Principal Tax Savings Fund has declared 80% dividend.
Principal Tax Saving Fund is an open-ended equity linked saving scheme managed by Principal PNB Mutual Fund has announced dividend of 80% (Rs. 8/- per unit on the face value of Rs. 10/-) under its dividend option. The record date for the declaration of the dividend is March 31, 2008. The investment objective of the Principal Tax Saving Fund is to build a high quality growth oriented portfolio to provide long term capital gains to the investors. Currently the fund manages assets under management of Rs.306.34 crores.
Lotus India MF launches FMP Series
Lotus India Mutual Fund launchedLotus India Fixed Maturity Plans- 1 Month- Series VIII. This scheme is a close-ended income scheme. The objective of the scheme is to generate income by investing in a portfolio of debt and money market instruments normally maturing in line with the duration of the scheme. The scheme offers retail and institutional plans with growth and dividend options.
HSBC MF launches HSBC FT Series 48
HSBC Mutual Fund launched HSBC Fixed Term Series 48. It is a close-ended income scheme, which will be for fixed term of 6 months from the date of allotment. The investment objective of the scheme is to seek generation of returns by investing in a portfolio of fixed income instruments normally maturing in line with the time profile of the plan. The scheme may invest up to 100% in money market instruments including CBLO and reverse repo. It may invest up to 100% in short term and medium term debt instruments and securitised debt. The investment in securitised debt will not exceed 50% of the net asset of the scheme.
Max New York to adopt hub and spoke model in Kerala
Thiruvananthapuram: Max New York Life Insurance will assume the hub and spoke model to strengthen its presence in Kerala. All major cities would have general offices, which will act as hubs and would be connected to spoke-level offices in the smaller towns. The Thiruvananthapuram office is spread across 6,500 sft and the company plans to open offices of similar size in bigger cities and towns. The semi-urban towns will have smaller offices and would be linked to the hub offices. With Kerala centres now becoming full-fledged, Max New York Life is also mulling to rope in more companies for its group insurance schemes. At the national level, the company mulls a capital deployment of Rs 2,600 crore by 2011.
Birla Sun Life MF revises load structure
Birla Sun Life Mutual Fund has announced the revision in the exit load structure for Birla Dynamic Bond Fund, an open-ended income scheme. According to the revised load structure, the fund will charge an exit load of 0.20% if the investment is redeemed within 30 days months from the date of allotment. Before revision of the load structure, the scheme did not ask for any exit load. There is no change in entry load i.e. the Birla Dynamic Bond Fund will not charge an entry load.
Standard Chartered MF launches another FMP
Standard Chartered Mutual Fund launched Standard Chartered Fixed Maturity Plans Yearly Series 20. The scheme is close-ended income scheme. The scheme will have two plans -Plan A and Plan B. The duration of the scheme will be from the date of allotment to 6 April 2009. The investment objective of the scheme is to generate income by investing in a portfolio of debt and money market instruments normally in line with the duration of the scheme. The fund will invest up to 100% in debt and money market instruments, with low to medium risk profile. The investment in securitised debt will be up to 50% of net asset of the scheme.
OptiMix Active Debt Multi Manager declares dividend under
ING India Mutual Fund has announced 1 April 2008 as the record date for declaration of dividend under dividend option of OptiMix Active Debt Multi-Manager FoF Scheme. The AMC declared dividend of 0.4% i.e. Rs 0.04 per unit on the face value of Rs 10 under dividend option in OptiMix Active Debt Multi Manager FoF Scheme. The NAV under the scheme is Rs 10.0927 as on 25 March 2008. OptiMix Active Debt Multi Manager FoF Scheme is an open ended Fund of Funds scheme offering an investment objective of generating returns from a portfolio of pure debt oriented funds accessed through the diverse investment styles of underlying schemes selected in accordance with the OptiMix Multi-Manager investment process
ING MF collects Rs.100 crore through its Long Term FMP Plan II
ING Mutual Fund has collected Rs 100 crores via ING Long Term Fixed Maturity Plan- 2 during their initial offer period. ING Long Term Fixed Maturity Plan- 2 was opened for subscription from 18 March and closed 24 March 2008. It is a close-ended bond scheme offering an investment plan of 380 days maturity. The scheme shall mature on 8 April 2009. The scheme will be investing in a portfolio of government securities or highly rated corporate bonds maturing close to the maturity of the scheme so as to generate returns comparable with alternative fixed-income instruments of similar maturity. The scheme will invest in debt securities with maturity coinciding closely with the maturity of the scheme, so as to minimise the impact of price fluctuation of such securities on the value of the security at maturity.
Franklin Templeton MF declares dividend
Franklin Templeton Mutual Fund has approved the declaration of dividend under annual dividend option of the Franklin Templeton Capital Safety Fund -3 Years Plan and Franklin Templeton Capital Safety Fund- 5 Years Plan. The record date is set as 11 April 2008. Both the schemes are capital protection oriented fund that endeavors to protect the capital by investing in high quality fixed income securities as the primary objective and generate capital appreciation by investing in equity and equity related instruments as a secondary objective.
