IRB Infrastructure Developers Ltd said its subsidiary signed an agreement with Indian Hotels Company Ltd (IHC) for operating and maintaining its hotel in Kolhapur. No financial details were provided.
According to agreement, IRB's unit Aryan Hospitality Pvt Ltd will set up a Gateway Hotel at Kolhapur in Maharashtra, which would be operated and maintained by IHC.
The proposed hotel will have 100 to 125 guest rooms along with other modern recreation and leisure facilities. The proposed hotel will be constructed within three years, IRB said in a regulatory filing.
On Thursday, IRB Infra shares shed 1.7% to Rs283 on Bombay Stock Exchange, while the benchmark Sensex closed 0.2% up at 18,238 points.
Pipe manufacturer Welspun Corp Ltd said it won orders worth Rs700 crore from domestic and international markets.
The company is likely to execute the new orders of about 120,000 tonnes in the current financial year, Welspun said in a filing to Bombay Stock Exchange (BSE).
The current order book of the company stands at Rs5,700 crore, including the current quarter orders, the filing added.
On Thursday, Welspun shares ended 3.2% higher at Rs246 on BSE, while the benchmark Sensex closed 0.2% up at 18,238 points.
HDFC Mutual Fund, Franklin Templeton and Birla Sun Life Mutual Fund’s AAUM up by Rs5,550 crore, Rs4,684 crore and Rs2,685 crore respectively while LIC Mutual Fund and Deutsche Mutual Fund emerge as major losers
The 41 mutual fund (MF) houses saw their average assets under management (AAUM) increase by Rs21,992 crore in August, up 3% compared to July 2010, according to data released by the Association of Mutual Funds in India (AMFI).
A majority of the funds launched in August belonged to the close-ended debt category and fixed maturity plans (FMPs), which invest in bonds, government securities, and money market instruments. As many as 88 funds were launched, out of which DSP BlackRock Micro Cap Fund was the only close-ended equity fund. IDFC Capital Protection Oriented Fund - Series III was another close-ended hybrid scheme whose new fund offer (NFO) closed on 11 August 2010. The scheme invests in fixed income securities and equity. Reliance Mutual Fund launched its 'Reliance Small Cap Fund' on 26 August 2010, which closes for subscription on 9 September 2010.
ICICI Prudential Mutual Fund's corpus increased marginally by Rs53 crore at Rs68,768 crore in August. Among the heavyweights of the industry, Reliance Mutual Fund saw its AAUM enlarging by 2% at Rs1.05 lakh crore compared to Rs1.02 lakh crore in July, UTI Mutual Fund added 3% to its corpus, which pushed up its AAUM to Rs64,172 crore in August. Tata Mutual Fund's AAUM bulged by 11% at Rs20,109 crore compared to Rs18,171 crore in July.
LIC Mutual Fund was the major loser. Its AAUM dropped by a whopping Rs3,534 crore, down 14% at Rs20,891 crore compared to Rs24,424 crore in July. Deutsche Mutual Fund also saw its AAUM dropping by 22% at Rs7,809 crore in August from Rs10,027 crore in July. Kotak Mahindra Mutual Fund, too, saw its corpus dipping by Rs894 crore in August.
Meanwhile, the BSE Sensex sank 1% in August from 18,081.21 at the start of the month to 17,971.12 as on 31 August 2010.
The data for category-wise funds is not yet available on the AMFI website. In July, the industry saw Rs3,694 crore combined net outflow from equity, balanced, equity linked saving schemes (ELSS), and fund of fund schemes, which invest in overseas funds.