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Brigade Enterprises gains as subsidiary enters into agreement with Cornerstone Bay East Developers
Sep 19,2016

The announcement was made on Saturday, 17 September 2016.

Meanwhile, the S&P BSE Sensex was up 97.79 points, or 0.34%, to 28,696.82

On BSE, so far 61,777 shares were traded in the counter, compared with average daily volume of 16,373 shares in the past one quarter. The stock hit a high of Rs 180 and a low of Rs 176.90 so far during the day. The stock hit a 52-week high of Rs 186.80 on 17 June 2016. The stock hit a 52-week low of Rs 123.50 on 13 January 2016. The stock had outperformed the market over the past 30 days till 16 September 2016, rising 4% compared with 1.69% rise in the Sensex. The scrip, however, underperformed the market in past one quarter, sliding 2.74% as against Sensexs 7.41% rise.

The small-cap company has an equity capital of Rs 113.22 crore. Face value per share is Rs 10.

Brigade Enterprises said that Mysore Projects, a wholly owned subsidiary of the company has entered into a joint development agreement with Cornerstone Bay East Developers (land owner) to develop 47 acres at Varthur and Gunjur, Off Whitefield region, Bangalore which will have a developable area of around 5 million sq. ft.

Separately, Brigade Enterprises said that the company has subscribed to the equity shares issued by Mysore Projects and has also acquired the equity shares from the existing shareholders of Mysore Projects. Due to this, Mysore Projects has become a wholly owned subsidiary of the company. The announcement was made on Saturday, 17 September 2016.

Brigade Enterprises consolidated net profit declined 22.02% to Rs 20.19 crore on 4.88% rise in net sales to Rs 441.33 crore in Q1 June 2016 over Q1 June 2015.

Brigade Enterprises is Brigade Groups flagship company. Brigade Group was established in 1986, with property development as its main focus.

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CMI FPE secures contract from Turkeys Tat Metal
Sep 19,2016

CMI FPE announced that after having doubled their overall rolling, tempering and pickling capacity since 2011, Tat Metal, one of Turkeys leading flat steel producers, has chosen CMI Industry Metals to supply their new state-of-the-art hot-dip galvanizing line.

The new line will allow the customer to increase their galvanizing capacity, in order to cater for a growing domestic steel market, and also to allow for increased exports to neighboring countries and Europe. The produced hot-dip galvanized steel is destined to manufacture roll-formed shapes, steel structures for construction and components for automotive and n++white goodsn++.

In order to support Tat Metal in their capacity expansion plans, CMI will supply a line, designed to galvanize 400,000 tons per year of steel strip, that will be installed in the customers steel works in Eren++li, Turkey. CMI will be in charge of the complete design of the line, manufacture, supervision of erection and commissioning, as well as the coordination ofall key subcontractors.

The line, aiming at a high level of operating efficiency and eco-friendliness, features all essential, high-quality core process technologies designed by CMI: Cleaning section, Vertical annealing furnace (incl. CMIs L-Top math model and Blowstabn++ jet cooling system), Air- Knife system and Zinc bath equipment, APC Blowstabn++ low vibration cooling system, Inline skin pass mill and Tension leveler, Chemical roll-coat post treatment, Exit shear, etc.

The line is designed for strips with thicknesses ranging between 0.25 and 3.00 millimetres and widths of up to 1,300 millimeters. The strip will be galvanized at a process speed of 200 m/min, while in the entry and exit sections will be with speeds of up to 270 m/min.

The project is scheduled to be completed in a record-breaking time frame by the end of 2017.

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Lack of Awareness and High Incidence of frauds Impacting Indian Insurance Sector: PHD Chamber
Sep 19,2016

According to a survey conducted by PHD Research Bureau, around 49% of the population is not well aware and familiar with insurance products in India due to lack of information and awareness about insurance products.

According to the survey, life insurance has been used more for investment and tax saving purposes in peoples overall financial planning. Despite this, 56% of the survey population has not availed any kind of insurance policy/products due to poor advice, wrong information and lack of understanding of the product, said the survey study.

