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UTI MF launches UTI Nifty Next 50 Index Fund

UTI MF launches UTI Nifty Next 50 Index Fund


New Delhi: UTI Mutual Fund today said it has launched a new scheme that will invest in securities which are constituents of Nifty Next 50 Index.

The open ended scheme — UTI Nifty Next 50 Index Fund– will open tomorrow and close on June 22. During the new fund offer (NFO) period, the units of the scheme will be sold at face value, Rs 10 per unit, UTI Mutual Fund said in a statement.

The Nifty Next 50 Index represents 50 companies from the Nifty 100 index after excluding the Nifty 50 companies.

“UTI Nifty Next 50 Index is a passively managed Fund i.e the amount collected under the scheme will be invested in securities of companies comprising the Nifty Next 50 Index and in the same weightages as represented in the Index,” the fund manager of UTI Nifty Next 50 Kaushik Basu said.

“Index Funds are highly flexible and can be used as a tool for gaining exposure to equity markets” UTI AMC Group President (Sales and Marketing) Suraj Kaeley said.

Honeywell appoints Mike Banach as regional general manager *

Honeywell today announced the appointment of Mike Banach as regional general manager – Honeywell UOP India.

In his new role, Mike will be responsible for spearheading Honeywell UOP business in India to sustain the growth in the region and continue to build upon UOP’s work in developing and licensing process technologies used in refining, petrochemicals and renewable fuels, a company statement said.

“Mike brings an extensive technology and managerial experience in natural gas, petrochemical, and renewable gas industries, critical to help address the unique needs of our customers in India,” Vikas Chadha, president, Honeywell India, said in statement.

Eastman Auto and Power to equip Mewat’s school with solar energy *

Gurgaon: Eastman Auto and Power has taken the initiative to equip 100 government schools with solar energy in line with the state government’s Mhara Gaon Jagmag Gaon project.

It has started with a government primary school in remote Mewat district of Raipur. We have chosen Mewat’s Raipur village to enhance education system. The village only has a primary school and has been lacking basic amenities. We want to provide students a congenial environment where students will not face warm atmosphere in summer and chilli weather in winter, said Saurabh Srivastav, president, marketing and product strategy of the company.

A full solar structure consisting of solar panels, PCU and batteries will be installed at the school completely free of cost. About 15,000 students are expected to be sensitised about the benefits of solar energy through this project. Solar energy is the future of India’s energy roadmap. The initiative will provide schools with a sustainable and cost-effective solution for resolving electricity woes,” Srivastava added.

‘Mhara Gaon Jagmag Gaon’ focuses on generating renewable energy by installing solar panels on roof tops.

Source: PTI
Anand Gupta Editor - EQ Int'l Media Network


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