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21st November 2014
The Week that was… 15th November to 21st November
Indian Economy India’s trade deficit in October stood at $13.35 bn compared to $10.59 bn in the same month
last year, but narrowed compared to the deficit of $14.25 bn last month; exports fell 5.04% from last year to $26.09bn in October, while imports rose 3.62% to $39.45bn.
Organisation for Economic Cooperation and Development (OECD) says India is likely to grow at 5.4% this fiscal and that a return to 8% growth or more may be possible only through more structural reforms; expects the economy to grow by 6.6% next fiscal, and 6.8% in 2016-17.
RBI Governor Raghuram Rajan says India will focus on sustainable economic growth and urges other developed economies to do the same.
Former chairman of Economic Advisory Council to the Prime Minister C Rangarajan says India needs to overcome the low growth phase it is going through as quickly as possible and get maximum output out of the investments to achieve growth.
A United Nations report urges India to improve its energy efficiency measures in the transport and industrial sectors by 2030 to reduce premature deaths from air pollution.
India’s foreign exchange (forex) reserves rose by $419.4 mn in the week ended November 14 to $315.55 bn.
•Source: Crisil Weekly Market Update
Indian Commodities Market Global crude oil prices rose in the week on expectations that OPEC will take measures at its
meeting next week to stop prices from falling further; prices ended at $75.58 a barrel on the NYMEX on November 20, compared with $74.21 a barrel on November 13.
US crude oil inventories rose by 2.6mn barrels to 381.1mn barrels in the week ended November 14.
According to Forward Market Commission data, the turnover of the commodity bourses fell by 52% to Rs. 34.52 lakh cr during the April-October period this fiscal due to sluggish volumes in almost all commodities.
Forward Markets Commission announces new regulations for warehouse service providers (WSPs).
All India Gems & Jewellery Trade Federation to issue circular asking jewellers to suspend coin and bar sales so that the import bill does not rise on this account.
MCX is planning to launch contracts in new agri-commodities by end of this financial year.
•Source: Crisil Weekly Market Update
Indian Government India agrees to set up an infrastructure collaboration platform with the US. India and Australia establish a framework for security cooperation seeking to enhance
defence ties. Government re-launches the Kisan Vikas Patra scheme; says there will not be requirement
of Permanent Account Number for investing in the instrument, and there will be no upper limit on investment.
Planning Commission informs the Prime Minister that additional funds of Rs 5.7 lakh cr will be required to complete 738 central projects in various infrastructure sectors.
Centre agrees to include compensation to be paid to states for Goods and Services Tax (GST) rollout as part of the Constitutional Amendment Bill.
Finance Ministry notifies a scheme under which Indian corporates, both listed and unlisted, would be able to raise money through depository receipts in 34 foreign jurisdictions from December 15.
Finance Minister Arun Jaitley asks the chiefs of PSU banks to deal sternly with the issue of rising non-performing assets without any fear or favour.
The Cabinet approves the Rs 32600 cr Integrated Power Development Scheme (IPDS). Government is planning to permit companies to sell mines of all minerals, except atomic
ones, by providing transferability under the mining law.
•Source: Crisil Weekly Market Update
Indian Government India announces a $75 mn line of credit for Fiji for a co-generation power plant and
upgrading the sugar industry and also a $5 mn fund to develop its villages. Government plans to replace bilateral investment protection treaties with a new pact that
seeks to plug loopholes and enhance legal protection of foreign investors in India as well as Indian investments abroad.
Coal Ministry releases draft guidelines for allocation of 74 coal blocks; says bidding to be open only to specified end users in power, steel and iron, and cement sectors.
Government to auction eight contracts to set up power transmission projects worth Rs 53000 cr.
Finance Ministry says the number of subscribers registered under the National Pension System has reached 7.6mn with total assets under management of Rs 68000 cr.
Comptroller and Auditor General of India (CAG) seeks an audit of Reliance Industries' spending on eastern offshore KG-D6 block in 2012-13.
Government scraps the need for obtaining licences for the production of ammonium nitrate fuel oil (ANFO) explosives in a bid to remove restrictions on industry.
Ministry of Urban Development has granted an in-principle approval for Tamil Nadu Government's proposed Monorail Project.
Centre plans to roll out a price stabilisation fund by next month that will intervene in markets when key commodities suddenly get expensive.
