‘m-Invest’ enables investors who have a registered folio and mobile number with DSP BlackRock Mutual Fund to invest conveniently, using their mobile phone
Mumbai: DSP BlackRock Investment Managers Pvt Ltd has launched 'm-Invest', a facility through which investors can simply send an SMS or make a phone call to purchase or redeem their investments.
'm-Invest' enables investors who have a registered folio and mobile number with DSP BlackRock Mutual Fund to invest conveniently, using their mobile phone.
All they need to do is to register for m-Invest using the Registration-cum-Debit Mandate Form.
After receiving the m-Invest registration confirmation from the AMC, investors can send an SMS to 567672855 or call on 1800 200 4499 (toll-free number) and specify the amount of purchase/redemption.
This amount will be directly transferred from/ into the registered bank account into/from the specified scheme.
The facility will become available from 1 July 2012 for individuals within the country. The AMC plans to extend this facility to other categories of investors such as sole proprietors, NRIs, non-individuals, among others at a later stage.
The German bank has hiked its deposit rates for domestic and NRE depositors in the range of 1.10%-1.40 % for various tenors
Deutsche Bank today hiked its deposit rates for domestic and NRE depositors in the range of 1.10%-1.40 % for various tenors, reports PTI.
For domestic depositors, the German bank will now give 9.25% interest for two to three year tenor deposits against earlier 8%, Deutsche Bank India said in a release here.
Similarly, the bank has increased deposit rates to 9.5% for three to five years tenor for domestic deposits too.
The bank will increase deposit rates in the range of 1.10%-1.40% for various tenors falling in the two to five year period in NRE accounts.
After its dubious CD and DVD business closed down, Moser Baer’s photo voltaic cell business is coming under scanner. Tata Power has complained of poor maintenance support, response and poor standards. Moser will soon have to find a new product and a ‘story’.
Tata Power Delhi Distribution (TPDD) has called for "debarring of Moser Baer Photo Voltaic, for poor performance of solar projects." according to a Hindu Business Line report (http://www.thehindubusinessline.com/companies/article3584112.ece). Tata Power Delhi Distribution (TPDD) is a joint venture between Tata Power Company (51%) and the Delhi government. In a letter sent to the ministry of new renewable energy, TPDD apparently said, "The performance of the solar plants installed by them has not been up to the industry standards." The letter further cited "poor response to client's complaints for rectification of faults" and the "weak operations and maintenance support" as reasons for calling for the blacklisting of the dubious company. Moser Baer Photo Voltaic is part of the Moser Baer group.
Well, this is hardly surprising to us. We had written about Moser Baer several times in the past, most notably recently, when Warburg Pincus exited Moser Baer at a huge loss (Warburg Pincus’ dud investment in Moser Baer: An honest mistake?). Moser Baer's business model has been suspect for over a decade. At the time it was producing CDRs and DVDs, at incredibly low rates, cheaper than even the world class Taiwanese counterparts. This was aided by, of course, borrowings. When you saddle a company, especially in one whose product is essentially a commodity, with lots of debt (and convoluted ideas), its interest costs alone will eat up the profits, leaving little or no room to not only service the debt but also to do any sort of business. And this is exactly what has happened. Moser Baer's performance is in tatters. It has exited from the CD/DVD business.
As oil prices have been high since 2007, Moser Baer cooked up the idea of getting into solar power-with more cash from Warburg. This was also a dubious move. And now, the reality is coming to the surface. Tata Power's letter cites a number of failures, including failure to adhere to contractual timelines leading to "tremendous delay" in commissioning of the projects, poor engineering leading to "faulty design and frequent change in layouts", quality of workmanship and high system losses leading to actual electricity generation being much less than the guaranteed generation. The company is already reeling and the current price reflects the current state of affairs. Currently, the price is Rs9.09, which is down 97%, from the 10 year all time high of Rs336. The markets woke up late in its assessment of a weakly-governed company with a dubious past. But National Stock Exchange has still not woken up. Moser is still in the futures and options segment.
According to the Hindu Business Line, the letter had been copied to as many as 87 people connected to the power industry, including the officials of the ministry of power, ministry of new and renewable energy and the various state electricity regulatory commissions.