India’s biggest asset manager is bolstering its cash holdings on bets the central bank will raise borrowing costs further, helping it deploy funds at higher yields.
SBI Funds Management Pvt. has been trimming the duration of its portfolio since May and wants to keep the cash handy for better investment opportunities as a sudden spike in inflation sparks debate on odds of more rate hikes. Yields on India’s benchmark 10-year bond are on a rise, advancing 26 basis points from their May low.
The assessment makes it one of the very few money mangers to call for a rate increase, with most market players just pushing back the rate-cut bets to later next year after a surge in food prices sent July inflation to a 15-month high. Radhakrishnan wants to hold on to cash in the near term as it gives him the flexibility to react and returns are comparable with short-term investments after RBI’s liquidity-squeezing measures hardened money market rates. The overnight call money rate is at 6.77%, just six basis points lower than the three-month treasury bill.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Sarina Wiegman is the best manager in women's soccerViewed as the best manager in women's soccer today, Sarina Wiegman is one win away from leading England to World Cup glory for the first time in nearly 60 years. Since Wiegman joined the Lionesses they have won four trophies and hold an impressive 30-7-1 record under her guidance. TSN's Laura Diakun has more on Wigeman's incredible journey in the women's game.
Read more »
Starbucks told to pay $2.7 million more to ex-manager awarded $25.6 million over firingFormer manager was awarded $600,000 in compensatory damages and $25 million in punitive damages in June when a jury in New Jersey found race was a determinative factor in her firing
Read more »
Starbucks told to pay $2.7M more to ex-manager awarded $25.6M over firingIn June, Shannon Phillips won $600,000 in compensatory damages and $25 million in punitive damages.
Read more »
“Sheer Idiocy”: Employee Has To Remind Ex-Manager They Already QuitQuitting is a massive step for anyone. But sometimes things don’t end as cleanly as you’d hoped.
Read more »
Ex-Employee Can’t Stop Laughing After Manager Calls Demanding They Show Up To WorkQuitting is a massive step for anyone. But sometimes things don’t end as cleanly as you’d hoped.
Read more »
Blue Shield of California drops CVS as pharmacy benefit managerBlue Shield of California undergoes a changeup within its pharmacy benefit managers, dropping CVS Health (CVS) as its service provider to pursue partnerships with Amazon Pharmacy (AMZN) and Mark Cuban's Cost Plus Drugs. Yahoo Finance Health Care Reporter Anjalee Khemlani to relay Blue Shield of California CEO Paul Markovich's strategy to cut down on costs.
Read more »