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Coonoor tea prices fell Rs 2/kg

Coonoor tea prices fell Rs 2/kg Description  :  Industry Date  :  Aug-16-2010 The tea prices at the Coonoor Tea Trade Association auctions on Friday fell Rs 2 a kg at Sale No: 32. Rs 2.3 crore worth of tea remained unsold still due to the withdrawal of 27 per cent of the 16.21 lakh kg on offer for want of buyers. About 37 per cent of leaf and 28 per cent of dust remained unsold. In all, 96 marks of CTC teas from bought-leaf factories garnered Rs 100 and more. Homedale Estate got Rs 146 while Professor fetched Rs 140, Vigneshwar Estate garnered Rs 137, Kannavarai Estate Rs 129, Shanthi Supreme Rs 128 and Garswood Estate clonal Rs 126. However, among orthodox teas from corporate sector, Curzon fetched Rs 163 followed by Thaishola Rs 159, Coonoor Tea Rs 157, Kairbetta Rs 155, Havukal and Katary Rs 147 each, Glendale and Sutton Rs 142 each. In all, 28 marks got Rs 100 and more. Meanwhile, the quotations held by brokers indicated that the bids varying between Rs 32-36 a kg for

Mixed trend in spot rubber

Mixed trend in spot rubber Description  :  Industry Date  :  Aug-17-2010 The spot rubber yesterday witnessed a mixed trend. Due to the lack of large buying commitments by most of the traders, the market lost its direction in leading grades. The sheet rubber closed unchanged at Rs 184 a kg amidst scattered transactions. Meanwhile, due to the short supply, the latex 60 per cent recovered. The Board's rate remained firm at Rs 183 a kg for RSS 4. The domestic rubber futures of September series surged to touch a high of Rs 177.28 and low of Rs 174.40 a kg for RSS 4. In the international market, RSS 3 fell due to the strengthening of yen against the dollar and on concern that demand for the commodity used to make auto tyres may weaken. On National Multi Commodity Exchange (NMCE), the September series surged to Rs 176.41 (173.55) followed by October to Rs 169.20 (164.63) and November to Rs 166.50 (161.51) while the December series closed its debut trading at Rs 167 a kg. The tot

Sugar companies in sweet spot: Government fixes ethanol price at Rs. 27 a liter

Sugar companies in sweet spot: Government fixes ethanol price at Rs. 27 a liter Description  :  Industry Date  :  Aug-17-2010 Sugar companies welcomed the move to get Rs. 27 a liter for ethanol as the surging demand for fuel has landed sugar companies in a sweet spot. Oil companies will now have to buy ethanol from sugar companies to be used for blending with automobile fuel. Since sugarcane production is expected to be higher this year after improved acreage for the crop hence the move has come at a good time for sugar companies. However the higher sugarcane availability is expected to depress prices even as sugar prices are off their peak seen last year. the industry is expected to produce 160 crore liters during the current sugar year as selling ethanol to oil companies also opens another revenue stream for sugar companies. While it is a party time for sugar companies, the oil companies are clearly unhappy as this mandate would mean an additional outgo of around 500 - 600

Sugar declines on lower offtake

Sugar declines on lower offtake Description  :  Industry Date  :  Aug-17-2010 There was a marginal decline in the spot sugar prices yesterday at Vashi spot market by Rs 15-20 a quintal due to the lack of retail and upcountry demand. The traders opted to book profits after a sudden surge in prices in the last week on Saturday. The prices fell due to the selling pressures from the stockists at naka delivery trade by Rs 30-35. The prices of Naka delivery rose Rs 100 a quintal. About 50,000-55,000 bags (100 kg each) was sold by the mills to the local traders in the price range of Rs 2,495-2,510 for S-grade while Rs 2,540-2,565 for M-grade. The total arrival on Monday at Vashi market stood at 40-45 truckloads (10 tonnes) while the lifting stood at 35-36 truckloads. Mills offered tenders at Rs 2,475-2,500 for S-grade while it was Rs 2,525-2,575 for M-grade (including excise) a quintal. According to the Sugar Merchants Association, spot market rates for S-grade stood in the range of Rs 2,

Good demand fuels cardamom prices

Good demand fuels cardamom prices Description  :  Industry Date  :  Aug-18-2010 There was a marginal increase in the cardamom prices at the auctions held last week in Kerala and Tamil Nadu due to the good buying support and limited arrivals. However, no auction was conducted on Sunday on account of the Independence Day. The sources said that the individual auction average surged to above Rs 1,400 from the last Monday's auction average of Rs 1366.60 and in fact, it oscillated in the range of Rs 1,400 and Rs 1,460 a kg, trade sources said. They also said that the total arrivals last week stood at 120 tonnes as against 92 tonnes in the previous week. Out of the total arrivals of 232 tonnes during the current season i.e. from August 1 to August 14, 230 tonnes of cardamom were sold. The arrivals and sales during the same period in the previous season stood at 246 tonnes and 242 tonnes, respectively. The weighted average price as on August 14 stood at Rs 1,398 a kg as against

Spot rubber stays firm on supply crunch

Spot rubber stays firm on supply crunch Description  :  Industry Date  :  Aug-19-2010 The spot rubber continued its firmness on Wednesday as well. There seems to lack of buyers or sellers in the main trading centres to give a definite direction to sheet rubber. On the National Multi Commodity Exchange (NMCE), the September series fell significantly to Rs 171.20 (176.38) followed by October Rs 164.49 (169.36), November Rs 163.90 (166.74) and December Rs 164.75 (167.50) a kg for RSS 4. The benchmark Tokyo rubber futures contract rose 3 per cent to a three-month high following a relative stability in Japanese stocks and a pause in the Yen's advance against dollar. While on the Tokyo Commodity Exchange (TOCOM), the August futures for RSS 3 surged to 330/Rs 180.22 (325.7) a kg during the day session. The grade closed firmly at 330 during the night session. RSS 3 (spot) rose to Rs 154.78 (Rs 153.45) a kg at Bangkok. Spot rates were: RSS-4: 184 (184); RSS-5: 174 (174); ungraded

