MNCs TO FORM CORE HOLDING OF PRUDENTIAL ICICI INVESTMENTS

Article Abstract:

Prudential ICICI (PI), a private sector mutual fund, has stated that multinational companies (MNCs) would hereafter be its core of the normal equity investments. The fund will launch a new close-ended scheme - Prudential ICICI Lever Fund. This fund has earmarked 70 percent of its investments in the Unilever group of companies. The Unilever group of companies include Hindustan Lever Ltd, Hind Lever Chemicals and Vasishti Detergent. The scheme will make 20 percent of its investments in the equity of MNCs, pharmaceutical companies or high-tech firms. The fund is expected to enter the market in a month after getting approval from the Securities and Exchange Board of India (SEBI). The fund, although a close-ended scheme, will raise or redeem funds at regular intervals. (gs)

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INDICA ALLOTMENT CANNOT BE SOLD

Article Abstract:

Tata Engineering Locomotive Company Ltd (TELCO) will allot 10,000 Indica cars for the customers. The deliveries will start by February 5, 1999. But the allotment process involves stringent rules to keep brokers out of the dealings. The allotment letter cannot be sold at a premium and the customer cannot buy a different model other than that specified during booking. However, choice of colour is left to the customers' liking. TELCO has produced only 10,000 Indica cars for 1998-99. The bookings are expected to close around 60,000. The diesel with AC model is the most popular of all the models with 75 percent of bookings. (kp)(m)

United States, Railroad Rolling Stock Manufacturing, Marketing procedures, Locomotives, Railroad equipment industry, Tata Engineering and Locomotive Company Ltd.

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