Personal finance Tuesday

HDFC Mutual Fund launches HDFC FMP 35D November 2010 (1); Birla Sun Life MF unveils Birla Sun Life Short Term FMP-Series 2; BNP Paribas MF launches BNP Paribas Fixed Term Fund-Series 19 B; ICICI Pru MF unveils ICICI Pru Fixed Maturity Plan-Series 53-1 Year Plan B; HDFC Mutual Fund floats HDFC FMP 100D November 2010 (1)

HDFC Mutual Fund launches HDFC FMP 35D November 2010 (1)

HDFC Mutual Fund has launched HDFC FMP 35D November 2010 (1), a close-ended income scheme.

The investment objective of the plan is to generate income through investments in debt/money-market instruments and government securities maturing on or before the maturity date of the respective plan. The scheme will invest 100% of the assets in debt securities and money-market instruments having low to medium risk profile.

The tenor of the plan is 35 days from the date of allotment. The plan offers growth and dividend options. The exit load for the plan is nil. During the new fund offer (NFO), the units will be offered at face value of Rs10 per unit. The NFO opens on 9th November and closes on 11th November. The minimum investment amount is Rs5,000. The minimum target amount is Rs1 crore.CRISIL Liquid Fund Index is the benchmark index. Bharat Pareek and Miten Lathia are the fund managers.

Birla Sun Life MF unveils Birla Sun Life Short Term FMP-Series 2

Birla Sun Life Mutual Fund has launched Birla Sun Life Short Term FMP-Series 2, a close-ended income scheme.

The scheme seeks to generate income by investing in fixed-income securities maturing on or before the duration of the scheme. The scheme will have duration of 90 days from the date of allotment. The scheme will invest 100% of the assets in debt securities and money-market instruments having low to medium risk profile.

The scheme offers growth and dividend (payout) option. During the new fund offer (NFO), the units will be offered at face value of Rs10 per unit. The NFO opens on 9th November and closes on the same day. The exit load for the scheme is nil. The minimum investment amount is Rs5,000. The minimum target amount is Rs10 crore.CRISIL Short Term Bond Fund Index is the benchmark index. The scheme is managed by Kaustubh Gupta.

BNP Paribas MF launches BNP Paribas Fixed Term Fund-Series 19 B

BNP Paribas Mutual Fund has launched BNP Paribas Fixed Term Fund-Series 19 B, 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. The scheme would invest 100% of its assets in debt and money-market instruments having low to medium risk profile. Maturity date of the scheme would be 370 days from the date of allotment of units. The scheme offers growth and dividend (payout) option. During the new fund offer (NFO), the units will be offered at face value of Rs10 per unit. The NFO closes on 15th November. The exit load on the scheme is nil. The minimum investment amount is Rs5,000.CRISIL Short Term Bond Fund Index is the benchmark index. Alok Singh is the fund manager.

ICICI Pru MF unveils ICICI Pru Fixed Maturity Plan-Series 53-1 Year Plan B

ICICI Prudential Mutual Fund has unveiled ICICI Prudential Fixed Maturity Plan-Series 53-1 Year Plan B, a close-ended income scheme.

The investment objective of the plan is to seek to generate regular returns by investing in fixed-income securities/debt instruments which mature on or before the date of maturity of the plan. The tenure of the plan is 371 days.

The plan offers growth and dividend (payout) option. During the new fund offer (NFO), the units will be offered at face value of Rs10 per unit. The NFO opens on 9th November and closes on 12th November. Since the plan will be listed on the stock exchange, load will not be applicable.The minimum investment amount is Rs5,000.CRISIL Composite Bond Fund Index is the benchmark index. Chaitanya Pande is the fund manager.

HDFC Mutual Fund floats HDFC FMP 100D November 2010 (1)

HDFC Mutual Fund has launched HDFC FMP 100D November 2010 (1), close-ended income scheme. The investment objective of the plan under the scheme is to generate income through investments in debt /money-market instruments and government securities maturing on or before the maturity date of the plan.

