Latest News and Updates

02nd Sep, 2022

Maximus International's subsidiary secures purchase order worth Rs55 crore; Stock jumps ~3%

Published on: 3:10 pm

  • Maximus International Limited (MIL) has announced that its wholly owned subsidiary, Maximus Global FZE (MGF), has entered into a long-term (3 years) supply arrangement of around 5 Million Litres (approximately Rs55 crore as per current pricing) of bulk white oils and base oils with one of its larger customers namely Neo Lubritech FZ-LLC (NLFL), UAE.
  • NLFL has been a distributor and wholesaler for MGF in the Middle East and North Africa (MENA) region for various bulk petroleum products. MGF and NLFL have been associated with each other in this business for over 3 years and enjoy a strong working relationship in the MENA region. Read more

Equitas Small Finance Bank hikes fixed deposit interest rates

Published on: 2:21 pm

  • Equitas Small Finance Bank Limited, one of the prominent SFBs, has announced the revision of interest rates for Fixed Deposits Domestic and NRE/ NRO Interest Rates Accounts, a special interest rate offer, from September 1-7, 2022, on entering its 7th year of successful banking.
  • In this offer the customers can now avail up to 7.32% interest p.a. on 888 days Fixed Deposit. Under this offer the interest rates for senior citizens have been increased to 7.82% and 7.47% for its NRE Customers.
  • The interest payout options under this special offer are monthly and quarterly.  Read more

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Infosys completes acquisition of Life Sciences Consulting and Technology Leader, BASE life science

Published on: 1:52 pm

  • Infosys has announced that it has completed the acquisition of BASE life science, a leading technology and consulting firm in the life sciences industry, in Europe. This follows the announcement the company made on July 13, 2022.
  • The acquisition assures Infosys’ commitment to help global life sciences companies realize business value from cloud-first digital platforms and data to speed-up clinical trials and scale drug development, positively impacting lives and achieving better health outcomes.  Read more

M V Iyer assumes additional charge as Chairman & Managing Director at GAIL (India)

Published on: 12:43 pm

  • M. V. Iyer today assumed additional charge as Chairman & Managing Director of GAIL (India) Limited, informed the company on Friday. M.V Iyer is Director (Business Development) of the Company and also has additional charge of Marketing Directorate.
  • As per the official filing, Iyer has been part of the core team of GAIL for implementation of various projects and long & short term strategies in GAIL. He is also the Chairman and Director in many Subsidiaries/Joint Ventures of GAIL.
  • As Director (Business Development), Iyer has played key roles in GAil's upcoming Green Hydrogen project, blending of hydrogen in city gas network, distributed LNG production to cater to off grid locations etc. Read more

Adani Ports registers 18% yoy rise in cargo volumes to 29.3MT in August 2022; Stock rises

Published on: 11:33 am

  • Adani Ports and Special Economic Zone Limited (APSEZ) has informed the operational performance update for the month August 2022.
  • As per the filing, APSEZ handled 29.3 MMT of cargo in August ’22, implying 18% yoy increase; dry bulk volume also grew by 44% and containers by 8%, the company said.
  • Further, in a record 49 days, the Company achieved a cargo throughput of 50 MMT (YTD cargo volume increasing from 100 MMT to 150 MMT). Read more

Info Edge (India) invests Rs100 crore in wholly-owned subsidiary Allcheckdeals India

Published on: 10:58 am

  • Info Edge (India) Limited has informed that the Company has invested an amount of Rs100 crore in Allcheckdeals India Pvt. Ltd(ACD), wholly owned subsidiary of the Company.
  • In a regulatory filing, the company said that ACD is engaged in the business of Brokerage services in the real estate sector in India.
  • It f urther added, "The said investment is to further strengthen the ACD financially in order for it to pursue its strategy of developing services with the use of technology and innovative business models in the large sized and rapidly growing real estate vertical through organic or inorganic channels. Read more

JTEKT India stock rallies near 3% on commencement of production of new product

Published on: 10:23 am

  • JTEKT India Limited stocks in the fast lane today as the company announced the commencement of production of a new product.
  • As per the filing, the compay has commenced the commercial production of a new product in the Driveline Segment viz. Constant Velocity Joint (CVJ) from September 01, 2022.
  • The category of the product is automotive components it caters to domestic market, the company said in a filing on Thursday. Read more