•Source: Crisil Weekly Market Update
Indian Government Centre seeks comments from people on simplifying pension procedures and taking various
measures related to the welfare of pensioners. Government is planning to use India Post's 1.55 lakh strong branch network to reach out to
citizens in far flung and backward areas and educate them about various policies, schemes and incentives.
Government to set up a dedicated fund to help the ailing shipbuilding industry. An inter-ministerial panel is expected to meet next week to review the status of existing coal
linkages to various sectors, including power. The telecom department plans to sell 3G and 4G airwaves by May 2015. Oil Ministry proposes giving licence to public and private sector firms to produce coal bed
methane (CBM) from their existing coal mines. Kelkar panel recommends the current production sharing regime for oil and gas exploration
over the revenue-sharing model being considered for the next round of auction. Government to set up a research centre for the steel industry. Indian railways unveils policy permitting private parcel trains to win market share in non-bulk
traffic. Government will spend $4.1 bn to tackle rampant theft of electricity by rolling out metering in
cities and upgrading old distribution networks.
•Source: Crisil Weekly Market Update
Indian Government
Finance ministry identifies several gaps in the Pradhan Mantri Jan Dhan Yojana; directs banks to open 3.75 cr additional accounts.
Government may merge broadband, e-services delivery projects into a Rs 60,000 cr project. Finance minister Arun Jaitley says it would be hard to hit tax revenue targets in this fiscal
year; also says Centre is mulling doing away with LPG subsidy for the rich.
oo
•Source: Crisil Weekly Market Update
Regulatory updates in India RBI asks banks to inform their customers about fall in minimum balance well in advance and
says that penal charges should be levied only to the extent of shortfall in such balances. RBI reduces time by which exporters can repatriate the full value of goods and services to 9
months from 12 from the date of export. RBI Deputy Governor S S Mundra says the central bank is in talks with the government on
increasing curbs on gold imports; also says the government needs to infuse Rs 2.4 lakh cr into state-owned banks by end-March 2019 to meet different kinds of capital requirements.
RBI says final guidelines on Payments Banks are expected to be issued by this month-end, while norms for Small Banks may be out next month.
RBI requests companies to pay Income Tax in advance using online or alternate channels of banking to avoid last minute rush towards the end of December.
Reserve Bank of India (RBI) monitors foreign flows into debt funds; may take action if foreign investors pour excessive amounts into mutual funds to bypass limits on ownership of government debt.
RBI permits external commercial borrowings to be parked with banks in the country as term deposits for up to six months pending their utilisation.
SEBI tightens rules to keep a check on insider trading and made it cheaper for small investors to participate in companies' delisting process.
•Source: Crisil Weekly Market Update
Regulatory updates in India SEBI mulls proposal to make it mandatory for delisting companies to get 25-50% of the total
number of public shareholders to tender their shares, to ensure that companies do not run through the delisting process with the help of a few friendly investors.
SEBI plans to put in place a one-time single registration process for depository participants to operate on both depositories CDSL and NSDL.
SEBI to discuss proposal that imposes stricter curbs on willful defaulters, including bans from raising funds in the capital market and taking control in another company.
SEBI is working on rules which will govern how and when promoters will be allowed to reclassify themselves as public shareholders.
SEBI withdraws recognition granted to Delhi Stock Exchange after finding "serious irregularities" in the functioning of the bourse.
SEBI is working on allowing settlement of investigations and enforcement proceedings even before the formal show cause notice has been issued.
AMFI says retail participation in mutual funds from beyond the top 15 cities in the country has increased remarkably in the past 18 months, due to joint efforts made by the fund houses and SEBI.
As per AMFI data, investors pumped in a net amount of Rs 39217 cr in equity-oriented MF schemes in the April-October period of 2014-15.
•Source: Crisil Weekly Market Update
Regulatory updates in India
PFRDA Chief Hemant Contractor urges banks to propagate growth of pension schemes and sets a target of opening 70 accounts per branch, amounting to a total target of 56 lakh Swavalamban accounts for FY 2014-15.
EPFO to float tenders next week to appoint new fund managers for a term of three years beginning April 1, 2015.
IRDA asks life insurance companies to submit data for the last four years to the Insurance Information Bureau (IIB).
Competition Commission of India clears Coca-Cola Company’s proposed deal with US-based Monster Beverage Corp in the energy drinks market.
