Plastene India IPO likely in September

To meet the growing demand of Jumbo Bags and BoPP woven sacks, Plastene India is expanding its manufacturing capacity to 69,000 MTPA at an approximate cost of Rs55 crore

Plastene India Ltd has received SEBI approval for its proposed initial public offer (IPO) of 1,05,00,000 equity shares, which is likely to hit the capital market in September.

The 100% book building issue will constitute 29.37% of the post issue paid-up equity capital of the company engaged in the integrated business of manufacturing flexible intermediate bulk containers, woven sacks, flexible packaging, woven fabric, tarpaulin, master-batches, fillers, granules, multi-filament yarns and webbings.

The company's manufacturing facilities are located in Kutch and Mehsana districts of Gujarat and have a total installed capacity of 55,000 MTPA. To meet the growing demand of Jumbo Bags and BoPP woven sacks, Plastene India is expanding its manufacturing capacity to 69,000 MTPA at an approximate cost of Rs55 crore, a company statement said.

It is also setting up a new venture to manufacture 5,000 MTPA block bottom valve bags in Nani Chirai, Kutch at an approximate cost of Rs20 crore. Block bottom valve bag is a new packaging product used for packing cement, food grain, cereals, etc, it said. The future expansion and new venture are proposed to be funded from the net issue proceeds. The company manufactures a broad range of packaging products for products ranging from 5 grams to 3000 kg. The equity shares of the company are proposed to be listed on BSE and NSE.

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UTI MF signs agreement with Canara Bank Securities

Under the strategic agreement, Canara Bank Securities will offer various schemes of UTI Mutual Fund through its online platform

UTI Mutual Fund said it has tied up with Canara Bank Securities' for distribution of its schemes. Under the strategic agreement, Canara Bank Securities will offer various schemes of UTI Mutual Fund through its online platform, UTI MF said in a statement.

"With this tie-up, customers of Canara Bank Securities will be able to invest online in the various schemes of UTI Mutual Fund. The tie-up with Canara Bank Securities will give UTI Mutual Fund an opportunity to reach out to wider segment of the society," UTI Asset Management Company group president and chief marketing office Jaideep Bhattacharya said.

A wholly-owned subsidiary of state-owned lender Canara Bank, Canara Bank Securities offers online trading facility through its portal 'Canmoney' in the cash, Futures and Options and Currency Derivative segment.

Besides, it also offers online investment facility in IPOs/FPOs and various schemes of several Mutual Funds.

UTI Mutual Fund's Average Assets under Management (AAUM) for the quarter of April-June 2011 of UTI Mutual Fund was Rs69,105.09 crore. It also has investor accounts of 9.87 million under its 83 domestic schemes as on 30 June 2011.

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CRISIL Research launches Gold Index

CRISIL Gold Index is an attempt to address the inconsistency in performance comparison and will serve as a common benchmark for evaluating performance of gold ETFs

CRISIL Research has launched the 'CRISIL Gold Index', which will track the performance of gold prices in the domestic ETF market.

"CRISIL Gold Index is an attempt to address the inconsistency in performance comparison and will serve as a common benchmark for evaluating performance of gold ETFs," CRISIL (director of capital markets) Tarun Bhatia said in a statement.

The Gold Index has a base date of 2 January 2007, and was based on the landed price of 10 grams of gold in Mumbai, he added.

The newly launched product, which will be a public index, is the first index introduced by the research company in commodities space. Currently, 11 asset management companies offer 11 gold ETFS and three gold Fund of Funds (FoFs) in India. Also, gold ETFs have given an annualised return of 22.91% in the last 36 months compared to 9.3% by S&P CNX Nifty.

The research firm said it would also look at launching other indices in the commodities space depending upon demand from investors.

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