Jio Blackrock gets Indian markets regulator nod to launch four passive funds
The funds will mirror four indices, namely, Nifty Midcap 150 (.NIMI150), opens new tab, Nifty smallcap 250 (.NISM250), opens new tab, Nifty Next 50 (.NN50), opens new tab and the benchmark index tracking Indian government bonds with 8–13 years maturity (.NIFGS813), opens new tab.
Jio BlackRock, a joint venture between billionaire Mukesh Ambani's Jio Financial Services (JIOF.NS), opens new tab and BlackRock (BLK.N), opens new tab, plans to launch nearly a dozen equity and debt funds in India by year-end, Reuters reported last week.
The asset manager is entering the country's 72.2-trillion-rupee ($844 billion) mutual fund market with a mix of active and passive offerings, aiming to leverage its digital reach to sidestep traditional distributor networks.
The asset manager has raised over $2.1 billion across three debt mutual fund schemes, attracting investments from 90 institutional investors and 67,000 retail investors so far.
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Reuters
24 minutes ago
- Reuters
Pause in dollar rally offers relief to rupee after 86 breach
MUMBAI, July 18 (Reuters) - The Indian rupee is set to open higher on Friday, tracking a broader recovery in Asian peers and supported by a pause in the U.S. dollar index's near-term uptrend. The 1-month non-deliverable forward indicated an open in the 86.00-86.02 range versus 86.0750 on Thursday, marking the rupee's first sub-86 finish in nearly a month. "Asia will help (the rupee) at the open. However, I'd fade any downside (on USD/INR)," a currency trader at a bank said. "Positioning and risk-reward favour upside, and this looks (like a) buy-on-dips market right now." The dollar index fell about 0.2% in Asia to 98.40, helping most Asian currencies climb higher. The dollar index had rallied on Thursday, approaching the 99 mark, after robust U.S. data spurred expectations that the Federal Reserve will be in no rush to resume rate cuts. Upbeat U.S. retail sales in June pointed to a pickup in economic activity, while job claims fell to a three-month low, reinforcing signs of steady labour market strength. U.S. economic data released on Thursday "continues to signal resilience," MUFG Bank said, while noting the muted reaction in U.S. Treasury yields. Markets were largely unchanged about the Fed outlook, with no major shift in pricing for a September rate cut or the cumulative rate cuts expected in 2025. Despite the dip in the dollar index on Friday, the gauge is up 0.6% this week after last week's near 1% rally. Markets continue to hold net short positions on the U.S. dollar, and an unwinding of those short dollar positions could provide support for the U.S. currency, MUFG Bank noted. KEY INDICATORS: ** One-month non-deliverable rupee forward at 86.08; onshore one-month forward premium at 10 paise ** Dollar index down at 98.41 ** Brent crude futures down 0.1% at $69.5 per barrel ** Ten-year U.S. note yield at 4.44 ** As per NSDL data, foreign investors sold a net $121.3 million worth of Indian shares on July 16 ** NSDL data shows foreign investors bought a net $3.5 million worth of Indian bonds on July 16
Reuters
an hour ago
- Reuters
India's equity benchmarks to open higher as firm US data boosts global sentiment
July 18 (Reuters) - India's equity benchmarks are likely to open higher on Friday, tracking positive cues from global markets, as better-than-expected U.S. labour and retail sales data allayed some concerns over weakness in the world's largest economy. The Gift Nifty futures were trading at 25,185.5 points as of 8:04 a.m. IST, indicating that the Nifty 50 (.NSEI), opens new tab will open above Thursday's close of 25,111.45. Asian stocks rose on the day, with MSCI's broadest index for Asia-Pacific stocks outside Japan (.MIAPJ0000PUS), opens new tab up 0.7%, while S&P 500 (.SPX), opens new tab and Nasdaq (.IXIC), opens new tab notched record closing highs overnight. On Thursday, data showed U.S. retail sales rose after two months of decline in June, while fewer-than-expected jobless claims were filed last week, indicating resilience in the world's largest economy, which boosted investor confidence globally. In India, benchmark Nifty is down 0.2% so far this week, after logging two straight weekly losses amid a weak start to the earnings season, particularly from IT majors such as Tata Consultancy Services ( opens new tab and HCLTech ( opens new tab. Bucking that trend, Wipro ( opens new tab beat earnings expectations on Thursday, boosted by improved client spending in parts of its Americas business. The IT company's U.S.-listed shares jumped 3.4% following the results. Its peer LTIMindtree ( opens new tab narrowly missed revenue estimates for the June quarter as persistent inflation, weak demand and U.S. trade policy uncertainties delayed non-essential tech projects. Meanwhile, Axis Bank's ( opens new tab UK-listed shares slipped nearly 5% on Thursday after the lender posted an unexpected drop in first-quarter profit due to an increase in bad loans after a one-time industry benchmarking exercise. Reliance Industries ( opens new tab and JSW Steel ( opens new tab will also be in focus on Friday, as the companies are scheduled to report their first-quarter earnings.
