About:
Zfunds brings to you the financial news highlights for the week of 26th April to 1st May. In the week gone by: 1. RBI has made a special liquidity facility announcement of Rs. 50,000 crores for mutual funds. A liquidity crunch in the financial system because of the Covid-19 pandemic caused high redemption pressures in the debt fund space. Franklin had to close down 6 of its mutual funds (see video here https://www.youtube.com/watch?v=Slcnl8Z9jl0&t=80s). This triggered RBI to take prompt action. 2. Reliance Industries announced its rights issue of Rs. 53000 crores – the largest ever in India. The shares have been priced at Rs. 1257, to be offered in the ratio of 1:15. 3. Government of India plans to issue tax-free bonds worth Rs. 10,000 crores. This is in order to meet the fiscal slippage because of the lower tax revenues in March and April. 4. Oil prices globally have rebound from the negative territory to $18 in the current week. This bought some cheer as it indicates a possible return to economic activity. 5. Sensex & Nifty closed at 33717 and 9859, respectively. This is a 14% monthly gain – the highest ever since May 2009.
Comments