Principal PNB MF declares dividend
The Principal PNB mutual fund has announced the declaration of dividend under dividend option of Principal Tax Savings Fund. The record date for dividend will be 31 March 2008. The quantum of dividend is 80% i.e. Rs. 8 per unit on the face value of Rs. 10. The NAV of the scheme was recorded at Rs 87.19 as on 25 March 2008. Principal Tax Savings Fund is an open-ended equity linked savings scheme, whose investment objective is to build a high quality growth oriented portfolio to provide long term capital gains to the investors.
Birla MF declares dividend under MIP
Birla Mutual Fund has declared dividend of 2.60% i.e. Rs 0.26 per unit on the face value of Rs 10 under dividend option in Birla Sun Life Monthly Income Plan. The fund has announced 31 March 2008 as the record date for dividend distribution. The scheme had NAV of Rs 11.1983 per unit as on 25 March 2008. Birla Sun Life Monthly Income Plan is an open-ended income scheme. The primary investment objective is to generate regular income so as to make monthly and quarterly distributions to unit holders and secondary objective as growth of capital.
Reliance MF launches new Fixed Horizon Fund Series
Reliance Mutual Fund launched Reliance Fixed Horizon Fund -VII-Series 6. It is a close-ended income scheme. Duration of the scheme is 376 days from the date of allotment. The primary 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 normally maturing in line with the time profile of the series with the objective of limiting interest rate volatility.
Reliance MF garners Rs. 150 crore through its ELSS Series I
Reliance Mutual Fund has collected Rs 150 crore through its Reliance Equity Linked Saving Scheme Series I during its initial offer period from 19 December 2007 to 17 March 2008. Reliance Equity Linked Saving Scheme Series I is a 10-year close-ended equity linked saving scheme. The primary objective of the scheme is to generate long-term capital appreciation from a portfolio that is invested predominantly in equities along with income tax benefit. Reliance Equity Linked Saving Scheme Series I offers growth and dividend plan. The dividend option will have dividend payout and dividend reinvestment. The fund will invest can invest 80%-100% in equities. Whereas the investment in debt and money related instruments will be 0% - 20%.
SBI MF launches new debt fund series
SBI Mutual Fund launched SBI Debt Fund Series - 18 Months Series 3. The objective of the scheme is to provide regular income, liquidity and returns to the investors through investments in portfolio comprising of debt instruments. The fund will invest 0%-80% in Government of India dated securities and treasury bills and money market instruments. It may invest 20-100% in AAA/AA+ bonds/ debt instruments. The investment in securitised debt will be up to 20%.
Mutual funds in selling mode
Mutual funds (MFs) sold shares worth a net Rs 431.50 crore on Wednesday, 26 March 2008, compared to their buying of Rs 534.50 crore on Tuesday, 25 March 2008. MFs' net outflow of Rs 431.50 crore on 26 March 2008 was a result of gross purchases of Rs 530.50 crore and gross sales Rs 962 crore. The 30-share BSE Sensex down 130.66 points or 0.81% at 16,086.83 on that day. MFs were net sellers of shares worth Rs 2,173.50 crore in this month, till 26 March 2008.
UTI MF declares dividend
UTI Mutual Fund has announced the dividend under dividend option of UTI Fixed Maturity Plan Yearly Series-February 08 (YFMP/02-08). The record date for the declaration of dividend is 28 March 2008. The quantum of dividend will be 100% of distributable surplus available on the record date. The NAV for the scheme under retail plan and institutional plan was recorded at Rs. 10.0589 on 26 March 2008.
UTI Fixed Maturity Plan (YFMP/02-08) is a close-ended umbrella income scheme seeking to generate returns through investments in debt and money market securities, normally maturing in line with the time profile of the fund.
DSP Merrill Lynch MF declares dividend
DSP Merrill Lynch Mutual Fund has declared 1 April 2008 as the record date for distribution of dividend under the regular plans of both DSP Merrill Lynch Fixed Term Series 3C and DSP Merrill Lynch Fixed Term Series 3E.
The details are as follow:
Scheme Dividend (Rs per unit) Face value (Rs) NAV as on 27 March 2008
DSP-ML Fixed Term Plan-Series 3C-Regular Plan 52.690800 1000 1005.1127
DSP-ML Fixed Term Plan-Series 3E- Regular Plan 49.739300 1000 1004.7390
Reliance MF declares dividend
Reliance mutual fund has declared the dividend under the dividend options of the Reliance Interval Fund- Quarterly Interval Fund-Series I with both retail and institutional plans and Reliance Fixed Tenor Fund-Plan B.
The record date is set as 2 April 2008. The dividend details are as follows:
Name of the Scheme Amount of Dividend (Rs) NAV per unit as on 26 March 2008 (Rs)Reliance Interval Fund- Quarterly Interval Fund-Series I -Retail Plan 100% of distributable surplus as on the record date 10.0047
Reliance Interval Fund- Quarterly Interval Fund-Series I -Institutional Plan 10.0000
Reliance Fixed Tenor Fund-Plan B 11.3710
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