Nano will no longer be called poor man's car: Tata

Tata Motors Vice-Chairman Ravi Kant said: "We are maintaining the break-even timeline as far as numbers are concerned, we are on line."

Admitting that Nano has 'wasted an early opportunity' due to teething problems, Tata Group chief Ratan Tata today said Tata Motors will do everything to undo the tag of 'poor man's car'.

In an interaction with media here, Tata, who is also the Chairman of Tata Motors, said: "Many efforts were made to discredit the product. We never pushed it (Nano) as a poor man's car, but as an affordable family car. Whatever stigma is there in the market, we will undo it."

When asked about the problems Nano has faced, like the fire incidents and the recent replacement of starter motors, Tata said the issue was mainly due to various parts coming from different vendors.

"Current upgrade should help resolve the problem... upgrade will resolve issue relating to problematic supply from vendors. Upgrade will also resolve the earlier issues and also take in customer feedback. We will look at variants of models to move up the value chain," he said.

Asked about the break-even timeline for the Nano project, Tata Motors Vice-Chairman Ravi Kant said: "We are maintaining the break-even timeline as far as numbers are concerned, we are on line."

On a query on whether Tatas will go back to West Bengal again, Tata said: "I do not think our position has changed...As and when the hostilities are over and (if) we get an amicable reception, we will think of it."

On Thursday, Tata Motors closed at Rs201.55 per share on the Bombay Stock Exchange, 0.55% up from the previous close.

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Indiabulls Mutual Fund launches Ultra Short Term Fund

Indiabulls Mutual Fund new issue closes on 5th January

Indiabulls Mutual Fund has launched Indiabulls Ultra Short Term Fund, an open-ended income scheme.

The investment objective of the scheme is to provide liquidity with returns commensurate with low risk through a portfolio of money market and debt securities. The tenure of the scheme is XX days.

The new issue closes on 5th January. The minimum investment amount is Rs5,000.

CRISIL Liquid Fund Index is the benchmark index. Raju Sharma and Puneet Srivastava are the fund managers.

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ICICI Pru MF launches Capital Protection Oriented Fund II-Series VI-24 Months

ICICI Pru MF new issue closes on 17th January

ICICI Prudential Mutual Fund has launched ICICI Prudential Capital Protection Oriented Fund II-Series VI-24 Months, a close-ended income scheme.

The investment objective of the scheme is to seek to protect capital by investing a portion of the portfolio in good quality debt securities & money market instruments and also to provide capital appreciation by investing the balance in equity and equity related securities. The securities would mature on or before the maturity of the Plan under the scheme.

The new issue closes on 17th January. The minimum investment amount is Rs5,000.

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