ICICI Pru Mutual Fund floats 487 days fixed maturity plan

ICICI Pru Mutual Fund new issue closes on 6th June

ICICI Prudential Mutual Fund has launched ICICI Prudential Fixed Maturity Plan-Series 55-16 Months Plan B, a close-ended income scheme.

The investment objective of the plan is to generate regular returns by investing in a portfolio of fixed income securities/debt instruments maturing on or before the maturity of the plan under the scheme. The tenor of the plan is 487 days.

The new issue closes on 6th June. 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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Tata AIG Life launches two ULIPs

Tata AIG Life has launched InvestAssure Gold Supreme and InvestAssure Maximizer

Private insurer Tata AIG Life Insurance Company has launched two unit linked products-Tata AIG Life Insurance InvestAssure Gold Supreme and Tata AIG Life Insurance InvestAssure Maximizer.

Tata AIG Life Insurance InvestAssure Gold Supreme a policyholder can avail of life insurance protection for the whole of life as also leave a legacy by paying premiums for 5 or 7 years, the insurer said in a release.

With Tata AIG Life Insurance InvestAssure Maximizer, the policyholder can choose a life cover term ranging from 20 to 40 years by paying premiums for 5 or 7 years.

In addition, it also offers the choice of two life cover options-Premium Life Cover (death benefit is the combination of sum assured and fund value) and Standard Life Cover (death benefit is higher of sum assured or fund value).

Tata AIG Life Insurance InvestAssure Gold Supreme can be purchased by an individual at any age ranging from 4-60 years with a maximum maturity age of 100 years, while Tata AIG Life Insurance InvestAssure Maximizer can be purchased by an individual at any age ranging from 4-55 years with maximum maturity age of 75 years. Tata AIG Life Insurance is a joint venture company, formed by Tata Sons and AIA Group.

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Aurobindo Pharma receives USFDA approval for central nervous system drug

The company now has a total of 136 abbreviated new drug application approvals from the US Food and Drug Administration

Aurobindo Pharma today said that it has received final approval from the US health regulator for launching Donepezil Hydrochloride tablets, a central nervous system (CNS) drug, in the US market.

The company has received approval from the US Food and Drug Administration (USFDA) for Donepezil Hydrochloride tablets in strengths of 5mg and 10mg, Aurobindo Pharma Ltd said in a statement.

“The product has a market size of approximately $2.50 billion for the 12 months ending September, 2010, according to IMS and will be launched soon,” the company said.

Donepezil Hydrochloride tablets are the generic equivalent of the Aricept Tablets developed by Eisai Medical Research Inc, it added.

The tablets are used for the treatment of mild, moderate and severe dementia like Alzheimer’s and fall under the CNS therapeutic segment, it said.

The company now has a total of 136 abbreviated new drug application (ANDA) approvals from the USFDA.

Shares of Aurobindo Pharma were being quoted at Rs178.10 on the Bombay Stock Exchange in late afternoon trade today, up 0.82% from their previous close.

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