Birla Corporation to close manufacturing unit at Gurgaon

Published on: 10:07 am

  • Birla Corporation Ltd has permanently closed the manufacturing establishment at its unit namely, Auto Trim Division, Gurgaon situated at Village- Nawada, Fatehpur, Post Office - Sikanderpur - Badha, Dist - Gurgaon - 122 001 w.e.f. September 01, 2022.
  • The above-mentioned closure does not have any material and adverse effect on the operations of the Company.
  • According to the filing, there has been no production activity carried out in the said Unit since November 2007, hence it has been decided to close the same. Read more

Kernex Microsystems JV bags Rs255.22 crore order from North Central Railway; Stock zooms 5%

Published on: 9:48 am

  • Kernex Microsystems (India) Limited has informed that the "North Central Railway" has issued a Letter of Acceptance (LOA) to KERNEX-KEC CONSORTIUM.
  • As per the filing, the LoA is for the project viz, 'Provision of KAVACH (Train Collision Avoidance System). along with 48 fibre OFC as a backbone on CH IPYANA BUZURG (EXCL)-KANPUR (EXCL) Section on North Central Railway.
  • Further, the accepted Bid Project Cost for the Project is Rs255.22 crore. Read more

Markets hold steady amid mixed global cues; Nifty above 17,600

Published on: 9:37 am

  • The last day of this week began on a positive note for Indian markets with Sensex climbing nearly 260 points and Nifty 50 surging by at least 75 points during the opening bell of Friday. However, mixed global cues may bring volatility to markets sentiments. Sensex and Nifty 50 both recorded buying sentiments with all sectors trading in the green. 
  • Meanwhile, investors may carry a cautious tone as US jobs data to be released today and the CPI numbers expected on September 13, will give an indication about the strength of the US economy and its influence on the US Fed's rate decision later this month.
  • At around 09.36 AM, Sensex was trading at 58,936.92 up by 170.33 points or 0.29%. Nifty 50 traded at 17,612.65 above 69.85 points or 0.40%. Read more

Dhruv Consultancy JV receives LoA worth Rs1.38 crore for consultancy services

Published on: 9:19 am

  • PECTRUM Techno Consultants Private Limited in Joint Venture with Dhruv Consultancy Services Limited has received the Letter of Acceptance ("LoA").
  • As per the filing, the LoA is for the work of "Consultancy services for preparation of Detailed Project Report (DPR) for Construction of 04 lane Elevated Corridor/ Double Decker flyover in the District of Prayagraj", from the Ministry of Road Transport & Highway, Chief Regional Office, Lucknow. Read more

Compucom Software bags work order worth Rs58 crore; Stock gains 3%

Published on: 9:18 am

  • Compucom Software Limited has been awarded a work order by Rajasthan Council for School Education (A Govt. of Rajasthan Undertaking).
  • As per the filing, the work order is for Supply and Installation of Computer Systems, Printer, UPS and Networking, Electrification and IT based Education etc. in 398 Governments Schools for ICT Computer Labs with 5 years on-site comprehensive warranty under ICT Schools scheme worth Rs58 crore (Approx.) Read more

UGRO Capital appoints Kishore Lodha as Chief Financial Officer

Published on: 9:17 am

  • U GRO Capital Limited, has announced the appointment of Kishore Lodha as its CFO with effect from September 15, 2022.
  • Lodha is a qualified CA and brings with him 20+ years of Industry experience. Kishore Lodha is currently the CFO of Hinduja Leyland Finance and in past has been in a similar role with various other leading organizations including Future group and SREI Infrastructure. He has held various offices in the finance vertical ranging from managing taxation, accounting, financial controller, RBI Compliance, and treasury. Read more

Alembic Pharma gets Form 483 with 2 observations from USFDA for Karkhadi facility

Published on: 9:16 am

  • Alembic Pharmaceuticals Limited has informed to the exchanges regarding USFDA inspection at Alembic Pharmaceuticals Injectable Facility (F-3) at Karkhadi.
  • As per the filing, the United States Food and Drug Administration (USFDA) has conducted an inspection at Alembic Pharmaceuticals’ Injectable Facility (F-3) situated at Karkhadi from August 18, 2022 to August 30, 2022. The USFDA issued a Form 483 including 2 observations.
  • "None of the observations are related to data integrity and company's management believes that they are addressable", the company said. Read more

