Pranab hints at more steps after inflation touches 10 wk high

New Delhi: Pointing out that the rise was not because of the base effect, he said the price rise was real.

"This is an area of concern... earlier we thought that it is because of the base effect but it is not merely the base effect. There has been real increase in the prices of certain food items," he said.

Continuing its rise for the fifth consecutive week, food inflation rose to a 10-week high of 14.44 per cent for the week ended December 18 as prices of vegetables, fruits and protein-based products continued to escalate.

"We are waiting for the full monthly figure. Weekly variations are there. Whether these are corrected in the coming week that is to be seen," Mukherjee said. Food articles contribute about 14 per cent in the wholesale price index.

While the government is concerned over the rising food prices, Mukherjee expressed hope that the overall inflation for the financial year would be around 6.5 per cent.

"I am still holding that year-end inflation may be around 6.5 per cent," he said.

Mukherjee's estimates of year end inflation, however, is higher than 5.5 per cent indicated by Prime Minister Manmohan Singh earlier this month.

On an annual basis, onions became costlier by 39.66 per cent, whereas on a week-on-week basis, the increase was 3.49 per cent.

The rate of price rise of vegetables was 29.26 per cent on an annual basis, while on a weekly basis, it was 4.58 per cent.

Fruits became 21.97 per cent more expensive, while milk was 17.75 per cent costlier on a year-on-year basis during the week under review.

Similarly, egg, meat and fish prices rose by 20.34 per cent on an annual basis.

User

Copper, nickel trade higher on global cues

New Delhi: Copper and nickel prices rose up to Rs 5 per kg on the local non-ferrous metal market today on increased industrial demand, supported by a firm trend at the London Metal Exchange.

Trading sentiment bolstered after copper surged to records in London and New York on speculation the global recovery is gaining pace and as investor concerns about tightening in China eased after manufacturing growth in the world?s largest metals user slowed.

Meanwhile, copper for three-month rose by 1.6 per cent to USD 9,550 a tonne, surpassing the previous peak of 9,447 dollar reached yesterday. Nickel also gained 1.3 per cent to USD 24,147 a tonne.

Copper wire scrap, copper wire bar and copper mixed scrap remained in demand and advanced by Rs 2 each Rs 472, Rs 496 and Rs 457, while nickel (4x4) gained Rs 5 to Rs 1,020-1,022 per kg, respectively.

Following were today's quotations in Rs per kg:

Tin ingot 820, zinc ingot 134.50, nickel plate (4x4) 1,020-1,022, gun metal scrap 226 bell metal scrap 228, copper wire scrap 472, copper wire bar 496, copper mixed scrap 457, Utensil scrap 224, Chadripital 175.

Lead ingot 137, lead imported 139, aluminium ingots 102, sheet cutting 105, aluminium wire scrap 102 and aluminium utensils scrap 102.

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Personal finance Thursday

Birla Sun Life MF floats 368 days scheme,Kotal Mahindra MF unveils 370 days scheme,Kotak Mahindra MF introduces 77 days scheme

Birla Sun Life MF floats 368 days scheme

Birla Sun Life Mutual Fund has launched Birla Sun Life Fixed Term Plan–Series CK, 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 scheme will have duration of 368 days from the date of allotment. The Scheme will have dividend (payout) and growth option. The new issue opens on 30th December and closes on 6th January. The exit load is nil. The minimum investment amount is Rs5,000.

CRISIL Short Term Bond Fund Index is the benchmark index. The scheme will be managed by Kaustubh Gupta.

Kotal Mahindra MF unveils 370 days scheme

Kotak Mahindra Mutual Fund has launched Kotak FMP Series 30 (370 Days), a close-ended income scheme.

The investment objective of the scheme is to generate returns through investments in debt and money market instruments with a view to reduce the interest rate risk. The scheme will invest in debt and money market securities, maturing on or before maturity of the scheme. The tenure of the scheme will be 370 days. The scheme will have dividend (payout) and growth option.

The new issue opens on 30th December and closes on the same day. The exit load is nil. The minimum investment amount is Rs5,000.

The benchmark index of the scheme shall be CRISIL Short Term Bond Index.

Deepak Agrawal and Abhishek Bisen are the fund managers.

Kotak Mahindra MF introduces 77 days scheme

Kotak Mahindra Mutual Fund has launched Kotak FMP Series 31 (77 Days), a close-ended income scheme.

The investment objective of the scheme is to generate returns through investments in debt and money market instruments with a view to significantly reduce the interest rate risk. The scheme will invest in debt and money market securities, maturing on or before maturity of the scheme. The tenor of the scheme is 77 days.

The new issue opens on 30th December and closes on the same day. The exit load is nil. The minimum investment amount is Rs5,000.

The benchmark index of the scheme shall be CRISIL Liquid Fund Index. Deepak Agrawal and Abhishek Bisen are the fund managers.

Principal MF launches 367 days plan

Principal Mutual Fund has launched Principal Pnb Fixed Maturity Plan–367 Days–Series II, 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. The scheme will have growth and dividend options.

The new issue opens on 30th December and closes on 10th January. The exit load is nil. The minimum investment amount is Rs5,000.

The benchmark index for the scheme would be CRISIL Short Term Bond Fund
Index. Shobit Gupta is the fund manager.

Reliance MF introduces 367 days scheme

Reliance Mutual Fund has launched Reliance Fixed Horizon Fund–XVII–Series 2, a close-ended income scheme.

The primary investment objective of the scheme is to generate regular returns and growth of capital by investing in a diversified portfolio of central and state government securities and other fixed income/debt securities normally maturing in line with the time profile of the scheme with the objective of limiting interest rate volatility. The tenor of the scheme is 367 days.

The new issue opens on 30th December and closes on 5th January. The exit load is nil. The minimum investment amount is Rs5,000.

CRISIL Short Term Bond Fund Index is the benchmark index. The scheme would be managed by Amit Tripathi.

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