Axis MF has added 1.56 lakh folios since November 2009 while JPMorgan, ING Investments and HSBC MF have seen their folios dwindling
Equity funds have lost 2.87 lakh investor accounts between November 2009 and May 2010 when the mutual fund (MF) industry witnessed the launch of 10 new equity funds in the same period. Reliance Mutual Fund has lost the most accounts in its equity schemes. Its folios decreased from 63.89 lakh in November 2009 to 61.06 lakh in May 2010, a decline of 2.83 lakh folios. Similarly, L&T MF, Franklin Templeton and Tata MF have seen their aggregate equity folios dropping by 3.27 lakh in the same period.
Folios are numbers designated to the investor accounts. Each investor can have multiple accounts.
The 37 fund houses lost around 2.87 lakh folios in equity schemes from November 2009 to May 2010.
The 30-share Bombay Stock Exchange (BSE) Sensex has remained flat between November 2009-May 2010.
According to the data available on the Association of Mutual Funds in India (AMFI) website, 19 fund houses have lost an average 8% of their folios since November 2009. Axis MF had 491 folios in November 2009, which increased to 1,56,971 folios at the end of May 2010. Among the larger fund houses, HDFC Asset Management Co Ltd, UTI Asset Management Company Ltd and Birla Sun Life Asset Management Co Ltd together added 6.53 lakh investor accounts since November 2009.
Tata Asset Management Ltd, SBI Funds Management Pvt Ltd, Reliance Capital Asset Management Ltd, LIC Mutual Fund Asset Management Co Ltd, ICICI Prudential and Franklin Templeton together lost 5.81 lakh investor accounts in the same period.
The 37 fund houses added just 49,153 folios between November 2009 and May 2010.
The spate of emails warning you about high tides and dangerous monsoon days has begun. Instead of wondering if the warnings are genuine or staying at home in a panic, you can verify whether the information is true by conducting some checks on your own
The monsoon is all set to hit Mumbai in the next 18 hours and the spate of emails warning of bad rain days has already begun. Ever since the killer deluge of 26 July 2005, emails warning of high-tide days or heavy rain days have become an annual feature. Non governmental organisations (NGOs), concerned citizens and disaster management services send out emails that are occasionally accurate, but more often than not, create needless panic.
How do you decide whether to heed these warnings and stay home or ignore them and risk trouble? Moneylife decided to check the authenticity of the first such email this season and discovered that we can access accurate information ourselves.
In Mumbai, the popular logic is that high tides cause flooding because seawater enters the storm-water drains. After the cloudburst in July 2005, high tides that occur during the day are flagged off as those that are most likely to cause widespread water-logging and chaos. The disaster control management cell of the Municipal Corporation of Greater Mumbai (MCGM) corroborates this.
According to the MCGM, a high tide of more than 4.5 metres above sea level, coupled with very heavy rains, is likely to cause hardships to citizens as the seawater will enter storm-water drains, leading to flooding in low-lying areas of the city.
The MCGM receives information on high tides from the Mumbai Port Trust (MbPT), in Colaba, south Mumbai. The table (based on the information that MCGM has received) indicates the high-tide periods during the monsoon months.The table also provides all the helplines, which will give you the latest updates closer to the actual dates when there is a high-tide warning.
Over the past couple of years, MCGM has been informing people about high tides through mass public service SMSs. It also informs the media so that they can alert people.
The disaster management control cell has two separate helplines, one for rainfall disaster and another for civic complaints. Sources from the cell also said that any data being broadcast has to be verified by the MCGM commissioner. The MCGM has various regional departments to collect the weather-related data, which is then circulated to the India Meteorological Department (IMD). The IMD may circulate the same data to other organisations.
In the future, this data may be available on the government's websites, too. But as of now, most of the data is a compilation made to help sailors.
So the next time you see a warning flash, check with the different agencies and only then form your opinion, instead of blindly trusting these organisations or sources.
Vadodara-based engineering company Jyoti Ltd is poised for a rapid growth following the remarkable turnaround that it has shown in the last couple of years. The company undertook a major financial restructuring programme and has emerged successfully wiping out all its accumulated losses and is well on the way for registering substantial growth.
In the last five years, the company has grown substantially at compounded rate of 28% in sales and has clocked net sales of Rs291.10 crore for financial year 2010. The net profit for FY10 was Rs8.07 crore, which is considerably higher by 74% as compared to previous year.
The company is now targeting a turnover of Rs400 crore in FY11; Rs520 crore in FY12 and Rs650 crore in FY13, with commensurate increase in net profit. It is confident of achieving these targets on account of the extremely healthy order book position which currently stands at Rs1,023 crore.
On Friday, Jyoti’s shares ended 2.39% up at Rs77 on the Bombay Stock Exchange, while the benchmark Sensex closed 0.84% up at 17,064.