Markets: New BSE indices to track mid and small-cap stocks
Mumbai: The BSE has announced the launch of two new indices — the BSE mid-cap and the BSE small-cap index. These indices will track the performance of companies with relatively small market capitalisation and will exclusively represent the mid and small cap companies listed on the BSE. The indices would be calculated and disseminated on a real time basis from today, the BSE statement said.

The indices will be based on free-float methodology with historical figures available since April 1, 2003.

The BSE mid-cap index will include 231 companies with the highest average market cap of Rs2,476 crore and lowest of Rs418 crore. The BSE small cap index will have 425 companies, with the highest average market cap of Rs417 crore and lowest of Rs53 crore.
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Franklin launches 60 Month Plan
Mumbai: The Franklin Templeton Investments (India) is launching a close-ended income fund, the Franklin Templeton Fixed Tenure Fund - Series 1 60 Month Plan, which will seek to provide investors steady returns, according to a press release from the fund house. The public offer at Rs10 will be from April 11-29.

"We believe that the 60 Month Plan is an unique product that blends stability of fixed income instruments with the potential of equities. Over the past few years, on the back of falling interest rates investors have seen their returns from traditional savings products trend lower.

"And the recent volatility in the debt markets has resulted in very few choices for investors with a long-term horizon, who are looking for competitive returns that will help them cope with the rising inflation.

"The 60 Month Plan with its predominantly conservative debt portfolio with a slice of equity helps investors in achieving steady returns and also take advantage of the growth potential of equities through a single investment," the fund house has said through a release.

In addition to the potential for capital appreciation, investors in these funds can also avail themselves of tax benefits through indexation.

Moreover, they have the liquidity option on a half-yearly basis subject to applicable exit loads, which is not available in traditional savings avenues of similar investment horizon, the release said.

The scheme would invest at least 70 per cent in debt instruments that are maturing in line with the duration of the plan, which will help in reducing interest rate risk. The remainder would be invested in equities.
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HSBC Asset Management launches midcap fund
Mumbai: The HSBC Asset Management (India) Private Limited, which manages the HSBC Mutual Fund, has launched an open-ended growth scheme, the HSBC Midcap Equity Fund.

The scheme will be open from April 13, 2005 to May 3, 2005.

HSBC Midcap Equity Fund seeks to generate long-term capital growth from an actively managed portfolio of equity and equity-related securities, primarily mid-cap stocks.

However, it could move a portion of its assets into fixed-income securities if the fund manager becomes cautious or takes a negative view on the Indian equity markets.

Units of the scheme are being offered at Rs10 per unit.
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Bata India fixes rights issue price at Rs54
Kolkata: Bata India Ltd has informed the BSE that the Rights Issue Committee of the company, at its meeting on April 9, has fixed the issue price of its rights shares at Rs54, including the face value of Rs10 each.

As per the information earlier given to the BSE, the contemplated price band was Rs45-54 per share.

The company is now implementing a restructuring programme, under which it plans to re-develop the Batanagar township. The rights issue is essentially to carry out an organisational and financial revamp. Bata India is now in the process of restructuring its retail business.

Bata will be issuing 12,857,000 equity shares of Rs10 each on rights basis to existing shareholders in the ratio of one equity share for every four shares held on the record date. The record date for the rights issue has been fixed as April 25.

Bata India is a 51 per cent subsidiary of Bata (NV) of the Netherlands.
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