Page 3450 - Business Finance
Bajaj Allianz Life hopes to grow at 29% in new premium in FY19
: Bajaj Allianz Life Insurance Company is aiming to maintain its new premium collection growth rate at 29 per cent this year also, said a senior official of the company here today. "Last year the total premium collection was at Rs 7,578 crore, of which Rs 4,291 crore was new premium collection. There was 29 per cent growth in new premium collection in FY 18 (over FY 17). We hope to maintain the same growth rate this year also," Saisrinivas Dhulipala, Appointed Actuary, Bajaj Allianz Life Insurance said at a press conference. According to him, the company's growth rate was the highest among the top 10 private life insurers in the country. Additionally, Bajaj Allianz Life Insurance also saw its market share increase to 2.2 per cent in FY2017-2018 as compared to 1.9 per cent in FY2016-17. The company continued to experience the growth momentum in the new financial year, clocking Rs 179 crore in individual rate new business and Rs 401 crore in new business premium, for the .
Special Report - Rebooting Germany: Where Europe's most powerful economy is falling behind
MASSEN-NIEDERLAUSITZ, Germany (Reuters) - Until March of this year, goods arriving at family engineering firm Zemmler Siebanlagen in eastern Germany generated piles of paperwork and hours of manual cross checks. These days, stockman Ronny Mucha records deliveries on a specially designed tablet application that immediately updates other departments. It takes a fraction of the time.
Sensex, Nifty fall on weak global cues
(Reuters) - Indian shares fell on Monday as increasing trade tensions between the United States and other major economies continued to dampen investor sentiment.
India happy with OPEC decision to raise output
India, the world's third-biggest oil consumer, today expressed happiness at OPEC decision to raise production by 1 million barrels per day, saying the oil cartel has taken cognizance of the market and the move is a positive sign for consuming countries like India. The Organization of Petroleum Exporting Countries (OPEC) last week agreed to boost oil production after consumers from the US to India and China expressed anxiety over rising prices. "We are happy because for the first time OPEC has taken cognizance of the market for a stability (in price)," Pradhan told reporters here. "How price will emerge is up to demand and supply fundamentals but as a consuming country, India is happy that they looked into our expectations." While OPEC agreed to raise production by 1 million barrels per day, in reality about 600,000 barrels a day of oil would only be added to the market, about 0.5 per cent of global supply, because several members are unable to raise output. Pradhan, who spoke at an ...
Hero MotoCorp expects double-digit growth for global biz in FY'19
Country's largest two-wheeler maker Hero MotoCorp is expecting a double-digit growth for its global business on the back of new launches and more focus on markets with potential of higher volumes, according to Chairman and Managing Director Pawan Munjal. The company, which is planning to enter Mexico next year, has also started export of motorcycles and scooters from its manufacturing facility at Vila Rica in Colombia to other countries in Latin America. "We are optimistic of maintaining the growth trajectory in our global business in the current fiscal (2018-19)," Munjal, who is also the CEO of the company, told PTI. Riding on the robust growth in the Central American Cluster (CAC) and Bangladesh, Hero MotoCorp had posted 12.28 per cent growth in global sales at 2,04,484 units in 2017-18 as against 1,82,117 units in 2016-17. Overall, Hero MotoCorp clocked its highest-ever annual sales of 75,87,130 units in 2017-18 as against 66,64,240 units in 2016-17, a growth of 14 per cent. Hero ..
AIIB to invest $100 mn for India's development projects
The Beijing-based Asian Infrastructure Investment Bank (AIIB) announced on Monday an equity investment of $100 million in India's National Investment & Infrastructure Fund (NIIF) to help various development projects in this country.
Five new faces to showcase at Lakme Fashion Week W/F'18
Lakme Fashion Week (LFW) has announced five new faces who will showcase at the Gen Next show at the Winter/Festive 2018 season of the fashion gala that will start from August 22.