Advent may invest in KreditBee

Published on: 9:07 am

  • Despite having launched a $4 billion fund specifically for supporting tech companies in December of last year, Advent International isn't particularly recognized for placing bets on technology in India. However, as the international private equity company nears an investment in lending platform KreditBee, it appears that things could soon change as it is warming up to Indian companies in industries like fintech.
  • A $100 million (almost 800 crore) investment at KreditBee, which could put the company's valuation at approximately $600 million, is being led by Boston-based Advent. Read more

SAEL to raise Rs1500 crore through bond issue

Published on: 8:51 am

  • A Rs1,500 crore bond issue has been planned by waste-to-energy manufacturer SAEL, according to persons with knowledge of the situation. It has retained the services of legal firm Khaitan & Co. and investment bank Barclays as advisers on the matter.
  • The company's capex plan, which will be spread over the next two years and total Rs10,000 crore, will be funded by the rupee bond offering. Due to instability in the global bond markets, the corporation had earlier planned to issue dollar bonds but had now canceled the plan. Read more

Price of fuel on September 2

Published on: 8:50 am

  • According to the most recent price notice sent out by fuel merchants, gasoline and diesel prices were stable on September 2 throughout metro areas.
  • The cost of fuel has not changed in over a month. Delhi's prices for gasoline and diesel per liter are Rs96.72 and Rs89.62, respectively. In Chennai and Kolkata, the prices for gasoline and diesel, respectively, are Rs102.63 and Rs94.24 and Rs106.03, and Rs 92.76. Diesel costs Rs94.27 and gasoline costs Rs106.31 a liter in Mumbai.
  • Prices for commercial LPG cylinders have been reduced by Rs91.50 as of today. A 19-kilogram commercial LPG cylinder in Delhi would now cost Rs1,885, as opposed to Rs1,976. Read more

Markets may start the day on a flat note today

Published on: 8:49 am

  • Indian equity markets may start the day today on a flat note. US markets closed yesterday on a positive note. Asian markets have today opened on a mixed note. SGX Nifty is up by 0.11% since morning.  On the economic front, GST collection of the government has increased year-on-year by 28% to Rs 1.44 lakh crore in August. Services exports of India in July increased year-on-year by 20.2% to $23.26 billion.
  • US markets saw pullback after 4 days of frantic selling. Dow Jones closed higher by 145 points. Nasdaq closed lower by 32 points after being down by over 230 points in intraday trade. Bond yields hardened to 3.26%. US dollar index touched new high of 109.56. Oil prices fell further as global slowdown means lesser consumption of oil. Read more

By 2030, Micron plans to invest $15 billion in a semiconductor factory in Boise, Idaho

Published on: 8:44 am

  • In its hometown, Micron will spend $15 billion through the end of the decade building a new semiconductor plant, which the chipmaker claims will lead to the creation of 17,000 American jobs.
  • Sanjay Mehrotra, president and chief executive of Micron, based in Boise, Idaho, claimed that the $280 billion CHIPS and Science ACT of 2022, which was passed last month and is intended to increase American competitiveness against China and prevent another chip shortage like the one that crippled the auto and tech sectors during the pandemic, was responsible for making his company's investment possible. Read more

OPEC+ to discuss output reduction at its meeting on 5th September

Published on: 8:44 am

  • OPEC+ is expected to discuss output reductions at their meeting on September 5; however, despite Friday's increase in oil prices, the benchmarks were still on pace to post their worst weekly loss in four weeks due to concerns that COVID-19 restrictions in China and slow global growth will hurt demand.
  • While U.S. West Texas Intermediate (WTI) oil futures increased by $1.16, or 1.3%, to $87.77 a barrel at 01:17 GMT, Brent crude futures increased by $1.20, or 1.3%, to $93.56 a barrel. In the previous session, both benchmark contracts fell 3% to two-week lows. Both Brent and WTI were expected to decline by around 8% and 6%, respectively, for the week. Read more

