MFS' exposure to banks hits 3-month low of 1.88 lakh crore in September Samsung plans to develop Ai-powered multi-device system

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NEW DELHI: Mutual funds' holding of banking stocks declined by over Rs 21,600 crore to Rs 1.88 lakh crore in September, driven by the correction in equity markets.

Overall deployment of equity funds in bank stocks stood at Rs 1,88,620 crore at the end of September as compared to Rs 2,10,251 crore in the preceding month, as per data available from the Securities and Exchange Board of India (Sebi).

This was the lowest level of deployment since June, when equity funds' exposure to bank stocks stood at Rs 1.87 lakh crore. In May, it was at Rs 1.89 lakh crore. In percentage terms, exposure to banking stocks was at 19.78 per cent of equity AUM last month as against 20.21 per cent in August.

"The fall in mutual fund (MF) exposure to banks is more driven by market correction than by any significant reduction by mutual funds. In fact MFS have more or less maintained their exposure in banks compared with six months ago (19.78 per cent in April) adding select banks," said Viday Bala, head of mutual fund research at Fundsindia.com.

"The reduced exposure is more driven by lower market value of their holdings due to the current market correction," she added. The BSE bankex index slumped by 12 per cent during the period under review. TORONTO: With Artificial Intelligence (AI) pushing the frontiers of communication technology, Samsung Electronics is planning to develop a multi-device platform — a variety of Ai-enabled devices that communicate seamlessly with each other — to make experiences more personal and relevant.

The South Korean tech giant presented its future vision for AI while announcing this week a new AI centre in Montreal, Canada.

"By leveraging the power of AI in Samsung's products and services, we must focus on creating new values, never seen nor experienced before," said Seunghwan Cho, Executive Vice President of Samsung Research.

By providing multiple touchpoints where a user can interact with AI, Samsung said its multi-modal interaction platform (voice, vision, screen, touch) will make experiences more relevant and personal in the future.

The newly opened AI centre in Montreal is Samsung's seventh AI research facility to open this year making it the fourth in North America alone.