Quantum MF launches Tax Saving Fund

Date : Dec-10-2008
Quantum Mutual Fund has started Quantum Tax Saving Fund an open-ended equity linked saving scheme. The scheme will open for subscription on 10 December 2008 and closes on 13 December 2008. The NFO price is Rs 10 per unit. Investment Objective: The investment objective of the Scheme is to attain long-term capital appreciation by investing primarily in shares of companies that will typically be included in the BSE 200 and are in a position to benefit from the anticipated growth and development of the Indian economy and its markets.
Load Structure: The scheme will charge an entry load nor exit load. Investment Options: The scheme offers growth and dividend plan. The dividend plan shall have payout and reinvestment facility. The minimum application amount is Rs 500 and in multiples Rs 500 thereafter.

Birla Sun Life MF introduces new option

Date : Dec-10-2008
Birla Sun Life Mutual Fund has introduced the new option named, daily dividend option with reinvestment facility under Birla Sun Life Floating Rate Fund - Long Term Plan, which is an open ended income scheme, with effect from 10 December 2008. The offer price is Rs 10 per unit and at applicable NAV based prices after that. The option introduced under the scheme will have the same investment objective, portfolio, liquidity, minimum application amount, applicable load structure and expense ratio as that of existing options.

Markets maintained its yesterday’s rally and open significantly higher.

DateDec-10-2008 10:40
The markets today maintained its yesterday’s rally and open significantly higher on the back of positive Asian markets. All the sectorial indices are trading in green in the opening trade. The significant buying is seen among the Metal, Realty, Oil & Gas, Power, IT and Capital Goods stocks. The BSE Mid Cap and the Small Cap are also trading higher.The BSE Sensex is now trading above the 9,300 mark and the NSE Nifty is trading above the 2,800 mark.The Asian markets are also trading higher barring Shanghai. Seoul Composite, Hang Seng, Nikkei and Straits Times index are trading higher by (4.13%), (3.56%), (2.99%) and (1.38%) respectively. However, Shanghai Composite index is trading lower by (1.16%).The US stock market on Tuesday ended lower, on the back of some downside earnings guidance from some corporate. Earlier the market was traded in the positive territory following a better-than-expected housing report. The Dow Jones Industrial Average (DJIA) dropped by 242.85 points to close at 8,691.33. The NASDAQ Composite (RIXF) index decreased by 24.40 points to close at 1,547.34 and the S&P 500 (SPX) fell 21.03 points to close at 888.67.Sterlite Industries reported a top gainer among the BSE Sensex pack up by (6.18%) at Rs. 265.50 while Tata Motors the top loser down by (2.11%) at Rs. 148.80.The overall market breadth remains positive as 729 stocks are advancing while 445 stocks are declining on BSE.At 10.33AM, the BSE Sensex was up by 170.10 points at 9,332.72 and the Nifty was up by 58.95 points to 2,842.95.The BSE Mid Cap increased by 17.05 points to 2,902.08 and the BSE Small Cap advanced by 16.55 points to 3,359.75.BSE IT index is trading higher by 59.22 points or (2.48%) to trade at 2,445.20. The top gainers are Infosys Technologies increased by (2.31%) to Rs.1,184, HCL Technologies up by (1.97%) to Rs.119, TCS inclined by (1.84%) to Rs.532 followed by Wipro grew by (2.87%) to Rs. 245.15.BSE Metal index is trading higher by 142.17 points or (2.97%) to trade at 4,923.39. The major gainers are Sterlite Industries inclined by (6.18%) to Rs. 265.50, SAIL up by (5.31%) to Rs.72.45, Sesa Goa increased by (3.73%) to Rs.76.40 followed by JSW Steel grew (3.43%) to Rs.229.25.

PM calls meet on Dec 10 on textile industry bailout

Date, Dec-10-2008 09:30
Prime Minister Manmohan Singh has arranged a meeting on Dec 10 on bailing out the textile industry due to rise in input costs led by sharp increase in the minimum support price (MSP) of cotton in September.The Centre has increased the MSP of standard cotton (long staple) to Rs 3,000 per quintal for 2008-09 from Rs 2,030 during the previous year. The MSP of medium staple cotton has been raised to Rs 2,500 from Rs 1,800 per quintal. The industry has protested strongly against the MSP hike, saying domestic rates will skyrocket at a time when prices in global markets are declining. The Confederation of Indian Textile Industry has cautioned that the hike in MSP will prompt domestic traders and millers to import cheaper cotton and exports may plunge by a half to about 50 lakh bales (one bale is equal to 170 kg) in 2008-09 from 100 lakh bales last year .India is projected to produce at least 320 lakh bales of cotton in the 2008-09 season.