Tata MF declares 20 per cent dividend
Tata Mutual Fund has declared a dividend of 20 per cent in its tax saving fund. This is the second dividend in Tata Tax Saving Fund after the 20 per cent declared in June, 1999. The dividend is tax free and the open-ended fund also offers 20 per cent tax rebate up to a maximum investment of Rs 10,000. At its current NAV of Rs 32.90, the tax saver has given a one-year return of 213.60 per cent. Tata Mutual Fund manages Rs 743 crore in net assets.Old Mutual plans Indian foray
South African insurance major, Old Mutual Plc plans to set up an asset management company to enter the Indian mutual fund market as a prelude to its venture in the insurance sector, a top official said. "We would soon announce the name of the Indian partner in the proposed asset management company (AMC)", Old Mutual's chairman and CEO Mike J Levett told PTI. However, he declined to divulge the name of Indian partner for the mutual fund business.
Skindia GDR index up 0.78 per cent
The Skindia GDR index increased by 0.78 per cent from 949.12 to 956.55 on Decmeber 1,as per the Skindia GDR index with a base January 3, 1995 equal to 1000. The Skindia GDR index P/E ratio was 72.15 as compared to 71.03, Skindia Finance said in a press release.
PSB to decide on IPO size this week
Punjab and Sind bank (PSB) board would decide this week the size of its first public offering of shares. "Though the bank has obtained approval for a public issue of Rs 100 crore from the Reserve Bank of India, it would prefer an amount less than that," PSB chairman SS Kohli told PTI. He said the bank's board would meet on December 4, to decide on the exact size of the IPO.
Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.