ACE Commex launches futures trade in 5 agri items; Deutsche MF launches DWS Fixed Term Fund-Series 76; Fidelity MF unveils Fidelity Fixed Maturity Plan-Series IV-Plan A; Principal MF introduces Principal Pnb Fixed Maturity Plan-91 Days-Series XXV; Sundaram MF floats Sundaram Fixed Term Plan-AP
ACE Commex launches futures trade in 5 agri items
Kotak Group-promoted ACE Commodity Exchange today kick started as the country's fifth national commodity bourse with the launch of futures trading in five agricultural items - castor seed, chana, soyabean, mustard seed and refined soy oil.
In the opening hour of the trade, futures trading was more active in the December contracts of all five agri-commodities, though the November 2010 and January 2011 contracts were also available for traders.
According to the exchange data, the castor seed contract for December expiry opened at Rs3,442 per quintal, chana at Rs2,440 per quintal, soyabean at Rs2,244 per quintal, mustard seed at Rs573 per 20 kg and refined soy oil at Rs545.9 per 10 kg.
At 11 hours, the trade volumes in the December contract of soybean was 144 tonnes, refined soy oil at 76 tonnes, chana at 59 tonnes, castor seed at 60 tonnes and mustard seed at 35 tonnes.
The exchange, which has upgraded itself to a national exchange from a regional exchange, earlier Ahmedabad Commodity Exchange, has applied with the sector regulator Forward Market Commission (FMC) for permission to offer non-agricultural items like crude, gold and bullion.
Presently, Kotak Group is the anchor investor in ACE Commodity Exchange with a 51% stake, while Haryana's Hafed has a 15% interest and banks like Bank of Baroda, Union Bank and Corporation Bank have an over 14% stake.
The remaining equity is held by Ahmedabad Commodity Exchange members.
The other four national commodity exchanges are NMCE, MCX, NCDEX and ICEX.
Deutsche MF launches DWS Fixed Term Fund-Series 76
Deutsche Mutual Fund has launched DWS Fixed Term Fund-Series 76, one year close-ended income scheme. The objective of the fund is to generate regular income by investing in debt and money-market instruments maturing on or before the date of the maturity of the scheme. The scheme will invest 100% in domestic debt instruments having low to medium risk.
During the new fund offer, the units will be offered at face value of Rs10 per unit. The scheme offers growth and dividend (payout) options. The scheme opens on 27th October and closes on 28th October. The exit load for the scheme is nil. The minimum investment amount is Rs5,000. The minimum target amount is Rs1 crore.
CRISIL Short Term Bond Index is the benchmark index. The scheme will be managed by Avnish Jain.
Fidelity MF unveils Fidelity Fixed Maturity Plan-Series IV-Plan A
Fidelity Mutual Fund has launched Fidelity Fixed Maturity Plan-Series IV-Plan A, a close-ended income scheme. The primary objective of the scheme is to generate reasonable returns and reduce interest rate volatility through investment in money market and short- to mid-term debt instruments having maturity, on or before the date of maturity of a plan.
During the new fund offer (NFO), the units will be offered at face value of Rs10 per unit. The scheme offers growth and dividend (payout) options. The scheme has tenor of 94 days. The scheme opens on 27th October and closes on 28th October. The minimum investment amount is Rs5,000. The exit load for the scheme is nil. CRISIL Liquid Fund Index is the benchmark index. The scheme will be managed by Shriram Ramanathan and Mahesh Chhabria.
Principal MF introduces Principal Pnb Fixed Maturity Plan-91 Days-Series XXV
Principal Mutual Fund has launched Principal Pnb Fixed Maturity Plan-91 Days-Series XXV, a close-ended income scheme.
The investment objective of the scheme is to build an income-oriented portfolio and generate returns through investment in debt/money-market instruments and government securities.
During the new fund offer, the units will be offered at face value of Rs10 per unit. The scheme offers growth and dividend options. The scheme opens on 27th October and 28th October. The exit load for the scheme is nil. The minimum investment amount is Rs5,000. The minimum target amount is Rs35 crore. CRISIL Liquid Fund Index is the benchmark index. The scheme will be managed by Shobit Gupta.
Sundaram MF floats Sundaram Fixed Term Plan-AP
Sundaram Mutual Fund has launched Sundaram Fixed Term Plan-AP, a close-ended income scheme.
