Birla Sun Life MF launches Gold Fund

Birla Sun Life Gold Fund new fund offer closes 15 March 2012.

Birla Sun Life Mutual Fund has launched Birla Sun Life Gold Fund, an open-ended scheme.

The investment objective of the scheme is to provide returns that tracks returns provided by Birla Sun Life Gold ETF (BSL Gold ETF). It is a domestic fund of funds.

The new fund offer closes on 15 March 2012. The minimum investment amount is Rs5000.

The Scheme's performance will be benchmarked against the domestic price of physical gold. Satyabrata Mohanty is the designated fund manager of the scheme.

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IRDA appoints M Rama Prasad as Health Insurance Forum Chairman

IRDA has said that the Forum was necessary for effective dialogue between service providers (hospitals), the insurance companies, TPAs, and the consumers in general.

Insurance regulator IRDA announced the appointment of M Rama Prasad as chairman of newly-formed Health Insurance Forum that would eventually become a self-regulatory organisation to help promote health insurance. The Health Insurance Forum, as it is called, would help in evolving policies and processes for the health insurance sector. M Rama Prasad is a member (Non-life) of the Insurance Regulatory and Development Authority (IRDA), according to a notification issued.

The forum will have 32 members, including CEOs of health insurance companies, life insurers, third party administrators (TPAs), officials from labour and health ministries and representatives of health service providers. The forum, IRDA has said, would act as a consultative agency between insurance companies and other stakeholders. It would also assist IRDA in collecting data for efficient conduct of health insurance business in the country. It added that if the members failed to attend two consecutive meetings, they would be substituted.

IRDA has said that the Forum was necessary for effective dialogue between service providers (hospitals), the insurance companies, TPAs, and the consumers in general.

This Forum would help form a consultative role in order to enable the evolution of a regulatory structure to take care of the growing needs of the sector. The Forum would meet at least twice a year and the members of would be in office for a period of two years.

Last year from 1 October 2011, IRDA had allowed portability of health insurance schemes, thereby allowing customers to change insurers without losing policy benefits.

Besides three standalone health insurers, Star Health & Allied Insurance, Apollo Munich and Max Bupa, a number of other players including National Insurance Company, United India and Oriental Insurance and ICICI Lombard are also active in this field.

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Tata Motors sales increases 19% to 92,119

Tata Motors’ sales from exports at 5,415 vehicles in February 2012 are higher by 20% compared to 4,504 vehicles in February last year.

Tata Motors’ total sales (including exports) of Tata commercial and passenger vehicles in February 2012 were 92,119 vehicles, higher by 19% over February 2011. The company’s domestic sales of Tata commercial and passenger vehicles for February 2012 were 86,704 units, higher by 19% over 73,039 units, sold in February last year. Cumulative sales (including exports) for the company for the fiscal are 806,354 units, a growth of 12% over 719,976 units, sold last year.

The company’s sales of commercial vehicles in February 2012 in the domestic market were 51,872 units, a 26% growth, compared to 41,130 vehicles, sold in February last year. LCV sales were 32,540 units, a growth of 38%, compared to 23,498 vehicles sold in February, last year. M&HCV sales stood at 19,332 units, a growth of 10%, compared to 17,632 vehicles sold in February, last year.

Cumulative sales of commercial vehicles in the domestic market for the fiscal are 471,917 units, a growth of 19% over last year. Cumulative LCV sales are 286,880 units, a growth of 26% over last year, while M&HCV sales stood at 185,037 units, a growth of 10% over last year.

The passenger vehicles business reported a total sale and distribution offtake of 36,536 units (34,832 Tata + 1,704 Fiat) in the domestic market in February 2012, higher by 8%, compared to 33,751 units (31,909 Tata + 1,842 Fiat) in February last year. Sales of Tata passenger vehicles for February 2012 are at 34,832 units, a growth of 9% over 31,909 units, sold in February last year. Sales of the Tata Nano were 9,217 units, higher by 12%, compared to 8,262 units, sold in February, last year. The Indica range sales were 10,424 units, higher by 4%, over 10,044 units, sold in February, last year. The Indigo range recorded sales of 8,595 units, lower by 4%, over 8,966 units, sold in February, last year. The Sumo/ Safari/ Aria/ Venture range accounted for sales of 6,596 units, a growth of 42%, over 4,637 units, sold in February, last year.  

In the late afternoon, Tata Motors was trading at around Rs268 per share on the Bombay Stock Exchange, 1.03% down from the previous close.

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