Economy

Bharat 22: ICICI MF rolls out ETF

Bharat 22: ICICI MF rolls out ETF”

As much as 25 percent of the total issue size, or Rs 2,000 crore, was reserved for anchor investors who put in bids worth about Rs 12,000 crore, ICICI Prudential MF said. This ETF is a part of government's overall disinvestment programme, which has set a target of realising Rs 72,500 crore this fiscal.

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, he added. "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", he tweeted.

The underlying index of the Bharat-22 ETF has higher dividend yield, lower price-to-earnings ratio and price-to-book ratio compared to the S&P BSE Sensex and Nifty 50, which make investments attractive, given the current market conditions of high valuation and slow growth in earnings. In case of spill-over, additional portion will be allocated giving preference to retail and retirement funds.

"We are delighted to see the overwhelming response received from anchor investors and aiding the Government of India's disinvestment programme".

As per ICICI Prudential website, minimum application amount for anchor investors is Rs 10 crore under which both retirement funds (RFs) investors and qualified institutional buyers (QIB) can subscribe. NHPC, NLC India, NTPC, Oil & Natural Gas Corp, Power Finance Corp, Power Grid Corp of India, Rural Electrification Corp and SJVN are the other constituents of the fund. The ETF aims to bring Rs 8,000 crore to the government. On Monday, the S&P BSE Bharat-22 Index closed at 3,751.81, down 1.1 per cent. The fund will invest in 22 stocks in the CPSE universe, which are mostly large cap companies in six sectors - materials, utilities, energy, industrial, FMCG and finance.

These stocks will have a weightage based on free float market capitalisation with maximum weight to sector and stock of 20 per cent and 15 per cent, respectively, at the time of the annual rebalancing in March each year.



Like this

loading...
loading...

Latest


14 November 2017
Sismo de 6.8 en la escala de Richter sacudió Costa Rica
La Comisión agregó que el Organismo de Investigación Judicial está investigando las muertes. Tampoco hay reportes de personas heridas , indica el comunicado de la CNE.

14 November 2017
CME Group Inc. (CME), Johnson & Johnson (JNJ)
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. The Principal Financial Group Inc holds 5.81M shares with $768.51 million value, up from 4.50M last quarter.

14 November 2017
Analyst Research Roundup: American International Group, Inc. (AIG), Skyworks Solutions, Inc. (SWKS)
Pacific Crest reaffirmed an equal weight rating on shares of Skyworks Solutions in a research note on Thursday, September 15th. On average, equities research analysts predict that Skyworks Solutions Inc. will post $5.53 EPS for the current fiscal year.

14 November 2017
Tashaun Gipson rips former team, predicts Jaguars will shut out Browns
Joe Schobert leads the Cleveland Browns with 77 tackles, Emmanuel Ogbah has four sacks and Jason McCourty has three interceptions. In the receiving end, Allen Hurns posted 70 yards in seven receptions while Keelan Cole added 61 yards in three catches.

14 November 2017
FC Cincinnati will learn its MLS fate at December 14 owners meeting
Berding said he expected to announce a stadium development plan at some point this week alongside Cincinnati Mayor John Cranley. The partnership represents a jersey sponsorship commitment.

14 November 2017
USA military says kills 40 militants by airstrikes in Somalia last week
The operation occurred near Bulogudud, about 400 km southwest of the capital city of Mogadishu, the U.S. Africa Command (Africom) said late Sunday.

14 November 2017
Liz Smith, Friend of AKC, Dead at 94
She took a series of jobs - at Modern Screen magazine, at Newsweek and as an assistant to Kaye Ballard, the actress and singer. She was as prominent as her legendary predecessors, Walter Winchell in NY and Hedda Hopper and Louella Parsons in Hollywood.

14 November 2017
Software Defined Radios Market Growth Analysis 2017 to 2022
It entails bureaucratic outlook of the Document Management Software market both regionally and internationally. There are 15 Chapters to deeply display the global Software Defined Radios market .

14 November 2017
Occidental Petroleum Corp (OXY) Ownership Decreased by Sound Shore Management Inc
Glassman Wealth Services grew its holdings in shares of Occidental Petroleum Corporation by 0.3% during the second quarter. The stock of Bloomin' Brands Inc (NASDAQ:BLMN) has "Outperform" rating given on Wednesday, November 4 by Raymond James.

14 November 2017
UAE to witness Leonid meteor shower this weekend
Be sure to venture outside this weekend, as the skies will light up with shooting stars due to the Lenoid Meteor Shower. They generally are best after midnight and should be good as well on Friday evening and Saturday morning.