Business briefs

Indian Oil Corporation has launched a co-branded credit card with Kotak Mahindra Bank.

Indian Oil is the largest oil marketing company with a network of over 34,000 fuel stations.

Indian Oil Kotak credit card customers can earn reward points on refueling at any IOC fuel stations and reward points can be redeemed to get free fuel, the companies said in a statement, adding that the card will be on the NPCI's Rupay network.

The card offers a 4 per cent cashback or up to Rs 300 per month as reward points on refueling at IOC fuel stations; it also offers 2 per cent or up to Rs 200 per month in cashback as rewards points on dining, grocery and other payments and another 1 per cent fuel surcharge waiver or up to Rs 100 per month.

*** Axis Mutual Fund aims to collect Rs 50 crore from Sensex ETF new fund * Axis Mutual Fund on Friday said it has launched a new fund that tracks the Sensex ETF and aims to collect Rs 50 crore from the new fund.

The open-ended exchange traded fund tracking the Sensex and the fund house hopes to garner Rs 50 crore during the primary offer period that opened on Friday and closes on March 15. Ashish Naik will be the fund manager.

The new Sensex ETF will essentially invest at least 95 per cent of the fund into equity instruments covered by the Sensex and the remaining in debt and money market investments, Chandresh Nigam, outgoing chief executive officer of Axis Mutual Fund, said.