Record date for dividend is 17 April 2014
Individuals & HUF-0.584
Others-0.559
Monday, April 14, 2014
FT Dynamic PE Fund of Funds Announces Dividend
Individuals & HUF-0.584
Others-0.559
Birla Sun Life Capital Protection Oriented Fund – Series 20 Floats On
NFO period is from 11 April to 25 April 2014
The investment objective of the scheme is to seek capital protection on maturity by investing in fixed income securities maturing on or before the tenure of the scheme and seeking capital appreciation by investing in equity and equity related instruments.
The scheme offers two options viz. growth and dividend option.
The scheme would allocate 80% to 100% of assets in debt & money market instruments with low to medium risk profile and upto 20% in equity and equity related instruments with high risk profile.
The minimum application amount is Rs 5000 and in multiples of Rs 10 thereafter.
The fund seeks to collect a minimum subscription (minimum target) amount of Rs 20 crore under the scheme during the NFO period.
Entry and exit load charge will be nil.
Benchmark Index for the scheme is CRISIL MIP Blended Index.
The fund managers of the scheme will be Prasad Dhonde and Vineet Maloo
MFs hike exposure to bank stocks at 14-month high at Rs 40,293 crore, Lowest investment in hardware stocks
Mutual Funds investment in banking sector increased to Rs 40293.25
crore as on 31 March 2014, being the highest inflows in 14-months. The
rising stock market helped the exposure in the banks stocks to rise.
This accounted for 19.76% of their total equity assets under management (AUM) of Rs 2.04 lakh crore, as per the latest data available with SEBI.
Moreover, the banking index (bankex) increased by 18.6% in March this year, while the Sensex rose 6%.
At Rs 40293.25 crore as on 31 March 2014, this was the highest level since January 2013, when fund managers had shored up their investment in banking shares to Rs 42,759.76 crore, being the second consecutive monthly rise in exposure from the record high of Rs 43,659.21 crore in December 2012.
According to market participants, MFs have shown interest in banking stocks since September last year primarily on account of measures announced by the new Reserve Bank Governor Raghuram Rajan coupled with overall surge in the stock market.
In September 2013, Mutual Funds' exposure in banking stocks increased to Rs 26,838.34 crore after touching the lowest level in four years at Rs 22,743.91 crore in August 2013, driven by the measures announced by the new RBI governor Raghuram Rajan in September 2013, to curtail Rupee depreciation and various measures to liberalise the banking system, including higher overseas borrowing limits for lenders.
Banking sector was followed by software sector, with Mutual Fund investments at Rs 24315.26 crore. Pharma stocks accounted for Rs 16066.27 crore, while consumer non-durables attracted Rs 12947.03 crore and petroleum products at Rs 10908.79 crore. The lowest investment was in hardware stocks at Rs 1 lakh.
Under the debt category highest investments by Mutual Funds was made in Bank Certificates of Deposit (CDs) at Rs 2.76 lakh crore with highest of Rs 1.49 lakh crore in CDs less than 90 days maturity.
This accounted for 19.76% of their total equity assets under management (AUM) of Rs 2.04 lakh crore, as per the latest data available with SEBI.
Moreover, the banking index (bankex) increased by 18.6% in March this year, while the Sensex rose 6%.
At Rs 40293.25 crore as on 31 March 2014, this was the highest level since January 2013, when fund managers had shored up their investment in banking shares to Rs 42,759.76 crore, being the second consecutive monthly rise in exposure from the record high of Rs 43,659.21 crore in December 2012.
According to market participants, MFs have shown interest in banking stocks since September last year primarily on account of measures announced by the new Reserve Bank Governor Raghuram Rajan coupled with overall surge in the stock market.
In September 2013, Mutual Funds' exposure in banking stocks increased to Rs 26,838.34 crore after touching the lowest level in four years at Rs 22,743.91 crore in August 2013, driven by the measures announced by the new RBI governor Raghuram Rajan in September 2013, to curtail Rupee depreciation and various measures to liberalise the banking system, including higher overseas borrowing limits for lenders.
Banking sector was followed by software sector, with Mutual Fund investments at Rs 24315.26 crore. Pharma stocks accounted for Rs 16066.27 crore, while consumer non-durables attracted Rs 12947.03 crore and petroleum products at Rs 10908.79 crore. The lowest investment was in hardware stocks at Rs 1 lakh.
