HT Image
HT Image

Reliance Money does good business in group IPO

Reliance money, which is just 10-months old, already has around 6 lakh clients, reports BS Srinivasalu Reddy.
By BS Srinivasalu Reddy | Hindustan Times, Mumbai
UPDATED ON FEB 08, 2008 12:12 AM IST

Reliance Money, spearheading the personal finance initiatives of the Reliance ADAG group, has emerged in a big way in primary market fund raising activities by garnering over 20 per cent of a total number of over 49,70,000 applications received in the Reliance Power(RPL) initial public offer (IPO). This despite the involvement of all leading merchant bankers in the issue.

The company, which is seeking to be the top investment advisory and trading company in the country, has made a quiet foray into portfolio management services (PMS) with a minimum holding limit of Rs 5 lakh. Reliance Money offers various multiple-source financial products including credit cards, mutual funds and insurance products, besides equities trading and advisory.

Sudip Bandyopadhyay, director and CEO of Reliance Money, said, "Out of over 49,70,000 applications garnered by RPL in its IPO last month, over 10.27 lakh applications passed through us.”

Reliance Money had conducted RPL roadshows in 102 towns and cities and collected applications over 79,000 counters.

However, Bandyopadhyay quickly added that his company would not distribute all IPOs. "We will not recommend any issue that we think is unreasonably priced and is unlikely to give returns in the long term even if they approach us. The same is the case with mutual fund new fund offerings (NFOs)," he said.

Referring to the launch of PMS, Bandyopadhyay said that the company had taken a conscious decision to keep the limit at the minimum level fixed by the market regulator to help bring in salaried people and also to cater to the investors in the cities and towns that are not on the radar screen of other broking houses.

According to the Securities and Exchange Board of India (SEBI) PMS can be offered on investments of over Rs 5 lakh.

Reliance Money, which is just a 10-month-old company, has already garnered about 6 lakh customers and is behind leader ICICI Direct by about 4 lakh clients. This was largely possible due to its unprecedented reach – 4,237 cities and towns or 4,257 tehsils out of 5,645 tehsils in the country through 5,000 access points. Reliance Money is also present in the businesses of money changing (forex exchange) and gold coin retailing.

SHARE THIS ARTICLE ON
Close
In response to another question, Sitharaman said it was for the federal tax body, the GST Council, to take up this issue when it sees fit.
In response to another question, Sitharaman said it was for the federal tax body, the GST Council, to take up this issue when it sees fit.

Centre, states need to discuss fuel taxes, says Sitharaman

By Gireesh Chandra Prasad, Hindustan Times, New Delhi
PUBLISHED ON MAR 06, 2021 02:15 AM IST
  • In an interaction with members of the Indian Women’s Press Corps (IWPC), Sitharaman said that consumer sentiment about the tax burden on auto fuel was understandable.
Close
The Mukesh Ambani-led company expects to vaccinate around 900,000 people, including family members of employees, the company said.(Reuters representative image)
The Mukesh Ambani-led company expects to vaccinate around 900,000 people, including family members of employees, the company said.(Reuters representative image)

Reliance to bear the cost of covid shots for its staff

By Kalpana Pathak, Hindustan Times, Mumbai
PUBLISHED ON MAR 06, 2021 02:10 AM IST
  • Nearly 1.1 million vaccine doses were administered to people above the age of 60 and those in the 45-59 age group till Thursday.
Close
The Survey said a major challenge most firms face is the complex architecture of the governance framework, including the density of legislation and statutory compliances.(MINT_PRINT)
The Survey said a major challenge most firms face is the complex architecture of the governance framework, including the density of legislation and statutory compliances.(MINT_PRINT)

