Mid & small-caps better than large-caps for wealth creation in FY24, says Shriram LIC CIO Ajit Banerjee

In an interview with Moneycontrol, Ajit Banerjee, Chief Investment Officer at Shriram Life Insurance Company, said that currently, all three medium-term drivers of the equity market—fundamentals, liquidity, and valuations—are justifiable. Therefore, he sees a strong possibility of a rally in the Indian equity market from a medium-term perspective unless there is any strong external event that may derail the momentum. Read here.

Take a look at these key events

Today
Data releases: India CPI May, India IIP May
World Day Against Child Labour
JEE Advanced 2023 Answer Key: Last day to raise ojections
Bizotic Commercial IPO launch
Urban Enviro Waste Management IPO launch
UBS likely to complete Credit Suisse takeover
Delhi Excise Case: YSR Congress MP's son to surrender in case
G-20 Working Group meet in Kochi
First Patna-Ranchi Vande Bharat trial run
Priyanka Gandhi to kickstart Congress' MP poll campaign
Tomorrow
Data releases: UK Unemployment Rate April, US CPI, Core CPI May, US Opec Monthly report, US Consumer Inflation Expectations, China Outstanding Loan Growth
UGC NET 2023 Phase 1 exams to begin
US National Security Advisor Jake Sullivan to arrive in Delhi
School recruitment scam: TMC's Abhishek Banerjee to appear before ED
SC to hear plea challenging anticipatory bail to Kadapa MP
Xiaomi Pad 6 to launch in India
Redmi Buds 4 Active launch
6th Youth Men's National Boxing Championship begins in Sikkim

RBI's DG Patra highlights potential of services sector to boost productivity

Emerging and developing economies need to leverage potential of the services sector to drive productivity growth, RBI Deputy Governor Michael Debabrata Patra said on June 11. The deputy governor further said given that multiple factors could be at work, a multi-pronged approach woven into a comprehensive policy intervention is needed to reignite and sustain productivity growth. Read more here.

Sequoia Capital to sell upto 10.18% stake in Go Fashion via block deal

Venture capital firm Sequoia Capital will sell up to 10.18 percent stake which it holds in Go Fashion, the parent entity of Indian clothing brand Go Colors, via a block deal, according to a report. The total size of the block deal will be Rs 624 crore, the report added. Read details here.

Equity MF inflows halve to Rs 3,240 crore in May, SIP book hits record high

Inflows into equity mutual funds slumped by 50 percent in May to Rs 3,240.30 crore as investors took some money off the table, data released by the Association of Mutual Funds in India (AMFI) showed. The May equity inflows have been the lowest since November 2022, when the number stood at around Rs 2,500 crore. Despite the fall, equity fund inflows have remained in the positive zone for 27 straight months now. Inflows via the systematic investment plan (SIP) route hit the fresh record high of Rs 14,748.68 crore in May. Details here.

RuPay looks to make a mark globally with forex cards

In his June 8, 2023, monetary policy meeting address, Reserve Bank of India (RBI) Governor Shaktikanta Das announced that the central bank is giving its go-ahead to banks for issuing RuPay forex cards. This, he said, will help expand the payment options for Indians travelling abroad. These forex cards will be the latest addition to the existing bouquet of RuPay debit cards, credit cards, and prepaid cards. Here’s an FAQ on what RuPay cards are, and the answers. Here's all that you need to know about the payment network.

Japan's ambassador shares video of wife gorging on spicy Indian food. PM Modi says, 'Keep it coming'

After eating golgappas with the Prime Minister of Japan Fumio Kishida earlier this year, Prime Minister Narendra Modi on Sunday commended the way Japanese ambassador Hiroshi Suzuki and his wife have been gorging on Indian food. Details here.