Mutual Funds News - 29 Apr 2008

29 Apr 2008 | 10:39 Birla MF declares dividend

Birla Mutual Fund has declared dividend under Birla Fixed Term Plan-Series V. The fund house has announced 2 May 2008 as the record date for distribution of dividend under Retail Plan-Dividend and Institutional Plan-Dividend in the scheme.

The scheme will distribute 100% distributable surplus as dividend on the record date on the face value of Rs 10 per unit. The scheme recorded NAV of Rs 10.9965 (Retail Plan) and Rs 11.0348 (institutional Plan) per unit as on 25 April 2008.

All unit holders whose name appears in the register of unitholders of the schemeas at the close of business hours on the record date shall be eligible to receive the dividend so declared. After payment of dividend, the NAV will fall to the extent of the payout and statutory levy, if any.

29 Apr 2008 | 11:07 Addendum to the offer document of FT MF

The closing date of the New Fund Offer of Plan A of Franklin Templeton Fixed Tenure Fund-Series IX (FTFTF-Series IX-Plan-A) has been extended till 12 May 2008 and the date of allotment has been revised to 21 May 2008.

Accordingly the maturity date of the plan and stipulated dates of redemption mentioned in the offer document have been modified as follows:

Maturity Date	Stipulated date for redemption
3 years from the date of allotment	At the end of 6th, 12th, 18th, 24th and 30th month from the date of allotment, as given below:
Date: 20 May 2011	Dates: 22 November 2008, 22 May 2009, 22 November 2009, 22 May 2010 and 22 November 2010

The scheme will remain open for redemption for a period of 7 business days commencing from the stipulated date(s) for redemption mentioned above.

29 Apr 2008 | 18:46 Mutual funds step up sales

Mutual funds sold shares worth a net Rs 199.60 crore on Monday, 28 April 2008, which was higher that their outflow of Rs 73.40 crore on Friday, 25 April 2008.

Mutual funds net outflow of Rs 199.60 crore on 28 April 2008 was a result of gross purchases Rs 650.50 crore and gross sales Rs 850.10 crore. Sensex lost 110.02 points or 0.64% to 17,015.96 on that day.

Mutual funds sold Rs 220.80-crore more shares than they bought in April 2008, till 28 April 2008. Mutual funds had sold Rs 1971.30-crore more shares than they had bought in March 2008, probably to raise cash to meet possible redemption pressure following a sharp setback in share prices over the last two months.

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Tata MF files another offer document - Gold and Precious Metals Fund

29 Apr 2008 | 17:01 Tata MF files another offer document
Name of Fund: Tata Gold and Precious Metals Fund

Scheme: It is an open-ended income scheme.

Objective: The investment objective of the scheme is to seek to generate return by investing at least 65% of its net assets in the equity securities of companies whose main economic activity is dealing in Gold and other precious metals. It may also invest in the equity securities of companies whose predominant economic activity is dealing in mineral or mineral mining. The scheme will not hold physical gold or metal.

Plans: Growth option and Dividend (payout / re-investment) option.

Asset Allocation: The fund will invest 65-100% in equity and equity related instruments of companies engaged in dealing of Gold and other Precious Metals including Mineral / Mineral mining. 0-35% in debt and money market instruments. Investment by the scheme in securitized debt will not normally exceed 20% of the net assets of the scheme.

Face Value: Rs 10

Entry Load: It will charge an entry load of 2.50% for each investment of less than Rs 2 crore. However for each investment of Rs. 2 crore or more entry load is nil.

Exit Load: For each investment of Rs. 2 crore or more Nil. For each investment of less than Rs. 2 crore 1% if redeemed on or before expiry of twelve months from the date of allotment. Nil if redeemed after expiry of twelve months from the date of allotment.

Application Amount: Minimum application amount is Rs 10,000 and in multiples of Re 1 thereafter.

Benchmark: Domestic price of the physical gold

Fund Manager: Mr. Venugopal M (Domestic Portfolio) and Mr. Dinesh Da Costa (Overseas Portfolio).

