Mutual Funds News - 30 Apr 2008

29 Apr 2008 | 10:44 LIC MF appoints new CEO

LIC Mutual Fund has appointed Sushobhan Sarker, who was earlier with Life Insurance Corporation of India as executive director-investments, as chief executive officer of the fund house. Prior to Sarker, N. Mohanraj was the fund houses CEO.

30 Apr 2008 | 12:17 Standard Chartered MF declares dividend

Standard Chartered Mutual Fund (MF) announced to declare dividend under the dividend option of Standard Chartered Fixed Maturity Plan-Yearly Series 8 (FMP- YS 8).

The fund house fixed 5 May 2008 as the record date for the declaration of dividend. It will declare the entire appreciation in Net Asset Value of dividend option since inception until the record date, as dividend.

Pursuant to payment of dividend, the NAV will fall to the extent of dividend payout and statutory levy, if applicable.

All unit holders registered on or before the record date will be eligible to receive the dividend.

FT MF launches new fund

Franklin Templeton Mutual Fund launched Templeton Fixed Horizon Fund Series-VIII-Plan A, which will offer an indicative yield of 8.90%. Subscription to the 367-day income plan will close on 5 May 2008. the close ended income plan will invest its entire corpus in fixed income securities having maturity profile similar to its own.

30 Apr 2008 | 13:43 UTI AMC, LIC MF to bid for managing pension scheme

UTI Asset Management Company and LIC Mutual Fund Asset Management Company will bid for management of the country's largest pension scheme.

LIC Mutual Fund, the asset management unit of Life Insurance Corp (LIC), India's biggest insurer, will also bid to manage the fund, which has a corpus of more than 1.56 trillion rupees.

The government-run Employees' Provident Fund Organisation (EPFO) has invited bids from asset managers to manage its flagship scheme by 30 April. The funds are allowed to invest only in bonds sold by the central and state government and not in equities.

30 Apr 2008 | 18:07 Mutual funds in buying mode

Mutual funds bought shares worth a net Rs 381.50 crore on Tuesday, 29 April 2008, as compared to their sales of Rs 199.60 crore on Monday, 28 April 2008.

Mutual funds net inflow of Rs 381.50 crore on Tuesday, 29 April 2008, was a result of gross purchases Rs 1423.90 crore and gross sales Rs 1042.30 crore. Sensex vaulted 362.50 points or 2.13% at 17,378.46 on that day as the central banks annual monetary policy announced during trading hours was less hawkish than what the market had feared it to be.

Mutual funds bought Rs 160.70-crore more shares than they sold in April 2008, till 29 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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30 Apr 2008 | 12:02 Lotus India MF files another offer document

Name of Fund: Lotus India Fixed Maturity Plan 3 Months Series XXXIII to XXXV

Scheme: It is a close-ended debt scheme.

Objective: The investment objective of the scheme is to seek to generate income by investing in a portfolio of debt and money market instruments normally maturing in line with the duration of the scheme.

Investment Options: Investors will have a choice of two options viz. growth option and dividend re-investment facility.

Tenure of the schemes: 90 days from the date of allotment of the scheme (including the date of allotment).

Asset Allocation: The scheme will invest 0-85% in money market instruments including reverse repo. 0-50% in Government Securities issued by the Central Government and/or State Government (s). 15-100% in debt instruments such as bonds and debentures. 0-50% in securitized debt.

Investment in fixed income Derivatives Upto 50% of the net asset of the scheme. None of the schemes intend to invest in foreign securitised debt.

Face Value: Rs 10

Load structure: Entry load: Nil

Exit load: 1% if redeemed before maturity. Nil if redeemed on maturity.

Application Amount: The minimum application amount will be Rs.5,000 and in multiples of Re.1 thereafter.

Target Amount: Minimum target amount Rs. 1 crore.

Benchmark: Crisil Liquid Fund Index.

