Axis MF floats 367 days plan

Axis Mutual Fund’s new issue closes on 8th February

Axis Mutual Fund has launched Axis Fixed Term Plan-Series 12 (367 days), a close-ended income scheme.

The plan(s) of the scheme will endeavour to generate returns through a portfolio of debt & money market instruments that are maturing on or before the maturity of the respective plan(s).

The new issue opens on 3rd February and closes on 8th February. The minimum investment amount is Rs5,000.

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Bharti AXA Life Insurance launches five new products

Bharti AXA Life Insurance launches two new ULIPs and three traditional plans

Bharti AXA Life Insurance has launched five new life insurance products-Bright Stars Edge, Future Champs, True Wealth, Family Income Secure and Aajeevan Anand.

The new child plans, regular income plans and traditional plans together provide a powerful suite of products catering to the needs of various segments of the customer base. The ULIP schemes are Bright Stars Edge and True Wealth, while Future Champs, Family Income Secure and Aajeevan Anand are traditional plans.

Bharti AXA Life Insurance is a joint venture between Bharti Enterprises and AXA, world leader in financial protection and wealth management. The joint venture company has a 74% stake from Bharti Enterprises and 26% stake of AXA Asia Pacific Holdings Ltd (APH).

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Ambuja Cements net profit up 4% in 2010

The company said that margins might remain under pressure in short-term because of imbalance in demand-supply scenario

New Delhi: Ambuja Cements today reported a 4% increase in its consolidated net profit to Rs1,262.97 crore for the calendar year 2010 compared to Rs1,216.84 crore 2009. The rise in net profit was helped by higher production and sales of the key construction material, reports PTI.

The net sales rose by 4.4% to Rs7,390.21 in 2010 as against Rs7,076.87 crore in the previous year.

Ambuja Cements, which is controlled by Swiss Cement major Holcim, also announced a final dividend of equity shares at the rate of Rs1.4 per share. "With the interim dividend of Rs1.2 per share paid during the year, the total dividend for the year 2010 works out to Rs2.60 per share".

The company's cement production for the calendar year 2010 went up by 6.9% to 20.1 million tonnes compared to 18.8 million tonnes in 2009.

Domestic cement sales increased by 8% to 19.5 million tonnes from 18 million tonnes during the period under review. However, exports declined to 5,00,000 tonnes from 7,50,000 tonnes.

Ambuja Cements said that during the last calendar year the company's annual cement capacity increased to 25 million tonnes.

"This will increase further in 2011 to approximately 27 million tonnes, following completion of additional grinding capacity at the Bhatapara (Chhattisgarh) and Maratha (Maharashtra) plants," the statement said.

On the outlook, the company said that margins might remain under pressure in short-term because of imbalance in demand-supply scenario.

"The cement demand-supply imbalance is set to continue for some time and we could therefore see periodic market and price instability. Equally, the upward trend in input costs currently show no sign of abatement. Consequently, in the short-term, margins may remain under pressure," it said.

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