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Indian Markets - Markets surge ahead after RBI policy meet

29 Apr 2008 | 17:16 Markets surge ahead after RBI policy meet

The markets opened on a choppy note but soon started their upward journey after the RBI announced its decision to hold key interest rates stable.

While the Sensex was up 362.50 points or 2.13% at 17,378.46, the Nifty gained 105.85 points or 2.08% to close at 5195.50. The broad market indices also participated in the rally but to a lesser extent as the BSE Midcap and Smallcap indices ended 1.13% and 0.87% higher respectively. Market breadth was positive, as A/D ratio was 1.4:1 on the BSE. NSE cash turnover was Rs. 18,087.42cr Vs. Rs.12,802.17cr yesterday.

All the BSE Sectoral indices closed with gains. The BSE Realty and IT were the star performers of the day as they surged more than 5%. Gainers from the index pivotals included DLF, Satyam Comp, Hindalco, HDFC and Jaiprakash Associates. Losers were Grasim, Bharti Airtel, Rel Comm and Cipla.

The markets continue their bullish momentum on the back of RBI's monetary policy. The main indices also saw some key resistances being broken. We continue with our strategy of holding on to existing positional longs and adopting a selective buying approach. Markets may consolidate for a while after the sharp run up seen in the last three weeks

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Deals try to boost US Market but fail

29 Apr 2008 | 09:07 Deals try to boost US Market but fail

US Market posted losses today, Monday, 28 April, 2008 with only the Nasdaq managing to eke out little gains. There were no important economic reports for the day. Merger related news and earning news dominated the headlines for the day. Five economic sectors finished the session in the green. Financial, technology, energy, materials, and utilities sectors ended in the red.

It was quite a lackluster day in the market today. Among major earning reports, Humana and Sysco topped expectations, while Verizon reported in-line earnings.

The market traded flat for entire day today. At the end, The Dow Jones industrial Average ended with a loss of 20 points at 12,871.85. The Nasdaq Composite Index, finished higher by 1.5 points at 2,424.4. S&P 500 finished lower by 1.4 points at 1,396.37.

Seventeen out of thirty Dow components ended in the red today. AIG, Du Pont and Microsoft were the main Dow laggards. Verizon and General Motors were the top winners.

Among major deal news during the day, privately held snack food company, Mars is going to acquire Chicago-based Wrigley for roughly $23 billion, or $80 per share in cash, representing a 28% premium over Friday's closing level. Warren Buffet said that Berkshire Hathaway will provide $6.5 billion in financing.

Also, shares of Ford got a lift on word activist investor Kirk Kerkorian's Tracinda Corp is increasing his 4.7% stake in Ford to 5.7%.

Crude prices closed little higher today after reaching an all time high during intra day trading. Prices rose after BP shut a North Sea pipeline and a strike and rebel attacks in Nigeria disrupted production. Crude oil futures also stemmed from a strike called at a refinery in Scotland, forcing a key pipeline to be closed. The weaker dollar also spurted up crude prices.

Crude-oil futures for light sweet crude for June delivery closed at $118.75/barrel (higher by $0.23/barrel or 0.2%) on the New York Mercantile Exchange. Prices touched an all time high of $119.93 during intra day trading.

BP closed the Forties Pipeline System, carrying 40% of the U.K.'s oil production, after a strike at the Grangemouth refinery in Scotland cut power supplies. Further, a walkout by Exxon Mobil workers entered a fifth day in Nigeria, where production has dropped substantially in the last couple of days.

In the currency market today, the dollar fell slightly supporting gold's gains, as traders weighed the odds of the Federal Reserve further reducing benchmark U.S. interest rates. The dollar index, which tracks the value of the greenback against a basket of other currencies, fell 0.1% to 72.61.

For tomorrow, the only item on the economic calendar is the Conference Board's consumer confidence index for April. Other than that, there will be a number of earning reports on the dock.