In India, Insurance companies are most affected by misspelling due to premeditated fabrication and fraudulent misrepresentation of material information. Also, insurance continues to be missold with senior citizens being the softest targets as they do not understand new products, said the survey.

In non-life insurance in India, the Motor insurance continues to be the largest segment with a share of 44.14 per cent, the share of health segment being 26.73 percent and the remaining share contributes to Fire and Marine segments respectively.

Further, the survey has revealed that 50.50% of people consider the premium offered by the company as an important factor while purchasing insurance policy, 24.60% considered companys credibility, 15.26 % considered past records and 5.86% considered consumer base of the company as an important decision factor.

According to survey findings, 33% of the people find insurance products too complicated and technical while 24.68% find it difficult to understand the product. Hence, 74% respondents believe personal interaction is very important before buying insurance products.

The survey also revealed that 34% of respondents have chosen family, friends or word of mouth as the information sources for buying insurance products, 3% opted for direct contact with bank or company people, 20.22% opted for newspapers and magazines, 8.07% for television, 7.30% as internet and 19% said advice from intermediary agent as information sources for buying insurance products.

The survey revealed that 20.32% of respondents considered increase in income, 46.02% considered better features of the product, 21.30% said discount in appreciation for their continued business and 11.16% considered more personal contact with their provider as the factor that would persuade customers to stay.

Overall, roughly, 16.72 % of respondents are satisfied with the services being provided to them, 30.66% wants to improved administrative issues, 33.42% of respondents said response time and correspondence needs to be improved and 19.20% mentioned about delays in settlement and under payments.

Indias insurance sector is the biggest in the world with about 1,442 lakh policies and the insurance market is expected to quadruple in size over the next 10 years from its current size of US$ 70 billion, said the PHD Chamber survey.

In Insurance business, India is ranked 11 among the 88 countries with a market share of around 2 percent in global life insurance market.

India stands 15th globally with respect to premium income. In terms of insurance density in India, it increased from $11.5 in 2001 to $55 in the recent years.

The major challenges facing Insurance sector in India today are low insurance awareness among the masses and increased incidence of frauds in the Insurance business. Recent trend, including heightened consumer expectations, new market entrants and significant demographic shifts have created an important window of opportunity for Insurance Companies to act now, said Dr. Mahesh Gupta, President, PHD Chamber of Commerce and Industry.

Also, the insurance industry is a major component of the economy by virtue of the amount of premiums it collects, the scale of its investment, its contribution to employment generation, infrastructure development and, the essential social and economic role it plays by covering personal and business risks, said Dr. Gupta.

keeping into consideration Indias demographic factors such as growing middle class and young population, it is the need of the hour to propagate awareness generation through mass media and on-ground interventions to tap the vast potential of the Indian Insurance sector, said Dr. Mahesh Gupta.

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Heritage Foods gains on buzz Future Group plans to buy its retail business
Sep 19,2016

Meanwhile, the S&P BSE Sensex was up 91.75 points or 0.32% at 28,690.78.

On BSE, so far 18,281 shares were traded in the counter as against average daily volume of 13,077 shares in the past one quarter. The stock hit high of Rs 888, so far during the day, which is a record high for the stock. The stock hit low of Rs 838 so far during the day. The stock had hit a 52-week low of Rs 368 on 18 September 2015. The stock had outperformed the market over the past one month till 16 September 2016, gaining 28.36% compared with Sensexs 1.9% rise. The scrip had also outperformed the market in past one quarter, surging 54.22% as against Sensexs 7.82% rise.

The mid-cap company has equity capital of Rs 23.20 crore. Face value per share is Rs 10.

As per reports, if the deal fructifies, Kishore Biyani promoted Future Group would see an addition to its stable a network of more than 100 grocery outlets in Hyderabad, Chennai and Bengaluru.

Shares of Future Retail fell 0.17% to Rs 150.50. Shares of Future Enterprises rose 0.91% to Rs 16.60.

Heritage Foods consolidated net profit rose 54.1% to Rs 16.52 crore on 9.1% rise in net sales to Rs 619.45 crore in Q1 June 2016 over Q1 June 2015.

