Fresh News

International tourist inflow to Kerala is up by about one-fifth. From 3,46494 in 2005 and 4,28534 in 2006, the number of foreign tourists who travelled to the state has grown to 5,15808 vistiors in 2007.

 

The SBI already has a branch in Singapore but now it can open services across the island-city; for its part, DBS Bank, which was operating in Mumbai, will now open branches in other metros.

 

Thousands of men, irrespective of their religious faith, dressed up as women during "Chamayavilakku" offered prayers at a temple in a unique ritual at Kottankulangara Chavara.

 

Gold prices rose to Rs 12,370 per 10 gram in the bullion market here last week, mostly on global trends and aggressive buying by stockists. 

 

Indian Express Reports that Indian real estate market, growing at 30 per cent, is likely to touch $90 billion by 2015 from $14 billion at present.

 

Kerala, which is totally dependent on supply of provisions from neighbouring states, now has packed and branded sand from Tamilnadu.

 

The Kerala government has taken yet another U-turn. It now favours levying a toll for using railway over-bridges (ROBs)

 

Gold and silver continued their upward journey Thursday at the bullion market Mumbai as jewelers began bulk buying for the marriage season ahead.

Always keep your CREDIT CARD in sight, when you give it for swiping......

The accused used a card-reader to transfer the data On to a PC for making a duplicate credit card

 

They Would Make Duplicates Of Credit Cards Used By Customers At A Juhu Hotel

 

The next time you decide to use your credit card on a shopping trip, think again. The Mumbai police have busted a hi-tech credit card fraud which they believe is the crime of the future.

 

Four gadget-savvy youngsters from Andheri, two of them software engineers, got together to earn a quick buck and ended up ripping off over Rs 3 lakh of citizens' money. The foursome were arrested by the Juhu police on Tuesday. Interestingly, one of the boys was all set to leave for the United State s for a job in a wellplaced computer firm ..

According to the police, the mastermind of the gang is 19-year-old Leo Paul . A second-year engineering student at a Bandra college, Paul had read about a magnetic card-reading device which could store data once you swipe a card through it. Data from at least 12 such cards could be stored at a time. Paul realised that if credit cards were swiped though the machine, the personal data of a customer stored on it could be accessed. He then teamed with Akash Kamble , a 19-year-old Lokhandwala resident, and ordered the card-reader from USA , using the Internet, since it's not available in India ..

 

'The boys befriended a waiter at Kings International hotel at Juhu to take their plan ahead. Every time someone ate a meal in the hotel and paid by credit card, the waiter would discreetly swipe it through the magnetic card-reader, which is no more than 6-inches long and can be stored in the pocket,'' said investigating officer

Ramesh Nangare.

 

Once the waiter was done, he would hand over the device to Paul who would download the data from the cards on to Kamble's personal computer. The duo would then feed the data into blank cards, available in the grey market. The cards were now ready to be used in

Shopping malls and theatres, or to withdraw money from an ATM.

 

Senior inspector Pradeep S hinde said that the boys forged information from more than 22 cards in this manner. The fraud came to light after officials from HSBC bank complained to the police. The cops quizzed customers whose cards had been duplicated and discovered they had all visited Hotel Kings International and paid by credit card. Investigators then caught the waiter who led them to the four youngsters. Paul , Kamble and the two other collegians identified as Manoj Chauhan (24) and Mahesh Valani (20), have been remanded to police custody.

 

NEW-AGE CRIME

 

A portable magnetic card reader can store data from around a dozen cards tha t have been swiped through it; made in China, the device was bought on the net for Rs 18,000.

 

The card-reader is connected to a computer and the entire data is transferred there.

 

The data is then stored in blank cards available in the grey market..

 

These duplicate cards can now be used to buy a fortune and also withdraw money from ATMs.

Cost of Stamp Paper and Fees for property registration in Kerala

 

Here is a useful link for calculation of Stamp and fee for property registration - please click here http://keralasrealestate.blogspot.com/2008/03/cost-of-stamp-paper-and-fees-property.html

 

State Bank of India This Year

CNN IBN Businessman of the year award 2007 to the Chairman.

 

Most Preferred Bank and Most Preferred Brand for Home Loan award in CNBC Awaaz Consumer Awards in 2007.

