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Biz EOD: Equity MF outflows at record high; PV segment grows 4.17%; Ambani backs $5 trillion economy dream

BusinessToday.In     December 8, 2020

The outflows from equity mutual funds continued for the fifth month in a row in November, rising a whopping 374 per cent from the previous month. November passenger vehicle sales figures have rung alarm bells among the dealer community in the country as stock levels for two-wheelers continue to be high at 45-50 days. RIL Chairman Mukesh Ambani said that the Indian economy will bounce back from the COVID-19 pandemic crisis and prove cynics, who doubt the country's growth story, wrong by becoming a $5 trillion economy. Read for more top stories from the world of business and economy:

1. Highest ever equity MF outflows in November, but overall AUM at record high

The equity mutual fund segment saw a net outflow of Rs 13,140 crore compared to Rs 2,725 crore in October. However, overall assets under management (AUM) of the mutual fund industry hit a record high of Rs 30 lakh crore.

2. Passenger vehicles see 4.17% growth in November; two-wheelers crash 21.4%

November sales figures have rung alarm bells among the dealer community in the country as stock levels for two-wheelers continue to be high at 45-50 days.

3. Successful bidder of Pawan Hans can't fire permanent employees for a year

The information memorandum says that in the event of employee reduction, the successful bidder should, for a period of one year must ensure that the company offer its employees voluntary retirement on terms no less favourable than what the Department of Public Enterprises offers.

4. Where is India's vision, plan for sustained agriculture growth and farmers' welfare?

India's national agriculture policy is 20 years old and its response to farm crisis continues to be ad hoc, primarily focused on letting private players provide infrastructure and better remuneration to farmers who have consistently failed to deliver.

5. India will prove cynics wrong, become $5 trillion economy: Mukesh Ambani

In his address at the India Mobile Congress (IMC) 2020, Reliance Industries Ltd (RIL) chairman Mukesh Ambani said that the Indian economy will not only rebound but will also grow with unprecedented acceleration.


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