For the fourth (January-March) quarter of the FY’11, ING Life Insurance clocked a net profit of Rs7 crore
Private sector company ING Life Insurance reported a loss of Rs70 crore for the financial year ended 31 March 2011, halving it from the previous fiscal.
For the fourth (January-March) quarter of the FY’11, the company clocked a net profit of Rs7 crore, ING Life said in a statement.
The company is well on track to achieve its break-even plan by 2013, it said.
“Our solid results have come at a time when the industry has seen steep decline in new business. The results have been achieved because of our sharp focus on building efficiency, offering balanced product portfolio and keeping strong check on our costs,” ING Life India MD & CEO Kshitij Jain said.
The company said it expects its premium income to grow by 17% to Rs2,000 crore in the fiscal 2011-12.
“We are aiming to achieve a premium income of Rs2,000 crore in FY’12. We have invested towards strengthening our product and investment management, partner relationships. These are showing positive momentum,” Jain added.
Tata Magic IRIS, BSIII version, is priced at Rs1.95 lakh
Tata Motors has launched the ‘Tata Magic IRIS’, a four-wheel, 3-4 seater small passenger carrier, safe and comfortable alternative for commuters who depend on three-wheelers. The company has also launched ‘Tata Ace Zip’, a technologically superior and smart micro truck with a payload of 600kg for deep-penetration door-to-door goods movement. Both the vehicles offer superior profitability to their owners.
PM Telang, managing director-India operations, Tata Motors, said, “Tata Motors has been a pioneer in creating and growing the small commercial vehicles market in India with the Tata Ace and the Tata Magic. With the introduction of the Tata Magic IRIS and the Tata Ace Zip the company will more comprehensively address the burgeoning need of public transportation and goods movement. Their quality, affordable pricing and competitive maintenance cost throughout the life-cycle will further foster self-employment in the country.”
Tata Magic IRIS, BSIII version, is priced at Rs1.95 lakh, ex showroom Thane (without octroi).
In the late afternoon, Tata Motors was trading at around Rs1,209.90 per share on the Bombay Stock Exchange, 2.01% up from the previous close.
Tata Communications would be working with local research and development institutes of Singapore universities to further develop products for the communication sector
Tata Communications has launched its regional headquarters in Singapore, committing a fresh investment of 440 million Singapore dollars over the next four years.
The incentive-based IHQ status, awarded by Singapore’s state investment agency Economic Development Board, would also see Tata Communication increasing its Singapore workforce by 60% to 200 over the next four years.
“The official accreditation of international headquarter status by the Singapore government has come on the back of our long-term commitment and continued investment in the region,” Tata Communications MD and CEO Vinod Kumar said.
“One of the many benefits of placing our international headquarters in Singapore is the access to its world-class technical and business expertise,” he said.
“We want to play a continued role in encouraging local innovation by employing the best local talent available, at all levels of the business,” Kumar said, referring to developing Singapore-based resources and manpower.
Elaborating, Tata Communications Chairman Subodh Bhargava said the regional award status would give his company opportunities to participate in Singapore economy with access to local facilities.
Tata Communications would be working with local research and development institutes of Singapore universities to further develop products for the communication sector.
Bhargava backed the drive for expansion overseas, saying 75% of Tata Communications revenue was coming from international businesses now compared to just 2% in 2002.
Speaking at the launch of the headquarter, Singapore Senior Minister of State of Trade and Industry, S Iswaran acknowledged Tata Communications leadership in the sector.
“As part of its international headquarters, Tata Communications has located its global managed services control tower in Singapore. For this alone, it has a team of more than 100 highly skilled professionals and has set up a 66,000 sq ft Asia Pacific data centre and telecoms facility here,” he said.
Further to its services control tower, Tata Communications has also picked Singapore as a hub for its cloud computing initiatives.
Earlier this year, Singapore was selected for the first launch of its cloud service offering outside India.
“Our easy access to skilled infocomms talent, excellent connectivity as well as our reputation as a trusted location for data hosting, are attributes that have prompted companies such as Tata Communications, IBM and salesforce.Com to select Singapore as their regional cloud computing hub to leverage on this growth in demand,” said Iswaran.
Citing industry data, Iswaran pointed out that 24% of all companies in Asia use some form of cloud computing in 2010, up from 11% in 2009.
Tata Communications is part of the 11 Tata Group of Companies with close to 2,000 employees in Singapore.
In the late afternoon, Tata Communications was trading at around Rs222.80 per share on the Bombay Stock Exchange, 0.32% up from the previous close.