The Hindu Business Line : Sundaram Mutual to launch Leadership Fund

The tax exemption for dividends declared by open-end, equity-oriented mutual funds is likely to be extended for one more year. It is to end on March 31, 2004. But the extension will take effect only after the Budget is presented after the elections.

UTI Mutual is to acquire IL&FS Mutual. This would enhance the assets under management of UTI Mutual by about Rs 2,500 crore. The acquisition will be completed over the next four months.

Sundaram Mutual is to launch Sundaram India Leadership Fund, which will invest in companies that have emerged as leaders in their respective businesses. The fund has filed the prospectus with SEBI for approval.

Canbank Mutual plans to raise the maximum limit for investment in equities for five of its funds — Canexpo, Canglobal, Canpremium and Canequity Tax Saver.

Alliance Capital has removed the entry load for Alliance Capital Tax Relief and investments through the systematic investment plan in Alliance Equity Fund. It has introduced an exit load equivalent to the entry load if funds are redeemed within 30 days from the date of investment.

This applies to Alliance'95 Fund, Alliance Frontline Equity, Alliance New Millennium, Alliance Basic Industries and Alliance Buy India.

UTI Mutual has announced a dividend of 30 per cent for Mastergain. Investors as of February 13 are eligible.

Franklin Templeton has declared a dividend of 40 per cent for Franklin India Prima Fund. Investors as of January 20 will be entitled to the dividend.

Franklin Templeton is to alter the investment objective of Franklin Internet Opportunities Fund to enable it build a diversified portfolio instead of the focus on opportunities created by the growth of the Internet. The change would take effect on March 10.

As this is a change in the fundamental attribute of the fund, investors have an exit option at NAV before March 10. The change may be beneficial and investors can remain invested.

BL Research Bureau

Article E-Mail :: Comment :: Syndication

Stories in this Section
Quiz

Urea: As props fall only the robust will stand

Subsidies through sunset years

`Urea prices are unlikely to fall back to $90 levels'

Fertilise your portfolio

Mahindra Scorpio: Has a sting still

Question `n' Auto

How corporates fared in October-December: Mid-rung firms steal the show

A window for global diversification

Shareholding pattern: Control by definition