Market may remain positive with a check on bank stocks
Mumbai: There is no prize for anticipating that the PSU bank stocks, except for the SBI counter, are likely to open lower this week. Dalal Street is apprehending that there could be a scramble for selling PSU bank stocks on Monday as a reaction to the Union Government clarification late last week on the issue of premium for the proposed return of equity by some of the banks to the Government. Investors and speculators, who had taken positions in the bank stocks after Wednesday's news that the Government would accept return of banks' equity on the face value, turned sellers following the clarification. The selling is expected to continue on Monday as a large number of market players came to know about the clarification after the market was closed.
Back to News Review index page  

Birla Sun Life taps Gulf market for offshore fund
Abu Dhabi: Birla Sun Life Financial Services is tapping the Gulf Cooperation Council (GCC) market for its India Advantage Offshore Fund, with NRIs as well as retail foreign investors including GCC nationals being looked at as potential investors. S.K. Mitra, managing director, Birla Sun Life Mutual Funds, who is in the UAE in connection with a series of presentations of the fund to prospective investors, told Business Line that in view of the current positive trend in the Indian economy and the good performance by the top five to six mutual funds, Birla Sun Life was keen on tapping the Gulf market for its offshore fund, which has been performing well. Birla Sun Life has tied up with the UAE-based Barjeel Securities and joint presentations were held in the UAE on various features of the fund and trends in the Indian economy. Presentations are also being held in Muscat and Doha, Mitra said.
Back to News Review index page