Daily Mail
2 hours ago
- Daily Mail
Commonwealth Bank sends jobs to India as it cuts hundreds of workers in Australia
Australia's biggest bank has sent 100 jobs to India after retrenching hundreds of local staff with a union accusing it of offshoring work for cheaper labour. The Commonwealth Bank last month told the Finance Sector Union that 304 Australians would be made redundant in technology and retail roles. This occurred as 110 jobs, affected by redundancies in Australia, were created at the Commonwealth Bank's Bangalore-based subsidiary, CBA India. These new jobs in India included job titles that had existed in Australia including staff data engineer, senior software engineers, staff software engineer, engineering manager, software engineer and senior data engineer. The Commonwealth Bank, Australia's biggest home lender, has more than doubled the number of staff in India in just two years. The Finance Sector Union's national secretary Julia Angrisano said the Commonwealth Bank had breached faith with its own staff by saying positions were redundant in Australia only to recreate them in India. 'By hiring for the same job, at their own Indian subsidiary, they're showing themselves to have breached the enterprise agreement and essentially lied to their workers,' she said. 'This is the very definition of bad faith. We have known for years that big banks have had a preference for work to be performed offshore. 'Yet we now have the proof that this is happening in real time. 'Our members are outraged by this kind of behaviour and seriously question CBA's commitment to Australian jobs.' The Commonwealth Bank's number of staff in India more than doubled in two years, growing from 2,854 employees in June 2022 to 5,630 by June 2024, its annual report said. Ms Angrisano argued this was about CBA benefiting from cheaper labour in India. 'We do not believe that the redundancies outlined in these change processes are in fact genuine redundancies and that in doing so, CBA has breached the terms of the agreement,' she said. 'These jobs are not required to be done in India; they're just moving the work there to take advantage of cheaper labour and further line their own pockets.' But a Commonwealth Bank spokeswoman told Daily Mail Australia that CBA India was insourcing roles that had previously been done by a third party. 'During the formal consultation on recent workforce changes, the FSU did not raise any concerns with us about like-for-like job changes,' she said. 'We refute their claims and have met with the union this week to respond in detail and assure them that there is no basis to their allegations.' The Commonwealth Bank's chief executive Matt Comyn was last year paid $8.977million with bonuses. Specialist recruiter and career coach Tammie Ballis took aim at the big four bank for sending roles offshore. 'Are you telling me, Australia being the multicultural country that we are that they can't find someone that's living here that is bilingual with those skills?,' Ms Ballis said. 'Come on, not only that, if you have a look down here, this is their acknowledgement to country. Paying respect to our First Nations Australians. You're not for Australians.' During Question Time in Parliament, Senator Gerard Rennick of the Liberal National Party of Queensland pressed the Treasury on whether the government was aware of how much money is being sent offshore in wages. A senior Treasury official said they didn't have the answer right away and would get back to him later. 'It's not hard to see why Treasury took my question about the Free Trade Agreements with the Philippines and India on notice,' Senator Rennick said. 'It turns out that the Australian Government charges no taxes on wages paid by Australian companies to foreign workers in other countries who are effectively working remotely, taking Australian jobs. 'Not only are we losing jobs, we are losing the tax that those jobs would have paid while Australian corporations still get a tax deduction despite sending money offshore. 'This then means the remaining Australian workers have to pay higher taxes to make up the shortfall. This is selling Australia out plain and simple.' 'This is selling Australia out plain and simple. Furthermore, for those of you who think that working at home is a good thing be careful what you wish for. 'You might be replaced by a foreign worker.' He also pointed out that some workers are being brought in from other countries. 'For example, I've been told that there are people coming from the Philippines to build the transmission lines between Wagga and South Australia. 'Do we know how much money in remittances is getting sent offshore in terms of wages paid either for outsourcing or people coming onshore? Aussies unleashed about the increasing globalisation of the workforce. One said: 'Govt should make it illegal for big banks, those above a certain threshold/size, to offshore IT and call centre jobs, especially given their huge billion $ profits'. A second added: 'At the end of the day these companies are greedy af and don't care about the average Australian. It's why I will always choose family over work every chance I get bc they wouldn't care if I dropped dead over my desk.' A third said: 'I worked for Telstra and my job went to Philippines where wages were 1/4 of Australian. 'Lead to seven extra calls per complaint resolution and time factor extended from four days to 14 days.'
