Fidelity MF unveils 94 days plan; Tata MF introduces 371 days scheme; A2Z Maintenance and Engineering opens IPO on 8th December; NSPOT starts SMS-based trading facility; DWS Investments launches Fixed Term Fund Series 77; Dhanlaxmi Bank launches mobile banking
Fidelity MF unveils 94 days plan
Fidelity Mutual Fund has launched Fidelity Fixed Maturity Plan Series IV-Plan D, a close-ended income scheme.
The investment objective of the Plan D is to generate reasonable returns and reduce interest rate volatility primarily through investment in money market and short to mid term debt instruments having maturity, on or before the date of maturity of a plan.
The tenure of Plan D shall be 94 days from the date of allotment. The new issue closes on 9th December. The exit load is nil. The minimum investment amount is Rs5,000.
The plan is benchmarked against CRISIL Liquid Fund Index. The plan will be managed by Shriram Ramanathan and Mahesh Chhabria.
Tata MF introduces 371 days scheme
Tata Mutual Fund has launched Tata Fixed Maturity Fund Series 29 Scheme B, a close-ended income scheme.
The investment objective of the scheme is to generate income and/or capital appreciation by investing in debt and money market instruments having maturity in line with the maturity of the scheme.
The tenor of the Scheme B is 371 days. The scheme offers growth and dividend (payout) options. The exit load is nil. The new issue opens on 7th December and closes on 9th December.
The minimum investment amount is Rs10,000. The minimum target amount is Rs20 crore.
CRISIL Short Term Bond Fund Index is the benchmark index. The scheme will be managed by Murthy Nagarajan.
A2Z Maintenance and Engineering opens IPO on 8th December
A2Z Maintenance and Engineering will launch its initial public offering (IPO) on 8th December. The company is planning to raise about Rs860 crore through the issue.
An engineering, procurement and construction company, A2Z Maintenance and Engineering provides services to the power transmission and distribution sector with focus primarily on the distribution segment.
The issue comprises a fresh issue of equity shares aggregating Rs675 crore and an offer for sale of 45.5 lakh shares by the selling shareholders. The price band for the issue has been fixed at Rs400-Rs410 a share. The issue closes on 10th December.
Proceeds from the issue will be used to invest in a biomass-based power generation project as well as for capital expenditure and repayment of a loan granted by L&T Infrastructure Finance Company.
The qualified institutional bidders have been allotted 50% of the shares, retail 30% and HNI 10%.
The book running lead managers to the issue are IDFC Capital, DSP Merrill Lynch, Enam Securities, ICICI Securities and SBI Capital Markets. The co-book running lead manager is Yes Bank.
NSPOT starts SMS-based trading facility
NCDEX Spot Exchange (NSPOT) has started mobile message based trading facility for all the traders registered with it.
“Owing to immense interest shown by the market participants to participate on the NSPOT platform for physical deliveries, we have decided to launch the SMS trading facility,” head of NSPOT Rajesh Sinha said.
After initiation of this service, traders can now get all online NSPOT market information and live updates about their contract on their mobile sets through short messaging service (SMS), the exchange said.
NSPOT is one of the leading pan India electronic bourses with active contracts in Maharashtra, Rajasthan, Karnataka, Madhya Pradesh, Gujarat and Kerala.
DWS Investments launches Fixed Term Fund Series 77
DWS Investments, the retail mutual fund arm of the Deutsche Bank Group; has launched DWS Fixed Term Fund Series 77–A 370 days close-ended debt fund.
The DWS Fixed Term Fund Series 77, 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 asset allocation pattern for the DWS Fixed Term Fund Series 77 is 100% investment in domestic debt instruments including government securities, money market instruments and securitised debt.
The new issue opens on 10 December 2010 and closes on 13 December 2010. The objective of this fund is to generate regular income by investing in debt securities and money market instruments maturing on or before the maturity of the fund. The fund has CRISIL Short Term Bond Index as the Benchmark Index for performance.
No exit load will be applicable for DWS Fixed Term Fund Series 77. The minimum investment amount is Rs5,000. Under the scheme, two investment options are available for investors–growth and dividend (payout). The scheme will be managed by Avnish Jain.
Dhanlaxmi Bank launches mobile banking
Dhanlaxmi Bank has launched its mobile banking service. The new mobile banking service will provide customers the ability to check account balances, transfer funds and view transaction history. Customers can also request cheque book and track status, stop cheque request, locate branch and ATMs and receive account alerts on their mobile handset. Going forward, customers can also pay bills, book tickets and access credit card details.
Powered by technology from Zylog Systems Ltd, Dhanlaxmi Bank’s mobile banking application comes with enhanced security features with end-to-end encryption and secured communication. Customers will be provided a secured login on their registered mobile number using six digits MPIN (Mobile Banking PIN) along with customer ID. The enhanced security enabled service will provide customers wide range of convenient banking services.
Mumbai: The Bombay High Court today stayed the environment ministry's direction to Lavasa Corporation to stop construction at the proposed hill station in Pune district, reports PTI.
The high court, which was hearing Lavasa's petition, directed the ministry to give the corporation a hearing on whether it could have stayed the construction at Lavasa without giving a prior hearing.
The ministry of environment and forests (MoEF) will have to pass the order on this issue by 16th December.
Lavasa Corporation's lawyer made a voluntary statement in the court that no construction will be carried out till 16th December.
The high court will hear the matter further on the same day.
The court also directed the ministry to give a hearing to the NGO National Alliance of People's Movement, which had initially complained against the Lavasa project.
On 25th November, the ministry had issued a show-cause notice to Lavasa, demanding an explanation as to why it did not obtain clearances as per rules under Environment Protection Act, amended by notifications in 1994 and 2004.
It also asked the corporation, which is developing a hill station in Mulshi taluka of Pune district, to stop the ongoing construction.