Laxman Narasimhan to be the next CEO of Starbucks

Published on: 8:29 am

  • Laxman Narasimhan was chosen by Starbucks Corp. to lead a "reinvention" of the largest coffee chain in the world. He is recognized for revitalizing the manufacturer of Lysol disinfectants.
  • Mr. Narasimhan served as the CEO of Reckitt, a company that also produces Mucinex cold syrup, Durex condoms, and Enfamil infant formula. When he made that announcement earlier in the day, shares of Reckitt, a company listed on the FTSE, dropped by 4%.
  • There is unrest at Starbucks right now. Over 200 of its US locations have joined the union in the last year as employees fight for improved benefits and pay amid rising inflation. Read more

In July, WhatsApp banned more than 23.8 lakh Indian accounts

Published on: 8:25 am

  • In July, WhatsApp banned over 23.87 lakh Indian accounts, over 14 lakh of which were proactively removed without user complaint, the messaging service announced on Thursday. The figures for July are the highest so far this fiscal year.
  • On the basis of complaints received through its grievance redressal channel and through its own process to detect infractions, WhatsApp blocked over 22 lakh Indian accounts in June.
  • Previously, WhatsApp had blocked 19 lakh such accounts in May, 16 lakh in April, and 18.05 lakh in March. Read More

Posco and Greenko collaborate to produce green hydrogen

Published on: 8:21 am

  • In order to sell green hydrogen/ammonia to Posco Holdings as well as jointly produce and export green hydrogen/ammonia in export-oriented special economic zones, the Korean steel manufacturer Posco Holdings has teamed with Greenko ZeroC (GZC), a division of the Greenko Group and John Cockerill.
  • According to a news release from the firms, the cooperation will also look into options for the production of renewable energy in India and the use of steel products from Posco in the construction of infrastructure for possible projects.
  • One of the biggest producers of steel in the world, Posco, has stated that it intends to become carbon neutral by the year 2050 and is investigating and developing business models for hydrogen. Read more

Ola Electric claims to have sold over 10,000 scooters in a single day

Published on: 8:18 am

  • The sub-Rs1 lakh scooter Ola S1 has sold over 10,000 units, according to electric vehicle manufacturer Ola Electric, in the first 24 hours since the early reservation booking window opened. Beginning on September 7, supplies for early reserves will be made throughout India.
  • Beginning on September 2, orders placed through the Ola app and the company website will be accepted for the remaining clients.
  • On August 15, the business announced the Ola S1 in response to a decline in sales of its top-tier scooter, the Ola S1 Pro. Bhavish Aggarwal, the creator of Ola, stated in a media interview that the firm will continue to introduce new modes of transport, such as electric cars, to assure continual demand. Read more

Aurobindo Pharma's subsidiary to invest over Rs300 crore in expanding biologics manufacturing facili

Published on: 8:17 am

  • Aurobindo Pharma said on Thursday that CuraTeQ Biologics, a fully owned subsidiary, aims to invest close to Rs300 crore in the capacity development of biologics production facilities.
  • According to a regulatory filing by Aurobindo Pharma, the board of directors of CuraTeQ Biologics Pvt Ltd approved the expansion of its operations by creating a second, larger-capacity mammalian cell culture production facility to accommodate future demands. Read more

Offer to sell NTPC Green Energy shares attracts significant international bidders

Published on: 8:14 am

  • According to news reports, ArcelorMittal, Brookfield, and the Canada Pension Plan Investment Board have expressed interest in purchasing a stake in NTPC Green Energy Ltd.
  • One hundred percent owned by NTPC, NGEL is a subsidiary of that company.
  • The equity sale is a component of NTPC's three-year goal to raise between Rs10,000 crore and Rs15,000 crore through asset monetization.
  • So far, more than a dozen organizations have expressed interest in purchasing stock in the company. Read more

In August, Hyundai Motor India's sales increase y-o-y by 5%

Published on: 8:12 am

  • In August, total sales for Hyundai Motor India Ltd. (HMIL) increased by 5% to 62,210 vehicles. According to the company's official statement, in the same month last year, 59,068 units were delivered to its dealers.
  • According to the corporation, domestic sales increased by 6% to 49,510 units from 46,866 units in August 2021.
  • 12,700 units were exported by the corporation last month, an increase of 4% over the 12,202 units shipped in August 2021. Read More