 

In terms of Economic Times Brand Equity ranking of Top 50 most trusted service brands, SBI is ranked 3rd ahead of ICICI Bank (8th)

 

Transformational Leader Award 2007 to Chairman for leadership, charisma, inspiration and intellectual stimulation for the entire SBI team by Asian Centre for Corporate Governance & Sustainability and Indian Merchants Chamber.

 

SBI ranked 6th in the Economic Times ET 500 Ranking (up from 50 last year)

 

The only Indian Bank to find place in the Fortune Global 500 List (495th place, up from 498th last year).

 

Placed at 70th place in the Top 1000 Banks Survey by Banker Magazine in 2007 up from 107 last year.

 

Golden award for being among the most trusted banks in India by Readers Digest in 2007.

 

SBI/SBI Cap is the no.1 syndicator of domestic debt in Asia Pacific, with 38.1% market share in India.

 

No.1 in Mergers & Acquisition deals (31 deals of US$19.81 bn).

 

SBI is no.1 provider of Agri Finance and no.1 in credit linking of 9.35 lacs SHGs.

 

SBI is the largest provider of infrastructure debt and largest arranger of external commercial borrowings in the country.

 

Moved up to 59 from 61 in Global 500 Financial Brand Recognition Ranking by Brand Finance, London in Feb 2008.

Federal National Council slams visit-visas policy in the UAE

The UAE Federal National Council (FNC) on Tuesday criticised the Interior Ministry for issuing thousands of visit visas, which bring in scores of criminals and beggars and for lack of control of the free zones across the country.

 

FNC members argued that the Interior Ministry failed to ensure that only eligible visitors can obtain these visas and subsequently endangered the national security of the country.

 

Ali Majid Al Matroushi, a member from Ajman, said most of the illegals who benefited from the amnesty that ended in November last year were on visit visas.

 

"Scores of people who entered the country on visit visas turned out to be criminals who committed organised crime, murders and took to begging," he said.

 

He questioned the criteria for licensing tourist and other companies who are allowed to obtain visit and tourist visas and said the UAE has 1,800 tourist companies, most of whom are chasing profit and do not care about the country's national security.

 

He called for the development of a black point system for tourist companies to curb the illegal practice of trading in visas.

 

Yousuf Al Nuaimi, from Ras Al Khaimah, said free zones were misused by companies which flout regulations to bring in workers and get involved in money laundering.

 

"Companies operating in these zones are flouting all rules to achieve their illegal goals and obtain as many visas for workers which may not otherwise be obtained through ordinary rules."

 

Sultan Khalfan Sultan, a member from Umm Al Quwain, asked whether the Interior Ministry had any accurate statistics of illegal immigrants who failed to take advantage of the amnesty.

 

Khalid Hamad Bu Shehab, from Ajman, asked why visas were not issued by the country's embassies abroad.

 

Maisa Rashid Bin Ghadir, from Dubai, questioned the performance of ports and checkpoints and said the growing number of infiltrators shows there are loopholes which allow illegal immigrants to enter the country.

 

Minister says: 'There is a problem'

 

Lieutenant General Shaikh Saif Bin Zayed Al Nahyan, Minister of Interior, agreed with members of the FNC that there is a problem in the visit visa system. He said the problem the UAE faces is that some countries issue documents to visitors who claim to be businessmen or tourists, but they turn out to be beggars or get involved in other crimes.

 

"Sometimes officials at the airports stop many such people only because they are not well-dressed and their appearance shows they can never be businessmen," Shaikh Saif said.

Shaikh Saif pledged to address the issue effectively in the near future.

SBI gets full bank status in Singapore

1. The full bank status will enable SBI to open up to 25 branches including ATMs and offer full range of financial services in Singapore.

 

2. SBI will be the first Indian bank to get this privilege in Singapore.

 

3. DBS plans to open all the eight branches in the next two quarters.

 

4. The Singapore bank says it has enough capital to meet the expansion requirements.

 

The Monetary Authority of Singapore has granted Qualifying Full Bank (QFB) privileges to State Bank of India (SBI).

 

The QFB will enable SBI to open up to 25 branches including ATMs and offer full range of financial services in Singapore.

 

As of now, SBI has only one branch in Singapore. With this, SBI will be the first Indian bank to get this privilege in Singapore.

 

SBI is expected to open at least three branches in the coming quarter. The bank will now be able to raise deposits and offer wide range of services in Singapore, he said.

 

The permission to expand its operation in Singapore will help SBI to boost its international revenue, which now accounts for about 10 per cent of its top-line.

