Latest news with #SAMCO
Reuters
06-08-2025
- Business
- Reuters
India's FX reserves drop $9 billion to about $689 billion, reflecting tariff-driven rupee defence
MUMBAI, August 6 (Reuters) - India's foreign exchange reserves fell to $688.9 billion as of August 1, Reserve Bank of India Governor Sanjay Malhotra said on Wednesday. The forex reserves fell $9.3 billion compared to the previous week, which economists said reflects the central bank's defence of the rupee amid tariff-related uncertainties. Detailed data on forex reserves will be released later this week. The rupee slid 1.18% against the dollar in the week through August 1, marking its sharpest weekly decline in nearly three years. It has lost another 0.2% so far this week and would likely have breached its record low if not for the Reserve Bank of India's intervention to support the currency, according to traders. India faces the imposition of a 25% tariff on its shipments to the U.S. from Friday, and President Donald Trump has warned of "very substantial" additional levies because of New Delhi's oil imports from Russia. The RBI kept its growth forecasts unchanged at its policy review on Wednesday and left rates unchanged. "Given that the Indian rupee is weakening and narrowing of the global interest rate differentials, the scope for rate reduction was slim," said Umesh Kumar Mehta, chief investment officer at SAMCO Mutual Fund.
Reuters
06-08-2025
- Business
- Reuters
Rate-sensitives weigh on Indian shares after RBI holds rates, stays 'neutral'
Aug 6 (Reuters) - Indian shares fell on Wednesday, led by rate-sensitive stocks, after the central bank held its key rates and maintained a 'neutral' policy stance, disappointing some investors who were expecting a dovish tilt amid rising global trade uncertainty. The Nifty 50 (.NSEI), opens new tab was down 0.4% at 24,551.1 points and the BSE Sensex (.BSESN), opens new tab lost 0.3% to 80,466.22, as of 11:10 a.m. IST. Both benchmarks traded flat ahead of the Reserve Bank of India's policy decision, but fell about 0.3% each soon after the rate pause. While maintaining that the domestic economic outlook remained "bright" despite global trade headwinds, the RBI held rates steady, as expected, and kept its policy stance at "neutral", following a surprise 50-basis point cut in June. "Given that the Indian rupee is weakening and global interest rate differentials are narrowing, the scope for a rate reduction was slim," said Umesh Kumar Mehta, chief investment officer at SAMCO Mutual Fund. Despite rising expectations of a softer stance, the RBI played it safe and that was likely its best option, three analysts said. All 16 major sectors logged losses. The broader small-caps (.NIFSMCP100), opens new tab and mid-caps (.NIFMDCP100), opens new tab fell around 1.4% and 1.2%, respectively, with analysts attributing their underperformance to greater exposure to the domestic economy and higher sensitivity to borrowing costs. Rate-sensitive sectors such as realty (.NIFTYREAL), opens new tab lost 2.4%, while consumer (.NIFTYFMCG), opens new tab and auto (.NIFTYAUTO), opens new tab indexes fell 0.9% each. Financials (.NIFTYFIN), opens new tab reversed early gains to trade 0.3% lower. Among individual stocks, biscuit maker Britannia ( opens new tab lost 2% after missing profit estimates in the June quarter. Telecom services provider Bharti Airtel ( opens new tab gained 1% after posting a jump in first-quarter profit, aided by new user additions and the lingering benefits of last year's price hikes. Bharti Airtel's unit Bharti Hexacom ( opens new tab lost 2.5% after logging a lower June-quarter profit.
CairoScene
12-06-2025
- Business
- CairoScene
Industrial Hub for Bridge Parts to Be Established in Egypt
SAMCO teams up with Germany's Maurer to localise production, boost export capacity, and train Egyptian engineers. Jun 12, 2025 A strategic partnership between Egypt's SAMCO and Germany's Maurer is set to establish an integrated industrial complex in Egypt dedicated to manufacturing bridge and tunnel components. The agreement builds on their existing collaboration producing internationally compliant bridge bearings and marks a major step toward reshoring critical infrastructure production. The planned facility will expand current operations to produce bearings, expansion joints, and other necessary parts for infrastructure mega-projects—such as high-speed rail lines, bridges, and tunnels—serving both domestic needs and regional exports to Africa and the Middle East. As part of the agreement, Egyptian engineers and technicians will receive on-the-job training from Maurer experts, accelerating the transfer of modern manufacturing know-how. Already, 75% of the bearing components are locally sourced, and the plan aims for full domestic production in the near future. A technical committee—comprising representatives from SAMCO, the General Authority for Industrial Development, and the Roads and Bridges Authority—will oversee the hub's planning and execution. The committee will set milestones, staffing requirements, and a timeline to ensure the project aligns with national goals to enhance industrial self-sufficiency and private-sector strength in the transport sector .
Time of India
04-06-2025
- Business
- Time of India
NFO Alert: Samco Mutual Fund launches large & mid cap fund
Synopsis Samco Mutual Fund introduces SAMCO Large & Mid Cap Fund. The new fund offer begins on June 5 and closes on June 19. This fund combines large-cap stability with mid-cap growth. It uses the C.A.R.E. Momentum Strategy. The fund invests in the top 250 companies. Minimum investment is Rs 5,000 or Rs 500 via SIP.
