NEW DELHI: Almost all portfolio management schemes (PMSes) delivered positive returns to their high networth investors in February, with many of them outperforming their respective benchmarks, as the domestic equity market continued to hit fresh record highs riding on superior earnings performance and supportive Budget announcements.
Midcap and smallcap-focused strategies were among the best performers, with eight out of the top 10 schemes on the performance chart coming from the two categories. Two multicap funds, one each from TCG Advisory and Hanut Alternate Investments, also figured on the leaderboard.
The best performer was Super Value strategy of Right Horizons, which primarily invests in midcaps. The strategy delivered nearly 22 per cent return for the month. In the last six months, it has gained 47 per cent.
Synopsis
On March 2, the Haryana govt approved a law reserving 75% of private sector jobs with monthly pay of up to Rs 50,000 for local residents, stating that the rule will be applicable for 10 years and will address rising unemployment in the state.
Queries sent to Amazon, Flipkart, Zomato, BigBasket, Myntra and other large firms seeking comment elicited no response.
Companies and staffing firms have sought clarity on the Haryana government’s reservation bill, on whether the 75% reservation for private sector jobs is applicable to existing jobs or new ones, how the law will be enforced for manpower on contract and for the work-from-home population which has seen steep acceleration after the Covid-induced lockdowns last year.
The domestic markets rebounded smartly on Monday, rising nearly 2%, after a massive crash last week. Going into trade today, the BSE barometer Sensex could make a dash to reclaim the 50,000 mark amid a firm set of global cues. At 7.25 am, Nifty futures on the Singapore Exchange traded 102 points higher, indicating a gap-up start for indices back home. Besides, strong macroeconomic data and weakness in crude oil prices could also support the upside. India s goods and services tax (GST) collection surpassed the Rs 1 trillion-mark for the fifth consecutive month, touching Rs 1.13 trillion in February, indicating signs of improvement in the economy.
Here are the top stocks that are likely to be in focus today:
BPCL, OIL, Engineers India: Bharat Petroleum Corporation Ltd (BPCL) said it will exit Numaligarh refinery in Assam by selling its entire stake to a consortium of Oil India Ltd and Engineers India Ltd for Rs 9,876 crore.
Quess Corp: The company announced the separation of roles of its Chairman and Managing Director. Suraj Moraje, currently Group CEO and Executive Director, will be elevated to Group CEO and Managing Director from April 1, while Ajit Isaac, currently Executive Chairman and MD, will continue in the role of Executive Chairman.
Hero MotoCorp: The two-wheeler maker, on Monday, reported a 1.45 per cent increase in total sales at 5,05,467 units in February. The company had sold 4,98,242 units in the same month of the previous year.
Business services and global staffing provider Quess Corp on Monday announced the separation of roles of its Chairman and Managing Director. Suraj Moraje, currently Group CEO and Executive Director, will be elevated to Group CEO and Managing Director from April 1, while Ajit Isaac, currently Executive Chairman and MD, will continue in the role of Executive Chairman, the company said in a statement. The company also appointed N Ravi Vishwanath as CFO of the company effective April 1. Vishwanath was previously CFO of Teamlease and Finance Director at Sun Microsystems. Subramanian Ramakrishnan, the current CFO, is stepping down from the post on March 31, to pursue an entrepreneurial venture, the company stated.