The tenor of the scheme is 100 days from the date of allotment. During the new fund offer, the units will be offered at face value of Rs10 per unit. The new issue opens on 9th November and closes on 11th November.

The scheme offers growth and dividend options. The minimum investment amount is Rs5,000.CRISIL Liquid Fund Index is the benchmark index. Bharat Pareek and Miten Lathia are the fund manager.

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Remittance to India, developing nations to rise to $370 bn: WB

Washington: Notwithstanding the recent global financial crisis, remittance flows to developing countries including India is expected to touch $325 billion by the end of this year and is likely to exceed to $370 billion in two years' time, reports PTI quoting a World Bank report.

According to the World Bank's latest Migration and Remittances Factbook 2011, remittance flows to developing countries is expected to reach $325 billion by the end of this year, up from $307 billion in 2009.

Worldwide, remittance flows are expected to reach $440 billion by the end of this year.

"Remittances in 2008 and 2009 became even more of a lifeline to poor countries, given the massive decline in private capital flows sparked by the crisis," Dilip Ratha, manager of the migration and remittance unit at the World Bank said.

Remittance flows to developing countries is expected to cross $370 billion, but this outlook is subject to the risks of a fragile global economic recovery, volatile currency and commodity price movements, and rising anti-immigration sentiment in many destination countries, the report added.

Mr Ratha further added, "High unemployment is prompting many migrant-receiving countries to tighten immigration quotas, which would probably slow the growth of remittance flows. Also uncertain currency movements can have unpredictable effects on remittance flows."

In addition to crisis-related risks, regulations to combat financial crime have become a roadblock to the adoption of new mobile money transfer technologies for cross-border remittances.

"There is urgent need to reassess regulations for remittances through mobile phones and mitigate the operational risks," Mr Ratha said.

As per the report, India, China, Mexico, the Philippines, and France have been top recipient countries in 2010 so far.

According to the Factbook 2011, the top migrant destination country is the United States, followed by Russia, Germany, Saudi Arabia, and Canada.

The top immigration countries relative to population are Qatar (87%), Monaco (72%), the United Arab Emirates (70%), Kuwait (69%) and Andorra (64%).

The report further added that Mexico-United States is expected to be the largest migration corridor in the world this year, followed by Russia-Ukraine, Ukraine-Russia, and Bangladesh-India.

Some developing regions in Europe and Central Asia, Latin America and the Caribbean, the Middle East and North Africa, and Sub-Saharan Africa witnessed larger-than-expected falls in remittances in 2009, while flows to South Asia in 2009 grew more than expected. Those to East Asia and Pacific rose modestly.

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Tea exports up 5% to 143.5 million kg: Tea Board

New Delhi: Tea exports from India increased by 5% during the January-September period of the current year to 143.5 million kg, from 136.6 million kg in the corresponding period last year, reports PTI.

According to Tea Board data, both south and north India bettered their tally to the export kitty to 72.6 million kg and 70.9 million kg, from 71.4 million kg and 65.3 million kg respectively from the year-ago period.

However, the average price for each kg exports dipped to Rs132.4 during the first nine months of the current year, as against to Rs139.34 a year-ago, leading to a fall in the export revenue.

While 136.6 million kg exports during January-September period of last year fetched India Rs1,903.77 crore, it fell to Rs1,899.69 crore during current year's first nine months.

Industry officials said the average price fell as the superior-grade Assam tea was badly damaged during the year due to excessive rain and pest attacks.

India exports CTC (crush-tear-curl) variety of tea mainly to Egypt, Pakistan and the UK and the premium orthodox variety of tea to Iraq, Iran and Russia.

Basudeb Banerjee, who recently relinquished from the post of Tea Board chairman, had earlier said that tea exports from the country could be around 200 million kg this year.

Meanwhile, imports of tea into the country also dipped to 12.96 million kg during the January-August period of current year, from 15.82 million kg in the year-ago period.

India imports tea only to re-export to countries like Iraq and Iran.

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