UTI Banking Sector Fund declares tax-free dividend of 10% (Rs.1.00 per unit on face value of Rs.10/-). Pursuant to the payment of dividend, the NAV of the dividend option of the fund would fall to the extent of payout and statutory levy if any.

The record date for the dividend is June 24, 2010.

All unitholders registered under the dividend option of UTI Banking Sector Fund as on June 24, 2010 will be eligible for this dividend. Also investors who join the dividend option of the fund on or before the record date will be eligible for the dividend.

The NAV per unit as on June 21, 2010 was Rs.22.93 under the dividend option.

The fund has consistently outperformed the benchmark CNX Bank Index as per table given below:

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The global Microfinance body set up by World Bank

Washington DC-based Consultative Group to Assist the Poor’ (CGAP), has elected Mr. Vijay Mahajan, Founder and Chairman of the BASIX Group as Chairman of its Executive Committee. This announcement was made at the CGAP board meeting that was held in Nairobi last month. This is for the first time in its history that CGAP has elected a person from a developing country to chair its executive committee. The Executive Committee functions as CGAP’s board and executive governing body. It has principal oversight of CGAP’s activities and is responsible for providing strategic guidance to the Operational Team, and approving the workplan and budget on behalf of the CG.

Set up by the World Bank, 33 donor countries and seven Foundations, CGAP is a microfinance body, and an independent policy & research center dedicated to advancing financial access for the world’s poor. It is supported by over 30 development agencies and private foundations who share a common mission to alleviate poverty. Housed at the World Bank, CGAP provides market intelligence, promotes standards, develops innovative solutions and offers advisory services to governments, microfinance providers, donors, and investors.

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UTI Mutual Fund announces the launch of a new scheme “UTI Dynamic Bond Fund”.  The New Fund Offer has opened on June 16, 2010 and closes on June 23, 2010. The scheme is reported to re-open for purchase and redemption not later than 30 days from the closure of the NFO period.

UTI Dynamic Bond Fund is an open ended income scheme. Reports say that the investment objective of the Fund is to generate optimal returns with adequate liquidity, through active management of the portfolio, by means of  investing in debt and money market instruments.

Mr Puneet Pal, Fund Manager of the scheme said, “UTI Dynamic Bond Fund will be actively managed in line with the evolving interest rate scenario. It will have the ability to mimic a cash fund when interest rates are rising thereby preserving capital and it will endeavour to generate attractive returns of an income fund when interest rates are declining.”

For more information please visit this link: http://www.utimf.com/

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The Indian Government today upgraded its micro irrigation scheme to a national mission, with an outlay of Rs 8,032.90 crore, to save scarce irrigation water.

Indian Home Minister P Chidambaram said “The Cabinet Committee on Economic Affairs (CCEA) approved the implementation of the Micro Irrigation Scheme (MIS) as a National Mission on Micro Irrigation (NMMI) during the 11^th Plan period (2007-12). The mission will bring 2.85 million hectare of area under micro irrigation, ensuring saving of irrigation water, fertilizer and electricity.”

he also said that ” Out of the total outlay, Rs 3,409.26 crore will be contributed by the Department of Agriculture and Cooperation (DAC) as central share comprising 40 per cent subsidy for general farmers and 50 per cent subsidy for small and marginal farmers,” .

It will help to increase crop productivity as the major government schemes get convergence to create water harvesting structures.

Apart from this, the irrigation mission would be useful for vegetables, spices, and oil seeds.The MIS was under implementation since 2005-06.

This technology greatly enhances water use efficiency and can also be used for fertilizer application.

Since the inception of the scheme, an area of 17.92 lakh hectare has been brought under micro irrigation in 18 states by utilizing Rs 2,013.39 crore as the central share.  Around 60 per cent of Indian agriculture is rain fed as the country has scarce irrigation infrastructure

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Asia Bizz: The New Campus of Insurance Institute of India to be Inaugurated Today – June 8, 2010

The Finance Minister of India, Shri Pranab Mukherjee will be inaugurating the new building of Insurance Institute of India – which is India’s oldest insurance institute – at Bandra -Kurla Complex on Tuesday June 8, 2010 in Mumbai, India.

Reports say that Mr. Ashok S. Chavan, the Chief-Minister of the state of Maharashtra, is the chief guest for the event, and the Chairman of IRDA, Shri J. Hari Narayan, is the guest of honor.

