LATHA VENKATRAMAN Mumbai
IDBI Mutual Fund is hoping to collect at least Rs 100 crore from its first diversified equity fund it is launching.
The fund house today announced the launch of IDBI India Top 100 Equity Fund, an acti
vely managed openended growth fund.
IDBI Mutuals decision to launch an equity fund at this juncture when stocks market are still quite volatile stems from the fact that shares are at a bottom and have potential to move up from here.
” Markets have been moving in the range of 16500- 19000. It is a good time to have an exposure in equity,” Debasish Mallick, Managing Director and Chief Executive Officer, IDBI Asset Management Ltd said today at a news conference.
The New Fund Offer opens on April 25 and will close on May 9, 2012.
The fund will invest in shares and equity related instruments of companies that are constituents of the CNX 100 index, fund manager V. Balasubramanian said.
The sectors it will look at include banking, auto, auto ancilliaries, healthcare and fast moving consumer goods, he said adding that the fund may not look at real estate sector at the current juncture.
” We will invest in defensive as well as high capital stocks,” he said. According to Sarath Sarma, Executive Director, IDBI Asset Man- agement Ltd, valuations in equity markets are quite attractive.
In the backof improving global economic picture and gains in corporate profits, equity markets look poised for gains, Sarma said.
