New Delhi: Giving reprieve to transporters and other users of the fuel, the government has said it was not the right time to deregulate diesel prices, as inflation continued to be high, reports PTI.
"I don't think it will be a wise or prudent thing to do (deregulate price of diesel) at a time when inflation is running so high," finance secretary Ashok Chawla said at a panel discussion on a popular business news channel.
The government had in June deregulated the prices of petrol but did not take a decision on diesel, which is used by various industries and the transport sector.
Following deregulation, the price of petrol went up by Rs3.50 a litre. Besides, it raised the prices of diesel by Rs2 a litre but did not link it to market price. As regards the cooking fuel, liquefied petroleum gas (LPG) became dearer by Rs35 a cylinder and kerosene by Rs3 a litre.
On inflation, Mr Chawla said it is likely to fall to around 6% within the next few months from the current level of 8.5%. He added, "It's not the case that because you have high growth rate you must have high inflation."
For calculating inflation, from August, the government has come out with a new index, which revealed that the rate of price rise declined by 1.3 percentage points to a 7-month low of 8.5% during that month.
However, data on the old inflation series, which was released along with the new series, showed that the rate of price rise dipped marginally from 10% in July to 9.5% in August.
Mr Chawla said the Indian economy is likely to grow 8.5% this fiscal and it could be little higher next fiscal.
"...With the kind of growth that we are running, the kind of growth that we are seeing in the economy this year, its going to be 8.5%, probably little bit more next year," he said.
New Delhi: The fast growing Indian renewable energy sector is expected to witness increased deal making activities in the coming months, reports PTI quoting global consultancy Deloitte.
"The trend (in deal making activities in the renewable energy sector) will continue going forward. The increased interest is not only a necessity in order to acquire technologies, but has also been on account of attractive valuations after the global financial meltdown," Deloitte India's senior director Kalpana Jain told PTI.
Going by estimates, India had seen as many as 14 deals worth $1.1 billion in the green energy space for the year ended June 2010.
Ms Jain said there is "renewed impetus" in the renewable energy sector, especially in the solar energy segment.
"The solar sector is expected to see an increased participation and collaboration especially in the technology and manufacturing space," she noted.
According to a report by Deloitte, the growing renewable energy industry would supplement the conventional sources of energy such as the oil & gas sector.
"At a time, when the country is seeing supply shortage - current peak power supply deficit at about 12% - the renewable energy sector will complement the conventional sources of energy like petroleum and coal," Ms Jain said.
Even though the renewable energy sector is anticipated to see good investments in the next 12-18 months, the growth trajectory would mainly depend on the extent of global economic recovery, the report said.
IDFC Mutual Fund to float IDFC Savings Scheme-Series I on 15th October; Taurus MF revises exit load under two schemes; Principal MF mergers Principal Resurgent India Equity Fund into Principal Growth Fund; Deutsche MF revises exit load structure under two schemes; Infra BeES gets listed on National Stock Exchange; ING Vysya Bank increases base rate to 7.75%
IDFC Mutual Fund to float IDFC Savings Scheme-Series I on 15th October
IDFC Mutual Fund has launched a new fund called IDFC Savings Scheme-Series I, a close-ended debt scheme with the duration of 36 months. The Scheme shall mature on 7 November 2013. The new fund offer (NFO) price for the Scheme is Rs10 per unit. The new issue will open on 15th October and will close on 29th October.
The Scheme seeks to generate income by investing in high quality fixed income securities as the primary objective and generate capital appreciation by investing in equity and equity related instruments as a secondary objective.
The Scheme offers growth and dividend options. The Scheme will allocate 75% to 100% of assets in debt and money-market instruments with medium risk profile. It would further allocate up to 25% of assets in equity and equity related instruments with high risk profile. Investment in securitised debt would be nil. Investments in foreign securities would be up to 50% of the net assets of the Scheme.Investments in derivatives would be up to 50% of the net assets of the Scheme.
The minimum application amount is Rs5,000. The fund seeks to collect a minimum target amount of Rs1 crore under the Scheme during the NFO period. Entry load and exit load charge will be nil for the Scheme. CRISIL MIP Blended Index is the benchmark index for the Scheme. Ashwin Patni is the fund manager.
Taurus MF revises exit load under two schemes
Taurus Mutual Fund has revised the exit load structure under its two schemes, Taurus Nifty Index Fund and Taurus Bonanza Fund. According to the revision, the exit load for both the Schemes will be nil. Initially, Taurus Nifty Index Fund charged 1% exit load, if the investment was redeemed within 15 days from the date of allotment, while Taurus Bonanza Fund charged 1% exit load, if the investment was redeemed within one year from the date of allotment.
Principal MF mergers Principal Resurgent India Equity Fund into Principal Growth Fund
Principal Mutual Fund has decided to merge Principal Resurgent India Equity Fund into Principal Growth Fund. The dividend and growth option of Principal Resurgent India Equity Fund will be merged into the respective options under Principal Growth Fund. After the merger, the investment objective, asset allocation pattern and all other features of Principal Growth Fund will remain unchanged. Investors, who do not agree with the merger, can redeem their investments till 29th October without any exit load.
Deutsche MF revises exit load structure under two schemes
Deutsche Mutual Fund has revised the exit load structure under its two schemes, DWS Treasury Fund-Cash Plan and DWS Short Maturity Fund. According to the revision, DWS Treasury Fund-Cash Plan will charge 1%, if the investment is redeemed within seven days from the date of allotment, while DWS Short Maturity Fund will charge 1.5%, if the investment is redeemed within 12 months from the date of allotment. The Schemes are benchmarked against CRISIL Liquid Fund Index and CRISIL Short Term Bond Fund Index, respectively.
Infra BeES gets listed on National Stock Exchange
Benchmark Asset Management Company's Infrastructure Benchmark Exchange Traded Scheme (Infra BeES), an index exchange traded fund (ETF) on infrastructure sector, has got listed on the National Stock Exchange. Infra BeES is the first infrastructure sector fund which will mirror CNX Infrastructure Index. The index includes companies engaged in the business of telecom, power, port, air, roads, railways, shipping and other utility services providers.
ING Vysya Bank increases base rate to 7.75%
ING Vysya Bank has increased its base rate by 0.5% per annum from 11th October. The Bank has revised its base rate to 7.75% per annum from 7.25% per annum. The Bank has also revised its interest rates on term deposits of various tenors, effective from 4th October. Base rate is the minimum rate of interest that a bank is allowed to charge its customers. Unless mandated by the government, Reserve Bank of India rule stipulates that no bank can offer loans at a rate lower than base rate to any of its customers.