CCI orders enquiry into price cartelisation by sugar industry

CCI orders enquiry into price cartelisation by sugar industry Description  :  Industry Date  :  Aug-19-2010 Competition Commission of India has ordered an enquiry into alleged price cartelization by sugar industry. Meanwhile, the sugar industry is allegedly generating unions to control prices of sugarcane in states like Maharsahtra, Gujarat, and Andhra Pradesh. The commission, however, is in the possession of an internally circulated document. Ass per that, the sugar co-operatives have fixed a state wise minimum floor price for sugarcane from July 23 to August 31. The prices for Maharashtra, Gujarat and Andhra Pradesh have being set between Rs. 2700 to Rs. 2800. Moreover, the price for Karnataka is fixed at Rs. 2670 to Rs. 2750 for different grades of cane. The decision, however, to fix floor prices was taken by the sugar industry in July. It was at an all industry meet in Maharashtra to discuss ways of protecting the industry from volatile cane price in the domestic

Pepper futures fall in volatile trade

Pepper futures fall in volatile trade Description  :  Industry Date  :  Aug-19-2010 The pepper futures closed the high volatile session below the previous closing. Strong volatility was witnessed during the session with August contract on NCDEX surged to as high as Rs 20,585 and then dipped to as low as Rs 19,850 a quintal. Similarly, the September rose to Rs 20,720 and dropped to Rs 20,034 a quintal. The September and October dropped Rs 125 and Rs 161 respectively to Rs 20,230 and Rs 20,430 a quintal. The total turnover surged by 6,478 tonnes to 27,674 tonnes. The total open interest fell by 241 tonnes to 17,576 tonnes. Moreover, the August open interest dipped by 608 tonnes to 2,278 tonnes. While, the September and October surged by 263 tonnes and 62 tonnes respectively to 12,417 tonnes and 1,924 tonnes. There was no change in the spot prices and it stood at previous levels of Rs 19,400 (ungarbled) and Rs19,900 (MG 1) a quintal.

Biotech Regulatory Authority bill a huge Step for Future Market Development: Environment Minister

Biotech Regulatory Authority bill a huge Step for Future Market Development: Environment Minister Description  :  Industry Date  :  Aug-19-2010 The Biotechnology Regulatory Authority bill, scheduled to be introduced in Parliament imminently, will not open the floodgates to genetically modified (GM) food. Environment Minister Jairam Ramesh said, "I believe that when the Bill will be introduced, it will address the concerns that have been expressed by the civil society groups that it will open floodgates for all GM foods. Nothing like it". He further added, "It's just exaggerated notion of non-reading of the Bill. Once it is presented in Parliament, we all will see that the integrity of environmental assessment process has been maintained" The Bill seeks to create a new body to regulate research, manufacture, import and use of products of modern biotechnology. The need for a biotech regulator was highlighted during the recent controversy over introduction

Biotech Regulatory Authority bill a huge Step for Future Market Development: Environment Minister

Biotech Regulatory Authority bill a huge Step for Future Market Development: Environment Minister Description  :  Industry Date  :  Aug-19-2010 The Biotechnology Regulatory Authority bill, scheduled to be introduced in Parliament imminently, will not open the floodgates to genetically modified (GM) food. Environment Minister Jairam Ramesh said, "I believe that when the Bill will be introduced, it will address the concerns that have been expressed by the civil society groups that it will open floodgates for all GM foods. Nothing like it". He further added, "It's just exaggerated notion of non-reading of the Bill. Once it is presented in Parliament, we all will see that the integrity of environmental assessment process has been maintained" The Bill seeks to create a new body to regulate research, manufacture, import and use of products of modern biotechnology. The need for a biotech regulator was highlighted during the recent controversy over introduction

Wheat futures rose marginally on spot demand

Wheat futures rose marginally on spot demand Description  :  Industry Date  :  Aug-20-2010 The wheat futures during today's range bound trade shot up slightly by Rs 1.20, or 0.09 per cent, to Rs 1,270.80 per 100 kg on the back of firm demand at spot markets. However the gains were restricted due to the ample stocks at spot markets and bumper crops. At National Commodity and Derivatives Exchange (NCDEX), the wheat delivery for October contract surged by Rs 1.20, or 0.09 per cent, to Rs 1,270.80 per 100 kg, with an open interest of 18,220 lots. Moreover, the Wheat for delivery in September contract also rose by Rs 0.40, or 0.03 per cent, to Rs 1,253 per 100 kg, with an open interest of 29,710 lots. It closed 0.13 per cent higher at Rs 1,252.60 per 100 kg in yesterday's trade.

Potato futures fall on profit taking

Potato futures fall on profit taking Description  :  Industry Date  :  Aug-20-2010 The potato prices fell by Rs 6.70, or 1.66 per cent, to Rs 397.30 per quintal in futures trading today due to the profit booking by the speculators at existing higher levels following the weak demand in the spot markets. At the Multi Commodity Exchange (MCX), the potato for September-month dipped by Rs 6.70, or 1.66 per cent, to Rs 397.30 per quintal, with an open interest of 2,191 lots. While, the potato for delivery in October also dropped by Rs 1.40, or 0.34 per cent, to Rs 413.50 per quintal.

RBI gives Infrastructure Finance Company status to PTC India Financial Services Limited (PFS) a subs

RBI gives Infrastructure Finance Company status to PTC India Financial Services Limited (PFS) a subs Category  :  Corporate News Date  :  Aug-24-2010 09:52 PTC India Ltd has informed regarding a Press Release titled RBI gives Infrastructure Finance Company status to PTC India Financial Services Limited (PFS) a subsidiary of PTC

Outcome of AGM

Outcome of AGM Category  :  Corporate News Date  :  Aug-23-2010 09:51 Mundra Port and Special Economic Zone Ltd has informed that the 11th Annual General Meeting (AGM) of the Company was held on August 21, 2010.

