PSL wins orders worth Rs565 crore

Pipe manufacturer PSL Ltd said it has won orders worth Rs565 crore from various companies. Among the new orders include an order worth Rs200 crore from Indian Oil Corporation Ltd, the company said in a statement.

On Tuesday, PSL shares ended 2.6% higher at Rs118 on the Bombay Stock Exchange, while the benchmark Sensex declined 0.1% to 20,104 points.
 

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Financial Technologies’ platform to power Satco Securities’s trading operations

Financial Technologies India Ltd (FTIL), a trading solutions provider, said it provided its Internet-based trading (IBT) platform to Satco Securities and Financial Services Ltd. 

FTIL's trading platform is a high-end integrated trading application developed for retail traders. It is a web-enabled user friendly front-end interface for trading across various asset classes such as equities, futures & options, commodities, currency and spot, using a standard browser.


The IBT platform provides streaming quotes on a real-time basis, following the necessary orders and risk management system (RMS) validations. It has a single RMS platform for IBT as well as computer-to-computer link trading. The platform has low bandwidth, highly-acceptable graphical user interface and uniform support mechanisms among other driving factors.

Against a bandwidth of 15-17 kbps offered by other platforms for trading in the first 20 scrips, the bandwidth of FTIL's platform is much lower at 7-8 kbps. "Our trading platform, with its low bandwidth, provides much better access to market information about top gainers and losers of securities and contracts," said Manjay Shah, director (Business Development), FTIL.

FTIL platform also has features such as single sign-on for all investment opportunities, live and historical charting, after-market orders, paperless reports, investment tools and online portfolio. The platform works on advanced technology algorithm, facilitating higher accessibility and availability ensuring 'anywhere' and 'anytime' trading facility.

Besides, Satco Group has also designed a new trading platform (SatcoDirect) with the latest technology and flexible options. This platform works on the principle of optimisation of hardware and network requirement at the end-trader level and has been designed considering the mobility of investors and ease of access to real-time trading facilities.

On Tuesday, FTIL shares ended 07% down at Rs1,221 on the Bombay Stock Exchange, while the benchmark Sensex declined 0.1% to 20,104 points.
 

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Mediclaim, motor insurance portability soon: IRDA

Mumbai: The Insurance Regulatory and Development Authority (IRDA) today said that mediclaim policy holders, who are not satisfied with the services, will soon be able to switch service providers at the same premium, reports PTI.

The same would also be true for motor insurance policy holders.

"It is high time that the insurance industry also moves to offer portability so that the mediclaim and motor insurance policy holders can switch their service provider... We have initiated a debate on the idea of portability and we would be arriving at a conclusion very soon," IRDA chairman J Hari Narayan said at CII insurance summit.

To a question on whether this portability concept would apply to Unit Linked Insurance Plans (ULIPs) also, he said: "Yes and no. Yes in the sense that there has to be a balance in the churn of ULIP's policy and their portfolio has to be evenly managed."

Mr Narayan, however, added that portability cannot be randomly applied and the portfolio of an insurance company has to be balanced.

To a question on the status of Reliance General Insurance acquiring a south-based insurance company, he said: "We have certain issues which we are trying to resolve through discussions."

The IRDA chief added that work is progressing on formulating merger and acquisition norms for the sector.

"Merger and acquisition (M&A) norms would be announced soon. A committee is studying the issue," Mr Narayan said.

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