ICICI Pru MF floats Regular Gold Savings Fund

ICICI Pru MF new issue closes on 4th October

ICICI Prudential Mutual Fund has launched ICICI Prudential Regular Gold Savings Fund, an open-ended fund of funds-domestic scheme.

The investment objective of the scheme is to generate returns by investing in units of ICICI Prudential Gold Exchange Traded Fund.

The new issue closes on 4th October. The minimum investment amount is Rs5,000.

The scheme' performance will be benchmarked against the domestic price of gold. Chaitanya Pande is the fund manager.

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Credit offtake up 20.5% during 12 months to 9th September

In its first quarterly monetary review in July, the RBI had said that credit growth would be around 17%-18% this fiscal, as against the earlier projection of 19%, while deposit growth has been pegged at 17%

Mumbai: Despite the high interest rate regime, credit offtake from banks grew 20.5% to over Rs42 lakh crore during 12 months to 9th September, indicating strong momentum in the country's economic activity reports PTI.

According to the latest Reserve Bank of India (RBI) data, credit offtake during the period was Rs42.01 lakh crore, as against Rs34.85 lakh crore during 12 months to 10 September 2010.

The year-on-year credit growth had fallen below 19% in mid-July, but has picked up again since August on renewed borrowing.

Meanwhile, deposits went up to over Rs56.76 lakh crore till 9th September this year, as against Rs48.42 lakh crore as on 10 September 2010-clocking a rise of 17.2%.

In its first quarterly monetary review in July, the RBI had said that credit growth is likely to slow down as a result of the recent rate hikes.

The RBI said credit growth would be around 17%-18% this fiscal, as against the earlier projection of 19%, while deposit growth has been pegged at 17%.

During 2010-11, bank credit had increased 21.5%, while deposits grew by only 15.5%.

India Inc has complained that frequent rate hikes have resulted in slowing down investments and industrial growth.

In fact, industrial growth plunged to a 21-month low of 3.3% in July. The country's economic growth was also down 7.7% in the April-June period, the slowest in six quarters.

The RBI has hiked its key rates 12 times since March 2010, to curb inflation which has been above the 9% mark since December last year. It was at 9.78% in August, highest in 13 months.

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GSM operators added only 5.33 million subscribers in August

The slowdown continues; GSM subscriber base stood at 598.77 million at the end of June, and in July, 7.64 million subscribers were added to take the total to 606.41 million

The slowdown in the telecom sector continued last month, with GSM operators adding just about 5.33 million subscribers in August, compared to 7.65 million in the earlier month, reports PTI.

The GSM subscriber base stood at 611.75 million at the end of last month.

For the fourth month in a row, subscriber additions continued to decline. In May, for the first time since October 2009, the subscriber addition was below the 10-million mark when 9.53 million GSM users were added.

In June, the numbers dipped further and only 8.58 million GSM users were added.

The GSM subscriber base stood at 598.77 million at the end of June, and in July 7.64 million subscribers were added to take the total to 606.41 million.

Bharti Airtel, the largest GSM player, added 1.15 million users in August, taking its total subscriber base to 171.84 million, data released by the Cellular Operators Association of India (COAI) showed. It had 28.09% market share at the end of August.

Rival Vodafone Essar, with a 23.56% market share, notched up 1.13 million new subscribers during the month. Its subscriber base reached 144.14 million in August.

Aditya Birla group firm Idea Cellular added 2.33 million users during the month to take its total user base to 98.44 million, while Aircel added 6,02,312 customers to take its subscriber base to 59 million.

State-owned telecom firms BSNL and MTNL added 388,057 and 32,932 new users, respectively, taking their subscriber base to 90.62 million and 5.29 million, respectively.

The COAI data excludes data from Reliance Communications.

GSM (Global System for Mobile Communications) is the most popular standard for mobile telephony systems in the world.

The other technology platform on which Indian telcos offer services is CDMA (Code Division Multiple Access), where players such as Tata Teleservices (TTSL), RCom and MTS are the main operators. The two offer both GSM and CDMA services.

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