A report by the Directorate General of Civil Aviation says implementation of fuel saving measures and induction of new efficient planes has helped Indian airlines to improve fuel efficiency and control emissions.
DoT decides to allow telecom companies with broadband spectrum to pay 1% of their annual revenues as spectrum charges.
The Enforcement Directorate issues a Rs 660 cr showcause notice to Videocon Group on charges of violation of foreign exchange laws.
The Bombay High Court rules in favour of Shell in a transfer pricing tax dispute.
oo
•Source: Crisil Weekly Market Update
International Markets Leaders of G-20 nations finalize a plan to boost global growth by more than $2 trillion over
five years. US based Blackstone to buy the residential real estate arm of General Electric's property
unit in Japan for $1.6 bn. US Federal Reserve’s meeting minutes showed that the central bank’s policy-makers
discussed a variety of economic threats but decided to move forward with plans to end their bond buying program and repeated that rates are likely to stay near zero for “a considerable time”.
US industrial production inched up 0.2% in October compared to a revised gain of 0.2% a month ago; capacity utilization dipped to 78.9% in October from 79.2% a month ago.
US housing starts fell by 2.8% in October to hit a seasonally adjusted 1.009 mn units, compared to September’s total of 1.038 mn units.
US existing home sales increased 1.5% in October to a seasonally adjusted annual rate of 5.26 mn, compared to September’s revised figure of 5.18 mn.
US building permits issued in October increased by 4.8% to a seasonally adjusted 1.080 mn from September’s total of 1.018 mn.
US’ NAHB/Wells Fargo Housing Market index rose to 58 in November from 54 in October. US Philadelphia Fed’s manufacturing index rose to 40.8 in November from 20.7 in October,
marking the best level since December 1993. •Source: Crisil Weekly Market Update
International Markets US producer prices increased 0.2% in October after declining 0.1% in September. US consumer prices annually increased by 1.7% in October after growing by the same rate
in the previous month. US’s Federal Reserve Bank of New York says its general business conditions index
increased to 10.2 this month from a reading of 6.2 in October. US’ Thomson Reuters/University of Michigan's preliminary reading on the consumer
sentiment index came in at 89.4 in November, higher than 86.9 in October. US flash manufacturing Purchasing Managers Index fell to 54.7 in November from October's
final reading of 55.9. US initial jobless claims in the week ending November 15 decreased by 2,000 to a
seasonally adjusted 291,000 from the previous week’s revised total of 293,000. US leading indicators index increased 0.9% in October, compared with the 0.7% increase in
September. US Treasury Department says Treasury International Capital long term purchases rose to a
seasonally adjusted $164.3bn in September, from $52.1bn in the preceding month. Euro zone recorded a trade surplus of 18.5 bn euros in September compared with a surplus
of 10.8 bn euros in the same month last year and 9.6 bn euros a month earlier. Euro zone manufacturing PMI fell to a seasonally adjusted 50.4 in November, down from a
final reading of 50.6 in October. •Source: Crisil Weekly Market Update
International Markets Eurozone composite PMI slipped from 52.1 in October to 51.4 in November; services PMI
declined to a seasonally adjusted 51.3 in November, down from 52.3 in October. Euro zone’s ZEW economic sentiment index gained 6.9 points to 11 in November. European Central Bank President Mario Draghi says the central bank may expand its
quantitative easing programme to rescue the Euro zone economy, saying “excessively low” inflation has to be raised quickly by whatever means necessary.
Eurozone flash consumer confidence fell to -11.6 in November from -11.1 in October. Bank of England meeting minutes showed that majority of policymakers voted to keep
interest rates on hold at 0.5%. UK Consumer Prices Index (CPI) grew by 1.3% in the year to October 2014, up from 1.2%
in September. UK producer prices fell 0.5% in the year to October, unchanged from last month. UK retail sales rose 4.3% in October after rising 2.3% in September. UK public sector net borrowing was 7.7 bn pounds in October 2014, a decrease of 0.2 bn
pounds compared with October 2013. China’s flash HSBC/Markit manufacturing purchasing managers' index (PMI) fell to a six-
month low of 50.0 in November from a final reading of 50.4 in October. Chinese property prices fell 2.5% annually in October after a 1.1% fall in September.
