Nervous Indian firms buy the shortest-term debt they can
6 years, 1 month ago

Nervous Indian firms buy the shortest-term debt they can

Live Mint  

Mumbai: Corporate treasury departments in India have become so concerned about credit risk they’re increasingly parking their cash in securities maturing overnight. Overnight funds could gain more heft if the regulator tightens rules for money-market funds, which in September suffered the worst outflows since at least April 2007 amid defaults at the IL&FS Group. Several fund houses marked down their holdings of debt issued by IL&FS, with some liquid funds losing as much as 5 percent — or half a year’s worth of gains — in a single day. Overnight funds currently offer 125 basis points lower yield than their liquid counterparts that hold treasury bills, commercial paper and certificates of deposit, according to Essel Funds Management. Still, the stress suffered by commercial paper amid the IL&FS crisis means investors are discriminating on credit quality, said Karthik Srinivasan, senior vice-president at ICRA Ltd. That said, the future of overnight funds depends on how the regulatory framework for liquid funds evolves, debt managers say.

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History of this topic

India bond yields flat in thin activity before year-end
2 weeks, 2 days ago

India bond yields flat in thin activity before year-end

Live Mint  

By Dharamraj Dhutia MUMBAI, Dec 30 - Indian government bond yields were little changed on Monday, even as U.S. Treasury yields remained elevated, with market participants seeking a firm direction towards the end of the year. The daily average trading volume has dropped to around 381 billion rupees over the last two weeks from 719 billion rupees in the prior …

Where should investors park their debt funds after RBI's policy move
1 month ago

Where should investors park their debt funds after RBI's policy move

Live Mint  

The Reserve Bank of India’s decision to reduce the cash reserve ratio in its bi-monthly monetary policy marks an important first step in its policy easing cycle. Unlike open market operations or forex intervention-led liquidity infusions, a CRR cut directly reduces the cost of funding for the banking system and facilitates better transmission of the anticipated rate-cut cycle. Read this …

Debt Mutual Funds See Investment Worth Rs 1.57 Lakh Crore In Oct, See What Happened
1 month, 4 weeks ago

Debt Mutual Funds See Investment Worth Rs 1.57 Lakh Crore In Oct, See What Happened

ABP News  

Debt-oriented mutual funds saw a robust recovery in October as inflows touched Rs 1.57 lakh crore. The positive inflow enhanced the asset base of debt mutual funds by 11 per cent to touch Rs 16.64 lakh crore in October end, in comparison to Rs 14.97 lakh crore clocked during the same period a year earlier. The data from the Association …

FPIs inject ₹27,856 crore in equities in September so far on U.S. rate cut expectations
4 months ago

FPIs inject ₹27,856 crore in equities in September so far on U.S. rate cut expectations

The Hindu  

Foreign Portfolio Investors have infused ₹27,856 crore in domestic equities in the first fortnight this month, owing to the resilience of the Indian market and growing optimism around the potential interest rate cut in the U.S. FPIs have been consistently buying equities since June. “With the focus shifting to the U.S. Federal Reserve’s decision on interest rates in its upcoming …

Indian Debt Market Remains A Favourite For FPIs As Inflow Crosses Rs 1 Lakh Crore In 2024
4 months, 3 weeks ago

Indian Debt Market Remains A Favourite For FPIs As Inflow Crosses Rs 1 Lakh Crore In 2024

ABP News  

Foreign portfolio investors continued to withdraw from Indian equities, however, their infusion in the Indian debt market in 2024 so far crossed the Rs 1 lakh crore mark. This infusion in the debt market was credited to the inclusion of the Indian securities in JP Morgan’s Emerging Market government bond indices earlier this year in June, reported PTI. The analysts …

Bank lending to NBFCs jump 26% to Rs 15.6 trillion
6 months ago

Bank lending to NBFCs jump 26% to Rs 15.6 trillion

New Indian Express  

MUMBAI: Despite the Reserve Bank of India massively hiking the risk capital weighting on banks’ exposure to non-banks last November, the same has been rising unabated clipping at 26 per cent in May 2024, to go past Rs 15.6 trillion. In May 2024, mutual funds debt exposure to NBFCs rose to 13.3 per cent of banks advances to NBFCs, which …

Finance Minister launches CDMDF to bail out corporate debt funds from market-induced stress. Details here
1 year, 5 months ago

