JSW Steel posts highest-ever quarterly crude steel production in Q4 FY-11

JSW Steel has recorded its highest-ever quarterly crude steel production of 1.72-million tonnes in Q4 FY 11

Steel major, JSW Steel said that it has recorded its highest-ever quarterly crude steel production of 1.72-million tonnes in Q4 FY 11.

The company also said that it has clocked its highest-ever quarterly production of 1.32-million tonnes of rolled flat products.

According to the company press release, its crude steel production stood at 1.72-million tonnes in Q4 FY 11, up 8% as against the year-ago period.
Production of its rolled products flat grew 36% at 1.32-million tonnes compared to the year-ago period while its rolled products long production stood at 0.28-million tonnes, the release said.

In FY11, the company's crude steel production stood at 6.51-million tonnes, up 9% over the year-ago period.

Its rolled products flat production grew 33% at 4.94-million tonnes compared to the year-ago period while its rolled products long production expanded 18% at 1.13-million tonnes.

During the quarter, the company has commenced operation of its sinter plant-3, converter-4, castor-3 and heating of balance two blocks out of four blocks of Coke Oven-4 as a part of its 3.2-mtpa expansion project at Vijayanagar Works, while blast furnace-4 is in the final stage of completion and testing, the release said.

On Monday, JSW Steel ended 2.43% down at Rs955.45 on the Bombay Stock Exchange, while the benchmark Sensex declined 0.97 to 19,262.54.

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IndusInd Bank signs agreement to acquire Deutsche Bank’s credit card business in India

IndusInd Bank has entered an agreement with Deutsche Bank to buy its credit card business in India

IndusInd Bank Ltd has entered an agreement with Deutsche Bank to buy its credit card business in India. The entry of IndusInd Bank in the credit card business will significantly enhance its bouquet of product offerings to its customers. With this acquisition, IndusInd Bank is planning to expand its customer-centric financial products and become a full service bank.

Under the agreement, IndusInd Bank will get access to close to 200,000 card customers and the entire operating platform of the cards franchise including talent and technology.  

Romesh Sobti, MD & CEO, IndusInd Bank said, "We are happy to have come to an agreement with Deutsche Bank on acquiring this business. This will accelerate the launch of credit cards which we consider a critical link in our suite of consumer banking products."

Sumant Kathpalia, head consumer banking, IndusInd Bank said, "The strategic intent behind this acquisition is to offer targeted credit card products for chosen client segments. Cards are an important element in our segmented offering. Deutsche Bank has a stable cards portfolio and the acquisition gives us a head start in building the cards business."

On Monday, IndusInd Bank ended 1.05% up at Rs274.30 on the Bombay Stock Exchange, while the benchmark Sensex declined 0.97 to 19,262.54.

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Motor, health insurance to get costlier

IRDA said that policy holders will gradually have to pay more for motor, health and other general insurance covers as costs would go up due to companies setting aside higher funds for claim settlements

Insurance regulator Insurance Regulatory and Development Authority (IRDA) said that policy holders will gradually have to pay more for motor, health and other general insurance covers as costs would go up due to companies setting aside higher funds for claim settlements.

"I think the demand and supply position in the non-life industry will be such that prices should harden and I expect to see evidence of that in the course of next few years. And I would like to make it even harder as we go along," Irda Chairman J Harinarayan said.

Harinarayan, who was speaking at the "Ficci National Conference on Insurance", said the non-life insurance companies would need to bring in changes in marketing, pricing and modes of claim settlement to become profitable.

"Because of the requirement of increase in provisioning, there will be a reduction in capacity and because of that there will be a hardening of prices," Harinarayan added.

The IRDA has already proposed to increase provisioning requirement for insurers providing motor insurance covers. IRDA had increased the provisions made for motor pool to 153% of book value for the four years till 31 March 2010, against 126% maintained by companies.

This is aimed at enhancing solvency margins and make higher provisioning for third-party motor pool.

Solvency margin is the minimum surplus on the insurer's assets over liability set by the regulator and the insurance companies are estimated to have provided about Rs3,500 crore till 31 March 2010, for maintaining this margin.

Harinarayan said in the next three years the insurance companies will see changes in distribution set up, marketing techniques, channels of distribution and also terms of regulatory development.

"The agency model that we see right now has serious deficiencies and that requires to be strengthened. I do not think the agency distribution model is going to last very long," he said.

He said agency model in the traditional form has vanished in large markets across the world. "...I do not see why India will be any exception to that particular development," the IRDA chief added.

He said even as the market widens, "it is not going to go down to the poorest of poor".

"The total size of the market we are looking at (for insurance penetration) may be 500-600 million in terms of kind of product we have to offer," Harinaryan said.

Going forward in general insurance space, he said, the health and annuity or pension-linked insurance products will gain predominance.

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COMMENTS

Samar Mahapatra SAMAR

6 years ago

In India , the third party motor insurance has been , under priced , historically. The liability is unlimited.So persistent effort to rein in the awards , by the courts, have failed, to keep a cap on TP losses.The cost of the awards, are also sullied by the unscrupulous racketeering, those abound the legal process..
Secondly, the small size of the health insurance market, largely under regulated, has given rise to unbridled losses, now being made good by repricing insurance products.

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