basis points. Public sector banks like Canara Bank and Indian Bank have also adjusted their rates downwards. These adjustments reflect lenders' responses to the lower benchmark interest rates, impacting retail depositors.
Equity mutual funds experienced a dip in inflows during May, falling to 19,013 crore as investors turned cautious amid high stock valuations. Despite this, SIP investments reached a record 26,688 crore. Debt funds saw outflows, while hybrid funds, particularly arbitrage funds, gained traction. Overall AUM for the mutual fund industry increased, driven by market gains.
