One-fourth Indians without pension coverage: Survey

According to a survey, around one-fourth of the Indian population that is around 284 million people are without pension coverage and only 13% of the country''s paid employees are under formal pension arrangement whereas 58% of the respondents in India do not know what their retirement income will looks like. However, it is said that one of the factors contributing to this is the lack of understanding about their long-term finances over short-term.

Moreover, it is said that 1-in-8 people in India have either reduced or stopped saving into a pension whereas 18% say they would like to get financial advice to help them make sense of the choices facing them.

Additionally, it showed that the reason for saving is more towards saving for children accounting for 35% of savings than saving for retirement, which accounted for only 12% while it is also said that pension fund assets in India are very small and make up to only 5% of India''s GDP.

JP Morgan MF Announces Changes in India Alpha Fund

JP Morgan Mutual Fund has decided to change the investment objective of an interval scheme -JPMorgan India Alpha Fund.

The new investment objective of the scheme is to achieve a total return in excess of the return on short-term instruments through various strategies of buying and selling equity and equity-linked securities, including derivatives, and money market and debt securities. Moreover, the strategies would be designed to minimize market exposure for investors with a medium to long term horizon.

Edelweiss MF Announces Dividend

Edelweiss Mutual Fund has declared dividend under daily dividend option for the following schemes. The record date for the dividend is set as August 17, 2009.

The scheme name and the quantum of dividend as on the dividend date is as follows:

Fund Name / Options Individual/ HUF(Rs. per unit) Others (Rs. per unit) Edelweiss Short Term Bond Fund Institutional - Dividend Plan (Daily) 0.00363 0.003378 Retail - Dividend Plan (Daily) 0.003485 0.003378 Edelweiss Liquid Fund Retail - Dividend Plan (Daily) 0.000826 0.000826

ICICI Pru Dynamic Plan and FMCG Fund declares dividends

ICICI Pru Mutual Fund has declared dividend of 12% (Rs 1.2/- on the face value of Rs10/- per unit) in ICICI Prudential Dynamic Plan and ICICI Prudential FMCG Fund. The record date for dividend is set as August 21, 2009. All the investors registered under the dividend option of the scheme as on record date will receive this dividend. The NAV as on August 14, 2009 under the dividend plan of ICICI Prudential Dynamic Plan and ICICI Prudential FMCG Fund was Rs 16.5821 and Rs 28.11 respectively.

ICICI Prudential Dynamic Plan is an open-ended equity fund with an investment objective that aims to generate capital appreciation by actively investing in equity related securities and for defensive consideration in debt/money market instruments.

ICICI Prudential FMCG Fund is an open-ended FMCG Sectoral Fund with an investment objective that aims to generate capital appreciation through investments primarily in equities of a select group of companies in the FMCG sector.

AIG MF declares dividend

AIG Global Investment Group Mutual Fund has declared dividend in AIG Quarterly Interval Fund-Series I-Retail Plan, an interval income scheme. The record date for the dividend has been fixed as August 20, 2009. The fund house has decided to distribute 100% of distributable surplus as on the record date on the face value of Rs 1000 per unit.

The scheme recorded NAV of Rs 1003.5365 per unit in AIG Quarterly Interval Fund-Series I-Retail Plan as on August 13, 2009.

AIG Quarterly Interval Fund-Series I-Retail Plan is an interval income scheme with an investment objective to generate returns while endeavoring to manage interest rate volatility over the interval period through a portfolio of fixed income securities.

JM Financial MF announces dividend

JM Financial Mutual Fund has declared dividend under daily dividend options for JM Floater Fund - Short Term Plan as well as under various plans of JM High Liquidity Fund. The record date for the dividend is set as August 16, 2009.