Under the debt category highest investments by Mutual Funds was made in Bank Certificates of Deposit (CDs) at Rs 2.76 lakh crore with highest of Rs 1.49 lakh crore in CDs less than 90 days maturity.
Negative growth of consumer goods is indicative of no turn around in the consumer spending-Care Ratings
After registering a positive growth in the month of January 2014,
Index of Industrial production (IIP) for the month of February 2014
registered a negative growth of 1.9% as against a growth of 0.6% in
February last year. Negative growth is mainly on account of weak
performance by the manufacturing sector. This was against a positive
growth rate expected by CARE Ratings based on growth of 4.6% in the core
industry sector for February.
The weak performance in Industrial output continues to prevail mainly due to the declining consumer demand partly on account of high inflation and absence of sufficient investment due to prevailing high interest rates and prevalence of surplus capacity. Also there has been very limited movement in the infrastructure space. Cumulative growth in April - February FY14 stood at -0.1% as against positive growth of 0.9% in the corresponding period of the previous year.
Negative growth of 1.9% comes as a disappointment after a positive growth in the previous month. Negative growth of consumer goods is indicative of no turn around in the consumer spending. Weak domestic demand, high raw material cost on account of high inflation, high interest rate and low business sentiment has resulted in weak industrial activity. Hence, the biggest challenge is to revive manufacturing for overall growth to pick up.
In March it looks very unlikely that there will be positive growth as the base year effect is quite sharp. With a peak index in March 2013, m-o-m growth in March 2014 has to be 12.4% for zero growth which looks unlikely. Therefore, overall manufacturing and industrial growth will be negative in March as also for the entire year.
The weak performance in Industrial output continues to prevail mainly due to the declining consumer demand partly on account of high inflation and absence of sufficient investment due to prevailing high interest rates and prevalence of surplus capacity. Also there has been very limited movement in the infrastructure space. Cumulative growth in April - February FY14 stood at -0.1% as against positive growth of 0.9% in the corresponding period of the previous year.
Negative growth of 1.9% comes as a disappointment after a positive growth in the previous month. Negative growth of consumer goods is indicative of no turn around in the consumer spending. Weak domestic demand, high raw material cost on account of high inflation, high interest rate and low business sentiment has resulted in weak industrial activity. Hence, the biggest challenge is to revive manufacturing for overall growth to pick up.
In March it looks very unlikely that there will be positive growth as the base year effect is quite sharp. With a peak index in March 2013, m-o-m growth in March 2014 has to be 12.4% for zero growth which looks unlikely. Therefore, overall manufacturing and industrial growth will be negative in March as also for the entire year.
Asia Pacific Market: Stocks slip on Wall Street gloom, Ukraine tensions
Headline indices of the Asia Pacific market finished mostly lower on
Monday, 14 April 2014, as dismal week on Wall Street and increasing
tensions in Ukraine sapped investors' appetite for risk. The MSCI Asia
Pacific Index declined 0.4%.
Regional market fell at the start of trade after equity markets in the United States and Europe fell heavily on Friday night on concerns a sell-off in technology stocks on Wall Street could spread to other sectors around global equity markets.
Meanwhile, growing tensions in Ukraine applied further pressure on the market. Ukraine gave pro-Russian separatists a Monday morning deadline to disarm or face a "full-scale anti-terrorist operation" by its armed forces, raising the risk of a military confrontation with Moscow.
Russia called an emergency meeting of the United Nations Security Council as officials from the U.S. and Moscow blamed each other amid violence in eastern Ukraine. European Union foreign ministers will hold talks later on Monday about tougher sanctions against Russia.
Envoys from Ukraine, Russia, the U.S. and European Union are scheduled to hold talks in Geneva April 17 to resolve the crisis. Intelligence reports suggest the Russian plan is to split Ukraine into federated regions, some of which may then vote to re-join Russia, according to two U.S. officials.