India's service exports increase by 20.2% in July to $23.26 billion

Published on: 8:10 am

  • According to Reserve Bank statistics issued on Thursday, India's exports of services climbed by 20.2% year over year to USD 23.26 billion in July. However, July's exports fell short of June's total of USD 25.29 billion in this fiscal year.
  • According to monthly data on India's foreign service trade for July 2022, imports increased by 22.3% to USD 13.92 billion in July. The value of imports in June was USD 15.76 billion. Between April and July 2022–2023, there were 94.75 billion USD in exports and 58.94 billion USD in imports. Read more

Rupee may trade in the 79.75 - 80 per dollar band in the foreseeable future : Bank of Baroda

Published on: 8:07 am

  • Research from the Bank of Baroda (BOB) predicts that the Indian rupee would trade in the range of 79.75 to 80 versus the US dollar in the near future since the US Federal Reserve Chair has made it apparent that higher interest rates are likely to remain.
  • This will maintain pressure on all major currencies, including the INR. Even though FPI flows have been positive since August 22, increasing US interest rates and a weakening global economy might trigger another round of FPI exodus from the Indian market. Positively, if rising rates push the global economy into a slowdown if not recession, oil prices may see some correction. Read more

DreamFolks Services IPO share allotment likely today: Here is how to find out the status of your app

Published on: 8:05 am

  • Today is anticipated to see the disclosure of DreamFolks Services, the largest airport service aggregator platform in India.
  • By following just three simple steps, investors can monitor the status of their application on the Bombay stock exchange (BSE) website or the portal of the IPO registrar.
  • On the BSE website:
  • a) Choose "equity" as the issue type and "DreamFolks Services Ltd." as the issue name. Read more

Honda Cars announce a 30% drop in wholesales for the month of August

Published on: 8:05 am

  • Honda Cars India Ltd (HCIL) announced on Thursday that domestic sales fell by 30% in August to 7,769 units. In the same month the previous year, the company had sold 11,177 units in total.
  • In contrast to the same month, a year earlier exports stood at 2262, exports were 2,356 units last month.
  • As we approach the holiday season, the auto sector is experiencing very strong and encouraging demand momentum, according to Yuichi Murata, director of marketing and sales at Honda Cars India, who talked to ET. Read More

In August, Royal Enfield's overall sales increased by 53% to 70,112 units

Published on: 8:03 am

  • Royal Enfield, a manufacturer of motorcycles, stated on Thursday that its overall sales increased by 53% to 70,112 units in August 2022.
  • In the same month last year, the business sold 45,860 units, according to a statement from Royal Enfield. Domestic sales increased by 61 percent in August 2022 to 62,236 units from 38,572 units, the statement continued. Read more

Petrol sales increase in August; that of diesel go down

Published on: 7:59 am

  • Preliminary industry data showed that while petrol sales increased in August in India, diesel sales remained down from the previous month as rains in various regions reduced demand in some industries.
  • In contrast to the 2.66 million tonnes of demand in July, petrol sales, which had decreased by 5%, grew by 5.8% to 2.81 million tonnes in August.
  • Nearly 16% more was consumed in August 2020 than in August 2021, and 31.7% more was consumed than in August 2020 when 2.14 million tonnes were consumed. In August 2019, it was 20.6% more than the pre-pandemic demand of 2.33 million tonnes. Read More

GST receipts surpass Rs1.4 trillion for the sixth month in a row

Published on: 7:57 am

  • For the sixth consecutive month, GST (Goods and Services Tax) revenues exceeded Rs1.4 trillion. Year over year, they grew 28% to Rs1.43 trillion due to improved compliance, a rebound in spending, and higher inflation. In August 2021, the GST collected Rs1.12 trillion.
  • However, from the Rs1.49 trillion received in July, indirect tax income saw a little month-over-month decline. Despite the introduction of the GST on pre-packaged food goods in July, there was a decrease in collection compared to the previous month. Read more

LPG price reduced by Rs91.50 per unit; ATF price reduced by 0.7%

Published on: 7:55 am

  • Oil marketing organizations have immediately reduced the cost of LPG cylinders by Rs91.50 per unit in response to falling global prices.
  • In Delhi, a 19 kg commercial cylinder would now cost Rs1,885, as opposed to Rs 1,976.
  • The costs were decreased by Rs36 on August 1. The 19-kg commercial cylinder's rates had already been reduced by Rs8.5 per unit on July 6.
  • Domestic cylinder prices have not changed, but oil firms have started limiting the number of refills a customer can obtain every two weeks. Read more

