This is the first instance in this calendar year till date that any mutual fund has mobilised more than Rs1,000 crore in a single working day
Mumbai: Indiabulls Mutual Fund (Indiabulls MF) has garnered Rs1,107 crore through its maiden fund launch of ‘Indiabulls Liquid Fund’. Indiabulls MF is sponsored by Indiabulls Financial Services Limited (IFSL).
This is the first instance in this calendar year till date that any mutual fund has mobilised more than Rs1,000 crore in a single working day.
The new fund offer (NFO) opened for subscription on Monday 24th October and closed the same day. The scheme will re-open for ongoing purchase and sale from 28th October 2011 at Net Asset Value (NAV) based prices. Indiabulls Liquid Fund is benchmarked against ‘Crisil Liquid Fund Index’.
Indiabulls Mutual Fund has a net worth of Rs4,661 crore with an asset book of over Rs27,000 crore and has presence in over 87 cities and towns with a network of 170 branches.
In the current 2011-12 marketing year starting this month, the sugar production is pegged at 260 lakh tonnes based on the ISMA’s projection and 246 lakh tonnes as per the food ministry’s estimates
New Delhi: The Indian Sugar Mills Association (ISMA) has urged the government to immediately allow exports of at least 20 lakh tonnes of the sweetener to improve their cash flows for making payment to cane farmers, reports PTI.
Top ISMA officials met food minister KV Thomas last week and made a presentation on the overall scenario of the sector.
In the presentation that touched upon export strategy, ethanol pricing and reforms in the sector, ISMA pointed out that cash flow situation is ‘very tight’ in both private and co-operative mills and therefore “large export window was needed at the start of the (2011-12) season”.
During 2010-11 marketing year ended last month, the government had allowed exports of 15 lakh tonnes of sugar under Open General Licence (OGL) in three equal tranches.
“Export of over 40 lakh tonnes is required (in the current 2011-12 marketing year). At least 20 lakh tonnes OGL export permission is required immediately... small tranches of exports will not help this time,” the presentation said.
ISMA has even proposed to the government that additional exports could be allowed subject to a condition that mills would have to import similar quantities in case of shortages.
The industry body has noted that maximum cash would be required between November 2011 and March 2012 as during this period 90% of sugarcane are being crushed and mills need fund to make payments to cane farmers.
India, the world’s second largest sugar producer after Brazil, resumed exports of sweetener from last marketing year after the country’s sugar output exceeded the annual domestic demand after a gap of two years.
Sugar production rose to 243 lakh tonnes in 2010-11 marketing year from nearly 190 lakh tonnes in the previous year. The annual domestic demand is 215 lakh tonnes.
In the current 2011-12 marketing year starting this month, the sugar production is pegged at 260 lakh tonnes based on the ISMA’s projection and 246 lakh tonnes as per the food ministry’s estimates.
“At government estimates of sugar production of 246 lakh tonnes, there is still surplus of 33 lakh tonnes,” ISMA said, while making a case for allowing immediate exports.
Six of these parks would come up in Maharashtra, four in Rajasthan, two each in Tamil Nadu and Andhra Pradesh, one each in Uttar Pradesh, Gujarat, Tripura, Himachal Pradesh, Karnataka, Jammu & Kashmir and West Bengal
New Delhi: The government on Thursday said it has sanctioned setting up 21 of integrated textile industrial parks with world class infrastructure in nine states involving a total development cost of Rs2,100 crore, reports PTI.
The new textile parks, to be set up under public-private partnership, would attract an overall industry investment of over Rs9,000 crore generating employment of four lakh workers, according to an official statement issued here.
The scheme for the integrated textiles parks would be implemented within 36 months, it said, adding the government would finance common infrastructure with a subsidy of up to Rs40 crore for each of the textiles enclaves.
Six of these parks would come up in Maharashtra, four in Rajasthan, two each in Tamil Nadu and Andhra Pradesh, one each in Uttar Pradesh, Gujarat, Tripura, Himachal Pradesh, Karnataka, Jammu & Kashmir and West Bengal.
Commerce and industry minister Anand Sharma, who also holds the additional charge of the textiles ministry, approved the sanctioning of the parks.
He cleared the proposals as chairman of the project approval committee, which examined 55 cases in all.
“The sanction of new textiles parks would catalyse significant additional investments with industry utilising the benefits both under the scheme for integrated textiles parks and under the Technology Upgradation Funds Scheme (TUFS),” the statement said.
The government has enhanced the allocation under TUFS from Rs8,000 crore to Rs15,404 crore under the 11th Plan. The product mix in these parks would include apparels, hosiery, silk, processing, technical textiles, carpet and powerloom.
The government would invite bids for the lead investors heading the Special Purpose Vehicles for implementing the projects, the statement said.