Govt plans to scrap 6,000 compliances

By Asit Ranjan Mishra, Hindustan Times, New Delhi
PUBLISHED ON MAR 06, 2021 02:04 AM IST
  • Mohapatra said the idea came during Modi’s meeting with Marriott International president and chief executive Arne Sorenson, who complained about the complex regulations in starting and running a hotel in India.
Close
Flush with liquidity and in tandem with Reserve Bank of India’s (RBI’s) repo rate cuts since March last year, banks have been lowering their lending rates.(Hemant Mishra/ Mint file photo)
Flush with liquidity and in tandem with Reserve Bank of India’s (RBI’s) repo rate cuts since March last year, banks have been lowering their lending rates.(Hemant Mishra/ Mint file photo)

ICICI cuts home loan rates to a decadal low

By Shayan Ghosh, Hindustan Times, Mumbai
PUBLISHED ON MAR 06, 2021 02:00 AM IST
  • ICICI Bank’s move comes days after rival lenders such as State Bank of India (SBI), Kotak Mahindra Bank and Housing Development Finance Corp. Ltd cut their home loan rates.
Close
Index funds and ETFs (exchange traded funds), which are passive in nature, will also be required to vote.(PTI File Photo)
Index funds and ETFs (exchange traded funds), which are passive in nature, will also be required to vote.(PTI File Photo)

Voting on corp resolutions compulsory for MFs: Sebi

By Neil Borate, Hindustan Times, Mumbai
PUBLISHED ON MAR 06, 2021 01:57 AM IST
  • These votes will have to be disclosed to unit holders under existing regulations. Voting will be at the MF level (rather than scheme level).
Close
Passenger vehicle manufacturers have been witnessing a sustained increase in retail sales on the back of improvement in economic activity and increased preference for personal mobility to avoid Covid infection.
Passenger vehicle manufacturers have been witnessing a sustained increase in retail sales on the back of improvement in economic activity and increased preference for personal mobility to avoid Covid infection.

Toyota SUV sales may skid on gaps in chipset supply

By Malyaban Ghosh, Hindustan Times, New Delhi
PUBLISHED ON MAR 06, 2021 01:55 AM IST
  • Supply of vehicles from Maruti Suzuki India Ltd—as part of the alliance with Suzuki Motor Corp—has helped Toyota increase its domestic market share in the premium hatchback and entry-level SUV segment, where it was not present before.
Close
ASI data is the most important source of industrial statistics of the registered organised manufacturing sector of the economy.(Reuters)
ASI data is the most important source of industrial statistics of the registered organised manufacturing sector of the economy.(Reuters)

Total factories in India grew by 2% in 2018-19

By Abhishek Jha, Hindustan Times, New Delhi
PUBLISHED ON MAR 06, 2021 01:51 AM IST
  • The top three states by GVA were Maharashtra, Gujarat, and Tamil Nadu. They had a share of 41% in the total GVA. Rural India added nearly as much GVA (49%) as urban India (51%).
Close
It is often believed that taxes on fuel affect the rich more than the poor, as the latter do not own vehicles.(Amal KS/ Hindustan Times)
It is often believed that taxes on fuel affect the rich more than the poor, as the latter do not own vehicles.(Amal KS/ Hindustan Times)

How do India’s fuel taxes impact the less affluent?

By Vineet Sachdev, Hindustan Times, New Delhi
UPDATED ON MAR 06, 2021 05:44 AM IST
  • Using average consumption shares to calculate the burden of an indirect tax has a problem.
Close
Meanwhile US crude oil inventories dropped by 1.7 million barrels in the week to Jan. 1 to 491.3 million barrels, data from industry group the American Petroleum Institute showed late on Tuesday.(Reuters file photo)
Meanwhile US crude oil inventories dropped by 1.7 million barrels in the week to Jan. 1 to 491.3 million barrels, data from industry group the American Petroleum Institute showed late on Tuesday.(Reuters file photo)

India says OPEC+ decision to extend oil output cuts will hit economic recovery

Reuters, New Delhi
PUBLISHED ON MAR 05, 2021 10:47 PM IST
Oil prices jumped more than 2% on Friday, hitting their highest in nearly 14 months in reaction to the decision.
Close
As much as 75 per cent of Nasdaq companies do not have at least one woman and one under-represented minority or LGBT member on the board, the report says.(Pixabay | Representational image)
As much as 75 per cent of Nasdaq companies do not have at least one woman and one under-represented minority or LGBT member on the board, the report says.(Pixabay | Representational image)