 

Recently the SBI Chairman, Mr O.P. Bhatt, said that the bank’s global business is growing at a greater pace than its domestic business. The bank is hoping to double its share in the total business over the next ten years.  Shares of SBI closed at Rs 1,740, on the BSE, on Tuesday, up 5.75 per cent from the previous close of Rs 1,645.65.

How to be Happy

1.   Make up your mind to be happy. Learn to find pleasure in simple things.

2.   Make the best of your circumstances. No one has everything, and everyone has something of sorrow intermingled with gladness of life. The trick is to make the laughter outweigh the tears.

3.   Don't take yourself too seriously. Don't think that somehow you should be protected from misfortune that befalls other people.

4.   You can't please everybody. Don't let criticism worry you.

5.    Don't let your neighbor set your standards. Be yourself.

6.   Do the things you enjoy doing but stay out of debt.

7.   Never borrow trouble. Imaginary things are harder to bear than real ones.

8.   Since hate poisons the soul, do not cherish jealousy, enmity, grudges. Avoid people who make you unhappy.

9.   Have many interests. If you can't travel, read about new places.

10. Don't hold postmortems. Don't spend your time brooding over sorrows or mistakes. Don't be one who never gets over things.

11. Do what you can for those less fortunate than yourself.

12. Keep busy at something. A busy person never has time to be unhappy.

Remittance: India tops the world

Indians are the world's top remitters.

 

Remittance is defined as the sum of money paid to someone at a distance. A 'remittance transfer' refers to the transfer of money from an individual, usually a person who has emigrated from her city or country of origin, to another individual, usually a relative who remains at home.

 

Remittance transfers are typically person-to-person payments and of low monetary value. There are two basic categories of remittance transfers: domestic and international.

 

Domestic remittance transfers occur when an individual transfers funds from one location to another within the same country. Remittances play a vital role in the economies of many countries, contributing to growth.

 

The World Bank and the Bank for International Settlements have developed international standards for remittance services.

 

India received a whopping $27 billion in remittances, beating China and Mexico to become the top country for such inflows, the World Bank has said in its latest report.

 

The inward remittances to India has more than doubled from about $12.89 billion in 2000 to $27 billion in 2007.

 

In 2006, inward remittances were $25.43 billion, while the outward flow constituted around $1.58 billion.

 

The top five recipients of remittances in 2007 were India ($27 billion), China ($25.7 billion), Mexico ($25 billion), the Philippines ($17 billion), and France ($12.5 billion), according to the report, titled Migration and Remittances Factbook 2008.

Fresh News

Kerala's VS Achuthanandan government Tuesday approved the Pravasi Kerala Welfare Bill 2008, aimed at reaching out to thousands of people from the state settled elsewhere in the country and abroad.

 

Now the good news is that SBI have secured a license from Saudi Arabian Monetary Agency (SAMA)  in the kingdom and  will open the  first branch in Jeddah soon. The branch will be located at Al-Andalus Plaza on Sitteen Street in Jeddah.

Fresh News

Encouraged by the steady growth of the state’s tourism sector, Kerala expects 5.65 lakh tourists in 2008-09.

 

Violence in Kerala on Wednesday rocked the Lok Sabha with members of BJP and Left parties clashing over the issue.

 

Kerala's first high-altitude training centre for sportspersons will open at Munnar Sunday. The centre is located at an altitude of 1460 metres from sea level.

 

Sebastian P. Augustine a farmer from Kasargod, northern district of Kerala, has obtained patent for his invention of wine from tender coconut. He is credited as the first person to patent tender coconut wine.

 

Kerala will be declared India’s first e-literate state by year’s end, Chief Minister VS Achuthanandan said.

 

In an attempt to help vanilla producing farmers of Kerala, the Gujarat Co-operative Milk Marketing Federation (GCMMF, better known as Amul) switches to natural vanilla extracts for its icecreams.

 

Two Indo-Canadians have been given ministerial berths for the first time in the Canadian province of Alberta, with one of them becoming the country’s youngest minister.

 

Minister of Kerala, Shri. VS Achuthanandan, will inaugurate ‘Tejomaya’ – phase I project of L&T Tech Park Kochi and will also launch the work for its proposed phase II project – ‘Signature Tower’.

 

The Ministry of Tourism, Kerala is in the process of developing a new boat jetty complex in Ernakulam. It aims to enhance the quality of water transport.

