L&T wins orders worth Rs1,729 crore from SAIL, BALCO

Engineering and construction company Larsen & Toubro Ltd (L&T) said its metallurgical material handling and water operating unit won engineering, procurement and construction (EPC) orders, worth Rs1,749 crore, from state-run SAIL and BALCO.

The unit along with Italy-based Paul Wurth received Rs1,627 crore EPC contract to build the 2.8 MTPA blast furnace for SAIL-Bhilai Steel Plant. L&T's share in the contract is Rs1,010 crore.

L&T in consortium with Outotec of Germany, has won Rs670.73 crore EPC contract to build a 3.7 MTPA sinter plant for SAIL-Bhilai Steel Plant. L&T's share in the contract is Rs538.29 crore, said the company in a statement.

In the non-ferrous segment, L&T won an additional order of Rs201 crore from BALCO for capacity expansion of its smelter at Korba.

On Thursday, L&T shares ended 0.2% up at Rs1,809 on the Bombay Stock Exchange, while the benchmark Sensex closed 0.2% down at 18,172 points.

User

Reliance Industries unit to buy 60% stake in US shale-gas venture

Reliance Industries Ltd (RIL) said it will buy 60% stake in US-based Carrizo Oil and Gas Inc for $392 million.

RIL said its subsidiary, Reliance Marcellus II will enter in a joint venture with Carrizo Oil. The total payout of $392 million comprises $340 million cash and $52 million of drilling carry obligations.

Upon completion of the transaction, RIL and Carrizo will have 60% and 40% stake, respectively, in a newly formed joint venture between the companies.

The joint venture will have about 1,04,400 net acres of undeveloped leasehold in the core area of the Marcellus Shale in Central and Northeast Pennsylvania, of which RIL's 60% stake will represent approximately 62,600 net acres, the company said in a release.

This acreage is expected to support the drilling of approximately 1,000 wells over the next 10 years. The transaction is anticipated to close by mid-September 2010.

On Thursday, RIL shares ended 0.9% down at Rs1,006 on the Bombay Stock Exchange, while the benchmark Sensex closed 0.2% down at 18,172 points.

User

Personal finance Thursday

Kotak MF announces dividend under Kotak Quarterly Interval Plan Series 6

Kotak Mutual Fund has approved the declaration of dividend under the dividend option of Kotak Quarterly Interval Plan Series 6. The quantum of declaration will be 100% of distributable surplus as available under the plan(s) on the record date. The record date is 10 August 2010. Kotak Quarterly Interval Plan Series 6 is an open end debt scheme. The net asset value (NAV) of the Kotak Quarterly Interval Plan Series 6 stood at 10.0883 on 4 August 2010.

ICICI Prudential MF revises asset allocation pattern for some schemes

ICICI Prudential Mutual Fund has revised the asset allocation pattern under a few of its scheme. The changes in the schemes will be effective from 6 September 2010. The schemes include - ICICI Prudential Annual Interval (II, III and IV Plan), ICICI Prudential Half Yearly Interval (I and II Plan) and ICICI Prudential Quarterly Interval (A and D Plan). ICICI Prudential Annual Interval (II, III and IV Plan) will invest up to 70% in government securities and other fixed income/debt securities. ICICI Prudential Half Yearly Interval (I and II Plan) and ICICI Prudential Quarterly Interval (A and D Plan) will invest 30% to 100% in money market securities and up to 70% in government securities and other fixed income/debt.

UTI MF announces dividend under UTI Quarterly Interval Fund Series V

UTI Mutual Fund has approved the declaration of dividend under the dividend option of UTI Quarterly Interval Fund Series V (Retail and Institutional Plan). The quantum of declaration will be 100% of distributable surplus as available under the plans on the record date. The record date is 10 August 2010. UTI Quarterly Interval Fund Series V (Retail and Institutional Plan) is an open end debt scheme. The net asset value (NAV) of the UTI Quarterly Interval Fund Series V (Retail) stood at 10.1326 on 4 August 2010. The NAV of UTI Quarterly Interval Fund Series V (Institutional) was at 10.1342 on 4 August 2010.

Religare MF files offer document with SEBI to launch Religare Nifty ETF

Religare Mutual Fund has filed an offer document with the Securities and Exchange Board of India (SEBI) to launch Religare Nifty Exchange Traded Fund (ETF). The scheme is an open ended exchange traded fund. During the new fund offer (NFO) period, the scheme will offer units at Rs10 each. Investment objective is to generate returns which closely correspond to the returns generated by securities as represented by S&P CNX Nifty Index, subject to tracking error, if any. Each unit will have a face value of Rs10 and will be approximately equal to 1/10th of the value of S&P CNX Nifty. The minimum application amount is Rs10,000 and in multiples in of Re1 thereafter.

Sundaram BNP Paribas MF revises exit load structure for fixed income schemes

Sundaram BNP Paribas Mutual Fund has revised the exit load structure for its fixed income schemes. The schemes include Sundaram BNP Paribas Flexible Fund Short-Term Plan, Sundaram BNP Paribas Income Plus, Sundaram BNP Paribas Gilt Fund and Sundaram BNP Paribas Select Debt-Short Term Asset Plan. In case of Sundaram BNP Paribas Flexible Fund Short-Term Plan, 1% exit load will be charged if redeemed within 90 Days from the date of allotment. For Sundaram BNP Paribas Income Plus, 2% exit load will be charged if redeemed within one year from the date of allotment and 1.5% if redeemed within 1½ year from the date of allotment. For Sundaram BNP Paribas Gilt Fund, 1% exit load will be charged if redeemed within six months from the date of allotment. For Sundaram BNP Paribas Select Debt - Short Term Asset Plan, 0.50% exit load will be charged if redeemed within 14 Days from the date of allotment.

User

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)