Gender inequality has cost world USD 70 trillion since 1990, finds report

PTI, Mumbai
PUBLISHED ON MAR 05, 2021 09:47 PM IST
The report also notes that full gender equality globally can increase the world GDP by up to USD 28 trillion by 2025.
Close
A woman looks at a gold necklace in a shop in Noida in this file photo.(Virendra Singh Gosain/ HT Photo)
A woman looks at a gold necklace in a shop in Noida in this file photo.(Virendra Singh Gosain/ HT Photo)

Gold price falls further to 44,344, sets retail buyers on buying spree

By hindustantimes.com | Edited by Ayshee Bhaduri, Hindustan Times, New Delhi
UPDATED ON MAR 05, 2021 09:07 PM IST
  • Retail buyers continued to purchase gold in India as prices declined to a near one-year low.
Close
In case of the mutual funds having no economic interest on the day of voting, Sebi said it may be exempted from compulsorily casting of votes.(PTI File Photo)
In case of the mutual funds having no economic interest on the day of voting, Sebi said it may be exempted from compulsorily casting of votes.(PTI File Photo)

Sebi lays guidelines on votes cast by mutual funds

Posted by Harshit Sabarwal | PTI
PUBLISHED ON MAR 05, 2021 06:52 PM IST
Mutual funds, including their passive investment schemes like index funds, exchange-traded funds (ETFs), will be required to cast votes compulsorily in respect of related party transactions of the investee companies and corporate governance matters, Sebi said in a circular.
Close
The overall reserves had increased by USD 169 million to USD 583.865 billion in the previous reporting week.(HT File Photo)
The overall reserves had increased by USD 169 million to USD 583.865 billion in the previous reporting week.(HT File Photo)

India's forex reserves increase by USD 689 million to USD 584.55 billion: RBI

PTI, Mumbai
PUBLISHED ON MAR 05, 2021 06:14 PM IST
The reserves, which have been steadily increasing over the last few months, had touched an all-time high at USD 590.185 billion for the week ended January 29.
Close
FILE - In this Wednesday, April 8, 2020, file photo, the sun sets behind an idle pump jack near Karnes City, USA. Members of oil producer cartel OPEC and allied countries are meeting online Thursday March 4, 2021, considering a possible increase in production now that prices have recovered to near their pre-pandemic levels. (AP Photo/Eric Gay, File)(AP)
FILE - In this Wednesday, April 8, 2020, file photo, the sun sets behind an idle pump jack near Karnes City, USA. Members of oil producer cartel OPEC and allied countries are meeting online Thursday March 4, 2021, considering a possible increase in production now that prices have recovered to near their pre-pandemic levels. (AP Photo/Eric Gay, File)(AP)

OPEC ignores India's call; Saudi asks New Delhi to use cheap oil bought last yr

PTI, New Delhi
PUBLISHED ON MAR 05, 2021 05:51 PM IST
India had purchased 16.71 million barrels of crude in April-May, 2020 and filled all the three Strategic Petroleum Reserves created at Visakhapatnam in Andhra Pradesh and Mangalore and Padur in Karnataka.
Close
Finance Minister Nirmala Sitharaman interacts with business leaders and captains of industry from various sectors at a meeting, in Chennai on Friday. (ANI Photo)
Finance Minister Nirmala Sitharaman interacts with business leaders and captains of industry from various sectors at a meeting, in Chennai on Friday. (ANI Photo)

Tax cut should be joint call of Centre, states: Sitharaman on high fuel prices

PTI, New Delhi
UPDATED ON MAR 05, 2021 09:30 PM IST
Taxes on petrol and diesel make up for about 56 per cent of the record high diesel rates.
Close
SHARE
Story Saved
OPEN APP