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[hfe_template id='11223'] [ad_1] InCred Asset Management has decided to shut one of its equity products, India Value Growth Fund I, and return money to investors, two months before the fund's maturity, amid growing worries about the overheating equity market. The asset manager, owned by fiinancial services firm InCred, led by former senior Deutsche Bank executive Bhupinder Singh, said n a note to clients, it was booking profits in the fund and is handing back ₹80 crore it managed citing elevated risks of significant fluctuations in the market. "This decision is driven by the current market conditions, which are at an all-time high, presenting a level of volatility and uncertainty that warrants caution," said the InCred note to its clients. The practice of returning client money by asset managers on account of challenging market conditions is uncommon in India. Mutual funds usually restrict flows into equity schemes at such times. India Value Growth Fund I, ...

[hfe_template id='11223'] [ad_1] India's largest software services firm Tata Consultancy Services (TCS) reported a sequential 3.16% drop in net profit in the June quarter due to the impact of wage hikes for many of its 600,000-plus workforce and an unabated slowdown in demand. TCS posted a net profit of ₹12,040 crore, below analyst expectations but 8.7% up from last year. It reported revenue of ₹62,613 crore, up 5.4% from a year ago and 2.25% sequentially. The company didn't signal any significant uptick in technology services demand, which has hit an all-time low due to macroeconomic uncertainties and geopolitical strife that's impacted the US, the UK and Europe markets. ETMarkets.com Growth Driven by AI, Cloud, IoT Much of the incremental growth came from the Rs 15,000 crore deal with state-owned telco Bharat Sanchar Nigam Ltd (BSNL) signed last year that led to its India business showing a jump of 61.8% from the year earlier. While chief executive K Krit...