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Sunday, November 10, 2002

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MUTUAL FUNDS


Sundaram Gilt Fund: Sell/Avoid fresh exposure
SUNDARAM Gilt Fund (Growth) returned 7.5 per cent since last November. The returns are not commensurate with the associated risks. Existing unit-holders can consider redeeming their units, while others can avoid taking fresh exposures.The ... More

Franklin India Bluechip Fund: Invest
FRESH investments can be considered in Franklin India Bluechip Fund. The prevailing valuations suggest that it may be the right time to enter into actively managed diversified equity funds. And Franklin India Bluechip is one of the better ... More

Kotak Mahindra K-30: Switch
K-30, the diversified equity fund from Kotak Mahindra Mutual Fund, has consistently held a significant portion of its net assets in cash over the past few months. This is in keeping with the alterations in the scheme's structure early this year, ... More

The case against index funds
IS THIS the right time to invest in an index fund? This is a question many investors may be posing right now, with the S&P CNX Nifty, the widely-tracked market index, having shed close to 47 per cent of its value from the peak of February 2000. ... More

HDFC Growth: Hold/Avoid fresh exposures
INVESTORS in HDFC Growth Fund can stay invested as its performance is showing signs of picking up. The net asset value is, however, way below the face value of Rs 10 per unit and it may need at least a year or two of good performance and ... More

Variable Investment Scheme — New index-linked plan from UTI
THE Unit Trust of India (UTI) has launched an Index Linked Plan under its Variable Investment Scheme. The scheme will invest in debt and equity. The equity part of the portfolio will track the 30 stocks in the BSE Sensitive Index. The fund will ... More

Distorting cash component of IT funds
ALMOST all IT sector funds have trailed the BSE IT Sector Index in recent months. This is because of their cash component, says a Crisil study. A look at how these funds were invested at the end of September 2002 reveals that, on average, only 80 ... More

Two mutual funds in Gulf foray with strategic tie-up
SUNDARAM Mutual and IDBI Principal entered the UAE and Gulf markets this week through strategic alliances with the UAE-based Barjeel Securities. The two asset management companies are looking to boost the NRI segment of investors for their ... More

How they actually fared
UNTIL recently, not too many choices were available to those keen on investing in index funds in India. But several fund houses have launched passive index products over the past year, with five completing one year of operations. These are: ... More

DERIVATIVES MARKETS


Trading in index futures
Futures and options are forms of exchange-regulated forward trading in which you enter into a transaction today, the settlement of which is scheduled to take place at a future date. The settlement date is called the expiry date of the ... More

REGULATORY BODIES & RULINGS


Cos can delist thru reverse book building
THE SEBI board, which met here today, approved delisting of shares by companies through a `reverse book building process' as recommended by a panel. This is expected to offer a better deal to minority shareholders in arriving at the exit ... More

Will SEBI bite, at least now?
THERE is now every reason for investors in the markets to hope that the Securities and Exchange Board of India (SEBI) will play a more effective role in safeguarding their interests. SEBI now has the powers of search and seizure that it has been ... More

COMMENTARY


Bourses witness lacklustre bout
TRADING was listless last week on account of Deepavali-related holidays. Equities gently drifted down towards the end of the week in the absence of a positive trigger. On Friday, the BSE Sensitive Index closed at 2,956.84 points, a shade higher ... More

Book profit in Infosys
Nifty (956.95): The overall outlook for the Nifty continues to remain weak. The immediate resistance lies at around 971 As of now, taking short positions in the index would be preferred course of action. A move past 971 would warrant ... More

Pare exposure in ICICI Bank
AFTER a firm trend on the Diwali day, the stock market sentiment remained subdued on the remaining three days of the week. The relatively subdued trend in Reliance coupled with concerns relating to delay in PSU disinvestment affected market ... More

Nasdaq: Bleak outlook
AFTER a firm start, the American stock market sentiment weakened as the week progressed. The half a percentage point cut in interest rate effected by the Federal Reserve imparted positive sentiment at the American bourses. However, the earnings ... More

Syngenta gains 37 pc
Bata India (Rs 32): The drop in the stock prices of footwear major Bata India, by 3.2 per cent this week has to be viewed in the context of September quarter performance. For the quarter ending September 2002, the company announced ... More

RECOMMENDATION


Do's and don'ts for investors
STOCK exchanges enable investors who hold securities to adjust their holdings in response to changes in their assessment of risk and return, and also to meet their liquidity needs. An investor buys and/or sells securities to rebalance his ... More

Bankable bets
MOST old private bank stocks look pretty attractive from a dividend yield perspective. However, the higher dividend yield is itself a sign of investor apathy for banking stocks, which is not without reason though. The large NPA overhang is ... More

ONGC: Hold
OIL and Natural Gas Corporation's (ONGC) performance in the second quarter ended September 30 is first evidence of the positive impact of deregulation of the oil sector on the company. The upstream oil major has seen an impressive 36 per cent ... More

M&M: Hold
THE half-yearly performance of Mahindra and Mahindra (M&M)'s has improved sharply this fiscal on the heels of marginal improvement in operational efficiency and inflow of other income.Sure, higher volumes helped increase revenues. But the impact ... More

Madras Cements: Book profits and re-enter at lower levels
SHAREHOLDERS of Madras Cements can consider paring exposures now and contemplate re-entring at lower levels. The company has reported one more quarter of disappointing earnings and growth. The pressures on cement prices and sluggish volumes have ... More

Berger Paints: Buy
INVESTORS with a medium-to-long term perspective can consider taking exposures in Berger Paints, which now trades at Rs 76. The company has decided to acquire the entire exterior paints business of Snowcem India — a strong player in ... More

Apollo Tyres: Hold/Buy on declines
AIDED by the recovery in automobile industry, the increased activity in the housing sector and recovery in industrial production, tyre companies reported improved performance over the last few quarters. Apollo Tyres too recorded a sharp growth in ... More

ACC: Possibility of open offer
EXISTING shareholders of ACC can stay invested as there are interesting possibilities with regard to a possible open offer. Investors with high-risk preference can contemplate small exposures to take advantage of any favourable outcome on the ... More


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