Heritage Foods operates in dairy, retail, agri, bakery and renewable energy segments.

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Astral Poly Technik gets reaffirmation in credit ratings
Sep 19,2016

Astral Poly Technik has received revision in credit ratings as follows -

Long term facilities - CRISIL AA-/ Stable (Reaffirmed)
Short term facilities - CRISIL A1+ (Reaffirmed)
Commercial Paper - CRISIL A1+ (Reaffirmed)

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Cox & Kings gains after large bulk deal
Sep 19,2016

Meanwhile, the S&P BSE Sensex was up 105.68 points, or 0.37%, to 28,704.71

Bulk deal boosted volume on the scrip. On BSE, so far 17.72 lakh shares were traded in the counter, compared with average daily volume of 1.82 lakh shares in the past one quarter. The stock hit a high of Rs 242 and a low of Rs 225.10 so far during the day. The stock hit a 52-week high of Rs 276.80 on 4 November 2015. The stock hit a 52-week low of Rs 140.50 on 17 February 2016. The stock had outperformed the market over the past 30 days till 16 September 2016, rising 23.18% compared with 1.69% rise in the Sensex. The scrip also outperformed the market in past one quarter, gaining 42.75% as against Sensexs 7.41% rise.

The mid-cap company has equity capital of Rs 88.28 crore. Face value per share is Rs 5.

Cox & Kings consolidated net profit fell 23.68% to Rs 108.07 crore on 2.84% decline in net sales to Rs 2062.46 crore in Q1 June 2016 over Q1 June 2015.

Cox & Kings is one of the leading holiday and education travel companies with operations in 22 countries across 4 continents.

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PHD Chamber hails guidelines to regulate Indian Direct Selling Industry
Sep 19,2016

PHD Chamber of Commerce and Industry wholeheartedly welcomes the new guidelines to regulate Indian direct selling companies, issued by the Ministry of Consumer Affairs to safeguard the interests of consumers, as well as help protect ethical direct selling companies, said Dr. Mahesh Gupta, President, PHD Chamber of Commerce and Industry.

According to our projections, the annual revenue size of the Direct Selling Industry is estimated to reach upto INR 15,000 crore by 2019-20 on account of conducive policy framework and regulatory clarity by the government, he said.

The annual revenue size of the direct selling industry in 2014-15 was estimated at around Rs.7900 crore during the annual survey conducted by the PHD Research Bureau of PHD chamber

The guidelines related to grievance redressal mechanism for consumers, remuneration system for the person engaged by direct selling firms and direct sellers mandatory compliance with some rules will safeguard the interests of consumers as well as companies alike, added Dr. Gupta.

The guidelines will help to give boost to the industry which gives employment opportunities to large number of youth and women, contributes to skill development and women empowerment, gives push to MSME sector and has contributed to Governments ambitious Make in India campaign by giving boost to manufacturing sector in India, he said.

PHD Chamber of Commerce and Industry has been conducting the Annual Survey of the Indian Direct Selling Industry for the last 5 years to study the growth dynamics of the Industry, he said.

Going forward, we look forward to a clear set of standard central guidelines across the country in order to build an environment of confidence and to bring Indias Direct Selling industry at par with global levels, said Dr. Mahesh Gupta.

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Motherson Sumi gains after successfully raising funds through QIP issue
Sep 19,2016

The announcement was made on Saturday, 17 September 2016.

Meanwhile, the BSE Sensex was up 67.10 points, or 0.23%, to 28,666.13.

On BSE, so far 32,113 shares were traded in the counter, compared with average daily volume of 3 lakh shares in the past one quarter. The stock hit a high of Rs 324.45 and a low of Rs 318.55 so far during the day. The stock hit a 52-week high of Rs 358.55 on 2 August 2016. The stock hit a 52-week low of Rs 206.20 on 25 February 2016. The stock had underperformed the market over the past one month till 16 September 2016, falling 0.89% compared with Sensexs 1.9% rise. The scrip had, however, outperformed the market in past one quarter, gaining 9.06% as against Sensexs 7.82% rise.

