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AlphaGrep enters MF space, eyes Rs 25,000-30,000 cr AUM in 3-5 yrs; to launch maiden scheme on Jul 6

AlphaGrep Investment Management is set to enter the mutual fund industry with the launch of its first scheme next month and is targeting assets under management (AUM) of Rs 25,000-30,000 crore over the next three to five years, a top company official said.The move comes after the company received approval from the Securities and Exchange Board of India (Sebi) to commence mutual fund operations.The company's maiden new fund offer (NFO) -- a multi-asset allocation fund -- will open for subscription on July 6 and close on July 20. The scheme will invest in equity and equity-related instruments, debt and money market instruments, as well as gold, silver and other permitted commodity exchange-traded funds (ETFs)."We are targeting an AUM of Rs 25,000-30,000 crore in the next three to five years," AlphaGrep Investment Management Chief Executive Officer Bhautik Ambani told PTI.He said the asset management company will focus on quantitative equity and hybrid strategies driven by advanced mathematical models, artificial intelligence and machine learning.Following the launch of the multi-asset allocation fund, the company plans to introduce an open-ended dynamic equity scheme that will invest across large-cap, mid-cap and small-cap stocks."We will always try to launch products with a differentiation to offer investors," Ambani said.Founded by Mohit Mutreja and Prashant Mittal in 2010, AlphaGrep is a global quantitative trading and investment firm. It has a headcount of more than 500 people and offices in around eight countries. Its mutual fund business is under AlphaGrep Investment Management.AlphaGrep Investment Management currently manages more than Rs 2,000 crore in assets across its specialised Alternative Investment Fund (AIF) and Portfolio Management Services (PMS) platforms, including operations in GIFT City, as of February 2026.The entry comes at a time when India's mutual fund industry continues to expand rapidly. The country currently has 52 asset management companies managing assets worth more than Rs 85 lakh crore.

US Eyes Iranian Assets For Gulf Allies' Reconstruction: Report

The source did not specify what kind of assets the Treasury was examining.

'The Last Dance': Neymar signals final WC as Brazil icon eyes one last shot at glory

Brazil's football icon Neymar, their all-time leading scorer, has hinted that the 2026 FIFA World Cup will be his final appearance. Despite a career marked by brilliance and injuries, the 34-year-old forward aims to lead a blend of seasoned and young talent in a quest for Brazil's sixth title, ending a 24-year drought.

Tax moves aim to boost government securities market, not just rupee

Eye On Global Bond Index Inclusion

As Jamie Dimon calls Elon Musk 'Edison of our time', Musk says: There will not be much AC left

As SpaceX eyes a historic IPO, JPMorgan CEO Jamie Dimon likened Elon Musk to Thomas Edison. This sparked online debate, with many championing Nikola Tesla. Musk himself weighed in, acknowledging Edison's brilliance while asserting DC's future dominance over AC, citing solar, batteries, and EVs as key drivers.

'Hai Jawani Toh Ishq Hona Hai' box office collection Day 2: Varun Dhawan film eyes Rs 10 crore net

David Dhawan's romantic comedy 'Hai Jawani Toh Ishq Hona Hai' is holding steady at the box office on Day 2. After a strong Rs 7.50 crore net debut on Day 1 across 9,081 shows, the Varun Dhawan-starrer's domestic net now stands at Rs 8.07 crore, with a worldwide gross of Rs 11.00 crore already locked in from opening day. With evening and night shows yet to be tallied, a healthy Saturday jump looks well within reach for the father-son Dhawan reunion.

Congress eyes clean sweep in Rajya Sabha polls; Kharge, Pawan Khera among nominees

Congress eyes clean sweep in Rajya Sabha polls; Kharge, Pawan Khera among nominees

India's Semiconductor Sector Eyes $205 Billion Valuation By 2034

he industry's scalable nature allows it to integrate more deeply into the wider economy.

NFL trade rumour: Commanders, Colts eye $4M Patriots star

The New England Patriots’ wide receiver Kayshon Boutte is now seeking a trade after the team traded for A.J. Brown and signed Romeo Doubs sparking chaos among fans. While many rival teams have been linked to Kayshon Boutte, it seems the Washington Commanders and the Indianapolis Colts have emerged as potential landing spots for the star player.

Tata Steel shares fall 3% after fire breaks out at UK’s Port Talbot plant

The shares of metals major Tata Steel dropped nearly 3% on Friday after a fire broke out at the company’s plant at Port Talbot in UK late on Wednesday, forcing the company to temporarily halt operations at part of the site.Large plumes of smoke were visible from the site and could be seen across the surrounding area, BBC reported, adding that emergency services remained at the scene on Thursday and were working to manage the incident.Tata Steel UK meanwhile said that all personnel were evacuated safely from the affected area. It added that the incident was not related to the safe and successful demolition of the empty, redundant gas holder earlier yesterday evening. The Mid and West Wales Fire Service attended the site while emergency services worked with local teams to completely extinguish the fire, the company further said.The 3.2 million tonne facility is transitioning to an electric arc furnace with an investment of £1.25 billion, with the help of aid from the local government. It is expected to be commissioned by the end of 2027. Tata Steel has completed major demolition work of the blast furnaces for the transition, and is currently working on fabrication and delivery of equipment.Also read: Tata Steel eyes 9% India sales growth this fiscalIn October 2024, Tata Steel ceased iron making operations at its Port Talbot site and temporarily paused steel manufacturing, pending the construction of a 3.2 MTPA electric arc furnace. What this means for Tata Steel share priceICICI Direct highlighted that the fire has reportedly been contained, although the extent of the operational impact is yet to be assessed. “While the incident is sentimentally negative, the UK operations contribute a relatively small share to Tata Steel's overall business, and hence the impact on the company's overall performance is expected to be limited. We await further clarification from the company regarding any operational disruptions or financial implications arising from the incident,” it added.Tata Steel share priceTata Steel shares tumbled more than 3% to trade at Rs 204 apiece on Friday afternoon. The shares of the company have fallen around 2% in one week and 3% in one month. The stock is however up more than 12% in 2026 so far.In the longer term, Tata Steel shares jumped more than 29% in one year, 87% in three years and over 82% in five years. The company currently has a market capitalisation of more than Rs 2.55 lakh crore.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