Sensex slides 219 points on weak global cues
The BSE Sensex slumped over 219 points to close at 35,470.35 today amid a weak rupee and continuing trade spat between the US and China. After a positive start, the 30-share benchmark advanced to a high of 35,806.97, but turned negative and hit a low of 35,430.11 on profit-booking and foreign fund outflows. It finally ended at 35,470.35 -- down by 219.25 points or 0.61 per cent. On similar lines, the NSE Nifty cracked below the 10,800-mark to hit a low of 10,753.05 intra-day, before closing at 10,762.45 with a loss of 59.40 points, or 0.55 per cent. Brokers said negative leads from the global markets on lingering worries about US-Chinese trade tensions and capital outflows by foreign funds mainly hit investor sentiment. Meanwhile, foreign portfolio investors (FPIs) sold shares worth a net Rs 1,343.44 crore, while domestic institutional investors (DIIs) bought shares worth Rs 1,105.76 crore on Friday, as per provisional data.
KRBL slumps on report ED arrests former director in Agusta scam
KRBL hit an lower circuit limit of 20% at Rs 373.45 at 15:16 IST on BSE on media reports that former director Gautam Khaitan had been arrested by the Enforcement Directorate in connection with AgustaWestland helicopter scam.
Realtor Sumadhura group ropes in Dhoni as brand ambassador
Realty firm Sumadhura Group today said it has roped in cricketer MS Dhoni as its brand ambassador. Bengaluru-based realty firm has roped in Dhoni, the former Indian cricket captain, as its first brand ambassador to represent the brand in all their national campaigns in a multi-year engagement, the company said in a statement. "He (Dhoni) combines his exceptional performance with his legacy and values - precisely what we, at Sumadhura Group also stand for," said Madhusudhan G, Chairman and Managing Director, Sumadhura Group. Speaking about the brand association, Dhoni said, "As a brand ambassador, I seek for brands that I relate to and can be impactful for, and this partnership makes me fulfil that very purpose." Dhoni is currently captain of Chennai Super Kings, which won this year's IPL trophy. Sumadhura Group has completed 30 projects in Bengaluru and Hyderabad. Its current portfolio includes residential projects of 5 million sq ft under construction and 8.2 million sq ft under ...
Market drops on negative global stocks
Trading for the week began on a subdued note as the key benchmark indices logged modest losses weighed by negative global stocks. The barometer index, the S&P BSE Sensex, lost 219.25 points or 0.61% at 35,470.35. The Nifty 50 index fell 59.40 points or 0.55% at 10,762.45. Losses were led by ICICI Bank, Tata Motors and L&T. Oil stocks declined.
Uber battles to keep London licence in court appeal
LONDON (Reuters) - Uber went to court on Monday to overturn a decision stripping it of its licence in London after being ruled unfit to run a taxi service in its most important European market.
IDBI-LIC stake deal:FinMin official says boards to take a call
The government today sounded evasive about the media reports that it was planning to ask LIC to take a controlling stake in the crippled IDBI Bank, saying the boards of the respective entities will take a call on the matter. "Both IDBI Bank and LIC are independent organisations. We have left all the decisions to bank boards and we are not going to micromanage them," a senior finance ministry official told reporters on the sidelines of the two-day annual summit of the Asian Infrastructure Investment Bank. When pressed that both the entities are government- owned, the official quipped does that mean there cannot have business relationship between two government entities? There have been reports that having failed to a get a buyer for its stake in IDBI Bank, the government might ask LIC, which already owns over 10 per cent in the infra-lender turned commercial bank, to take at least 40 per cent more in it, something it had done with Axis Bank in the past. The media reports .
Prabhu to seek investments from Australian pension funds
Commerce and Industry Minister Suresh Prabhu will meet over 20 Australian superannuation or pension funds tomorrow in Sydney to seek investments in areas like infrastructure, waste management and airports. The minister is on a two-day visit to Canberra and Sydney, starting from today, an official said. India provides abundant opportunities for Australian funds in various sectors such as energy, transportation, housing, water, waste management, airports, ports, railways and other infrastructure-related segments. Australia's superannuation funds are valued at 2.6 trillion Australian dollars (USD 1.93 trillion) as of December 2017. They are among the world's largest in terms of volume. The funds have exposure to various international markets. However, their exposure to Indian markets is still very limited, despite continued greater than average market returns in India, the official added. The minister would inform them about the stability of the Indian economy and improved ease of doing .