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RBI concurs with IER April 2008 issue on India's GDP growth estimate

29 Apr 2008 | 18:08

RBI concurs with IER April 2008 issue on India's GDP growth estimate

RBI has presented the Annual Policy Statement for the Year 2008-09 on 29th April 2008.

While keeping all interest rates unchanged, RBI has hiked CRR by 25 basis points to 8.25% with effect from the fortnight begining 24th May 2008. This hike is in addition to 50 basis points rise to 8.0% announced on 17th April 2008, which was supposed to be effective in two tranches of 25 basis points each on 26th April 2008 and 10th May 2008. Thus between 25th April 2009 and 24th May 2008, the CRR would have been hiked by whopping 75 basis points from 7.5% to 8.25%.

In the policy statement, amongst others, RBI has said that GDP growth projection for 2008-09 (will be) in the range of 8.0 - 8.5 per cent. Interestingly, the projections coincide with the projections of April 2008 issue of India Economy Review.

The April 2008 issue of India Economy Review said, ... External shocks - spike in crude oil / other agri commodities or continuous slowdown in global economy or select advanced economies - cannot be overlooked. Fortunately, as the share of domestic consumption and domestic investments in the total is high, India is relatively insulated. Nevertheless, the country is not fully de-coupled from the global market. Hence, there could be deceleration in the pace of GDP growth to around 8-8.5% in 2008-09.

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Government slaps export duty on steel, basmati rice

29 Apr 2008 | 15:09

Government slaps export duty on steel, basmati rice

The government today announced additional measures to rein in rising prices and inflation. Stating that there is a case for disincentivising the export of steel, during a parliament debate on the budget for 2008/09, Finance Minister P Chidambaram levied an export duty ranging from 5% on galvanised steel to a maximum 15% on hot-rolled coils.

Meanwhile, the basic customs duty would be slashed to zero from five percent for pig iron and products such as sponge iron, granules, ingots, semi-finished products, hot rolled (HR) and cold-rolled (CR) CR coils.

Chidambaram said the government would levy an export tax of Rs 8,000 ($200) per tonne of basmati rice and simultaneously bring down the minimum export price of basmati rice to $1,000 per tonne from $1,200. Government had earlier this month banned exports of non-basmati rice.

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Lok Sabha approves Union Budget 2008-09

29 Apr 2008 | 13:14

Government extends tax holiday for software firms

Finance Minister P Chidambaram today extended the tax holiday scheme for export-driven software companies by one year at the time of announcing some changes to the Union Budget 2008/09. The scheme for facilities based in technology parks was set to expire in March 2009.

29 Apr 2008 | 13:58

Lok Sabha approves Union Budget 2008-09

Lok Sabha today passed the Union Budget 2008-09. Finance Minister P Chidambaram had earlier today in a discussion in the lower house of parliament on the budget announced some changes to the budget including extension of tax holiday to software firms by one year.

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RBI keeps interest rates unchanged

29 Apr 2008 | 12:07

RBI keeps interest rates unchanged

The Reserve Bank of India (RBI) in its annual monetary policy announced today kept interest rates unchanged. The central bank, however, raised the cash reserve ratio (CRR) by 25 basis points to 8.25% with effect from 24 May 2008. The CRR is the percentage of banks' deposits which they must keep as cash with the central bank. It may be recalled that RBI had earlier this month announced a two-stage rise in CRR to 8%.

The Reserve Bank of India (RBI) said managing liquidity would continue to receive priority in its policy objectives and warned it would act swiftly to curb any signs of adverse developments in inflation expectations.

RBI has forecast economic growth of 8% to 8.5% in the fiscal year that began this month, after an estimated 8.7% growth in 2007/08. RBI said it aims for inflation of around 5.5% this fiscal year with the goal of lowering it close to 5% as soon as possible.