Piramal Health - Piramal Healthcare completes the divestiture of its shareholding in its subsidiary

Piramal Health - Piramal Healthcare completes the divestiture of its shareholding in its subsidiary Category  :  Corporate News Date  :  Aug-23-2010 09:56 With reference to the earlier announcement dated July 14, 2010 informing that Piramal Healthcare Ltd. (the Company) has signed a definitive agreement under which, Super Religare Laboratories Ltd. (SRL) would acquire Piramal Diagnostic Services Pvt. Ltd. (PDSPL), a subsidiary of the Company, Piramal Healthcare Ltd has now informed that the Company has now completed the divestiture of its shareholding in PDSPL to SRL.

Redington India - Arrangement with Pioneer India Electronics Pvt Ltd as a Regional Distributor for C

Redington India - Arrangement with Pioneer India Electronics Pvt Ltd as a Regional Distributor for C Category  :  Corporate News Date  :  Aug-23-2010 09:57 Redington (India) Ltd has informed that Pioneer India Electronics Pvt. Ltd. has appointed the Company as a Regional Distributor for their household Products, DVD and Home theatre across South India. This partnership with Pioneer will enable the Company to expand in the field of distribution of consumer durable Products in the Non- IT segment.

Crest Animation - Board Meeting on Aug 23, 2010

Crest Animation - Board Meeting on Aug 23, 2010 Category  :  Corporate News Date  :  Aug-23-2010 09:57 Crest Animation Studios Ltd has informed that a meeting of the Board of Directors of the Company will be held on August 23, 2010, inter alia, to transact the following business: 1. To consider appointment of new directors. 2. To consider and if thought fit, approve, a corporate restructuring plan.

Time Techno - Time Technoplast signs a Share Purchase Agreement to acquire Solutia Plastic product b

Time Techno - Time Technoplast signs a Share Purchase Agreement to acquire Solutia Plastic product b Category  :  Corporate News Date  :  Aug-23-2010 09:57 Time Technoplast Ltd has informed regarding a Press Release dated August 19, 2010, titled Time Technoplast Ltd signs a Share Purchase Agreement to acquire Solutia Plastic product business.

Paramount Comm - Proposal for Corporate Debt Restructuring under CDR System and signing of Debtor-Cr

Paramount Comm - Proposal for Corporate Debt Restructuring under CDR System and signing of Debtor-Cr Category  :  Corporate News Date  :  Aug-23-2010 09:58 Paramount Communications Ltd has informed that the Company has requested State Bank of India, the lead bank under consortium arrangement to make a reference to Corporate Debt Restructuring (CDR) forum for restructuring of its debts under CDR system and also requested other lenders to support the restructuring under CDR. The Company on August 20, 2010 has executed debtor-creditor agreement in favor of CDR Cell & lenders based on approval of the Board of Directors of the Company in their meeting held on August 12, 2010.

Jindal Steel - JSPL resumes Implementation of Steel and Iron Ore Mine Project in Bolivia, Bolivian P

Jindal Steel - JSPL resumes Implementation of Steel and Iron Ore Mine Project in Bolivia, Bolivian P Category  :  Corporate News Date  :  Aug-23-2010 09:58 Jindal Steel & Power Ltd (JSPL) has informed about the following: Jindal Steel Bolivia (JSB) a subsidiary of the Company, has informed that Government of Republic of Bolivia has provided additional about 3000 acres of land to it to start work on its USD 2.1 billion steel and power plant in Bolivia. JSB has resumed activities to develop iron ore deposits in El Mutun iron ore mine and steel project in Bolivia. The company has given a press release in this regards.

Outcome of Committee Meeting

Outcome of Committee Meeting Category  :  Corporate News Date  :  Aug-24-2010 08:56 Tulsi Extrusions Ltd has informed that at the meeting of the Committee of the Board of Directors of the company duly convened and held on August 23, 2010 the Company has allotted 1,250,000 Global Depository Receipts (GDR) at USD 11.46 each underlying 12,500,000 equity shares of Rs. 10 (Rupees ten only) each at Rs. 54/- (Rupees fifty four only) each to The Bank of New York Mellon in its capacity as a depository.

RBI gives Infrastructure Finance Company status to PTC India Financial Services Limited (PFS) a subs

RBI gives Infrastructure Finance Company status to PTC India Financial Services Limited (PFS) a subs Category  :  Corporate News Date  :  Aug-24-2010 09:52 PTC India Ltd has informed regarding a Press Release titled RBI gives Infrastructure Finance Company status to PTC India Financial Services Limited (PFS) a subsidiary of PTC

Outcome of AGM

Outcome of AGM Category  :  Corporate News Date  :  Aug-26-2010 09:36 Rockon Fintech Ltd has informed that the members at the 34th Annual General Meeting (AGM) of the Company held on August 25, 2010.

Market moves northward on firm Asian cues

Market moves northward on firm Asian cues Category  :  Market Reports Date  :  Aug-13-2010 11:26 The Indian market trading bullish on the back strong Asian cues and also on the back of bargain hunting after last three days'' losses. The Asian markets managed to rebound with the exporters stocks gained amid reports that Prime Minister Naoto Kan of Japan and Bank of Japan (BOJ) Governor Masaaki Shirakawa may meet next week to discuss possible action to deal with the strong yen. However, US market closed negative on a third consecutive session as stocks fell into negative terrain and stayed there through the close due to surprise rise in initial jobless claims and disappointing numbers from Cisco Systems. Back on the domestic front, local markets are getting the maximum support from the rate sensitive sectors despite the rise in food inflation. Meanwhile there has been a good news for the economic front, as collections of indirect taxes continue to expand robustly, indicating

FII Activity on 20-08-2010

FII Activity on 20-08-2010 Category  :  Market Reports Date  :  Aug-23-2010 08:51 The FIIs on Friday stood as net buyer in equity and debt. Gross equity purchased stood at Rs 7,201.3 Crore and gross debt purchased stood at Rs 110.6 Crore, while the gross equity sold stood at Rs 4,546.0 Crore and gross debt sold stood at Rs 55.1 Crore. Therefore, the net investment of equity and debt reported were Rs 2,655.3 Crore and Rs 55.4 Crore respectively.