The scheme names, options and the quantum of dividend as on the record date are as follows:

Scheme Name Individual Corporate **NAV Per Unit (Rs.) Dividend Per Unit (In Rs) *Dividend % Dividend Per Unit (In Rs) *Dividend % JM Floater Fund JM Floater Fund - Short Term Plan - Dividend 0.00006358 0.00063578 0.00006358 0.00063578 10.0883 JM High Liquidity Fund JM High Liquidity Super Institutional Daily Dividend 0.00009583 0.00095827 0.00009583 0.00095827 10.0165 JM High Liquidity Fund - Regular Plan - Daily Dividend 0.00009979 0.00099785 0.00009979 0.00099785 10.4302

ICICI Prudential MF Declares Dividend For Dynamic Plan

ICICI Prudential Mutual Fund has declared dividend under dividend option of ICICI Prudential Dynamic Plan. The record date of dividend is set as August 21, 2009.

The quantum of dividend will be 12% i.e. Rs 1.20 per unit on face value of Rs 10 per unit on the record date. The NAV of the scheme was recorded at Rs 16.5910 per unit as on August 13, 2009.

ICICI Prudential Dynamic Plan is an open-ended equity fund that aims to generate capital appreciation by actively investing in equity related securities and for defensive consideration in debt/money market instruments.

ING MF Revises Exit Load Structure For Various Schemes

ING Mutual Fund has decided to revise the exit load structure for ING Income Fund as well as ING MIP Fund effective from August 19, 2009.

As per the revise load structure, an exit load of 1% will be charged, for all application amounts, if redeemed on or before 365 days from the date of allotment. However, the exit load charge will be nil, if redeemed after 365 days from the date of allotment.

Taurus MF announces change in exit load structure

Taurus Mutual Fund announced changes in the exit load structure for Taurus Starshare as well as Taurus Infrastructure Fund, Taurus Bonanza Fund, Taurus Discovery Fund, Taurus Ethical Fund, Taurus Tax Shield Scheme, Taurus Gilt Fund, Taurus Income Fund, Taurus Short Term Bond Fund. The exit load structure includes for Systematic Investment Plan (SIP) applications. The change will be effective from August 17, 2009.

Taurus Starshare, Taurus Infrastructure Fund, Taurus Bonanza Fund, Taurus Discovery Fund & Taurus Ethical Fund:

An exit load of 1% will be charged for any investment amount in growth and dividend option in equity scheme if exited before 3 years while the exit load charge will be nil if exited after 3 years.

Taurus Ethical Fund includes bonus option apartment from growth and dividend option.

JM Financial MF Announces Dividend

JM Financial Mutual Fund has declared dividend under daily and weekly dividend options for JM Floater Fund - Long Term Plan as well as JM Money Manager Fund, JM Floater Fund - Short Term Plan and JM High Liquidity Fund. The record date for the dividend is August 12, 2009.

The scheme names, options and the quantum of dividend as on the record date are as follows:

Scheme Name Individual Corporate NAV Per Unit (Rs.) *DIV Per Unit (In Rs) *Dividend % DIV Per Unit (In Rs) ** Dividend % JM Floater Fund - Long Term Plan JM Floater Fund-Long Term - Premium Plan - Daily Dividend 0.00012367 0.00123673 0.00011511 0.00115105 10.0031 JM Floater Fund-Long Term - Regular Plan-Daily Dividend 0.00012093 0.00120928 0.00011255 0.0011255 10.0031

Birla Sun Life MF declares dividend for Fixed Term Plan

Birla Sun Life Mutual Fund has declared dividend under the dividend option of Birla Sun Life Fixed Term Plan - Series AF. The record date for the dividend has been fixed as August 17, 2009.

The fund house has declared Re 0.40 per unit i.e. 4% on the face value of Rs 10 per unit as dividend for retail as well as institutional plan, as on the record date. The scheme recorded NAV of Rs 11.0539 per unit for retail plan and institutional plan as on August 11, 2009.

Birla Sun Life Fixed Term Plan - Series AF is a close ended income scheme with an investment objective to generate current income by investing in a portfolio of fixed income securities maturing normally in line with the time line of the scheme.

