Markets are volatile a bit and are trying to stand in green. NIFTY is at 4086.05 and CNX 100 is at 3955.25. Thanks to the positive quarterly results from TCS and HCL Technologies, the stocks are favored by many today. RIL too is trading good at the moment.
Add commentJanuary 15th, 2007
The Indian Stock Markets opened positive, thanks to the ‘as-expected’ earnings of some majors yesterday.
NIFTY is at 4086.40. Nifty Junior, CNX IT, Bank Nifty and CNX 100 are all in positive teritory at the fresh hours of the day.
Add commentJanuary 15th, 2007
As expected at the beginning of the year, the Gold Exchange Traded Funds are nearing their launch dates. Market sources say that AMFI is planning to give the green signal to these in the next month. With these schemes, as minimum as 1 gram gold can be bough through the scheme.
Indian Gold ETFs
Benchmark Mutual Fund, UTI Mutual Fund and Kotak Mutual Fund are already in queue and have filed offer documents before the market regulator for the nod. UTI Mutual Fund is in tie up with State Street Global Markets (SSgA) LLC as its investment advisor for overseas market. It may be recalled SSgA is one of the early people who are into Gold ETFs internationally.
Kotak Mutual Fund has recently filed its application before the SEBI for the Gold ETF and is awaiting the SEBI’s nod. The Draft Offer Document filed by Kotak Mutual Fund the fund will be an open-ended Gold ETF. The Units will be available at Rs. 10 each plus applicable load at the NFO time and at the applicable NAV during the continuous offer. (Entry load of 4% and exit load of 1%)
The fund objective is “The investment objective of the scheme is to generate returns that are in line with the performance of gold and gold related instruments, subject to tracking errors. However, investments in gold related instruments will be made if and when SEBI permits mutual funds to invest in gold related instruments.”
The fund will put in investors money into “gold, and endeavor to track the spot price of gold. The Fund may engage in gold lending, deposit gold with banks in return for fees to the extent permitted by Regulations The Fund may also invest in gold related instruments and bank deposits
to the extent regulations permit. The fund would invest all the residual funds after investing in gold in debt and money market instruments.”
The Global Experience
Global market experts however suggest investors to be a bit cautious about GETFs – particularly because even the finance market haven US does not have enough experience in this region.
Gold ETFs allow even normal people to buy gold units for as little as Rs. 100 and could trade them just like units of their mutual funds. However, it should be remembered that the gold in question here is 24 carat gold instead of the yellowish ornamental gold. Thus, GETFs should be used only when we wish to use it as an investment option rather than buying gold for making ornaments.
Add commentJanuary 15th, 2007
Nestlé India Ltd. has informed BSE that the board of Directors of the company on December 04,2006, has declared a Second interim dividend of Rs 18/- per equity share for the year 2006, on the entire subscribed and paid up capital of equity shares of nominal value of Rs 10/- each.
The second interim dividend for the year 2006 shall be paid on and from December 21, 2006.
Add commentJanuary 15th, 2007
Value of deals reported on ICDM on 15TH JAN , 07 , through ICDM System as well as Internet portal is = Rs.386.67 Crores
Number of deals through internet portal : 89
Number of deals reported through CDMS System : 11
Total Number of deals : 100
Add commentJanuary 15th, 2007
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