Pipe maker PSL bags Rs924 crore orders

The contracts have been secured from engineering and construction companies like Nagarjuna Construction and Megha Engineering and Infrastructure.

Large diameter pipe maker PSL said it has bagged orders worth Rs 924 crore in the last quarter.
 
"PSL ... Has announced receipt of several orders aggregating a total of approximately Rs924 crore within the past quarter," the company said in a statement.
 
The contracts have been secured from engineering and construction companies like Nagarjuna Construction and Megha Engineering and Infrastructure.
The contracts cover projects within the Oil & Gas, Water, and Power spaces of the economy, and were secured through international competitive tendering processes, the statement said adding the production against some of these orders is expected to commence almost immediately.
 
"All of these orders were booked in the third quarter of the current financial year, which has been better than the previous two quarters. The fourth quarter is likely to continue along the same lines," PSL MD Ashok Punj said.
 
The company had previously received a gas pipe supply order totalling Rs753 crore from GAIL for its Kochi-Koottanad-Mangalore-Bangalore Pipeline.
In the late afternoon, PSL was trading at around Rs53.40 per share on the Bombay Stock Exchange, 4.81% up from the previous close.

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Budget after 9th March, says finance minister

The government has postponed the budget in view of the assembly elections in five states of Uttar Pradesh, Punjab, Uttarakhand, Goa and Manipur between 30th January and 3rd March. The counting would take place on 4th March and the code of conduct will end on 9th March

New Delhi: The government will present the Union Budget for 2012-13 after 9th March, finance minister Pranab Mukherjee said here on Wednesday.

“We are working on date. We will (present) the budget after (assembly) elections are over... The code of conduct will be operational till 9th March,” Mr Mukherjee told reporters here.

The government has postponed the budget in view of the assembly elections in five states of Uttar Pradesh, Punjab, Uttarakhand, Goa and Manipur between 30th January and 3rd March.

The counting would take place on 4th March and the code of conduct will end on 9th March. As 10th March and 11th March are Saturday and Sunday, the Budget is likely to be presented in week beginning 12th March.

The general budget is usually presented on the last day of February every year.

Mr Mukherjee will hold discussions with various stakeholders during his annual pre-budget meetings beginning 11th January.

The first meeting would be held with agriculturalists, followed by a series of interactions with sectoral experts, representatives, industry captains and economists over the next ten days to get their feedback and inputs for incorporating them in Budget 2012-13.

Mr Mukherjee is slated to meet captains of industry on 13th January, followed by trade union leaders on 16th January.

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Aegon Religare Life Insurance set to make iTerm policy cheaper

"We will introduce a new iTerm policy and that is expected in the next 10 days with reduced premium:” Aegon Religare

Aegon Religare Life Insurance is set to make iTerm, billed as the country's cheapest online term plan, more attractive by reducing premiums and increasing benefits in the next few days.
 
"We will introduce a new iTerm policy and that is expected in the next 10 days with reduced premium. We are waiting for IRDA approval," Aegon Religare chief marketing officer Yateesh Srivastava said.
 
The reduction in premium will be between 12% and 32%, depending on age, the sum assured and tenure, Aegon Religare Life Director (product development and pricing) Rajesh Rajput said.
 
Rajput said existing customers will be offered an additional cover or rider to compensate for the reduction in premium charges in the new iTerm, subject to regulatory approval.
 
The new iTerm will offer a higher sum assured at a lower or equal premium.
Meanwhile, Aegon Religare today launched a new educare plan, which it called a secured savings platform for meeting higher education expenses.
 
Speaking about the impact on the company due to regulatory changes, Srivastava said, "Business is lower by around 8 per cent so far during the comparative period of last year. Hence, we are not targeting any numbers for the current fiscal."

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