Market pared morning gains

Market pared morning gains Category  :  Market Reports Date  :  Aug-23-2010 09:52 The market opened on a positive note but was soon dragged down on the back of weak Asian bourses as concerns rose over the global economy after calls by a European Central Bank official to maintain stimulus measures. Asian markets are trading in a mixed range today on growing concern about the health of the world economy after Wall Street closed lower on Friday with sentiment remained pessimistic after a series of indicators that show the world''s biggest economy is slowing. The market is turning volatile ahead of the FNO expiry later this week. On the sectorial front, considerable selling pressure was witnessed among the FMCG stocks, whereas the Consumer Durables, Auto and Power sectors are looking strong at the moment. The BSE Sensex is now trading above the 18420 mark in the early trade with the NSE Nifty above the 5530 mark. On the corporate front Twilight Litaka Pharma Ltd rallied 1.10% t

Time Techno - Time Technoplast signs a Share Purchase Agreement to acquire Solutia

Time Techno - Time Technoplast signs a Share Purchase Agreement to acquire Solutia Plastic product b Category  :  Corporate News Date  :  Aug-23-2010 09:57 Time Technoplast Ltd has informed regarding a Press Release dated August 19, 2010, titled Time Technoplast Ltd signs a Share Purchase Agreement to acquire Solutia Plastic product business.

Paramount Comm - Proposal for Corporate Debt Restructuring under CDR System and

Paramount Comm - Proposal for Corporate Debt Restructuring under CDR System and signing of Debtor-Cr Category  :  Corporate News Date  :  Aug-23-2010 09:58 Paramount Communications Ltd has informed that the Company has requested State Bank of India, the lead bank under consortium arrangement to make a reference to Corporate Debt Restructuring (CDR) forum for restructuring of its debts under CDR system and also requested other lenders to support the restructuring under CDR. The Company on August 20, 2010 has executed debtor-creditor agreement in favor of CDR Cell & lenders based on approval of the Board of Directors of the Company in their meeting held on August 12, 2010.

Jindal Steel - JSPL resumes Implementation of Steel and Iron Ore Mine Project in Bolivia,

Jindal Steel - JSPL resumes Implementation of Steel and Iron Ore Mine Project in Bolivia, Bolivian P Category  :  Corporate News Date  :  Aug-23-2010 09:58 Jindal Steel & Power Ltd (JSPL) has informed about the following: Jindal Steel Bolivia (JSB) a subsidiary of the Company, has informed that Government of Republic of Bolivia has provided additional about 3000 acres of land to it to start work on its USD 2.1 billion steel and power plant in Bolivia. JSB has resumed activities to develop iron ore deposits in El Mutun iron ore mine and steel project in Bolivia. The company has given a press release in this regards.

Jindal Steel - JSPL resumes Implementation of Steel and Iron Ore Mine Project in Bolivia,

Bolivian P Category  :  Corporate News Date  :  Aug-23-2010 09:58 Jindal Steel & Power Ltd (JSPL) has informed about the following: Jindal Steel Bolivia (JSB) a subsidiary of the Company, has informed that Government of Republic of Bolivia has provided additional about 3000 acres of land to it to start work on its USD 2.1 billion steel and power plant in Bolivia. JSB has resumed activities to develop iron ore deposits in El Mutun iron ore mine and steel project in Bolivia. The company has given a press release in this regards.

Adani Enter - Amalgamation of Promoter entities of M/s. Mundra Port & Special

Economic Zone Ltd wit Category  :  Corporate News Date  :  Aug-23-2010 09:58 Adani Enterprises Ltd has informed that the Scheme of Amalgamation of certain promoter entities of M/s. Mundra Port & Special Economic Zone Ltd (MPSEZ) i.e Adani Infrastructure Services Private Ltd, Advance Tradex Private Ltd, Adani Tradelinks Private Ltd, Pride Trade and Investment Private Ltd, Mauritius, Trident Trade and Investment Private Ltd, Mauritius, Radiant Trade and Investment Private Ltd, Mauritius, and Ventura Trade and Investment Private Ltd, Mauritius (Transferor Companies) with the Company i.e Adani Enterprises Ltd has been sanctioned by the Honble High Court of Gujarat vide its order dated August 12, 2010. The certified copy of the said order has been received on August 18, 2010 and the same has been filed with the Registrar of Companies, Gujarat on the same day. As a result, the said scheme of amalgamation has become effective from the appointed date (i.e. April 01, 2010 in case of all

Outcome of Committee Meeting

Category  :  Corporate News Date  :  Aug-24-2010 08:56 Tulsi Extrusions Ltd has informed that at the meeting of the Committee of the Board of Directors of the company duly convened and held on August 23, 2010 the Company has allotted 1,250,000 Global Depository Receipts (GDR) at USD 11.46 each underlying 12,500,000 equity shares of Rs. 10 (Rupees ten only) each at Rs. 54/- (Rupees fifty four only) each to The Bank of New York Mellon in its capacity as a depository.

