Financial Daily from THE HINDU group of publications
Sunday, Apr 10, 2005
Financial Daily from THE HINDU group of publications Sunday, Apr 10, 2005 |
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Investment World
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Mutual Funds Columns - Fund Watch UTI Mutual to launch dividend yield fund
UTI Mutual Fund may be sold to one of its four stakeholders by the end of FY 06. SBI, LIC, Punjab National Bank and Bank of Baroda hold 25 per cent each in the fund house. The would-be owner will buy out the other three stakeholders. The sale will complete the process of restructuring that was initiated by the Government a couple of years ago.
UTI Mutual plans to launch UTI Dividend Yield Fund. This fund will invest in stocks that offer a high dividend yield. The initial offer period is between April 11 and May 3. The fund is available for sale and purchase on an ongoing basis from June 1. It would invest in about 70 stocks; 65-100 per cent of the assets will be invested in high dividend yield stocks and 35 per cent in stocks with potential for capital appreciation. The minimum investment amount is Rs 5,000. The fund offers growth, dividend and dividend reinvestment options.
Tata Mutual has declared a dividend of 15 per cent for Tata Pure Equity Fund with April 27 as the record date; a dividend of 10 per cent has been declared for Tata Equity Opportunities Fund. The record date is May 11. Principal PNB Mutual has announced that there will be no entry or exit load on transactions in its existing as well as to-be-launched funds made by `fund of funds' managed by it or other asset management companies.
Birla Mutual plans to launch Birla GenNext Fund, which will capitalise on opportunities driven by consumptions trends of young citizens with high disposable incomes. Sectors such as hotels, travel and tourism, retail, financial services and consumer durables will be the focus. The fund will be benchmarked to the Nifty. The fund house has filed the offer document with SEBI for approval.
DSP Merrill Lynch plans to launch a fund that will invest in mid-cap stocks. The fund has filed the offer document with the Securities and Exchange Board of India. The minimum investment amount is Rs 5,000. The fund offers growth and dividend options.
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