Saraswat Co-op Bank and India Infoline in tie up for online and offline services
Mumbai: The Saraswat Co-operative Bank has tied up with India Infoline to offer equity research, broking and portfolio management services to its clients. India Infoline will extend online and offline broking facilities to the bank's customers, through its broking brand, 5paise.com.

Saraswat Bank customers will have free access to India Infoline's research and online technology platform.

Customers can trade in equities, derivatives and commodities at any of India Infoline branches, through one account.
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Sahara MF to launch retail fund
Kolkata: The Sahara Mutual Fund has mooted a fund that will invest mainly in stocks of companies that specifically have retail activities.

The Sahara R.E.AL Fund will try to provide capital gains over the medium to long term. It will be benchmarked against the Nifty.
Allocating to retailing sectors stocks is not without risks, the offer document filed with SEBI has indicated. The performance of the fund will depend on the ability of these companies to achieve reasonable growth in future. The stocks at times may be relatively less liquid as compared to other growth stocks.

The fund will normally invest a minimum 70 per cent of its assets in equities.

N.K. Garg, CIO of Sahara MF, has been named as fund manager.
The offer document has specifically referred to areas such as textiles (Century Textiles, Raymond), banking (UTI Bank, HDFC Bank, ICICI Bank), FMCG and personal care (P&G, Marico), health care (Apollo Hospitals, Wockhardt) and hotels (Indian Hotels, East India Hotels) etc.
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UTI declares 60 per cent dividend under Tax-Savings Plan
Mangalore: The UTI Equity Tax Savings Plan (UTI-ETSP) has declared a tax-free dividend of 60 per cent. A press release by UTI Mutual Fund said here on Friday that February 23 is the record date for dividend payment.

All unit holders registered under the dividend option of UTI-ETSP as on February 23, will be eligible for this dividend.
On February 2, the NAV per unit was Rs27.33 under the growth option and Rs22.73 under the dividend option.
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Federal Bank GDR lists at a premium
Kochi: The Federal Bank GDR, which was listed on the London Stock Exchange on Thursday, is currently trading at a premium. The GDR, each representing an underlying equity share priced at US$3.97, were trading at a premium of 5 per cent into the second day today, at US$4.15.

In the Indian markets, the Federal Bank stock closed lower at Rs174 from Rs176.55 yesterday.

With the inflow from the GDR, the capital adequacy of the bank has increased to 13 per cent. "In the backdrop of the improved capital adequacy, the bank is better prepared to implement Basel II norms," M. Venugopalan, chairman of the bank said.

While several other banks have been entering the market to shore up their capital base and cover their increased credit risk as their credit volumes grow as well as to prepare for the Basel II norms, Federal Bank will not have to enhance its capital base for another two years, Venugopalan said.
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