Canbank Mutual Fund has decided to convert Cantriple scheme, due for redemption later this month, into an open-ended scheme. The scheme, launched with a corpus of Rs 507.46 crore, has posted a net asset value of Rs 16.24 as on March 31, 1999. The NAV currently stands at Rs 16.87, while the market value of its investments aggregates Rs 286.57 crore.

Slowdown in tractor industry

Although Mahindra & Mahindra, Eicher Ltd and Punjab Tractors, have managed to outperform the tractor industry average in 1998-99, on a year-on-year basis, growth has slowed down. In fact, a comparison of tractor sales since 1996-97 reveals a slowdown in demand growth.

Good times ahead for petrochem

There are good times ahead for petrochemical producers Reliance Industries and IPCL. Rising product prices coupled with falling naphtha prices should led to an improvement in profit margins. This has led to analysts revising their 12-month target prices for these scrips. The newtarget price for Reliance is Rs 220-230, while for IPCL, it is Rs 150-160.

Dundee MF opens dedicated gilt fund

Canadian-based Dundee Bancorp Inc sponsored Dundee Mutual Funds (DMF) has launched a dedicated gilt fund 'Dundee Sovereign Trust', the second scheme from the company In india after its debt fund launching January. The Dundee Sovereign Trust has the investment objective to provide long term government return on non-government retirement schemes which is currently at 12 per cent, president of DMF, Sunil Joseph told newspersons on Tuesday.

NSE suspends Esquire

The NSE has suspended Esquire Money Guarantees Ltd with effect from June 1,1999 due to failure of the trading member in meeting their obligations/liabilities to the exchange/clearing corporation and failure to also fulfil the requirements for continued membership of the exchange and the clearing corporation.