From My Desk
Date	05-Aug-2017
Subject	ICICI Prudential Mutual Fund to launch Bharat 22 ETF
Details	The Union Finance Minister Arun Jaitley has today announced the launch of a new ETF called ‘BHARAT 22’. ICICI Prudential Mutual Fund will manage the new ETF in which the government plans to divest its stake in 22 companies. Bharat 22 consists of 22 stocks of CPSEs, PSBs & strategic holdings of SUUTI. Compared to energy heavy CPSE ETF, Bharat 22 is a well diversified portfolio with 6 sectors (basic materials, energy, finance, FMCG, industrials & utilities). The Bharat 22 Index will be rebalanced annually. The Bharat 22 constitutes of companies like National Aluminium, ONGC, Coal India, IOC, BPCL, SBI, Axis, Bank of Baroda, Rural Electrification Corporation, Power Finance Corporation, Indian Bank, ITC, Bharat Electronics, Engineers India NBCC, Power Grid, NTPC, Gail India, NHPC, NLC India and SJVN. The Government of India holds a majority stake in these companies.
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