The Hindu Business Line : LIC Mutual Fund to launch floating rate MIP

Franklin Templeton has declared a dividend on Franklin India Prima Fund. All investors registered under the dividend plan as on October 5, 2004, will be eligible to receive the dividend.

Canbank Mutual Fund has launched "CanIndex", an open-ended, Nifty-linked equity fund. The fund will invest in stocks in the Nifty in the same proportion and weightage it represents in the Index. The fund offers Income and Growth options. The minimum investment amount is Rs 5,000. The offer closes on September 27, 2004.

LIC Mutual fund is to launch a floating rate MIP (monthly income plan) fund. The fund will invest predominantly in floating rate instruments.

The fund seeks to perk up returns by investing a small portion of its assets in equity as well. The fund will offer two options; Plan A, having a cap on equity investment at 20 per cent and Plan B, with a cap on equity investments at 10 per cent. The offer closes on October 8.

Kotak Mahindra Mutual Fund is to launch Kotak Contra Fund. The fund will invest in stocks believed to be trading at prices lower than their estimated intrinsic value. Investments will be made in stocks across sectors and market capitalisations.

The fund will invest mainly in equity but may also invest upto 35 per cent in money market and debt instruments. The Fund is to also launch a Flexi Income Fund, which will invest in debt and money market instruments.

JM Mutual Fund is to launch JM Hedging Fund. A draft prospectus has been filed with SEBI. The fund will invest in equities and equity derivatives. It seeks to generate regular income through arbitrage opportunities.

JM Mutual Fund has sought regulatory permission to change its name to "JM Financial Mutual Fund", in an attempt to identify itself more closely with its sponsor, JM Financial & Investment Consultancy Services.

UTI Mutual Fund is to launch a fund that will invest in foreign companies in the established and emerging markets.

BL Research Bureau

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