The large-cap company has equity capital of Rs 132.29 crore. Face value per share is Re 1.

The qualified institutional placement (QIP) issue opened on 8 September 2016 and was closed for receiving applications from investors on 13 September 2016. 6.28 crore shares were issued to qualified institutional buyers at an issue price of Rs 317 per share constituting a discount of 2.79% or Rs 9.10 per share to the floor price of Rs 326.10 per share aggregating to Rs 1993.44 crore on 16 September 2016.

The company intends to use the net proceeds of the issue for meeting general corporate purpose and for achieving the companys objectives in five year plan Vision 2020, wherein company aims to have revenues of $18 billion by 2020.

Further, preferential allotment of 1.77 crore shares was made in favour of Sumitomo Wiring Systems (SWS) at the issue price of Rs 317 per share on 12 September 2016 aggregating Rs 563.07 crore. Post this preferential allotment and the QIP allotment, SWS shareholding continues to remain above 25%.

The board of directors in a meet on 3 August 2016 had resolved to evaluate various fund raising options including issue of qualified institutional placement and also a preferential issuance to SWS, one of the promoters of the company.

Motherson Sumi Systems consolidated net profit rose 15.8% to Rs 439.36 crore on 16.1% increase in net sales to Rs 10352.33 crore in Q1 June 2016 over Q1 June 2015.

Motherson Sumi Systems is one of the worlds fastest growing specialized automotive component manufacturing company for original equipment manufacturers (OEMs). It is a joint venture between Samvardhana Motherson Group and Sumitomo Wiring Systems (Japan).

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Motherson Sumi gains after successfully raising funds through QIP
Sep 19,2016

The announcement was made on Saturday, 17 September 2016.

Meanwhile, the BSE Sensex was up 67.10 points, or 0.23%, to 28,666.13.

On BSE, so far 32,113 shares were traded in the counter, compared with average daily volume of 3 lakh shares in the past one quarter. The stock hit a high of Rs 324.45 and a low of Rs 318.55 so far during the day. The stock hit a 52-week high of Rs 358.55 on 2 August 2016. The stock hit a 52-week low of Rs 206.20 on 25 February 2016. The stock had underperformed the market over the past one month till 16 September 2016, falling 0.89% compared with Sensexs 1.9% rise. The scrip had, however, outperformed the market in past one quarter, gaining 9.06% as against Sensexs 7.82% rise.

The large-cap company has equity capital of Rs 132.29 crore. Face value per share is Re 1.

The qualified institutional placement (QIP) issue opened on 8 September 2016 and was closed for receiving applications from investors on 13 September 2016. 6.28 crore shares were issued to qualified institutional buyers at an issue price of Rs 317 per share constituting a discount of 2.79% or Rs 9.10 per share to the floor price of Rs 326.10 per share aggregating to Rs 1993.44 crore on 16 September 2016.

The company intends to use the net proceeds of the issue for meeting general corporate purpose and for achieving the companys objectives in five year plan Vision 2020, wherein company aims to have revenues of $18 billion by 2020.

Further, preferential allotment of 1.77 crore shares was made in favour of Sumitomo Wiring Systems (SWS) at the issue price of Rs 317 per share on 12 September 2016 aggregating Rs 563.07 crore. Post this preferential allotment and the QIP allotment, SWS shareholding continues to remain above 25%.

The board of directors in a meet on 3 August 2016 had resolved to evaluate various fund raising options including issue of qualified institutional placement and also a preferential issuance to SWS, one of the promoters of the company.

Motherson Sumi Systems consolidated net profit rose 15.8% to Rs 439.36 crore on 16.1% increase in net sales to Rs 10352.33 crore in Q1 June 2016 over Q1 June 2015.

Motherson Sumi Systems is one of the worlds fastest growing specialized automotive component manufacturing company for original equipment manufacturers (OEMs). It is a joint venture between Samvardhana Motherson Group and Sumitomo Wiring Systems (Japan).