Among Asian bourses, Japanese share market finished the session at fresh six-month closing low today amid concerns over continued losses on Wall Street, disappointment over the Bank of Japan's decision not to expand its stimulus drive, and yen appreciation against the basket of major currencies. The benchmark Nikkei-225 index slipped 0.36% to finish at 13,910.16, its lowest close since October 6, 2013, while the broader Topix index fell 0.12% to 1132.76, extending losing streak to a seventh trading day.
Tokyo shares got off to a weak start following Friday's declines in U.S. shares. Risk sentiments dented further on yen appreciation against the US dollar. . A stronger yen is worst for Japanese manufacturers, as it makes prices of goods more costly overseas. As of the close of trading on the Tokyo Stock Exchange, the dollar slipped to 101.56 yen, down from 101.65 yen in New York Friday afternoon.
Meanwhile, investors reduced risky position on fears over upcoming earnings results. Japanese companies are scheduled to report their results for the fiscal year ended in March later this month. According to a Bank of Japan quarterly survey of companies released earlier this month, Japanese firms overall expect their net profits to decline 0.7% this fiscal year from last one.
Behind the cautious outlook among corporations are concerns over the strength of the domestic economy following the consumption tax increase started in April and a lack of substantive progress in the reforms that Prime Minister Shinzo Abe's administration promised to carry out.
The International Monetary Fund last week cut Japan's growth estimate for this year to 1.4%, or down 0.3%age point from the projection in January. In a note sent out Friday, Goldman Sachs downgraded the three-month weighting for Japan to Neutral from Overweight, reflecting its recent Topix target cut to 1,200.
Fast Retailing fell 3% at 32,795 yen on follow-through selling after disappointing earnings results late last week. The retailer, which is the single biggest Nikkei component accounting for 9.2% weight, wiping out 40 points off the benchmark.
Shares of Japan's Sharp Corp. plunged 8.7% to 723 yen amid concerns over dilution after an Asahi Shimbun newspaper report said the company is considering a 200 billion Yen share issue to replenish its depleted capital base.
In Australia, Australian market declined, amidst concerns about slide on global equity markets and instability in Ukraine. The benchmark S&P/ASX200 and the broader All Ordinaries each declined by 1.3% from prior day to finish at 5358.90 and 5353.60, respectively.
Internet and biotechnology stocks were the worst-performing sub sectors in the Australian market. Carsales.com fell 3.5% to A$10.08 while CSL lost 1.9% to A$67.28.
Material and resource stocks dropped amid fears of declining demand for iron ore and coal exports following predictions for a drop in Chinese steel demand. Resources giant BHP Billiton fell by 0.7% to A$37.36, while main rival Rio Tinto fell 1.3% to A$63.26 and Fortescue Metals Group dropped 0.2% to A$5.28. Nickel miner Western Areas climbed up 5.3% to A$3.96 with nickel futures trading at their highest price in more than a year due to concerns a ban on Indonesian exports will limit supply. Alumina also bucked the trend up 1.5% to A$1.33.
Coca-Cola Amatil (CCL) declined 7% to A$9.06, extending 14.6% slump last Friday after the company delivered a profit warning. The Company expected 1H earnings to be down 15% for the prior period due to weakness in its Australian operations and higher costs in Indonesia. Goldman Sachs and J.P.Morgan slashed ratings following a profit warning on Friday.
QBE Insurance Group fell 3.7% to A$11.98 after flagging it might sell its Winterthur U.S. property and casualty insurance business for a loss.
Leighton Holdings shares dropped 2% to A$19.69 after reports the Foreign Investment Review Board will not stand in the way of German-based Hochtief's A$1.2 billion bid to increase its stake in construction giant, Leighton Holdings.
Echo Entertainment Group had added seven cents to A$2.77 after the casino operator last week announced a rise in revenue.
In China, Mainland China share market closed slight higher after fluctuating between gain and losses. The benchmark Shanghai Composite Index, which tracks both A and B shares, advanced 0.1% to 2,131.54 at the close, after dropping as much as 0.7% earlier.
Among SSE sectors, 7/10 sectors of the SSE index rose, with consumer discretionary sector was top gainer in the SSE sectoral peers, with a 0.7% gain, while financial sector was top loser with a loss of 0.7%. Meanwhile, energy issue rose 0.5%, information technology up 0.5%, materials up 0.3%, consumer staples up 0.3% and industrials up 0.2%.
