CHENNAI, Nov 23: Sundaram Bond Saver, the open-ended fixed income scheme from Sundaram Mutual Fund has declared an interim dividend of seven per cent. Speaking to the reporters, TP Raman, managing director, Sundaram Newton Asset Management Company Ltd, said that the fund with a corpus of Rs 10.50 crore has posted a growth of 12.1 per cent in the current year.The scheme, he said, is invested only in good quality debt instruments and the investors would benefit from indexation advantage and lower tax at 20 per cent (long term capital gains) as against the 30 per cent regular income tax. He added that the fund hopes to net a corpus of Rs 30 crore by March 1999.
The company, according to Raman, is looking at making the mutual fund's growth scheme into an open ended one. It will be made at an opportune time as the necessary approvals are in place.
Apart from a growth and an income fund, the mutual fund has two equity linked savings schemes (ELSS). Raman said that considering the waning interest of theinvestors in such schemes, the fund is not bringing out an ELSS this year.
The mutual fund has also engaged an independent agency to study the investor profile, their investment behaviour and trends to bring out an scheme that will find good response. The report is expected to be ready in about two months.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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