Business brief

L&T Mutual Fund launches 2 Nifty indices funds

Mumbai, Mar 23 () L&T Mutual Fund has launched two index funds-the Nifty 50 index and the Nifty Next 50 index funds.

The funds will open on Tuesday and closes on March 31. These open-ended index funds seek to replicate the performance of the Nifty 50 index and Nifty Next 50 index and operate mostly in the large cap space.

While Nifty 50 fund will track the Nifty stocks the Nifty Next 50 fund will track the stocks that are the next 50 by market capitalization after the top 50 largest companies.

L&T Investment Management manages Rs 71,000-crore assets as of December 2019 and has around 30 lakh folios. BEN HRS