The new scheme has an investment strategy of investing in top 20-25 ideas among the blue chips listed on the New York Stock Exchange and Nasdaq
Mumbai: ICICI Prudential AMC on Tuesday launched its first equity fund scheme that will directly invest in blue-chip companies in the US named 'ICICI Prudential US Bluechip Equity Fund', reports PTI.
The new fund has an investment strategy of investing in top 20-25 ideas among the blue chips listed on the New York Stock Exchange and Nasdaq.
"This new fund will invest in those companies with minimum $4 billion of market capitalisation with distinct competitive advantage," ICICI Prudential AMC vice-president and product and communication head Himanshu Pandya told reporters.
He also said companies in healthcare and medicine along with technology is on the radar of the fund house.
The new fund offer will stay open for subscription till 2 July 2012 in which retail investors can invest through systemic investment plan (SIP) with a minimum application amount of Rs5,000.
As per the fund house, the current US market reflects political stability, strong corporate governance, sound financial accounting and fewer challenges in comparison to other markets which will help in diversifying the portfolio of investors through this investment.
On the currency-based risks involved in this product, Pandya said this will be evened out in the long-term.
The company has also entered into a three-year exclusive arrangement with research house Morning Star which will provide it with research inputs regarding the US market, he added.
ICICI Prudential, which is a joint venture between ICICI Bank and the England-based Prudential, is one of the largest fund houses with an investor base of around 2 million.
According to the findings of a study, Mumbai is the most expensive city in India at Rs13,017 per night for an individual tourist which includes an accommodation, pre-meal drink, dinner and taxi ride
Chennai: Mumbai continues to be the most expensive city in India closely followed by Delhi and Chennai in terms of night charges in hotels, according to a study conducted by TripIndex of leading online travel portal, TripAdvisor, reports PTI.
According to the findings, Mumbai is the most expensive city in India at Rs13,017 per night for an individual tourist which includes an accommodation, pre-meal drink, dinner and taxi ride, said TripAdvisor (India) country manager Nikhil Ganju.
According to him, the same fare at Delhi costs Rs12,978 while in Chennai it stood at Rs12,530.
With a difference of less than Rs160, cost of a night in Delhi compares to a night in Cape Town, while a night in Chennai and Kolkata works out as much as in Macau (China) and Warsaw (Poland), respectively, he told reporters.
The TripIndex helps travellers to decide on their preferred destination with a quick and useful reference, he said.
Observing that investments of $40 million is spent on online portals, he said only 16% of it was spent on travel websites.
“There is enough headroom for us (to make additional revenues). Through these initiatives, people will find it easier to decide on their destination...,” he said.
The findings also revealed that taxis fare in Chennai is the most expensive at Rs201 for a journey, while the same is Rs100 in Pune.
Besides, he said that South India leads as the most expensive region on average cost of Rs8,537.5 (per day) closely followed by West at Rs8,186.16, East Rs6,344.75 and Rs5,335.22 in the northern region, the study said.
Hotel room prices are also higher in South India at Rs6,567.63 followed by West at Rs6,109.67, East Rs4,774.2 and North at Rs4,169, the study said.
Consumers in the US can use the WesternUnion.com website to send money to family and friends in India using their bank accounts without incurring a transfer fee
Mumbai: Global payment service provider Western Union announced a money-saving option for people in the US who want to send money online to their relatives in India, reports PTI.
Consumers in the US can use the WesternUnion.com website to send money to family and friends in India using their bank accounts without incurring a transfer fee, Western Union said in a release issued here.
“Our consumers want convenience and WesternUnion.com helps deliver on this need, because people can do business with us anytime, day or night,” Western Union's senior vice president and general manager digital Khalid Fellahi said.
Western Union is offering a no transfer fee option for a limited period, as part of its promotional scheme.