Essar Ports' Q3 net profit jumps five-fold to Rs44.98 crore

Net operating income of Essar Ports increased by over 48% to Rs271.94 crore during the December 2011 quarter.

Ruias promoted Essar Ports posted over five-fold jump in consolidated net profit to Rs44.98 crore for the quarter ended 31 December 2011, largely due to increased realisations from its operations. The company had reported a net profit of Rs8.21 crore during the corresponding quarter of 2010-11.

Net operating income of the company increased by over 48% to Rs271.94 crore during the quarter under review vis-a-vis Rs183.51 crore reported in the Q3 of last fiscal, it said in a filing to the BSE.

In the early afternoon, Essar Ports was trading at around Rs67.75 per share on the Bombay Stock Exchange, 2.96% up from the previous close.

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Marico Q3 profit zooms to Rs84.1 crore

Marico reported a consolidated net profit of Rs84.1 crore for the third quarter ended 31 December 2011.

FMCG firm Marico reported a consolidated net profit of Rs84.1 crore for the third quarter ended 31 December 2011. The company had posted a net profit of Rs69.5 crore in the corresponding period previous fiscal, Marico said in a filing to the BSE.

"There are certain items included in financials of Q3 FY12 and Q3 FY11 that make the results of these two quarters non comparable," it added.

Net sales of the company rose to Rs1,057.8 crore for the quarter under review. It stood at Rs817.7 crore a year earlier.

In the early afternoon, Marico was trading at around Rs160.90 per share on the Bombay Stock Exchange, 4.89% up from the previous close.

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IRDA sets up forum to promote health insurance

The members of the forum would include CEOs of health insurance companies, life insurers, third party administrators, officials from labour and health ministries and representatives of health service providers

New Delhi: Sectoral regulator Insurance Regulatory and Development Authority of India (IRDA) on Thursday set up a forum that would eventually become a self-regulatory organisation, in order to help promote health insurance, reports PTI.

The health insurance forum, IRDA said, would help in evolving policies and processes for the health insurance sector.

The members of the forum would include CEOs of health insurance companies, life insurers, third party administrators (TPAs), officials from labour and health ministries and representatives of health service providers.

The forum, IRDA said, will act as a consultative agency between insurance companies and other stakeholders.

It would also assist the IRDA in collecting data for efficient conduct of health insurance business in the country.

“It is the intention of the IRDA to extend the membership of the forum to cover all stakeholders relevant to the health insurance business and to enable this forum to evolve into a self regulatory organisation (SRO),” IRDA said.

IRDA said that the forum was necessary for effective dialogue between service providers (hospitals), the insurance companies, TPAs, and the consumers in general.

This forum would help form a consultative role in order to enable the evolution of a regulatory structure to take care of the growing needs of the sector.

The forum would meet at least twice a year and the members of would be in office for a period of two years.

Last year from 1st October IRDA had allowed portability of health insurance schemes, thereby allowing customers to change insurers without losing policy benefits.

Besides three standalone health insurers—Star Health & Allied Insurance, Apollo Munich and Max Bupa—a number of other players including National Insurance Company, United India and Oriental Insurance and ICICI Lombard are also active in this field.

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COMMENTS

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5 years ago

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V Narayanan

5 years ago

The best is for all teh insurers to share the info about the insured in a common platform, to avoid data problem.

Sites like http://www.easyinsuranceindia.com provides onel place to compare pricing and features various public and private sector insurance companies

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