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UTI's Small Investor Fund to target poor
Unit Trust of India, the country's largest mutual fund, has formulated a scheme to help the poorer sections of society save money. The "Small Investors Fund" will initially target the hutment and slum-dwellers in the city. UTI has already mandated the Society for Promotion of Area Resource Centres (Sparc), to identify and liaise with these people.
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Overwhelming response for GSFC bond issue
Gujarat State Finance Corporation Ltd (GSFC) has successfully completed its priority sector bond issue on January 23. The issue received an overwhelming response of subscriptions of Rs 125 crore much above the issue size of Rs 75 crore. All responses received were under the government guaranteed option and the pricing was fixed at 11.75%.
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Markets are bottoming out, feel experts
A cross-section of brokers and investment managers are of the view that the stock markets are bottoming out. Though most of them strike a note of caution, they see investments attractive at the current levels especially for those who hold a long-term view. Pinning their hopes on the outcome of the elections, they point out that the market could be in a position to recover in the event of a stable government.
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Templeton Income recasts load in favour of long-term investor
Templeton Asset Management Company has removed the entry load on its income fund, Templeton India Income Fund, with effect from January 1, 1998. The fund has now introduced a 1% exit load on investments parked with the fund for less than a year. Earlier, the entry load varied from nil to 3%, depending on the amount invested.
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