ICICI Pru MF Launches Index Fund

ICICI Prudential Mutual Fund has launched a new fund, ICICI Prudential Nifty Junior Index Fund. It is India's first open-ended index fund that will track the CNX Nifty Junior. The new issue closes on 21 June, 2010.

The scheme will allocate 90 to 95 per cent of its assets to equity and equity-related securities of companies constituting the CNX Nifty Junior and exchange traded derivatives on the CNX Nifty Junior Index. It will further allocate 5 to 10 per cent of assets to debt and money market instruments (including securitised debt).

CNX Nifty Junior represents about 12 per cent of the free float market capitalisation (as on December 31, 2009) of the National Stock Exchange. The index has a combination of mid-caps and large-caps and is more volatile than the S&P CNX Nifty. CNX Nifty Junior is made up of 27 industries, with the top five industries contributing 46.6 per cent of the index's total weight.

Presently, two options are available under the scheme -- growth and dividend. The minimum application amount is Rs 5,000. An exit load of 0.25 per cent will be charged up to seven days from the date of allotment if an investor seeks to redeem or switch his investment. Thereafter no exit load will be charged.

Indian brands in the Superbrands 2009-10 book

has released the 2009-2010 Superbrands book featuring 91 of India’s strongest consumer brands.The brands in the media and entertainment category include Tata Sky ,Adlabs, Pritish Nandy Communications, Dainik Bhaskar, Dainik Jagran and Filmfare.Apollo Hospitals and Crocin in healthcare and pharmaceuticals category, Barista in FMCG,Hero Cycles in Auto, HSBC in Banking, The Taj in Hospitality and Kingfisher Airlines in aviation sector are amongst many categories which have made it to the Superbrands book.After a recessionary pressure,Superbrands was able to achieve participation from 91 brands - exactly the same number it reached in 2007 when markets were surging forward.