India’s retirement fund manager Employees’ Provident Fund Organisation (EPFO) will invest at least Rs 18,000 crore in stocks in the current financial year, adding fuel to a stock market that is already on fire. EPFO functions under the Union labour ministry and started investing in stocks in August 2015. EPFO has an annual incremental corpus of more than Rs 1.2 lakh crore and 15% of that will be at least Rs 18,000 crore. The Sensex, India’s most closely followed stock market index, was trading at 28,301.27 just three months ago. Still, the plan to invest more in equities will face some resistance from conservative labour unions represented on CBT.

Source: Hindustan Times May 16, 2017 02:37 UTC