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US 64 gains Rs 98 crore via accounting-policy changes
The Unit Trust of India (UTI) has made significant changes in its accounting policy in 1996-97 (July-June), which have had a different impact on the various schemes it manages. The US 64 scheme happens to be the single largest beneficiary with accretions of over Rs 98 crore to its reserves.
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Unit Trust plans index, illiquid-scrip funds
The Unit Trust of India is all set to unveil two new instruments, an index and an illiquid-scrip funds. "Unit Trust has decided to launch a new fund with a corpus of Rs 200 crore to invest in illiquid scrips listed on stock exchanges along with an index funds having corpus of Rs 400-500 crore in the current year," says chairman GP Gupta.
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`FIIs have information edge over local investors'
Foreign Institutional Investors (FIIs) have an information advantage over domestic investors in the absence of stringent disclosure requirements in India, says CB Bhave, who headed a committee on continual disclosure requirements for the corporate sector. Pointing out that Indian corporates who float GDRs abroad make greater disclosures there than in India, Bhave says this puts FIIs in an advantageous position.
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Managers see Sensex past 5,000 points by year-end
The investment mood may not be exactly upbeat but fund managers are hopeful of the Sensex topping the 5,000 mark by the end of the current calendar year. And when about 40-50 of them recently gathered in New Delhi, Mumbai and Bangalore on the invitation of Morgan Stanley and Merrill Lynch respectively, the Indian markets were viewed as a flicker of hope amid the ruins of the south-east Asian markets.
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