Fund Manager: Mr. Umesh Sharma.

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Lotus India MF files offer document- Fixed Maturity Plan 375 Days Series XII to XIV

30 Apr 2008 | 11:46 Lotus India MF files offer document

Name of Fund: Lotus India Fixed Maturity Plan 375 Days Series XII to XIV

Scheme: It is a close-ended debt scheme.

Objective: The investment objective of the scheme is to seek to generate income by investing in a portfolio of debt and money market instruments normally maturing in line with the duration of the scheme.

Plans: Lotus India FMP 375 Days Series XII to XIV has two plans Regular Plan and Institutional Plan

Investment Options: Investors will have a choice of two options viz. growth option and dividend re-investment facility.

Tenure of the schemes: 375 days from the date of allotment of the scheme (including the date of allotment).

Asset Allocation: The scheme will invest 0-85% in money market instruments including reverse repo. 0-50% in Government Securities issued by the Central Government and/or State Government (s). 15-100% in debt instruments such as bonds and debentures. 0-50% in securitized debt.

Investment in fixed income Derivatives Upto 50% of the net asset of the scheme. None of the schemes intend to invest in foreign securitised debt.

Face Value: Rs 10

Load structure: Entry load: Nil

Exit load: 2% if redeemed before maturity. Nil if redeemed on maturity.

Application Amount: The minimum application amount will be Rs.5,000 and in multiples of Re.1 thereafter in the Regular Option and Rs 5000000 and in multiples of Re.1 thereafter in the Institutional Option.

Target Amount: Minimum target amount Rs. 1 crore.

Benchmark: Crisil Short Term Bond Fund Index.

Fund Manager: Mr. Umesh Sharma.

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HSBC MF files offer document -Fixed Term Series 59-65 (HFTS 59-65)

30 Apr 2008 | 11:36 HSBC MF files offer document
Name of Fund: HSBC Fixed Term Series 59-65 (HFTS 59-65)

Scheme: It is a close-ended income scheme with seven plans.

Objective: 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 respective plan.

Plans: Each series has two plans Regular Plan and Institutional Plan

Investment Options: Investors will have a choice of two options under each plan viz. growth option and dividend option offers dividend re-investment facility.

Maturity of the Plans: The seven plans viz HSBC Fixed Term Series 59 to 65 will be for fixed term of 90 days (one Plan), 6 months (two Plans), 1 year (four plans) from the date of allotment.

Asset Allocation: The fund will invest upto 100% in money market instruments (including CBLO & reverse repo). Upto 100% in short term and medium term debt instruments and securitized.

If the Plan decides to invest in securitised debt, it is the intention of the Investment manager that such investments will not normally exceed 50% of the corpus of the scheme/ plan(s). No investments shall be made in foreign securitised debt.

Face Value: Rs 10

Load structure:

Particulars (as % of NAV)	HSBC Fixed Term Series
Sales Load (Entry Load)	Nil
Sales Load on issue of Units in lieu of Dividend (dividend reinvestment)	Nil
Repurchase / redemption Load (Exit Load):
Plan	Repurchase / redemption Load
1 year	2% if exited before maturity
6 months	1.5% if exited before maturity
90 days	0.5% if exited before maturity
No Exit Load on redemption / switch out of Units on the maturity date
Switchover Fee	As per the prevailing load structure of the Scheme

Application Amount: The minimum application amount per application for each series of HFTS will be Rs.10,000 in the Regular Option and Rs 1 crore in the Institutional Option. Minimum additional investment amount shall be Re. 1.

Target Amount: Minimum target amount Rs. 5 crore for each series.

Benchmark: Crisil Liquid Fund Index

Fund Manager: Alok Sahoo and Suyash Choudhary

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Tata MF files another offer document - Fixed Horizon Fund Series 18 Schemes A, B, C and D

30 Apr 2008 | 10:46 Tata MF files another offer document
Name of Fund: Tata Fixed Horizon Fund Series 18 Schemes A, B, C and D

Scheme: It is a close-ended debt scheme.

