Personal finance Monday

Hyundai to hike prices by up to 2% from Jan; Syndicate Bank hikes deposit rate to 8.5%; Motilal Oswal MF files offer document with SEBI to launch MOSt Shares Midcap ETF; Edelweiss MF revises fund name

Hyundai to hike prices by up to 2% from Jan

Hyundai Motor India Ltd (HMIL) said it will increase the prices of vehicles across models by up to 2% to offset rising input costs.
“We have been absorbing increase in input costs but now we have decided to pass it marginally to customers. From January onwards, there will be an increase in prices of vehicles by 1.5%-2%,” HMIL director sales and marketing Arvind Saxena.
HMIL sells hatchbacks such as Santro, i10 and i20 and sedans Accent, Verna Transform and Sonata Transform along with sports utility vehicle Santa Fe. The price of these vehicles ranges between Rs2.75 lakh and Rs22.95 lakh (ex-showroom Delhi).

Syndicate Bank hikes deposit rate to 8.5%

Syndicate Bank has raised its interest rate on term deposit above Rs1 crore, with maturity period between 3-5 years, by 75 basis points to 8.5%.
However, the interest rate on other maturity slabs is unchanged.
Other lenders like Punjab National Bank, Allahabad Bank, State Bank of Bikaner and Jaipur have also raised their deposit rates on select maturities to attract more resources.

Motilal Oswal MF files offer document with SEBI to launch MOSt Shares Midcap ETF

Motilal Oswal Mutual Fund has filed an offer document with the Securities and Exchange Board of India (SEBI) to launch Motilal Oswal MOSt Shares Midcap ETF, an open-ended index exchange traded fund.
The investment objective of the scheme is to generate return that corresponds generally to the performance of the CNX Midcap Index (underlying index), subject to tracking error. The scheme would invest 95%-100% in securities constituting CNX Midcap Index. It would also invest up to 5% in debt and money market instruments and cash at call.
The scheme offers only growth option. The exit load would be nil. The minimum investment amount is Rs10,000. The minimum target amount is Rs1 crore.
CNX Midcap Index would be the benchmark index. The scheme shall be managed by Rajnish Rastogi.

Edelweiss MF revises fund name


Edelweiss Mutual Fund has revised its scheme name—Edelweiss Short Term Bond Fund. The new name of the scheme is Edelweiss Ultra Short Term Bond Fund. All the other features of the scheme including nature, objective, asset allocation pattern and fundamental attributes shall remain unchanged. The scheme is managed by Kapil Punjabi and is benchmarked against CRISIL Liquid Fund Index.

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