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Indo-Belarus Mutual Trade Growing At 10-15% Per Annum: Ambassador, Belarus
Sep 19,2016

Ambassador of Belarus to India, Mr. Vitaly Prima on Thursday hoped that both India and Belarus would further cement their trade and economic ties as in the last few years the mutual trade turnover between the two countries is growing between 10-15% per year.

n++With the elimination of all barriers in the bilateral trade between India and Belarus, when India recognized the latter as a full market economy country and removed anti-dumping duties on Belarusian goods, the prospects of two nations coming closer have brightenedn++, emphasized the Ambassador.

Addressing an Interactive Session on Doing Business with Belarus under aegis of PHD Chamber of Commerce and Industry, Mr. Prima recalled that the visit of the Prime Minister of Republic of Belarus in November 2012 and the first in the history of the Belarus-India relations visit of President of India to Belarus in June 2015 gave strong impetus to bilateral collaboration.

The Ambassador also emphasized that Belarus and India could become a strong partners for development and welfare in programmes such as Make-in-India, Digital India, Smart Cities and Skill India as also cooperate in the field of chemicals, petro-chemicals, agriculture, mechanical engineering, light industry and food production including information and communication technologies.

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Gold at lowest levels in three months
Sep 19,2016

Bullion prices ended lower at Comex on Friday, 16 September 2016. Gold futures finished at their lowest level in almost three months on Friday, logging a seventh drop in eight sessions to finish the week with a nearly 2% loss as the U.S. dollar climbed sharply in the run up to key central bank policy meetings next week.A report on inflation muddied the short-term fate for U.S. interest rates ahead of separate meetings of the Federal Reserve and Bank of Japan. Attention was fixed on inflation data and any implications it has for Fed decision-making. Quadruple witching, when certain futures and options expire at the same time, added volatility to the trading session, prompting prices to end closer to the days lows.

December gold fell $7.80, or 0.6%, to $1,310.20 an ounce. Prices saw the lowest settlement since June 23 and lost 1.8% for the week. December silver also fell by 17.9 cents, or 0.9%, to $18.862 an ounce, down around 2.6% for the week.

Economic data at Wall Street on Friday showed that the U.S. Consumer Price Index rose 0.2% in August, outpacing a forecast for 0.1% advance. Excluding the volatile food and energy categories, so-called core consumer prices climbed 0.3%. Consumer inflation is firming (as is producer price inflation) and there is some data-based rationalization in the core CPI rate for the Fed to raise the fed funds rate.

Both central banks are eyeing divergent directions for their respective monetary policies, when their policy-setting committees separately convene Sept. 20-21. Their actions, or simply their commentary, could influence their currencies and dollar-priced assets like metals.

Separately, the preliminary reading of the University of Michigan Consumer Sentiment Survey for September was unchanged from the final August reading, holding at 89.8.

The dollar has strengthened in response to the higher-than-expected consumer price inflation, prompting gold to drift lower. The ICE U.S. Dollar Index extended its gain after the inflation data, and traded 0.8% higher as gold futures settled. Higher rates tend to lift the dollar, dulling the appeal of greenback-priced assets including precious metals. At the same time, signs of deepening inflation risks could revive demand for gold as a hedging alternative to inflations erosive effects on other assets.

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Vipul surges after receiving environmental clearance for project
Sep 19,2016

The announcement was made after market hours on Friday, 16 September 2016.

Meanwhile, the BSE Sensex was up 18.57 points, or 0.05% to 28,617.60.

On BSE, so far 78,113 shares were traded in the counter compared with an average daily volume of 2.04 lakh shares in the past one quarter. The stock hit a high of Rs 84.50, so far during the day, which is a 52-week high for the stock. The stock hit a low of Rs 78 so far during the day. The stock hit a 52-week low of Rs 40 on 22 March 2016. The stock had outperformed the market over the past one month till 16 September 2016, rising 8.41% compared with Sensexs 1.9% rise. The scrip had also outperformed the market in past one quarter, gaining 38.9% as against Sensexs 7.82% rise.

The small-cap realty firm has equity capital is Rs 12 crore. Face value per share is Re 1.

Vipul said it received environmental clearance from State Environment Impact Assessment Authority, Haryana, for its project Aarohan on Golf Course road in Gurgaon. By June 2016, it had already sold more than 26% of flats in Phase 1 of the project.

