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Time of India
08-08-2025
- Business
- Time of India
Are accrual strategies the new key to success in fixed income investing?
Mumbai: Investors may have to change tack in fixed income investing . With the Reserve Bank of India holding interest rates steady and having already frontloaded 100 basis points of cuts, money managers and investment advisors said the focus should now shift from duration plays such as long-term and gilt funds to accrual strategies-debt schemes that earn through steady interest income. "Investors have benefited from capital appreciation as yields have fallen and spreads on 10-year and 30-year bonds compressed sharply," says Devang Shah, head, fixed income at Axis Mutual Fund. Shah said while interest rates are likely to remain lower for an extended period, the structural rally in long bonds appears to have played out. Productivity Tool Zero to Hero in Microsoft Excel: Complete Excel guide By Metla Sudha Sekhar View Program Finance Introduction to Technical Analysis & Candlestick Theory By Dinesh Nagpal View Program Finance Financial Literacy i e Lets Crack the Billionaire Code By CA Rahul Gupta View Program Digital Marketing Digital Marketing Masterclass by Neil Patel By Neil Patel View Program Finance Technical Analysis Demystified- A Complete Guide to Trading By Kunal Patel View Program Productivity Tool Excel Essentials to Expert: Your Complete Guide By Study at home View Program Artificial Intelligence AI For Business Professionals Batch 2 By Ansh Mehra View Program Investors holding long-term and gilt funds could book profits after earning high single-digit returns over the last year. Best MF to invest Looking for the best mutual funds to invest? Here are our recommendations. View Details » The probability of further rate cuts looks low. Investors could move to accrual strategies and deploy money in short to medium tenure funds," says Nirav Karkera, head of research, Fisdom. Agencies As per data from Value Research, gilt funds with a 10-year constant duration have returned an average of 8.94% over the last one year. Live Events The fund categories that follow accrual strategies include corporate bond, short duration, medium duration and credit risk funds. "Bond investors should focus more on the accrual strategies going forward rather than waiting for the potential price appreciation from the fall in bond yields," says Dhawal Dalal, chief investment officer, fixed income, Edelweiss Mutual Fund. Dalal said investors should focus on a portfolio of corporate bonds maturing in 2 to 5 years, to benefit from the accrual and lower price volatility. Wealth managers believe investors with a timeframe of three to six months can consider ultra short-term funds that can return 6-6.5%, while those with a time frame of up to two years can consider corporate bond funds that can return around 6.5-7%.
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Business Standard
05-08-2025
- Business
- Business Standard
Rally in long bonds nears end as key drivers weaken, says Axis AMC
The nearly 15-month rally in long-duration bonds is likely over unless a slowdown in economic growth triggers aggressive rate cuts or the bonds are included in new global indices, Axis AMC said in a note on Tuesday. 'The primary concern for long-duration bonds is no longer about spreads or yield levels — it lies in the deteriorating demand–supply dynamics, both structurally and tactically,' wrote Devang Shah, head – fixed income, Axis Mutual Fund. In the financial year (FY) 2026, demand for long-duration bonds (10 years and above) is estimated at ₹10.8 trillion, while supply is expected to touch nearly ₹12 trillion from central government and state development loans (SDLs) with maturities of 15–50 years, according to the note. Additionally, demand is likely to be impacted by revised Held to Maturity (HTM) guidelines for banks, increased equity allocation under the National Pension System (NPS), and restrictions on incremental foreign portfolio investor (FPI) participation in securities beyond 14 years under the Fully Accessible Route (FAR). Other drivers behind the rally have also weakened. The Reserve Bank of India's (RBI's) shift in policy stance signals that aggressive rate cuts are unlikely, while the scope for further fiscal consolidation — a recent market support — is also approaching its limits, the note said. Going by past trends, any significant decline in yields of longer-dated bonds from current levels is unlikely. 'Over the longer term, it is observed that the yields do not fall below 6.75 per cent in the 30-year bonds,' Shah stated. 'Investors should consider shifting to short-duration or accrual strategies. The steepening yield curve favours 2–5-year corporate bonds, which offer better risk-adjusted returns,' he added.