Finance Minister launches CDMDF to bail out corporate debt funds from market-induced stress. Details here

Live Mint  

The country’s Finance Minister Nirmala Sitharaman launched the Corporate Debt Market Development Fund in Mumbai on July 28, 2023, with the intent to advance the corporate bond market. The CDMDF serves as a safeguard mechanism aimed at acquiring investment-grade corporate debt securities from mutual funds during periods of market turbulence. Amid market disruptions, specified mutual fund schemes have the option …

Debt mutual funds without indexation are still a great investment bet for medium to long duration
1 year, 9 months ago

Debt mutual funds without indexation are still a great investment bet for medium to long duration

Live Mint  

The debt mutual funds have been gaining scale in India driven by the massive increase in the volume of debt securities. Although there has been a structural alteration in investment themes, the debt MFs primarily have been investing in central government securities, corporate bonds, commercial papers, certificates of deposit, T-bills and state development loans. Having said that, the debt mutual …

Why AMC stocks are at a low ebb
1 year, 9 months ago

Why AMC stocks are at a low ebb

Live Mint  

Shares of asset management companies slumped in Friday's trade as the Finance Ministry is likely to do away with the long-term capital gain tax benefit that debt mutual fund investors currently enjoy. The Finance Ministry is likely to bring in amendments to the Finance Bill, 2023 removing the long term capital gains tax benefits available to such specified MFs. Financialization …

India setting up $4-billion fund to backstop corporate debt market
1 year, 10 months ago

India setting up $4-billion fund to backstop corporate debt market

The Hindu  

India is setting up a fund worth ₹330 billion to provide liquidity to its corporate debt market during bouts of stress, to help stem panic selling and ease redemption pressures, an SBI Mutual Fund executive told Reuters. SBI Mutual Fund, a unit of India’s largest state-owned lender, State Bank of India, has been tasked with administrating the backstop fund, which …

Debt MFs log ₹65,372-crore outflow in September on increasing rate cycle, advance tax payment needs
2 years, 2 months ago

Debt MFs log ₹65,372-crore outflow in September on increasing rate cycle, advance tax payment needs

The Hindu  

Debt funds focused on investing in fixed-income securities witnessed an outflow of ₹65,372 crore in September amid increasing interest rate cycle and redemptions by corporates to pay advance tax. Prior to that, investors pulled out over ₹70,000 crore from debt mutual funds in April-June due to high inflation and increasing rate cycle. Overnight funds category witnessed inflows to the tune …

Debt funds roiled, but fund houses are okay
2 years, 4 months ago

Debt funds roiled, but fund houses are okay

Live Mint  

Interest rate hikes by the Reserve Bank of India are roiling debt funds. Thus, when interest rates in the economy rise, prices of existing debt paper fall and, by extension, the net asset values of debt funds invested in them also fall. In the previous three periods, assets managed by debt funds rose, along with an increase in overall mutual …

Debt Funds Saw Big Inflows in August, But Should You Invest in Them Heavily?
2 years, 4 months ago

Debt Funds Saw Big Inflows in August, But Should You Invest in Them Heavily?

News 18  

Debt mutual funds in India saw healthy fund inflows last month, according to the data released by the Association of Mutual Funds of India. This also marks a serious turnaround from the Rs 70,213 crore worth of outflows that debt mutual funds witnessed in the second quarter of 2022. “In fact, we have ‘Moderate return expectations in debt funds’ Viral …

India Inc is losing appetite for offshore debt
2 years, 6 months ago

India Inc is losing appetite for offshore debt

Live Mint  

The pandemic-era overseas borrowing boom by Indian companies has started to slow as interest rates rise, the currency weakens, and the appetite for emerging market bonds diminishes. Measures announced by the Reserve Bank of India easing overseas borrowings by companies, including doubling the annual limit under the automatic route to $1.5 billion and raising the all-in cost cap for foreign …

How regulations have failed our fixed-income securities market
3 years, 3 months ago

How regulations have failed our fixed-income securities market

Live Mint  

The March 2020 redemption debacle will always be remembered as a moment of reckoning for India’s fixed- income mutual fund industry. Amid the denigration inflicted upon the industry, perhaps the greatest error of judgement pertained to the convenient omission of the fact that India lacks a credible secondary market for corporate debt securities. This means that the risk of holding …

