Union AMC launches multi-asset allocation fund with diverse investment plan

Union Asset Management Company (AMC) has launched a new offering, the Union Multi-Asset Allocation Fund. The fund will invest around 65-80 per cent of the corpus in equity and equity-related instruments, while it has earmarked 10-25 per cent for buying units of gold ETFs and will allocate around 10 to 25 per cent in debt and money market instruments.

The fund house believes that India’s earnings growth will remain in ‘mid-teens’ for the long term and that the economy is in Goldilocks. The fund house, backed by Union Bank of India and Dai-ichi Life Holdings, said that the early signs of rural consumption and the festive season are positive but the focus will remain on earnings for the next two quarters amidst global uncertainties. Union AMC’s CEO Madhu Nair said that the multi-asset allocation has the capacity to become the largest category as it cuts the volatility impact and provides superior risk-adjusted returns, especially during periods of euphoria.

L&T wins order for NAINA project in Navi Mumbai

Larsen & Toubro ( L&T) on Wednesday said it has won an order in the range Rs 2500 to Rs 5000 crore for the Integrated Infrastructure Development project in Town Planning Schemes 2 to 7 under the Navi Mumbai Airport Influence Notified Area (NAINA) Project in Maharashtra.The company added, the project has been awarded by City and Industrial Development Corporation of Maharashtra Limited (CIDCO) for integrated infrastructure development of 60m & 45m wide roads, construction of various major & minor structures and allied electrical works.