During April 2011, Rs2,025.7 crore was mobilised in the primary market through six issues compared to Rs6,514.2 crore mobilised through 14 issues in March 2011
The quantum of funds mopped up by India Inc through initial public offers (IPOs) and rights issues fell by almost 69% in April to Rs2,025.7 crore compared to the levels raised in March this year.
“During April 2011, Rs2,025.7 crore was mobilised in the primary market through six issues compared to Rs6,514.2 crore mobilised through 14 issues in March 2011, a decline of 68.9% over previous month,” said the ‘Capital Market Review’ by the Securities and Exchange Board of India (SEBI).
All the six issues in April were IPOs. Corporates had raised Rs6,514.2 crore in March through three IPOs, four public issues and seven rights issues. Fund raising through IPOs and rights issues was quite good in the last fiscal and companies had ended up 2010-11 raising a total of Rs67,608.6 crore.
Among the major fund raising last year was Coal India’s public offer which had garnered over Rs15,000 crore. SEBI also said in April no listed company raised capital through qualified institutional placements (QIPs). The number of QIPs is March 2011 was only one and Rs1,993 crore had been raised through it.
The number of preferential allotments, however, witnessed a surge in April 2011 with 30 such allotments raising Rs8,776 crore. In March, a total of 26 preferential allotments had hit the primary market, raising a total of Rs1,020 crore. In April, the stock markets had seen a bit of fluctuation with the equity benchmark Sensex going up by 1.7% during the month.
Uninor became the eighth largest telecom operator in the country on subscriber base in April
Subscriber base of new telecom company Uninor has crossed 25 million mark by end of May 2011 and the company became the eighth largest telecom operator in the country on subscriber base in April.
“Our long-term ambition is to establish ourselves among the top six operators in each of our circles. There is some distance to go till we reach that goal, but we are encouraged by the progress we are making,” Sigve Brekke, managing director, Uninor said in a statement.
Based on subscriber base report of Telecom Regulatory Authority of India, Uninor has taken over its competing companies who got approval along with it and even crossed subscriber base of state-run telecom company MTNL.
The other five operators that lagged behind Uninor in April are CDMA player MTS, GSM operators Videocon, Loop, S Tel and Etisalat DB. “Total subscription base is now bigger than at least one incumbent in 8 of its 13 commercially operational circles,” the company said in a statement.
Sharing its customer base, Uninor disclosed that it had 4 million mobile phone subscriber base in UP East, close to 3 million in UP West, 2.8 million in Bihar and 2.4 million in West Bengal.
These service areas together contributed almost 48% of the total subscription base, the statement said.
The other leading service area for the company are Andhra Pradesh with 2.3 million subscriber base, Maharashtra with 2.19 million and Gujarat accounted for 1.96 million mobile phone customers of the company.
Uninor launched its commercial service in eight telecom circles in December 2009. With the launch of an additional five circles, the company reached its current commercial footprint of 13 circles in June 2010.
Max Bupa Health Insurance has already touched Rs40 crore in 14 months of its operations
Max Bupa Health Insurance said it was targeting first premium collections of Rs70 crore this calendar year. The company has already touched Rs40 crore in 14 months of its operations, Max Bupa chief executive Damien Marmion told reporters.
Max Bupa on Thursday commenced its operations in Kerala, with opening of its first branch here and its 10th in the country. It will soon be opening its next branch in Kolkata.
Also, the company has achieved the milestone of having insured more than 70,000 lives in less than 450 days.
Additionally, Max Bupa introduced its various products, including Heartbeat Health Insurance Plan, a comprehensive individual and family-focused health insurance product, with cover ranging from Rs2 lakh to Rs50 lakh for all age groups.
The company services the claims management with customers directly without third party involvement, through an in-house customer service team and relationship managers, Max Bupa Health Insurance chief operations officer Dean Pollard said.
It has established direct working relationships with a strong network of over 28 top quality hospitals and healthcare providers in Kerala, including six in Kochi, for cashless cover, he added.
Max Bupa Health Insurance is a 74:26 joint venture between Max India, a $1 billion multi-business corporate with expertise in life insurance and health care and Bupa Group, a leading international healthcare provider with over 63 years of healthcare knowledge.
Besides Kochi, Max Bupa Health Insurance is present in Delhi, Mumbai, Bangalore, Chennai, Hyderabad, Pune, Ludhiana, Surat and Jaipur. It has a hospital network of 781 over 120 cities in India and 4,000 plus agents across the country.