UTI MF offers overseas fund `Desh Videsh'
Kolkata: UTI Mutual Fund is readying a proposal that may involve State Street Global Advisors (SSgA), its strategic partner which helped it conceive two funds based on Dow Jones indices. The proposed fund, tentatively termed `UTI Desh Videsh', will derive strength from the latest regulations governing overseas allocations by local fund houses.

SSgA, which will act as the advisor in this case, will guide UTI MF to select the international equities that the fund will partly invest in.

The fund would not be based on a particular index, unlike the schemes that the UTI-SSgA combine had mooted earlier, senior UTI MF sources pointed out referring to UTI-SSgA Global Titans 50 Index Fund and UTI-SSgA Global Navigator Fund, derived from the Dow Jones Global Titans 50 Index and Dow Jones Sustainability Index World respectively. The two schemes - mooted in late 2004 - did not come into being.

UTI and SSgA, it may be mentioned, had announced their partnership in May 2004, following which State Street Global Advisors Asia Ltd was appointed as investment advisor.
Back to News Review index page  

Angel Broking to expand in Gujarat
Ahmedabad: Angel Broking has announced plans of expanding operations in Gujarat by opening offices in nine towns and cities of the State. The company will open nine branches in Anand, Nadiad, Gandhinagar, Bapunagar, Shahibaug, Mehsana, Palanpur, Patan and Himmatnagar within the next month, according to the chairman and managing director of the firm Dinesh Thakkar.

The company will facilitate its clients with services including equity trading, e-broking, portfolio management, portfolio advisory, commodity broking, IPO advisory and MF distribution.

Angel Broking, incorporated in 1987, is a member of both the Bombay and National Stock Exchanges and also the two leading commodity exchanges, NCDEX and MCX. It is also registered as a depository participant with CDSL. The group companies Angel Broking and Angel Securities are members of the BSE while Angel Capital and Debt Market is a member of NSE.

The Angel Group has an employee strength of 1,150 and indirectly employs more than 10,000 other people.
Back to News Review index page  

1:1 bonus from Bhagyanagar Metals
Hyderabad: The board of directors of Bhagyanagar Metals has decided to issue bonus shares in the ratio of 1:1 and a dividend of 30 per cent for 2005-06. According to the company's managing director, Narender Surana, the decision was taken based on its performance and future business prospects. The company annual general meeting is slated for August 7.

The company recorded an income of Rs202.80 crore with a net profit of Rs25.96 crore for the financial year ended March 31, 2006, as against income of Rs158.45 crore and a net profit of Rs26.96 crore for the previous year.

The company had earnings per share of Rs7.29. For the quarter ended March 31, 2006, the company recorded income of Rs.61.62 crore (Rs29.63 crore) and a net profit of Rs8.99 crore (Rs7.27 crore).
Back to News Review index page