Sundaram Top 100 - Series I announces dividend

Sundaram Top 100 - Series I announces dividend, the record date for dividend is December 12, 2014.

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LT Tax Advantage Fund announces dividend

L&T Tax Advantage Fund announces dividend, the record date for dividend is December 12, 2014.

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Birla Sun Life Mutual Fund announces change in exit load

Birla Sun Life Active Debt Multi Manager FoF Scheme announces change in exit load structure, with effect from December 09, 2014.

Birla Sun Life Mutual Fund has announced change in exit load structure under Birla Sun Life Active Debt Multi Manager FoF scheme, with effect from December 09, 2014.

Accordingly the revised exit load will be:

For redemption / switch out of units within 365 days from the date of allotment of units: 2% of the applicable NAV.

For redemption / switch out of units after 365 days but within 730 days from the date of allotment of units: 1.50% of the applicable NAV.

For redemption / switch out of units after 730 days but within 1095 days from the date of allotment of units: 1.00% of the applicable NAV.

For redemption / switch out of units after 1095 days from the date of allotment of units: Nil.

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Reliance MF launches Capital Builder Fund II - Series A

Reliance Mutual Fund launches Reliance Capital Builder Fund II - Series A, a close ended equity scheme, that aims to provide capital appreciation to the investors, which will be in line with their long term savings goal, by investing in a diversified portfolio of equity & equity related instruments with small exposure to fixed income securities.

Reliance Mutual Fund has launched a new fund as Reliance Capital Builder Fund II - Series A, a close ended equity oriented scheme with the duration of 1102 days from the date of allotment.

The investment objective of the scheme is to provide capital appreciation to the investors, which will be in line with their long term savings goal, by investing in a diversified portfolio of equity & equity related instruments with small exposure to fixed income securities. Although, the objective of the Fund is to generate optimal returns, the objective may or may not be achieved.

This product is suitable for investors seeking long term capital growth and investment in diversified portfolio of equity & equity related instruments with small exposure to fixed income securities with high risk - Brown.

The New Fund Offer (NFO) will be open for subscription from December 08 to December 17, 2014. During the new fund offer the scheme will offer units at Rs 10 per unit.

The scheme offers regular and direct plan with growth and dividend payout option, direct plan - growth option.

The minimum application amount is Rs 5000 and in multiples of Re 1 thereafter.

The entry and exit load is Nil.

The scheme will allocate 80%-100% of assets in diversified equity & equity related instruments with medium to high risk profile and invest upto 20% of assets in debt and money market instruments with low to medium risk profile.

The benchmark Index for the scheme is S&P BSE 200 Index.

The fund managers of the scheme will be Samir Rachh and Jahnvee Shah (overseas investments).

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Kotak 50 announces dividend

Kotak 50 announces dividend, the record date for dividend is December 12, 2014.

Kotak Mutual Fund has announced dividend under the non direct plan - dividend option of Kotak 50, an open ended equity growth Scheme. The record date for declaration of dividend is December 12, 2014.

The quantum of dividend on the face value of Rs 10 per unit will be Re 1.00 per unit.

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OBC cuts rates on select term deposits by 0.10%

The new rates, which is for term deposits less than Rs 1 crore, will come to effect from December 9, 2014, the bank said.

Public sector lender Oriental Bank of Commerce  has cut interest rates on select deposits by 0.10 percent to 8.90 percent.

"...has informed BSE that the bank has revised interest rate on term deposits with maturity period 1 year to less than 2 years from 9 percent to 8.90 percent," it said in a regulatory filing to the BSE today.

The new rates, which is for term deposits less than Rs 1 crore, will come to effect from December 9, 2014, the bank said.

Last week, country's largest lender State Bank of India ( SBI ) had cut the deposit rates on maturities of over one year by 0.25 percent, following reduction in deposit rates by private sector peers ICICI Bank  and HDFC Bank .

SBI's deposit of 1 year and less than 5 years will bear interest rate of 8.5 percent, from 8.75 percent earlier, while for deposits of 5 years and above, the rate has been reduced to 8.25 percent from 8.50 percent earlier.

Before this, ICICI Bank and HDFC Bank had slashed deposit rates by up to 0.50 per cent for maturities of up to 1 year.

