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Top
100 fund from Birla Sun Life
Mumbai:
Birla Sun Life has announced the launch of the Birla
Top 100 fund, an open-ended equity scheme that would invest
predominantly in a diversified portfolio of large-cap
stocks.
The
MF has also said that the schemes of Alliance Capital
Mutual fund will be absorbed into the Birla Sun Life Mutual
Fund portfolio from September 23. Birla Sun Life had acquired
these schemes in October 2004 and has been awaiting regulatory
and other clearances.
S.V.
Prasad, Chief Executive Officer, Birla Sun Life Mutual
Fund, clarified that there were no plans to club the acquired
schemes with any of the existing schemes of Birla Sun
Life MF.
As
for the Birla Top 100 fund, between 65-100 per cent of
the fund would be invested in the top 100 Indian companies
based on market capitalisation and the remaining 35 per
cent would be invested in other companies. The fund is
aimed at long-term investors whose risk profile is slightly
lower and who want to gain from the prospects of large
cap companies, Prasad said.
"The
returns from this fund would not necessarily be as high
as those of mid-cap funds, but the risk element is also
lower in this fund," he added.
The
new fund offer is open till September 28. The scheme is
offered in both dividend and growth options, with a minimum
investment level of Rs 5,000.
The
fund charges entry load of 2.25 per cent (except on the
systematic investment plan) and exit load of one per cent
for redemptions in less than six months.
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HT
Media shares debut on the BSE
Mumbai: Shares of HT Media Ltd debuted on the Bombay
Stock Exchange, listing at Rs685, up from the issue price
of Rs530 per share.
The
shares moved up to a high of Rs731 and fell to a low of
Rs542. They ended the session at Rs557.67.
HT
Media, which publishes the Hindustan Times and Hindustan,
had entered the equity market to raise Rs400 crore through
its initial public offering.
The
company had earlier announced plans to launch a business
daily. HT Media also plans to enter into radio and Internet.
It has signed an MoU with Virgin Radio and would apply
for government's approval as and when it seeks bids.
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