NEW FUND OFFER
Axis Mutual Fund files offer document with Sebi to launch Axis Energy ETF, an open ended listed index scheme. The New Fund Offer price is Rs 10 per unit. The investment objective of the Scheme is to provide returns that, before expenses, closely track the total returns of the benchmark by investing in a portfolio of equity shares in the same proportion as the benchmark index.
News Source – NAV INDIA.
Concerns about the global economy prompted investors to pull cash from commodity and energy-focused mutual funds in the week ended May 4, data from fund tracker EPFR Global showed yesterday. Commodity funds had net outflows of $1.47 billion, while energy funds had net outflows of $1.06 billion, reflecting a rout in commodity prices.
At the same time investors were getting troubling information on the slowing pace of developed market economies, they plowed sizable amounts of cash into their equity funds, with the lion's share going into exchange-traded funds.
News Source – BUSINESS STANDARD.
Financial services firm Reliance Commercial Finance (RCF), part of the Anil Dhirubhai Ambani Group, Monday launched a unique initiative offering loan against gold held in paper form. Customers can avail of loans up to 90 percent of the value of gold units held, while the minimum amount offered under this initiative would be Rs.100,000 and the maximum would be Rs.1 crore. The tenure of the loans will vary from 6 months to 12 months and can be paid in easy repayment options available under the initiative.
News Source – ECONOMIC TIMES.
SBI Mutual Funds has increased in weightage in oil & gas, pharmaceuticals and automotive sectors, while decreased its exposure in information technology, banking & financial services and engineering & capital goods space. Greaves Cotton, Ashok Leyland and Bharti Airtel were the top buys, while India Cements, Zee Entertainment and Usha Martin were the top sells.
News Source – MONEY CONTROL.