Objective: The investment objective of the scheme is to seek to generate income and / or capital appreciation by investing in wide range of Debt and Money Market instruments..

Plans: Each Scheme has two plans Regular Plan and Institutional Plan

Investment Options: Scheme A, B, C and D (13 months maturity):

Growth Option and Dividend option offers dividend payout or dividend re-investment facility.

Periodic Dividend - Atleast once during the tenure of the scheme at the discretion of the trustees from time to time, subject to availability of distributable surplus.

Monthly Dividend - Atleast once a month at discretion of the trustees from time to time, subject to availability of distributable surplus.

Duration of the Schemes: Scheme A, B, C and D - 13 months from the date of allotment.Each Scheme will be considered as fresh subscription as and when it is launched.

Asset Allocation: The fund will invest 100% in Debt and Money Market instruments and Securitized Debt. No investments would be made in foreign securitised debt. The scheme may invest upto a maximum of 50% of the schemes net assets in domestic securitised debt.

Face Value: Rs 10

Load structure: Scheme A and B (13 months maturity):Entry Load: Nil

Exit Load: 0.25% if redeemed on or before 1 month from the date of allotment. Nil if redeemed after 1 month from the date of allotment.

Scheme C and D (13 months maturity):Entry Load: Nil

Exit Load: 1% if redeemed before maturity. As per SEBI specified limits; the repurchase price shall not be lower than 95 % of the NAV.

Application Amount:

Regular Plan: Dividend Option: Rs. 10,000 and in Multiple of Re. 1 thereafter

Growth Option: Rs. 10,000 and in Multiple of Re. 1 thereafter

Institutional Plan: Dividend Option: Rs. 1,00,00,000 and in Multiple of Re.1 thereafter.

Growth Option: Rs. 1,00,00,000 and in Multiple of Re. 1 thereafter

Target Amount: Minimum target amount Rs. 10 crore for each scheme.

Benchmark: Scheme A, B, C and D - Crisil Liquid Fund Index

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Indian Markets - Markets witness a choppy session

30 Apr 2008 | 17:34 Markets witness a choppy session

Markets traded in a range bound but volatile fashion through the day. While the Sensex was down 91.15 points or 0.52% at 17,287.31, the Nifty lost 29.60 points or 0.57% to close at 5165.90. The broadmarket indices also ended lower but suffered to a lesser extent as the BSE Midcap and Smallcap indices lost 0.11% and 0.13% respectively. The market breadth was negative as A/D ratio was 0.9:1 on the BSE. NSE cash turnover was Rs.16,448.43cr Vs. Rs.18,087.42cr yesterday.

The BSE Sectoral indices ended on a mixed note. The BSE FMCG and Auto were the top gainers as they surged 2% and 1.71% respectively. The BSE Oil & Gas, Bankex and Realty lost more than 1%. Gainers from the index pivotals included M&M, ITC, Tata Motors, Wipro and Jaiprakash Associates. Losers included DLF, Grasim Inds, HDFC, ICICI Bank and Hindalco.

We are not too worried with today's weakness as the underlying trend continues to remain up. We continue with our strategy of holding on to existing positional longs and using any weakness to adopt a selective buying approach.

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A dull day at US Market

30 Apr 2008 | 08:50 A dull day at US Market

US Market ended once again mixed today, Tuesday, 29 April, 2008 with only the Nasdaq managing to eke out little gains. Traders were a bit hesitant in todays trading, a day ahead of the crucial Federal Open Market Committee meeting. The first quarter advanced GDP reading is also expected tomorrow. Four of the major economic sectors finished the session in positive ground, ie consumer discretionary sector, consumer staples, telecom and technology sectors.

The technology sector managed to end in the green today due to an upbeat earning report from Corning. The companys first quarter profit tripled due to LCD sales.

