SBI Mutal Fund: SBI Mutual Fund has increased its stake in Kotak Mahindra Bank to over 5 per cent. Kotak Mahindra Bank disclosed in a regulatory filing on Tuesday that the investment house bought 21.57 lakh shares in the open market on June 5. SBI Mutual Fund claimed that with the new investment, its ownership of Kotak Mahindra Bank climbed to 5.01%. On the BSE, Kotak Mahindra Bank shares were down 1.35 percent at Rs 1,722 a share.
Equity mutual funds witnessed a staggering growth with inflow reaching a record high of Rs 34,697 crore in May, marking a 83 per cent surge from the preceding month, propelled by contributions from thematic funds and intermittent corrections that provided buying opportunity to investors.
The inflow suggests investors' confidence in the equity markets despite the continued volatility. This also marks the 39th consecutive month of net inflows in equity funds, data with the Association of Mutual Funds in India (AMFI) showed on Monday. Moreover, the Systematic Investment Plan (SIP) book, which primarily comprises retail money, rose to Rs 20,904 crore in May, from Rs 20,371 crore in April, marking the second consecutive month of inflows exceeding Rs 20,000 crore.
Overall, the mutual fund industry has witnessed an inflow of Rs 1.1 lakh crore in the month under review as compared to Rs 2.4 lakh crore in April. With these inflows, the industry's net assets under management rose to Rs 58.91 lakh crore in May-end from Rs 57.26 lakh crore in April-end.
(PTI Inputs)
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