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Yes, a minor can invest in mutual funds but only with the representation of a legal guardian or parent. The minor must be the sole account holder and can’t be a joint account, and since a minor is not allowed to make financial decisions on their own, a parent or guardian can act as the custodian of the minor’s account. The guardian must either be a natural guardian (i.e., a parent) or a court-appointed legal guardian.

The rupee closed at 83.90 against the U.S. dollar, nearly unchanged from its close at 83.89 in the previous session. The currency hit a peak of 83.81 in early trading.

Bitcoin (BTC) and Ethereum (ETH) saw slight declines to $63,650 and $2,730, respectively, after nearing $65,000 and $2,900 over the weekend. This shift followed comments from U.S. Federal Reserve Chair Jerome Powell on potential rate cuts.

The Sensex rose 612 points to 81,698, while the Nifty gained 187 points, surpassing 25,000. BSE market cap increased by Rs 2.31 lakh crore, driven by strong financial and IT stocks.

Ecos (India) Mobility and Hospitality, a provider of corporate car rental services, plans to raise ₹601 crore through an offer for sale by promoters, which will reduce their stake from 98% to 68%. The company has access to over 12,500 vehicles, ranging from economy to luxury cars, but only 6% of the fleet is owned by the company.

The stock traded at a P/E multiple of 46.6, while the price-to-book value ratio stood at 3.25.

So, going forward, as I said, we will see this across segment, where we have two or more domestic manufacturers of the product which are sufficient to cater to the domestic demand.

According to AMFI, midcap mutual funds invest at least 65% of their corpus in companies lying between 101 and 250 by market capitalisation.

Vinay Paharia, CIO of PGIM India MF, highlighted a growing bubble in low-quality and low-growth market segments, urging investors to steer clear. He advocated for portfolios featuring high-growth, high-quality companies. PGIM’s multi-cap fund targets these companies in various market segments, with a keen eye on sectors like healthcare, consumer discretionary, and financials.

The IPO of Hyderabad-based Premier Energies opens for subscription tomorrow and will be available until August 29. Shares are currently trading with a grey market premium (GMP) of Rs 336, reflecting a 74.67% premium over the upper price band of Rs 450.