Reliance Mutual Fund floats Fixed Horizon Fund-XIX-Series 22

Reliance Mutual Fund new issue closes on 19th July

Reliance Mutual Fund has launched Reliance Fixed Horizon Fund-XIX-Series 22, a close-ended income scheme.

The 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 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 727 days.

The new issue closes on 19th July. 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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HDFC Bank Q1 net rises 33.7%

On account of the improvement in asset quality, provisions and contingences reduced from Rs555 crore for the quarter ended 30 June 2010 to Rs443.7 crore for the quarter ended 30 June 2011

Private sector lender HDFC Bank today reported a net profit of Rs1,085 crore in the first quarter of 2011-12, an increase of 33.7% over the corresponding quarter ended 30 June 2010. The bank's total income was Rs7,098 crore, an increase of 31.2% over Rs5,410.6 crore in the year-ago period.

Net revenues (net interest income plus other income) were Rs3,968 crore for the quarter ended 30 June 2011, as compared to Rs3,391.6 crore for the corresponding quarter of the previous year. Net interest income (interest earned less interest expended) for the reporting quarter grew by 18.6% to Rs2,848 crore, in line with the growth in average assets and a net interest margin of 4.2% for the quarter ended 30 June 2011, the bank said in a statement.

On account of the improvement in asset quality, provisions and contingences reduced from Rs555 crore for the quarter ended 30 June 2010 to Rs443.7 crore for the quarter ended 30 June 2011. The bank's total Capital Adequacy Ratio (CAR) as at 30 June 2011 (computed as per Basel 2 guidelines) was at 16.9%, as against the regulatory minimum of 9%. Tier-I CAR was 11.4% as of the same date.

Portfolio quality remained healthy with gross non-performing assets (NPAs) at 1.04% of gross advances and net non-performing assets at 0.18% of net advances (as against 1.21% gross NPA and 0.28% net NPA ratios as of June 30, 2010).

HDFC Bank was down 0.81% at Rs510.25 on the BSE in the post-noon session. Earlier the stock had hit a new 52-week high of Rs519.50.

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Ashok Leyland Q1 net dips 30% to Rs 86.25 crore

During the period under review, the company said its raw material costs and expenditure incurred on work-in-progress increased to Rs1,960.63 crore from Rs1,728.32 crore in the same quarter a year ago

New Delhi: Hit by high raw material costs, Hinduja Group flagship company Ashok Leyland today reported a 29.67% decline in net profit for the quarter ended 30th June to Rs86.25 crore, down from Rs 122.64 crore for the April-June quarter of the last fiscal, reports PTI.

Net sales during the first quarter of this fiscal stood at Rs2,495.5 crore, as against Rs2,347.97 crore in the year-ago period, up 6.28%, Ashok Leyland said in a filing to the Bombay Stock Exchange (BSE).

During the period under review, the company said its raw material costs and expenditure incurred on work-in-progress increased to Rs1,960.63 crore from Rs1,728.32 crore in the same quarter a year ago.

In the quarter ended 30 June 2011, the company modified the method for amortisation of value of certain leasehold land 'for more appropriate presentation of working results and financial position'.

"The impact of the said modification is a reduction in other expenditure by Rs94.6 crore for the quarter," it said.

The Ashok Leyland scrip was trading at Rs 50.80 on the BSE in post-noon trade today, down 2.50% from its previous close.

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