UDAY bonds receive a warm response from banks and mutual funds like Axis Bank, UTI Mutual and others

MUMBAI: Investors are answering the doubting Thomases on Power Minister Piyush Goyal pioneered UDAY Bonds – securities sold to restructure states owned power distributors – with a thumbs-up. Top banks and mutual funds such as Axis Bank, State Bank of India, UTI Mutual, and Kotak Mahindra are lapping up the sovereign bonds’ proxy from state governments, which boost the returns.

Uttar Pradesh was the first state to sell around Rs 15,800 crore worth of UDAY (Ujwal Discom Assurance Yoj ..

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