Maharashtra, Andhra Pradesh stand highest use of debit cards: RBI survey

The survey also found that the use of cards for shopping was more among the youth

According to a survey conducted by the Reserve Bank of India (RBI), women they use their debit cards less frequently. Women prefer to use credit cards for shopping to avail themselves of the 45-day credit period. However, when there is a need of hard cash to meet day to day needs, it is men who swipe their debit cards at ATMs.

The survey also found that the use of cards for shopping was more among the youth; the use of debit cards for shopping was the highest in Maharashtra and Andhra Pradesh. Further, debit cards were mainly used for withdrawing cash or shopping purposes and the use of these cards for bills payment/ticket purchase was still low. The survey covered 600 ATMs distributed proportionately over metro, urban, semi-urban and rural regions, constituting 1% of the total number of 60,000 ATMs in the country.

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Motilal Oswal AMC launches India’s 1st fund to provide access to 10 year benchmark G-sec

MOSt 10 Year Gilt Fund is an open ended fund structure with two plans: dividend & growth

Motilal Oswal Asset Management Company Ltd has launched Motilal Oswal MOSt 10 Year Gilt Fund, an open ended gilt scheme. MOSt 10 Year Gilt Fund is India’s first fund to open access to the 10 year G-sec for retail investors by investing 90%-100% of the corpus in 10 year G-secs only.

MOSt 10 Year Gilt Fund proposes to invest in the 10 year benchmark G-sec (currently 8.79% 2021 G-sec) with no discretion with fund manager on maturity, and (2) Emulate the risk and returns on the 10 year benchmark G-sec.

MOSt 10 Year Gilt Fund will primarily invest in 10 year benchmark government security: 90%-100%; other government securities (7 to 12 years), T-bills, cash management bills, CBLO and repo: 0-10%. The fund would also invest maximum amount in the 10 year benchmark G-sec as it is highly liquid paper in the entire G-sec market. It also helps to align the performance of the fund with the 10 year benchmark G-sec.

MOSt 10 Year Gilt Fund, is an open ended fund structure with two plans: dividend & growth. The new fund offer (NFO) will be open for subscription from 21st November 2011 to 5th December 2011. The minimum subscription amount is Rs10,000 and additional investment of Rs1,000. The total expense ratio is 0.99% (proposed). The fund manager of the scheme is Abhiroop Mukherjee.

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Hexaware Technologies signs contract worth $250 million

Under this contract, Hexaware is expected to ramp the team up to 800 personnel operating under dedicated global delivery centers

Hexaware Technologies, a leading global provider of IT, BPO and consulting services, has announced today that the company has signed a contract estimated at $250 million, with an existing client headquartered in United Kingdom for an additional five years starting 1 January 2012.

This engagement has been structured to enable Hexaware to offer its services to   newer geographies spanning across America, Europe and Asia Pacific. The additional revenues from this engagement will begin to accrue from the first quarter of 2012. This contract is expected to improve offshore ratio over the term of the contract.

Under this contract, Hexaware is expected to ramp the team up to 800 personnel operating under dedicated global delivery centers. It is envisaged that Hexaware will offer information technology (IT) services from its centers in Chennai, Mumbai, Pune and Mexico.

In the late afternoon, Hexaware was trading at around Rs85.40 per share on the Bombay Stock Exchange, 1.27% down from the previous close.

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