FPIs invest ₹8,000 cr in Indian markets in just four trading sessions
3 years, 7 months ago

FPIs invest ₹8,000 cr in Indian markets in just four trading sessions

The Hindu  

Foreign investors have infused close to ₹8,000 crore into Indian equities in the first four trading sessions of June as risk-on sentiment improved amid rapidly falling new COVID-19 cases and robust corporate earnings. Going ahead, improvement in the scenario on the coronavirus front in the country and pick-up in the vaccination drive may attract higher FPIs investments, Himanshu Srivastava, Associate …

A top mutual fund manager is turning bullish on riskier Indian debt
3 years, 11 months ago

A top mutual fund manager is turning bullish on riskier Indian debt

Live Mint  

One of India’s top fund managers is turning bullish on higher-yielding rupee corporate bonds based on the view that the nation’s recovery will outpace the consensus estimate of economists. Maneesh Dangi, who oversees $25 billion of debt assets at Aditya Birla Sun Life AMC Ltd., expects India’s economy to expand by 13% in the fiscal year starting April, compared with …

Raging retail inflation puts savings plans in disarray
4 years, 2 months ago

Raging retail inflation puts savings plans in disarray

Live Mint  

The unprecedented nature of the covid-19 crisis and economic uncertainty have prompted Indian households to save more during the pandemic, but the raging retail inflationary trends could derail their long-term financial plans. Household financial savings rose from 7.9% of the gross domestic product in Q1FY20 to 21.4% in the three months ended June, while deposits with banks picked up 11% …

Debt MFs see ₹1.1 trillion inflow in Oct on robust investment in liquid schemes
4 years, 2 months ago

Debt MFs see ₹1.1 trillion inflow in Oct on robust investment in liquid schemes

Live Mint  

After recording outflow for two consecutive months, debt-oriented mutual fund schemes witnessed a staggering inflow of ₹1.1 lakh crore in October, mainly due to investment in liquid funds, money market and short duration categories. Debt mutual fund schemes had seen net outflow of ₹51,962 crore in September and ₹3,907 crore in August, according to the Association of Mutual Funds in …

Mutual fund redemption pressure continued in August
4 years, 4 months ago

Mutual fund redemption pressure continued in August

Deccan Chronicle  

Mumbai: Retail investors in mutual funds continued to book profits in equity-linked funds in August just as they did in July. Equity mutual funds saw almost daily redemptions in August barring a few days of net buying as per monthly data now available with the Securities and Exchange Board of India. As per data released by custodians to Sebi, August …

Gilt, dynamic bond debt mutual funds NAVs rise up to 2% in a day
4 years, 4 months ago

Gilt, dynamic bond debt mutual funds NAVs rise up to 2% in a day

Live Mint  

Debt mutual fund investors cheer as their schemes' NAVs rose by upto 2% in a single day on September 1. Debt mutual funds saw a spike in their one day NAV as the yield on the government 10-year bonds fell over 17 basis points on Tuesday. Dynamic bond funds, gilt funds and long term bond funds benefited the most due …

Equity MFs see first outflows since 2016
4 years, 5 months ago

Equity MFs see first outflows since 2016

Live Mint  

Equity mutual funds saw a net monthly outflow for the first time in more than four years as investors booked profits after a sharp rally, with some of them ploughing the money back into safer assets such as gold and debt funds, worried about the recent exuberance in stock prices. July saw a net outflow of ₹2,480.35 crore from equity …

In risky bets, retail investors in India pile into most leveraged stocks
4 years, 5 months ago

In risky bets, retail investors in India pile into most leveraged stocks

Live Mint  

Companies with high levels of debt are the latest beneficiaries of a retail investor-fueled rally in Indian stocks that’s defying the worst economic outlook in four decades. A custom Bloomberg index of the 30 most leveraged stocks out of India’s top 200 companies has gained 32% since the end of March, compared with a 28% advance in the benchmark S&P …

MFs log ₹1.24 trillion inflows in June quarter on strong interest in liquid, arbitrage funds
4 years, 5 months ago

MFs log ₹1.24 trillion inflows in June quarter on strong interest in liquid, arbitrage funds

