NFO review: ICICI Prudential Bharat 22 ETF

Share
NFO review: ICICI Prudential Bharat 22 ETF

ICICI Prudential on Monday announced the much-awaited launch of Bharat-22 open ended exchange-traded fund, which is a part of the Centre's disinvestment program worth ₹72,500 crore for FY18.

This Index is a unique blend of shares of key CPSEs, Public Sector Banks (PSBs) and also the government owned shares in blue chip private companies like Larsen & Tubro (L&T), Axis Bank and ITC.

All categories of investors will be eligible for a discount of 3 per cent to the reference market price of underlying constituents.

These companies would benefit from government reforms and initiatives such as financial inclusion, digitisation, Make in India, Goods & Services Tax (GST) and infrastructure reforms and belong to six sectors like basic materials, energy, finance, fast-moving consumer goods (FMCG), industrials and utilities.

This fund, launched on November 14 for anchor investors, will be available from November 15 till November 17, 2017 for non-anchor investors.

The NFO is offering a discount of 3 per cent to all categories of investors. ICICI Prudential Asset Management Company is the fund manager for the ETF.

The Narendra Modi government has set a disinvestment target of Rs 72,500 crore for the current fiscal, of which Rs 46,500 crore is to be raised through disinvestment mode, while Rs 15,000 crore is the target in the case of strategic disinvestment that involves the surrender of government's majority control of the company.

Speaking at the event, Senior Government official Anuradha Thakur, Joint Secretary, Department of Investment and Public Asset Management (DIPAM) observed, "BHARAT 22 aims at bring broad-based ownership pattern to the public sector enterprises (PSEs)".

ICICI Prudential provides four reason for investing in this ETF. The portfolio of ETF will be rebalanced annually in March. Only three public sector banks - SBI, Indian Bank and Bank of Baroda - figure in the Bharat-22 index. The first CPSE ETF consisted of scrips of 10 PSUs - ONGC, Coal India, IOC, GAIL (India), Oil India, PFC, Bharat Electronics, REC, Engineers India and Container Corporation of India.

Share

Advertisement

Related Posts

Congresswoman Says At Least 2 Members Of Congress Are Sexual Harassers
The Senate last week approved a resolution instituting mandatory harassment training for members and aides. House lawmakers met on Capitol Hill Tuesday to review the chamber's sexual harassment policies.

Church & Dwight Company (CHD) Position Increased by Ubs Asset Management Americas Inc
The last close places the company's stock about $8.64 off its 52 week high of $54.18 and $2.98 above the 52 week low of $42.56. Following the completion of the sale, the vice president now directly owns 4,458 shares in the company, valued at $223,657.86.

State Capture Inquiry: Minister Lynne Brown Has Been 'Captured' By The Guptas
Qoma said Khoza then switched to Zulu and added that the board members were so young that they looked like school children. He said Ngubane told him that he knew that there was "an arrangement with Molefe but did not know the quantum".

MLS Expansion: Two teams likely to come from Sacramento, Cincinnati, Nashville
The jersey is for illustration purposes, does not represent an official MLS or USL jersey and is not available for purchase. Those cities are Sacramento, Nashville, and Cincinnati, said Grant Wahl with Sports Illustrated , citing insiders.

Why to Keeping Eye on Aramark (ARMK), Johnson & Johnson (JNJ)?
M&T Bank Corp decreased its stake in Johnson & Johnson ( JNJ ) by 3.07% based on its latest 2017Q2 regulatory filing with the SEC. Johnson & Johnson makes up approximately 1.8% of Palladium Partners LLC's portfolio, making the stock its 13th largest position.

Celtics' Irving says he plans to play at Nets, wear mask
He was sent home at halftime and sat out Sunday's victory over the Toronto Raptors in Boston. Relive some of the best moments from the Celtics' 12-game win streak.

LouCity hosts USL Cup championship Monday night
Just minutes later, Swope Park had an opportunity to score but Louisville City goalkeeper Greg Ranjitsingh, denied it. It's nearly as cruel as four consecutive years of Knockout Round eliminations in the MLS Cup Playoffs.

U.S. military says kills 40 militants by airstrikes in Somalia last week
The operation occurred near Bulogudud, about 400 km southwest of the capital city of Mogadishu, the U.S. Africa Command (Africom) said late Sunday.

Padmavati: Karni Sena members vandalise theater in Kota over trailer screening
But the makers of Padmavati said that they can do that only after it is granted a certificate by the censor board. Workers of the Rajput Karni Sena vandalised shops in the Aakash Mall , where the theatre is located.

Mbala wins MVP trophy anew — UAAP
This, after "Big Ben" refused to let their archrivals, the Ateneo de Manila University, go through the express lane to the Finals. Mbala's value for La Salle was in full display in their game against Ateneo.

© 2015 ExpressNewsline. All Rights reserved.