IDBI MF considering introduction of more equity products

“We want to introduce more equity products," IDBI Asset Management Company executive director B Sarath Sarma told reporters.

Asset management company IDBI Mutual Fund is mulling over the introduction of more equity products in the coming months, a senior official said.

"Presently, the equity markets are doing well... We want to introduce more equity products...," IDBI Asset Management Company Executive Director B Sarath Sarma told reporters.

He said the company wanted to give more options to customers since the equity market was doing well and that was the reason for their proposal to introduce more products in the equity market. "We want to give more choice to our customers and distributors...," he said.

On the company's financials, he said it had Rs6,100 crore of assets as of 31 December 2011, compared to Rs2,000 crore in the previous year.

Sarma and senior officials were here to launch their new product, IDBI Dynamic Bond Fund, which opened for subscription on 31 January 2012. It will invest in a portfolio comprising debt instruments such as government securities, public sector undertakings, corporate bonds and money market instruments.

"This is a retail product. We look forward to better our earlier NFOs (New Fund Offers) and this becomes the flagship brand of IDBI," he said. The scheme closes on 14 February 2012 and will reopen for sale and repurchase on 23 February 2012.

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Rs1,000 notes to be issued non-sequentially: RBI

‘The packets of Rs1,000 banknotes in non-sequential number will have hundred notes:’ RBI

The Reserve Bank said it will soon start issuing banknotes of Rs1,000 denomination in non-sequential numbering.

The packets of banknotes in non-sequential number will have hundred notes, the apex bank said in a statement. In June last year, RBI had started issuing Rs500 denomination notes in non-sequential numbering.

"It has now been decided to issue banknotes of Rs1,000 denomination also on similar lines," the statement said.

The bands of the packets containing the banknotes in non-sequential number will be superscribed with the words 'the packet contains 100 notes not numbered sequentially'.

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Hexaware PAT for the year 2011 stood at Rs267 crore

Hexaware’s annual revenue from operations in the year 2011 increased to Rs1,450.5 crore, up 37.5% from Rs1,054.6 crore in the previous year

Hexaware Technologies Limited, a leading global provider of IT, BPO and consulting services has reported strong performance for the year 2011. Profit after tax increased to Rs267 crore for the year 2011; up 148% from Rs107.6 crore in the year 2010.

Hexaware Board has recommended final dividend of Rs1.50 per share (75%). Total dividend for 2011 is Rs4.00 per share (200%) on double the equity share capital post 1:1 issue of bonus shares in 2011 as against Rs3.00 per share (150%) for 2010.

Hexaware’s annual revenue from operations increased to Rs1,450.5 crore, up 37.5% from Rs1,054.6 crore in previous year.

Hexaware is a zero-debt company as of December 2011, Cash & cash equivalents improved to Rs460 crore.

Global headcount of Hexaware has increased to 8,317 at the end of December 2011. 1,806 employees have been added during the year 2011. Attrition has declined sequentially to 13.9%.

The company has invested Rs63.3 crore towards capital expenditure for physical infrastructure mainly in Chennai SEZ campus and for technical/ IT infrastructure.

In the early afternoon, Hexaware Technologies was trading at around Rs97.55 per share on the Bombay Stock Exchange, 11.04% up from the previous close.

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