Live Mint  

Investors pumped in ₹1.24 lakh crore into various mutual fund schemes in three months ended June 2020, with liquid and arbitrage segments contributing the most to the inflow. During the quarter under review, ₹1.1 trillion came from debt funds, ₹20,930 crore from arbitrage funds and ₹11,730 crore from equity-oriented schemes. Within the fixed income securities or debt funds, liquid schemes, …

Debt Mutual Funds See Rs 1.1 Lakh Crore Inflow in June Quarter on Investment in Liquid Schemes
4 years, 5 months ago

Debt Mutual Funds See Rs 1.1 Lakh Crore Inflow in June Quarter on Investment in Liquid Schemes

News 18  

Driven by investments in liquid schemes as also banking and PSU funds, debt mutual funds saw an inflow of Rs 1.1 lakh crore in three months ended June 2020 after witnessing massive redemptions in the preceding quarter. As per the data, inflows into debt mutual funds were at Rs 1.1 lakh crore in the three months ended June, compared to …

Sebi to alter norms for debt funds
4 years, 6 months ago

Sebi to alter norms for debt funds

Live Mint  

Mumbai: The markets regulator, Securities and Exchange Board of India has set up a working group to assess the liquidity risk management of debt funds. The working group is tasked to tweak the liquidity forms for debt funds, especially open ended, said two people with direct knowledge of the matter. This to ensure that liquidity and risk management norms are …

Fresh crisis looms for NBFCs after fund shuts
4 years, 8 months ago

Fresh crisis looms for NBFCs after fund shuts

Live Mint  

India’s shadow lenders are facing fresh turmoil after asset manager Franklin Templeton shut funds late last month, prompting other large investors to dump the financiers’ debt. Three other gauges of the sector’s health compiled by Bloomberg showed no improvement last month, with a measure of shares of 20 financial firms and other companies staying depressed. Government measures To help cash-starved …

Investors rush to exit risk funds
4 years, 8 months ago

Investors rush to exit risk funds

Live Mint  

Investors in credit risk funds ran for exits, redeeming units worth ₹19,238.98 crore in April, after six of Franklin Templeton India’s funds in the category collapsed. Graphic: Sarvesh Kumar Sharma/Mint Debt funds, which saw an outflow of ₹1.94 trillion in March, received overall inflows of ₹43,431.55 crore, primarily into liquid schemes, corporate bond funds, banking and PSU funds, overnight funds …

Mutual funds forced to sell less liquid corporate bonds at high spreads
4 years, 8 months ago

Mutual funds forced to sell less liquid corporate bonds at high spreads

Live Mint  

Indian money managers are dumping corporate bonds as they struggle to meet redemptions after the biggest-ever forced closure of funds in the country last month. The Reserve Bank of India took steps to inject more liquidity into the fund industry through bank loans after Franklin Templeton shocked markets by shutting six debt funds last month. “It is better to cut …

Why has the Reserve Bank of India opened a liquidity window for mutual funds?
4 years, 8 months ago

Why has the Reserve Bank of India opened a liquidity window for mutual funds?

The Hindu  

The story so far: In view of the possible redemption pressure that the mutual fund industry may face after the abrupt winding up of six debt schemes of Franklin Templeton Mutual Fund, the Reserve Bank of India on Monday announced a special liquidity window of ₹50,000 crore for mutual funds. The trigger for the liquidity window was Franklin Templeton Mutual …

RBI's liquidity support for MFs may struggle to be effective; Fitch says success will depend on banks' appetite to take up risks
4 years, 8 months ago

RBI's liquidity support for MFs may struggle to be effective; Fitch says success will depend on banks' appetite to take up risks

Firstpost  

The Reserve Bank of India’s liquidity support for mutual funds may struggle to be effective, as its success will hang on banks’ appetite to take up the risks involved, amid low capital headroom and a likely increase in fresh non-performing loans, according to Fitch New Delhi: The Reserve Bank of India’s liquidity support measures for mutual funds may struggle to …

Debt funds less exposed to risky issuers after IL&FS fiasco: Morgan Stanley
4 years, 8 months ago

Debt funds less exposed to risky issuers after IL&FS fiasco: Morgan Stanley

The Hindu  

The recent events at Franklin Templeton Mutual Fund may have increased the risk of redemptions in debt funds, but a gradual reduction in exposure towards riskier issuers in the last year and a half could limit any further downside risks. According to Morgan Stanley, mutual funds have gradually moved towards better assets after the IL&FS crisis came to the fore …