Further, the company said it had raised debt from DMI Finance (DMI) to the tune of Rs 175 crore and this money was utilised toward pre-operative expenses of Project Aarohan. With permissions now in place and construction likely to commence soon, Vipul has received sanction for a loan of Rs 275 crore from PNB Housing Finance at an average rate of 13.35% per annum. Part of the amount raised from PNB Housing, will be utilised towards pre-payment of the debt from DMI, resulting in interest and cash flow savings. Vipul will prepay debt to the tune of Rs 163 crore availed from DMI Finance, Vipul added.

Vipuls net profit fell 41.7% to Rs 0.07 crore on 28.6% drop in net sales to Rs 40.37 crore in Q1 June 2016 over Q1 June 2015.

Vipul is a real estate developer in National Capital Region (NCR) besides developing properties in Gurgaon, Ludhiana, Bawal, Bhubaneshwar and Faridabad.

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Axis Bank slips after signing agreement for acquiring partial stake in ACRE
Sep 19,2016

The announcement was made after market hours on Friday, 16 September 2016.

Meanwhile, the S&P BSE Sensex was up 6.01 points or 0.02% at 28,605.04

On BSE, so far 58,300 shares were traded in the counter as against average daily volume of 7.07 lakh shares in the past one quarter. The stock hit a high of Rs 606.15 and a low of Rs 595.70 so far during the day. The stock had hit a 52-week high of Rs 638 on 7 September 2016. The stock had hit a 52-week low of Rs 366.65 on 18 January 2016. The stock had underperformed the market over the past 30 days till 16 September 2016, rising 1.37% compared with 1.69% rise in the Sensex. The scrip, however, outperformed the market in past one quarter, gaining 14.14% as against Sensexs 7.41% rise.

The large-cap private sector bank has equity capital of Rs 477.89 crore. Face value per share is Rs 2.

Shares of IFCI were up 1.96% to Rs 28.60. Axis Bank said that it has signed a Share Purchase Agreement with IFCI for acquisition of 73.28 lakh equity shares (13.67% of total outstanding shares) of face value of Rs 10 per share in Assets Care and Reconstruction Enterprise (ACRE) from IFCI at Rs 31 per share, resulting in a total cash consideration of Rs 22.72 crore. The transaction is subject to requisite regulatory approvals, including from Reserve Bank of India (RBI), Axis Bank said. The indicative time period for completion of transaction is January 2017, the bank said. ACRE had total assets of Rs 336 crore and total income of Rs 35.90 crore in the year ended 31 March 2016 (FY 2016). ACRE was registered with RBI as a securitisation company.

Separately, Axis Bank announced that the bank has kept its Marginal Cost of Funds based Lending Rate (MCLR) unchanged after a latest review. The banks MCLR for overnight loans will be 8.85%, the rate for one month will be 8.9% and for three months it will be 9.1%. The MCLR on 6-month loans will be 9.2% and for one-year loans the rate will be 9.25%, the bank said. MCLR on two-year loans will be 9.35% and for three-year loans the rate will be 9.4%. The rates are with effect from 17 September 2016. The announcement was made after market hours on Friday, 16 September 2016.

Axis Banks net profit fell 21.38% to Rs 1555.53 crore on 13.22% growth in total income to Rs 13852.18 crore in Q1 June 2016 over Q1 June 2015.

Axis Bank is one of the biggest private sector banks in India.

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Up to 6 new players may enter reinsurance market in India by January 2017: IRDA chief
Sep 19,2016

Up to six new players in the reinsurance market are likely to enter India by January 2017, the Insurance Regulatory and Development Authority of India (IRDA) chief Mr T.S. Vijayan, said at an ASSOCHAM event.

n++About five-six (companies) have come and I think by January 2017, there should be some players in this market, we will be taking a decision in October in the next authority meeting, then they have to bring capital and start working at it,n++ said Mr Vijayan while inaugurating an ASSOCHAM Global Insurance Summit.