Food retail firms need to maintain separate books of accounts, inventories
Food retail firms having foreign investments will have to maintain separate books of accounts and inventories in warehouses, the government has clarified. Currently, the government permits 100 per cent foreign direct investment (FDI) in the food processing sector, under approval route. As per norms, a foreign company can open a wholly-owned subsidiary in India to retail food products produced and or manufactured in the country by way of opening stores or online. It is clarified by the Department of Industrial Policy and Promotion (DIPP) that "business of food product retail trading is required to be kept distinct and separate from other businesses, if any, of the investee company by way of maintenance of separate books of accounts and records (including sales records), separate bank accounts, and separate invoicing". It also said that inventory of the business of food product retail trading should be kept physically separated and readily distinguishable from inventory for any other ...
Nearly half of top EU businesses cut UK investment
A survey finds that almost half of European Union businesses have cut back on their investment in Britain since the country voted to leave the European Union two years ago. The report published today by law firm Baker McKenzie surveyed over 800 business leaders in six key EU countries. It finds that despite European outrage over Brexit, 95 per cent of companies in the countries surveyed say that the UK is important to their business. "Ultimately, business people don't want the relationship with the UK to break down completely," said Eric Lasry, a partner at the law firm. The survey finds that European businesses support a post-Brexit deal that keeps trade relations as close as possible to the existing conditions, and three quarters say the EU should also make concessions to the UK to secure a functioning trading relationship. Yet over half of business leaders believe their views are not well represented. Last month, the EU's chief Brexit negotiator, Michel Barnier, warned that Britain
Oil drops after OPEC output deal, but markets to stay tight
LONDON (Reuters) - Brent crude oil fell 1 percent on Monday as investors prepared for an extra 1 million barrels per day (bpd) in output to hit the markets after OPEC and its partners agreed to raise production.
Sugar declines on ample stocks, selected demand
A steep fall of Rs 100 per quintal in sugar prices, marked trading at the wholesale market in the national capital today, pulled down by ample position of stocks on persistent supplies from mills amid absence of worthwhile buying activity. Meanwhile, prices of a few mills were higher on better offtake by bulk consumers. Marketmen said ample stocks on increased supplies from mills along with slackened buying by stockists and bulk consumers such as soft-drinks and ice-cream makers, mainly led to fall in prices. Sugar ready M-30 and S-30 traded notably lower by Rs 100 each to settle at Rs 3,350-3,450 and Rs 3,340-3,440 per quintal. Mill delivery M-30 and S-30 traded in the range of Rs 3,100-3,360 and Rs 3,090-3,350 instead of Rs 3,150-3340 and Rs 3,140-3,330 per quintal, respectively. In the millgate section, sugar Budhana and Thanabhavan lost Rs 80 each to end at Rs 3,150 and Rs 3,145 per quintal, respectively, while Dhampur and Malakpur declined by Rs 60 each to Rs 3,110 and Rs 3,140 ..
Bharti AXA General business grows 34% to Rs 1,772 cr in FY18
Bharti AXA General Insurance today said it recorded 34 per cent increase in its business to Rs 1,772 crore for the fiscal ended March 31, 2018. The company, a joint venture between Bharti Enterprises and French Insurance Major AXA, had gross written premium (GWP) of Rs 1,326 crore during 2016-17. The company raised subordinated debt of Rs 220 crore in the last fiscal and has a solvency ratio of 1.86 as on March 31, 2018, Bharti AXA General Insurance said in a statement. These initiatives contributed to an impressive improvement in the financial health of the company, with a clear immediate visibility of breaking even, Bharti AXA General Insurance MD and CEO Sanjeev Srinivasan said. 'We have achieved our growth momentum largely on the success of three key focus areas - robust rise in gross written premium, improvement in combined operating ratio, and channel and segment diversification,'' he said. The company has invested in building a robust bancassurance and partnership business, ...