The Sensex closed the day at 14188.49 down by 64.89 points. The Nifty slipped below 4100 mark and closed at 4096.20 - down by 10.75 points. USD/INR is currently trading at 44.19
Add commentFebruary 21st, 2007
Markets lost few points in the previous hours of trade though they remained to be in the positive territory. NIFTY is currently at 4120.35.
31 stocks are in Advances as against 19 in Declines in the Nifty. Top Gainers include Suzlon (that has been beat hard by investors in the past few days), Dabur, ZeeTele, Bharti Airtel and Hero Honda.
Other top gainers list so far include the following stocks: NavNetPubl, SomaTex, SuperSpin, ThriuSugar, ZodiaCloth, BoschChasy, AIChamp, Nucleaus, GIPL and Wanbury
Add commentFebruary 21st, 2007
JM Financial Mutual Fund has filed draft offer document before SEBI for its upcoming contra fund. The JM Contra Fund will be an open ended equity oriented fund. Units in this scheme can be purchased at Rs. 10/- per unit subject to the applicable load. Of course, most of the recent NFOs are now charging load charges upfront. As per the rules of amortisation, fund houses have to charge the issue expenses upfront in case of open-ended funds. Close-ended fund however can charge the issue expenses over the tenure of the fund. This means, for a close-ended fund, the fund house can charge the initial expenses spread over 3 years for a 3-year close ended fund.
Coming back to the JM Contra Fund, the investment objective of the scheme is to provide capital appreciation by following contrarian style of investing i.e. buying into fundamentally sound stocks that have been overlooked by the market for reasons such as short term trend and waiting for the market to give these stocks their real value in course of time.
The Minimum application amount is Rs. 5,000/- per Plan / Option and in multiples of Re.1/- thereafter during the New Fund Offer period, and in case of first time investments. For ongoing investments in an existing folio the investment would be Rs. 1,000/- and in multiples of Re. 1/- thereafter.
The Entry Load for JM Contra Fund will be 2.25% for investments less than Rs. 5 Crores and Nil for investments over and above Rs. 5 Crores. There will not be any Entry Load for investments made under Systematic Investment Facility (SIF). SIF is JM’s word for the popular industrial term Systematic Investment Plan or SIP.
In regard to Exit Load, the fund charges 1% if redeemed within 6 months of allotment of units /
transfer and in case of investments made through SIF, it will be 2.25% if redeemed within 1 year of allotment / transfer of units.
A look at NAV’s (as on February 20, 2007) of some Contra schemes from other fund houses
DBS Chola Contra Fund - Cumulative Option; 11.53
DBS Chola Contra Fund - Dividend Option; 11.53
Kotak Contra Scheme - Dividend;14.814
Kotak Contra Scheme - Growth;14.814
SBI MSFU Contra - Dividend;28.89
SBI MSFU Contra - Growth;38.35
Tata Contra Fund - Dividend;11.5873
Tata Contra Fund - Growth;11.5913
UTI Contra Fund - Growth-Growth Option;9.68
UTI Contra Fund - Income-Dividend Option;9.68
Add commentFebruary 21st, 2007
The markets took a recovery turn covering its early trading hour losses. NIFTY is currently at 4128.75 (+0.53%).
IFCI, Infosys Technologies, GBN, Reliance Communications, Suzlon, SBI, India Bulls, Reliance, Hindustan Leaver (which announced its quarterly results yesterday) and SAIL are in the most active traded stocks category.
Add commentFebruary 21st, 2007
The markets seems to be continuing to loose points and are taking the downward route. NSE Nifty which closed at 4106.95 yesterday is at 4097.90 (down 0.22%). Traders seems to be choosing the profit booking route ahead of the Indian Budget session.
PearlPoly (-9.3%), Hind Syntex (-9.09%), Mukta Arts (-6.7%) are amongst the top loosers list in early hours of trade.
Add commentFebruary 21st, 2007
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