IRDA cancels PNB Principal Insurance Broking licence

Delhi-based public sector lender PNB will also buy out Principal and Berger Paints' stake of 26% and 25%, respectively in a proposed insurance broking company, which also did not get off the ground

New Delhi: The Insurance Regulatory and Development Authority (IRDA) today said it has cancelled the licence of PNB Principal Insurance Broking pursuant to their request for surrender, reports PTI.

"Pursuant to the request made by the broker for surrender of broker licence, the authority hereby cancels the Direct Broker Licence granted to PNB Principal Insurance Broking," IRDA said in a statement.

This is pursuant to the restructuring of the insurance broking business of state-run Punjab National Bank, under which PNB bought out the stake of its two partners.

However, the other local partner Vijaya Bank would remain with the joint venture.

Delhi-based public sector lender PNB will also buy out Principal and Berger Paints' stake of 26% and 25%, respectively in a proposed insurance broking company, which also did not get off the ground.

IRDA said that the shareholders of PNB Principal Insurance Broking applied to surrender its license on 24 November 2010.

IRDA said PNB Principal Insurance Broking would continue to provide service to its clients for the next six months and would "make suitable arrangements with another licensed broker to service the contracts already concluded".

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Govt expects record wheat procurement of this year

The government is expecting to procure 26 million tonnes of wheat in the 2011-12 marketing year (April-March), 16% higher than last year's procurement of 22.52 million tonnes

New Delhi: Buoyed by estimates of bumper wheat production, the government is targeting procurement of a record 26 million tonnes in 2011-12 from farmers at a support price of Rs1,120 per quintal, reports PTI.

The government is expecting to procure 26 million tonnes in 2011-12 marketing year (April-March), 16% higher than last year's procurement of 22.52 million tonnes.

The previous high was achieved in 2008-09 marketing year, when the procurement stood at 25.3 million tonnes.

"The government expects a bumper wheat crop and the estimated procurement may be to the tune of 26 million tonnes," Food Corporation of India (FCI) said in a statement.

According to the second advance estimate released by the agriculture ministry, wheat production is likely to touch a new record of 81.47 million tonnes this year as against 80.71 million tonnes in the previous year.

The government procures wheat and rice from farmers at minimum support price (MSP) to provide them a remunerative price.

It supplies cheaper grains to poor through ration shops and maintains buffer stock.

FCI is the nodal agency for procurement and distribution of foodgrains. It also involves other state agencies to buy the grains from farmers.

Anticipating shortage of space on account of likely high procurement, FCI has decided to hire godowns for one year to store wheat, which will be harvested from April onwards.

"The efforts will be to hire as much as capacity as possible under a one year guarantee scheme so as to meet the storage requirement for the coming rabi season," the statement added.

Recently, food minister KV Thomas had said the government plans to add 17 million tonnes of storage capacity in the next 2-3 years in view of higher procurement, which is essential to implement the National Food Security Act.

The prime minister had last week said the government will soon introduce the related bill in Parliament.

Under the National Food Security Bill, the government will provide legal guarantee to beneficiaries for fixed quantity of rice or wheat supplied via ration shops each month at subsidised rates.

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COMMENTS

Shadi Katyal

6 years ago

Where is this wheat going to be stored??
Why not let it be in open market and dealers buy and sell as was done before Permit Raj.
Why are resources being wasted and wheat rotting in the open storage. Drive around any main road in Punjab Haryana and you will find blue pastic covering wheat etc in open fields, This is what we have in our nation for storage in today's world. Dont be afraid if you find rats bigger than cats nearby.
Time to abolish Food Ministry along with STC etc.

Sensex and Nifty to pause for breath? Tuesday Closing Report

The immediate resistance remains at 5,555 on the Nifty and 18,500 on the Sensex

The market continued its upmove despite the Asian pack witnessing a mixed trend in the morning. Early gains were supported by buying in capital goods, consumer durables and power stocks. Volatility soon crept in, taking the indices to the day's lows in mid-morning trade. Seizing the opportunity, investors resorted to buying at lower levels, pushing the market up into the positive zone.

Fluctuations continued for some time until another upmove gave the market some momentum. But the uptick was short-lived as the indices pared most of the gains, albeit ending in the green for the third straight day.

