IndiaFirst Life adds two products for customers of AP bank

CGG Bank will offer the IndiaFirst Group Credit Life Plan and IndiaFirst Group Term Plan to its loan and savings bank account customers

Mumbai: Private insurer IndiaFirst Life Insurance on Friday added two insurance products for the customers of Chaitanya Godavari Grameena Bank (CGGB) in Andhra Pradesh, reports PTI.
IndiaFirst had tied up with CGGB last year for product distribution among the latter's customers. The latest offering is part of an initiative to take the benefit of insurance to the masses, the private insurer said in a release.
The bank will offer the IndiaFirst Group Credit Life Plan and IndiaFirst Group Term Plan to its loan and savings bank account customers, respectively. The bank itself will act as the master policyholder for the same, it said.
"We have further strengthened our bond with Chaitanya Godavari Grameena Bank by adding two critical products for its customers. Farmers and agriculture ancillary business units form a large chunk of CGGB's customers and we are happy that we can provide them a safety net," IndiaFirst Life Managing Director P Nandagopal said.
IndiaFirst aims to cover an additional 25,000 lives under the Group Term Plan with an average sum assured of Rs 50,000. It also plans to cover 2,500 loans by March 2013.
"Insurance, as we all know, is extremely critical for the growth and development of the country. While we have been witnessing growth in our per capita income and savings rate, the same growth has not been witnessed in the rural sector.
Through this tie-up, we aim to take the benefits of life insurance to the masses," CGGB Chairman M Gopalakrishna said.
IndiaFirst is a joint venture between public banks Bank of Baroda and Andhra Bank along with UK's leading risk, wealth and investment company Legal & General.


Yuvraj makes comeback for World T20, Harbhajan recalled

The selection committee took around three and half hours to decide on the two squads -- the bone of contention being the selection of Yuvraj and Harbhajan

Mumbai: Yuvraj Singh was on Friday included in the Indian cricket team for the World Twenty 20 Championship in Sri Lanka as well as the two T20s against New Zealand in September, within months of his recovery from a rare germ cell cancer, reports PTI.
In another interesting pick, senior off-spinner Harbhajan Singh has also been recalled to the team after a gap of one year along with veteran seamer Lakshmipathy Balaji, who makes a comeback after three years.
Yuvraj's selection was on the cards after he was declared fit by the physio and trainer at the National Cricket Academy where he had been camping for the past one month.
"Yuvraj has been declared fit, so he makes a comeback. And all of us know, if he gets going, he can singlehandedly win matches," chairman of selectors Krishnamachari Srikkanth told reporters after the meeting.
The two T20 Internationals against New Zealand, slated for the first week of September, will be a test for Yuvraj who underwent chemotherapy in the US earlier this year.
Ever since his diagnosis, the left-hander has remained out of action since the second Test match against West Indies played from November 14-17 in Kolkata.
The selection committee took around three and half hours to decide on the two squads -- the bone of contention being the selection of Yuvraj and Harbhajan.
According to sources, Yuvraj's selection wasn't exactly unanimous as couple of selection committee members were apprehensive about picking him for the T20 World Cup starting 18th September as he has not played a single competitive match for the past nine months.
However, his class and experience in the shortest format was the logic behind his selection apart from the popular sentiment to bring him back which definitely played a part.
Harbhajan's selection was simply based on his past record as India's spin department is pretty thin on experience.
Harbhajan last played for India against England at Trent Bridge last July-August before he flew back with an injury and has not been considered for selection since then.
The surprise inclusion has to be Piyush Chawla, who has done precious little in the domestic season gone by but dearth of quality leg-break bowlers was the reason behind the Uttar Pradesh player getting the nod ahead of the likes of Rahul Sharma and Amit Mishra.
The inclusion of Balaji is based on his impressive performance for Kolkata Knight Riders in the last two editions of the Indian Premier League (IPL). The 30-year-old's ability to bowl effective slower deliveries at the death has led to his selection over Umesh Yadav.
The only tearaway pacer in the squad is Ashok Dinda while the other two seamers will be the experienced duo of Zaheer Khan and Irfan Pathan.
The squad consists of eight players -- Mahendra Singh Dhoni, Gautam Gambhir, Virender Sehwag, Yuvraj Singh, Irfan Pathan, Rohit Sharma, Piyush Chawla and Harbhajan Singh -- who were a part of India's historic T20 triumph in South Africa five years back.
Gambhir being named as a deputy to Dhoni was a reward for leading Kolkata Knight Riders to IPL triumph.
Squad for T20 World Cup and T20s against New Zealand: Mahendra Singh Dhoni (captain), Gautam Gambhir (vice-captain), Virender Sehwag, Yuvraj Singh, Virat Kohli, Suresh Raina, Manoj Tiwary, Rohit Sharma, Irfan Pathan, Ravichandran Ashwin, Zaheer Khan, Lakshmipathy Balaji, Piyush Chawla, Harbhajan Singh, Ashok Dinda.


Hikal Q1 net profit tumbles 66% to Rs5 crore due to forex loss

Despite a 45% growth in its crop protection segment, Hikal's first quarter net profit fell 66% on forex losses


Mumbai: Chemicals and pharmaceuticals maker Hikal on Friday said its net profit fell 66% at Rs5 crore in the first quarter ended June 2012 due to exchange loss on matured forward/option contracts, reports PTI.


It had a net profit of Rs15 crore in the same period of the previous year.


Net sales increased 16% to Rs165 crore in the quarter as compared to Rs133 crore in the corresponding quarter of the previous fiscal, a company release said.


Sales in crop protection segment were up 45% to Rs69 crore from Rs48 crore in the corresponding quarter of the previous year. Pharmaceutical sales remained largely flat at Rs96 crore, it said.


The EBIDTA for the three months ended June 30 showed a growth of 31% to Rs46 crore from Rs35 crore in the same quarter of the previous year.


Jai Hiremath, Chairman and Managing Director, Hikal, said, "Our crop protection business has grown significantly on the back of increased demand from our customers. Our EBITDA for this quarter has increased considerably by 31%."


Due to significant depreciation of the rupee against the US dollar, our net profit dropped on account of forward contracts and hedges booked in the prior year, he said.


"The effect of these hedges will decrease substantially during the second half of the year. The forecast from our customers for the remaining year is encouraging and we expect to sustain our growth."


Hikal supplies key active ingredients (AI) and intermediates to its customers in US, Europe and Japan. The firm's crop protection facilities are located at Taloja and Mahad in Maharashtra. Its API (active pharma ingredient) and pharmaceutical intermediates manufacturing units are situated in Jigani in Bangalore and Panoli in Gujarat.


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