State-run IDBI Bank had also cut rates on deposits by 0.50 percent cut for maturities starting from 6 months to 20 years.

Shares of Oriental Bank of Commerce today closed 1.38 percent higher at Rs 318.75 apiece on the BSE.

Oriental Bank stock price

On December 08, 2014, Oriental Bank of Commerce closed at Rs 318.75, up Rs 4.35, or 1.38 percent. The 52-week high of the share was Rs 377.30 and the 52-week low was Rs 160.50.

The company's trailing 12-month (TTM) EPS was at Rs 39.71 per share as per the quarter ended September 2014. The stock's price-to-earnings (P/E) ratio was 8.03. The latest book value of the company is Rs 447.91 per share. At current value, the price-to-book value of the company is 0.71.

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FM hopeful of insurance mkt expansion once Bill is passed

Finance Minister Arun Jaitley said that he was hopeful that the insurance market expansion would take place once the Insurance Amendment Bill is passed by Parliament.

Paving the way for long pending insurance bill to be placed in the Rajya Sabha, Parliamentary Select Committee has given its recommendations on amendments to the Insurance Act that seek to raise FDI cap to 49 percent .

Finance Minister Arun Jaitley said that he was hopeful that the insurance market expansion would take place once the Insurance Amendment Bill is passed by Parliament. Jaitely was speaking at a meeting with British insurer Standard Life's Chairman Jerry Grimstone and Kotak Group chief Uday Kotak.

"The Finance Minister expressed his sense of satisfaction as the Parliamentary Select Committee has given its recommendations with regard to the Insurance Amendment Bill referred to it," an official statement said.

It, however, did not spell out recommendations by the Committee headed by senior BJP leader Chandan Mitra. There were speculations that the report may contain a few dissent notes by Opposition members in the Committee.

The term of the Committee, set up in August, was last month extended by two more weeks till December 12 to submit its report. The Bill proposes to raise the composite foreign investment ceiling (including FDI, FII and NRI) from 26 percent to 49 percent.

The approval to hike the FDI limit from the current 26 percent, a proposal which has been pending since 2008, is expected to attract long term capital, besides improving the overall investment climate.

There are about two dozen private sector insurance firms both in life and non-life segment. Once the Insurance Bill is passed, the foreign investment ceiling in pension sector too would increase to 49 percent.

In the Rajya Sabha, the ruling NDA does not have majority and would require support from other parties for the passage of the legislation.

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Coal Mines Nationalisation Amendment bill withdrawn from RS

The Coal Mines (Nationalisation) Amendment Bill, 2000 was introduced in Rajya Sabha on April 24, 2000 to amend the Coal Mines Nationalisation Act, 1973, but could not be taken up for consideration.

Government today withdrew from the Rajya Sabha a bill which will have to be further amended in order to comply with the Supreme Court decision to cancel 204 coal blocks allocated since 1993.

The Coal Mines (Nationalisation) Amendment Bill, 2000 was introduced in Rajya Sabha on April 24, 2000 to amend the Coal Mines Nationalisation Act, 1973, but could not be taken up for consideration.

Also read: CIL divestment in 2015; gas pooling not significant: Goyal

The bill, which seeks to allow Indian companies in the private sector to mine coal in the country without the existing restriction of captive mining, was withdrawn by Coal Minister Piyush Goyal as it required more amendments to comply with the recent Supreme Court orders. Welcoming the move, Left parties, especially CPI and CPI-M, expressed concern over de-nationalisation of the entire coal sector.

CPI-M leader Tapan Kumar Sen said, "While welcoming the bill, I want to oppose the context in which the bill will pave way for complete de-nationalisation of coal sector." "Because of the Supreme Court judgement, I agree that the government has to take some executive steps related to coal blocks issue. To that extent, I welcome withdrawal of the bill, but not the context...," he said.

CPI leader D Raja said he opposed privatisation of the coal sector. The Supreme Court had in September cancelled allocation of  204 coal blocks, including 42 operational mines and another 32 ready-to-start blocks.

Another bill that seeks to provide incentives for creating and commercialising intellectual property from public funded research was withdrawn by Science and Technology Minister Harsh Vardhan.