Gross Fixed Capital Formation increased y-o-y by 29.2% in June quarter

Published on: 7:54 am

  • Despite the increase year over year in the first quarter of 2022–2023 (Q1FY23), investments as a proportion of GDP remain below the 30% threshold needed to set the economy on a path of continuous growth. In Q1 compared to Q1 of last year, gross fixed capital formation (GFCF) increased to 29.2%. However, it was lower than 31.7% in the first quarter of the 2019–20 pre–Covid era.
  • However, when we account for inflation, GFCF was 34.7% in Q1, which was greater than it was during the same time last year (32.8 %). Ajay Seth, secretary of the Department of Economic Affairs, said on Wednesday that it was also the most in Q1 in the previous ten years. Read more

Coal stock at power stations increases to around 30 MT: Coal India Ltd.

Published on: 7:53 am

  • State-run Coal India reported on Thursday that coal supplies at power plants increased to roughly 30 million tonnes last month, allaying concerns about a dry fuel scarcity during the monsoon season.
  • To prevent a repeat of the power shortages experienced this summer, the administration has made every effort to increase coal reserves.
  • "...coal stock in power plants, including imported coal, is close to 30 MTs as of August 22. (till 29th). Compared to August 21, when the stock fell by 11.2 MTs in a month, this is significantly greater than the 12.8 MTs at that time "In a statement, Coal India Ltd (CIL) stated.
  • The PSU claimed that increased fuel supply from CIL contributed to the stabilization of the stock at power plants. Read more

China's Covid restrictions cause Xiaomi's June quarter revenue to go down by 20%

Published on: 7:51 am

  • The world's largest smartphone market shrank as a result of stringent COVID regulations, according to data released on Friday by Chinese smartphone manufacturer Xiaomi Corp.
  • Sales dropped 20% year over year to 70.17 billion yuan, falling short of projections and representing a more precipitous decline than the prior quarter, which saw the company report its first sales decline since going public.
  • Net income fell below analyst expectations by 67%, falling to 2.08 billion yuan. Read more

Boeing anticipates aviation market in India would expand the fastest

Published on: 7:50 am

  • Boeing, a US-based aircraft manufacturer, anticipates that Indian airlines would increase their capacity by at least 25% during the upcoming year.
  • Even if it may progressively slow down, the plane manufacturer nevertheless predicted that the nation's aviation market would grow at the fastest rate, at 7% annually, through 2040.
  • At the moment, customers of Boeing include SpiceJet, Aksa Air, and the Air India group. Read More

Merck opens research & development center in Bengaluru

Published on: 7:45 am

  • The opening of Merck's healthcare research and development centre in Bengaluru was announced on Thursday.
  • The Merck India R&D Excellence Centre helps treat patients with unmet medical needs all around the world by contributing to the company's healthcare R&D.
  • About 300 employees are employed in the German pharmaceutical company's centre, which will keep growing over the next two years. Read More

Top 10 stocks for today - 2nd September, 2022

Published on: 7:41 am

  • The Singapore Exchange's Nifty futures traded 51 points, or 0.29%, higher at 17,619.5, indicating that the markets may have a good start on Friday. The following 10 stocks may see movement in their prices today:
  • Hero MotoCorp:
  • In August 2022, the two-wheeler industry leader reported total sales of 4,62,608 units, a y-o-y rise of 1.92%. 4,53,879 units were sold by the corporation during the same time last year. Read more

Adani Enterprises soon to be included in the Nifty 50 index

Published on: 7:39 am

  • The Adani Group's flagship firm, Adani Enterprises, will replace Shree Cement in the Nifty 50 index, the National Stock Exchange announced on Thursday.
  • This will be the second stock from billionaire Gautam Adani's organization to be listed on the Nifty after Adani Ports. The modifications go into effect on September 30. Read More

