IDBI Mutual Fund has today announced the launch of its open end ELSS scheme, IDBI Tax Saving Fund. The NFO opens for subscription on August 20, 2013 and closes on September 03, 2013. The scheme will be re-open from September 17, 2013.
Debasish Mallick, MD & CEO, IDBI MF told Cafemutual that they are looking to collect Rs 100 crore during the NFO period. Speaking to journalists at the Press Conference, Mallick struck an optimistic note, “Inflation and commodity prices have considerably fallen which are positive signs. We are expecting that market will grow in the next few months as GDP growth of the country is still above 5%, higher than most developed markets. Also, India is among top four fastest growing economies in the world.”
“Investment trend has been reversed from past few months as Domestic Institutional Investors (DIIs) are taking strong position in stock market. Since DIIs prefer to stay for long term in the market this will boost its sentiments,” informed V Balasubramanian, Fund Manager of the scheme.
According to Balasubramanian, the fund will focus on 25 to 30 stocks of sectors comprising pharmaceuticals, FMCG and IT. The fund will follow value based investment approach along with buy and hold strategy, he added.
The scheme will be benchmarked against S&P BSE 200 index.
Meanwhile, IDBI MF has also launched its closed ended debt fund i.e. IDBI FMP - Series III - 203 days (August 2013) – J. The NFO of the scheme opens on August 19, 2013 and closes on August 21, 2013. The scheme seeks to generate income through investing in Debt and Money Market Instruments.
The AUM of IDBI MF was Rs 5587 crore as on June 2013.
