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Aditya Birla Sun Life Mutual Fund launches Aditya Birla Sun Life Banking ETF

Posted On: 2019-10-16 17:25:23 (Time Zone: IST)

Aditya Birla Sun Life AMC Limited, a subsidiary of Aditya Birla Capital Limited (a significant non-bank financial services' conglomerate), and investment manager to Aditya Birla Sun Life Mutual Fund (ABSLMF) announced the launch of Aditya Birla Sun Life Banking ETF, an open ended exchange traded fund tracking Nifty Bank Index. Banking ETFs seek to exclusively mirror returns of a Bank Index and with it aim to provide more stability to an investor's portfolio. The Nifty Bank Index constitutes the largest and the most liquid of Indian banking stocks. The Aditya Birla Sun Life Banking ETF offers investors an opportunity to invest in India's strong banking companies.

Commenting on the launch, A. Balasubramanian, MD & CEO, Aditya Birla Sun Life AMC Limited said: "Nifty Bank has outperformed and been a lead sector performer compared to broader indices across all time frames. NPAs seem to have bottomed out for the sector and profits are expected to rise as reflected in the earnings estimate of CY2019 and CY2020. The government too has taken multiple steps to inspire market confidence and stimulate growth by way of liquidity infusion, corporate tax cut, PSU bank consolidation and recapitalization. These measures augur well for the banking sector and its performance. Aditya Birla Sun Life Banking ETF is a great addition to our bouquet of ETF offerings which already has Nifty, Nifty Next 50, Sensex & Gold ETFs".

"ETFs are the funds listed and traded on stock exchanges like shares. Due to the unique structure of ETFs, all types of investors, whether retail or institutional, long-term or short-term, can use it to their advantage. Investors can complement their core equity portfolio with this kind of a financial instrument", added Mr. Balasubramanian.

The Banking sector has seen more consistency in terms of growth in spite of the slowdown in the recent past. Banking sector is the lifeline of any economy and is the lead indicator of the broader market and when earnings make a turnaround, historically banking is typically the first sector to rebound.

A popular investment instrument internationally, Exchange Traded Funds (ETFs) are gaining ground in India as they offer a basket of benefits while retaining the familiarity of mutual funds. ETFs are the funds listed and traded easily on stock exchanges like any other stock on the stock exchanges. Simple structure, higher liquidity and ease of transaction have led to their popularity.

The fund will have zero entry or exit load and the units of the scheme can be bought or sold from the exchanges on all trading days at prevailing listed price. The minimum application amount for this fund is Rs. 5,000/-, and in multiples of Rs 1,000/- thereafter, during the New Fund Offer period. Aditya Birla Sun Life Banking ETF will be managed by Mr. Lovelish Solanki, Fund Manager, Aditya Birla Sun Life Mutual Fund.

The NFO opens on October 16, 2019 and closes on October 22, 2019.

Note: Mutual Fund investments are subject to market risks, read all scheme related documents carefully.

Shares of Aditya Birla Capital Ltd was last trading in BSE at Rs.78.1 as compared to the previous close of Rs. 77.25. The total number of shares traded during the day was 86333 in over 854 trades.

The stock hit an intraday high of Rs. 88 and intraday low of 77.45. The net turnover during the day was Rs. 6761967.

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