Tata MF launches Tata Fixed Maturity Plan-Series 26 Scheme C; Reliance MF launches Reliance Fixed Horizon Fund-XV-Series 7; AIG MF to transact 4 funds through BSE platform; HDFC MF files offer document with SEBI to launch HDFC Fixed Maturity Plans-Series XVI; PNB reduces interest rates on housing & car loans; SBI Card offers over-the-counter payment option; Indian Bank hikes interest rates
Tata MF launches Tata Fixed Maturity Plan-Series 26 Scheme C
Tata Mutual Fund has launched a new fund called Tata Fixed Maturity Plan-Series 26 Scheme C. The fund is a close ended debt scheme. The duration of the scheme is 371 days from the date of allotment of the units. The scheme offers two options-growth and dividend. The new fund offer (NFO) price for the scheme is Rs10 per unit. The new issue opens on 18 August 2010 for subscription and closes on 24 August 2010. 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 minimum subscription amount of the scheme is Rs10,000. The fund seeks to collect a minimum subscription amount of Rs10 crore under the scheme during the NFO period. Entry and exit load charge for the scheme will be nil.
Reliance MF launches Reliance Fixed Horizon Fund-XV-Series 7
Reliance Mutual Fund has launched Reliance Fixed Horizon Fund-XV-Series 7. The fund is a close ended income scheme. The scheme offers two options-growth and dividend. The new fund offer (NFO) price for the scheme is Rs10 per unit. The new issue opened on 17 August 2010 for subscription and will close on 20 August 2010. The minimum subscription amount for the scheme is Rs5,000 and in multiples of Re1 thereafter. The primary investment objective of the scheme is to seek to generate regular returns and growth of capital by investing in government securities and other fixed income/debt securities normally maturing in line with the time profile of the scheme. Entry and exit load charge for the scheme will be nil.
AIG MF to transact 4 funds through BSE platform
AIG Mutual Fund said that its four funds will now be available through BSE StAR (BSE Stock Exchange Platform for Allotment and Repurchase of Mutual Funds), the trading platform of the BSE. The four funds are-AIG India Equity-Regular, AIG Infrastructure and Economic-Regular, AIG World Gold and AIG Short Term-Retail Plan.
HDFC MF files offer document with SEBI to launch HDFC Fixed Maturity Plans-Series XVI
HDFC Mutual Fund has filed an offer document with the Security and Exchange Board of India (SEBI) to launch HDFC Fixed Maturity Plans-Series XVI. The fund is a closed ended income scheme. The scheme comprises six plans. Each plan has duration of 370 days and offers two options-growth and dividend. The entry and exit load for the scheme will be nil. The new fund offer (NFO) price will be Rs10 per unit under the scheme. The minimum subscription amount for the scheme is Rs5,000 and in multiple of Rs10 thereafter. The investment objective of the plan(s) is to generate income by making investments in debt/money market instruments and government securities maturing on or before the maturity date of the respective plan(s).
PNB reduces interest rates on housing & car loans
Punjab National Bank (PNB) has launched "PNB Festival Bonanza Offer 2010", which is valid from 20 August 2010 to 31 December 2010. Under the offer, housing loans upto Rs50 lakh will be available at discount interest rate of 8.50% under fixed interest rate option (fixed for three years) across all repayment tenors, with a proviso that applicable rate will be the base rate in case it crosses 8.5%. Besides this, there will be full waiver of processing (upfront) fee and documentation charges. Margin is also reduced to 15% for housing loans of upto Rs20 lakh. Also, a rebate of 0.50% per annum in interest rate is offered to car loan borrowers under fixed option.
SBI Card offers over-the-counter payment option
SBI Card has introduced the over-the-counter (OTC) payment option that allows its customers to make OTC payments at the State Bank of India (SBI) branches. Customers can now walk in to any of the SBI branches across the country, and pay for their credit card bill either in cash or via an SBI cheque, and get an instant acknowledgment from the bank teller in-charge.
Indian Bank hikes interest rates
Chennai-based Indian Bank has increased the interest rates on its deposits of Rs5 crore and below, which have a maturity period of two years and above, by 50 basis points (bps). The current interest rates are increased to 7.75% from the earlier 7.25%. The Bank has also introduced two new fixed maturity deposit products-Indouble and Indouble Senior. The Indouble deposit for general public doubles the principal amount in 108 months, whereas the Indouble Senior for senior citizens doubles the amount in 100 months. All other facilities including nomination, premature withdrawal and loan against deposits to normal fixed deposits have also been extended to these products.
New Delhi: Aiming to strengthen its presence in commodity trading business, the Anil Dhirubhai Ambani Group (ADAG) is looking at acquiring 26% stake in Indian Commodity Exchange (ICEX) from one of the promoters Indiabulls group, reports PTI.
Indiabulls has also approached sector regulator Forward Markets Commission (FMC) seeking its nod for sale of 26% stake to ADAG firm Reliance Exchange Net.
When contacted, FMC chairman B C Khatua told PTI that commodity market regulator has been approached by the ICEX, but it is yet to take any call on that.
ICEX managing director and CEO Ajit Mittal also confirmed talks with Reliance Exchange Net, but added that nothing has been finalised as yet.
However, sources said that Indiabulls has already agreed to the sale and sought the FMC's permission in an application yesterday. The issue is likely to come up for discussion on Thursday at a board meeting of ICEX, where nominees of another promoter MMTC would also be present.
MMTC has 26% stake, while Indiabulls has 40% equity in the bourse, which was launched late last year.
A Reliance Capital spokesperson declined to comment.
"There have been some discussions with Reliance Exchange Net and Indiabulls with regard to a possible strategic alliance, to capitalise in the synergy for the development of the agri business on the ICEX platform," Mr Mittal said.
"However, I am not confirming or denying the stake sale part. Nothing is final".
ADAG Group firm Reliance Capital is already in the spot commodity space. Another group firm Reliance Money has picked some stake in the national commodity exchange NMCE.
ICEX, a national-level commodity bourse, offers futures trading in 18 commodities including bullion, metals and agricultural items.
In June, US imports were $200.3 billion and exports were $150.5 billion. Though nowhere near its peak, the volume of US trade with other countries in June was up nearly 24% from the year before, with exports up 17.5% and imports up 29%.