Birla Sun Life MF launches Short Term FMP-Series 5; Taurus MF floats Fixed Maturity Plan Series A; RBI to issue notes in Rs10 denomination with new features; Omkar Speciality Chemicals to introduce IPO on 24th January
Birla Sun Life MF launches Short Term FMP–Series 5
Birla Sun Life Mutual Fund has launched Birla Sun Life Short Term FMP–Series 5, 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 new issue opens on 19th January and closes on 20th January. The minimum investment amount is Rs5,000.
CRISIL Short Term Bond Fund Index is the benchmark index. Kaustubh Gupta is the fund manager.
Taurus MF floats Fixed Maturity Plan Series A
Taurus Mutual Fund has launched Taurus Fixed Maturity Plan Series A (91 Days Close Ended Debt Scheme).
The investment objective of the scheme is to generate income with minimum volatility through investments in debt and money market instruments maturing on or before the maturity of the scheme.
The new issue opens on 19th January and closes on 24th January. The minimum investment amount is Rs5,000.
Crisil Liquid Fund Index is the benchmark index. The scheme will be managed by Rahul Pal and Pankaj Jain.
RBI to issue notes in Rs10 denomination with new features
The Reserve Bank said it will shortly issue Rs10 denomination notes with inset letter 'N' in both numbering panels in Mahatma Gandhi Series bearing the signature of RBI Governor D Subbarao.
Except for the change in the inset letter, the design of these notes to be issued now is similar in all respects to the banknotes in Mahatma Gandhi Series with additional or new security features issued earlier, said RBI release issued here.
All banknotes in the denomination of Rs10 issued by the bank in the past will continue to be legal tender, it said.
Omkar Speciality Chemicals to introduce IPO on 24th January
Omkar Speciality Chemicals Ltd is entering in the capital markets with an initial public offering (IPO) of 81 lakh equity shares of Rs10 each. The price band for the issue has been fixed at Rs95 at lower level and Rs98 at upper level.
Omkar Speciality Chemicals is mainly engaged in the manufacture and sale of speciality chemicals viz. selenium, compounds, iodine compounds, molybdenum compounds etc and pharma intermediates viz. potassium iodate, bismuth ammonium citrate, bromoform etc.
The issue opens on 24 January 2011 and closes for subscription on 27 January 2011. The equity shares of the issue are proposed to be listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).
New Delhi: Two-wheeler major Bajaj Auto today posted a 40.4% jump in its net profit to Rs667.11 crore in the quarter ended 31 December 2010 over Rs 475.14 crore in the same period last fiscal, reports PTI.
During the period, the company recorded a 27% increase in its net sales to Rs4028.18 crore as compared to Rs3165.84 crore posted in the corresponding quarter last fiscal.
“The quarter witnessed an all-round increase in input cost. In this challenging environment, the company’s focus on high-end motorcycles enabled it to maintain record high margins on excess of 20%,” the firm said in a statement.
The company said high-end motorcycles contribute over 70% of its total motorcycle sales.
New Delhi: Oil minister Murli Deora today demanded abolition of customs duty on crude oil and cut in excise duty on diesel to avoid more fuel price hikes that have become necessary because of spiralling global oil rates, reports PTI.
“We are demanding rollback of the 5% customs duty that finance minister Pranab Mukherjee had imposed on crude oil in his last budget. Also, the Re1 per litre increase in excise duty on petrol and diesel (also done in budget for 2010-11) needs to be reversed,” Mr Deora told reporters here.
Mr Mukherjee had on 26 February 2010, imposed a 5% import duty on crude oil and hiked the same on petrol and diesel from 2.5% to 7.5%. He also hiked excise duty on petrol and diesel by Re1 a litre to Rs14.35 and Rs4.60 per litre, respectively.
The twin move had led to a Rs2.71 a litre hike in petrol price and Rs2.55 per litre increase in diesel rates then.
“Crude oil prices have touched $92 per barrel and there are some forecasts that it will go to $100 a barrel soon. There is definitely a case for rolling back the duties finance minister had imposed in his last budget,” Mr Deora said.
Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation are losing Rs1.22 per litre on petrol sales despite last week’s Rs2.50-Rs2.54 a litre price hike, he said adding that on diesel the companies are losing nearly Rs7 per litre.
The three firms are losing about Rs290 crore a day in revenues on selling diesel, LPG and kerosene below cost.
Besides petrol and diesel, they are losing Rs19.60 a litre on kerosene and Rs366.28 per 14.2-kg cylinder.
The three firms are projected to lose Rs73,600 crore in revenues during the 2010-11 financial year, 55% of which Mr Deora wants the finance ministry to meet by way of cash from the central budget.
Mr Deora said he had on 8th January met Mr Mukherjee to seek immediate release of Rs10,000 crore in interim compensation to state oil companies.
So far, the finance ministry has committed to make up only one-third of the revenue losses from the budget.
“The Finance Minister has sanctioned Rs13,000 crore to cover part of under-recoveries in first half of the current fiscal. I requested him to release another Rs10,000 crore for third quarter under-recoveries immediately for Q3,” he said.
Without government subsidy, HPCL and BPCL are sure to report net loss in the October-December quarter and IOC, too, may end the three months in red.
The government had in 2008-09 given Rs71,292 crore, out of the Rs103,292 crore total revenue loss on fuel sales.
“This was 69% of the total under-recovery. During the current fiscal, which has also seen hardening of crude prices, we are seeking just 55%," Mr Deora said.