Nippon Life India Launches Nippon India Innovation Fund; Stock Surges

At 2 pm, the shares of Nippon Life India Asset Management were trading at Rs 320.30, up by 1.42% from its previous closing of Rs 315.80 on the BSE. 

Nippon Life India Asset Management has launched Nippon India Innovation Fund (An open-ended equity scheme investing in innovation theme). The Fund will predominantly invest in a diversified portfolio of companies that are driving innovation across themes like fintech, speciality chemicals & pharma, auto & auto ancillaries, internet-based businesses, MNCs etc. 

The fund will invest at least 80% of its assets in innovative companies that have the potential to disrupt their industries and create significant value for investors in the long term. It will have the flexibility to invest across market caps and sectors. The fund’s flexibility will allow it to identify better investment opportunities by identifying companies ahead of the curve in new innovation, technologies or business models. The fund may be well-positioned to capture companies that have the potential for significant growth. 

The NFO opens on August 09, 2023, and closes on August 23, 2023. The minimum investment amount required during NFO is Rs 500 and in multiples of Re 1 thereafter. The performance of the Scheme shall be benchmarked against Nifty 500 TRI.   

Nippon Life India Asset Management is one of the largest asset managers in India, managing (directly & indirectly) assets across mutual funds including Exchange Traded Funds, managed accounts, including portfolio management services, alternative investments funds and pension funds; and offshore funds and advisory mandates.  

On Thursday, the stock opened at Rs 319.95 and touched a high and low of Rs 326.50 and Rs 316.55 respectively.  

The BSE group ‘A’ stock of face value of Rs 10 has touched a 52-week high and low of Rs 326.50 and Rs 197.10, respectively. 

Last one week high and low of the scrip stood at Rs 326.50 and Rs 306.10 respectively. The current market cap of the company is Rs 19,975.56 crore. 

The promoters holding in the company stood at 73.64%, while Institutions and Non-Institutions held 15.08% and 11.28% respectively. 

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet, and is subject to changes. Please consult an expert before making related decisions.