•Source: Crisil Weekly Market Update
International Markets
China’s attracted FDI worth $95.9bn in the first 10 months of 2014, down 1.2% from a year earlier.
Chinese e-commerce giant Alibaba raises $8 bn in a bond offering. China’s central bank cut its one-year benchmark lending rates by 40 bps to 5.6%, and
lowered the one-year benchmark deposit rates by 25bps to spur growth. Japan’s GDP shrank 1.6% on an annualized basis in the third quarter, compared with a
7.3% contraction in the second quarter. Japan's central bank has held its monetary policy settings steady; says it will maintain its
pace of purchases of assets to expand the nation's monetary base by 80 tn yen per year. Japan posted a merchandise trade deficit of 710bn yen in October, following the revised
960.6bn yen deficit in September; exports were up 9.6% year on year to 6.688 trillion yen in October, while imports gained just 2.7% to 7.398 trillion yen.
Japan Manufacturing Purchasing Managers Index (PMI) fell to a seasonally adjusted 52.1 in November from a final 52.4 in October.
Japan’s leading index rose to 105.6 in September from 104.4 in August; the coincident index climbed to 109.8 in October from 108.3 in the previous month.
Actavis to buy Allergan for $66bn.
•Source: Crisil Weekly Market Update
Global Equities Indices Nov 21 Nov 14 Change
% Change
DJIA 17719.00* 17634.74 84.26 0.48
Nasdaq Composite 4701.87* 4688.54 13.33 0.28
Nikkei 225 (Japan) 17357.51 17490.83 -133.32 -0.76
Straits Times (Singapore) 3345.32 3315.67 29.65 0.89
Hang Seng (Hong Kong) 23437.12 24087.38 -650.26 -2.70
FTSE 100 (London) 6678.90* 6654.37 24.53 0.37
DJIA – Dow Jones Industrial Average *Data with respect to Nov 20
•Source: Crisil Weekly Market Update
Global Equities Key global indices closed mixed in the week ended November 20/21 with Singapore’s
Straits Times index gaining the most – up 0.9%, while Hong Kong’s Hang Seng index was the biggest decliner – down 2.7%.
Wall Street stocks rose moderately in the week mainly supported by encouraging domestic housing and business activity data.
Sporadic advances in energy shares and stock specific buying amid some corporate deal news brought in more gains into the markets.
Gains were however trimmed on tracking disappointing Japanese growth data. Britain’s FTSE index ended 0.4% higher in the week on hopes of further monetary stimulus
by the European Central Bank to boost the sluggish Eurozone economy, and on tracking positive German investor sentiment data.
Gains were however cut short as mining stocks declined due to a fall in iron ore prices and as Royal Mail and testing firm Intertek provided disappointing revenue updates.
Hong Kong’s Hang Seng index lost 2.7% in the week primarily on profit booking after recent steep gains.
Sentiments were also affected as Chinese investors avoided investing in Hong Kong markets through the newly launched share trade link-up scheme.
Japan’s Nikkei index fell 0.8% in the week as the domestic economy slipped further into recession in the third quarter.
•Source: Crisil Weekly Market Update
Global Equities Investors were also disappointed after the Bank of Japan did not announce any further
monetary easing measures in its meeting to boost the economy. Singapore’s Straits Times index rose nearly 1% in the week mainly buoyed by stock specific
buying and sporadic overnight gains on the Wall Street.
•Source: Crisil Weekly Market Update
Global Debt US treasury prices ended higher in the week ended November 20 due to concerns of global
economic growth following the release of poor economic numbers from Europe, China and Japan.
The yield on the 10 year benchmark bond fell slightly to 2.34% on November 20 from 2.35% on November 13.
Demand for the bonds boosted amid disappointing data from Europe and China including: Euro zone manufacturing PMI fell to a seasonally adjusted 50.4 in November, down
from a final reading of 50.6 in October. Eurozone flash consumer confidence fell to -11.6 in November from -11.1 in October. China's flash HSBC/Markit manufacturing purchasing managers' index (PMI) fell to a
six-month low of 50.0 in November from a final reading of 50.4 in October. China's property prices fell by 2.5% in October on a year-on-year basis, compared with
a 1.1% fall in September. Bond prices rose after data showed that Japan’s GDP shrank 1.6% on an annualized basis
in the third quarter, compared with a 7.3% contraction in the second quarter. Bond prices also gained after the US producer prices increased tepidly by 0.2% in October
after declining 0.1% in September which raised hopes that this could allow US Federal Reserve to keep interest rates lower for longer.
