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Asian
stocks up
Mumbai:
Asian stocks rose after higher U.S. retail sales reflecting
reduced worries that higher fuel costs would affect the
economy. The Morgan Stanley Capital International Asia-Pacific
Index, which tracks more than 1,000 stocks, added 0.3
per cent to 109.98.
Japan's
Nikkei 225 Stock Average rose 0.3 per cent to 13,454.66.
Australia's S&P/ASX 200 Index added 0.7 per cent.
Taiwan's Taiex index lost 1.4 per cent. Indexes also gained
in Hong Kong, New Zealand and Malaysia.
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Fund
houses to introduce more FMP schemes
Kolkata:
Mutual funds will have more fixed maturity plans to choose
from. The UTI MF, Tata MF and Standard Chartered MF, have
all lined up fixed-term products which have been sent
to SEBI for approval.
These
plans, which do not guarantee returns, are being positioned
by the asset management industry as being ideal for conservative
investors, especially those who wish to stay locked in
for a pre-determined period.
Tata's
Scheme: Tata MF's Fixed Horizon Fund is a `close ended
pure debt scheme', one that will come with three different
investment options. The first of these will have a tenure
of 13 months, while that of the other two will be 18 months
from the date of allotment.
Each
plan (with the usual growth and dividend options) will
be treated as fresh subscription during its launch, the
offer document has mentioned, adding that dividends will
be automatically reinvested.
UTI
proposal: The Fixed Term Income Fund will aim at providing
stable returns through investments in a basket of fixed
income paper usually maturing in line with the maturity
periods of the plans. The latter have been named Plan
18, Plan 36 and Plan 60.
The
asset allocation patterns for the first two are purely
debt-oriented; the last one may take a limited 30 per
cent exposure to equity and equity related instruments.
The equity component of Plan 60, with Crisil MIP Blended
Index as its benchmark, will concentrate on "companies
with strong financials and quality management," it
is pointed out.
UTI
MF has proposed to launch the plans on a quarterly basis.
Plan 18, for instance, will open on December 1, while
Plan 36 will open on January 2. Each plan will have a
fixed term with a separate portfolio.
StanChart
Sweep: Standard Chartered MF has designed a plan that
will `sweep' the balance of an account holder in a designated
bank into a liquid fund.
The
proposed Standard Chartered Sweep Account Plan will be
positioned as an open ended liquid scheme, aimed at offering
optimal returns and high liquidity through investing in
debt and money market instruments.
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Surya
Pharma raises US$12mn through FCCBs
Mumbai:
Surya Pharmaceutical has raised US$12mn through an issue
of 12,000 foreign currency convertible bonds (FCCBs),
listed with the Luxembourg Stock Exchange.
The
company had allotted the FCCBs at US$1000 each, convertible
into equity shares at a price of Rs170 per share to DE
Shaw Vallance International Inc, subject to other terms
and conditions of issue, it informed the Bombay Stock
Exchange.
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Stocks
of companies owning real estate in Mumbai fall
Mumbai:
Stock prices of companies, owning large real estate in
Mumbai, tumbled following the Bombay High Court's judgment
setting aside the sale of National Textile Corporation
(NTC)'s land in the city.
Among
the stocks that fell today include Bombay Dyeing (down
6.96 per cent at Rs332.15 on BSE), Nirlon (7.43 per cent
at Rs16.20), Morarjee Realities (4.34 per cent at Rs260.20)
and Nesco (down 4.35 per cent at Rs554.75).
According
to market sources, following the High Court order, the
value of land of these companies would come down as it
may not result in the full unlocking of the value as anticipated
by market players.
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