Friday, Nov 24 2017 | Time 22:10 Hrs(IST)
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  • Censorship not just restricted to cinema: Rohini
  • Pak LeT militant caught alive in Kashmir
  • Dhoni to attend Chinar Cricket Premier League final on Nov 26 in Kashmir
  • Need to curb pollution levels in tier-II cities to prevent them from becoming like Delhi: Transport Minister
  • New policy to boost real estate sector, regularisation of unauthorized colonies by next month: Vinni Mahajan
  • 9 narcotic smugglers arrested; narcotics worth crores, Rs 24'23 lakh in cash seized in J&K
  • NCP to protest against Fadnavis Govt from Dec 1
  • Militants kill more than 230 at mosque in Egypt's North Sinai
  • Sangli custodial death: Kothale family moves HC, demand SIT probe into Aniket's murder
  • After HC order 'S' Durga's cast urges jury to watch film again
  • ‘Team Dangal’ led by Nitesh Tiwari conducts a master class at IFFI 2017
  • Yadadri temple will be wonderful monument soon: CM
  • CM Vijayan to review passing out parade of Kerala Armed Police
  • GST was a great radical reform: Surabmanian
  • Fishermen Welfare Samiti demands ST status, Finance Corporation
Business Economy Share

Govt launches BHARAT-22 Exchange Traded Fund, targets initial amount of Rs 8K cr

New Delhi, Nov 14 (UNI) The Government launched on Tuesday the BHARAT-22 Exchange Traded Fund (ETF) managed by ICICI Prudential Mutual Fund targeting an initial amount of about Rs 8,000 Crore.
This New Fund Offer is open till November 17, 2017. The Units of the Scheme will be allotted 25 per cent to each category of investors. In this ETF, the Retirement Fund has been made separate category of Investors. In case of spill-over, additional portion will be allocated giving preference to retail and retirement funds. There is a 3 per cent discount across the board.
According to a Finance Ministry release, the strength of this ETF lies in the specially created Index S&P BSE BHARAT-22 INDEX. This Index is a unique blend of shares of key CPSEs,Public Sector Banks (PSBs) and also the Government owned shares in blue chip private companies like Larsen & Tubro (L&T), Axis Bank and ITC.
The shares of the Government companies represent 6 core sectors of the economy - Finance, Industry, Energy, Utilities, Fast Moving Consumer Goods (FMCG) and Basic Materials. This combination makes the Index broad-based and diversified. The Sector and Stock exposure limits help in risk management and reduction of concentration, providing stability to the Index.
The strength of the Index has been demonstrated in its performance from the time of its launch in August 2017 wherein it has out-performed the NIFTY-50 and Sensex.
The Index constituents include leading Maharatanas and Navratanas such as Coal India, GAIL, Power Grid Corporation of India Ltd. (PGCIL), National Thermal Power Corporation (NTPC), Indian Oil Corporation Ltd., Oil & Natural Gas Corporation (ONGC), Bharat Petroleum, and National Aluminum Company (NALCO), three Public Sector Banks such as SBI, Bank of Baroda apart from the 3 private sector companies mentioned earlier.
The Government of India is undertaking a number of Key Economic Reforms which is driving growth in these sectors of economy. The major reforms such as mentioned below for which market expert believe will fuel the growth in the economy and may benefit the underlying stocks in ETF.
Through this instrument, the Government of India is divesting multiple stocks spread across various sectors in one bundled instrument thereby reducing over hang on individual stocks and maximizing sale proceed for the Government.
This is expected to benefit long term and retail investors by providing an opportunity of participation in equity stocks of the Government run companies and earn stable returns.
UNI ADP SHK 1923
Top News
Prez to inaugurate International Gita Mahotsava 2017 tom

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New Delhi, Nov 24 (UNI) President Ram Nath Kovind will inaugurate the International Gita Mahotsava-2017 tomorrow in Kurukshetra in Haryana.

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S&P rating affirms govt taking economy on right track: Sitharaman

S&P rating affirms govt taking economy on right track: Sitharaman

New Delhi, Nov 24 (UNI) Minister of Defence and former Commerce Minister Nirmala Sitharaman on Friday hailed Standard & Poor (S&P) latest rating for India and said this showed the Indian economy was strong and the government was taking it on the right track.

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Petroleum Ministry in last stage of finalising new National Policy on Bio-Fuels: Pradhan

Petroleum Ministry in last stage of finalising new National Policy on Bio-Fuels: Pradhan

Pune, Nov 24 (UNI) Minister of Petroleum and Natural Gas, Skill Development and Entrepreneurship Dharmendra Pradhan on Friday said that his Ministry was in the final stage of finalising the new National Policy on bio-fuels.

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Kejriwal meets delegation of Delhi Minorities Commission

Kejriwal meets delegation of Delhi Minorities Commission

New Delhi, Nov 24 (UNI) Delhi Chief Minister Arvind Kejriwal on Friday met a delegation of Delhi Minorities Commission led by its’ chairman Dr Zafarul-Islam Khan and released the Annual Report of the activities and initiatives of the commission for the year 2016-17.

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AFMS delivers medical care for soldiers, families with professionalism: Prez

AFMS delivers medical care for soldiers, families with professionalism: Prez

New Delhi, Nov 24 (UNI) Lauding the Armed Forces Medical Services for providing stellar service not only to the armed forces but also in the service of the nation both in peace and war, President Ram Nath Kovind on Friday said the onus of promoting and delivering preventive, curative and rehabilitative medical care for the serving soldier and his family has been carried out by the AFMS with commendable professionalism.

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US condemns Saeed's release, demands rearrest

US condemns Saeed's release, demands rearrest

New Delhi/ Washington, Nov 24 (UNI) Expressing concern over the release of Lashkar-e-Tayyiba (LeT) leader and mastermind of Mumbai terror attack Hafiz Saeed, the US on Friday demanded his rearrest by the Pakistan government.

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3 killed, 9 injured as residential building collapses in Thane

3 killed, 9 injured as residential building collapses in Thane

Thane, Nov 24 (UNI) At least three people, including an elderly woman and a teenage girl, were crushed to death and nine others injured when a four-storey residential building collapsed in Bhiwandi town of the district on Friday morning.

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