Outcome of Board Meeting

Category  :  Corporate News Date  :  Aug-25-2010 19:26 Panoramic Universal Ltd has informed that the Board of Directors of the Company at its meeting held on August 25, 2010, inter alia, has discussed and approved the following: 1. The Board recommended a dividend of Rs. 0.35/- per share (i.e. 7%) on 100,000,000 preference shares of Rs. 5/- each aggregating to Rs. 500,000,000/- for the year ended March 31, 2010. 2. The Board at its meeting held April 29, 2010 had recommended and paid an interim dividend @ Rs. 2.50/- per share on 12,957,500 equity shares of Rs. 5/- each for the financial year 2009-10. The Board approved and confirmed the said declaration and payment of dividend as Final Dividend on Equity Shares of the Company for the year ended March 31, 2010. 3. The Board has approved the insertion of new sub-clauses for providing Companys hotel properties on room night basis / time share basis etc. and also for carrying on travel business of e-commerce ticketing, on-line booking s

BSLI reports profits worth around INR 9 Crore for Q1 FY 2011

Description  :  Corporate Date  :  Aug-04-2010 For the quarter ending June 2010, the Birla Sun Life Insurance (BSLI) netted a profit of around INR 9 crore. This was the first time that the company reported profits, since the time of its commencement. Last year the company reported a loss of around INR 111 crore. The statement issued by the company said, "Driven by the growing size of in-force book, BSLI achieved a net profit of Rs 9 crore." In addition to this, between April 2010 and June 2010 the company witnessed a growth of around 18% in the total premium income. The total premium income reached around INR 1,143 crore during the same period. Also, during the same period the income from new business premiums reached INR 473 crore, representing a growth of around 7%. Also, the income from the asset management grew by around 44% to reach INR 16,841 Crore during Q1 FY 2011 up from around INR 11,670 crore in Q1 FY 2010. Established in 2000, Birla Sun Life Insurance Com

Jayant Dua appointed MD of Birla Sun Life

Description  :  Corporate Date  :  Aug-05-2010 Birla Sun Life Insurance (BSLI) is a subsidiary of Aditya Birla Nuvo. It has appointed Jayant Dua as its managing director with retrospective effect from July 1. Meanwhile, before this, Dua was the president and CEO of the Aditya Birla Group's electrical insulator manufacturing arm named Aditya Birla Insulators. The life insurance industry, however, ended a decade-long journey in 2010. It has more challenging opportunities ahead. In the meantime, Jayant's varied exposure in several businesses will help BSLI achieve its goals ahead. BSLI is a joint venture between the Aditya Birla Group and Canada's leading financial services firm Sun Life. It had a total AUM of Rs 16,000 crore and a robust capital base of Rs 2,450-crore as of March 31, 2010. On the other hand, Dua had been associated with several companies of the Aditya Birla Group for the last 14 years. He has handled businesses such as sales, marketing, s

Life Insurance Corporation of India (LIC), Country's public sector life insurer, plans to make an investment

of Rs 2,00,000 crore across asset classes in FY 11 as against Rs 1,92,000 crore invested in the last fiscal. Commenting on this investment, LIC's Chairman, T S Vijayan, told reporters "We have internally targeted to invest Rs 2 lakh crore across asset classes by end-this fiscal". Moreover, he said that the premium collection targeted for the year is Rs 2,01,000 crore. LIC in the first quarter of 2010-11 has made a total investment of Rs 39,000 crore and out of this Rs 10,000 crore was invested in equities, he said. However, Vijayan did not divulge the equity component of the targeted Rs 2,00,000 crore investment but he said that it depends of the collection of premium from the Unit-Linked Insurance Policies (ULIP). Meanwhile, ULIPs' share in the total premium pie of Rs 1,85,000 crore for 2009-10, stood at 75 per cent while the total equity investments made by LIC stood at Rs 61,000 crore. Vijayan said that LIC also has a headroom to issue infrastructure bond

LIC plans to invest 2,00,000 crore across asset classes in FY 11

Description  :  Corporate Date  :  Aug-06-2010 Life Insurance Corporation of India (LIC), Country's public sector life insurer, plans to make an investment of Rs 2,00,000 crore across asset classes in FY 11 as against Rs 1,92,000 crore invested in the last fiscal. Commenting on this investment, LIC's Chairman, T S Vijayan, told reporters "We have internally targeted to invest Rs 2 lakh crore across asset classes by end-this fiscal". Moreover, he said that the premium collection targeted for the year is Rs 2,01,000 crore. LIC in the first quarter of 2010-11 has made a total investment of Rs 39,000 crore and out of this Rs 10,000 crore was invested in equities, he said. However, Vijayan did not divulge the equity component of the targeted Rs 2,00,000 crore investment but he said that it depends of the collection of premium from the Unit-Linked Insurance Policies (ULIP). Meanwhile, ULIPs' share in the total premium pie of Rs 1,85,000 crore for 2009-10, s

LIC plans to invest 2,00,000 crore across asset classes in FY 11

Description  :  Corporate Date  :  Aug-06-2010 Life Insurance Corporation of India (LIC), Country's public sector life insurer, plans to make an investment of Rs 2,00,000 crore across asset classes in FY 11 as against Rs 1,92,000 crore invested in the last fiscal. Commenting on this investment, LIC's Chairman, T S Vijayan, told reporters "We have internally targeted to invest Rs 2 lakh crore across asset classes by end-this fiscal". Moreover, he said that the premium collection targeted for the year is Rs 2,01,000 crore. LIC in the first quarter of 2010-11 has made a total investment of Rs 39,000 crore and out of this Rs 10,000 crore was invested in equities, he said. However, Vijayan did not divulge the equity component of the targeted Rs 2,00,000 crore investment but he said that it depends of the collection of premium from the Unit-Linked Insurance Policies (ULIP). Meanwhile, ULIPs' share in the total premium pie of Rs 1,85,000 crore for 2009-10, s

Max NY Life unveils new product

    Description  :  Corporate Date  :  Aug-12-2010 Max New York Life Insurance rolled out the 'Platinum Protect. It is a term plan which enhances the company's product portfolio of risk protection solutions. Meanwhile, as part of the term plan, Max New York Life Insurance introduced 'Reduced Insurance Cover' in the domestic market. The reduced insurance cover, however, offers policyholders of more than 20-year policy term. It, however, is a chance to avail them of constant protection coverage from the 16th year onwards even if they chose to not make further premium payments. On the other hand, the plan also offers lower premium rates and option to opt for dreaded disease and personal accident benefit riders. Earlier, Max New York Life (MNYL) Insurance had blamed the distribution model for the less than expected performance of its innovative product for low-income households - Max Vijay. Speaking on the matter, Mr. Rajit Mehta, Executive Director &

The cashless treatment facility by PSU insurers is expected to be reinstated fully in city hospitals within a week.