Shares of consumer-discretionary sector advanced the most in SSE index, led by Chongqing Changan Automobile, locked at 10% upper circuit as the company said first-quarter net income may have almost quadrupled to 2.05 billion yuan. Great Wall Motor Co. advanced 4.4%.
Shares of financial companies declined the most in the SSE index as profit taking triggered after China's banking regulator ordered owners of the nation's 68 trust companies to be prepared to provide funding or sell their stakes as the risk of defaults rises in the $1.9 trillion industry for high-yield investments. The China Banking Regulatory Commission told trust companies to either restrict their businesses or reduce net assets or have shareholders replenished capital when they suffer loses. China Citic Bank Corp. slid 2% after climbing 11% last week.
In Hong Kong, shares in city's market finished the session modestly higher after zigzagging between gains and losses. The benchmark Hang Seng index closed 35.16 points higher at 23038.80, after touching intraday peak of 23090.94 and intraday low of 22911.82.
Among the HK 50 blue chips, 31 rose and 15 fell, with remaining four stocks closed steady. Want Want China Holdings advanced 5.2% to HK$13.06, contributing 14-points gains to the benchmark Index and becoming the best-performing blue chip. BOC Hong Kong Holdings declined 1.5% to HK$22.95, contributing 4-points losses to the benchmark Index and becoming the worst-performing blue chip.
Securities firms fell as investors took profits after last week's gains following an announcement on cross-border investment rules as investors awaited further details about how the policy would be implemented. Haitong Securities Co dropped 2.7% to HK$11.76 while CITIC Securities Co shed 2.4% to HK$17.26.
Hong Kong Exchanges and Clearing put on 2.6% to HK$149.8 on the boost of the mutual market connect between HK and Shanghai bourses. The theme also pushed up First Shanghai (00227) to HK$1.08, up 9.1%.
Shares in MMG surged 8.8% to HK$1.85, after a consortium led by the company purchased an interest in the Las Bambas copper mine in Peru from Glencore Xstrata in a $6 billion cash deal.
Daphne (00210) soared 8.2% to HK$3.45 despite its SSSg fell 9.5%, but the decline was better than expected. Minth (00425) plunged 19.6% to HK$11.84 after the company was served a petition by the SFC alleging an acquisition as not genuine.
In Singapore, Singapore share market climbed on expectation of an economic rebound after the country's central bank said it would keep its tight monetary policy stance on expectation of only moderate economic growth this year. Singapore's benchmark Straits Times Index was up 0.57% to 3216.57.
Singapore central bank on Monday decided to leave its monetary policy unchanged. The Monetary Authority of Singapore said it will maintain the modest and gradual appreciation path of the S$NEER policy band, with no change to its slope, width, and the level at which it was centred. The bank observed that the current policy stance is appropriate, taking into account the balance of risks between external demand uncertainties and rising domestic inflationary pressures.
The central bank also lowered its forecast for inflation for 2014 to 1.5-2.5 percent from 2-3 percent mainly reflecting this weaker outlook for imputed rentals over the rest of the year.
Data released by the Ministry of Trade and Industry today showed that the city-state economy grew 5.1 percent on a year-on-year basis in the first quarter, but lower than the 5.5 percent growth seen in the previous quarter.
Elsewhere in the Asia Pacific region, New Zealand's NZX50 fell 0.55%. Taiwan's Taiex index lost 0.57%. South Korea's KOSPI index was down 0.02%. Malaysia's KLSE Composite fell 0.06%. Singapore's Straits Times index rose 0.57%. Indonesia's Jakarta Composite Index rose 1%. Indian market closed today on account of Dr. Baba Saheb Ambedkar Jayanti.
Regional market fell at the start of trade after equity markets in the United States and Europe fell heavily on Friday night on concerns a sell-off in technology stocks on Wall Street could spread to other sectors around global equity markets.
Meanwhile, growing tensions in Ukraine applied further pressure on the market. Ukraine gave pro-Russian separatists a Monday morning deadline to disarm or face a "full-scale anti-terrorist operation" by its armed forces, raising the risk of a military confrontation with Moscow.
Russia called an emergency meeting of the United Nations Security Council as officials from the U.S. and Moscow blamed each other amid violence in eastern Ukraine. European Union foreign ministers will hold talks later on Monday about tougher sanctions against Russia.
