BSES plants to delist from five bourses
Mumbai: BSES Ltd has informed the bourses the company's decision to delist its equity shares from five stock exchanges. Shareholders had on June 9 approved the proposal to delist shares of BSES Ltd from the Ahmedabad, Bangalore, Calcutta, Delhi and the Inter Connected Stock Exchanges. Shares of the company will continue to be listed on the Bombay and National Stock Exchanges.
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Novopan to delist from HSE
Hyderabad: Novopan Industries, the particle board manufacturer in the GVK group fold, has informed the bourses that its board meeting held on 25 June had approved the proposal of voluntary delisting of shares of the company from the Hyderabad Stock Exchange, subject to the approval of shareholders at the ensuing AGM.
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Floating rate fund from Kotak MF
Chennai: Kotak Mahindra Mutual Fund has launched K Floater, an open-ended debt scheme. The scheme is oriented towards investment in debt instruments with a floating rate of interest. Kotak Mutual said at any given moment, at least 65 per cent of the scheme will be invested in floating rate and money market instruments that mature within six months. According the scheme's fund manager, Sandesh Kirkire, Kotak Mutual is of the opinion that the economy has "come to a level where the likelihood of a large fall in interest rates is not there. There is a case for floating rate schemes". Debt schemes, which invest in fixed rate instruments, have ridden a declining interest rate regime to register capital gains in the recent past. In this context, Kotak Mutual drew attention to lower risk in floating rate schemes. As interest rates on floating rate instruments are reset at regular intervals, it is relatively insulated from capital loss in the event of a rise in interest rates. In this backdrop, floating rate schemes "as an asset class has a place", said Kirkire.
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Rupee remains stable
Mumbai: The rupee closed on Monday at 46.3250/3350 against the dollar, up from previous close of 46.34 in the forex market.
There were good supplies of the dollar, but it was all absorbed in the market. Dealers say there was no impact of the new product rupee-foreign currency options that was introduced today on the regular spot and forward dollar market.
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