Canara HSBC OBC Life Insurance forays into group business

Canara HSBC Oriental Bank of Commerce Life Insurance, a joint venture between start-run lenders Canara Bank, Oriental Bank of Commerce and HSBC Insurance (Asia Pacific) Holdings, said it has started new services to serve group business.

The company said after establishing in the retail business, it has now launched a new channel-group business targeted at the corporate segment. The launch of this business will enable the company to reach out to a larger number of customers, leveraging on the strong corporate relationships of the three partners, it said in a release.

The company will specifically focus on employee benefits for corporates and has launched traditional plan that offers employee retirement benefits, namely gratuity, superannuation/pension, leave encashment and other benefits, to allow trustees and administrators to enhance employee loyalty and manage their organisation's liabilities in an efficient manner.

The company is planning to launch a complete suite of products on the group platform in the coming months, including a unit-linked option and group term insurance for employer-employee groups.
 

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Nagarjuna Construction wins orders worth Rs540 crore

Nagarjuna Construction Company Ltd said it won orders worth Rs540 crore from various agencies for infrastructure-related works.

The Hyderabad-based company has won an order worth Rs388 crore from Tamil Nadu Water Supply and Drainage Board for construction of Hogenakkal Water Supply and Fluorosis Mitigation project, Nagarjuna Construction said in a filing to Bombay Stock Exchange (BSE).

The company has also received an order worth Rs73 crore from UP Jal Nigam. The project has to be completed in 18 months.

The company has won two more contracts from Chennai Metropolitan Water Supply and Sewage Board, Chennai and Salem City Municipal Corporation, Salem for Rs41 crore and Rs38 crore, respectively, for various construction-related works. Both projects have to be completed in 24 months.

On Thursday, Nagarjuna Construction shares ended 0.6% down at Rs151 on the Bombay Stock Exchange, while the benchmark Sensex declined 1.1% at 20,005 points.
 

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Birla Corp Q2 net profit tumbles 54.6% to Rs69 crore

Birla Corporation Ltd said its net profit fell 54.6% to Rs69 crore during the second quarter ended 30 September 2010 compared to Rs152.1 crore in the same quarter of last year due to shutdown of its plants for capacity expansion and maintenance.

Turnover of the company during the September 2010 quarter declined marginally by 1.1% at Rs550.3 crore from Rs556.3 crore.

The company said in a statement that profitability during the quarter was lower on account of shutdown of its plants for capacity expansion and maintenance.

Performance of the jute division of the company was improving, the company said.

On Thursday, Birla Corporation shares ended 3.9% down at Rs386 on the Bombay Stock Exchange, while the benchmark Sensex declined 1.1% to 20,005 points.

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