Bajaj Allianz launches new unit-linked plan
Mumbai: Bajaj Allianz Life Insurance has launched a new unit-linked product called `UnitGain Plus SP' plan which offers four active funds: The Equity Index Fund II, tracks the NIFTY Index; Equity Growth Fund invests in select stocks for high capital appreciation; Bond Fund ensures steady income by investing in G-Secs and bonds; Liquid Fund plays the money market. The plan allows for three free policy switches in a year, a company press release said.
Back to News Review index page  

Crisil's ranks MFs
Mumbai: According to the Crisil Risk Adjusted Return Ranking (Crisil-RRR) of mutual fund schemes in October, Sundaram BNP Paribas Select Midcap-Growth has topped the category of equity-diversified schemes.

The second spot is occupied by UTI Infrastructure Fund-Dividend followed by HDFC Growth Fund-Growth at third place.

The benchmark for the Diversified Equity Funds category, Crisil Fund-eX, generated returns of 48.20 per cent for the year ended October 31, 2006.

In the Income Funds category, Birla Income Plus Plan B-Growth is at the top, followed by Reliance Income Fund-Growth and Birla Sun Life Income Fund-Growth.

In the Debt Short-Term category, Reliance Short Term Fund-Growth continued to top the charts, followed by Kotak Bond Short Term Plan-Growth and Tata Short Term Bond Fund-Growth.

The Crisil STBEX, the benchmark for short-term income funds, generated returns of 4.96 per cent for the year ended October 31, 2006.

The benchmark for Balanced Fund category, the Crisil Fund-bX, generated returns of 39.07 per cent for the year ended October 2006. FT India Balanced Fund-Growth moved up eight notches to top slot, followed Sundaram BNP Paribas Balanced Fund-Growth; DSP Merrill Lynch Balanced Fund-Growth moved three notches to third spot.

The Crisil-RRR for October 2006 covered 12 asset classes and 274 schemes, representing 55 per cent of the assets managed by domestic funds.

It measures the return performance of the schemes over the period of analysis, adjusted for the risks they took to get those returns.
Back to News Review index page  

Relistings
Triton Corp
ITES and BPO company in Gurgaon Triton Corp, has resumed trading after an amalgamation (three group outfits with it) and completion of the capital reduction process. The company has been off-transactions since August 28 on the BSE.

Opening at Rs 20, the counter closed at Rs 28.55 against the last closing price of Rs 15.80. It saw a day's high, which turned to be its year-high too, at Rs 40.60. Some 16.05 lakh shares changed hands on the BSE.

GTL Infra
GT Infrastructure (GIL) got relisted on the BSE and NSE on Thursday. GIL has been created by de-merging GTL's shared multiple telecom operator infrastructure services.

The stock opening at Rs 38, witnessed a peak of Rs 60 on the BSE before finishing at Rs 43.70, logging a volume of 2.51 crore shares.
Back to News Review index page  

Pantaloon Industries to de-list
Mumbai: Pantaloon Industries plans to de-list the company from BSE and is holding an extra ordinary general meeting on November 28, to seek shareholders approval for de-listing its shares, a notice to the stock exchange said.

This decision is subsequent to Manz Retail and PFH Entertainment's (part of the promoter group) decision to acquire public shareholding in Pantaloon.

Engaged in textiles and weaving business, the company has floated 23,82,800 fully paid-up equity shares of Rs10 each, aggregating to about 40 per cent of the total paid-up capital. Shares of Pantaloon were traded at Rs379.80, up Rs6.80 or 1.82 per cent, on the BSE on Wednesday.
Back to News Review index page  

Sebi considers amending norms of MF trusteeship
Mumbai: The Securities and Exchange Board of India (Sebi) is considering amending regulations so that a trustee of a mutual fund (MF) is debarred from holding trusteeship in other MFs.

Sebi also proposes to bar a director on the board of an asset management company (AMC) from holding board membership of other mutual funds.

Sebi said trustees were the first line of regulators of mutual funds and due diligence was the primary responsibility of the trustees.

The regulations require two-thirds of the trustees to be independent persons. In this context, the role of independent trustees in the oversight of mutual fund is greater than that of associate trustees, Sebi said.

Trustees are privy to information pertaining to the conduct of the business by the AMC. The role of independent trustees is crucial to avoid conflicts of interests in a mutual fund, the discussion paper said.
Back to News Review index page  

Gold funds get clearance
Mumbai: The Securities and Exchange Board of India (Sebi) has amended its Custodian of Securities Act that enables custodians of the proposed Gold Exchange Traded Funds (GETFs) to outsource the safekeeping of bullion to outside agencies.

The amendment in the Act would pave the way for the launch of GETFs in the country.

Allowing the custodians to outsource the safe custody of gold in GETFs, Sebi, however, said the custodians would remain responsible to its client (mutual funds) for safekeeping of the gold kept with other person, including any associated risks.

It also said that all books, documents and other records relating to the gold so kept with the other person shall be maintained in the premises of the custodian or if they are not so maintained, they shall be made available therein, if so required by the board.
Back to News Review index page  

Gujarat NRE plans rights issue
Ahmedabad: Gujarat NRE Mineral Resources (GNMRL) is planning a rights issue to part finance the cost of acquisition, future development and exploration of oil and gas blocks it acquired in the Canning Basin, Western Australia, through its wholly-owned subsidiary NRE Resources Pty Ltd.

The cost of the project is Rs40 crore, to be wholly financed by issue of equity shares of GNMRL on rights basis to the existing shareholders of the company.

The proceeds from the proposed rights issue will be utilised for the acquisition and development of the oil and gas foray, acquired by the company's Australian subsidiary from Rey Resources Ltd, and also for other future prospects and similar acquisitions.

The company would issue up to a maximum of two million equity shares. Rights entitlement will be 5,000 equity shares for every shareholder as on the record date of October 27, 2006. The issue price per equity share of Re 1 each will be at a premium of Re 1 per share.

After the issue, the outstanding equity shares will stand at 59, 98,46,000. The applicant will have to make 100 per cent payment on application. The minimum application will be for 5,000 equity shares, thereafter in multiples of 1,000 equity shares.
Back to News Review index page