SAUDI CENTRAL BANK LOWERS REVERSE REPO RATE TO 2.25 PERCENT FROM 3 PERCENT AFTER FED CUT

Saudi Arabia, which pegs its riyal to the dollar, lowered its reverse repurchase rate by 75 basis points on Wednesday after a U.S. cut, two bankers said. It left its benchmark lending rate unchanged at 5.5 percent.

 

The Saudi Arabian Monetary Agency (SAMA) cut the reverse repo to 2.25 percent from 3 percent, a banker in each of Riyadh and Dubai said, reading from a central bank notice.

 

The central bank of the world's largest oil exporter usually only communicates interest rate decisions to banks, sometimes confirming in a public statement at the end of the month.

 

The Fed cut its benchmark lending rate by 0.75 of a percentage point on Tuesday, its sixth cut since September, as part of an effort to ease a slowdown in an economy hit by a housing slump and credit crunch.

FED WRAPUP 6-Fed delivers large U.S. rate cut, markets rally

The Federal Reserve slashed U.S. interest rates by a hefty three-quarters of a percentage point on Tuesday, giving a lift to stock markets already jubilant over stronger-than-expected investment bank earnings.

   Trying to avert a deep recession and financial market meltdown, the central bank cut less than many traders had expected but left the door open to additional reductions.

   Two policy-makers voted against the move for fear of fueling inflation, underscoring the tough balancing act the Fed faces with prices rising on the back of a boom in commodities and energy costs.

   "The Fed has shown that they are focused on getting the economy back on its feet first and foremost, and they will worry about inflation later," said K. Daniel Libby, senior portfolio manager at Sands Brothers Select Access Fund in Greenwich, Connecticut.

   The move, which took overnight rates down to a three-year low of 2.25 percent, came after a host of emergency measures to breathe life into financial markets that the Fed hadn't used since the 1930s. Fed Chairman Ben Bernanke, a student of the Great Depression, on Sunday unexpectedly allowed direct Fed lending to securities firms and helped put together a rescue to keep Wall Street firm Bear Stearns from going under.

   Stocks, already up on news that key Wall Street players Goldman Sachs Group Inc <GS.N> and Lehman Brothers Holdings Inc <LEH.N> were in better shape than thought, extended their gains. In the end, the Dow Jones industrial average <.DJI> jumped 420 points, or 3.5 percent.

   The battered dollar recorded its largest single-day increase against the yen in nine years and rallied against the euro, while safe-haven U.S. Treasuries fell as investors regained confidence and poured into stocks.

   "The Fed's action is yet another forceful move in its attempts to alleviate the liquidity crunch and to shore up a rapidly weakening economy," said Arun Raha, a senior economist with Swiss Re in New York.

MARKET, ECONOMIC STRESS

The central bank has now cut rates by an aggressive 3 percentage points since mid-September, including 2 points since the start of the year. In addition, it has vowed in recent days to provide around $400 billion worth of liquidity to thaw frozen credit markets.

   "Financial markets remain under considerable stress, and the tightening of credit conditions and the deepening of the housing contraction are likely to weigh on economic growth over the next few quarters," the central bank said. "Downside risks to growth remain."

   A Reuters poll of 16 big Wall Street firms that deal directly with the Fed in the markets found that 10 expect the central bank to lower rates by a further half-point at its next meeting on April 29-30. The other six see a quarter-point cut.

   The rate action came two days after the central bank announced up to $30 billion in financing to facilitate the sale of cash-strapped investment bank Bear Stearns, an unusual intervention bank officials said was necessary to prevent cascading defaults from damaging the entire financial system.

   Concerns other financial institutions may also be running into severe trouble from mortgage-related losses were eased by the earnings reports from Goldman Sachs and Lehman, and both companies saw their stocks post record one-day gains.

    Goldman, the largest Wall Street bank by market value, said its first-quarter earnings fell by half on steep losses on corporate loans and other assets. Still, the results exceeded the gloomy expectations of analysts.

   Lehman, whose shares have been pummeled in recent days on worry it was the most vulnerable to troubled mortgages and leveraged loans next to Bear Stearns, suffered a sharp fall in bond trading revenue but benefited from a strong merger advisory performance.

   While the Fed made clear it was most worried about deteriorating economic and financial conditions, it said it would also be keeping a wary eye on prices and expressed some nervousness that inflation might not decline as expected.

