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Updates for week ending October 30, 2007 |
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Mukesh Ambani is the richest man on earth! Markets on a roll. Good for the TRP of news channels. But other things with which you should be updated are as under. Even if they are not glamorous enough!!
- Insurance Regulatory and Development Authority (IRDA) had stated that companies must "publish details of agents who are involved in any form of malpractices on the insurer's website along with the date from which the said agent ceases to be an agent of that insurer."
- Life Insurance Corporation of India, (LIC) on Thursday, launched a new group insurance product, ‘Group critical illness rider,’ targeted primarily at employer-employee groups who have taken group insurance products earlier or are planning to buy a group insurance product
- Life Insurance Corporation of India (LIC) will unveil its much expected health insurance policy by end of this year, which will be unique and take on the competition from the private players in a big way, said T S Vijayan, Chairman, LIC.
- "We are waiting for the approval from Insurance Regulatory and Development Authority (IRDA) and hope to get it in the days to come. We hope to launch the policy by the end of this year," he said.
- ICICI Prudential is emerging as a sizeable contributor to its parent, Prudential’s overall business. Indian operations contributed about 13% of the total business generated in Asia and accounted for 6% of the total business registered by UK’s largest insurer Prudential during the first nine months of 2007 to September 30
- State Bank of India plans to enter general insurance early next year and has appointed a consultant, said Mr O.P.Bhatt, its Chairman. The bank is likely to tie up with a foreign player to set up a joint venture for general venture.
- BHARTI Group and French insurance major Axa have finalised the shareholding structure of their general insurance venture which entails Axa picking equity stake in the joint venture(JV) company, Bharti Axa General Insurance Company. While the cumulative economic interest of Axa would be 26% to start with, there is a clear understanding that when foreign investment regulations are relaxed, Axa would raise its stake to 60% in the JV.
- UTI Bond Fund is an open ended income (debt) scheme known for its relatively low volatility and conservative positioning. Typically, investors with medium term investing horizons have fared well with this scheme. It is managed by Amandeep Chopra.
Launched in May 1998, the scheme has grown at a compounded annualised growth rate (CAGR) of 9.12% since inception. - The recent euphoria in the stock markets has failed to spill over to mutual funds.
Data on growth in assets under management (AUM) of funds between April and September this year is skewed towards income funds, which are primarily debt schemes. - During this period, assets of equity funds grew the least among all categories of mutual funds.
- Assets of income funds increased 46.47 per cent, while that of diversified equity funds grew 28.41 per cent and equity-linked savings schemes (ELSS), 31.98 per cent. In balanced funds, which are hybrids of equity and debt funds, assets grew 39.47 per cent.
- High returns The asset growth figures are in sharp contrast to the returns from mutual fund schemes.
- Between April and September this year, diversified equity schemes gave a return of 36.34 per cent; ELSS a return of 36.58 per cent and income schemes, 14-27 per cent.
- Pure debt funds yielded a return of less than 10 per cent.
- Lotus India Asset Management Company a , joint venture between Fullerton Fund Management Group and Sabre Capital Worldwide, has launched a quant-based scheme, Lotus India AGILE Fund. Quant (from quantitative analysis) funds operate on the basis of computer generated mathematical models designed by the fund management team and hence reduces the risks of fund manager's bias in stock picking. The new fund offer is open till November 23
- To shed its ‘also-ran' image, UTI Mutual Fund has gone in for an overhaul just months ahead of becoming Asia's first listed asset management company. With an IPO coming up by March next year, the company has triggered a makeover of its structure and operations, using recommendations made by the Boston Consulting Group . Not just this, in the pipeline are a hefty $1 billion worth of new funds waiting to be invested in 2008. These include an infrastructure fund that will be invested in unlisted companies.
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