The market kicked off the day in a flat note. It traded in the red for almost the entire first half. At the end, The Dow Jones industrial Average ended with a loss of 39.8 points at 12,831.98. The Nasdaq Composite Index, finished higher by 1.7 points at 2,426.3. S&P 500 finished lower by 5.4 points at 1,390.9.

Eighteen out of thirty Dow components ended in the red today. Merck was the main Dow loser. The companys share slipped by more than 10% today.

Shares of Merck were badly hammered today after Food and Drug Administration rejected its cholesterol drug Cordaptive, one of the key drugs in its pipeline.

On the earnings front, credit card processors Visa and MasterCard both reported their quarterly earnings. Visa topped its estimate by 17%, while MasterCard beat by 30%. Shares of Visa were sharply lower initially but went up after traders embraced MasterCard's large beat. Shares of Mastercard went up by 13%.

Among major economic report of the day, the Conference Board said April consumer confidence fell to 62.3 from 65.9, marking the lowest consumer confidence in roughly five years. The number, however, is better than expected market projected the reading to slip to 61.

Crude prices dropped by more than $3 today as supply concerns eased. BP restarted a North Sea oil pipeline and the dollar strengthened, reducing the appeal of commodities to investors. Gloomy economic news in the U.S. and forecasts that U.S. crude inventories have gained for a second week also weighed on Tuesday's oil prices. Crude-oil futures for light sweet crude for June delivery closed at $115.63/barrel (lower by $3.12/barrel or 2.6%) on the New York Mercantile Exchange. It fell to an intraday low of $114.95 earlier.

As per BP, it expects to resume normal throughput at its 700,000 barrel-a-day Forties crude oil pipeline system in the North Sea within several days. The company 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.

In the currency market today, the U.S. currency headed for its first monthly advance this year against the euro as traders increased bets the Fed will stop lowering bank-borrowing costs after cutting the benchmark federal funds rate by 25 basis points tomorrow. The Federal Reserve's interest-rate meeting begins Tuesday afternoon. The statement will be released on Wednesday at 2:15 p.m. E.T. The dollar index, which tracks the performance of the greenback against a basket of other major currencies, gained 0.3% to 72.83.

For tomorrow, the advanced first quarter GDP reading is due before market opens. It will be of utmost importance as there is speculation whether the economy posted negative growth during the first quarter. The major report garnering attention will be the FOMC policy decision, which is scheduled to be announced mid-afternoon 2:15 PM ET. On the earnings front, Colgate-Palmolive, General Motors, Procter & Gamble and Time Warner all scheduled to report before market opens.

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Reddy says inflation expectations to be aligned to global inflation levels

30 Apr 2008 | 12:26

Reddy says inflation expectations to be aligned to global inflation levels

Reserve Bank of India Governor Y V Reddy today said it would be ideal and possible to bring Indian inflationary expectations as close to the levels of global inflation. RBI in its annual monetary policy announced on Tuesday, 29 April 2008, had raised cash reserve ratio by 25 basis points to 8.25% while keeping its other policy rates unchanged.

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Market News 30 April 2008

30 Apr 2008 | 09:19

Record date for GMM Pfaudler fourth interim dividend is 02 May 2008

GMM Pfaudler has fixed 02 May 2008 as the record date for the payment of fourth interim dividend at the rate of Re 0.70 per share (35%).

30 Apr 2008 | 09:24

Record date for HCL Infosystems third interimdividend is 02 May 2008

HCL Infosystems has fixed 02 May 2008 as the record date for the payment of third interim dividend at the rate of Rs 2 per share (100%).

30 Apr 2008 | 09:26

Record date for Century Plyboards (India) stock split is 02 May 2008

Century Plyboards (India) has fixed 02 May 2008 as the record date for the sub-division of 1 equity share of Rs 10 each into 10 equity shares of Re 1 each.

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