Rupee becomes strong
Mumbai: The rupee closed marginally stronger on Monday ending at 45.42 to the dollar, as against Friday's closing level of 45.4450/4550.
Back to News Review index page  

Franklin Templeton MF plans to rationalise funds
Mumbai: Franklin Templeton Mutual Fund plans to rationalise schemes in order to eliminate duplication with funds that were added from the acquisition of Kothari Pioneer Mutual Fund. Post-rationalisation, the total number of funds will be between 35 and 38, says Ravi Mehrotra, president, Templeton Asset Management (India).

Mehrotra says the challenge of the mutual fund industry is to temper expectations. Though the asset management company has planned no new product launches, the Franklin Internet Opportunities Fund will be repositioned as the Franklin Opportunities Fund. This will allow the fund to invest in a broad spectrum of sectors.
Back to News Review index page  

BSE to add 50 more firms to Z group under new criterion
Mumbai: In a bid to avoid investors getting lured to company's shares that have weak financials, the Bombay Stock Exchange (BSE) has decided to add one more criterion for shifting companies to Z group. The additional criterion is companies that are fundamentally weak in terms of net worth, sales, market capitalisation and profitability.

As part of this, the BSE has decided to shift 50 companies into the Z group from 19 January 2004, a BSE statement said. Initially the Z group was created to warn small investors who may get lured into investment of securities of companies, which are primarily non compliant with listing agreement. Subsequently, the exchange also started transferring securities into Z group as a measure of surveillance action. Further, the companies, which have not dematerialised their securities by entering into an agreement with CDSL or NSDL, were also shifted to Z group.
Back to News Review index page