Naidu, four Union Ministers open Visakhapatnam seafood meet; India eyes ₹1 lakh crore exports

Chief Minister N. Chandrababu Naidu and four Union Ministers open the two-day Visakhapatnam workshop targeting ₹1 lakh crore in annual seafood exports, up from a record ₹73,890.46 crore in 2025-26

Sightsavers India opens 2026 fellowship for ophthalmologists

The 18-month programme is designed to equip early-career ophthalmologists with advanced clinical, surgical, and leadership skills while preparing them to deliver quality eye care in areas of high need

Indian cos eye a South American country for crude

Jewar airport, Heritage city & more: The key projects driving YEIDA's Master Plan 2041

With an eye on the future, YEIDA's Masterplan 2041 is set to revolutionize the vicinity of the upcoming Noida International Airport. This bold strategy aims to craft a prominent global destination, inclusive of an airport city, a unique investment zone, a state-of-the-art Olympic Park for athletic events, and a vibrant international film city.

Sensex rises over 200 points, Nifty above 23,400 as investors eye RBI MPC meet outcome

Indian stock market traded in the green on Friday, with Sensex and Nifty extending gains for the second consecutive session as investors await the outcome of RBI’s Monetary Policy Committee’s (MPC) meeting today.Sensex gained 270 points at 74,629.94, while Nifty 50 rose over 62 points at 23,478.95. This came as India VIX, which measures volatility in markets, fell over 2% to 15.89.Infosys, UltraTech Cement, TCS, Tech Mahindra, M&M and Maruti Suzuki shares gained over 1% each to lead gains on Sensex. Tata Steel shares meanwhile fell over 1% to lead losses on the benchmark index.Broader markets also traded in the green, with Nifty Smallcap 100 and Nifty Midcap 100 indices gaining over 0.3% each. All sectoral indices opened in the green, with Nifty Consumer Durables, Nifty IT and Nifty Media rising nearly 1% each. Around 1,824 stocks advanced on NSE, while 523 declined and 101 remained unchanged.What’s moving the stock market upward today?"There are some mild positive indications for the market today. There are signs of weakness in the AI trade in the US, South Korea and Taiwan and rotation away from tech stocks, but it is too early to say whether this will sustain,” said VK Vijayakumar, Chief Investment Strategist at Geojit Investments.The focus of the market today will be on the monetary policy and the message from the RBI Governor, the analyst said. “The MPC is likely to hold rates with a guidance of a rate hike later in the year to combat inflation which is expected to rise in H2 FY27. RBI is likely to revise the GDP growth for FY 27 downward and CPI inflation upward in the context of the energy shock and its implications,” he added.According to Vijayakumar, the most likely policy action is a ‘hawkish hold’, that is, the RBI would hold the rates without any change but would send a hawkish message that inflation is set to rise and, therefore, expect rate hike later this year. If the RBI decides to act now with a 25 bps rate hike, that will move the banking stocks sharply upwards since they would benefit from rate hikes, he further said. However, a rate hike would be negative for interest elastic segments like automobiles and real estate, the analyst added.Rupee risesRupee meanwhile gained 8 paise to 95.66 against US dollar in early trade. “With India's import bill under pressure from elevated commodity prices and continued FII outflows, participants will closely monitor the Governor’s commentary for cues on inflation, currency stability, and future policy direction,” said Jateen Trivedi, VP Research Analyst of Commodity and Currency at LKP Securities.The analyst expects the near-term range for rupee to be 95.25–96.25.FII selling continuesForeign investors continued to remain bearish on Indian markets. FIIs net sold Indian shares worth Rs 4,447 crore on Thursday, according to data on NSE.Notably, FIIs have remained net sellers of Indian equities for five consecutive sessions. (With inputs from agencies)(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

Owner reached fire-hit Delhi B&B, ‘stood for 15 mins’ before leaving: Eyewitness

“I called Bajaj at 8:52am and spoke for 26 seconds. I told him the fire was massive. He said he knew. I asked him to come and then hung up,”

AP adopts new rural employment scheme

Andhra Pradesh cabinet approves new rural employment scheme, organ transplantation act, aviation policy, eye project, and university establishment.

Operation Sindoor fallout: Pakistan eyes Chinese missiles, Turkish drones

Operation Sindoor fallout: Pakistan eyes Chinese missiles, Turkish drones

A.P. Cabinet approves proposal to invite bids for ‘Amaravati Eye’ project

Administrative sanction given for ₹547-crore works associated with High Court complex; stamp duty and registration fees exempted for 49.66 acres allotted for Quantum Valley project

Venus & Jupiter conjunction: Dates when Mercury will also be visible

Skywatchers are in for a treat as Venus and Jupiter align closely on June 9, appearing almost side-by-side in the western sky after sunset. This celestial spectacle, visible to the naked eye, will also feature Mercury from June 11, creating a rare three-planet parade in the constellation Gemini. Binoculars will enhance the view of this stunning astronomical event.