Insurance
Religare Health Insurance gets R2 approval from IRDA

R2 approval is an important step in the process of acquiring the license from IRDA

Mumbai: Religare Health Insurance Company Limited (RHICL) has received the R2 license from the Insurance Regulatory Development Authority (IRDA), according to a release from the insurance company.  The R2 approval is an important step in the process of acquiring the license from IRDA and to commence operations as a health insurance company.

Commenting on the development, Anuj Gulati, managing director and chief executive, Religare Health Insurance said, “We are pleased to move a step closer to launching our operations, and are in a complete state of preparedness for the same.”

RHICL is a joint venture between Religare Enterprises Ltd, state-run Union Bank of India and Corporation Bank.

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ACC Q1 net profit falls 57% to Rs151.5 crore despite higher sales

The cement company benefited from better volumes during the quarter, however, manufacturing costs and realisations were affected by steep escalations in coal, fly ash and gypsum prices

Mumbai: Top cement manufacturer ACC Ltd on Thursday reported a 56.72% decline in consolidated net profit for the first quarter ended 31st March at Rs151.55 crore as against Rs350.17 crore in the corresponding period last year, mainly on the back of steep escalations in input costs such as coal, fly ash and gypsum, reports PTI.

The company, however, reported 18.6% growth in sales in the quarter at Rs3,015.22 crore compared Rs2,541.37 crore in the same period last year.

"While the company benefited from better volumes during the quarter, manufacturing costs and realisations were affected by steep escalations in the cost of inputs such as coal, fly ash and gypsum," ACC said in a statement.

The cost of transportation also rose significantly as a result of hike in rail freight and also diesel prices, it said.

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Sensex, Nifty may be headed up: Thursday Closing Report

The Nifty has to close above the level of 5,380 for the uptrend to continue further

The indices treaded water till noon trade but received a boost in the second half on positive cues from Europe, settling in the green for the fourth day in a row. Yesterday we had mentioned that the Nifty may move sideways with an upward bias and for the uptrend to continue, the index has to hold itself above today’s low of 5,293. The benchmark moved in a narrow range of 51 points and ended in the positive. It almost reached the level of 5,293 and stayed in the green for the major part of the session. The benchmark has to close above the level of 5,380 for the uptrend to gain some more momentum. However, the day’s low continues to be the support. The National Stock Exchange (NSE) saw a lower volume of 57.95 crore shares.

The market opened sideways with a positive bias following a cautious opening by the Asian back on renewed European concerns. Besides, lower-than-expected earnings from IBM and Intel saw the US markets settling lower overnight. The Nifty opened 21 points up at 5,321 and the Sensex added 41 points to its previous close to resume trade at 17,433.

The indices were seen fluctuating on both sided of their previous close and touched their intraday lows around 10.30am. At the lows, the Nifty slipped to 5,291 and the Sensex fell to 17,362.

Bargain hunting at the lows pushed the benchmarks into the green a short while later. The market was listless in the post-noon session, paring some of the gains amid volatility in the post noon session. However, positive European indices saw the benchmarks hitting their day’s high towards the end of the session. At the highs, the Nifty climbed to 5,342 and the Sensex rose to 17,530.

The market settled marginally off the highs. The Nifty closed 32 points up at 5,332 and the Sensex finished 111 points higher at 17,504.

The advance-decline ratio on the NSE was almost balanced at 723:704.

Among the broader markets, the BSE Mid-cap index rose 0.27% and the BSE Small-cap index settled 0.27% up.

BSE Auto (up 2.05%) led the sectoral gainers. It was followed by BSE Healthcare (up 1.18%); BSE Fast Moving Consumer Goods (up 0.96%); BSE Metal (up 0.80%) and BSE IT (up 0.74%). The top losers were BSE Capital Goods (down 0.89%); BSE Power (down 0.78%); BSE Oil & Gas (down 0.59%); BSE Consumer Durables (down 0.48%) and BSE Realty (down 0.32%).

The top performers on the Sensex were Coal India (up 3.85%); HDFC Bank (up 3.22%); Tata Motors (up 3.15%); Maruti Suzuki (up 2.92%) and Hero MotoCorp (up 2.42%). The key losers were BHEL (down 3.66%); Hindalco Industries (down 1.91%); GAIL India (down 1.77%); Wipro (down 1.35%) and Reliance Industries (down 1.01%).

The Nifty leaders were Coal India (up 4.11%); Maruti Suzuki (up 3.49%); Kotak Mahindra Bank (up 3.46%); Tata Motors (up 3.08%) and HDFC Bank (up 2.91%). The major losers were ACC (down 3.79%); BHEL (down 3.76%); Jaiprakash Associates (down 2.25%); Reliance Infrastructure (down 2.20%) and Hindalco Ind (down 2.03%).

Markets in Asia settled mixed ahead of a Spanish government bond auction. Meanwhile, an official form the People’s Bank of China said that the central bank will take necessary steps to infuse liquidity in a bid to boost economic growth. Japanese exports rose 5.9% in March on an annual basis while imports jumped 10.5% in 12 months to march, pushing the trade back to deficit.

The Shanghai Composite shed 0.09%; the Jakarta Composite fell by 0.06%; the KLSE Composite declined 0.14%; the Nikkei 225 dropped 0.82% and the Seoul Composite lost 0.23%. On the other hand, the Hang Seng surged 1.03%; the Straits Times gained 0.25% and the Taiwan Weighted rose 0.23%. At the time of writing, the key European markets were up between 0.77% and 0.86% and the US stocks futures were in the positive.

Back home, foreign institutional investors were net buyers of shares totalling Rs221.63 crore on Wednesday and domestic institutional investors pumped in Rs37.88 crore into equities.

After a delay of more than six months, the government today gave approval to Cairn India to raise output from the Mangala oilfield, its largest oilfield in Rajasthan block by 25,000 barrels per day (bpd) to 150,000 bpd. Together with over 25,000 bpd of output from Bhagyam, the second largest of the 25 oil and gas finds in the Rajasthan block, the Thar dessert block currently produces over 150,000 bpd and in the next few days production would rise to at least 175,000 bpd. Cairn India added 0.04% to settle at Rs350.15 on the NSE.

Pharma major Strides Arcolab’s US arm, Onco Therapies, has received approval from the US health regulator to sell generic version of Cisplatin injection used in cancer treatment in the American market. A chemotherapy drug, Cisplatin is used to treat various types of cancers, including lung cancer and ovarian cancer. Strides closed at Rs654.90 on the NSE, a jump of 3.66% over its previous close.

Tata Communications (TCL) has pulled out of the acquisition bid for Cable & Wireless Worldwide (CWW) as it has failed to reach an agreement on offer price with the British firm. With TCL moving out, UK-based telecom giant Vodafone is the only contender for the bid. TCL rose 0.51% on the NSE to settle at Rs236.10 today.

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