•Source: Crisil Weekly Market Update
Global Debt Gains were however capped after US Federal Reserve's latest meeting minutes provided
fewer hints about its plans for interest rates. Bond prices declined due to encouraging domestic data including existing home sales, initial
jobless claims and consumer sentiment. Comments from European Central Bank President Mario Draghi that the central bank is
willing to purchase more bonds to support euro zone economy and Alibaba's $8 bn corporate bond deal also triggered sell-off in the treasuries.
On weekly debt holding front, foreign central banks' investment in US Treasuries and agency debt at the Federal Reserve fell by $1.91 bn to $3.31 trillion in the week ended November 19.
•Source: Crisil Weekly Market Update
USA Wall Street stocks rose moderately in the week ended November 20 with Dow Jones and
Nasdaq gaining 0.5% and 0.3%, respectively. Market got some support earlier following a rally in health-care shares and materials
producers. Sentiments strengthened further as domestic housing and business activity data came in
better-than-expected. US existing home sales increased 1.5% in October to a seasonally adjusted annual rate
of 5.26 mn, compared to September’s revised figure of 5.18 mn. US’ NAHB/Wells Fargo Housing Market index rose to 58 in November from 54 in
October. US Philadelphia Fed’s manufacturing index rose to 40.8 in November from 20.7 in
October, marking the best level since December 1993. Sporadic advances in energy shares and stock specific buying amid some corporate deal
news brought in more gains into the markets. Gains were however trimmed on tracking disappointing Japanese growth data. Investors were also disappointed as the latest US Fed Reserve's policy meeting minutes did
not reveal much about its policy plans.
•Source: Crisil Weekly Market Update
USA US Federal Reserve’s meeting minutes showed that the central bank’s policy-makers
discussed a variety of economic threats but decided to move forward with plans to end their bond buying program and repeated that rates are likely to stay near zero for “a considerable time”.
•Source: Crisil Weekly Market Update
UK Britain’s FTSE index ended 0.4% higher in the week on tracking some positive global
cues. Sentiments got a thrust earlier on hopes of further monetary stimulus by the European
Central Bank to boost the sluggish Eurozone economy. Investors also cheered encouraging German investor sentiment data and a rally in energy
stocks amid speculation that oil producing countries might agree to cut production. Germany’s indicator for Economic Sentiment rose to 11.5 in November from -3.6 in
October. Gains were however cut short as mining stocks declined due to a fall in iron ore prices and
as Royal Mail and testing firm Intertek provided disappointing revenue updates. Market fell further on tracking weak Eurozone and Chinese manufacturing data and after
the US Federal Reserve warned of potential threats to US growth from the global slowdown. Euro zone manufacturing PMI fell to a seasonally adjusted 50.4 in November, down
from a final reading of 50.6 in October.
•Source: Crisil Weekly Market Update
ASIA Hong Kong’s Hang Seng index lost 2.7% in the week ended November 21 and emerged
as the biggest decliner among key indices analyzed. Market fell sharply earlier on profit booking after recent steep gains. Sentiments were also affected as Chinese investors avoided investing in Hong Kong
markets through the newly launched share trade link-up scheme. Disappointing Chinese property prices, overseas investment and preliminary manufacturing
activity data also weighed on the benchmark. China’s property prices fell by 2.5% in October on a year-on-year basis, compared with
a 1.1% fall in September. China’s attracted FDI worth $95.9bn in the first 10 months of 2014, down 1.2% from a
year earlier. China’s flash HSBC/Markit manufacturing purchasing managers' index (PMI) fell to a
six-month low of 50.0 in November from a final reading of 50.4 in October. Some losses were however recouped due to a rally in shares of casino firms later in the
week. Japan’s Nikkei index fell 0.8% in the week ended November 21 amid weak domestic cues. The benchmark dipped earlier as the domestic economy slipped into recession after the
GDP contracted 1.6% on an annualized basis in the third quarter, compared with a 7.3% contraction in the second quarter.
