Union Bank Of India Mutual Fund – A member of the leadership team for over 17 years working at the intersection of investment analysis, personal finance and technology. Experienced in various functions such as index construction, index maintenance, asset allocation, portfolio construction, managing a team of digital relationship managers.
Bank of India Mutual Fund launched Bank of India Multicap Fund, a new equity fund that offers a diversified portfolio by investing across the market spectrum.
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The New Fund Offer (NFO) period for the Bank of India Multicap Fund is from 10 February 2023 to 24 February 2023. The scheme will reopen on 6 March 2023 for repurchases and continuous sales.
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Investment Objective: The investment objective of the scheme is to generate long-term capital appreciation by investing in equity and equity-related securities in various market capitalizations. However, there is no guarantee that the investment objectives of the scheme will be achieved.
Bank of India Multicap Fund is a diversified equity mutual fund and is best suited for investors looking to invest in the equity sector. The scheme dynamically spreads its assets, providing exposure to all market caps (large, mid and small) at all times. Therefore, investors who prefer a disciplined investment approach over market timing can consider investing in Bank of India Multicap Fund. These multi-cap funds are suitable for investors with an investment horizon of at least 5 years or more as they help build long-term wealth.
Mr. Nitin Gosar: Mr. Nitin Kosar joined BOI Investment Manager as a Fund Manager in September 2022. Prior to that, he served with Invesco Asset Management, IFCI Financial Services ltd (I-Fin), B&K Securities, Maximus Advisory, SKP Securities and NDA Securities. He holds Ms Finance from ICFAI and BMS from University of Mumbai.
For equity and equity related securities, minimum investment in equity and equity related instruments of large capitalized companies – 25% of total assets. Equity instruments of small-cap companies – 25% of total assets
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Offline: By completing the Bank of India NFO application and submitting it along with all the documents and checks at the nearest CAMS Investor Service Center or Bank of India Mutual Fund office.
Yes, it is a very high risk investment according to the risk meter. Bank of India Multicap Fund is a pure equity sector mutual fund that invests in companies across various market caps – large, mid and small cap companies.
Bank of India’s Multicap Fund Scheme will reopen on 6 March 2023 for continued subscription, conversion and redemption.
Sannihitha Ponaka is an MBA graduate from Symbiosis and has over 5 years of experience in finance. Following his dream in finance, he used writing to convey the importance of investing. Your guide to creating great, easy-to-understand investing content. Its strength lies in investment advice and strategy with expertise in fundamental analysis and research. Its CEO says that Bengaluru has become one of the key markets for larger engagement funds.
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Union Asset Management, a subsidiary of Union Bank and Dai-ichi Life Holdings, has opened its new office in Bangalore. The importance of the southern market, particularly Bengaluru, has increased significantly, making it one of the key markets for the fund, said G Pradeep Kumar, CEO, Union Asset Management.
Asset Management Fund was launched in 2011. Its business model has changed over the last two or three years. The CEO explained, “We started actively working with external distributors in 2018-19. Earlier, we only partnered with Union Bank for distribution. Over the last three years, we’ve grown into a fully-fledged regular AMC.”
At 1,500 square feet, the new office is double the size of the previous office. “Earlier, most of our business was in Union Bank, but today we have a high level of interaction with mutual fund distributors and we also work with banks,” says Pradeep Kumar. “The fund sees the need to have a bigger office as they continue to grow their team base, with a more dedicated base than ever before,” he added. The company has a total of 330 people in all its operations.
In FY2022, UAM’s assets under management stood at ₹9,111 crore. “By the end of this year, we expect our AUM to double to ₹16,000 crore.” The asset management company has 18 offices and a sales presence in over 125 locations across the country. Union Bank’s Q3 FY24 profit was Rs 3,590 crore. Gross non-performing assets (NPAs) stood at 4.83 percent in the quarter under review.
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Shares of Union Bank of India Ltd rose sharply in special trade on Saturday, hitting a one-year high after the lender reported a rise in third-quarter (3Q FY24) net profit. The stock rose 6.72 percent to touch a 52-week high of Rs 145.25.
Union Bank’s Q3 FY24 profit at Rs. 3,590 crore, which is 59.91 percent from Rs.2,245 crore in the previous year. Gross non-performing assets (NPAs) stood at 4.83 percent in the quarter under review.
Interest earned in the December 2023 quarter was Rs.25,363 crore. The bank’s provisions and contingencies stood at Rs 1,748 crore in the third quarter of FY24, compared to Rs 3,036 crore in the same period last year.
About 21.98 lakh shares were seen changing hands on BSE. This volume was higher than the two-week average volume of 17.47 lakh shares. The bank’s turnover is Rs. 30.99 crore, with a market capitalization (m-cap) of Rs. 1, 05, 405.01 crore.
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The stock is trading above the 5-day, 10-, 20-, 30-, 50-, 100-, 150-day and 200-day simple moving averages (SMA). The counter’s 14-day Relative Strength Index (RSI) reached 76.79. Levels below 30 are defined as oversold, while values above 70 are considered overbought.
The company’s stock has a price-to-equity (P/E) ratio of 8.57 and a price-to-book (P/B) ratio of 1.12. Union Bank has a one-year beta of 0.7, which indicates low volatility in the bank.
Meanwhile, India’s equity benchmark opened in a special but full trading session today. “Maharashtra government has declared January 22 as a public holiday for stock market due to Kumbabhishekam of Ram temple in Ayodhya and full trading session will be held on January 20,” NSE announced late on Friday.
(Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult a qualified financial advisor before making any investment decisions.)
Union Bank Of India Inks Agreement With Lic Mutual Fund
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Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions. Union Bank of India said it has performed well in third-party revenue and offers core products to its customers in collaboration with insurance and mutual fund partners.
Union Bank of India has signed an agreement with LIC Mutual Fund to distribute their mutual fund products through Union Bank branches. The bank said it performed well in third-party revenue and worked closely with insurance and mutual fund partners to deliver core products to customers.
Sanjay Narayan, GM, Union Bank of India said, “At Union Bank of India, it has always been our endeavor to provide the best products to our customers. We are pleased to announce our association with LIC Mutual Fund, which is good for our customers especially those in rural and semi-urban areas.
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DS Ramakrishnan, MD and CEO, LIC Mutual Fund said, “We are delighted to partner with Union Bank of India to offer our mutual fund product. Union Bank and LIC MF will enable us to reach out to various investors across the country, especially in rural and semi-urban areas.
Previous article TVS Credit posts net profit after tax of Rs 179.54 crore in Q1 FY23, with growth of 25% Union Bank of India Q3 Books: In previous business update in January 2024, PAT increased 60% to Rs. 3,589.91 crores. In the December quarter, trade increased by 10.67 percent to Rs 20.68 lakh crore
Union Bank of India reported 10.67 percent growth in business to Rs 20.68 lakh crore in the December quarter.
State-owned Union Bank of India reported a 60 percent jump in absolute net profit to Rs. 3,589.91 crores. Net profit was Rs 3,558.2 crore as per Motilal Oswal’s estimate.
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Sequentially, the lender’s net profit only increased by 2.24 percent. In the July-September quarter, Union Bank of India posted a net profit of Rs 3,511.42 crore.
The bank’s gross non-performing assets (NPAs) stood at 4.83 percent, down from 6.38 percent and 7.93 percent in the September quarter.
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