The two funds from PNB Mutual Fund have mobilised a combined initial corpus of Rs 37 crore. The Delhi-based asset management company tapped the market after a gap of three years. While the open-end debt fund has mobilised a healthy Rs 35 crore, the balanced fund received a lukewarm response with a collection of only Rs 2 crore. The initial offer of the two funds, which opened on May 10, closed for subscription on May 29.

Tata core sector fund

The only close-ended scheme from the Tata Mutual Fund stable, Tata core Sector Equity fund, is to be made open ended shortly. The fund, which was launched in 1996 has appreciated by more than 32 per cent in the last one year. At the end of 1997-98, the scheme had a net asset value (NAV) of Rs 8.44, one year later it has an NAV of Rs 11.19.

Hotel stocks receive a drubbing

The woes of the hotel industry continue and the companies are reeling under low occupancy levels. The poor tourist inflowcoupled with low tariffs has taken its toll on the companys' bottomlines. Not only the fall in business has affected the revenues, the profitability margins too have taken a knock.

The hotel stocks are out of flavour on the bourses and are either trading close to their 52-week lows or well below the yearly highs. It's been more than two years that the fund managers have stayed away from the hotel sector.

KP Income Builder

Kothari Pioneer Mutual Fund has declared a 12.75 per cent post tax dividend for its open end scheme Kothari Pioneer Income Builder Account (IBA) (dividend plan). The dividend will be tax free for the investor and the record date has been fixed as June 30, 1999. All investments made in the dividend plan on or before June 30 will be entitled to this dividend.

Sharp Industries zooms

Takeover rumours have propelled Sharp Industries by a whopping 263 per cent on the Mumbai Stock Exchange. This infrequently traded scrip seems to have suddenly caught the fancy of investorsand has zoomed from Rs 6 to a two-year high of Rs 21.85. The rise in the scrip price has been accompanied by huge volumes of around one lakh shares compared with a few hundred shares some time back.