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Economy expected to grow 8.1% in 2008/09: RBI survey

29 Apr 2008 | 09:31

Economy expected to grow 8.1% in 2008/09: RBI survey

A survey of professional forecasters by the Reserve Bank of India (RBI) showed that the Indian economy is expected to grow 8.1% in the 2008/09 fiscal year that began this month. In 2007/08, the gross domestic product is estimated to have grown 8.7%.

RBI announces its annual monetary policy review tomorrow, 29 April 2008.

29 Apr 2008 | 10:19

PM expects inflation to moderate following government measures

Prime Minister Manmohan Singh today said the broad macroeconomic fundamentals of the Indian economy are robust and the medium- and long-term outlook is highly encouraging. He said he was confident that steps taken by the government would help moderate high prices.

29 Apr 2008 | 11:34

PM attributes global food price rise to diversion from food crops to biofuels

Prime Minister Manmohan Singh today said the diversion of land from food crops to biofuels and increasing use of available food grains and vegetable oils for the production of biofuels have greatly contributed to the rising global food prices. The world community has not done enough to address this challenge, he said.

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Mutual Fund - Portfolio of LIC MF Growth Fund

Portfolio of LIC MF Growth Fund as on 28th February 2008
Total Assets : Rs.76.2 Crores

No	Name of the company	Sector	P/E Ratio	% of total Assets
1	3i Infotech Ltd	Computer-SW-M/S	0	0.45
2	Adani Enterprises Ltd	Trading	0	0.36
3	Alsthom Projects India Ltd	Electric Equip	0	1.57
4	Bharat Earth Movers Ltd	Engineering	0	2.36
5	Biocon Ltd	Pharm-Ind-B Drug	0	0.84
6	CESC Ltd	Power Generation	0	0.7
7	Container Corporation Of India Ltd	Miscellaneous	0	3.07
8	Core Projects & Technologies Ltd	Text-Processing	0	2.81
9	Debt	DEBT	0	12.98
10	Gas Authority Of India Ltd	Gas	0	3.75
11	GMR Infrastructure Ltd	Diversify-Med/Sm	0	1.36
12	Gujarat Alkalies & Chemicals Ltd	Chlor Alk/SodaAs	0	3.17
13	Housing Development Finance Corporation Ltd	Finance-Housing	0	3.68
14	ICICI Bank Ltd	Banks-Pvt Sector	0	4.3
15	India Cements Ltd	Cement-South Ind	0	1.1
16	Indian Hotels Co Ltd	Hotels	0	1.64
17	Infrastructure Development Finance Company Ltd	Finance	0	2.43
18	JAIPRAKASH ASSOCIATES LTD	Construction	0	2.24
19	Jaiprakash Hydropower Ltd	Power Generation	0	1.78
20	KNR Constructions Ltd	Construction	0	1.16
21	Lanco Infratech Ltd	Engineering	0	2.81
22	Larsen & Toubro Ltd	Diversify-Mega	0	3.77
23	National Thermal Power Corporation Ltd	Power Generation	0	1.32
24	Neyveli Lignite Corporation Ltd	Mining/Miner/Met	0	1.75
25	Oil & Natural Gas Corpn Ltd	Oil Drill/Allied	0	3.99
26	OnMobile Global Ltd	Telecom - Services	0	0.47
27	Orchid Chemicals Ltd	Pharm-Ind-B Drug	0	1.65
28	Parekh Aluminex Ltd	Alumin & Al.Prod	0	2.88
29	Petronet LNG Ltd	Miscellaneous	0	0.48
30	Power Grid Corporation of India Ltd	Power Generation & Supply	0	0.56
31	Power Trading Corporation of India Ltd	Trading	0	1.26
32	Praj Industries Ltd	Engineering	0	2.34
33	Provogue India Ltd	Textiles Products	0	0.78
34	Punj Lloyd Ltd	Construction	0	1.49
35	Punjab National Bank	Banks-Pub Sector	0	1.19
36	Reliance Industries Ltd	Diversify-Mega	0	1.61
37	Renaissance Jewellery Ltd	DiamondCut/Jewel	0	0.01
38	Rolta India Ltd	Computer-SW-Larg	0	1.59
39	Shriram EPC Ltd	ENGINNERING	0	0.82
40	Spanco Telesystems & Solutions Ltd	Computer-SW Conv	0	1.09
41	SREI Infrastructure Finance Ltd	Finance	0	2.5
42	State Bank of India	Banks-Pub Sector	0	3.32
43	Suzlon Energy Ltd	Power Generation	0	0.18
44	Tata Chemicals Ltd	Chlor Alk/SodaAs	0	2.53
45	Tata Power Company Ltd	Power Generation	0	0.92
46	UltraTech Cement Ltd	Cement-North Ind	0	0.48
47	UN LISTED	Un Listed Scripts	0	3.6
48	Unitech Ltd	Construction	0	0.71
49	Vijaya Bank	Banks-Pub Sector	0	0.44
50	Wockhardt Ltd	Pharm-Ind-BD&For	0	0.88
51	Yes Bank Ltd	Banks-Pvt Sector	0	0.81
Total:				100

