Moneylife online survey on car insurance shows that car-dealers often offer ‘free’ insurance while purchasing a new car and other ‘freebies’ in subsequent years. Are they really the best options?
Read Save More on Car Insurance, our cover story, which explores different parameters which help you to reduce the premium and avoid questionable ways to reduce it.
Our survey received responses from 427 readers. Only 27% of the respondents have used web aggregator sites like Policybazaar.com to compare car insurance premium. Two out of three have not compared the quotations of the premium for online renewal/purchase from the same insurance company.
Over 61% said they would renew car insurance with the existing insurer. Interestingly, only 11% feel that the car-dealer will give them best quote at the time of purchase or renewal. Four out of 10 said that they buy or renew car insurance from car-dealers believing that claims handling will be smoother. A few stick with car-dealers due to fear of unwarranted charges or delay in service. Some respondents opt to buy from the insurer based on manufacturer’s recommendation.
At the time of renewal, three out of 10 respondents listen to tele-callers from rival companies. One out of three respondents uses online web aggregators. Two out of three will talk with friends or insurance advisors.
Only 42% of the respondents were aware that some insurers offer discounts based on profession, age group, an automobile association’s membership and anti-theft devices. A good 60% are aware of the meaning of ‘IDV’ (insured declared value) of the car.
75% respondents check for no-claim bonus or NCB while renewing car insurance. Unfortunately, almost half of the respondents are unaware of the protection offered by ‘own damage’ cover; only one out of four lacks awareness of ‘third party’ cover.
The Mahindra group company will provide services to Brazil-based Schahin Petroleo for supply chain solutions. It will also provide transformational solutions to a leading bank in Brazil
Tech Mahindra Ltd said Complex IT, its unit in Brazil, has signed two deals in that country for delivering enterprise solutions in oil and gas and banking vertical. No financial details were provided.
Arvind Malhotra, senior vice president, strategic accounts, Tech Mahindra, said, “Our growth strategy in Latin America leveraging a combination of inorganic and organic plays is showing early results.”
The first project is with Schahin Petroleo to deliver a new enterprise business solution for the operations of the oil and gas division of the Schahin Group. The project includes implementation of SAP ERP and addresses business pain points around complex supply chain logistics and strengthening of the integration process.
On another instance, Complex IT has also signed a transformational contract with a leading bank in Brazil to deliver enterprise business solutions for SAP demands on AMS, projects and ongoing demands. This will help them overcome high complexity environment and helping internal SLA.
At 3.40pm Friday, Tech Mahindra was 1.5% down at Rs1232 on the BSE, while the 30-share Sensex was also marginally down at 19,164.
While the company has fared well in its main business, it is has racked up huge operating expenses in running its IPL cricket team Sunrisers Hyderabad
Sun TV Network Ltd reported a flat first quarter net profit despite a 41% increase in its total revenues due to higher expenses of ‘Sunrisers Hyderabad’, its franchise in the Indian Premier League (IPL) cricket tournament.
For the quarter to end-June, the TV broadcaster said its net profit increased marginally to Rs164.44 crore from Rs164.31 crore while total revenues rose 41% to Rs601.9 crore driven by higher advertising, cable and direct-to-home revenues compared with same period last year.
For the April-June period, its subscription revenues continue to maintain a significant uptrend with cable TV revenues growing 38% and DTH revenues up 20% over the same period last year. Conversions from analog continued to be strong on the back of digitisation, which is going on. Advertising revenue was up 15% during the June 2013 quarter. Revenue from broadcasting, inclusive of advertising, stood at Rs503.31 crore while income from ‘Sunrisers Hyderabad’ franchise stood at Rs98.54 crore.
However, operating costs of the IPL franchise ‘Sunrisers Hyderabad’ ate up a chunk of the company’s revenue. While operating cost for the broadcasting division stood at Rs118.87 crore, the same was Rs129.33 crore for the IPL ‘Sunrisers Hyderabad’ and the division made an operating loss of Rs30.79 crore.
Sun TV has declared an interim dividend of Rs2.25 per share.
The company has stated what it has done with its IPO proceeds. In a statement to BSE, it said, “Against the total projected utilisation of Rs572 crore (net of issue expenses) from the initial public offering (IPO) funds, an amount of Rs355.77 crore has been utilised towards capitalisation of subsidiaries, Rs136.77 crore towards launch of new channels and purchases of new equipment and up-gradation of existing equipment and Rs62.34 crore towards construction of owned corporate office. The balance proceeds from the IPO after meeting the IPO expenses, pending utilisation have been invested in fixed deposits with banks.”
At 3.30pm Friday, Sun TV was trading 4.2% up at Rs425 on the BSE, while the benchmark Sensex was marginally down at 19,170.