Fidelity MF launches Fidelity Fixed Maturity Plan-Series III-Plan C; DSP BlackRock Top 100 Equity Fund announces dividend; Tata MF files offer document with SEBI to launch Tata Fixed Maturity Plan Series 29; South Indian Bank and UAE Exchange launch instantaneous remittance facility
Fidelity MF launches Fidelity Fixed Maturity Plan-Series III-Plan C
Fidelity Mutual Fund has launched Fidelity Fixed Maturity Plan-Series III-Plan C, a close ended debt scheme. The new fund offer (NFO) price will be Rs10 per unit. The issue opened on 30 August 2010 and will close on 2 September 2010. The minimum investment amount is Rs5,000. The investment objective of the scheme is to generate reasonable returns and reduce interest rate volatility by making 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 C will be 94 days from the date of allotment. The Plan C will be benchmark against CRISIL Liquid Fund Index.
DSP BlackRock Top 100 Equity Fund announces dividend
DSP BlackRock Mutual Fund has declared a tax-free dividend under DSP BlackRock Top 100 Equity Fund-Regular Plan. The record date for dividend has been fixed as 3 September 2010. The quantum of dividend will be Rs1.25 per unit on a face value of Rs10 per unit. The net asset value (NAV) of the fund stands at Rs21.81 per unit as on 30 August 2010. DSP BlackRock Top 100 Equity Fund is an open ended growth scheme. The investment objective of the scheme is to generate long-term capital appreciation, from a portfolio that is substantially constituted of equity securities and equity related securities of the 100 largest corporates, by market capitalisation, listed in India.
Tata MF files offer document with SEBI to launch Tata Fixed Maturity Plan Series 29
Tata Mutual Fund has filed an offer document with the Securities and Exchange Board of India (SEBI) to launch Tata Fixed Maturity Plan Series 29, a closed ended debt fund. The fund comprises three schemes namely Scheme A, Scheme B and Scheme C. The schemes will have maturity ranging from a month to 18 months. Each scheme shall have a separate portfolio. The portfolio of each scheme shall comprise debt and money market instruments maturing on or before the maturity of the scheme. The new fund offer (NFO) price will be Rs10 per unit. The investment objective of the schemes 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 respective schemes. Each scheme has two options-growth and dividend (payout). Minimum investment amount under the schemes is Rs10,000. Minimum target amount is Rs20 crore for each scheme. The scheme will invest up to 100% in debt and money market instruments and securitised debt. The load structure for the schemes will be nil.
South Indian Bank and UAE Exchange launch instantaneous remittance facility
South Indian Bank (SIB) and UAE Exchange, Abu Dhabi, have launched a new remittance service called SIB Flash. This service will enable NRIs to remit funds instantaneously into the beneficiary's account with SIB through UAE Exchange online banking service. The remitter will get an SMS confirmation on completion of the remittance process within 60 seconds. The beneficiary will also get an SMS, if his account is registered under mobile banking. Presently, there is a cap of Rs5 lakh per remittances routed through Flash, which may be revised at a later date. No additional charges will be borne by the remitter under SIB Flash. Only the normal charges applicable as in the case of SIB Express facility is collected by the exchange house.
New Delhi: Expressing serious concerns over the DTC bill, special economic zone (SEZ) entrepreneurs today said the proposed tax provisions would hit employment and drive away investors from the special economic zones, reports PTI.
Export Promotion Council for export oriented units (EoUs) and SEZs (EPCES) said that by altering the SEZ Act through the DTC bill, the government is sending a wrong message to investors.
"These provisions do not meet the requirement of the SEZ scheme fully and would very seriously affect employment, exports and investment in the SEZs," EPCES chairman R K Sonthalia said here in a statement.
The bill, which was tabled in Parliament yesterday, proposed that the SEZs notified on or before 31 March, 2012, will get income tax benefits. And units in SEZs that commence commercial operations by March 2014 shall be allowed profit-linked deductions permitted under the Income Tax Act 1961.
"Time period provided for the new unit is insufficient.
Hence this time period needs to be extended further," he said.
Mr Sonthalia said that as the SEZ Act was just implemented four years back, it should not have been altered.
"By altering the SEZ Act through the DTC bill, we are sending a very wrong message to investors," he added.
Exports from SEZs have gone up from Rs22,000 crore in 2005-06 to Rs2,20,000 crore in 2009-10.
Direct employment in SEZs have gone beyond 5,50,000 people and investment in the SEZs gone up to more than Rs1,66,000 crore.
"This shows the tremendous progress and this process needs to be accelerated further," EPCES director general LB Singhal said.
New Delhi: Buoyed by the 8.8% growth of the Indian economy in the first quarter this fiscal, industry today said the gross domestic product (GDP) may expand by around 9% during 2010-11, but cautioned against certain weak areas like financial services, reports PTI.
"Given this trend in GDP growth, we expect to close the year with an overall performance of close to 9%," Federation of Indian Chambers of Commerce and Industry (Ficci) president Rajan Mittal said.
Associated Chambers of Commerce and Industry (Assocham) president Swati Piramal said, "Overall GDP growth rate for the current fiscal will be between 8.6% and 8.8% as its growth will pick up from third quarter onwards."
Echoing the view, Confederation of Indian Industry (CII) said that strong GDP growth in the first quarter of 2010-11 is encouraging and it maintains India's position as the second fastest growing economy in the world after China.
"The economy will grow at 8.5% for the full year," CII director general Chandrajit Banerjee said.
However, Mr Mittal said that the government should put thrust on sectors like manufacturing and services.
"With the cushion of a better farm sector performance later this year, the policy thrust of the government should be to energise the manufacturing sector and prop up the financial, insurance and real estate services segment that has been lagging behind," Mr Mittal added.
CII, too, said that the demand side drivers of GDP seem weak with both consumption and investment showing poor growth.
"While growth in the agriculture was strong, the growth rate in mining and construction has been modest. Growth in the services sector could have been stronger if not for the moderation in financing, real estate and business services," Mr Banerjee said.
CII asked the government to implement measures to improve the business environment so that investment inflows continue to remain strong.