SEBI CHIEF: LACK OF COMPETITION IN MF SECTOR CAUSE OF WORRY

MUMBAI: Lack of competition among mutual funds (MF) and very high profits at some fund houses are worrisome for the industry, Securities and Exchange Board of India (Sebi) chairman Ajay Tyagi said. Despite tremendous growth in the MF industry, the market share remains concentrated among a few big players, Tyagi said at a summit organized by the Association of Mutual Funds in India (Amfi). India’s top four mutual funds account for almost 50% of the industry’s assets under management (AUM), while the top seven account for around 70% of the industry AUM. “Concentration of the industry in a few hands is not only evident in AUM, but also revenue and profit margins of mutual funds. Is this high concentration due to lack of competition? Are such disproportionately high profits due to high total expense ratio (TER) especially in equity funds? Some thinking is required to facilitate healthy competition in the industry, which we feel is lacking as of now.”

US, China resume trade talks as fresh tariffs kick in

WASHINGTON/BEIJING: The US and China imposed fresh tariffs on each other’s goods in the middle of trade talks aimed at averting the worsening conflict between the two economies. Both nations started levying the previously announced taxes on $16 billion of imports from the other country shortly after noon Beijing time. China also said it would lodge a complaint about the new American tariffs to the WTO, according to a Chinese ministry of commerce statement on its website. The US will collect an additional 25% in duties on Chinese imports ranging from motorcycles to steam turbines and railway cars, and the Chinese retaliation will see a similarly sized tax on items including coal, medical instruments, waste products, cars and buses.

L&T to buy back shares worth ₹9,000 crore

MUMBAI: Construction and engineering company Larsen and Toubro Ltd on Thursday approved a share buyback worth ₹9,000 crore at ₹1,500 apiece. The buyback price is at a 13.5% premium from Tuesday’s closing price of ₹1,322. The L&T board approved the buyback of up to 60 million shares, aggregating up to 4.29% of the company’s paid-up equity capital. Following the announcement, L&T shares ended 2.3% higher on BSE at the end of the day’s trade on Thursday.

Gillette net profit drops 8% to ₹34.62 crore in Aprjun

NEW DELHI: FMCG major Gillette India on Thursday posted 8.09% decline in its net profit at ₹34.62 crore for the fourth quarter ended on June 30, 2018. The company, which follows July-june financial year, had posted a net profit at ₹37.67 crore during April-june period a year ago, Gillette India said in a regulatory filing.

TVS launches new 110cc motorcycle ‘Radeon’

CHENNAI: TVS Motor Company on Thursday launched a new 110cc motorbike, Radeon, with userfriendly features such as the “largest seat in the segment”, a car-like speedometer, synchronised braking and high ground clearance. “The firm is targeting discerning progressive customers with the Radeon, priced at ₹48,400/—(ex-showroom Delhi),” TVS CEO KN Radhakrishnan said.

COMPILED FROM MINT REPORTERS AND AGENCIES