It was suspended since July. But, however, the insured may have to pay higher premiums for treatment in super specialty medical centers. Meanwhile, soon, each hospital will work out a package rate with the TPAs. These are the facilitators between the insured and the insurer. IRDA Chairman J Hari Narayan, however, stated that the costs of treatment can differ from hospital to hospital in the coming days. On the other hand, from July 1, the public sector insurance companies had taken off about 150 hospitals from the list of preferred provider network (PPN). These provide cashless hospitalization services to policy holders under the mediclaim scheme. Earlier, some hospitals had withdrawn the cashless insurance facility following the command of some PSU insurance firms. This move has drawn concern over the plight of patients according to noted heart surgeon Naresh Trehan today and there are continuing efforts towards the restoration of the process. Addressing the matter,

Cashless medical facility likely to resume in a week

Description  :  Industry Date  :  Aug-13-2010 The cashless treatment facility by PSU insurers is expected to be reinstated fully in city hospitals within a week. It was suspended since July. But, however, the insured may have to pay higher premiums for treatment in super specialty medical centers. Meanwhile, soon, each hospital will work out a package rate with the TPAs. These are the facilitators between the insured and the insurer. IRDA Chairman J Hari Narayan, however, stated that the costs of treatment can differ from hospital to hospital in the coming days. On the other hand, from July 1, the public sector insurance companies had taken off about 150 hospitals from the list of preferred provider network (PPN). These provide cashless hospitalization services to policy holders under the mediclaim scheme. Earlier, some hospitals had withdrawn the cashless insurance facility following the command of some PSU insurance firms. This move has drawn concern over the pli

Reliance Life sold most policies among pvt players in Q1

Description  :  Corporate Date  :  Aug-16-2010 Anil Ambani Group's life insurance business enterprise Reliance Life has sold majority of its policies among private players during the first quarter of current financial year. As per the data from the Insurance Regulatory and Development Authority (IRDA), Reliance life had sold 4.93 lakh policies during the period April-June of current fiscal as compared to 4.06 lakh policies in the corresponding period previous year, a surge of almost 21 per cent. Reliance owned insurer has left behind its competitor Birla Sunlife, which sold 3.62 lakh policies in the first quarter. Reliance Life's President and Executive Director Malay Ghosh said that company has recorded an outstanding growth on the back of innovative product range, expanding pan-India distribution network and workforce and steady trust of its clients. Ghosh further added that Reliance Life's new business premium inclined by 20 per cent to Rs 605 crore during the

HDFC Standard Life Insurance Co. Ltd. is a life insurance arm of the HDFC bank, has reported a surge in its first-year premium.

The Life insurer has recorded a strong growth in premium collection by 63 % for the Q-1 of current financial year (2010-11). HDFC Standard Life is one of India's leading private life insurance companies. The Q-1 growth was coupled with lower operating expenses and commission ratios and a solid surge in the conservation ratio. Mr. Amitabh Chaudhry, MD& CEO of HDFC Standard Life Insurance Co. Ltd. said the company has registered a superb surge in its quarterly results inspite of the regulatory hurdles. He said the company has been successful in significantly lowering its expense ratio to 23.1 % in first quarter of 2010-11 from 30.4 % in the same period of previous financial year. Mr. Chaudhry said the company expects to register further growth in the latter half of the year and the operating expense ratio is likely to reduce further during the year. He also said that the company's total commission ratio also inched down to 6.8 % from 8.2 % with a corresponding red

HDFC Standard Life first-year premium up 63%

Description  :  Corporate Date  :  Aug-17-2010 HDFC Standard Life Insurance Co. Ltd. is a life insurance arm of the HDFC bank, has reported a surge in its first-year premium. The Life insurer has recorded a strong growth in premium collection by 63 % for the Q-1 of current financial year (2010-11). HDFC Standard Life is one of India's leading private life insurance companies. The Q-1 growth was coupled with lower operating expenses and commission ratios and a solid surge in the conservation ratio. Mr. Amitabh Chaudhry, MD& CEO of HDFC Standard Life Insurance Co. Ltd. said the company has registered a superb surge in its quarterly results inspite of the regulatory hurdles. He said the company has been successful in significantly lowering its expense ratio to 23.1 % in first quarter of 2010-11 from 30.4 % in the same period of previous financial year. Mr. Chaudhry said the company expects to register further growth in the latter half of the year and the operating e

SBI Life ranked as no.1 insurer for 2010

Description  :  Corporate Date  :  Aug-19-2010 SBI Life Insurance has been ranked the No.1 life insurer across the globe for 2010. It is by the Million Dollar Round Table (MDRT) members. Meanwhile, MDRT is an association of the world's best life insurance sales professionals. This, however, is the second consecutive year where SBI Life topped MDRT. In 2010, SBI Life has 2,904 MDRT members, up from the 2,677 in 2009. In the meantime, SBI Life is followed by the US' New York Life and Korea's Samsung Life Insurance in the rankings. The Life Insurance Corporation of India, however, is ranked fourth with 1,218 members. Moreover, MDRT members are recognized as skilled professionals. They are said to be one among the best in the industry. They, however, perform outstanding client service and have achieved the highest standard of sales excellence in the life insurance and financial services business. On the other hand, less than 1% of the world's life ins

