Carnation Insurance, part of Carnation Auto which was started by former Maruti Suzuki managing director Jagdish Khattar, has received insurance broking license enabling it to sell general insurance products like car insurance and life insurance products
New Delhi: Multi-brand auto service provider Carnation Auto said it is venturing into insurance broking through a separate entity, reports PTI.
Carnation Insurance, a part of Carnation Auto which was started by former Maruti Suzuki managing director Jagdish Khattar, has received insurance broking license enabling it to sell not only general insurance products like car insurance but also life insurance products, the company said in a statement.
“The addition of the insurance license gives us the perfect opportunity to provide comprehensive car care solutions to our customers,” Carnation Auto chairman and managing director Jagdish Khattar said.
The company will provide cashless claims facilities across its existing nationwide car service and repair network in cities like Bangalore, Delhi, Gurgaon, Hyderabad, Mumbai, and Pune to name a few.
Carnation will also leverage its online presence to create awareness of insurance products and match customer requirements with suitable solutions, it added.
Me Khattar said within five to eight months, the Carnation Insurance will be able to foray into broking of other insurance products such as health and the company will look to tap the existing customers.
“In the last four-years we have served over 4 lakh customers and several thousands of them have availed of our cashless insurance claims facility through our 22 hubs spread across India,” he added.
The company’s subject matter experts will be able to align customers’ needs and requirements with the products offered by over 20 public and private sector insurance companies in India, Mr Khattar said.
Subramanian Swamy has alleged that Sonia and Rahul Gandhi control Young Indian which has grabbed The Herald House worth Rs1,600 crore and questioned why Rahul Gandhi did not disclose the details in his affidavit to the Election Commission in 2008
Downtrend has been arrested for now. But for the upmove to be strong, Nifty should close decisively above 5,685
Gains in consumer durables, in view of the festive season, and robust sales for October boosted the auto sector today, helping the market recover in the second half of trade. Yesterday we had mentioned that the Nifty’s downtrend may be mitigated on a close above 5,645. Today the index closed at the same level. We may now see a small rally. But the small upmove would be confirmed if the index closes above 5,685. The National Stock Exchange (NSE) saw a volume of 57.38 crore shares with an advance decline of 907:519.
The Indian market opened marginally lower on weak global cues and pressure on the Reliance Industries stock after India Against Corruption (IAC) activist Arvind Kejriwal yesterday alleged that the Congress and BJP had granted undue favours to the company. On the global front, markets in Asia were mostly in the red in morning trade despite an uptick in China’s manufacturing output in October. Overnight, the US markets settled flat in thin trading following the two-day weather-related market shutdown.
The Nifty opened 10 points down at 5,610 and the Sensex started the day at 18,488, a cut of 17 points over its previous close. The benchmarks hovered on both sides of their previous close till late morning trade. In the interim, the market fell to its lows at around 10.30 am with the Nifty going back to 5,602 and the Sensex retracting to 18,445.
Buying in heavyweights enabled the indices emerge into the green in pre-noon trade. Gains in consumer durables, auto, realty and healthcare sectors pushed the indices to their highs just after 2.30pm. At the highs the Nifty touched 5,650 and the Sensex rose to 18,589.
The benchmarks pared a small part of their gains and settled in the positive for the second day in a row. The Nifty gained 25 points to 5,645 and the Sensex added 56 points to finish the session at 18,562.
The broader indices outperformed the Sensex today, as the BSE Mid-cap index climbed 0.58% and the BSE Small-cap index rose 0.75%.
Except for two sectoral indices, all other sectoral indices ended in the positive. The main gainers were BSE Consumer durables (up 5.57%); BSE Auto (up 2.20%); BSE Realty (up 1.79%); BSE Power (up 1.02%) and BSE Healthcare (up 0.88%). The losers were BSE FMCG (down 0.86%) and BSE Oil & Gas (down 0.28%)
21 of the 30 stocks on the Sensex closed in the positive. The chief gainers were Tata Motors (up 4.89%); Bharti Airtel (up 4.41%); Cipla (up 3.12%); Wipro (up 3.02%) and Bajaj Auto (up 1.71%). The main losers were Hindustan Unilever (down 1.84%); ONGC (down 1.34%); ITC (down 1.26%); GAIL (down 0.90%); HDFC Bank (down 0.89%)
The top two A Group gainers on the BSE were—Titan Industries (up 9.83%) and Aurobindo Pharma (up 7.36%)
The top two A Group losers on the BSE were—Coromandel International (down 2.21%) and Hindustan Unilever (down 1.84%)
The top two B Group gainers on the BSE were—Birla Ericsson (up 19.98%) and Shekhawati Poly-Yarn (up 19.88%)
The top two B Group losers on the BSE were—Aunde India (down 11.11%) and Saksoft (down 10.21%).
Out of the 50 stocks listed on the Nifty, 38 stocks settled in the positive. The key gainers were Tata Motors (up 4.44%); Bharti Airtel (up 4.34%); Cipla (up 3.45%); IDFC (up 2.80%) and Wipro (up 2.74%). Among the losers were HUL (down 1.82%); ONGC (down 1.42%); ITC (down 1.27%); HDFC Bank (down 0.96%) and GAIL India (down 0.92%).
Markets in Asia recovered from early losses and settled higher on signs of recovery in the region on the back of a growth in China’s manufacturing sector. China's official PMI rose to 50.2 in October from 49.8 in September, , pointing to expanded factory activity in the world's second-largest economy.
The Shanghai Composite surged 1.72%; the Hang Seng climbed 0.83%; the KLSE Composite gained 0.16%; the Nikkei 225 advanced 0.21% and the Taiwan Weighted rose 0.19%. On the other hand, the Jakarta Composite fell 0.34%; the Straits times declined 0.39% and the Seoul Composite dropped 0.71%.
At the time of writing, the key European indices were up between 0.40% and 0.62% and the US stock futures were mixed with a negative bias.
Back home, foreign institutional investors were net buyers of stocks totalling Rs248.48 crore and domestic institutional investors were net sellers of equities amounting to Rs97.84 crore.
Larsen & Toubro (L&T) today said that it has received new orders of over Rs1,063 crore across various segments in October. The stock rose 0.19% to close at Rs 1,630 on the NSE.
Hexaware Technologies is scouting for acquisitions as it plans to enter into manufacturing. The acquisition could be either to strengthen the existing verticals or entering a new vertical. Hexaware has presence in three verticals--banking and capital market, travel and transportation and healthcare and insurance. The stock fell 0.89% to close at Rs111.15 on the NSE.