 

 

 

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Mutual Fund - Portfolio of LIC MF Equity Fund

Portfolio of LIC MF Equity Fund as on 28th February 2008
Total Assets : Rs.106.59 Crores

No	Name of the company	Sector	P/E Ratio	% of total Assets
1	Akruti City Ltd	Construction	0	6.11
2	Alphageo (India) Ltd	Oil Drill/Allied	0	2.43
3	Bharat Heavy Electricals Ltd	Electric Equip	0	2.1
4	Bharat Petroleum Corporation Ltd	Refineries	0	1.08
5	Core Projects & Technologies Ltd	Text-Processing	0	3.51
6	Debt	DEBT	0	-1.32
7	Genus Power Infrastrctures Ltd	Electronic-Comp.	0	2.85
8	GHCL Ltd	Chlor Alk/SodaAs	0	2.3
9	GMR Infrastructure Ltd	Diversify-Med/Sm	0	0.51
10	GTC Industries Ltd	Cigarettes	0	4.69
11	Hindustan Petroleum Corporation Ltd	Refineries	0	0.7
12	ICICI Bank Ltd	Banks-Pvt Sector	0	4.09
13	IFCI Ltd	Fin-TermLendInst	0	3.14
14	Indian Oil Corporation Ltd	Refineries	0	1.31
15	JAIPRAKASH ASSOCIATES LTD	Construction	0	4.06
16	JSW Steel Ltd	Steel - Large	0	3.42
17	KNR Constructions Ltd	Construction	0	0.83
18	Kotak Mahindra Bank Ltd	Finance	0	1.88
19	Larsen & Toubro Ltd	Diversify-Mega	0	4.7
20	Mahanagar Telephone Nigam Ltd	Telecom - Services	0	1.11
21	National Thermal Power Corporation Ltd	Power Generation	0	3.79
22	Orchid Chemicals Ltd	Pharm-Ind-B Drug	0	3.54
23	Parekh Aluminex Ltd	Alumin & Al.Prod	0	4.64
24	Petronet LNG Ltd	Miscellaneous	0	3.12
25	Provogue India Ltd	Textiles Products	0	3.36
26	Reliance Energy Ltd	Power Generation	0	4.48
27	Reliance Industries Ltd	Diversify-Mega	0	5.77
28	Reliance Petroleum Ltd	Refineries	0	2.47
29	Renaissance Jewellery Ltd	DiamondCut/Jewel	0	0.01
30	RTS Power Corporation Ltd	Electric Equip	0	1.62
31	Sesa Goa Ltd	Mining/Miner/Met	0	4.88
32	Shri Lakshmi Cotsyn Ltd	Text-Processing	0	1.9
33	State Bank of India	Banks-Pub Sector	0	4.95
34	Steel Authority of India Ltd	Steel - Large	0	1.2
35	Tata Motor Ltd	Auto-LCVs/HCVs	0	2.08
36	Tata Power Company Ltd	Power Generation	0	2.69
Total:				100

 

 

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