Yahoo
09-07-2025
- Business
- Yahoo
Asian e-grocer Weee! names general counsel and finance VP
You can find original article here Supermarketnews. Subscribe to our free daily Supermarketnews newsletter. Online Asian specialty grocer Weee! has named Devang Shah to serve as general counsel and Dan Li to serve as senior vice president of Finance, the company announced Monday. Shah most recently served as general counsel at Pivot Bio, a sustainable agriculture tech company; Wish, an e-commerce platform; and Zynga, a video game development company. At those companies, Shah oversaw legal strategy, M&A, IP, compliance, and governance, according to a Weee! press release. "Devang's ability to navigate evolving legal landscapes while supporting innovation will be instrumental as we scale," said Larry Liu, founder and CEO of Weee!, in a press release. Li also comes with experience in high-growth startups, signaling Weee!'s intention to grow the company. She previously held leadership roles at J.P. Morgan; Goldman Sachs; Snagajob, an online marketplace for hourly workers; and Bungalow, an online platform for housing. In her most recent position at Snagajob, Li oversaw finance, legal, HR, and operations. 'Dan's depth in strategic finance and her track record in scaling companies make her a valuable addition to our leadership team as we enter our next phase of growth,' Liu said. The online grocer noted that the two hires, which come as the company celebrates the milestone of 10 years in business, furthers its 'mission to make global groceries accessible and affordable for all.' The Fremont, Calif.-based online grocer specializes in Asian products, offering more than 15,000 products from around the world. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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Business Standard
20-06-2025
- Business
- Business Standard
Stock Market LIVE: GIFT Nifty flat; Asia mixed; China holds lending rates
Sensex Today | Stock Market LIVE on Friday, June 20, 2025: At 6:50 AM, GIFT Nifty futures were trading 3 points lower at 24,800, indicating a flat start for the bourses. 7:11 AM Stock Market LIVE Updates: Siemens Energy: The power play that doesn't overload on valuations Stock Market LIVE Updates: Siemens Energy India listed on Thursday at ₹2,840 and closed at ₹2,735. The equity base of the demerged entity is 356 million shares. This arm of Siemens Group will provide integrated products, solutions, and services across the value chain of oil and gas, power generation, and transmission. It may be described as an energy transition and decarbonisation play. It has 10 state-of-the-art facilities in India and exclusive business rights across South Asia from the group. The estimated transmission and distribution (T&D) capital expenditure (capex) in India alone is projected to be about ₹9.2 trillion until 2031-32 (FY32). Apart from parentage, Siemens Energy has technology leadership, a strong product portfolio, infrastructure, and leadership in several verticals. It could find opportunities across the entire value chain. READ MORE 7:10 AM Stock Market LIVE Updates: Corporate bond funds: Assess portfolio quality, expense ratio before entry Stock Market LIVE Updates: Corporate bond funds (CBFs) attracted ₹11,983 crore in net inflows in May, the highest among debt fund categories, according to data from the Association of Mutual Funds in India (Amfi). These funds invest in corporate bonds rated AAA and AA+, and hence carry low credit risk. 'The surge in investor interest in CBFs, leading to high inflows in May, is probably driven by relatively attractive yields compared to government securities, making high-rated bonds appealing. Ample system liquidity from the Reserve Bank of India (RBI) operations has also encouraged investment,' says Devang Shah, head – fixed income, Axis Mutual Fund. READ MORE 7:07 AM Stock Market LIVE Updates: Trump to decide on US action in Israel-Iran conflict within two weeks Stock Market LIVE Updates: President Donald Trump will decide within the next two weeks whether to strike Iran, the White House said Thursday, saying Trump still sees a 'substantial' chance that negotiations can achieve US and Israeli demands on Iran's nuclear programme. Trump's announcement, relayed by press secretary Karoline Leavitt, puts an extended timeline on the president's warnings to Iran to immediately shut down its enrichment operations and any other potential for producing nuclear weapons. 'Based on the fact that there's a substantial chance of negotiations that may or may not take place with Iran in the near future. I will make my decision whether or not to go within the next two weeks,' Leavitt quoted Trump as saying. READ MORE 7:07 AM Stock Market LIVE Updates: Kremlin warns US against Iran strike, cautions of major escalation Stock Market LIVE Updates: Washington would be making a serious mistake by launching an attack on Iran, Kremlin spokesperson Dmitry Peskov said, warning that direct US involvement in the ongoing Israel-Iran conflict would further destabilise the region, as reported by RT. Tensions have escalated since last week after Israel launched a large-scale bombing campaign against Iran, alleging that Tehran was on the verge of producing a nuclear bomb. Iran denied the allegations and responded with multiple drone and missile strikes. The exchange of hostilities between the two nations has continued, stoking fears of a wider regional war. Commenting on the possible US strike, Peskov said, "Moscow believes it is a wrong move. This is a step that is bound to lead to further escalation, a major escalation, and would only complicate the situation in the region," RT reported. 7:06 AM Stock Market LIVE Updates: RBI relief for project finance, only 1% provision in construction phase Stock Market LIVE Updates: In a huge relief to lenders, including commercial banks, the Reserve Bank of India (RBI) has mandated general provision of only 1 per cent of funded outstanding during the construction phase for all projects except for commercial real estate (CRE), as compared to 5 per cent proposed in the draft norms released in May last year. The final norms on project finance, released on Thursday, would come into effect from October 1, 2025, the RBI said. For CRE, the general provision requirement would be 1.25 per cent in construction phase while it would be 1 per cent for CRE-Residential Housing (RH). 7:01 AM Stock Market LIVE Updates: F&O: Here's a 'Bear Spread' for Nifty MidCap as it drops below 5, 20-DEMA Stock Market LIVE Updates: BEAR SPREAD Strategy on MIDCAP NIFTY Buy MIDCAP NIFTY (June 26 expiry) 12,700 PUT at ₹143 & simultaneously sell 12,600 PUT at ₹100 Lot Size:120 Cost of the strategy: ₹43 (₹ 5,160 per strategy) Maximum profit: ₹6,840 if the MIDCAP NIFTY closes at or below 12,600 on June 26 expiry Breakeven Point: ₹12,657 More Details Here 7:00 AM Stock Market LIVE Updates: China expectedly keeps key lending rates steady after May cut Stock Market LIVE Updates: China expectedly kept its benchmark lending rates unchanged Friday, following the sweeping monetary easing measures rolled out last month to boost growth. The People's Bank of China held the 1-year loan prime rate at 3 per cent and 5-year LPR at 3.5 per cent, according to a statement Friday, in line with Reuters poll estimates. Last month, Chinese authorities cut the lending rates for the first time since October by 10 basis points (bps), in their bid to cushion the impact from trade tensions with Washington.
