L&T wins Rs1,025 crore orders in buildings and factories segment

Engineering and construction company Larsen & Toubro Ltd (L&T) said its buildings and factories unit secured orders worth Rs1,025 crore for the construction of various projects.

The projects include construction of two hospital buildings, residential projects in Mumbai and a cement plant for a major cement manufacturer in the country, said the company in a press release.

On Wednesday, Larsen & Toubro shares ended 2% up to Rs1,806 on the Bombay Stock Exchange, while the Sensex closed 0.6% higher at 18,217 points.

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FDI plunges by 45% to $1.41 billion in June

New Delhi: Foreign direct investment (FDI) in the country declined by about 45% to $1.41 billion in June this year compared to $2.58 billion in the same month last year, reports PTI.

The sectors, which attracted foreign investment, include services, telecommunication, construction activities and computer software and hardware, the official added.

Crisil chief economist D K Joshi said that there was no specific reason for this decline as the foreign inflows fluctuates every month.

Foreign investment in May 2010 was at $2.2 billion.

"In the coming months, inflows are likely to be in healthy state...there could be some volatility given the global scenario, particularly the European events," Mr Joshi said.

Meanwhile, Parliament was today informed that FDI during the first quarter of 2010-11 was at $5.80 billion. During April-June 2009-10, FDI inflows were $7.01 billion.

The government has been taking measures to streamline the procedures for foreign investors.

"The government is making sustained efforts to make the FDI policy regime increasingly attractive and investor friendly, with a view to attract investments from all major investing countries," minister of state for commerce and industry Jyotiraditya Scindia said in a written reply to the Rajya Sabha.

The FDI for 2009-10 at $25.88 billion was lower by 5% from $27.33 billion in the previous fiscal.

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Personal finance Wednesday

SHCIL is new PoPs for pension system for all citizens

Finance services company Stock Holding Corporation of India Ltd (SHCIL) has been appointed as Points of Presence (PoP) for collecting pension contributions from all citizens. PoPs are contact and collection points for customers wanting to be part of the New Pension System thrown open to all Indians last year. Initially, the government launched the New Pension System for central government employees joining service from 1 January 2004, but it was extended to all citizens from 1 May 2009. Currently, there are 33 PoPs, including SBI, ICICI Bank, Postal Department, with over 3,500 branches accepting contributions of subscribers.

IDFC MF revises exit load for two schemes

IDFC Mutual Fund has revised the exit load structure under its two schemes-IDFC Super Saver Income Fund-Short Term and IDFC Ultra Short Term Fund. As per the revision, IDFC Super Saver Income Fund-Short Term and IDFC Ultra Short Term Fund will charge an exit load of 0.50% and 1% respectively, if the investments are redeemed within three months from the date of allotment. The revision will be in effect from 5 August. IDFC Super Saver Income Fund-Short Term and IDFC Ultra Short Term Fund are benchmarked against by CRISIL Short-Term Bond Fund Index and CRISIL Liquid Fund Index respectively.

ICICI Prudential MF announces dividend under ICICI Prudential Quarterly Interval Plan B

ICICI Prudential Mutual Fund has approved the declaration of dividend under the dividend option of ICICI Prudential Quarterly Interval Plan B. The quantum of declaration is 1.034%. The record date is 9 August 2010. The scheme is an open end debt scheme. The net asset value (NAV) of the scheme stood at 10.1156 on 3 August 2010.

HDFC MF announces dividend under HDFC Quarterly Interval Plan C

HDFC Mutual Fund has approved the declaration of dividend under the dividend option of HDFC Quarterly Interval Plan C (Retail and Wholesale Plan). The quantum of declaration will be 100% of distributable surplus as available under the plans on the record date. The record date is 9 August 2010. HDFC Quarterly Interval Plan C (Retail and Wholesale Plan) is an open end debt scheme. The net asset value (NAV) of the HDFC Quarterly Interval Plan C Retail stood at 10.2485 on 3 August 2010. The NAV of HDFC Quarterly Interval Plan C Wholesale was at 10.1101 on 3 August.

CRISIL assigns 'AA-' and 'P1+' for Cholamandalam Investment And Finance Company's debt instruments

CRISIL has assigned its 'AA-/Stable/P1+' ratings to Cholamandalam Investment and Finance Company Ltd's (CIFCO's) debt instruments. These rating strengths are partially offset by CIFCO's modest earnings profile and its moderate size of operations compared to its peers. CIFCO, financial services arm of the Murugappa Group, is a moderately sized entity in the retail finance segment in India. While finance of commercial vehicles (CV) is its core business, the company is also focusing on the loan against property segment. CRISIL's believes that the Murugappa group will continue to provide support to CIFCO, which will ensure an adequate capital position, and partly offset the challenges of modest earnings profile and its moderate size of operations in the financing business. The outlook may be revised to 'Positive' in case of an upward change in CRISIL's view on Murugappa group's credit profile, or in case of a significant and sustainable improvement in CIFCO's market position and earnings profile.

Conversely, the outlook may be revised to 'Negative' in case of a downward movement in CRISIL's view on Murugappa group's credit profile, or diminution in support from the group to CIFCO.

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