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Delhi rape: Uber taxi service banned in Delhi

Shiv Kumar Yadav, the taxi driver who worked with international cab service Uber, was on Monday produced before a Delhi court in connection with the rape of a 25-year-old woman in the national capital.

Metropolitan Magistrate Ambika Singh sent 32-year-old Shiv Kumar Yadav in police custody till December 11 after the police said he was required to be interrogated for recovery of a mobile phone used by him.

Yadav refused to undergo Test Identification Parade (TIP), a process under the criminal law through which a victim identifies an accused.

Yadav, who was arrested from Mathura in Uttar Pradesh on Sunday by a joint team of Delhi and Uttar Pradesh Police, was produced before the jampacked court with his face muffled amid tight security.

During the hearing, the police sought his custodial interrogation contending that he was required to be questioned to unearth the entire chain of events which led to the incident. The mobile phone, which he was using, also had to be recovered at his instance, it said.

The police said that Yadav was a repeat offender and had spent seven months in jail in an another rape case which was filed against him in south Delhi's Mehrauli area in 2011. It said that the accused has claimed that he was later on acquitted in the rape case. He was brought to Delhi last night after being arrested from Mathura, about 160 kms from the national capital.

Yadav allegedly raped the woman at around 9:30 PM on Friday when the victim, who works for a finance company in Gurgaon, was heading back home in north Delhi's Inderlok area.

As a massive search operation involving 12 Delhi police teams was on in Mathura and other parts of Uttar Pradesh to nab the accused, Delhi Police had also announced a cash reward of Rs one lakh for his arrest.

The Delhi government on Monday banned all operations by private cab service provider Uber with immediate effect and blacklisted it from providing any transport service in the city in the wake of the alleged rape incident. "We condemn this very tragic incident. Transport department has taken stringent action. Registration of the vehicle and licence have been cancelled. All India Tourist Permit has been cancelled. A vehicle which has all India Tourist Permit can't be used as a local taxi. Uber is equally liable as it allowed the vehicle to be used as local taxi," said KS Ganger, Special Commissioner, Transport, Delhi.

The police have also questioned an Uber official. Gagan Bhatia, Director, who looks after the work in Delhi and national capital region, was questioned by the police twice. He avoided all questions when CNN-IBN tried to speak with him.

(with inputs from  pti)

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Cadila recalls 15,144 bottles of hypertension drug in US

The nationwide recall has been initiated by the company on October 1 this year and has been initiated under Class-III which FDA defined as "a situation in which use of or exposure to a violative product is not likely to cause adverse health consequences".

Cadila Healthcare  is voluntarily recalling 15,144 bottles of its anti-hypertension drug Amlodipine Besylate tablets in the US market, according to the US Food and Drug Administration (USFDA).

As per information available on the USFDA website, Zydus Pharmaceuticals USA Inc, the US-based arm of the company, is recalling the drug due to "discoloration". "Brown spots were noted embedded in Amlodipine Besylate Tablets, 10 mg," the US health regulator said.

The nationwide recall has been initiated by the company on October 1 this year and has been initiated under Class-III which FDA defined as "a situation in which use of or exposure to a violative product is not likely to cause adverse health consequences".

Comments from the company could not be obtained immediately. The tablets, which are indicated for the treatment of hypertension, to lower blood pressure, were manufactured by Cadila Healthcare and distributed by Zydus Pharmaceuticals USA Inc.

Headquartered in Ahmedabad, Zydus Cadila group has global operations USA, Europe, Japan, Brazil, South Africa and 25 other emerging markets. The group's operations range from active  pharmaceutical ingredients (API) to formulations, animal health products and cosmeceuticals.

Cadila Healthcare shares today closed at Rs 1,586 a piece on the BSE, down 1.34 percent from its previous close.

Cadila Health stock price

On December 08, 2014, Cadila Healthcare closed at Rs 1586.00, down Rs 27, or 1.67 percent. The 52-week high of the share was Rs 1760.00 and the 52-week low was Rs 723.10.

The company's trailing 12-month (TTM) EPS was at Rs 47.60 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 33.32. The latest book value of the company is Rs 177.28 per share. At current value, the price-to-book value of the company is 8.95.

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