Weekly News

1. Weekly
News
06th Feb 2023
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2. Snapshot
Weekly Market Update
Budget Highlights 2023
SEBI proposes Direct
plans in AIF
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SEBI Registered Investment Adviser (INA200006628)
Chronology of Adani
Saga
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NFOs Launched This
Week
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5
Profit-booking trims MFs’
equity exposure

3. Weekly Market News
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SEBI Registered Investment Adviser (INA200006628)
Index % Change
(Last week)
% Change
(yearly)
Nifty 50 0.39% 1.15%
Nifty Midcap 150 1.31% 0.98%
Nifty Small Cap 250 2.00% -7.87%
Nifty IT 0.95% -13.4%
Nifty Bank 2.51% 6.73%
Nasdaq 100 4.28% -13.5%
S&P 500 2.15% -7.75%
Dow Jones 0.05% -3.32%
Nifty Pharma -1.97% -9.14%

4. Budget Highlights 2023
 No tax on income up to Rs 7.5 lakh a year in the proposed
concessional tax regime (with inclusion of standard deduction
of Rs.50,000)
 Govt proposes to reduce highest surcharge rate from 37% to 25%
in new tax regime
 Capital expenditure increased by 33% to Rs. 10 lac crores to
enhance growth potential and job creation, crowd-in private
investments, and provide a cushion against global headwinds
 Defense budget increased to Rs 5.94 lakh crore from last
year's Rs 5.25 lakh crore
 KYC process to be eased with the use of Digilocker coupled
with 5G service, Aadhar (for individuals) & PAN (for non-
individuals) as common identifier for all digital systems
 The unlimited exemption of LTCG (Long-term Capital Gains) on
house properties under section 54 and section 54F of Income
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SEBI Registered Investment Adviser (INA200006628)

5. SEBI proposes measures to make AIF more investor friendly
 In a recent consultation paper, SEBI has proposed that AIFs be
mandated to offer the option of direct plans – with no
distribution or placement fees – to investors.
 The securities market regulator has also proposed the
introduction of a trail model for the distribution commission
in AIFs.
 The introduction of direct plans is to prevent AIF investors
from being charged twice.
 SEBI has proposed that investors in Category III AIFs be
charged fees on a trail basis.
 Those in Category I AIFs and Category II AIFs may also be
charged on a trail basis, but a certain higher amount of
placement/ distribution fee (one-third of the present value of
the total distribution fee) may be paid upfront in the first
year.
© RightFocus Investments Pvt. Ltd.
SEBI Registered Investment Adviser (INA200006628)

6. Chronology of Adani Saga
© RightFocus Investments Pvt. Ltd.
SEBI Registered Investment Adviser (INA200006628)
• 7 listed Adani Group firms have an 85% downside due to extremely high valuations, alleged Hindenburg report
Jan 25th
• Adani Group CFO Jugeshinder Singh said that the FPO will go ahead for the stated duration, in the given price band
Jan 28th
• Adani group issued a 413-page rebuttal to allegations made by Hindenburg, adding that it was a move to misguide
Jan 29th
• The FPO closed and was completely subscribed with help from QIBs
Jan 31st
• Credit Suisse's private bank halted margin loans on Adani Bonds
Feb 1st
• The market regulator SEBI launched a probe into the $86 billion wipeout of Adani Group stocks
Feb 2nd
• Gautam Adani, Chairman & Founder of Adani group, reiterated that the Adani Enterprises FPO was being withdrawn
Feb 2nd
• It was revealed that SBI & LIC has a total exposure of Rs. 27,000 crores and Rs. 56,142 crore in Adani conglomerate
Feb 3rd
• S&P Global Ratings changed the outlook for Adani Ports and Adani Electricity from stable to negative
Feb 3rd
• The company’s stock hit its lowest circuit of 35 per cent loss but recovered slightly to close at Rs 1,586.80 apiece
Feb 3rd
• Over $110 billion was wiped out from 10 companies, including the flagship Adani Enterprises, related to Adani Group
Feb 3rd
• Quant Mutual Fund House made a complete exit from Adani Group stocks
Feb 4th

7. Profit-booking trims MFs’ equity exposure across sectors in
Dec
 Mutual funds have reduced
their equity holding
across sectors in December
with steady profit-booking
by investors.
 Fund houses hikes
investment in auto
ancillary to ₹40,935 crore
from ₹30,131 crore, fund
houses have cut their
investments across
refineries, chemicals,
FMCG and cement as the
high valuation of markets
remained a concern amid
recessionary trend in
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SEBI Registered Investment Adviser (INA200006628)

8. © RightFocus Investments Pvt. Ltd.
SEBI Registered Investment Adviser (INA200006628)
NFOs Launched This Week
 Mirae Asset Mutual Fund has launched, Mirae Asset Flexi
Cap Fund:
 The investment objective of the scheme is to provide long-term
capital appreciation from a portfolio investing predominantly
in Indian equity and equity related instruments across market
capitalization.
 The NFO subscription was launched on 03rd Feb 2023 and will
close on 17th Feb 2023.
 Fund Manager: Mr. Vrijesh Kasera
 Axis Mutual Fund has launched the Axis Business Cycles
Fund:
 The focus of the fund is to provide long term capital
appreciation by investing predominantly in equity and equity
related securities with a focus on riding business cycles
through dynamic allocation between various sectors and stocks
at different stages of business cycles in the economy.

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