Reliance MF unveils Fixed Horizon Fund-XX-Series 4

Reliance Mutual Fund new issue closes on 25th August

Reliance Mutual Fund has launched Reliance Fixed Horizon Fund-XX-Series 4, a close-ended income scheme.

The investment objective of the scheme is to seek 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 maturing on or before the date of maturity of the scheme with the objective of limiting interest rate volatility. The tenure of the scheme is 184 days.

The new issue closes on 25th August. The minimum investment amount is Rs5,000.

Crisil Short Term Bond Fund Index is the benchmark index. Amit Tripathi is the fund manager.

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ICICI Pru MF floats Multiple Yield Fund-Plan D

ICICI Prudential Mutual Fund new issue closes on 2nd September

ICICI Prudential Mutual Fund has launched ICICI Prudential Multiple Yield Fund-Plan D, a close-ended income scheme.

The investment objective of the scheme is to generate returns by investing in a portfolio of fixed income securities/debt instruments. The secondary objective of the scheme is to generate long term capital appreciation by investing a portion of the Scheme's assets in equity and equity related instruments. The tenure of the scheme is 1,100 days.

The new issue closes on 2nd September. The minimum investment amount is Rs5,000.

CRISIL MIP Blended Index is the benchmark index. Chaitanya Pande and Mrinal Singh are the fund managers.

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RBI likely to go for another rate hike in September, say experts

"While the RBI will continue on its anti-inflationary stance, adverse global environment suggests that it might become less aggressive..." global research firm Macquarie economist Tanvee Gupta Jain opined

New Delhi: The Reserve Bank of India (RBI) is likely to continue with its tight monetary policy stance to fight inflation and effect another hike in key interest rates in September, even though the global economic environment is on a downslide, reports PTI.

However, while the RBI is likely to go for another interest rate hike at its next mid-quarterly policy review on 16th September, it will not be very aggressive, the experts said.

According to global research firm Macquarie economist Tanvee Gupta Jain, "While the RBI will continue on its anti-inflationary stance, adverse global environment suggests that it might become less aggressive..."

Global investment banking major Morgan Stanley also thinks, "The RBI will continue with its anti-inflationary stance with one more 25 basis points hike in order to anchor inflation expectations decisively, barring a further deterioration in the growth outlook."

The RBI, at its last review meet in July, raised the repo (borrowing) rate by 50 basis points to 8% and the reverse repo (lending) rate by 50 basis points to 7%.

The apex bank has hiked the key policy rates 11 times since March 2010 to curb inflation, which has been hovering above the 9% mark since December last year.

Headline inflation stood at an eight-month low of 9.22% in July. However, this was much above the RBI's 'comfort zone' of around 5%.

Despite several interest rate increases, the rising discretionary income of the middle class is likely to exert upward pressure on inflation, say experts.

In its Economic Outlook for 2011-12, the Prime Minister's Economic Advisory Committee (PMEAC) had projected inflation to remain high at around 9% till October, before moderating to around 6.5% by March 2012.

Notwithstanding the adverse global economic scenario, better-than-expected June factory output data is likely to prompt the central bank to go for another round of rate hikes.

The Index of Industrial Production (IIP) grew by 8.8% in June 2011, compared to 7.4% in the corresponding period last year.

However, recent negative global developments like the sovereign debt crisis in Europe and increasing concerns that the US economy may slip into recession after its long-term debt rating was lowered a notch to AA+ by Standard & Poor's are expected to eventually affect the Indian economy to some extent, the experts believe.

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