The Hindu Business Line : Kotak Gold ETF lists on NSE

Mumbai, Aug. 8 The open-ended Kotak Gold ETF got listed on the NSE and opened at the price of Rs 919, which is also day’s high, against its issue price of Rs 892.15. It touched a low of Rs 880 before closing at Rs 892.15. The total quantity traded was 15,257 units, of which 17 per cent was presented for delivery. The Kotak Gold ETF proposes to invest in gold, engage in gold lending, deposit gold with banks in return for fees to the extent permitted by regulators. The asset base of this open-ended Gold ETF is Rs 40-42 crore.

The NFO opened on June 20 and closed on July 4.

“Gold ETF has always tracked the price of gold and so if anyone expects the price of gold to go up then this is a very good opportunity”, said Mr Ritesh Jain, head of fixed income, Kotak Mutual Funds.

The story of the other two gold ETFs – Benchmark Gold BEES and UTI Goldshare – is not that encouraging. According to Valueresearch Web site, the average return posted by them for the three-month period stands at negative 2.38 per cent. However, their scorecard for the week reads much better at 0.13 per cent beating equity schemes.

More Stories on : New Fund Offer | Gold & Silver | Stock Exchanges

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Kotak Gold ETF lists on NSE

How public are our listed companies?

Acquisition talk props up Sonata Soft

Bull domination

Every seventh stock hits upper circuit on BSE

Rupee down; IT stocks drive Sensex up 375

Mixed views on impact of tighter ECB norms

Soros fund among RCom tower biz stake buyers

Merrill Lynch sheds stake in Goldstone

UTI joins Japan’s Shinsei Bank for Singapore market

Puravankara public issue subscribed by 1.9 times