Financial Daily from THE HINDU group of publications
Sunday, Feb 26, 2006
Financial Daily from THE HINDU group of publications Sunday, Feb 26, 2006 |
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Investment World
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Mutual Funds Markets - Mutual Funds UTI MF launches UTI Contra Fund
Fidelity Fund Management has added two more fund managers to its team who will work along with Mr Arun Mehra. The new recruits are Mr Sameer Kulkarni, bond fund manager from Franklin Templeton to focus on debt and Mr Rajesh Singh from Fidelity's Hong Kong office for managing equity investments.
Fidelity also plans to unveil a "Special Situations Fund" to take advantage of investment opportunities in stocks arising from out of the normal circumstances. Sundaram India Leadership Fund has declared a dividend of Rs 1.75 per unit, with February 24 as the record date. Franklin Templeton has declared Rs 3.50 a unit as dividend under Franklin India Taxshield. The record date is February 15. UTI Mutual Fund has unveiled UTI Contra Fund. The fund will invest in stocks that are undervalued because of cyclical or "emotional" patterns in the stock market. The new fund offer will be open for a month from February 22. HDFC Mutual Fund has entered into a tie-up with Bank of India to distribute the former's products. Canbank Mutual Fund has announced a Rs 4 per unit dividend on Canequity Taxsaver, with March 16 as the record date. The Budget is expected to liberalise overseas investment limits for mutual funds.
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