Reliance Mutual Fund plans to launch an income scheme and has filed draft papers with SEBI for the same
Reliance Mutual Fund plans to launch an income scheme and has filed draft papers with market regulator Securities and Exchange Board of India (SEBI) for the same.
The new fund offer (NFO), called Reliance Fixed Horizon Fund-XX, is a close-ended income scheme and the units can be purchased only during the period of NFO.
"The primary investment objective of the scheme is to seek to generate regular returns and growth of capital by investing in a diversified portfolio," according to the draft document filed with the SEBI.
The corpus of the fund would be invested in central and state government securities and other fixed income or debt securities. The scheme would be benchmarked against Crisil's Short Term Bond Fund Index.
Quantum Mutual Fund new issue will close on 12th May
Quantum Mutual Fund has launched Quantum Gold Savings Fund-open ended fund of funds-domestic.
The investment objective of the scheme is to provide capital appreciation by predominantly investing in units of Quantum Gold Fund-Exchange Traded Fund (QGF). The performance of the scheme may differ from that of Quantum Gold Fund and the domestic prices of gold due to expenses and certain other factors.
The new issue will close on 12th May. The minimum investment amount is Rs500.
The scheme's performance will be benchmarked against the domestic price of gold. Chirag Mehta is the fund manager.
Profit hit by treasury loss and increased operating expenses; stock price recovers after dipping
Mumbai: ICICI Bank, the country’s largest private lender, today reported a 16.85% rise in consolidated net profit at Rs1,567.93 crore for the fourth quarter ended 31 March 2011. Net profit stood at Rs1,341.8 crore in the corresponding period of the previous fiscal, the Bank said in a filing to the Bombay Stock Exchange.
In the quarter under review, total income rose to Rs18,178.99 crore from Rs16,212.02 crore in the corresponding period a year ago.
For the entire fiscal 2010-11, consolidated net profit increased by 30.46% to Rs6,093.27 crore from Rs 4,670.29 crore in the year before.
The board of directors has recommended a dividend of Rs14 per share for the year ended 31 March 2011, against Rs12 in the previous fiscal, the company said.
The ICICI Bank stock was trading on the Bombay Stock Exchange at the day’s high of Rs1,127 late afternoon, nearly 1.5% up, after dipping 0.2% to Rs1,085 at about 1pm in a weak market.
On a standalone basis, the bank clocked a 28% growth in profit after tax for FY11 at Rs5,151 crore against Rs4,025 crore in the year-ago period. Profit was hit by treasury loss of Rs196 crore compared to similar gains in the year ago period and an increase in operating expenses to Rs1,789 crore from Rs1,458 crore.
In the January-March quarter, profit-after-tax shot up by 44% to Rs1,452 crore from Rs1,006 crore in the previous corresponding period.