Patel Engineering Q1 net profit up to Rs40 crore

Patel Engineering Ltd reported a net profit of Rs40 crore for the quarter ended 30 June 2010 as compared to Rs36.3 crore a year ago.

In the June 2010 quarter, its net sales increased to Rs702.3 crore from Rs643 crore.

On Friday, Patel Engineering shares closed 0.5% up to Rs412 on the Bombay Stock Exchange, while the benchmark Sensex ended 0.5% up to 18,167 points.
 

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Subex, IBM India wins multi-million dollar deal from Idea Cellular

Subex Ltd, a provider of operations and business support systems for communications service providers, along with key partner IBM India Pvt Ltd, won a multi-million dollar contract from Idea Cellular Ltd.

Subex and IBM will implement Subex's ROC for interconnect billing for the telecom major. The solution will be implemented through IBM, who is Idea's strategic IT outsourcing partner.

On Friday, Subex shares gained 0.6% to Rs55 on the Bombay Stock Exchange, while the benchmark Sensex ended 0.5% up to 18,167 points.
 

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Personal finance Friday

Kotak MF declares dividend under Kotak Quarterly Interval Plan Series 3

Kotak Mutual Fund has announced the declaration of dividend under the dividend option of Kotak Quarterly Interval Plan Series 3. The record date is 17 August 2010. The quantum of declaration will be 100% of distributable surplus as available under the plan(s) on the record date. Kotak Quarterly Interval Plan Series 3 is an open end debt scheme. The net asset value (NAV) of the Kotak Quarterly Interval Plan Series 3 stood at 10.1006 on 12 August 2010.

ICICI Pru MF declares dividend under ICICI Pru Medium Term Premium Plus-DH

ICICI Prudential Mutual Fund has announced the declaration of dividend under the dividend option of ICICI Prudential Medium Term Premium Plus-DH (Dividend Half Yearly). The record date is 17 August 2010. The quantum of declaration will be 3.151%. ICICI Prudential Medium Term Premium Plus-DH is an open end debt scheme. The net asset value (NAV) of the ICICI Prudential Medium Term Premium Plus-DH stood at 10.3184 on 12 August 2010.

SHCIL starts new service to serve mutual fund investors

Stock Holding Corporation of India Ltd (SHCIL) has started a new service, which provides the benefits of the secondary market to mutual fund investors in buying and selling units. It provides an opportunity for subscription and redemption of mutual fund units through the BSE STAR Platform in demat mode. SHCIL has started this service through its subsidiary SHCIL Services Ltd. According to the regulatory norms, clients who want to use the new service will have to execute necessary KYC (know your customer) documents and have a demat account. SHCIL, a depository participant (DP), offers demat and custodial services and third party distribution of financial products. Investors opting for the new facility will receive a unified statement for their holdings and transactions in various mutual funds along with all other demat securities such as shares, debentures, bonds etc.

IDFC Mutual Fund files offer document with SEBI to launch IDFC Retirement Fund

IDFC Mutual Fund has filed an offer document with the Securities Exchange Board of India (SEBI) to launch IDFC Retirement Fund, an open ended fund of fund scheme. The new fund offer (NFO) will offer units of Rs10 each. The investment objective of the scheme is to generate returns by making investments in different mutual fund schemes. The scheme will be a fund of fund scheme that can invest in a mix of equity, debt and liquid funds. The scheme will offer five plans-Plan 2015, Plan 2020, Plan 2025, Plan 2030 and Plan 2035. The scheme will have two investment options-growth and dividend. The dividend option includes dividend pay-out and dividend re-investment. The entry load shall be nil. However, a 1.5% exit load of the net asset value (NAV) shall be applicable if investors redeem or switch out such investments in two years from the date of subscription. The minimum subscription amount for all plans is Rs5,000 and in multiples of Re1 thereafter.

Reliance MF files offer document with SEBI to launch Reliance Interval Fund II- Fortnightly

Reliance Mutual Fund has filed an offer document with the Securities and Exchange Board of India (SEBI) to launch Reliance Interval Fund II- Fortnightly. The fund is a debt oriented interval scheme. The new fund offer (NFO) will offer units of Rs 10 each. The investment objective of the scheme is to seek to generate regular returns and growth of capital by investing in central and state government securities and other fixed income/debt securities. The scheme is available in two options-growth and dividend. The dividend option includes two sub-options-dividend payout and dividend reinvestment. The entry and exit load for the scheme shall be nil. The minimum subscription amount for the scheme is Rs5,000 and in multiples of Re1 thereafter.
 

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