Auto majors issue travel advisories

With Pune leading the race for severe grip of highly contagious swine flu, the multinational auto majors like Renault and General Motors have issued travel advisories to their employees.

Many automakers such as Tata Motors, Skoda, Mahindra & Mahindra, Mahindra Renault, General Motors and Bajaj have production facilities or offices in Pune, where the swine flu has claimed 10 victims.

Renault India have issued travel advisory to their employees that there should be no movement from office unless it is very urgent. Also, the company is keeping a close eye on the situation at its logistics centre in Pune.

On the other hand, General Motors have medical set up in both Talegaon and Halol plants and any person coming from any of the affected countries has to get through this check up system. Moreover, the company has also asked its employees to avoid travel to any of the swine flu affected countries, unless it is unavoidable.

Also, Volkswagen is regularly updating the employees with the preventive measures for swine flu. The group has a doctor inside its factory premises in Aurangabad and Chakan, and any employee with any symptoms of even a common flu is directed for a check up.

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Car exports to be hit as Europe removes auto sop

The recent removal of a "scrappage" incentive scheme in several European countries would impact the overseas sales of India''s biggest car exporters like Maruti Suzuki and Hyundai Motors. The scheme provided a subsidy for the car owners to replace their older, polluting vehicles with low-emission and fuel-efficient ones, which ranges from ¤750 to ¤4,000.

The governments from 11 nations including Germany, France, Italy, Romania, Spain, Portugal, Cyprus and Luxembourg, withdrew the scheme from the last week of July or the first week of August. However, only UK has opted to continue the scheme, which has helped raise demand for hatchbacks.

As per the Society of Indian Automobile Manufacturers data, which showed that Hyundai''s first-quarter exports reported a growth of 26.54% to stood at 66,500 units over the same quarter last fiscal. HMIL sells both the i10 and i20 hatchbacks to Europe.

On the other hand, Maruti, which reported more than doubled exports in the first quarter of this financial year to 29,314 units over the same quarter last year, said there was no let-up in exports.

Mayank Pareek, executive officer (marketing and sales), Maruti said that the scheme in Europe was supposed to last till December but also added that the US Congress launched a similar $1 billion scheme that was supposed to last for five months but was over in five days.

Car sales jump 30.91%, bikes up 19.48% in July

The domestic passenger car sales recorded 30.91% rise at 1, 15,067 units in July compared to 87,901 units last year whereas, motorcycle sales in the country was up 19.48% at 5, 46,245 units compared to 4, 57,178 units in the corresponding month a year ago. However, the total two-wheeler sales in July increased by 20.07% to 7, 19,668 units compared to 5, 99,369 units last year. Additionally, after declining constantly, sales of commercial rose by 9.61 in July to 37,624 units from 34,325 units in the year-ago whereas the total sales of all vehicles across categories also increased by 20.76% to 9, 41,118 units in July this year, against 7, 79,354 units last year.

Tata AIG Life forges alliance with Citibank

Tata AIG Life Insurance Company in order to offer payment of renewal premiums through NEFT mode has forged an alliance with Citibank and this being the first life insurance company to offer this mode of payment. However, the made to order facility by Citibank will allow Tata AIG Life policyholders to pay their renewal premium through the net banking facility directly from their bank account held with any NEFT-enabled bank branch in India.

Hyundai sales up, Bajaj Auto''s flat in July

Hyundai Motor India has posted sales of 45,543 units in July, a growth of 26%, up from 36,152 units in the same month last year. However, domestic sales accounted for 23,193 units (15,066) with the balance taken up by exports which fell to 21,086 units (22,350 units). Additionally, thanks to the i20, the compact segment increased to 41,779 units while on a month-on-month basis, sales declined 3.6% from 47,267 units clocked in June.

On the other hand, in the two-wheeler segment, Bajaj Auto showed a marginal fall in sales at 1, 68,731 units against 1, 69,971 in July 2008. Additionally, the recently launched Discover DTS-Si clocked about 10,000 units and plans are under way to double production in August.