Mutual Fund /Stock Market News

Compact Disc India (CDI`s) has announced the restructuring and demerger plan to separate international film production business activities. CDI`s prime focus will be on animation films` outsourcing business. The revised business plans for outsourcing work for the FY 2009-10 will be revenue at Rs 2.3 billion and profit after tax (PAT) will be Rs 480 million and earnings per share (EPS) at Rs 50.16.

BSE-listed Indian theatre chain owner   Pyramid Saimira   (PSTL)    informed   the BSE that it will raise funds to the tune of $100 million via an international issue of securities including Foreign Currency Convertible Bonds (FCCBs), Global Depositary Receipts (GDRs), American Depositary Receipts (ADRs), subject to approval. PSTL recently   approved   qualified institutional placement measures to issue 1 crore equity shares and planned to offer 1 crore warrants to its promoters. The financially distressed company is in dire need for funds after a share market   scam   led to a decline of its valuation, operational losses followed and box office failures delivered another hit to the company, it had to shut down 497 of its 745 screens. Its accounts were also paralysed by the Income Tax department, to which it owed Rs. 26.57 crores, due on March 31, 2009. PSTL posted   losses of Rs. 1.37 billion in FY 2009. The funds could be used to get its production and distribution of movies back

Birla Sun Life AMC today announced a dividend of 40 per cent under the dividend option of Birla Sun Life Tax Relief'96. The company would pay a dividend of Rs 4 per unit on face value of Rs 10. It is an open-ended equity-linked savings scheme (ELSS) with the objective of long-term growth of capital through a portfolio with a target allocation of 80 per cent equity, 20 per cent debt and money-market securities, the company said in a statement.

Reliance Mutual Fund, a part of the Anil Dhirubhai Ambani Group, today announced dividends for three mutual fund schemes including its banking fund. The Reliance Banking Fund holders will receive 20 per cent dividend, while the investors of Reliance Pharma Fund will get 15 per cent, the company said in a statement. Further, the company has also declared a dividend of 15 per for its Tax Saver (ELSS) fund."Our aim has always been to maintain positivity of results and ensure that we focus on long term wealth creation for our investors through prudent investment, monitoring of trends and higher safety," Reliance Mutual Fund CEO Sundeep Sikka said

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