•Source: Crisil Weekly Market Update
ASIA Investors were also disappointed after the Bank of Japan did not announce any further
monetary easing measures in its meeting to boost the economy. Market also tracked intermittent overnight declines on the Wall Street and weak Chinese
preliminary manufacturing activity data. Some losses were however recovered due to bargain buying and expectations of further
monetary stimulus by the European Central Bank. Singapore’s Straits Times index rose nearly 1% in the week and emerged as the biggest
gainer among key indices analyzed. Market was primarily buoyed by stock specific buying and sporadic overnight gains on the
Wall Street. Further gains were however restrained as Japan slipped into recession and as China
reported downbeat Chinese preliminary manufacturing activity data The benchmark was also affected after minutes from the US Federal Reserve's latest
meeting gave only a few hints about its plans for interest rates.
•Source: Crisil Weekly Market Update
Indian Futures and Options Market Review
Nifty Futures The Nifty near month contract (November 27, 2014) closed up with 15.05 point
premium to the spot index on November 21, 2014. Over the week ended November 21, the Nifty spot index rose 1.04% due to
consistent FII buying and gains in the banking stocks. The other Nifty future contract, viz., December contract ended at 8541 points
(up 77 points over the week) and January contract ended at 8596 points (up 80 points over the week).
Overall, Nifty futures saw a weekly trading volume of Rs 39,141 cr arising out of around 19 lakhs contracts with an open interest of nearly 254 lakhs.
•Source: Crisil Weekly Market Update
Indian Futures and Options Market Review
Nifty Options Nifty 8500 call continued to witness the highest open interest of 95 lakh on November 21
and Nifty 8700 call saw the highest increase in open interest of 7 lakhs over the week. Nifty 8500 call garnered the higher number of contracts over the week at 53 lakhs. For put options, Nifty 8000 put witnessed the highest open interest of 87 lakh on
November 21 and Nifty 8400 saw the highest increase in open interest of 39 lakhs over the week.
Nifty 8400 put garnered the highest number of contracts over the week at 54 lakhs. Overall, options saw 349 lakh contracts getting traded at a notional value of Rs 7,35,087 cr
during the week. •Source: Crisil Weekly Market Update
Indian Futures and Options Market Review
Week ended November 21, 2014
Turnover Rs. Cr. % to Total
Index Futures 64,487 5.63 Index Options 837,851 73.20 Stock Futures 154,798 13.52 Stock Options 87,510 7.65
Total 1,144,646 100.00 Put Call Ratio 1.12 (21 November) 1.08 (14 November)
Stock Futures and Options – NSE witnessed 50 lakh contracts in stock futures valued at Rs 1,54,798 cr while stock
options saw volumes of 27 lakh contracts valued at Rs 87,510 cr during the week ended November 21, 2014.
NSE F&O Turnover – Overall turnover on NSE's derivatives segment stood at Rs 11.45 lakh cr (473 lakh
contracts) during the week ended November 21 vs. Rs 8.91 lakh cr (371 lakh contracts) in the previous week.
Put Call ratio rose to 1.12 on November 21 from 1.08 on November 14.
•Source: Crisil Weekly Market Update
Indian Futures and Options Market Review
Sooooo o SEBI
FII Segment On November 20 (last available SEBI data), foreign institutional investors' open
interest stood at Rs 1,45,269 cr (57 lakh contracts). The details of FII derivatives trades for the period November 14 – November 20 are as follows: -
Week Ended November 20, 2014
Buy Sell Buy % Sell %
No. of contracts
Amt in Rs Cr
No. of contracts
Amt in Rs Cr
No. of contracts Amt in Rs Cr
No. of contracts
Amt in Rs Cr
Index Futures 199234 4956 216882 5230 4.80 4.70 5.31 5.04
Index Options 3003702 70618 2896711 67904 72.31 66.98 70.86 65.49
Stock Futures 468591 14435 485166 14873 11.28 13.69 11.87 14.35
Stock Options 482356 15426 489292 15672 11.61 14.63 11.97 15.12
Total 4153883 105435.06 4088051 103679 100.00 100.00 100.00 100.00
•Source: Crisil Weekly Market Update
The Week Ahead Day Event
Monday, November 24
US GDP – Q3 (Second Estimate) US Consumer Confidence, November US Dallas Fed Mfg Survey, November US’ Chicago Fed National Activity Index, October US Flash Services Purchasing Managers’ Index (PMI), November US’ S&P Case-Shiller Home Price Index, September Bank of Japan meeting minutes
Tuesday, November 25 European Commission / OECD Economic Outlook for Eurozone UK Nationwide House Prices, November
Wednesday, November 26
US Durable Orders, October US New Home Sales, October US Pending Home Sales, October US Personal Income & Personal Spending, October US’ Chicago PMI, November University of Michigan Consumer Sentiment index – Final, November US Initial Jobless Claims, November 22 US Crude Oil Inventories, November 22 UK GDP, Q3 Japan’s Small Business Confidence, November
Thursday, November 27