He also said that IRDA would finalise the regulations pertaining to payment of commission or remuneration to insurance agents and intermediaries in October. n++I believe in next board/authority meeting, which will be in October, we will be able to finalise.n++

Talking about the whole process, he said, n++We discuss with everyone, we bring the draft, people give their feedback on it and we again discuss that thing. Then it is taken to Insurance Advisory Committee, looking at suggestions, they suggest it and then it goes to the authority.n++

On the listing of insurance companies, Mr Vijayan said, n++In the previous Act itself there was a provision for listing, this was changed, we wanted to have a discussion on this subject, so we brought out a paper and companies have expressed that thing, so let us see how it goes forward.n++

He said also that IRDA has not fixed any time-frame for the final regulations. n++I believe that discussions are going on how to list general insurance companies, all 5-6 of them.n++

He added that considering about five months are still left in this financial year, listing of more PSU insurance companies was possible. n++It is possible but I am not too sure, we have not got any official paper, it is in the discussion stage but nobody has approached us.n++

On the issue of insurance marketing firms, he said n++We have allowed to them sell up to three companies product, these are evolving processes.n++

He said that though insurance industry in India has grown in terms of premium collections from Rs 45,000 crore in 2000 to Rs 4,63,000 crore in 2015-16, insurance penetration against world average and other Asian countries highlight much more ground to be covered.

n++We need to focus on number of lives or risks covered, spread across geographies, gender and level of insurance coverage, as clearly indicated by around 0.7 per cent only insurance penetration observed for Indian general insurance industry against world average of 2.77 per cent,n++ said Mr Vijayan.

He said there are healthy growth prospects for insurance business in general and particularly in property, health and pension lines of business.

The IRDA chief said that home insurance penetration being very low in India, it is one of the most needed insurance cover.

n++Imparting financial literacy, incentivising Indian households to transfer savings from physical assets to financial assets and effective distribution among rural areas are expected to bring more and more individuals within insurance ambit,n++ he said.

Mr Vijayan also said that multiple models and approaches are vital to ensure last mile connectivity and reach of insurance services to address diverse social, cultural, geographical features of rural India.

He said that innovation in products, their distribution should be made in a manner that people are encouraged to buy insurance cover by realising benefits, requirement and necessity. n++An environment must be created to facilitate the same by expanding distribution reach and improving accessibility options to consumers by optimal usage of technology.n++

In his address at the ASSOCHAM conference, Mr S.K. Roy, chairman, Life Insurance Corporation (LIC) said, n++For the life insurance industry these are the best times, as the current financial year has seen fantastic growth, August 2016 has seen stupendous growth as LICs new business premium grew by more than 92 per cent for August.n++

n++We have yearned for long for this type of growth but seen very rarely, so definitely this is the very good time to be in the life insurance industry,n++ said Mr Roy.

n++Going forward, industry will be working on a more stable platform of regulations than it was in last 12-18 months, that is also a very positive feature,n++ added the LIC chief.

Mr C.V. Rao, Governor of Maharashtra while addressing the ASSOCHAM conference, said that with new insurance policies and various other steps being initiated by the government coupled with Indias demographic dividend, it will further push the countrys economy on growth trajectory.

n++As a country with more elderly population and growing middle class, there are plenty of business and opportunities for growth of insurance sector in India,n++ said the Governor of Maharashtra.

Mr Sunil Kanoria, president of ASSOCHAM, in his address at the global insurance summit said, n++The going for most of the general insurance players has been tough as they operate in a highly competitive environment. Going forward, the route to profitability should be chartered by addressing issues of distribution channels, products, customer acquisition through greater product awareness, pricing, risk management and leveraging of technology.n++

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Axis Bank keeps MCLRs unchanged
Sep 19,2016

Axis Bank has kept its MCLRs unchanged across all tenors. MCLRs with effect from 17 September 2016 are as follows -

Overnight - 8.85%
One month - 8.90%
Three month - 9.10%
Six month - 9.20%
One year - 9.25%
Two year - 9.35%
Three year - 9.40%.

The new loans will be priced at the published internal benchmark MCLRs as mentioned above with effect from 17 September 2016.

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