The quantum of dividend for Franklin India Taxshield will be Rs3 per unit on the face value of Rs10 per unit.
Franklin Templeton Mutual Fund has announced dividend under Franklin India Taxshield, an open ended equity linked savings scheme, the record date for which is fixed as 3 February 2012. The quantum of dividend will be Rs3 per unit on the face value of Rs10 per unit.
The investment objective of Franklin India Tax Shield is to provide medium to long-term growth of capital along with income tax rebate.
With the likely approval from the regulator, Bank of India will re-enter the mutual fund space and join another 41 players in the domestic market space.
Public sector lender Bank of India is hopeful of starting its asset management business next fiscal and currently waiting for regulatory approvals, a top official said. Bank of India (BoI) recently bought 51% stake in the mutual fund business of Bharti Axa, which is a joint venture between telecom company Bharti Enterprises and Axa Investment Managers of France.
"At present, we are waiting for necessary approvals from the regulator. We can't give any time frame but are hopeful of starting our operation in the next fiscal," BoI chairman and managing director Alok Misra said.
BoI had started its mutual fund business in 1990. Of the six schemes launched by the fund, four had been redeemed and two schemes transferred to Tauras Mutual Fund after giving exit option to investors in 2004. With the likely approval from the regulator, the bank will re-enter this space and join another 41 players in the domestic market space. Banks are entering into mutual fund market in the recent time to boost their fee-based income by leveraging their branches for distribution.
At present, there are around eight MFs which are owned fully or partly by banks with overseas partners like Baroda Pioneer Mutual Fund, Canara Robeco Mutual Fund, ICICI Prudential MF, Principal MF of Punjab National Bank, Axis MF, SBI Mutual Fund, and IDBI Mutual Fund among others.
BoI posted a 9.6% rise in its net profit to Rs716.15 crore in the third quarter on an income of Rs8,002.27 crore, which rose 30.85% from Rs 6115.76 crore.
CIL chairman NC Jha said the company will delink the rates from international parity prices and eventually, this will reduce the prices for different grades of coal. He added that the reduction in prices announced today will be with retrospective effect from 1 January 2012 and CIL will review the system after March
New Delhi: Coal India (CIL) today rolled back the hike in prices of coal under its new gross calorific value-based pricing mechanism that came into effect from 1st January in the wake of protests by consumers, reports PTI.
CIL chairman NC Jha said the company will delink the rates from international parity prices and eventually, this will reduce the prices for different grades of coal.
He added that the reduction in prices announced today will be with retrospective effect from 1 January 2012 and CIL will review the system after March.
However, he clarified that GCV-based grading of coal will continue, though anomalies in the pricing structure will get addressed after today’s decision.
Addressing a press conference today, coal minister Sriprakash Jaiswal said, “The GCV (Gross Calorific Value) mechanism will be revenue neutral and assessment (of today’s cut in prices) will be done after March.”
The new pricing policy based on the gross calorific value (GCV) had led to a 5%-12% increase in prices of different grades of coal. Mr Jha said delinking of local prices from global rates would assist in offsetting the projected 12.5% rise in prices.
“The overall price increase that was coming (from the new pricing) was about 12.5%... since there was a huge reaction, we have completely withdrawn that (new) pricing. We have replaced that pricing with the new one,” Mr Jha said.
CIL had shifted to a new pricing mechanism from 1st January. Under this system, prices are linked to the actual calorific value or quality of coal.