LIC targeting a premium income of Rs. 5000 in the current fiscal

Description  :  Corporate Date  :  Aug-19-2010 According to the reports given by one of the top officials of Life Insurance Corporation of India, it has been made clear that the company is eyeing a premium income of Rs 5,000 crore this fiscal, and that too through alternative distribution channels, which is around four-fold increase to the premium income of Rs 1,140 crore which was achieved by the company through alternative channels last fiscal. When the bancassurance, brokers and corporate agents are used to sell insurance products, it is known as the alternative distribution channels. As of now, the alternative channels are contributing an insignificant share to the overall annual premium collections of LIC. According to Mr A.K.Sahoo, Executive Director (Marketing-Bancassurance and Alternative Channels) LIC, it was told, "We are now looking to expand the alternative channel of distribution and add more partners. We want to develop this as an area of strength for us."

LIC targeting a premium income of Rs. 5000 in the current fiscal

Description  :  Corporate Date  :  Aug-19-2010 According to the reports given by one of the top officials of Life Insurance Corporation of India, it has been made clear that the company is eyeing a premium income of Rs 5,000 crore this fiscal, and that too through alternative distribution channels, which is around four-fold increase to the premium income of Rs 1,140 crore which was achieved by the company through alternative channels last fiscal. When the bancassurance, brokers and corporate agents are used to sell insurance products, it is known as the alternative distribution channels. As of now, the alternative channels are contributing an insignificant share to the overall annual premium collections of LIC. According to Mr A.K.Sahoo, Executive Director (Marketing-Bancassurance and Alternative Channels) LIC, it was told, "We are now looking to expand the alternative channel of distribution and add more partners. We want to develop this as an area of strength for us."

Fortis Fixed Term Fund - Series 18 C Floats On

Description  :  Corporate Date  :  Aug-20-2010 Fortis Mutual Fund has unveiled a new 3 month close ended income scheme named as Fortis Fixed Term Fund - Series 18 C. The scheme's New Fund Offer (NFO) price is Rs 10 per unit. The new issue is open for subscription from August 19, 2010 and will closes on August 23, 2010. The scheme's investment objective would be to achieve capital growth through investments made in a basket of fixed income securities maturing on or before the scheme's maturity. The scheme's tenure is 3 months from the allotment date of units. The scheme offers growth as well as dividend option. Further, the dividend option shall offer calendar quarterly and dividend on maturity option. The dividend option offers only dividend payout facility. The scheme would allocate up to 100% of assets in debt instruments and money market instruments with low to medium risk profile. However, the debt instruments may include securitized debt up to 100% of the

Jamna Auto - Outcome of Board Meeting

Description      :      Corporate Date     :     Aug-21-2010 Jamna Auto Industries Ltd has informed BSE that the Board of Directors of the Company at its meeting held on August 21, 2010, has : 1. Allotted on preferential basis, 1052631 equity shares of Rs. 10 each fully paid up to MAP Auto Ltd. (promoter entity) at a premium of Rs. 85 per shares. 2. Allotted on preferential basis, 1578947 equity shares of Rs. 10 each fully paid up to Clearwater Capital Partners Singapore Fund III Pvt. Ltd. at a premium of Rs. 85 per shares.

Govt gets Rs 30,229 crore for BWA spectrum; BSNL yet to pay

Category  :  Industry Date  :  Jun-24-2010 11:59 On Tuesday, 22nd June 2010, the Government of India has collected Rs. 30,229.51 crore as a fee towards the license for Broadband Wireless Access (BWA) spectrum.Excluding BSNL, all other bidders has paid the fees, with Mukesh Ambani-led RIL''s internet arm Infotel alone coughing up Rs. 12,847.77 crore.BSNL has a total due amounting to Rs. 8,313.80 crore.The government has confirmed that no exemption has been extended to either of the two telecom PSUs from paying for 3G and BWA spectrum.The official sources had said that BSNL had asked for exemption from paying for the spectrum but the same was rejected by the government.With the latest collection, the government has received Rs. 97,948.46 crore from the sale of spectrum for both 3G and BWA.After the BSNL clear all its dues, the total collection would go up to Rs. 106,262.26 crore.The 3G auction has fetched Rs. 67,718.95 crore.The players like Infotel, Bharti Airtel has paid Rs.

Indian pharma majors bet big on biotechnology space

Category  :  Industry Date  :  Jun-24-2010 13:09 Traditional Indian drug manufacturing firms are venturing into the biotechnology segment and are considering asset acquisitions to enhance their business. The idea now seems more profitable considering the present situation mainly due to fall in valuations, specifically for smaller biotech companies and start ups. This view is supported by the recent developments by the pharma majors like Cipla and Piramal.Cipla has recently agreed to acquire 40 per cent stake in Indian biotech company, MabPharm. In addition to this it has also bought a 25 per cent stake in a Hong Kong based biotech firm BioMab. Following the path of Cipla, Piramal is in the process of acquiring Canada based Biosyntech, which is working on developing one product in regenerative medicine segment.Y K Hameid, CMD at Cipla Ltd says that, across the globe 30 per cent of the drugs which are being approved now are biotech products. Even if Cipla targets small portion of the

Indo-US CEO Forum suggests $10 bn debt fund for infra development in India

Category  :  Industry Date  :  Jun-24-2010 14:47 The Indo-US CEO Forum comprising top CEOs of India and US have suggested setting up of a $10 billion debt fund dedicated for infrastructure development in India.The 12 member recommendation forum had Ratan Tata chief of Tata Group and Dave Cote Head of Honeywell Corp. amongst others, here in Washington.Leading the Indian delegation to the Forum, Finance Minister Pranab Mukherjee, said that "We have identified certain issues on which we should work together...." Throwing light on the areas identified by the CEOs for the two countries to work on, he said that areas like education, infrastructure, clean energy, bio tech and health were such areas as identified, which follows the Indian government''s decision to establish a high-level committee to identify areas for expanding economic ties with the US.Mukherjee said that “We are committed to further initiatives which will contribute in creating a more conducive environme