Euro-Zone Consumer & Economic Confidence, November Japan’s Industrial Production, October Japan’s Consumer Price Index, October Japan’s Retail Trade, October Japan’s Jobless Rate, October
Friday, November 28
Euro-Zone Consumer Price Index Estimate, November Euro-Zone Unemployment Rate, October UK GfK Consumer Confidence Survey, November India’s GDP Estimate, July-September India’s Core sector growth, October India’s Government finances, Apr-Oct India’s CPI for industrial workers, October India’s Forex Reserves, November 21
Product Labeling Reliance Gilt Securities Fund
· income over long term. · investment in Government securities. · low risk. (BLUE)
Reliance Income Fund · income over long term. · investment in debt and money market instruments · low risk. (BLUE)
Reliance Short Term Fund
·income over short term. · investment in debt and money market instruments, with the scheme would have maximum weighted average duration between 0.75-2.75 years · low risk. (BLUE)
Reliance Monthly Income Plan
· regular income and capital growth over long term. · investment in debt & money market instruments and equities & equity related securities · medium risk. (YELLOW)
Reliance Dynamic Bond Fund
· income over long term. · investment in debt and money market instruments · low risk. (BLUE)
Reliance Corporate Bond Fund
-Income over Medium Term -Investment predominantly in corporate bonds of various maturities and across ratings that would include all debt securities issued by entities such as Banks, Public Sector Undertakings, Municipal Corporations, bodies corporate, companies etc· -low risk. (BLUE)
This product is suitable for investors who are seeking*:
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Reliance Floating Rate Fund – Short Term Plan
·income over short term. · investment predominantly in floating rate and money market instruments with tenure exceeding
3 months but up to a maturity of 3 years and fixed rate debt securities · low risk. (BLUE)
Reliance Money Manager Fund
·income over short term. · investment in debt and money market instruments · low risk. (BLUE)
Reliance Liquidity Fund ·income over short term. · investment in debt and money market instruments · low risk. (BLUE)
Reliance Medium Term Fund
·income over short term. · investment in debt and money market instruments with tenure not exceeding 3 years. · low risk. (BLUE)
Reliance Liquid Fund – Treasury Plan
·income over short term. · investment in debt and money market instruments · low risk. (BLUE)
Reliance Liquid Fund – Cash Plan
·income over short term. · investment in debt and money market instruments · low risk. (BLUE)
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Note: Risk may be represented as: (BLUE) investors understand that their principal will be at low risk
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information pertaining to Industry and markets which have been obtained from independent third-party sources and which are deemed to be reliable. The information provided cannot be considered as guidelines, recommendations or as a professional guide for the readers. It may be noted that since RCAM has not independently verified the accuracy or authenticity of such information or data, or for that matter the reasonableness of the assumptions upon which such data and information has been processed or arrived at; RCAM does not in any manner assures the accuracy or authenticity of such data and information. Some of the statements & assertions contained in these materials may reflect RCAM’s views or opinions, which in turn may have been formed on the basis of such data or information. The Sponsor, the Investment Manager, the Trustee or any of their respective directors, employees, affiliates or representatives do not assume any responsibility for, or warrant the accuracy, completeness, adequacy and reliability of such data or information. Whilst no action has been solicited based upon the information provided herein, due care has been taken to ensure that the facts are accurate and opinions given are fair and reasonable, to the extent possible. This information is not intended to be an offer or solicitation for the purchase or sale of any financial product or instrument. Recipients of this information should rely on information/data arising out of their own investigations. Before making any investments, the readers are advised to seek independent professional advice, verify the contents in order to arrive at an informed investment decision. None of the Sponsor, the Investment Manager, the Trustee, their respective directors, employees, affiliates or representatives shall be liable in any way for any direct, indirect, special, incidental, consequential, punitive or exemplary damages, including on account of lost profits arising from the information contained in this material.
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