Personal finance Monday

DWS Investments launches 15 months scheme; Axis MF floats Fixed Term Plan-Series 11 (371 days); BNP Paribas MF unveils Fixed Term Fund-Series 20 A

DWS Investments launches 15 months scheme

DWS Investments has launched DWS Fixed Term Fund Series 78-a 15-month close-ended debt fund.

The fund is a fixed maturity plan offering investors the benefit of indexation to get tax efficient returns, relatively low interest rate sensitivity and low credit risk. The new issue opens for subscription on 4th January and closes on 17th January. The objective of this close-ended debt fund is to generate regular income by investing in debt securities and money market instruments maturing on or before the maturity of the fund.

DWS Fixed Term Fund Series 78 would be listed on the National Stock Exchange (NSE). The investments would be locked in for the scheme's tenure; however, the units held in dematerialised form can be traded on the stock exchange(s).

No exit load will be applicable. An investor can start investing with a minimum of Rs5,000. Under the scheme, growth and dividend (payout) options are available. The asset allocation pattern for the fund is 100% investment in domestic debt instruments including government securities, money market instruments and securitised debt.

CRISIL Short Term Bond Index is the benchmark index. Kumaresh Ramakrishnan is the fund manager.

Axis MF floats Fixed Term Plan-Series 11 (371 days)

Axis Mutual Fund has launched Axis Fixed Term Plan-Series 11 (371 days), a close-ended income scheme.

The plan(s) of the scheme will endeavour to generate returns through a portfolio of debt & money market instruments that are maturing on or before the maturity of the respective plan(s).

The new issue opens on 3rd January and closes on 12th January. The minimum application amount is Rs5,000. Benchmark index for the scheme is CRISIL Short Term Bond Fund Index. The fund managers of the scheme will be Ninad Deshpande and Sivakumar.

BNP Paribas MF unveils Fixed Term Fund-Series 20 A

BNP Paribas Mutual Fund has launched BNP Paribas Fixed Term Fund-Series 20 A, a close-ended income scheme.

The investment objective of the scheme would be to achieve growth of capital through investments made in a basket of fixed income securities maturing on or before the maturity of the scheme.

The new issue opens on 3rd January and closes on 11th January. The minimum application amount is Rs5,000.

Benchmark index for the scheme is CRISIL Short Term Bond Fund Index. The fund managers of the scheme will be Alok Singh.

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Open sales of Tata Nano extended across India

Tata Motors Ltd has announced open sales of the Tata Nano in all the remaining states of India. The car was thus far freely available in 12 states. Customers across the country, who are desirous of driving home a Tata Nano but had not booked the car during 2009, will now be able to purchase a Tata Nano from the company's 874 sales outlets in India.  

The Tata Nano comes with a four-year/60,000km (whichever is earlier) manufacturer's warranty, at no extra cost. In addition, customers have the option to avail of a comprehensive maintenance contract at only Rs99 per month. This contract will help take care of running maintenance of the car.
Tata Motors Finance (TMF), which provides finance for all Tata Motors vehicles, has launched a special Tata Nano finance scheme, under which a customer can get up to 90% loan with select documents in just 48 hours. Besides, Tata Motors has tied up with 28 banks and NBFCs to offer customers loans for purchasing the Tata Nano at attractive rates of interest.

Customer satisfaction studies with current Tata Nano owners indicate that over 80% are satisfied or very satisfied with the car, because of it being small yet spacious, its performance, maneuverability, durability, mileage and safety.

Besides its dealership showrooms, the company is setting up Special Nano Access Points for customers in the hinterlands to experience, test-drive or test-ride the car.

On Monday, Tata Motors ended 0.01% up at Rs1,306.45 on the Bombay Stock Exchange, while the benchmark Sensex gained 0.25% to 20,561 points.

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Lupin settles ongoing litigation with Sunovion over generic of Lunesta

Pharma company Lupin Ltd said that the company along with its subsidiary, Lupin Pharmaceuticals, Inc has settled all ongoing litigation over Lunesta (Eszopiclone) tablets, thereby dismissing a patent suit brought by the drug's manufacturer Dainippon Sumitomo Pharma Co, Ltd's subsidiary Sunovion Pharmaceuticals Inc.

The settlement entitles Lupin to sell its generic version of Lunesta under a license as soon as 30 November 2013 (two and a half months prior to the expiry of United States Patent 6,444,673). The date would be pushed back to 31 May 2014, if Sunovion obtains six months additional pediatric exclusivity for the product. Sales of Lunesta were $787 million in the 12 months ended September 2010.

On Monday, Lupin ended 1.31% up at Rs486.75 on the Bombay Stock Exchange, while the benchmark Sensex gained 0.25% to 20,561 points.

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