Yahoo
02-05-2025
- Business
- Yahoo
India's Top Bond Fund Says Rally Is Peaking Despite Dovish Mood
(Bloomberg) -- For one of India's top-performing fund managers with a sense of history, the rally in the nation's sovereign bond market is in its final stretches. NJ Transit Urges Commuters to Work Remotely If Union Strikes NYC Lost $9 Billion of Income to Miami, Palm Beach in Five Years New York City Transit System Chips Away at Subway Fare Evasion NYC's Congestion Toll Raised $159 Million in the First Quarter NYC's MTA to Cut Costs Instead of Borrowing More to Fund Upgrades A monetary easing cycle typically leads to a 100-125 basis point drop in yields, according to Devang Shah, who oversees 1.2 trillion rupees ($14.1 billion) as head of fixed income at Axis Asset Management Co. With the 10-year yield down more than 80 basis points over the past year, further declines may be limited, he said. The outlook is prompting Shah to consider gradually reducing duration in some funds, moving toward shorter-term notes and buying more corporate bonds. This stance puts him at odds with most traders and strategists, who remain bullish on Indian government debt, expecting continued rate cuts and ample liquidity. 'The next play will be in short bonds due to huge surplus liquidity,' he said, adding that he plans to cut Axis Dynamic Bond Fund's maturity from eight years to three-to-five years as the rate cycle nears its end. The Reserve Bank of India's aggressive cash injections and rate cuts recently pushed the 10-year yield to a three-year low, helping Shah's government bond fund beat 94% of its peers over the past 12 months with a 12.8% return. The fund ranks among the top five performers in the past three years, according to the Association of Mutual Funds in India's website. The Axis Dynamic Bond Fund, another product he manages, has handed investors a 11% return in the past year, data compiled by Bloomberg show. Shah says the rally is losing steam and is preparing for a shift in market dynamics that many are yet to price in. Nomura Holdings Inc. expects the 10-year yield to drop to 5.75% by December, while QuantEco Research recently cut its forecast to 6% by March, from 6.2% earlier. Read: India Bond Rally to Spread on Deeper Easing, ICICI Prulife Says The benchmark yield ended at 6.36% on Wednesday. India's financial markets were closed Thursday for a public holiday. 'RBI is keeping liquidity too easy,' Shah said. The easy-money condition will 'lead to a chase for assets on the short term, resulting in a collapse of shorter-tenor spreads.' The money manager said he expects the RBI to cut the benchmark rate by another 50 basis points this financial year, and conduct three trillion rupees in bond purchases. The authority this week announced 1.25 trillion rupees in open-market purchases for May, extending its liquidity injection drive to support the economy amid global trade uncertainty. 'The minute there's a resolution on US tariffs, and if they are largely rolled back, the rally in India bond markets will likely be done,' Shah said. A trade agreement will clarify the impact on inflation and growth, giving traders cues on future rate cuts. Made-in-USA Wheelbarrows Promoted by Trump Are Now Made in China As More Women Lift Weights, Gyms Might Never Be the Same 100 Moments You Might Have Missed From Trump's First 100 Days Can the Labubu Doll Craze Survive Trump's Tariffs? Healthy Sodas Like Poppi, Olipop Are Drawing PepsiCo's and Coca-Cola's Attention ©2025 Bloomberg L.P. Sign in to access your portfolio
