Nissan Copper Ltd has informed the Bombay Stock Exchange (BSE) that the upcoming facility in Khanvel, Silvassa to manufacture copper tubes for air-conditioning, refrigeration and plumbing applications with the latest 'Cast and Roll Technology' will start trial partial production of its first phase within the next 15 days. The project is a first of its kind in India, and will help in import substitution.
Once the project is fully implemented it would increase the production capacity of the company's copper pipe by 400% (from current the 3,000MTPA to 15,000MTPA); it will increase the turnover of the company up to Rs500 crore (approximately) and it will improve its EBIDTA margins to 15% approximately.
Nissan Copper shares closed at its lower circuit limit of Rs41 on the BSE; while the benchmark Sensex shut at 18,311.
Mahindra & Mahindra (M&M) said today that it would use its purchase of South Korea's Ssangyong Motor to become a global player in the sports utility vehicle market. Pawan Goenka, president of M&M's automotive and farm sector, said the merger would help both companies expand in the global market.
"We believe that Ssangyong and Mahindra make powerful companies to create a global SUV brand," he told reporters after the Indian company signed a preliminary agreement to buy a controlling stake in Ssangyong. The company is South Korea's smallest carmaker, mainly a manufacturer of low-priced but robust SUVs such as 'Rexton', 'Kyron' and 'Actyon' that sell globally. It also makes sedans. M&M shares closed lower at Rs617 on the BSE; while the benchmark Sensex shut at 18,311.
Standard Chartered launches preferred banking offering, ICICI Lombard launches student medical insurance, SBI Mutual Fund goes Live with Intellect GUB
Standard Chartered launches preferred banking offering
Standard Chartered said on Tuesday that it launched its Preferred Banking proposition for the fast growing emerging affluent segment. Preferred Banking is a powerful and complete solution that combines savings, borrowing, protection and investments delivered by well-trained relationship managers and enhanced with an attractive rewards programme.
Standard Chartered is the first Bank in India to introduce a differentiated offering for the emerging affluent segment, the lender said in a release.
In India, the emerging affluent is a sizeable and rapidly growing customer segment at 18% per annum with needs that have been largely underserved and undifferentiated. A Preferred Banking customer would have a net monthly income of Rs60,000 to Rs2 lakh or funds under management of up to Rs5 lakh or a mortgage of Rs50 lakhs to Rs1 Crore.The target segment is defined as young, upwardly mobile, techno literate professionals between 25 to 40 years of age, who are looking for recognition, convenience and rewards, and solutions, StanChart said in the release.
ICICI Lombard launches student medical insurance
ICICI Lombard General Insurance Co Ltd, the country's largest private sector general insurance company has launched student medical insurance plus plan as an add-on cover to fulfil the various criteria of universities abroad. It supplements the Overseas Student Travel Insurance plans introduced by ICICI Lombard to extend the coverage of unexpected medical and non-medical expenses.
The plan offered by ICICI Lombard makes life simpler for a student who is oblivious to the fact that medical expenses in a foreign land can be really expensive, particularly in a country like the US, the insurer said in a release.
The Plus Plan additionally covers treatment for mental and nervous disorders, including alcoholism and drug dependency, in-patient medical expenses related to pregnancy, medical expenses for inter-collegiate sports injuries, cancer screening and mammography examinations, childcare benefits and even hospitalization in case of Swine Flu / H1N1 influenza.
SBI Mutual Fund goes Live with Intellect GUB
SBI Mutual Fund, India's largest bank sponsored mutual fund, has successfully implemented Intellect GUB. Implemented by Laser Soft Infosystems Ltd, a subsidiary of Polaris Software Lab Ltd, this deployment will run on a fully integrated front-mid-back office fund management solution available on the latest and superior technology platform.
SBI Funds Management (SBIFM) has migrated its portfolio of around $8.2 billion to Intellect GUB and will gain the double benefits of higher throughputs by reduced manual interventions and significantly better control in a dynamic regulatory environment, the fund house said in a release.