ICICI Pru MF launches 2 years fixed maturity plan

ICICI Pru MF new issue closes on 2nd September

ICICI Prudential Mutual Fund has launched ICICI Prudential Fixed Maturity Plan-Series 58-2 Year Plan D, a close-ended income scheme.

The investment objective of the scheme is to generate regular returns by investing in a portfolio of fixed income securities/debt instruments maturing on or before the maturity of the plans under the scheme. The tenure of the scheme is two years.

The new issue closes on 2nd September. The minimum investment amount is Rs5,000.

Crisil Composite Bond Fund Index is the benchmark index. Chaitanya Pande is the fund manager.

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FM expresses concern over rising food inflation

"It is bad news that inflation has increased," finance minister Pranab Mukherjee said, adding: "As I have always maintained, weekly inflation figures are variant. We should make an assessment on the basis of a relatively longer period"

New Delhi: Finance minister Pranab Mukherjee today expressed concern over rising food inflation, saying it is perilously near double digits, reports PTI.

"It is bad news that inflation has increased. Weekly inflation from 6th to 13th August has gone up... I am more concerned about food inflation, which is perilously near double digits, from 9.03% to 9.80%," said finance minister Pranab Mukherjee.

The finance minister, however, maintained that the weekly inflation figures are variant and an assessment should be made on the basis of a relatively longer period.

"As I have always maintained, weekly inflation figures are variant. We should make an assessment on the basis of a relatively longer period," Mr Mukherjee said outside Parliament.

Mr Mukherjee said primary articles recorded 12.40% inflation for the week ended 13th August, up from 11.64% in the previous week.

Inflation in non-food articles, which include fibres, oil seeds and minerals, stood at 17.80% for the week ended 13th August, compared to 16.07% in the previous week.

Citing the reasons for the rise, Mr Mukherjee said this is mainly because of non-food primary articles. "It is mainly because of the rise in prices of flowers, raisins and series of rapeseeds like groundnut seed, mustard seed, and sun flower seed."

Meanwhile, fuel and power inflation stood stable at 13.13% for the week ended 13th August, the same as in the week ended 6th August.

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