The Institute conducts 3 levels of professional examinations- Licentiate, Associate ship and Fellowship twice in a year. Successful candidates are awarded certificates and Diplomas at the end of every academic year. The registrations for the examinations are done through the associated institutes and can also be done via the internet.

Every year, the examination is conducted in almost 120 centers across India and even including some centers overseas. Currently, examinations are conducted in both Hindi and English.

The Insurance Institute of India has long dreamt to have its very own space with the high-tech infrastructure and today, they have fulfilled their dream by constructing this 6 storeyed building which moves over 60,000 sq. ft. area. The new building of the Insurance Institute of India is reportedly well equipped with all the required modern amenities.

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National Commodity & Derivatives Exchange Limited (NCDEX), the first commodity exchange amongst the global commodity futures exchanges, is reported to have a successful steel futures contract. The average daily traded volumes are in the range of 20, 000 MT vis-à-vis the last 4 years corresponding figure of 9,000 MT.

NCDEX launched its steel futures contracts on March 5, 2005. Ever since then, it has been able to attract secondary steel sector value chain participants such as the Mild Steel (MS) Ingot/Billet manufacturers, sponge iron producers, re-rolling mills, steel consumers and traders. The active participation by these value chain participants has resulted in the NCDEX steel futures contracts gaining ground over the last five years since its launch.

The efforts of the NCDEX are beginning to see traction in terms of the three vital parameters – traded volumes, open interest and deliveries. The open interest of all the steel long contracts is now over 1, 00,000 MT vis-à-vis the open interest at 20,000 MT during Jan 2009. Similarly the physical stocks of MS Ingots and Billets at all the accredited warehouses stand at 65, 500 MT vis-à-vis 10,000 MT a year ago.

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India’s ICICI Prudential Life Insurance Company Ltd (ICICI Prudential Life) has announced today ‘Living Your Passion’- a retirement based social media initiative on Facebook, which has reportedly crossed 25,000 members in a short span of time.

‘Living Your Passion’ is a social media initiative that encourages people to talk about their passion and what they would like to do once they retire. It also provides a platform for like minded people to share their knowledge and encourage their passion.

In an endeavor to look at the whole retirement process in a new light, ICICI Prudential Life introduced this new campaign to seed a thought in the mind of the audience, that retirement is a phase of life where one can follow his true passion. However for a new thought to be seeded firmly in the mind of the consumer it is important to engage him over a period of time and not just during the campaign period. This gave birth to the idea: “Create a platform for people with similar passions to meet, discuss, share and form a profitable association”.

The manifestation of the idea was to use the new age communication revolution – Social Media to create the required platform.

Click here for more information

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UTI- Wealth Builder Fund declares tax-free dividend of 10% (Rs. 1.00 per unit on face value of Rs.10/-). Pursuant to the payment of dividend, the NAV of the dividend option of the scheme would fall to the extent of payout and statutory levy (if any).

The record date for the dividend is 3^rd June, 2010.

All unit holders registered under the dividend option of UTI- Wealth Builder Fund as on June 3, 2010 will be eligible for this dividend.

The NAV per unit as on May 27, 2010 was Rs. 13.9100 under the dividend option.

UTI-Wealth Builder Fund is a close-ended equity scheme with a maturity period of 5 years with automatic conversion into an open-ended scheme upon maturity of the scheme.

The objective of the scheme is to achieve long term capital appreciation by investing predominantly in a diversified portfolio of equity and equity related instruments. The scheme invests in equity and equity related instruments to the extent of 65 -100% and 0-35% in debt and money market instruments

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Japnese-France joint venture Renault Nissan Automotive India on May 24, 2010 started commercial production of its compact Hatchback car Micra.

Domestic sales will begin from July and international from September.The expected price of the Micra would be around 4.5 lakh

Nissan India is pitching Micra against Maruti Swift, Hyundai i10 and Ford Figo in the B and B+ segments

The booking amount is Rs 50,000. The launch will be supported by comprehensive print, digital, radio and TV campaign shortly.

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The Maharashtra State Board of Secondary and Higher Secondary Education (MSBSHSE), will announce the results of its Higher Secondary Certificate (HSC) or Class 12 examinations for 2009-10 on its website at 11am on May 25.

The results for all divisions will be announced simultaneously.

From this year on, marks will be accessible as well and student can take the print out of the same.

Click here for more information

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