Coronavirus: Equity mutual funds give 25 pc negative returns to investors
4 years, 9 months ago

Coronavirus: Equity mutual funds give 25 pc negative returns to investors

Deccan Chronicle  

New Delhi: Equity-oriented mutual fund schemes delivered a negative return of about 25 per cent to investors over the last one month as the broader market witnessed significant downtrend amid coronavirus-triggered recession fears. The 44-player mutual fund industry is not immune to the economic blowback of covid-19, and going ahead, small and mid-cap equity schemes will continue to remain under …

Yes Bank debt writedown to hit sector capital-raising; some investors plan to challenge central bank’s move: Analysts
4 years, 10 months ago

Yes Bank debt writedown to hit sector capital-raising; some investors plan to challenge central bank’s move: Analysts

Firstpost  

Yes Bank had about Rs 8,800 crore in AT1 capital as of March 2019, its annual report showed, under the Basel III framework. Mumbai/Hong Kong: The unexpected writedown of some bonds issued by crisis-hit Indian lender Yes Bank as part of a state-led rescue is set to raise borrowing costs and make capital-raising tougher for other banks, investors and analysts …

Mutual funds’ exposure to Yes Bank paper at ₹2,783 crore
4 years, 10 months ago

Mutual funds’ exposure to Yes Bank paper at ₹2,783 crore

The Hindu  

The sudden moratorium on Yes Bank has put in peril many fund houses that have exposure towards the troubled lender by way of debt instruments like bonds or non convertible debentures. According to Value Research, a mutual fund tracking entity, fund houses had a cumulative exposure of about ₹2,783 crore towards Yes Bank as on January 31. Fund houses such …

Debt funds see inflow of over Rs 94,000 cr in Dec qtr on fund infusion in liquid funds
4 years, 10 months ago

Debt funds see inflow of over Rs 94,000 cr in Dec qtr on fund infusion in liquid funds

India TV News  

Mutual funds focused on investing in fixed-income securities saw an inflow of over Rs 94,000 crore in three months ended December 2019, driven by infusion in liquid and overnight funds. In addition, overnight funds, which invest in securities with maturity of one day, received inflows of about Rs 17,529 crore, higher than Rs 3,913 crore in the three months ended …

Latest headache for Indian firms: Sluggish bond market
4 years, 11 months ago

Latest headache for Indian firms: Sluggish bond market

Live Mint  

India needs a bigger bond market now more than ever, to help get funds to cash-strapped companies cut off from their shadow lenders by a crisis in that sector. Rupee corporate bond issuance seen increasing little in 2020 A stalling in issuance also undercuts attempts by Finance Minister Nirmala Sitharaman and predecessors to expand India’s corporate bond market to better …

Mutual Funds’ asset base slips 2% in Dec.
5 years ago

Mutual Funds’ asset base slips 2% in Dec.

The Hindu  

The mutual fund industry saw its asset base slip by 2% to ₹26.54 lakh crore at December-end, primarily on account of outflow from debt-oriented schemes, including liquid funds. The 44-player industry logged an all-time high assets under management of ₹27.04 lakh crore at November-end, as compared to ₹26.54 lakh crore by the end of last month, representing a decline of …

Equity flows in MFs dip sharply, assets rise to a record in Nov.
5 years, 1 month ago

Equity flows in MFs dip sharply, assets rise to a record in Nov.

The Hindu  

The total assets under management of the mutual fund industry crossed a record ₹27 lakh crore in November even as flows dipped substantially compared with the previous month. According to the Association of Mutual Funds in India, the total AUM of the industry was pegged at ₹27.05 lakh crore in November, marginally higher than October’s AUM of ₹26.33 lakh crore. …

Opinion | The unintended consequences of Sebi rules on exit loads for liquid funds
5 years, 2 months ago

Opinion | The unintended consequences of Sebi rules on exit loads for liquid funds

Live Mint  

Over the years, capital markets regulator Securities and Exchange Board of India has done a remarkable job in introducing regulations which make mutual funds transparent and accessible and, more importantly, in shaping asset management companies’ behaviour towards working in the interest of investors. Given that liquid funds and/or debt funds are not FDs and that their returns should not be …