Boggi Milano targets India expansion

Category  :  Industry Date  :  Jun-24-2010 16:25 Boggi Milano, Italian premium menswear brand, is quite optimistic about the Indian markets and in order to cash on it, the company has lined up huge expansion plans. The company today said that it is eyeing to have around 35 outlets in India by 2015 and plans to collect around $50 million (about Rs 225 crore) of revenue from the country within the next five years.Commenting on this, Boggi Milano Brand Director Giorgio Brandazza said "In the last year and a half we have cemented our brand''s image in India and we are now entering into a stage of faster development. From three outlets at present, our aim is to have 30-35 stores in the country by 2015". He said that this investment by the company is a part of the 12-million euro investment plan finalized by the two JV partners in 2008.The brand entered India in 2008 under a joint venture with DLF''s retail management subsidiary - DLF Brands and since then it has

TT Electronics sells two units to Delta Magnets

Category  :  Industry Date  :  Jul-01-2010 16:09 TT Electronics Plc, British electronic components supplier, today said that in order to reduce debt, it sold two of its wholly owned units- MMG Magdev Ltd and MMG India Pvt Ltd, to India''s Delta Magnets Ltd for 1.7 million pounds ($2.54 million).The company also said that it expected first-half results to be in line with its expectations.The company said the proceeds of that sale had been used to reduce its net debt.The company had sold its South African unit Wire Systems Technology in May.The net debt of the company at the end of May stood at 54.6 million pounds as against 56.9 million pounds at the start of the year.Meanwhile, the company said that the improvement in trading during the first four months of the year had continued, with sales ahead of the year-ago period across all divisions.The cost reduction measures continued to benefit the business over the last 18 months, says TT. TT electronics plc is a focused, global

Pepsi and Coke come together to form Indian beverage association

Category  :  Industry Date  :  Jul-05-2010 17:04 In a bid to establish a single point of interaction for the industry with the government, rivals and industry giants Coca-Cola and PepsiCo have joined hands along with other beverages makers and bottlers to establish the "Indian Beverage Association (IBA)". The association will also help beverage makers and bottlers in compliance issue related to food safety guidelines and other industry regulations.Apart from the two beverage giants Pepsi and coke other majors who have joined in on the initiative include Juices maker Dabur, packaging company Tetra Pak, bottling companies Pearl Drinks and Bengal Beverages, energy drink maker Red Bull, and drip & sprinkler systems firm Jain Irrigation Systems. In addition to the above companies the list includes other 30-40 companies including bottlers, vendors and suppliers are expected to join the association in due course including the likes of Bisleri International, Parle Agro, Amul a

Govt may allow FDI in multi-brand retail, invites feedback

Category  :  Industry Date  :  Jul-07-2010 12:59 The Government of India has asked the feedback from different stakeholders whether Foreign Direct Investment (FDI) in Retail should be permitted or not.Organised Retail in India is going through tuff-time, as it has become the symbol of the big corporates taking away the business of small shops and a touchy socio-political issue affecting the "Aam Admi" or Public.On Tuesday, the commerce department released a discussion paper seeking whether overseas investment should be allowed in multi-brand retail, indicating that some changes might be afoot.The Department of Industrial Policy and Promotion (DIPP) said that FDI in retail may be a proficient means of addressing the concerns of farmers and consumers.Opening of FDI in retail could also help in bringing technical proficiency to set up efficient supply chains, which can act as models of development.Besides, it would also assist in lowering consumer prices/inflation.The governm

PSU oil firms'' revenue losses may widen to Rs 57,000 cr

Category  :  Industry Date  :  Aug-03-2010 09:46 Indian Oil Corp (IOC), Hindustan Petroleum and Bharat Petroleum witnessed their revenue loss on fuel sale widening to Rs 57,000 crore this fiscal.It is up from Rs 53,000 crore estimated at the time of June price hike.Meanwhile, the 3 retailers are losing Rs 131 crore per day on sale of diesel, domestic LPG and kerosene.IOC, HPCL and BPCL, however, were projected to lose Rs 53,000 crore after decontrol of petrol price.This resulted in an Rs 3.50 per litre rise in retail prices as well as a Rs 2 per litre increase in diesel rates.It also resulted in an Rs 35 per cylinder rise in LPG price and Rs 3 per litre raise in kerosene rates from June 26. In the meantime, international oil rates firmed up and the revenue loss is now estimated at Rs 57,000 crore in 2010-11 fiscal.Out of this, around Rs 20,275 crore is for selling fuel below cost in Q1 of this fiscal.However, after upstream firms ONGC, GAIL and IOC contributed Rs 6,690.68 crore, Q1

Indian State Oil Refiners Seek One Year of Ethanol Supplies

Category  :  Industry Date  :  Aug-03-2010 09:46 India"s three biggest state-owned refiners are asking for one year"s supply of ethanol.Ethanol is used in the production of cleaner-burning transport fuels.Meanwhile, Indian Oil Corp., Bharat Petroleum Corp., and Hindustan Petroleum Corp. want to arrange cargoes of ethanol produced from biomass.This is for 12 months starting Sept. 1.It includes sugarcane, corn, cassava, bagasse and other agricultural waste.In the meantime, suppliers must submit bids by 2:30 p.m. local time on Aug. 18 without specifying quantities. The tender document, however, wasn"t immediately available on the refiners" websites.On the other hand, the government ordered the oil companies to blend gasoline with 5 percent of ethanol. They"ve been hampered in efforts to meet that goal due to shortages because sugar mills prefer to supply the liquor, chemical and other industries where they can earn higher prices.Earlier, the Unique Identificati