Mike Frank has been promoted to Board Member from CEO of UPL Ltd

Published on: 7:37 am

  • UPL Corporation, a provider of agricultural solutions, announced that Mike Frank had been promoted to CEO of UPL Ltd.
  • According to a statement from the business, Frank will also serve on the board of directors for UPL Crop Protection.
  • All CP assets located outside of India are managed by UPL's Global Crop Protection (CP) business. Read more

LIC wants to increase its market share in non-participating policy segment

Published on: 7:36 am

  • Largest insurer in the nation, LIC, plans to expand its distribution channels and increase its market position in non-participating insurance products, according to a senior business executive.
  • The state-owned life insurer, which holds a market share of 65%, offers 17 individual participating plans, 17 individual non-participating products, 11 group products, and 7 products with rider benefits.
  • No incentives or extras, such as dividends, are provided to policyholders of non-participating life insurance plans. A pure term life insurance policy offers a set cover in exchange for the payment of the policy premium. It is a non-participating product. Read more

Unacademy CMO resigns

Published on: 7:35 am

  • Unacademy's chief marketing officer (CMO), Karan Shroff, who was promoted to partner in September 2021, has left the unicorn tech company sponsored by SoftBank.
  • Three years after beginning his position as vice president of marketing at Unacademy, Shroff announced his resignation in a LinkedIn post on Thursday. In this chapter of his life, Shroff remarked, "I would like to thank everyone who assisted, and I'm grateful to everyone in the industry for their support in helping to make Unacademy the brand it is today. "On that point, I'll be leaving Unacademy and going on to the next. Read more

As Chairman Jawahar Goel announces his departure, Dish TV stock zooms 20%

Published on: 7:32 am

  • Dish TV, a direct-to-consumer firm controlled by the Essel group, saw a 20% increase in shares on Thursday following the announcement that chairman Jawahar Goel will not seek re-election to the board.
  • The stock closed at Rs14.24 per share, up 19% from the previous day's finish, after reaching an intraday high of Rs14.46 per share on the BSE. Dish TV's market capitalization at closing time was Rs2,640.36 crore, with 10 million shares having been traded at the Dish TV counter on the BSE. Read more

Olectra Greentech to issue securities to raise Rs800 crore

Published on: 7:32 am

  • Electric mobility company Olectra Greentech announced on Thursday that its board has approved a plan to issue securities to raise Rs800 crore. The company hopes to raise the funds by selling securities that can be converted into equity shares or by issuing equity shares.
  • It stated in a statement that one or more private offerings may involve the sale of warrants. Read more

Zee addresses CCI's anti-trust concerns regarding merger with Sony

Published on: 7:30 am

  • To obtain approval from the Competition Commission of India (CCI) for the merger of its activities with Sony Entertainment, Zee Entertainment Enterprises wrote to the CCI. According to the company's most recent TV viewership figures, the combined company would have a smaller market share and not result in any power concentration.
  • Zee has provided information on TV viewing market share for the fiscal year ending in March 2022 as well as year-to-date information for the current fiscal year (FY23). According to the statistics utilized by the CCI to examine the Zee-Sony merger, shares of four merged channels have decreased during the financial year ending March 2021. Read more

Current Account Deficit in June quarter may be at 5.3% of GDP

Published on: 7:28 am

  • India’s current account deficit (CAD) may approach a nine-year high in the June quarter of FY23 with the ratio of the net export topping 5.3 % of gross domestic product (GDP).
  • The Reserve Bank of India's (RBI) CAD data also takes into account private transfer receipts. Net exports data, which is a component of GDP estimates and is typically negative for India, measures the difference between exports and imports of commodities and services. Therefore, CAD represents net exports and remittances from Indians working abroad. Read more

HDFC Bank to open 207 branches, hire over 3,000 people in Maharashtra

Published on: 7:24 am

  • In Maharashtra, HDFC Bank will open 207 branches and 80 smart banking lounges this fiscal year. More than 3,000 new staff will be hired all around the state.
  • All 34 districts in Maharashtra will be serviced by the new branches. According to a press statement from India's largest private lender, up to 90 of the branches would be situated in metro and urban areas, and the remainder 117 will be situated in semi-urban and rural locations..
  • The digitally savvy clients are the target audience for the smart banking lounges, which will be located in 16 districts and open twenty-four hours a day, seven days a week, HDFC Bank stated. Read more

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