Opinion | One-size-fits-all approach towards debt funds can limit long-term returns
5 years, 3 months ago

Opinion | One-size-fits-all approach towards debt funds can limit long-term returns

Live Mint  

Post the fallout of events in the debt space a year ago, the Securities and Exchange Board of India has taken several measures to streamline investment practices in debt funds. Sebi’s recent circular on the nature of instruments that debt funds can invest in has been made keeping investor protection in mind. A debt investor’s long-term requirements are simple: she …

India’s plan to sell yen debt has one more hurdle: it’s too much
5 years, 5 months ago

India’s plan to sell yen debt has one more hurdle: it’s too much

Live Mint  

Advocates of India’s first global bond offering are set to face another obstacle: there may not be enough appetite for $10 billion of yen-denominated debt. The plan, if it does go ahead, may need to be revised, according to Kenichi Kurahashi, a Tokyo-based chief fund manager at Mitsubishi UFJ Kokusai Asset Management Co. A yen issuance that size would be …

Fund manager who predicted India credit crunch says pockets of risks remain
5 years, 6 months ago

Fund manager who predicted India credit crunch says pockets of risks remain

Live Mint  

A fund manager who predicted India’s credit crunch months before it got serious last year said that “pockets of risk” remain that could reignite investor concern. While the worst of the country’s liquidity shortage and soaring funding costs appears to have subsided for now, a string of corporate defaults suggests that those woes could come back, according to Suyash Choudhary, …

Mutual fund assets rise to Rs 25.43 lakh cr in May; fixed maturity plans continue to see outflow
5 years, 7 months ago

Mutual fund assets rise to Rs 25.43 lakh cr in May; fixed maturity plans continue to see outflow

Firstpost  

New Delhi: Fixed Maturity Plans witnessed outflow for the second straight month in May as investors pulled out Rs 1,797 crore from the schemes, amid many non-banking finance companies grappling with debt woes. However, latest data from industry body AMFI on Monday showed that average Assets Under Management of mutual funds rose to Rs 25.43 lakh crore in May from …

Liquid funds have taken a hit, but don’t replace them with overnight funds
5 years, 9 months ago

Liquid funds have taken a hit, but don’t replace them with overnight funds

Live Mint  

Until recently, liquid funds were seen as an alternative to the savings bank account. Investors looking for an alternative to liquid funds now seem to have turned their attention to overnight funds that can give the security and liquidity of a savings bank account along with better returns. Risk and return Overnight funds cater to the need for a liquid …

Opinion | How Sebi’s new policy fares
5 years, 9 months ago

Opinion | How Sebi’s new policy fares

Live Mint  

Liquid funds are the largest category of debt mutual funds. The credit events, as of September 2018, and its effect on the non-banking finance companies and housing finance companies caused money market rates to spike and investor withdrawals from liquid funds. On most days, daily returns of liquid funds do not deviate much from the portfolios’ yield to maturity net …

$22 billion gone, yet India’s shadow banks face more dark days
5 years, 10 months ago

$22 billion gone, yet India’s shadow banks face more dark days

Live Mint  

Mumbai: As key engines of loan growth in the world’s fastest-expanding major economy, they once were investor favorites. But a series of missed payments by one of the biggest firms, Infrastructure Leasing & Financial Services Ltd. — once categorised as “systemically important” by the central bank — then roiled India’s stock market. “We believe NBFC growth will disappoint and there …

Are FDs better than debt funds in present times?
5 years, 11 months ago

Are FDs better than debt funds in present times?

Live Mint  

Debt funds are seen as superior to fixed deposits because not only are they capable of generating higher returns but are also more tax efficient. Debt funds provide better returns and a tax incentive Gajendra Kothari, Etica Wealth Management Pvt. Liquid and ultra-short term funds invest in overnight call money that do not have the credit risks, and they also …

India Inc raises ₹6 trillion from equity, debt markets in 2018 : Report
6 years ago

India Inc raises ₹6 trillion from equity, debt markets in 2018 : Report

Live Mint  

New Delhi: Indian companies have raised nearly ₹ 6 lakh crore from equity and debt instruments in 2018, but volatile market conditions brought down the kitty by 30 per cent. Out of the cumulative ₹ 5.9 lakh crore garnered so far this year from capital markets, a large chunk or ₹ 5.1 lakh crore has been mopped up from the …

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