Bodal Chemicals Ltd has set up a new manufacturing plant for sulphuric acid at an investment of Rs62 crore at Padra in Vadodara.
The trial runs for the facility have been conducted successfully and commercial production will begin on 25 July 2010. This dedicated sulphuric acid plant will have a production capacity of 450 TPD (tonnes per day), it said in a regulatory filing.
On Tuesday, the company shares closed 4.5% up at Rs39 on the Bombay Stock Exchange, while the Sensex ended at 0.3% up at 17,985 points.
IDFC Mutual Fund has filed a draft offer document with SEBI to launch ‘IDFC India Consumption Fund’. The performance of such existing funds has been drab
The lifestyle of the Indian middle class may be undergoing a rapid upward shift and consumer products companies like Dabur and Godrej may be making tonnes of money, with a corresponding impact on their stock prices but mutual funds (MFs) dedicated to these sectors have not been able to take much advantage of it. Four mutual funds, which were launched exclusively to cash in on such themes, have all underperformed their respective benchmarks. Following the footsteps of such funds, IDFC Mutual Fund has filed its draft offer document with market watchdog Securities and Exchange Board of India (SEBI) to launch its open-ended 'IDFC India Consumption Fund'. The scheme is benchmarked against the BSE 200 Index and will invest 65% in equity and 35% in debt. The fund will invest in companies which benefit directly from rising income levels and associated domestic growth in India. IDFC Mutual Fund has a bouquet of 11 equity funds.
Currently there are seven schemes that are focused on the consumption theme. These are ICICI Prudential FMCG, Franklin FMCG Fund, Kotak Lifestyle Fund, Birla Sun Life GenNext Fund, HSBC Progressive Themes fund, UTI India Lifestyle Fund and Birla Sun Life Buy India Fund.
The IDFC scheme aims to generate capital appreciation by investing in a diversified portfolio of equity and equity-related securities, which are likely to benefit by increasing consumption demand in India. The fund will have exposure to sectors like auto, household goods, transportation and travel services, consumer technology, telecom, food, personal care, fashion accessories, restaurants, housing, leisure, entertainment and media.
Out of the seven existing consumption funds, four have underperformed their respective benchmarks. These include funds which are dedicated to FMCG as well. Among these, UTI India Lifestyle Fund, Kotak Lifestyle Fund and HSBC Progressive Themes Fund have yielded the least returns. The benchmark returns of ICICI Prudential FMCG and Franklin FMCG Fund are not available in the public domain. The funds launched in the year 1999 have posted an NAV return of 18% and 17%, respectively.
HSBC Progressive Themes Fund has disappointed the most. The fund, launched in February 2006, has yielded returns of 6% while its benchmark has posted 13.99% returns since the fund's inception. UTI India Lifestyle Fund and Kotak Lifestyle Fund also have not been able to keep up with their benchmarks. The former, launched in August 2007, has posted NAV returns of 4% while its benchmark showed 9% returns since launch. The latter, launched in March 2006, has yielded 6% returns when its benchmark has given 11.34% returns. Both these schemes are benchmarked against the CNX 500.
Mumbai-based communication, trading and distribution company Rose Merc Ltd said it appointed Dhani Rain Sharma and Ravindra Pokharna as directors of the company.
On Tuesday, the company shares closed 13% higher at Rs2.45 on the Bombay Stock Exchange, while the Sensex ended at 0.3% up at 17,985 points.