Envoys from Ukraine, Russia, the U.S. and European Union are scheduled to hold talks in Geneva April 17 to resolve the crisis. Intelligence reports suggest the Russian plan is to split Ukraine into federated regions, some of which may then vote to re-join Russia, according to two U.S. officials.
Among Asian bourses, Japanese share market finished the session at fresh six-month closing low today amid concerns over continued losses on Wall Street, disappointment over the Bank of Japan's decision not to expand its stimulus drive, and yen appreciation against the basket of major currencies. The benchmark Nikkei-225 index slipped 0.36% to finish at 13,910.16, its lowest close since October 6, 2013, while the broader Topix index fell 0.12% to 1132.76, extending losing streak to a seventh trading day.
Tokyo shares got off to a weak start following Friday's declines in U.S. shares. Risk sentiments dented further on yen appreciation against the US dollar. . A stronger yen is worst for Japanese manufacturers, as it makes prices of goods more costly overseas. As of the close of trading on the Tokyo Stock Exchange, the dollar slipped to 101.56 yen, down from 101.65 yen in New York Friday afternoon.
Meanwhile, investors reduced risky position on fears over upcoming earnings results. Japanese companies are scheduled to report their results for the fiscal year ended in March later this month. According to a Bank of Japan quarterly survey of companies released earlier this month, Japanese firms overall expect their net profits to decline 0.7% this fiscal year from last one.
Behind the cautious outlook among corporations are concerns over the strength of the domestic economy following the consumption tax increase started in April and a lack of substantive progress in the reforms that Prime Minister Shinzo Abe's administration promised to carry out.
The International Monetary Fund last week cut Japan's growth estimate for this year to 1.4%, or down 0.3%age point from the projection in January. In a note sent out Friday, Goldman Sachs downgraded the three-month weighting for Japan to Neutral from Overweight, reflecting its recent Topix target cut to 1,200.
Fast Retailing fell 3% at 32,795 yen on follow-through selling after disappointing earnings results late last week. The retailer, which is the single biggest Nikkei component accounting for 9.2% weight, wiping out 40 points off the benchmark.
Shares of Japan's Sharp Corp. plunged 8.7% to 723 yen amid concerns over dilution after an Asahi Shimbun newspaper report said the company is considering a 200 billion Yen share issue to replenish its depleted capital base.
In Australia, Australian market declined, amidst concerns about slide on global equity markets and instability in Ukraine. The benchmark S&P/ASX200 and the broader All Ordinaries each declined by 1.3% from prior day to finish at 5358.90 and 5353.60, respectively.
Internet and biotechnology stocks were the worst-performing sub sectors in the Australian market. Carsales.com fell 3.5% to A$10.08 while CSL lost 1.9% to A$67.28.
Material and resource stocks dropped amid fears of declining demand for iron ore and coal exports following predictions for a drop in Chinese steel demand. Resources giant BHP Billiton fell by 0.7% to A$37.36, while main rival Rio Tinto fell 1.3% to A$63.26 and Fortescue Metals Group dropped 0.2% to A$5.28. Nickel miner Western Areas climbed up 5.3% to A$3.96 with nickel futures trading at their highest price in more than a year due to concerns a ban on Indonesian exports will limit supply. Alumina also bucked the trend up 1.5% to A$1.33.
Coca-Cola Amatil (CCL) declined 7% to A$9.06, extending 14.6% slump last Friday after the company delivered a profit warning. The Company expected 1H earnings to be down 15% for the prior period due to weakness in its Australian operations and higher costs in Indonesia. Goldman Sachs and J.P.Morgan slashed ratings following a profit warning on Friday.
QBE Insurance Group fell 3.7% to A$11.98 after flagging it might sell its Winterthur U.S. property and casualty insurance business for a loss.
Leighton Holdings shares dropped 2% to A$19.69 after reports the Foreign Investment Review Board will not stand in the way of German-based Hochtief's A$1.2 billion bid to increase its stake in construction giant, Leighton Holdings.
Echo Entertainment Group had added seven cents to A$2.77 after the casino operator last week announced a rise in revenue.