The Nifty opened on a positive note today, 12 points up, at 5,468. However, the index immediately slipped in the negative to touch an intra-day low of 5,408. The Sensex hit an intra-day low of 18,050. Buying resumed immediately and the two benchmarks made a new seven-day intra-day high of 5,507 and 18,362, respectively. The Nifty's intra-day high touched the 20-day moving average. The 301-point loss on the Nifty between 4 February 2011 and 10 February has been covered up to the extent of 255 points in just three days of gains from 11 February.

The Nifty broke another level of resistance at 5,480 and closed 25 points up at 5,481, while the Sensex ended 72 points up at 18,274. The advance-decline ratio on the National Stock Exchange was 1016:806. The Nifty's next resistance is at 5,555. As we mentioned yesterday, if this level too is crossed in the next two days, the market will move up substantially-towards 5,700 and 5,800.

The market breadth on the key barometers was almost equal today. The Sensex ended with 16 gainers and 14 losers and the Nifty had 26 advancing stocks against 24 declining stocks. The broader indices ended mixed. The BSE Mid-cap index declined 0.07% while the BSE Small-cap index gained 0.59%.

In the sectoral space, the BSE Oil & Gas (up 1.85%), BSE Bankex (up 1.53%), BSE PSU (1.10%), BSE Auto (down 0.71%) and BSE Power (up 0.14%) were the top gainers. On the other hand, the BSE Capital Goods (down 1.75%), BSE Realty (down 1.33%), BSE IT (down 0.40%), BSE Healthcare (down 0.39%) and BSE Metal (down 0.36%) were major losers.

Reliance Communications (up 4.16%), Reliance Industries (up 2.90%), Tata Motors (up 2.41%), Bajaj Auto (up 2.16%) and Tata Power (up 2.14%) were the best performers on the Sensex today. Jaiprakash Associates (down 3.04%), Hindalco Industries (down 2.96%), DLF (down 2.80%), BHEL (down 2.45%) and Larsen & Toubro (down 2.16%) were at the bottom of the Sensex list.

National Stock Exchange (NSE), the country's leading bourse, has asked its member brokers to ensure 'in-person' verification of all clients, which is part of the efforts to thwart any shadow-investing by unscrupulous elements in the market.

Besides, brokers would also have to keep a proper record of all collaterals provided by their clients to ensure a proper audit trail in times of any investigations, the NSE said in a circular to members.

Most markets in Asia closed in the green, lifted by Chinese inflation data and on the news that the Bank of Japan's policy board had voted to maintain the policy interest-rate target in a 0.0%-0.1% range. The central bank also raised its assessment of the broader economy for the first time in nine months.

The Shanghai Composite finished flat, with a positive bias of 0.02%, Nikkei 225 gained 0.20% and the Taiwan Weighted rose 0.42%. On the other hand, the Hang Seng declined 0.96%, the Straits Times sank 0.77% and the Seoul Composite fell by 0.20%.

Back home, on Monday institutional investors were net buyers in the equities segment. While foreign institutional investors pumped in Rs147.64 crore, domestic institutional investors added Rs109.02 crore.

Pharma major Venus Remedies (0.55%) today announced the launch of its super speciality oncology segment 'Passion Oncobiz', entailing an investment of $2 million. The anti-cancer drug segment constitutes 30% of the company's total sales, with more than 100 market authorisations from 25 countries, including the UK, Germany, Poland and Portugal.

McNally Bharat Engineering Company (down 0.91%) has bagged an order worth Rs13.81 crore from Goa Shipyard. The order is for supply of one 45 tonne Level Luffing Crane for jetty operations. The order is expected to be completed in 14 months.

HCL Technologies (HCL) (up 0.22%), a leading global IT services provider, today unveiled its Global Enterprise Mobility Laboratory in Singapore. The MERLIN (Mobility Experiences Ready to Lead Business Innovation) lab will leverage HCL's globally acknowledged product, engineering DNA. It will also cross-reference HCL's experience in micro-verticals like retail, consumer packaged goods, media and entertainment, banking, etc, to ensure superior consumer experience oriented IPs, applications and solutions.

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