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Sensex sees a free fall of 126.61 points
It was back to square one yesterday, as the market plunged on the receding chances of a stable government coming to power. The lack of clarity on the political front led to aggressive selling by institutional investors leading to a free-fall in the Sensex by 126.61 points, which in the process went below the crucial 3,700-points benchmark to close at 3,646.
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DSP Merrill Lynch to unveil liquidity fund
DSP Merrill Lynch Mutual Fund is launching an open-ended liquid fund -- DSP Merrill Lynch Liquidity fund, on March 6. The scheme will be open for initial subscription from March 6-9 and will reopen for subscription and redemption on an on-going basis from March 16.
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LIC MF plans Dhanvarsha (12) next month
Underterred by the tepid response to Dhanvarsha (11), LIC Mutual Fund is planning to add to the series with the launch of Dhanvarsha (12) in April this year. LIC MF's Dhanvarsha (11), which closed for subscription on February 20, managed to mop up only Rs 40 crore as against a target of Rs 150 crore.
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SBI fund's MMIS '98 mop up seen at Rs 50 cr
SBI Mutual Fund's Magnum Monthly Income Scheme '98 (MMIS '98), which closes for subscription on March 4, is likely to mop up around Rs 50-60 crore. Although estimated collections match the target amount of Rs 50 crore mentioned in the prospectus, the fund management had plans to rope in around Rs 300 crore. The scheme offered an assured return for five years at 12.5% per annum (payable monthly), which translates into an yield of 13.24%.
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