Axis mutual fund has announced the launch of its first diversified mutual fund named Axis Equity Fund. The NFO will be available from November 11, to December 8, 2009. It will re-open for on-going purchase and redemption on January 7, 2009. The face value of the issue will be Rs 10 per unit.
The product aims to offer total investment solutions to consumers and not just individual products. The scheme offers growth and dividend options which will later offer dividend payout and reinvestment.
The minimum investment amount will be Rs 5000 and in multiples of Re 1 thereafter and Rs 100 in multiples of Re 1 thereafter for additional purchase of units.
Entry Load – Nil
Exit Load of 1% if units are redeemed / switched - out within 1 year from the date of allotment of units
The scheme plans to 80-100% in equity and equity related instruments. It would invest 0-20% in debt and money market instruments, including securitized debt (excluding Foreign Securitized Debt) up to 20% of the net assets of the Scheme
TATA MF stays cautious on Real Estate This sector is betted on when market falls steeply. Market caps are stretched and hence caution needs to be examined
CHANGE in fund manager of UTI Amandeep Chopra will now manage Debt portfolio whereas V.Shrivastava will deal with Equity portfolio of UTIs balanced funds
Dividend Declaration under ICICI Prudential Quarterly Interval Plan 1 ICICI Prudential Mutual Fund has declared 100% of dividend for its fund Quarterly Interval Plan with Record Date 16th Nov, 2009
Registrar change for ICICI Prudential Premier ICICI PMF has announced the change in the Registrar and the Transfer Agent from 3i InfoTech Ltd. to Computer Age Management Service Pvt. Ltd, with immediate effect
Birla Sun Life Interval Income Fund - Monthly Plan - Series II Wound up Birla Sunlife Life Interval Fund – monthly plan –series 2 is winding up on 5th Nov instead of 6th Nov 2009
Ministry of Power approves REC FPO (20% stake sale) The Ministry of Power, has conveyed its approval for follow-on public offer (FPO) of the Rural Electrification Corporation of 171,732,000 equity shares of Rs 10 per unit. The stock closed at Rs 216.95.
Lodha Developers hopes to launch IPO in Dec Lodha Developers plans to launch an initial public offering to raise up to Rs 30 billion (USD 640 million. Initially, ICICI Bank and Housing Development Finance Corporation and Duestche bank are investing investors. Net profit of 957 million rupees in 2008 -09 while an increase in income from operations almost to three-quarters to Rs 9.5 billion. It had a net worth of Rs 2.66 billion, translating to Rs 12.21 per share with face value of Rs 5
The two member committee appointed for the issue between SEBI and NSDL in the IPO irregularity in 2005 by SEBI is now considered null and void.
The report by the committee stated lack of duties in cross checking and had queries with SEBI. Thereafter, there was an issue as to why this order has not been put out in the public domain.
After lots of discussion and legal advices the committee was found to be beyond its term of reference. SEBI has decided to look into the matter afresh and considered previous judgement null and void.
Phoenix Mills spurts as Reliance Mutual Fund buys stake
Reliance buys 8.17 lakh shares of phoenix mills at Rs 170 giving them a jump of 4.22% and to Rs 190.20 on 9th nov 2009
New order revives Nagarjuna Construction
Company recovered from the sessions low of Rs 164.55 after securing five orders totalling722 crore. The company was down to just 0.09% to rs 168.40 on BSE
Edserv Soft Systems hardens
The company launch of an academy VIDYADHANA , excellence ink-12 for schools which focuses on fun learning in pri-sec education. This helped the company jump 7.31% to rs 246.50 on BSE
JSW Steel shines as group firm gets nod for IPO
As soon as a group company JSW Energy received approval for an initial public offer from the Securities and Exchange Board of India the company share rose to rs 850 showing a rise of 4.56%
Subhash Projects builds on new order win
Subhash Projects & Marketing jumped 3.24% to Rs 138.60 at 11:24 IST after the company won orders worth Rs 277 crore
Overseas order lifts Siemens
Siemens rose 2.47% to Rs 543 at 11:10 IST on BSE, after the company received an export order worth Rs 608 crore
Hindalco powers rally in Alstom Projects
Hindalco gave Alstom projects India contracts worth 365 crore for supply and installation of four gas treatment plants giving the Alstom project an increase of 2.96% to rs 537 at 10.57 IST
Steel Strips Wheels races to profit
The company secured an export order worth Rs 7.90 crore from Renault for supply of 1.80 lakh steel wheel rims per annum. Steel Strips Wheels was locked at the 5% upper limit at Rs 87.75 at 10:43 IST on BSE
Reliance Industries fuels up with more oil
Reliance Industries jumped 3.25% to Rs 2090.30 at 10:31 IST .The company announced its first oil discovery in its exploration block in the Cambay Basin off Gujarat
The equity diversified NAV closed with an advance:decline ratio of 246:4, rise attributed due to huge buying in banking and financial sector. Biggies like Reliance, ITC were among the other gainers like metal, auto, oil, gas and technology stocks.
Bharti Airtel, Reliance Communications, Sterlite, HUL and Ambuja Cements were the losers.
BSE closed at 16,498.72, up 340.44 points whereas NSE rose 102.25 points or 2.13%, to settle at 4,898.40.