   Those concerns appeared to weigh heaviest on Philadelphia Federal Reserve Bank President Charles Plosser and Dallas Fed chief Richard Fisher who argued for less-aggressive rate action and voted against the move -- the first double dissent since September 2002.

Investments

Stock Market

As expected Indian stock market was range bound for last 2 weeks. Market didn’t like some of the budget proposals.

Positives –Attractive valuations, Reduction in Income Tax rates and some indirect taxes, Consumption friendly budget.

Negatives – Lack of FII/retail participation, Inflation pressures & farm loan write off in budget.

Market is expected to be range bound and move more or less according to global cues. Long term investors have a good opportunity to enter the market at these low levels.

 

Commodities

Commodity prices including gold, oil and metals are on fire due to combination of various reasons – supply shortage, investors moving away from stocks to commodities, speculations. Prices of agri-commodities like rice, wheat, veg oil etc are also rising rapidly as cultivation area is expected to decline.

 

Mutual Fund

New fund offer (NFO) from Tata Mutual Fund -Tata Growing Economies Infrastructure Fund. Open Ended Fund. NFO - 18th Feb-March18th. The fund will invest in Infrastructure sector of India and other emerging economies. It has two variants – Plan A and Plan B. Plan A will invest major portion outside India and will attract short and long term capital gain tax. Plan B will invest predominantly in India so long term capital gains tax will be zero.

•             Minimum investment Rs 10,000/-.

•             Benefit of country diversification.

•             SBI branches are selling this scheme. Please contact your nearest SBI branch or us.

 

Life Insurance

As discussed in last issue - SBI Life Insurance Company launches Unit Plus Elite Plan on 15th Feb. It suits needs of NRIs. A unit linked plan which invests in stock market. SBI Life has a very good performance record for their old schemes like – Unit Plus II.

Top News

·         In spite of Dollar falling against all major currencies, it has appreciated against Indian Rupee and reached 40.53 Rs per Dollar. Many NRIs were waiting for slightly better rates for Dollar before bringing funds into India.

·         Soaring palm oil prices will have a major impact on Kerala economy since palm oil is a widely used medium of cooking in the State.

·         Citizens of India among others will be issued compulsory identity cards by British government to improve security.

·         NRI steel magnate Lakshmi Mittal was listed as the fourth richest in the world by Forbes magazine. Others in top ten include Mukesh Ambani(5th), Anil Ambani (6th), K P Singh of DLF (8th).

·         NRI students who finish high school this year will be able to qualify for a new scholarship programme announced by the Indian government.

·         India Government is setting Overseas Indian Centres in Washington DC, Dubai and Kuala Lumpur, that will provide legal, medical and financial advice and services at its missions and embassies.

·         The Finance Minister has also made a provision of Rs.2 million for the first International Youth Festival proposed for the NRI children and youth.

·         The National Geographic Traveller has listed Kerala in its one of the ten 'Paradises Found.'

·         Sister Alphonsa from Kerala will become the first nun from India to be canonised by the Vatican ahead of Mother Teresa. She will become Saint Alphonsa on October 12 this year.

·         World's first marina with golf course is proposed at Kochi. Foundation ceremony proposed in March. It will have the facility to accommodate up to 50 luxury yachts. Kerala Tourism Development Corporation (KTDC) will build and operate the Marina.

·         Close on the heels of the huge cut in taxes for aviation turbine fuel (ATF) by the Andhra Pradesh government, the LDF government in Kerala cut ATF tax significantly.

Warren Buffet

He is the wealthest person on earth (Forbes Magazine). Here are some of his thoughts on investments and life.

·         He made his first investment at age 11 and he now regrets that he started too late! -“It is never too early to start investing.”

·         He bought a small farm at age 14 with savings from delivering newspapers. One could have bought many things with little savings.        -“Encourage your children to start some kind of business.”

·         He still lives in the same small 3-bedroom house in mid-town Omaha , that he bought after he got married 50 years ago. He says that he has everything he needs in that house. His house does not have a boundary wall or a fence. -“Don't buy more than what you really need".

·         He drives his own car everywhere and does not have a driver or security people around him. He never travels by private jet, although he owns the world's largest private jet company.  -“Always think how you can accomplish things economically.”

·         He does not socialize with the high society crowd. His past time after he gets home is to make himself some pop corn and watch Television. -“Don't try to show off, just be your self and do what you enjoy doing.”

·         "Stay away from credit cards and invest in yourself".

