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Investor accounts on the rise at NSDL
Kolkata: The number of investor accounts with National Securities Depository (NSDL), has risen in recent weeks showing rising bullishness and investor confidence and interest in Indian stock markets.

The increase is in contrast to the significant decline in the indices last month, which stemmed from extensive selling by most categories of investors, large and small.

NSDL had 71,19,548 accounts (as on November 5). The number of accounts with debt instruments stood at 1,28,510 on that date. There were 219 depository participants (compared to 286 with Central Depository Services (India), while there were 2,912 DP service centres in existence.
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UTI plans SPrEAD Fund to tap cash, derivative difference
Kolkata: UTI Mutual Fund is planning a UTI-SPrEAD Fund that will invest in a mix of equity, derivatives and debt, to tap arbitrage opportunities arising out of price differences between the cash and derivatives market.

The proposed fund will offer two plans, A and B. Plan A will try to provide capital appreciation and dividend distribution through arbitrage opportunities arising out of price differences between the cash and derivative market. It will invest chiefly in equities and equity-related securities and derivatives, while the balance will be invested in debt.

Plan B will aim to do the same by investing mainly in debt securities; the balance portion will be allocated to equities and derivatives.

Plan A will allocate at least 51 per cent of the net assets to equities. Derivatives, however, may account for as much as 100 per cent of the assets if circumstances so warrant. A maximum 49 per cent may be invested in debt and money market instruments.
Plan B may invest a maximum 49 per cent in equities. The maximum limit for derivatives is also 49 per cent.
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SBI MF introduces floater fund
Mumbai: SBI Mutual Fund has launched new fund `MMIP Floater Fund' to invest in floating rate instruments and protect investment from the risk arising out of interest rate fluctuations.

The fund is open for subscription up to November 30. The scheme will have a minimum application amount of Rs10,000.
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Everest Kanto plans IPO
Mumbai: Everest Kanto Cylinder, that manufacturers high-pressure industrial and CNG gas cylinders, is coming out with an initial public offering through the 100-per cent book-building route. Th eoffer intends to raise Rs90 crore.

The price band for the issue has been fixed at Rs140-160. The issue will open on November 22 and close on November 25.

The company said the entire proceeds of the issue would be ploughed into the new project being set up at Gandhidham in Gujarat that will almost double the company's manufacturing capacity from 3.66 lakh units a year to 7.04 lakh units.

The Rs106-crore project in Gandhidham is expected to leverage on the tax sops offered by Gujarat and also benefit from access to the ports of Kandla and Mundra as the steel tubes, raw material for the gas cylinders are imported.

Everest Kanto is currently the third largest manufacturer of high-pressure gas cylinders in the world, after Faber Industrie SpA, Italy, (7.5 lakh units) and Worthington Cylinder Corporation, Austria (7 lakh units).

Everest Kanto had a sale of Rs132 crore and a net profit of Rs14 crore in last fiscal.

The book running lead managers to the issue is SBI Capital Market.
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Franklin Templeton launches Smaller Companies Fund
Franklin Templeton Investments (India) is launching a new equity fund called Franklin India Smaller Companies Fund (FISCF). The 5-year closed end fund seeks to provide long-term capital appreciation by investing in mid and small cap stocks.

The initial issue period at Rs10 will be from November 16 to December 14, and the fund will provide for liquidity every six months.

According to the president of Franklin Templeton Fund, Ravi Mehrotra, "Typically one of the problems faced while investing in mid and small cap companies is the lack of adequate research. Our investment team has built an extensive research database of smaller companies over the past decade or so, which will come in handy while managing FISCF. The rich experience of managing one of the largest and oldest mid cap funds (Franklin India Prima Fund) will be available to investors in the new fund. "
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