Reliance Capital MF launches banking fund
Mumbai: Reliance Capital Mutual Fund (RCMF) has announced the launch of the Reliance Banking Fund. The banking fund will open for initial public offering on Thursday and close on May 21, said a press release on Wednesday. In terms of the investment strategy, according to the release, the fund has retained the flexibility to invest up to 100 per cent of the corpus in either debt or equity instruments relating to the banking sector depending on the prevailing market conditions, macro-economic environment and performance of the sector among other considerations.
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Kotak MF plans `floater'
Kolkata: Kotak Mahindra Mutual Fund has lined up an income scheme that will mainly invest in floating rate debt securities and money market instruments. The plan, which has been sent to the SEBI for approval, is the first proposal from the fund after the formation of Kotak Mahindra Bank. K Floater, as the scheme has been named, will under normal circumstances allocate at least 65 per cent of its assets in floating rate paper and money market instruments.
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SEBI seeks CMs' help to curb unofficial markets
Mumbai: The Securities and Exchange Board of India (SEBI) has written to Chief Ministers of several States seeking their help to curb the growing menace of unofficial stock markets. ``Unofficial stock market is an illegal activity and beyond the jurisdiction of SEBI and to curb this activity we have sought help of various States,'' the SEBI Chairman, G.N. Bajpai, told reporters at a press conference here on Wednesday.
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Weakness in heavyweights weigh on Sensex
Mumbai: The market was news-driven with buying interest in selective counters. However, weakness in select stocks brought the benchmark indices down to end the day in the negative territory. The BSE Sensitive Index was down 12.26 points at 2980.74 as against the previous close of 2993 while the slightly broad based S&P CNX Nifty recorded a decline of 2.4 points to 949.45.
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SEBI moots setting up of Ombudsman system
Mumbai: In order to solve the various problems of investors, the
Securities and Exchange Board of India (SEBI) has suggested the setting up of an Ombudsman for the securities market on the lines of a similar concept followed in the banking sector. In a concept paper containing salient features of the system of Ombudsman, the regulator said that the issue of an alternative redressal mechanism that is cheap, fast, informal and efficient has been engaging its attention.
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Balaji Tele stock plunges on stagnant TRPs
Kochi: The share price of Balaji Telefilms Ltd (BTL) plummeted by about 13 per cent on the bourses on reports that Sony Entertainment Television has decided to take the company's serial Kahani Teri Meri off the air. The stock ended the day at Rs 58.85 down by 12.88 per cent on the BSE with around 2.97 lakh shares traded. On the NSE, the stock closed at Rs 59.20 down 12.56 per cent with around 8.5 lakh shares traded. However, market sources maintain that the downside was largely triggered on concerns over the company's growth prospects following a decline in its TRP ratings in the recent past.
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Pantaloon's Big Bazaar success
Mumbai: The stock of Pantaloon Retail was in the limelight, with the stock closing higher on Wednesday. Dealers said a leading domestic broking firm was busy buying the stock of the retailing company. The main factor for the broking firm buying shares was the good growth for the company's discount store `Big Bazaar'. In the last financial year, sales from Big Bazaar grew 91 per cent. The talk in the market is that the current financial year of the company is expected to be even better than the last financial year on back of the good sales from Big Bazaar. Pantaloon has already added 1.2 lakh square feet of retail space in the last quarter of last fiscal and the full impact of this would be seen in this fiscal. The stock gained 3.47 per cent at Rs 47.65 with a volume of 53,387 on the BSE and on the NSE, it closed at Rs 47.90, up 4.13 with a volume of 3,480 shares.
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IDBI Mutual institutional plans
Mumbai: IDBI Principal Mutual Fund has introduced institutional plans in its existing debt funds. The institutional plans are currently being offered in the IDBI-Principal Income Fund, IDBI-Principal Income Fund - Short Term Plan, IDBI-Principal Cash Management Fund - Liquid Option and IDBI-Principal Cash Management Fund - Money at Call Option. The initial offer period for these schemes is for a day i.e. on May 8. The plans would re-open for subscriptions on May 13, the release said.
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Re inches up; gilts in narrow range
Mumbai: The Indian currency closed at 47.2550/26 per dollar on
Wednesday against Tuesday's levels at 47.2650/2750. The rupee opened the day at 47.26/27. The market was largely dull with a few participants. Although, the central bank provided support to the domestic currency at 47.27 levels, it couldn't put off the rupee appreciation for very long, according to forex traders. "The RBI is moving from a managed float to a market determined exchange rate. The way the rupee is appreciating now, by the second quarter of this fiscal we will see it at 46.50 levels, if it continues at the same pace," said a dealer.
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