REC net profit rises to Rs769 crore in Q3 FY11-12

REC has declared an interim dividend of Rs5 per share for FY11-12

Rural Electrification Corporation (REC), which provides loans to the power sector, reported net profit of Rs769.51 crore for the three months ended December 2011.

The company had net profit of Rs664.09 crore in the corresponding period last fiscal, it said in a filing to the Bombay Stock Exchange (BSE).

In Q3 FY11-12, the company's total income rose to Rs2,699.12 crore from Rs2,175.41 crore in the year-ago period.

"Due to change in accounting policy, the profit before tax for the quarter and nine months ended 31 December 2011 is higher by Rs197.65 crore. The amount remaining to be amortised in Foreign Currency Monetary Item Translation Difference Account is Rs197.65 crore," the filing said. REC has declared an interim dividend of Rs5 per share for FY11-12.

"This interim dividend on equity shares, subject to the provisions of Section 206A of the Companies Act, 1956, will be paid on February 7, 2012," the filing noted.

REC closed at Rs198.25 per share on the Bombay Stock Exchange, 0.46% up from the previous close.

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Indian Hotels Q3 net profit stands at Rs50 crore

Indian Hotels net sales for the quarter ended 31 December 2011 increased 7.44% to Rs521.48 crore

Indian Hotels which operates hotels and resorts under the Taj brand has reported a marginal increase in its net profit at Rs50.48 crore for the third quarter ended 31 December 2011.

The company's net profit was Rs50.29 crore for the corresponding quarter of the last fiscal. In a filing to the Bombay Stock Exchange (BSE), the company said its net sales for the quarter ended 31 December 2011, increased 7.44% to Rs521.48 crore against Rs485.34 crore in the quarter ended 31 December 2010.

During the quarter under review, the company received a confirmation from its insurer of the minimum amount of net assessed insurance claim figure in respect of Taj Mahal Palace, Mumbai, totalling to Rs236.32 crore against the company accrued claim of Rs239.84 crore.

"As on date, the company has received Rs200 crore from the insurance company and balance receivable is Rs36.32 crore which is expected to be received shortly," the filing added.

The company is set to open new hotels under Vivanta brand at Bekal, Coorg and Gurgaon after having set up a new one at Coimbatore.

Indian Hotels closed at Rs64.95 per share on the Bombay Stock Exchange, 2.28% up from the previous close.

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IndiaFirst Life Insurance launches Autolife

Under Autolife, automobile buyers can now not only ensure their family’s happiness about also secure them from future uncertainties of life

IndiaFirst Life Insurance, a joint venture of two public sector banks—Bank of Baroda and Andhra Bank with UK’s leading risk, wealth and investment company Legal & General, has launched ‘Autolife’–a simple process of getting life insurance cover instantly at an affordable cost.

Under Autolife, automobile buyers can now not only ensure their family’s happiness about also secure them from future uncertainties of life. They can now avail the benefits of a life insurance cover at the same time and place as buying their new car and that too at an affordable cost. Autolife is a win-win proposition for all—the customer, dealer and the insurer.  

It does not require any documentation/medicals or waiting period and assures speedy and empathetic settlement of claims. The company has entered into its first tie-up with Varun Motors of Andhra Pradesh to offer life insurance cover to its customers. IndiaFirst Life is planning similar tie-ups at a nationwide level across various untapped segments in the near future so that customers across the country can avail the benefit of a life insurance cover through a simple process.
Varun Motors caters to over 15000 customers every month. They are spread across Andhra Pradesh through 100 centers.

Under its first tie-up for Autolife, customers of Varun Motors (two wheeler/ four wheeler) besides availing vehicle insurance; will also be able to avail a life insurance cover of up to Rs20 lakh at an affordable cost. Customers have the flexibility of selecting from any of the four options - blue, silver, gold or platinum, which will provide life insurance cover of up to Rs3 lakh, Rs5 lakh, Rs10 lakh and Rs20 lakh respectively.   

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