Birla Sun Life MF unveils Fixed Term Plan–Series CO

Birla Sun Life Mutual Fund’s new issue closes on 8th February

Birla Sun Life Mutual Fund has launched Birla Sun Life Fixed Term Plan-Series CO, a close-ended income scheme.

The scheme seeks to generate income by investing in a portfolio of fixed income securities maturing on or before the duration of the scheme.

The minimum investment amount is Rs5,000. The new issue opens on 7th February and closes on 8th February.

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Gujarat NRE Coke Q3 net down 27% to Rs21 crore

The company's operating profit margin fell by nearly half to 12% in the reporting quarter from 22.02% in the year-ago period

Mumbai: Coking coal producer Gujarat NRE Coke today reported a 27.11% dip in net profit to Rs21.05 crore for the quarter ended 31 December 2010 compared to Rs28.88 crore for the October-December quarter of the previous fiscal, reports PTI.

However, the company's total income jumped 40% to Rs438.84 crore in the third quarter from Rs 312.47 crore in the year-ago period, Gujarat NRE Coke said in a filing to the Bombay Stock Exchange.

The company's operating profit margin fell by nearly half to 12% in the reporting quarter from 22.02% in the year-ago period.

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8.6% for current fiscal satisfactory: Finance minister

In the July-September quarter this fiscal, the Current Account Deficit (CAD) surged by 72% to $15.8 billion, compared to $9.2 billion in the same period last year due to higher imports

New Delhi: Finance minister Pranab Mukherjee today said the 8.6% economic growth estimated for the current fiscal was satisfactory in the wake of the rising inflation and trade imbalances, reports PTI.

"An 8.6% is quite encouraging despite all these difficulties. Now the other issue is inflation, trade balance… These are to be addressed," Mr Mukherjee told reporters here.

The minister said despite challenges "it is quite encouraging that it (gross domestic product or GDP) is not deteriorating."

The Central Statistical Organisation (CSO) today estimated economic growth for the current financial year at 8.6%, as against 8% a year ago.

"All along I was maintaining, it should be around 8.5% plus. 8.6% is accepted. My concern is also about the inflation and trade balance," he added.

The 8.9% growth in the first half of the current fiscal notwithstanding, the government is battling high inflation, particularly food inflation.

The overall inflation has remained above the comfort zone of 5%-6% for over a year now.

In December, inflation shot up to 8.43%, from 7.48% in the previous month. Food inflation is ruling at 17.05% for the week ended 22nd January.

The Reserve Bank of India (RBI) in its quarterly monetary policy review last month upped the March-end inflation projection to 7%, from 5.5%.

In the July-September quarter this fiscal, the Current Account Deficit (CAD) surged by 72% to $15.8 billion, compared to $9.2 billion in the same period last year due to higher imports.

The country's CAD, representing the difference in inflows and outflows of foreign exchange, barring capital movements, stood at 2.9% of the GDP last fiscal.

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