In China, Mainland China share market closed slight higher after fluctuating between gain and losses. The benchmark Shanghai Composite Index, which tracks both A and B shares, advanced 0.1% to 2,131.54 at the close, after dropping as much as 0.7% earlier.
Among SSE sectors, 7/10 sectors of the SSE index rose, with consumer discretionary sector was top gainer in the SSE sectoral peers, with a 0.7% gain, while financial sector was top loser with a loss of 0.7%. Meanwhile, energy issue rose 0.5%, information technology up 0.5%, materials up 0.3%, consumer staples up 0.3% and industrials up 0.2%.
Shares of consumer-discretionary sector advanced the most in SSE index, led by Chongqing Changan Automobile, locked at 10% upper circuit as the company said first-quarter net income may have almost quadrupled to 2.05 billion yuan. Great Wall Motor Co. advanced 4.4%.
Shares of financial companies declined the most in the SSE index as profit taking triggered after China's banking regulator ordered owners of the nation's 68 trust companies to be prepared to provide funding or sell their stakes as the risk of defaults rises in the $1.9 trillion industry for high-yield investments. The China Banking Regulatory Commission told trust companies to either restrict their businesses or reduce net assets or have shareholders replenished capital when they suffer loses. China Citic Bank Corp. slid 2% after climbing 11% last week.
In Hong Kong, shares in city's market finished the session modestly higher after zigzagging between gains and losses. The benchmark Hang Seng index closed 35.16 points higher at 23038.80, after touching intraday peak of 23090.94 and intraday low of 22911.82.
Among the HK 50 blue chips, 31 rose and 15 fell, with remaining four stocks closed steady. Want Want China Holdings advanced 5.2% to HK$13.06, contributing 14-points gains to the benchmark Index and becoming the best-performing blue chip. BOC Hong Kong Holdings declined 1.5% to HK$22.95, contributing 4-points losses to the benchmark Index and becoming the worst-performing blue chip.
Securities firms fell as investors took profits after last week's gains following an announcement on cross-border investment rules as investors awaited further details about how the policy would be implemented. Haitong Securities Co dropped 2.7% to HK$11.76 while CITIC Securities Co shed 2.4% to HK$17.26.
Hong Kong Exchanges and Clearing put on 2.6% to HK$149.8 on the boost of the mutual market connect between HK and Shanghai bourses. The theme also pushed up First Shanghai (00227) to HK$1.08, up 9.1%.
Shares in MMG surged 8.8% to HK$1.85, after a consortium led by the company purchased an interest in the Las Bambas copper mine in Peru from Glencore Xstrata in a $6 billion cash deal.
Daphne (00210) soared 8.2% to HK$3.45 despite its SSSg fell 9.5%, but the decline was better than expected. Minth (00425) plunged 19.6% to HK$11.84 after the company was served a petition by the SFC alleging an acquisition as not genuine.
In Singapore, Singapore share market climbed on expectation of an economic rebound after the country's central bank said it would keep its tight monetary policy stance on expectation of only moderate economic growth this year. Singapore's benchmark Straits Times Index was up 0.57% to 3216.57.
Singapore central bank on Monday decided to leave its monetary policy unchanged. The Monetary Authority of Singapore said it will maintain the modest and gradual appreciation path of the S$NEER policy band, with no change to its slope, width, and the level at which it was centred. The bank observed that the current policy stance is appropriate, taking into account the balance of risks between external demand uncertainties and rising domestic inflationary pressures.
The central bank also lowered its forecast for inflation for 2014 to 1.5-2.5 percent from 2-3 percent mainly reflecting this weaker outlook for imputed rentals over the rest of the year.
Data released by the Ministry of Trade and Industry today showed that the city-state economy grew 5.1 percent on a year-on-year basis in the first quarter, but lower than the 5.5 percent growth seen in the previous quarter.
Elsewhere in the Asia Pacific region, New Zealand's NZX50 fell 0.55%. Taiwan's Taiex index lost 0.57%. South Korea's KOSPI index was down 0.02%. Malaysia's KLSE Composite fell 0.06%. Singapore's Straits Times index rose 0.57%. Indonesia's Jakarta Composite Index rose 1%. Indian market closed today on account of Dr. Baba Saheb Ambedkar Jayanti.
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