Personal finance Monday

BNP Paribas MF floats BNP Paribas Fixed Term Fund-Series 19 A; IDFC Mutual Fund unveils IDFC Fixed Maturity Plan-Monthly Series 27; Fortis MF is now BNP Paribas MF; Videocon Mobile Services launches special tariff recharge at Rs17; SBI Card offers Bonus Pe Flying Bonus Offer

BNP Paribas MF floats BNP Paribas Fixed Term Fund-Series 19 A

BNP Paribas Mutual Fund has launched BNP Paribas Fixed Term Fund-Series 19 A, a close-ended income scheme. The investment objective of the scheme would be to achieve growth of capital through investments made in fixed-income securities maturing on or before the maturity of the scheme.
During the new fund offer (NFO), the units will be offered at face value of Rs10 per unit. The scheme opens on 25th October and closes on 26th October. The exit load for the scheme is nil. The minimum investment amount is Rs5,000.

IDFC Mutual Fund unveils IDFC Fixed Maturity Plan-Monthly Series 27

IDFC Mutual Fund has launched IDFC Fixed Maturity Plan-Monthly Series 27, a close-ended income scheme. The investment objective is to generate income by investing in debt and money-market instruments maturing on or before the maturity of the scheme. The scheme will invest in 100% in debt and money-market instrument having low to medium risk.
The scheme offers growth and dividend option. During the new fund offer (NFO), the units will be offered at face value of Rs10 per unit. The scheme opens on 25th October and closes on the same day. The exit load for the scheme is nil. The minimum investment amount is Rs10,000. The minimum target amount is Rs1 crore.
CRISIL Composite Bond Fund Index is the benchmark index.

Fortis MF is now BNP Paribas MF

Subsequent to a global restructuring of Fortis group, Fortis Investment Management is now a part of BNP Paribas Mutual Fund.
There has been an indirect change in the control of Fortis Investment Management (India) Pvt Ltd and Fortis Trustee (India) Pvt Ltd. Consequent to this change, Fortis Mutual Fund has been renamed as BNP Paribas Mutual Fund, the asset management company has been renamed as BNP Paribas Asset Management India Pvt Ltd and the trustee company has been renamed as BNP Paribas Trustee India Pvt Ltd.

Videocon Mobile Services launches special tariff recharge at Rs17

Videocon Mobile Services has launched a new tariff options for local and STD callings for the customers of Mumbai telecom circle.
The operator launched a new special tariff voucher (STV) worth Rs17. This new special tariff recharge provides local and STD callings at 25 paisa/minute to its prepaid subscribers
The tariff voucher comes with the validity of 30 days wherein all local and STD calls to any network will be charged at 25p/min.

SBI Card offers Bonus Pe Flying Bonus Offer

SBI Card has launched an offer called "Bonus Pe Flying Bonus Offer" for both its existing as well as new cardholders. The festive offer is valid till 15th November.
According to the offer, cardholders can avail double reward points and up to two Kingfisher Airlines tickets on purchases above Rs2,500. One will be credited with double bonus rewards points on every purchase above Rs2,500 made on his SBI Card.
The credit card company has also launched up to 17% cash back offer on rail packages and hotel bookings with IRCTC. SBI Card has also introduced 30% cash back offer on airline bookings done through Ezeego1.com.
In addition, with the gifting season round the corner, SBI Cardholders can buy electronics and lifestyle products at a 0% EMI (equated monthly installment) option with special offers on brands like Sony, Vimal, Reliance Jewellery, Aircel, Jet Airways, etc, said a spokesperson from SBI Card.
Besides this, SBI Card also offers special discounts on bookings done through Yatra and Kingfisher Holidays, he added.

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Inflation to moderate to 6% by Dec end: Plan Panel


New Delhi: The Planning Commission today exuded confidence that inflation would moderate to 6% by December end from over 8% currently, mainly on account of good farm output, reports PTI.

The agriculture sector growth output during 2010-11, according to Planning Commission member (agriculture) Abhijit Sen, is expected to be about 7%, the highest in the Eleventh Plan.

"The Wholesale Price Index (WPI) inflation would come down to 6% by December. Food inflation would also come down to 6% level by December," Mr Sen said when asked about the impact of good Kharif this year on WPI and food inflation.

Food inflation declined by 0.84 percentage points to 15.53% for the week ended 9th October due softening of vegetable prices.

The overall WPI inflation for September rose to 8.62%, from 8.5% in the previous month.

"The farm growth would be good this year because of (favourable) weather (conditions). It will be certainly over 5%. It would be at least 6% and it could be over 7%," Mr Sen said on the sidelines of an 'Evaluation Conclave 2010'.
"The (farm growth) estimates are on the basis of good Kharif crop...we don't know about the Rabi crop," he added.

The farm growth is significant in the backdrop of high food prices in the country. The performance of the farm sector was dismal in the previous fiscal as the growth was just 0.2% against the annual average target of 4% in the 11th Plan (2007-12), on account of widespread drought.

In the first year of the 11th Plan, the farm growth was 4.7% which slowed down to 1.6% in 2008-09.

The annual average farm growth target of 4% for the 10th Plan (2002-07) was also not achieved as it remained 2.13%.

The deceleration in agriculture growth which began in the Ninth Plan (1997-02) period is a major area of concern as half of country's population derives greater part of their income from agriculture.

The annual average farm growth which was 4.72% in the Eighth Plan (1992-97), slowed down to 2.44% in the Ninth Plan and further to 2.13% in 10th Plan period.

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Rising imports in September leaves big trade gap

New Delhi: India's exports shot up by 23.2% year-on-year to $18.02 billion in September this fiscal, while faster import expansion increased concerns over the widening trade gap, reports PTI.

Imports for September grew by annual 26.1% to $27.14 billion, commerce secretary Rahul Khullar said here today.

For the first half of the fiscal 2010-11, exports stood at $103.30 billion, an increase of 27.6%.

Cumulative imports for this period went up to $166.5 billion, leaving a large trade gap of $63.2 billion.

The trade deficit for September alone was $9.12 billion, the secretary said.

The government has been monitoring the trade deficit, commerce and industry minister Anand Sharma said on Saturday.

Mr Khullar attributed increase in exports to a "very strong" low base of comparison last fiscal, when the global trade was hit by economic slowdown worldwide.

He said September was the "first month in which exports were higher than (for a month) 2008-09".

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