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Birla MF launches 'India GenNext' equity fund
New Delhi: The Birla Mutual Fund has launched its new equity fund offer, 'Birla India GenNext Fund', which will invest in equities of firms that are expected to benefit from consumption habits of young people in the country.

The new offer of the open-ended diversified equity fund will have both the dividend and growth options.

The offer opens on June 14 and closes on July 12.

The new fund would invest in companies across industries like auto, tourism, healthcare, banking, consumer durables and public sector that have at least 50 per cent of their revenues coming directly from sales to end consumers.

An investor would have to put in a minimum of Rs5,000 to take part in the scheme.

Besides targeting companies that have brand identity for their products and services, the fund will also focus on firms that are cash generating, have a predictable growth in earnings and are quick to adopt themselves to the changing needs of customers.
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UCO Bank targets Rs.550 crore profit for the fiscal
Kolkata: The UCO Bank, which registered a post-tax profit of Rs346 crore in 2004-05, is targeting to achieve a net profit of Rs550 crore in the current financial year, according to its Chairman and Managing Director, V Sridhar.

Addressing shareholders at the bank's second annual general meeting here on Friday, Sridhar said the target operating profit for the current financial year was Rs1,000 crore. The business target set for the current year was Rsone lakh crore, up from Rs77,000 crore in the last financial year.

The bank plans to open 50 new branches and bolster recovery efforts to bring down the net NPA percentage to below 2.5 per cent, he added.
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