ICICI Prudential Mutual Fund has introduced the ICICI Prudential Energy Opportunities Fund, an open-ended equity scheme focused on the energy sector. The fund opened for public subscription on July 2, 2024, and will remain open until July 16, 2024. The scheme will re-open for continuous sale and repurchase within five business days from the date of allotment.

Key features of ICICI Prudential energy opportunities fund

• Investment theme: Focuses on traditional and new energy sectors, along with allied business activities
• Objective: Long-term wealth creation through investments in companies benefiting from growth in the energy sector
• Eligibility: Suitable for investors looking for long-term capital appreciation

The scheme aims to provide opportunities for long-term capital appreciation by investing in equity and equity-related instruments of companies involved in exploration, production, distribution, transportation, and processing of traditional and new energy. Sectors include oil & gas, utilities, and power.

Investment details

• Minimum investment: ₹5000 per plan/option, with increments of Re 1
• No upper limit: Investors can invest any amount
• Benchmark: Nifty Energy TRI Index, comprising companies from petroleum, gas, and power sectors
• Entry load: None
• Exit load: 1% if redeemed or switched out within three months from the date of allotment. Nil if redeemed or switched out after three months from the date of allotment.
• Risk factor: The scheme is categorized as “Very High Risk.” Investors should consult financial advisors to ensure suitability.
• Subscription details: Public Subscription Period: July 2, 2024 – July 16, 2024.
• Continuous sale and repurchase: Re-opens within five business days from the allotment date.

For more information, investors can refer to the Scheme Information Document and consult with financial advisors to assess the suitability of this high-risk, high-reward investment opportunity.

Leading Indian banks have embarked on a trend of interest rate hikes, signaling potential challenges for borrowers. Canara Bank initiated the movement by raising home loan rates and other lending rates, followed by HDFC Bank, ICICI Bank, Bank of Baroda, and Bank of India, which adjusted their marginal cost of funds-based lending rates (MCLR) in August.

Canara Bank’s new rates encompass a range of tenors, with the revised figures intended for new loans and advances sanctioned from August 12th. These adjustments have sparked discussions about the viability of loans for borrowers as interest costs escalate.

In contrast, the Reserve Bank of India (RBI) has opted to keep its benchmark repurchase rate (repo) unchanged at 6.50%, maintaining stability despite economic dynamics and inflationary pressures. The balance between lenders’ profitability and borrowers’ affordability takes center stage, emphasizing the critical role of the RBI in navigating India’s monetary course during these times of uncertainty.