Axis MF floats Capital Protection Oriented Fund-Series 1

Axis Mutual Fund new issue closes on 21st November

Axis Mutual Fund has launched Axis Capital Protection Oriented Fund-Series 1, a close-ended income scheme.

The scheme will endeavour to protect the capital by investing in a portfolio of debt & money market instruments that are maturing on or before the maturity of the scheme. The scheme also aims to provide capital appreciation through exposure in equity & equity related instruments.

The new issue closes on 21st November. The minimum investment amount is Rs5,000. Crisil MIP Blended Index is the benchmark index. R Sivakumar is the fund manager.

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Decline in customs, excise pulls down October indirect tax mop-up

The total indirect tax collection during October declined by 2.5% to Rs30,278 crore from Rs31,058 crore in the corresponding month last fiscal. The decline in the indirect tax collection would have been much sharper but for the 18.4% growth in realisation from service tax

New Delhi: Reflecting signs of slowdown, the indirect tax collections during October declined by 2.5% mainly on account of drop in realisation from customs and central excise during the month, reports PTI.

Collections from customs dropped by as much as 11.6% in October to Rs11,357 crore from Rs12,849 crore in the same month last fiscal, finance ministry sources said.

In case of central excise, collection during October was Rs10,527 crore, down 5.3% from Rs11,120 crore in the same period last fiscal.

The decline in the total indirect tax collection would have been much sharper but for the 18.4% growth in realisation from service tax.

The service tax collection during the month rose to Rs8,394 crore from Rs7,089 crore in October 2010.

The total indirect tax collection during October declined by 2.5% to Rs30,278 crore from Rs31,058 crore in the corresponding month last fiscal.

However, as far as April-October period is concerned, the indirect tax collection showed an increase of 17.8% to Rs2.01 lakh crore from Rs1.70 lakh crore during the corresponding period in the last financial year.

The increase during the first seven months of the current fiscal was on account of higher collections from customs, central excise and service tax which rose by 16.6%, 10.6% and 33.6% respectively.

During April-October customs collection was Rs86,156 crore (up from Rs73,895 crore during corresponding period of last fiscal), central excise Rs69,511 crore (Rs62,838 crore) and service tax Rs45,391 crore (Rs33,977 crore).

The decline in indirect tax collection during the later part of the financial year can be attributed to poor performance of the industrial sector and also the decision of the government to reduce duties on petroleum goods to partly offset the impact of price hike on consumers.

Industrial production during April-August moderated to 5.6% from 8.7% during the corresponding period in 2010-11.

The government in June had reduced customs and excise duties on petroleum goods sacrificing revenues to the tune of Rs49,000 crore during the fiscal.

For the current fiscal, the government targets an 18% year-on-year increase in indirect tax collection at Rs3.98 lakh crore.

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Food inflation can be tamed via innovative biz: KPMG

A few companies have converted the supply-demand challenges impacting food prices into an opportunity through the innovation path, a KPMG said, adding that their business models have helped address bottlenecks to some extent

New Delhi: Food inflation, which remains remarkably high at over 12%, could be tamed through innovative agriculture business models, reports PTI quoting a KPMG report.

The report—Taming Food Inflation Through Innovative Agri-business Models—highlighted that reduction in farm investment, lack of infrastructure, lower productivity, sub-optimal technology usage and failed policy focus are some of the key factors contributing to food inflation.

“Despite a good monsoon and increased production in FY10-11, food inflation in India remains remarkably high.

Inflation in food products has been either a direct or an indirect consequence of various factors on both the demand and supply side,” the report noted.

However, a few companies have converted the supply-demand challenges impacting food prices into an opportunity through the innovation path, it said, adding that their business models have helped address bottlenecks to some extent.

“It may be useful to apply learnings from such case studies to the broader market context leading to an effective and efficient food value chain,” said the report, which was released at the ninth Knowledge Millennium Summit here today.

Citing some of the innovative business-models, the report said that in the absence of growth in public investment in agriculture and allied sectors, Coimbatore-based Suguna Poultry Farms solved the problem of funding in poultry sector by introducing 15,000 rural entrepreneurs across 10 states.

Bangalore-based Snowman Frozen Foods, a pioneer in storage and transportation of perishables in the country, is addressing growing complexity in the cold storage management through technology interventions, it said.

“The consistent deficiency in investments has led to infrastructure bottlenecks and inefficiencies across the food value chain. The lack of processing, absence of storage facilities lead to wastage of approximately 35 of fruits and vegetables,” the report observed.

To address the low productivity of land resources, as many as “19 Indian agricultural companies have gone international in their search for land to create ultra-large scale farms”, the report said.

Jalgaon-based Jain Irrigation is promoting an affordable small-scale irrigation system with high efficiency of water usage to address the issue of scarcity of water and irrigation facilities in the country, it said.

Gujarat-based N-Mart is attempting to solve the fragmented supply chain leading to price build up through network based sales, the report added.

Agri-business is a $450 billion opportunity in India, the report said, adding that a developed sector can be a strong link between the farm sector and consumers.

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COMMENTS

Anil Agashe

5 years ago

Its a know fact that has been ignored consistently. Farmers are also to be blamed for not accepting scientific new methods of increasing the yield. Increase in MSP every year without demand in increasing yield is a disinsentive. Let govt invest more in agri infra. Let pvt co do that and give them incentives for this.

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