The investment objective is to generate income with minimum volatility by investing in debt and money-market securities, which mature on or before the maturity of the scheme.
During the new fund offer, the units will be offered at face value of Rs10 per unit. The scheme offers growth and dividend (payout) options. The scheme opens on 27th October and 29th October. The minimum investment amount is Rs5,000. The exit load for the scheme is nil.
CRISIL Short-Term Bond Fund Index is the benchmark index. The scheme will be managed by Dwijendra Srivastava.
New Delhi: State-owned exploration and production (E&P) major Oil and Natural Gas Corporation (ONGC) today said it has appointed two international auditors to certify its oil and gas reserves, ahead of a planned share sale early next year, reports PTI.
"We have appointed D&M (DeGolyer and MacNaughton) and Gaffney, Cline and Associates as reserve auditors to value our reserves," ONGC chairman and managing director RS Sharma told reporters at the Economic Editors Conference here.
The government plans to sell 5% of its shares in the follow-on public offer (FPO) in March 2011.
"We are ready for the FPO but not before the first quarter of 2011 calendar year," he said.
ONGC may ask the two reserve auditors to certify reserves in its 15 key oil and gas fields out of the about 150 discoveries it has made in the country.
"Certifying reserves for all the 150 fields will take six to eight months and we do not have that kind of time," he said.
Mr Sharma said ONGC usually gets its reserves audited every five years but this time it is getting a certification in the third year because of the planned FPO.
The proposed 5% divestment in ONGC may fetch the government about Rs 10,800 crore.
Post offer, the government’s shareholding in ONGC will come down to 69.14% from current 74.14%.
"The ministry of petroleum and natural gas has accorded in-principle approval (to the share sale) and the Department of Disinvestment has circulated a note for inter-ministerial consultations," oil secretary S Sundareshan said.
Before the ONGC offer, Indian Oil Corporation, the nation's largest company, will come out with an FPO in January 2011.
"It is proposed that IOC will issue fresh equity capital of up to 10% of its paid up capital along with a simultaneous disinvestment of 10% of the government shareholding in the company," he said.
The government is likely to realise about Rs8,000 crore while IOC will fetch about Rs10,100 crore to meets its capital expenditure requirement.
The government’s holding post fresh issue and disinvestment will come down to 62.65% from the current 78.92%.
Mr Sundareshan said Department of Disinvestment will decide on the timing and slotting of the issues keeping in mind issues like overcrowding the market.
The apex bank enjoys a hallowed status, is not subject to any external audits, and its officials enjoy a slew of special privileges
Even while the Reserve Bank of India (RBI) protests increased interference and supervision by the Financial Stability & Development Council (FSDC), there may be some serious trouble brewing in its own cadres which could focus much-needed attention to its internal functioning.
As India's monetary authority and banking regulator, RBI enjoys a special status and is not subject to any external audit. This allows it to write in a slew of special privileges for its officials, not to mention lavish expenditure on frequent off-site meetings at luxury resorts. In recent years, there have been even more goodies, because India's position as a growing economic power and major world market has meant more invitations to global conferences and committees and junkets. A recent flashpoint is a decision to apparently hire 200 officers on a contract basis.
Thanks to a standoff with the officers' union (AIRBEA), RBI has not held promotional exams that allow those in the clerical cadre a chance to upgrade themselves to the officers' cadre depriving some deserving candidates of career enhancement.
Interestingly, RBI already has excess 'officers' because of another unusual policy that allows it to promote more people than there are vacancies, if they clear the promotion exams. By its own admission, 3,607 employees have passed such exams in the past three years against only 1,330 vacancies, with the result that it has excess officers.
Being an officer carries prestige and lots of perks. One of these is a hefty petrol allowance, which requires only a 'bogus' declaration, according to a source. Every officer gets 150 litres of petrol a month if he lives within 2 kilometres of the workplace and 250 litres if he lives beyond. Another is an allowance for domestic help for house-cleaning. Both these allowances have been raised significantly, in a recent wage settlement. Other quirky perks include fruit bags (in addition to subsidised lunch) and unlimited mineral water at work and at home (don't RBI officers use water purifiers?) as also unlimited overtime for drivers.