·         "Money doesn't create man but it is the man who created money."

·         "Don't waste your money on unnecessary things; just spend on them  who really in need rather. After all it's your life then why give chance to others to rule our  life." 

·         "Rule No.1: Never lose money. Rule No.2: Never forget rule No.1."

·         "It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price."

·         "Our favourite holding period is forever."

·         "When a management with a reputation for brilliance tackles a business with a reputation for bad economics, it is usually the reputation of the business that remains intact."

·         "Risk comes from not knowing what you're doing."

·         "If you don't feel comfortable owning something for 10 years, then don't own it for 10 minutes."

·         "A public-opinion poll is no substitute for thought."

·         "If a business does well, the stock eventually follows."

·         "The most important quality for an investor is temperament, not intellect... You need a temperament that neither derives great pleasure from being with the crowd or against the crowd."

·         "Someone's sitting in the shade today because someone planted a tree a long time ago."

Top News

·         As per Budget, PAN Card will be made mandatory for more financial transactions.

·         The Kerala government has proposed Poovar in Thiruvananthapuram district as a viable spot for setting up a world-class shipyard.

·         The Central Government has shot down the proposal from Kerala government to fly its own airline to certain international destinations.

·         The new citizenship test introduced by Australia 'does not adversely' affect persons of Indian origin – as per Central Government.

·         Bill payments of BSNL land phone (Trivandrum) and BSNL Mobile (all India) can be now done using SBI Internet Banking.

·         Indian budget waives farm loans in a big way & reduces income tax rates. Short term capital gains tax for capital market gains raises to 15%.

·         UAE officials are working with the Government of Kerala to develop a Dh1.8 billion Sky City project at Kochi. The proposal involves building an eight kilometre-long elevated highway.

·         The Kerala government will soon kick off measures to develop IT parks in all the 14 districts in the state.

·         The government is considering bringing parity between Overseas Indian Citizens (OIC) and Non-Resident Indians (NRI) in admission and scholarship programmes.

·         The Middle East's first low-cost airline Air Arabia will add the city of Kozhikode in Kerala to its list of destinations in India effective Feb 26.

·         Later this year, Kerala will hold a global meet of Keralites living outside the state, Governor RL Bhatia told.

·         The tourism sector in Kerala appears to be doing well with 19.43 percent increase in foreign tourist arrivals.

·         NRI Labour MP Keith Vaz on Thursday said that the British government's decision to impose a new "immigrant tax" on foreigners coming to the country might be discriminatory.

·         Air India Express has allowed 15 additional weekly Gulf flights from the three Kerala airports.

Investments (please read the disclaimer)

Stock Market

Indian markets didn’t like the budget too much and they continued to be week. US Federal Reserve’s decision to pump in 200 Billion USD to ease liquidity and intention to further cut interest rates helped the market to some extent. Foreign investors (FIIs) are net sellers on most days and domestic institutions are adopting wait & watch policy. Retail participation is very low.

Positives –Efforts being made by Fed Reserve, Attractive valuations

Negatives – Lack of FII/retail participation, Inflation pressures, expected slowdown of Indian economy. 

Market is expected to be range bound and waiting for next major trigger. Long term investors have a good opportunity to enter the market at these

low levels.

 

Commodities

As anticipated in last issues of NRK Sandesham, commodity prices including agri commodities, gold, oil and metals are rising as investors moving away from stocks to commodities due to speculations, falling Dollar, Inflation fears etc.

 

Dollar

Dollar is falling against Euro and other major currencies but appreciating against Indian Rupee due to foreign funds’ withdrawals from share market. Those NRIs who were waiting for a better rate of Dollar or Dollar linked currencies (as compared to the old rates) to send money to India, can do so although future movements of Dollar can not be predicted.

 

Mutual Fund

As discussed above - commodity prices are rising rapidly due to various reasons. Mutual Fund investors who want to ride this expected boom can consider investing in SBI Mutual Fund’s “Magnum Comma Fund”. This fund invests in stocks of companies engaged in commodities business (e.g. Steel, Cement, Metals) & does not directly invest in commodities.

·         Minimum investment Rs 5,000/- and in multiples of 1,000/-

·         Launched 24/08/2005, given more than 40% gain annually.

·         Benefit from commodity price rises; this is the only fund to focus on Commodities.

·         SBI branches are selling this scheme. Please contact your nearest SBI branch or us.