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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SEBI opens new window for promoters to dilute stake

SEBI on Thursday permitted promoters of top 100 companies to quickly dilute their shares through a separate window on the BSE and the NSE which has to be completed within a day. The norms, which follow the decision taken by SEBI board earlier this month, will help the companies in complying with the minimum public shareholding stipulation

Mumbai: Market regulator Securities and Exchange Board of India (SEBI) on Thursday permitted promoters of top 100 companies to quickly dilute their shares through a separate window on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) which has to be completed within a day, reports PTI.

The guidelines, SEBI said in a circular, “Will help promoters to dilute or offload their holding in listed companies in a transparent manner with wider participation.” 

The norms, which follow the decision taken by SEBI board earlier this month, will help the companies in complying with the minimum public shareholding stipulation.

The decision will also help the government to expeditiously offload its stake in public sector companies and raise funds for achieving the disinvestment target of Rs40,000 crore for the current fiscal.

All listed companies are required to have at least 25% public holding while in case of state-owned company the limit is 10%.

Under this window, the promoter will have to sell equity of minimum 1% subject to a minimum of Rs25 crore.

“However, in respect of companies, where 1% of the paid-up capital at closing price on the specified date is less than Rs25 crore, dilution would be at least 10% of the paid-up capital or such lesser percentage so as to achieve minimum public shareholding in a single tranche,” it said.

The duration of the offer for sale shall not exceed one trading day, it said, adding the placing of orders by trading members shall take place during trading hours.

As per the guideline, the promoters should not have purchased shares of the company during the 12 weeks period prior and after the offer of sale.

“All promoters or promoter group entities of top 100 companies based on average market capitalisation of the last completed quarter,” it said.

The seller may declare a floor price in the notice, it said, adding in case the seller chooses not to publicly disclose the floor price, the seller shall give the floor price in a sealed envelope to stock exchange before the opening of the offer.

The guideline said that minimum of 25% of the shares offered shall be reserved for mutual funds and insurance companies, subject to allocation methodology. Any unsubscribed portion thereof shall be available to the other bidders.

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