The AMC also conservatively revalued its debt exposure to Essel Group promoters, from Rs 29 crore to Rs 38 crore. This was after collateral value on the exposure increased to Rs 77 crore, from Rs 36 crore.
For NIMF, the jump in other income was primarily on account of MTM gains on investments made by the AMC in its own equity schemes and exchange-traded funds. The softening of yields in debt markets also contributed to gains in debt schemes.
For both front-line indices — Sensex and Nifty — the June was the best quarter in 11 years. The 30-share Sensex has seen gains of 18.49 per cent in the June quarter, while the Nifty has seen gains of 19.82 per cent in the same period.
As of June 30, the NIMF had Rs 1,602.2 crore invested in its own debt products, while Rs 331 crore was invested in its equity products.
The equity markets have bounced back with gains of over 48 per cent from March 23 lows. Until then, the Sensex was down 37 per cent in year-to-date terms.
Sources say some of the fund houses within the industry could rejig their investment strategy, so that equity market volatility witnessed recently doesn’t take a toll on their balance-sheet investments.