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ICICI Prudential Mutual Fund launches Nifty pharma index fund

NEW DELHI: ICICI Prudential Mutual Fund has announced the launch of an open-ended index scheme replicating the Nifty Pharma Index. The index is designed to reflect the behaviour and performance of the companies that are engaged in the manufacturing of pharmaceuticals and biotechnology companies.

The new fund offer (NFO) for ICICI Prudential Nifty Pharma Index Fund opened 25 November and will close on 9 December.

The fund managers to the scheme would be Kayzad Eghlim and Nishit Patel.

The index includes companies which are into generic drugs, over-the-counter (OTC) medicines, bulk drugs, vaccines, contract research & manufacturing, biosimilars and biologics.

The universe for stock selection is Nifty 500 and no single stock shall be more than 33%. Weights of top three stocks cumulatively will not be more than 62% at the time of rebalancing. The index will be rebalanced semi-annually on 31 January and 31 July.

The Nifty Pharma Index has risen at 9.52% annually since October 2012. For example, 1 lakh invested in the Nifty Pharma Index in 2012 would have been worth 2.48 lakh by end of October 2022.

Speaking on the launch of the product, Chintan Haria, head-product development and strategy, ICICI Prudential AMC, said, “Pharma sector in India continues to flourish on the back of health schemes introduced by the government, increase in exports and growing domestic demand. Going forward, greater awareness, changing attitude towards preventive healthcare, increased precedence of lifestyle diseases and better access to insurance is likely to further boost the pharma industry.”

According to the fund house, over the years, India has emerged as a pharmacy to the world by being the largest provider of generic drugs globally and exporting pharmaceuticals to over 200 countries. Also, 70% of World Health Organisation’s vaccines (as per the essential Immunization schedule) are sourced from India.

The fund house listed following factors working favour of the pharma sector.

Government support: As per the Union Budget 2022-23, $4.83 billion has been allocated to the ‘National Health Mission’.

Medical tourism: Quality services at marginal costs compared to the US, Europe and South Asia.

Skilled drug manufacturing: Low-cost generic patented drugs as well as end-to-end manufacturing

High domestic demand: Launch of one of the largest National Health Protection Schemes globally.

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